A

PROJECT REPORT

ON

“STUDY OF WORKING CAPITAL MANAGEMENT

ATSAHYADHRI LOGISTICS, NAVI MUMBAI”
A Summer Internship Project(SIP) done in
“SAHYADHRI LOGISTICS PVT LTD”

Submitted in partial fulfillment of the requirement for the award of degree of

Master of Management Studies (MMS) under the university of Mumbai

Submitted by

NAME OF THE CANDIDATE: JARINA JOHNSON

ROLL NO:2018MMS099
BATCH: 2018-2020

Under the guidance of

Dr. ASMAT ARA SHAIKH

Bharati Vidyapeeth’s
Institute of Management Studies & Research
Navi Mumbai

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 ACKNOWLEDGEMENT

“Words have never expressed human sentiments. This only an attempt to express my deep
gratitude which comes from my heart.”

It is a great pleasure for me to express my deep feeling of gratitude to my respected guide ”Dr
Asmat Ara Shaikh” Professor, BVIMSR, for her great encouragement & unfailing support
which provided needed moral & confidence to carry on my work.

I am grateful to the “Dr. Anjali Kalse Mam”, Director of Bharati Vidyapeeth Institute of
Management Studies & Research, Belapur for making all facilities available for my work.

I have no words to thank my Guide at Sahyadhri Logistics Pvt Ltd, Seawood Mrs.Smita Shetye,
Senior Accounts Manager, for her guidance and support throughout the Project. Her suggestions,
reviews and feedback during the Project are invaluable.

I am great to my parents for their lovable support. Last but not least I am thankful to my friends
& other faculty Member for their direct & indirect help for completion of this work.

Signature of the student

JARINA JOHNSON PULLOKARAN

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PLEASE PASTE HERE THE CERTIFICATE FROM THE COMPANY

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 DECLARATION

This is to certify that the Summer Internship Project (SIP) titled “Study of Working Capital
Management in Sahyadhri Logistics” is successfully done by Ms. Jarina Johnson Pullokaran,
BATCH: 2018-2020, a student of Bharati Vidyapeeth’s Institute of Management Studies and
Research, submitted in partial fulfillment of Master of Management Studies under the
University of Mumbai from6th May to6thJuly 2019 at Sahyadhri Logistics Pvt Ltd ,
Seawood.

Date :___________

_____________________ _________________
Dr. AsmatAra Shaikh Dr. Anjali Kalse
Project Guide I /c Director
BVIMSR BVIMSR

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 EXECUTIVE SUMMARY

The study tries to explore the study of Working Capital in Sahyadhri Logistics Private
Limited,one of the leading company since the year of inception 3rd June 1983 by Mr. Gangaram
Panmand, SLPL has maintained and retained its position and trust with the customers.This is
possible because of two pillars of Mr. Gangaram Panmand i.e Mr. Suresh Panmand & Mr.
Chandrakant Panmand Today we proudly stand ahead of competition with recognized service
parameters set by our customers. Owned fleet of over 150 trailers and associated vendor’s fleet
size of over 600 vehicles helps in moving every consignment with the same ease and comfort. In
the event of expansion now we have our presence in JNPT( Nhava Sheva ), Hazira and Mundra
port. Company trust their team and Customers trust their services, highly dedicated and
motivated team is the company’s strength hence, handle every single shipment with the onus of
responsibility.

One of the major issues affecting the performance of the company is ensuring that the cash held by the company
is neither excessive or in adequate but issufficient for meeting its current requirement. Cash storage will affect the
company’s liquidity position while excessive cash will remain idle without contributing anything towards
profitability.

Working capital management deals with the most dynamic fields in finance, which needs constant interaction
between finance and other functional managers. The finance manager acting alone cannot improve the working
capital situation. Decisions relating to working capital and short-term financing are referred to as working capital
management. The goal of working capital management is to ensure that the firm is able to continue its operation and
that it has sufficient cash flow to satisfy both maturing short term-debt and upcoming operational expenses. In recent
times a few case study regarding management of working capital in recent companies have been in order to make in-
depth anaylsis of the several experts of working capital management. The finding of such studies not only throws
new lights on the technical loopholes of management activities of the concerned companies, but also helps the
scholars and researchers to develop new idea techniques and methods for effective management of working capital.

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Working Capital can be defined as the amount when current asset is surpassing current liabilities.
The focus of this paper is to analyze how the company manages its working capital on the basis
of cash, inventory period, receivable period and payable period management and how it
influence the profitability of an organization. The study on capital management takes into amount the cash
position. The liquidity position of the company is good to meet its short term obligations and when they become due.
The company is using its cash efficiently. The major portion of its cash flow is used for acquiring fixed asset working
capital management is concerned with the management of current assets. It is an important and integral part of
financial management as short-term survival is perquisites for long-term success. Working capital that is it does not
invest sufficient funds in current assets. It may become illiquid and consequently may not have the ability to meet
current obligation.
The project starts with Introduction of the project, concept , significance, objective of the study. The project contains
the analysis of the Sahyadhri Logistics Pvt. Ltd. Most of the researchers found that degree of efficiency
of administration of working capital largely determines the success or failures of overall
operations of an organization.

Afterwards description of the company including its history, products, mission, vision,
organization structure, departments of the company etc. Corporate social responsibility is a
remarkable part of Sahyadhri Logistics. RCM(Reverse charge mechanism) is discussed
elaborately as well.

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 TABLE OF CONTENTS

CH NO. CONTENTS PAGE NO

A Acknowledgement (I)
B Executive Summary (II)
C Certificate (III)
1 INTRODUCTION TO THE PROJECT
1.1 Title to the Project
1.2 Introduction to the topic
1.3 Objective of the Study
1.4 Scope of the Study
1.5 Concept, Significance & Need of the Study
1.6 Literature Review
2 INTRODUCTION TO LOGISTICS INDUSTRY
2.1 Overview of Logistics Industry
2.2 Evolution of Logistics Industry in India
2.3 Major Players in Industry
2.4 Future Trends
2.5 Future of Logistics- Findings
3 INTRODUCTION OF THE COMPANY
3.1 Organization’s Profile
3.2 Various Departments
4 RESEARCH METHODOLOGY

5 DATA ANALYSIS AND INTERPRETATION

6 LIMITATIONS,SUGGESTIONS & CONCLUSIONS

6.1 Limitations
6.2 Conclusions
6.3 Suggestions
6.4 Recommendation
6.5 Bibliography

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1. INTRODUCTION TO THE PROJECT

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1.1 Introduction

Finance is the important part of every business, without finance a business can't carry
on. It means any organization can depend on finance, means the finance of business is the life
blood of business.Resources and judicious use of finance are the two important activities under
financial management. Just as production and sales are major functioning of an enterprise,
finance too is an independent specialized function. Still it is well knit with the other functions,
and financial manager made this a separate management area, without finance neither business
can be started or successfully run.
Finance is the foundation stone of every business in the present day set up. No business can be
started without adequate finance but can be developed for running and orientation of the
business. The success of every business depends upon adequate source of finance.The financing
of sole trade & partnership is not difficult as the main source of finance is their own contribution
& financial requirements are limited. In the present modern set up generally business are raw but
big company has financial requirement are large volume of finance which cannot be contributed
by few investors.
.

Theoretical Background

Introduction of Working capital Management:

A business cannot run on fixed assets alone. A lot of money has to be invested in
short term resource of financing as well. The management of such asset, which is referred to as
working capital management or current asset management, is one of the most important aspect of
overall financial management. For facility of understanding, it’s necessary to deal with certain
term before proceeding with the discussion any further.

Definition of Working capital Management:

“Working Capital is descriptive of that capital which is not fixed, but the more
common use of working capital is to consider it as the difference between the book value of
current asset and current liabilities.”
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 - Prof. Hoagland.
Components of Working Capital.

WORKING CAPIAL = CURRENT ASSETS – CURRENT LIABILITIES

Current assets:

Current assets have been defined as assets that are usually converted into cash
within the current accounting cycle, i.e., one year. Major current assets are cash, bills receivable,
accounts receivable and inventory. For example, a cash is used to purchase raw materials and
pay the labor and other manufacturing cost to produce products, which are then carried as
inventories.

Current liabilities:
Current liabilities are those liabilities which are intended at their inception to be
paid in the ordinary course of business, within a year, out of the current assets or earnings of the
concern. The basic current liabilities are Accounts payable, Bills payable, Bank overdraft and
outstanding expenses.

Grossworking capital:
The term gross working capital, also referred to as working capital means the total current assets.

Net working capital:

It represents the difference between current assets and current liabilities. This can
be alternatively defined as that portion of current assets which is finance with long term funds.
The term working capital indicates the liquid position of the organization.

Meaning of working capital

Capital required for a business can be classified under two main categories via,

1. Fixed Capital

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 2. Working Capital

Every business needs funds for two purposes for its establishment and to carry out its day- to-day
operations. Long terms funds are required to create production facilities through purchase of
fixed assets such as plant &machinery, land, building, furniture, etc. Investments in these assets
represent that part of firm’s capital which is blocked on permanent or fixed basis and is called
fixed capital. Funds are also needed for short-term purposes for the purchase of raw material,
payment of wages and other day – to- day expenses etc.These funds are known as working
capital. In simple words, working capital refers to that part of the firm’s capital which is required
for financing short- term or current assets such as cash, marketable securities, debtors &
inventories. Funds, thus, invested in current assts keep revolving fast and are being constantly
converted in to cash and this cash flows out again in exchange for other current assets. Hence, it
is also known as revolving or circulating capital or short term capital.

Working Capital Management

Working Capital Management is concerned with the problem arise in attempting

to manage the current assets, the current assets refers to the inter relationship that exist between
them. The term Current assets refers to those assets which in ordinary course of business can be,
or will be, turned in to cash within one year without undergoing a diminution in value and
without disrupting the operation of the firm. The major current assets are cash, marketable
securities, account receivable and inventory. Current liabilities ware those liabilities which
intended at there inception to be paid in ordinary course of business, within a year, out of the
current assets or earnings of the concern. The basic current liabilities are account payable, bank
overdraft, and outstanding expenses.
The goal of working capital management is to manage the firm’s current assets and current
liabilities in such way that the satisfactory level of working capital is mentioned. The current
should be large enough to cover its current liabilities in order to ensure a reasonable margin of
the safety.

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Definition:-

According to Guttmann & Dougall-

“Excess of Current assets over current liabilities”.

According to park & Gladson-

“The excess of current assets of a business items owned to employees and others (such as
salaries & wages payable, accounts payable, taxes owned to government)”.

Advantages of working capital management:

 Ensures liquidity
Businesses often get in trouble due to lack of cash needed for operations and to repay
short-term debts. It happens because of an ineffective or no working capital management
policy in the enterprise. Working capital management ensures liquidity by monitoring of
account receivables, account payable, stock management and debt management. It assists
in keeping sufficient liquid cash in the business at any point of time to pay operational
costs and short-term debts. Thus, it helps in allocating the resources in an optimum
manner.

 Evades Interruptions in operations

Working capital management involves the use of ratio analysis. Ratios like working
capital ratio, quick ratio, accounts receivables turnover ratio, etc. are calculated and
interpreted so as to provide information to management. Such information helps
managers in planning and executing business operations in the most efficient way.
Optimum use of working capital management evades any future hindrances in business
operations. Instances like delay in paying accounts payable, lack of production would

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 minimize by a substantial amount. This would give the business a competitive edge over
its competitors.

 Enhance Profitability
Proper application of working capital management strategy would enhance the
company’s profitability in the long run. The policy properly manages inventory so as to
avoid any operational failures. Collection from trade receivables would be on time as
receivables management is a key part of working capital management. There would be no
cases of default in paying the trade payable on due date because of proper management
and allocation of cash.

 Improves Financial health

Working capital management basically deals with the management of cash in an
enterprise. It assesses the sources of cash inflows and determines the outflow of cash in
best possible manner. Proper allocation of cash makes a scope for the investment of
remaining cash or in repaying short-term debts. It allows the business to be financially
solvent at most of the times and thus evading any legal troubles that could have arisen
due to lack of working capital. Higher profitability would imply higher return on capital
employed.

 Value Addition
As explained earlier, working capital enhances company’s financial health and
operational success. It makes the company a standout amongst its peers. A sense of
respect emerges in the market for the business. This all, in turn, leads to value addition
for the entity.

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 Types of working capital management:

TYPES

Balance Sheet View Operating Cycle

View

Gross Working Net Working Permanent/ Temporary/

Capital Capital Fixed Working Variable Working
Capital Capital

Figure:2

On the basis of Balance Sheet View, types of working capital are described below:

 Gross Working Capital :-

Current assets in the balance sheet of a company are known as gross working capital.
Current assets are those short-term assets which can be converted into cash within a
period of one year. The grey area in the management of current assets or gross working
capital is its unpredictability i.e. it is very difficult to ascertain the exact time of
conversion of such assets. Why is such a nature problematic? It is because the liabilities
occur at their time and do not wait for our current asset to realize.

 Net Working Capital (NWC) or Working Capital :

Net working capital is a very frequently used term. There are two ways to understand
networking capital. First, one says it is simply the difference between current assets and

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 the current liabilities on the balance sheet of a business. The other understanding
discloses little deeper or hidden meaning of the term. As per that, NWC is that part of
current assets which are indirectly financed by long-term assets. Compared to gross
working capital, net working capital is considered more relevant for effective working
capital financing and management

On the basis of Operating Cycle View, types of working capital are as below:

 Permanent/Fixed Working Capital:-

Dealing with current asset and fixed assets is totally different. Determining the financing
requirement in the case of fixed assets is simply the cost of the asset. Same is not true for
current assets because the value of current assets is constantly changing and it is difficult
to accurately forecast that value at any point in time. To simplify the complexity to some
extent, on the basis of past trend and experience, we can find a level below which current
asset has never gone.

 Temporary/Variable Working Capital:-

Temporary working capital is easy to understand after getting hold over the permanent
working capital. In simple terms, it is the difference between net working capital and
permanent working capital. The main characteristic which can be made out of the
example is “fluctuation”. The temporary working capital, therefore, cannot be forecasted.
In the interest of measurability, this can be further bifurcated as below which can create
at least some base to forecast.

 Seasonal Working Capital:-

Seasonal working capital is that temporary increase in working capital which is caused
due to some relevant season for the business. It is applicable to businesses having the
impact of seasons, for example, the manufacturer of sweaters for whom relevant season is
the winters. Normally, their working capital requirement would increase in that season
due to higher sales in that period and then go down as the collection from debtors is more
than sales.

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  Special Working Capital:-
Special working capital is that rise in the temporary working capital which occurs due to
a special event which otherwise normally does not take place. It has no basis to forecast
and has rare occurrence normally. For example, a country where Olympic Games are
held, all the business require extra working capital due to a sudden rise in business
activity.

Determinants of working capital:

1. Business size and its nature:

Nature of business greatly influences the working capital requirements of an enterprise. Thus
financial and trading enterprises require less of fixed assets but require huge working capital
investments. For example a retailer has to carry large stockers of a variety of goods to satisfy the
varied and continuous needs and requirements of his customers.

2. Manufacturing cycle:
Working affected by its manufacturing cycle as well. The cycle starts with the purchase and use
of raw material and ends when finished goods are produced. Thus the longer the cycle the greater
the companies’ working capital needs. To avoid this an alternative manufacturing cycle should
be adopted if it calls for shortest time span.

3. Fluctuations of business:
Fluctuations in business are of several types namely short period, seasonal and cyclical etc.
These fluctuations result in change in the demand of products of the enterprise. This in turn
results in change in working capital requirements of the business. In the event upswing in the
economy there will be increase in demand and correspondingly increase in sales. With the result
there will be more investments in inventories and debtors will also increase.

4. Policy of production:
An enterprise as stated above nay adopt a constant policy of production to suit its ends. But such
a policy will expose the company to greater risks and inventory costs. Therefore the company
may prefer to follow the policy of varying its production schedules in accordance with the
changes in its demand. Some concerns may utilize their production capacities.

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5. Credit policy of the company:
The working capital of an enterprise is also determined by its credit policy as it affects the
companies level of book debts. An enterprise formulates the terms of credit followed by it
towards its customers which of course is influenced by the norms set in the similar policy on the
merit of each individual case and thus it should have a discretionary practice.

6.Credit Availability:
Credit terms granted to an enterprise by its customers also affect the requirements of working
capital. If liberal credit terms are available to the company it will require less investment in its
working capital. The availability of bank creditors also affects the level of working capital needs
of an enterprise. It will operate on less working capital if bank credits are available
to it easily and on favorable condition.

7. Activities of growth and expansion:

With the growth of a firm by way of increase in its sales and fixed assets the working capital
needs of it also increase. In fact the increased working capital needs proceed the growth in
business activities .Thus the increased working capital need not follow the growth of the firm
rather the growth follows it. As such for a growing firm there is every need to make advance
planning on continuous basis for working capital needs.

8. Margin of profit and profit appropriation:

Profit earning capacity of business enterprise varies from one another. This of course depends
much upon the quality of the product pricing, marketing strategies and monopoly power or
otherwise enjoyed by the enterprise. Different organizations some earning high and others low
profit margin. The volume of net profit earned is a source of working capital.

9. Changes in price level:

There is direct impact of changes in price level on the working capital requirements of an
enterprise. This makes the job of the financial manager very important as he is required to
anticipate correctly this impact. Generally a company will have to maintain higher volume of

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 working capital as a result of rise in price line. This is because investments in current assets will
increase because of price rise.

1.3:Objective of the Study

The objectives of the study are to make a comprehensive analysis of Working

capital management of the company.

1. To understand and measure the effective management of working capital.

2. To study and understand optimum level of current assets and current liabilities of company.

3. To study and examine the liquidity position through various working capital related ratio.

4. To explore the working capital component such as receivable accounts cash management
inventory position.

5. To analyze the various ratios with respect of Balance Sheet.

6. To find out how best the company utilizing its total assets.

7. To appraise the utilization of current asset and current liabilities and find out short comings.

8. To estimate the working capital requirement.

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1.4:Scope of the Study

The scope of the study is identified after and during the study is conducted. The main scope of
the study was to put into practical the theoretical aspect of the study into real life work
experience. The study of working capital is based on tools like Ratio Analysis, Statements of
changes in working capital . Further the study is based on last 3 years Balance Sheet.

This project is vital to me in a significant way. It does have some

importance for the company too. These are as follows :-

 This project will be a learning device for the finance student.

 The project will be a learning of planning and financing working capital.
 The project would also be an effective tool for credit policies of the company.
 This will show different methods of holding inventory and dealing with cash and receivables.
 This will show the liquidity position of the company and also how do they maintain a
particular liquidity position.

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1.5: CONCEPT, SIGNIFICANCE & NEED OF THE STUDY

Concepts of working capital:

Concept of working
capital

Gross Working
Capital Net Working
Capital

Figure:1

There are two concepts of working capital:

1. Gross working capital
2. Net working capital

1) Gross working capital:

Gross working capital refers to the firm’s investment I current assets. Current assets are the
assets which can be convert in to cash within year includes cash, short term securities, debtors,
bills receivable and inventory.

2)Net working capital

Net working capital refers to the difference between current assets and current liabilities. Current
liabilities are those claims of outsiders which are expected to mature for payment within an

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accounting year and include creditors, bills payable and outstanding expenses. Net working
capital can be positive or negative.
Efficient working capital management requires that firms should operate with
some amount of net working capital, the exact amount varying from firm to firm and depending,
among other things; on the nature of industries.net working capital is necessary because the cash
outflows and inflows do not coincide. The cash outflows resulting from payment of current
liabilities are relatively predictable. The cash inflow are however difficult to predict. The more
predictable the cash inflows are, the less net working capital will be required the concept of
working capital was, first evolved by Karl Marx. Marx used the term ‘variable capital’ means
outlays for payrolls advanced to workers before the completion of work. He compared this with
‘constant capital’ which according to him is nothing but ‘dead labour’. This ‘variable capital’ is
nothing wage fund which remains blocked in terms of financial management, in working-process
along with other operating expenses until it is released through sale of finished goods. Although
Marx did not mentioned that workers also gave credit to the firm by accepting periodical
payment of wages which funded a portioned of W.I.P, the concept of working capital, as we
understand today was embedded in his ‘variable capital’.

Constituents of current assets

1. Cash in hand and cash at bank

2. Bills receivables
3. Sundry debtors
4. Short term loans and advances.
5. Inventories of stock as:
o Raw material
o Work in process
o Stores and spares
o Finished goods
6. Temporary investment of surplus funds.
7. Prepaid expenses
8. Accrued incomes.
9. Marketable securities.

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In a narrow sense, the term working capital refers to the net working. Net working capital is the
excess of current assets over current liability

NET WORKING CAPITAL = CURRENT ASSETS – CURRENT

LIABILITIES.
.

Net working capital can be positive or negative. When the current assets exceeds the current
liabilities are more than the current assets. Current liabilities are those liabilities, which are
intended to be paid in the ordinary course of business within a short period of normally one
accounting year out of the current assts or the income business.

Constituents of current liabilities

1. Accrued or outstanding expenses.

2. Short term loans, advances and deposits.
3. Dividends payable.
4. Bank overdraft.
5. Provision for taxation, if it does not amt. to app. Of profit.
6. Bills payable.
7. Sundry creditors.

The gross working capital concept is financial or going concern concept whereas net working
capital is an accounting concept of working capital. Both the concepts have their own merits.
The gross concept is sometimes preferred to the concept of working capital for the following
reasons:

1. It enables the enterprise to provide correct amount of working capital at correct time.

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 2. Every management is more interested in total current assets with which it has to operate
then the source from where it is made available.
3. It take into consideration of the fact every increase in the funds of the enterprise would
increase its working capital.
4. This concept is also useful in determining the rate of return on investments in working
capital. The net working capital concept, however, is also important for following
reasons:
o It is qualitative concept, which indicates the firm’s ability to meet to its operating
expenses and short-term liabilities.
o IT indicates the margin of protection available to the short term creditors.
o It is an indicator of the financial soundness of enterprises.
o It suggests the need of financing a part of working capital requirement out of the
permanent sources of funds.

Importance of working capital:

Proper management of working capital is very important for the success of an enterprise. “It
aims at protecting the purchasing power of assets and maximizing the return on Investment. The
manager of the administration of current assets to a very large extent determines the success of
the operations of a firm. Constant management is required to maintain appropriate levels in the
various working capital accounts. A study of working capital is of major importance to internal
and external analysis because of its close relationship to current day to day operations of
business. Inadequacy or mismanagement of working capital is the leading cause of business
failures. Shortage of working capital, so often advanced as the main cause of failure of Industrial
concerns, is nothing but the clearest evidence of mismanagement, which is so common. The
current assets and current liabilities flow around in a business like an electric current. The
working capital plays the same role in the business as the role of a heart in the human body. Just
as the heart gets blood and gets circulated the same in the body, in the same enterprise, adequate
amount of working capital is pre-requisite. The adequacy of cash and current assets together with
their efficient handling virtually determine the survival or demise of a concern. Inadequate

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working capital is a business ailment as compared to the availability of excess working capital
may lead carelessness.

About costs and therefore, to inefficiency of operations. Many a times business failure takes
place due to lack of working capital. If a concern maintains an adequate amount of working
capital, it enjoys a good credit rating and gets discount on payment. It will ensure proper
functioning of the business operations and help in the maximization of threat of return. A
business house can maximize its rate of return on the capital invested provide in keeps pace with
the scientific and technological developments taking place in the field to which it pertains. As
soon as some technological and scientific developments takes place, a business enterprise in
order to accelerate its profitability should immediately introduce the same to its productive
process. In reality, however the sufficiency of working capital will determine the course of
decision in this regard.

Need of working capital:

The need for working capital gross or current assets cannot be over emphasized.
As already observed, the objective of financial decision making is to maximize the shareholders
wealth. To achieve this, it is necessary to generate sufficient profits can be earned will naturally
depend upon the magnitude of the sales among other things but sales can not convert into cash.
There is a need for working capital in the form of current assets to deal with the problem arising
out of lack of immediate realization of cash against goods sold. Therefore sufficient working
capital is necessary to sustain sales activity. Technically this is refers to operating or cash cycle.

If the Working Capital Ratio Analysis and Estimation Company have certain
amount of cash, it will be required for purchasing the raw material may be available on credit
basis. Then the company has to spend some amount for labour and factory overhead to convert
the raw material in work in progress, and ultimately finished goods. These finished goods
convert in to sales on credit basis in the form of sundry debtors. Sundry debtors are converting
cash after expiry of finished goods, and sundry debtors and day to day cash requirements.
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However some part of current assets may be financed by the liabilities also. The amount required
to be invested in this current assets is always higher than the funds available from current
liabilities. This is the precise reason why the needs for working capital arise.
To fulfill its endeavor to maximize the shareholder’s wealth. Firm has to earn sufficient return
from its operation which needs a successful sales activity. The firm has to invest sufficient funds in current assets to
succeed in sales of goods and actual receipt in cash. Hence there is need for working capital in the form of current
assets to sustain sales activity during that period. Since cash inflows and cash outflows don’t 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 helps
as guard to meet 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 anadequate level of working capital is
absolutely necessary for the smooth sales activities, which interm enhances wealth.

Working capital need arises for the following purposes:

1.For purchasing raw material, components and spare parts.

2.For paying wages and salaries.
3.To incur day - to - day expenses and overhead costs like fuel, power and offices expenses etc.
4.To meet selling costs of packing advertising etc.
5.To provide credit facilities to customers.
6.To maintain inventories of raw materials, work- in–progress, spare parts and finished goods

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2.INTRODUCTION TO THE INDUSTRY

Logistics is a key component of the modern economy. It was also a key element in 20th century
warfare; however, it was not adequately documented or understood. The term "logistics"
originated from an ancient Greek word meaning ratio, calculation, reason, or oration. The term
logistics was first used by the military to describe the activities associated with maintaining a
fighting force in the battle field and in its strictest sense, to describe the housing of troops. The
dictionary definition of logistics describes the term, “the branch of military science having to do
with procuring, maintaining, and transporting material, personnel and facilities”. The word is
also used to describe the time related to positioning of resources.

Over the years the meaning of the term “logistics” has gradually expanded to include business
and service activities. The domain of logistics activities is to provide customers with the right
goods in the right place at the right time. It ranges from providing the necessary subcomponents
for manufacturing to having inventory on the shelf of the retailer to having the correct quantity
and type of blood available for a surgical procedure in a hospital. The major issue that logistics
attempts to resolve is to decide how and when raw-materials, semi-finished, and finished goods
should be acquired, moved, and stored. The need for logistics management also arises in firms
and public organizations that provide services, including mail delivery, public utilities, and after-
sales service. From the steel factories of Pennsylvania to the ports of Singapore, every
organization faces the challenge of getting the right materials to the right place at the right time.

A fundamental characteristic of logistics is its holistic, integrated view of all the activities that it
encompasses. Therefore, while procurement, inventory management, transportation
management, warehouse management, and distribution are all important components, logistics is
primarily concerned with the integration of these activities to provide maximum value to the

26
Overarchingsystem. Increasingly competitive markets are making it imperative to manage
logistics systems more efficiently. Logistics is one of the most important activities in modern
societies. For example, the total logistics costs incurred by organizations in the United States in
1997 were $862 billion, corresponding to approximately 11% of the United States' gross
domestic product. This cost was higher than the combined annual United States government
expenditure in social security, health care services, and defense.
2.1 Overview of the Logistics Industry

The logistics sector in India has seen a lot of activity in the recent times. Introduction of the good
and services tax is being touted as a boon for the industry.The government on its part has been
working on ways to attract greater investments in the segment. Grant of infrastructure status to
logistics is a step in the right direction.

A shift from pure transportation business to end-to-end service providers has emerged, thereby
facilitating growth of third-party logistics and supply chain management industries in India. The
rising scale of freight transportation has further encouraged a trend towards outsourcing non-core
activities like logistics, warehousing, and associated activities to integrated players which has
increased the share of the organized segment.

The overall outlook is very bright. The sector will see huge growth in terms of capacity through
a host of ongoing and upcoming big ticket programmes. Six major projects in roads, ports, inland
waterways and railways - Bharat Mala, Setu Bharatam, district connectivity, Sagarmala, port-rail
connectivity, 106 national waterways development - have been announced by the government,
which will directly benefit the sector in future.

Rising e-commerce footprint has led a manifold increase in the demand for warehousing. In the
times to come, continuous growth in demand for transport and storage services, demand from
end user industries, greater technology penetration, development of integrated facilities and
planned fleet acquisitions by service providers and 3PL providers will fuel growth in the sector.

27
2.2 The Evolution of Logistics Industry in India

The Indian logistics industry has come a long way from being a labour intensive during 60’s to
the present technology oriented system that provides wide range of logistics services. The
concept of 3PL is a recent past culture in India. Traditionally, manufacturing companies in India
managed their own logistics requirements in-house. The country then gradually evolved from the
stage where the Indian organizations outsourced their labour requirement in order to avoid labour
related problems. Subsequently, basic services such as transportation and warehousing were
outsourced to different service providers known as the (Second-Party Logistics) 2PL service
providers. With the increasing demand, the service providers started providing integrated
services together with other value added services, while the organizations focus on the core
competencies and streamline their supply chain.

In terms of infrastructure, road is the dominant mode of transport which accounts for 68% of
freight movement in India. Trucks are the most widely used mode of transportation in India. At
present, around 1.5 million trucks operate on the Indian roads and the number of trucks increases
around 10% a year. Railways are considered a relatively cheaper mode of transport and are used
mainly for transporting bulk materials over long distances. About 89% of its freight traffic is
contributed by major commodities such as coal, fertilizers, cement, petroleum products, food
grain, finished steel, iron ore and raw material to steel plants. The balance 11% is other
commodities moving in bulk and containers. The present form of logistics industry in India is
still in its infancy and is highly fragmented. There are thousands of logistics companies, ranging
from the international giants to the highly localised small players in the country.

As the logistics industry in India is in nascent stage, there are a lot of logistics issues to be
improved.Traditional transporters, freight forwarders and courier companies are rapidly

28
transforming themselves into integrated logistics service providers by incorporating other
activities like inventory management, order processing, collection of bills, sales and excise duty
documentation in order to effectively utilize their existing assets and experience. The gradual
deregulations over the 1990s, which includes the opening up of sectors to foreign MNC
investments, full liberalization of current account transactions and the largely permissible of
capital account transactions, have further boosted the logistics industry.
2.3 Major players in the industry

1. CTC Freight Carriers Private India Limited

CTC Freight Carriers Pvt Ltd was established in the year 2002, in Navi Mumbai. The company
has emerged as one of the best logistics companies in India in the Indian logistics industry. This
top logistics companies in India is among the top logistics 10 companies in India, with a large
warehouse and a well-connected network across the country.

2. Trans Ocean Bulk Logistics

Trans Ocean Bulk Logistics is a key logistics companies in India in the Indian logistics industry.
The company was established in 1982. This logistics companies in India is among the top 10
logistics companies in India. This is one of the top logistics companies in India that was founded
in 1998 by Mr. Sudam Pawar.

3. Safexpress
Safexpress is a top logistics companies in India that began its journey in 1997 with a mission of
delivering best logistics companies in India to its customers and ensuring their
success. Safexpress offers a wide range of services such as top logistics companies in India, e-
commerce logistics companies in India, courier companies in India, and also features in the list
of top 10 courier companies in India.

4. Global Express Logistics

Global Express Logistics is one of the top courier companies in India in the list of top 10 courier
companies in India. This is one of the best logistics companies in India was founded 40 years
ago and has emerged a high-stake sweeper in the top 10 logistics companies in India.

29
5. DTDC
DTDC is one of the leading courier companies in India as well as a top logistics companies in
India among all leading Indian logistics companies. This is one of the best logistics companies in
India and e-commerce logistics companies in India. DTDC was founded in 1990 by Mr.
Subhashish Chakraborty.

6. Agarwal Packers and Movers

Agarwal Packers and Movers is a top logistics companies in India, established in the year 1987.
This company is one of the best logistics companies in India, serving excellent logistics services
in the Indian logistics industry. This top 10 logistics companies in India is also a member of IAM
(International Association of Movers) in the USA and has 102 branches serving 1264
locations. Agarwal Packers and Movers are the most used logistics company in India by
customer volume

7. First Flight
First Flight is one of the top courier companies in India featuring regularly list of top 10 courier
companies in India. This company was founded in November 1986 and now this leading
logistics company in India has over 1200 offices across the country and 9 international offices at
prime locations.

8. Atlas Logistics Pvt Ltd

Atlas Logistics Pvt Ltd is an innovative logistics companies in India among the best logistics
companies in India. This top 10 logistics companies in India was launched in 1999 with 16
offices in India and has become a leading e-commerce logistics companies in India for the Indian
logistics industry.

9. SAL Logistics Pvt Ltd

SAL Logistics is another key logistics companies in India. This company was founded in the
year 1999 and is headquartered in New Delhi to emerge as a top 10 logistics companies in India
with a sizeable share of the Indian logistics industry market size.

30
10. Falcon Freight
Falcon Freight is a leading logistics companies in India was established in 1989 by a group of
visionaries with a goal to excel in the Indian logistics industry and are also a certified clearing
and handling agents (CHA).

2.4 Future Trends

From the first assembly lines to today’s advanced robotic solutions, the supply chain process is
constantly evolving. The latest trends in supply chain and logistics focus on smart, tech-driven
management to reduce operating expenses and increase efficiency.

The importance of trends in supply chain and logistics for modern-day businesses

Originated with the military as a way to supply troops with weapons and other goods needed for
combat, logistics later evolved into a business concept. This was mainly prompted by the
growing demands and complexity of the supply chain process, including transportation of large
quantities of goods to distant locations, in line with the globalization of trade.

The logistics and supply chain aspect is vital for any business in terms of supply of quality raw
materials, efficient manufacturing process, as well as tracking, transport and storage of the
finished goods. Companies implementing well-designed supply chain practices are able to meet
consumer needs in a more expeditious and timely manner.

This strengthens customer relationships and loyalty, translating into revenue boost and
acquisition of new customers through positive word of mouth.

Hence, let’s look into some key trends expected to affect the shape and development of supply
chain practices in the future.

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Supply chain digitization

Digitization is the process of using the latest tech solutions together with other physical and
digital assets to redesign logistics practices. This way, they can adjust better to the fast-paced,
highly competitive, omni-channel business environment.

Digitization improves the speed, dynamics and resiliency of the supply chain operations, leading
to greater customer responsiveness and ultimately higher revenue. By embracing digitalization,
companies can experience real value, increased revenue and market valuation.

In order to reap the full benefits of digitalization, companies must fundamentally redesign their
supply chain strategy. It’s not enough to just embellish it with digital technology.

In the field of digitization, the Internet of Things (IoT) holds a prominent place as a highly
transformative technological solution in the logistics sphere. IoT refers to a system of
interrelated computing devices allowing transfer of data over networks without human input. It
helps companies monitor inventory, manage warehouse stock, optimize fleet routes, and reduce
dead mileage.

Artificial Intelligence

Advanced AI solutions have numerous applications in the supply chain, especially the
warehousing segment. This includes use of gesture recognition solutions instead of keyboards
and mice in the procurement process. It also includes autonomous vehicles (self-driving cars),
designed to navigate without human input.

The concept of robotics and automation is also widely implemented in the supply chain. The
latest generations of robots are easier to program, more flexible and affordable. Their role is to
assist workers with repetitive and physically challenging tasks.

Stronger collaboration in the supply chain process

Solid procurement practices and stronger relationships with suppliers should be considered a
priority in the supply chain process.
32
For instance, the procurement department can utilize the business data on suppliers to enhance
supply chain decisions, such as supplier evaluation and recommendations of the best business
partners. Also, effective cooperation can help assess risks in the supply chain based on global
industrial and political trends as a way to prevent or mitigate danger of stock shortages.

Meanwhile, collaboration in the supply chain can streamline internal processes and reduce
overutilization of resources spent on administrative and other time-consuming tasks. As an added
bonus, it can help generate referrals from satisfied business partners and bring your more
business.

More focus on risk management and supply chain resiliency

There’s no doubt that companies must seriously consider supply chain risk management as a way
to prepare for undesirable events. The increasing outsourcing practices, off-shoring, product
versatility, supply chain security and substantial interdependence throughout the supply chain
further accentuate the importance of dealing with risks in the supply chain.

Still, no matter how sound the plan is, it can’t prevent things from happening. This is where
supply chain resiliency comes into the picture. It’s a real measure of the ability of a company to
withstand disruptive events.

Steps to make the supply chain more flexible and resilient include visibility throughout the
supply chain so disruptions can be detected on time, close cooperation with suppliers and
distributors so alternative supply routes can be found, and a good incident response plan to
provide a course of action when disruption occurs.

Use of SaaS in the supply chain

Use of the software-as-a-service model in supply chain technologies and logistics management is
gaining popularity, hand in hand with the rise of cloud computing. This is mostly due to the
safety and security of SaaS and the convenience of being able to use only the services you need
on pay-per-use basis. SaaS allows companies to avoid high fixed costs of continuous system
maintenance, upgrades and infrastructure-related costs.

33
Customer segmentation

To address customer needs in the best possible way, companies should segment them into
groups. These groups can be based on what triggers customer purchasing decisions, as opposed
to a broad generalization.By implementing a more direct-to-consumer business model and
adapting their supply chain strategy to each customer and product, companies can significantly
increase their revenue

2.5 Future of Logistics- Findings

The market size of the logistics sector is seen climbing to $215 billion by 2020, logging 10.5 per
cent compounded annual growth rate (CAGR) over 2017.

The logistics sector earned the 'infrastructure' status in 2017 when its market size was estimated
at $160 billion. A study by the India Brand Equity Foundation (IBEF) pegs annual investments
in the logistics sector to reach $500 billion by 2025. Between 2018 and 2020,
the warehousing segment is poised to receive Rs 50,000 crore investments. The logistics
and warehousing sector will get a fillip with the foray of Hiranandani Group, pledging Rs 2,500
crore investments on two projects in 2019.

In 2017, the logistics sector absorbed 22 million people. Employment is expected to surge to 40
million by 2020.

Traditionally, steep logistics costs are a grave concern in India. By the end of 2017-18, logistics
expenses accounted for 14 per cent of the GDP. The share is set to shrink to 10 per cent by 2022.

Logistics costs in India exceed those in other countries. The figure is higher compared to 10-11
per cent for BRIC countries and eight to nine per cent for developing nations. USA spends 9.5
per cent of the GDP on logistics while Germany is even more competitive with a share of eight
per cent. Higher logistics costs in India could be ascribed to the lack of efficient inter-modal and
multi-modal traditional systems,

34
As of now, the logistics sector is dominated by transportation which has over 85 per cent share in
value terms- its share is set to remain high for the next few years. The rest 15 per cent share is
borne by storage. The sector is employment intensive, absorbing 22 million people.

Logistics costs have a significant bearing on exports. It is estimated that slashing logistics costs
by 10 per cent could widen exports by five to eight per cent.

Currently, the Indian logistics industry is highly fragmented and unorganized. Owing to the
presence of numerous unorganised players in the industry, it remains fragmented with the
organized players accounting for approximately 10 per cent of the total market share. With the
consumer base of the sector encompassing a wide range of industries including retail,
automobile, telecom, pharmaceuticals and heavy industries, logistics industry has been
increasingly attracting investments in the last decade.

Also, the logistics industry faces challenges such as under-developed material handling
infrastructure, fragmented warehousing, multiple regulatory & policy making bodies, lack of
seamless movement of goods across modes, minimal integrated IT infrastructure. In order to
develop this sector focus on new technology, improved investment, skilling, removing
bottlenecks, improving inter-modal transportation, automation, single window system for giving
clearances, and simplifying processes would be required.

35
3. INTRODUCTION OF THE COMPANY

Sahyadhri Logistics Private Limited, since the year of inception 3rd June 1983 by Mr. Gangaram
Panmand, SLPL has maintained and retained its position and trust with the customers.This is
possible because of two pillars of Mr. Gangaram Panmand i.e Mr. Suresh Panmand & Mr.
Chandrakant Panmand Today we proudly stand ahead of competition with recognized service
parameters set by our customers. Owned fleet of over 150 trailers and associated vendor’s fleet
size of over 600 vehicles helps in moving every consignment with the same ease and comfort. In
the event of expansion now we have our presence in JNPT ( Nhava Sheva ) , Hazira and Mundra
port.

Sahyadhri Logistics Private Limited is a Private incorporated on 12 August 2008. It is classified

as Non-govt company and is registered at Registrar of Companies, Mumbai. Its authorized share
capital is Rs. 500,000 and its paid up capital is Rs. 100,000. It is involved in Supporting and
auxiliary transport activities; activities of travel agencies.

Sahyadhri Logistics Private Limited’s Annual General Meeting (AGM) was last held on 23 rd
June 2019 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was
last filed on 31st March 2019.Directors of Sahyadhri Logistics Private Limited are Suresh
Gangaram Panmand, Chandrakant Gangaram Panmand and Gangaram Balwant Panmand.
Sahyadhri Logistics Private Limited's Corporate Identification Number is (CIN)
U63010MH2008PTC185722 and its registration number is 185722.Its Email address is

36
[email protected] and its registered address is 7, Loha Bhavan, P. D. Mello Road,
Carnac Bunder, MUMBAI MH 400009 IN.We trust our team and Customers trust our services,
highly dedicated and motivated team is our strength hence we handle every single shipment with
the onus of responsibility.

Board of Directors
Gangaram Balwant Panmand Director
Suresh Gangaram Panmand Director
Chandrakant Gangaram Panmand Director

3.1 Organization’s Profile

Company Details: Sahyadhri Logistics Pvt. Ltd.

CIN : U63010MH2008PTC185722
Company Name : SAHYADHRI LOGISTICS PRIVATE
LIMITED
Company Status : Active
RoC : RoC-Mumbai
Registration Number : 185722
Company Category : Company Limited by Shares
Company Sub : Non-govt company
Category
Class of company : Private
Date of incorporation : 12 August 2008
Age of Company : 11 years, 8 months
Activity : Supporting and auxiliary transport activities,
activities of travel agencies

Strengths of Sahyadhri Logistics:

 Owned fleet base of over 150 vehicle.
 Vendor base of over 600 vehicle 20ft and 40ft trailer.
37
  Triple axle trailer suitable for Export/ Import Shipment.
 GPS enabled equipment for coordination between vehicles and customers.
 Specialized in ISO Tank Container Services and have 25 Owned ISO Tanks.
 We have established & dedicated maintenance team.

Purpose:
 Deliver Services with “Safety, Security and Profitability”. To maintain the GOODWILL
of the organization.

Vision:
 To provide value for money to our customers by providing outstanding logistics and
solutions with dedication and passion.

Quality Policy

 Our commitment is to provide the quality logistic service consistency at reasonable price and
continually improve the same to achieve customer delight on the sustainable risk.

Philosophy

They immensely follow the concept of “TIME IS GOLD”

Company Values:

Respect for individuals

Team Work
Dedication

VALUES Quality
38 Improvement
Integrity

Responsibility

Relationship

Figure:3

Products and Services

 Container Transportation
More than 750 owned and attached Trailers in 20 feet and 40 feet for moving
containerized Import and Export cargo.

 SO Tank Transportation (Specialized in Hazardous products handling)

Fleet of 25 ISO Tanks for dedicated movements

 ODC Cargo
Expertise in handling ODC consignments of any size and weight

 Loose Bulk and Cargo Handling

Availability of Special equipment’s and Fleet

 Warehouse and Contract Logistics services

Always open for creating and developing infrastructure customized to the needs and
requirements.

Some of the clientele served by Sahyadhri Logistics Private Limited are:-

 Jubilant life sciences
 Bharat Forge
 Filatex India Limited
 Diageo
 DHL

39
  Garware Bestretch
 Matheson
 Supreme
 Jain Irrigation System Ltd
 Deepak Fertilizers and Petrochemicals Corporation limited
 Larsen & Toubro
 Mahindra Logistics

3.2 Various Departments

1.Human Resource Department:

This department manages the most skilled resources in the organization i.e. human resources. The personnel
department looks after the following area:
 Recruitment of staffs
 Training the staff
 Motivation of employees
 Allocation of work
 Facilities of ESI
 Matters relating to leave, salary, bonus etc.
 Improving employer and employee relation.

2.Finance/Accounts Department:

One of the major departments in company is accounts department. In this department financial activities will take
place. It is fully computerized. Internet is being used for daily recording calculation. There are two sections:

 Manual section
 Computer section

The accounts department has got specialization because the company is in its growth phase.

Books maintained in accounts department:-

40
  Cash Book
 Passing the journal entries and transferring the entries into ledger.
 Bank reconciliation statement
 Account of agencies and branches
 Preparation of financial account

Other accounts maintained by accounts department:-

Drivers account:
This account includes the amount given to the drivers for their expenses. This maintains in
accordance with trip sheet submitted by the different department and it is also includes the Basic
pay, HRA, DA, PF to drivers.

Vehicles account:
Here the expenditure accrued on each vehicle is calculated, the cost of benefit analysis is done to
project the future potential of the vehicle.
All branches have to send daily report to head officer in daily delivery stock summery.Head office will record all
cash payments and cash receipts in daily cash statement book.

3.Operations and Maintenance Department:-

This department deals with technical and mechanical part of the company in Sahyadhri Logistics.
This department takes part in vehicle planning and maintenance of the vehicle.

Vehicle planning:-

 Maintaining the time sheet and vehicle.

 Maintains the diesel entry car of trucks from different branches.
 In case of vehicle breakdown alternative arrangements.

41
 Maintaining the record of breakdown vehicle.
 Repairing the vehicle at workshop.
 Sending the vehicle report to the vehicle planning to move on again for trip.

4.RESEARCH METHODOLOGY:-

Definition:-

Methodology refers to body of method of technique used in conducting a study. Different type
of method is used in social research. In selecting a method a researcher should take into account
not only the suitability of method but also adequate knowledge of the method.

Sources:-
In preparing the project the information collected from the following sources.
Primary Data:
The primary data is collected from the personal interaction with Sr. Accounts Manager i.e., Mrs
Smita Shetye and other staff members.
Secondary Data:
The major source of data for this project was collected through annual reports, profit and loss
account of 3 years period & some more information was collected from internet and text
sources.

Sampling Design:-
Sampling Unit : Financial Statements
Sampling Size : Last three years financial statements

Hypothesis:-
42
1. The current ratio the company is optimum.
2. The company has enough liquid assets.

5.Data Analysis and Intrepretation

Balance Sheet as on 31st Mar 2019, 2018, 2017

Sources of fund 31st Mar 2019 31st Mar 2018 31st Mar 2017
Shareholder fund
Share Capital 18,418.27 20,315.95 20,353.56
Stock Option - 1,826.64 2,318.90
outstanding
Optionally 1,227.38 2,400 2,400.00
convertible warrants
Share application 722.80 21.37 13.08
money pending
allotted
Reserve and surplus 88,222.80 157,071.95 206,757.34
Loan funds 633,952.60 1,154,494.87 1,677,459.31
Secured Loans 239,871.72 322,807.83 334,671.85
Unsecured loans 8,661.98 3,592.21 -
Deferred tax
liabilities
Total 991,146.59 1,662,530.81 2,243,794.76

43
Application of
fund
Fixed assets
Gross block
Less:Accumulated
depreciation
Less:Impairment
provision
Net block
Capital work in
progress
Investment
Current assets loans
& advances
Currents assets
Inventories
Received under
financial activities
Sundry debtors
Cash & bank
balances
Other liabilities
Currents assets
Loans & advances
Current liabilities

44
& provision
Current liabilities
Provision
Net current assets
Miscellaneous
expenses
Total

PARTICULARS

PAGE NO:
Acknowledgement (i)
Certificates (ii)
Executive Summary (iv)
Table of Contents (v)
Chapter 1: Introduction of the Project Page Number
1.1: Concept & Significance & Need of the Study 1
1.2: Objective of the Study 2
1.3: Scope of the study
45
 1.4 : Introduction to the topic
(Meaning, Advantages Types, Process, if applicable etc)
1.5 : ….
1.6: Literature Review( If the project is research based)
(Past studies undertaken and published,Gap,Background of the study & project
definition. Theory ,Method of solution)
1.7: Regulatory or Legal aspects related to the topic ( as applicable)

Chapter 2: Introduction to ____Industry

2.1: Overview of _______Industry
2.2: (Major players in the industry, Competitor Analysis, Market Share, Current scenario)
2.3: (FutureTrends.. )
Chapter3: Introduction to the Company
3.1:(Organization profile- vision, mission, organizational structure,
products/services, departments etc.)

3.2:(Description of the HR/Marketing /Finance /Operation processes:Should include

block diagrams, models for showing the processes, major operations,compositions,
process conditions & regulatory aspects etc.Mention assumptions, if any & management
technologies used for regulation purpose.)

3.3: (Products,Plants,Capacity,Turnover,Market share etc,SWOT Analysis)

Chapter 4: Research Methodology

4.1: Research Design
4.2: Sources of Data
4.3: Data Collection ToolsandTechniques
4.4: Sample Design

Chapter 5: Data Analysis and Interpretation

(Tables, graphs, statistical techniques etc.)

Chapter 6 : Conclusion &Suggestions

6.1: Findings
6.2 : Suggestions
6.3 : Limitations

46
 6.4 : Conclusion

Chapter 7 : Learning Experience from the project

Annexure
(Questionnaire, specimen copies of forms, other exhibits etc.)

Bibliography
(books, journal articles, internet etc. referred for the project work).

BIBLIOGRAPHY
<Times New Roman,14, underline, center alignment>

Books:
<Times New Roman,14>

1. Me Cabe and Smith; Unit Operation in Chemical Engineering; 4th Edition, pp-812-814.
<Times New Roman,12>

Journals:
<Times New Roman,14>

1. Ariponnammal,S and Natarajan,S. (1994) ‘Transport Phenomena of SM SEL-X’ Pramana-

Journal of Physics, Vol.42, No.1, pp 421-425.
<Times New Roman,12>

2. Barnard,R.W. and Kellogg,C. (1980) ‘Application of Convolution Operators’,Michigan Mach-

Vol.27,pp 81-82

NOTE :
Above mentioned format of report is a generalised format. It is subject to few changes as
per the demand of project topic and as per the Project guide’s suggestion and discretion.

The report shall be printed and bound (preferably black book with golden embossing) with
not less than 60 A4 size pages. The student shall prepare at least TWO copies of the
report: one copy for submission to the Institute and one copy for the student.
More copies may be prepared ifthecompany/organization or the guide or both ask for one
copy each.

The project shall be done individually

47