~ CERTIFICATE OF THE GUIDE ~

This is to certify that Spandana Naik a student of B.Com Honors of MPC Autonomous College
under North Odisha University has worked under my supervision and guidance for her Project
work and prepared a Project work with the title “ A STUDY OF WORKING CAPITAL
MANAGEMENT OF TATA MOTORS ”.

Place: Baripada Name: Mrs. Pooja Das

Date:

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 ~ STUDENT’S DECLARATION ~

I, Spandana Naik student of B.Com, MPC Autonomous College, declare this project
entitled “ A STUDY OF WORKING CAPITAL MANAGEMENT OF TATA
MOTORS ” was prepared by me during the year 2020-21 and was submitted for the
partial fulfilment of the requirement for the award of Bachelor of Commerce. It is a
record of my own research work. The report embodies the findings based on my study
and observation.

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 ~ PREFACE ~

In simple terms Working capital means the amount of funds that a company require to
finance its day-to-day operations. Working capital states that the period of debtors,
receivables etc. of a company to raise finance from them at the earliest. Finance manager
should develop sound techniques of managing current assets.
Working capital refers to a firm’s investment in short-term assets. viz.,
cash, short-term securities, debtors, etc. It can also be regarded as that portion of the
firm’s total capital which is employed in short-term operations. It refers to all aspects of
current assets and current liabilities. In simple term, working capital is the investment
needed for day-to-day operation.
I have tried to put my best effort to compete this task on the basis of skill
that I have achieved during the last two years’ study in the institute.
I have tried to put my maximum effort to get the accurate statistical data.

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 ~ ACKNOWLEDGEMENT ~

I would like to thank all those persons who have contributed towards the successful
completion of the project work. Without their active guidance, help, cooperation &
encouragement, I would not have made headway in the project. I am glad to say that
working on this project was illuminating and enjoyable for me.
I gratefully acknowledge Mrs. Pooja Das. I am sincerely thankful to my
guide of the project, for guiding me with attention and care. She has provided me with
valuable insights during the entire project work and her co-operation at every step. Plus,
she has taken pain to go through the project and make necessary corrections as and when
needed.
I also express my deep gratitude to all who have contributed for the
successful completion of this project.

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 TABLE OF CONTENTS

CHAPTER No. CHAPTER NAME PAGE No.

Chapter-1 Introduction of the Topic 8 - 14

Chapter-2 Objective of the study 15

Chapter-3 Review of Literature 16

Chapter-4 Company/Organization Profile 17 - 25

Chapter-5 Research Methodology 26 - 27

Chapter-6 Scope of the study & Limitations 28

Chapter-7 Analysis & Interpretation of the study 29 - 46

Chapter-8 Findings, Conclusions, Suggestions 47-49

Chapter-9 Reference/Bibliography 50 - 51

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 LIST OF TABLES

SL.NO LIST OF TABLES PAGE NO.

Table showing statement of changes in working capital for the year

7.1 29
ending 2016-17

Table showing statement of changes in working capital for the year

7.2 30
ending 2017-18

Table showing statement of changes in working capital for the year

7.3 31
ending 2018-19

Table showing statement of changes in the working capital for the

7.4 32
year ending 2019-20

Table showing statement of changes in the working capital for the

7.5 33
year ending 2020-21

7.6 Table showing the current ratio 35

7.7 Table showing the inventory turnover ratio 37

7.8 Table showing the quick ratio 39

7.9 Table showing the working capital turnover ratio 41

7.1 Table showing the debtors turnover ratio 43

7.11 Table showing the cash ratio

45

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 LIST OF GRAPHS

SL.NO LIST OF GRAPHS PAGE NO.

7.1 Graph showing changes in working capital 34

7.2 Graph showing the current ratio 36

7.3 Graph showing the inventory turnover ratio 38

7.4 Graph showing the quick ratio 40

7.5 Graph showing the working capital turnover ratio 42

7.6 Graph showing the debtors turnover ratio 44

7.7 Graph showing the cash ratio 46

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 CHAPTER-1

INTRODUCTION TO THE TOPIC

Working capital is the firm’s investment in current assets. It refers to the amount of funds
required by an industry to finance its day to day operations. It can be regarded as that part of
capital, which is employed for short term operations, so working capital relates to the
management of current assets and current liabilities. Considering the importance of working
capital in any type of business an analysis of working capital of TATA MOTORS was made.

• CURRENT ASSETS: Current assets are those assets, which are converted into
cash within the usual course of business and within one year. They are:
➢ Cash and bank balance
➢ Inventory
➢ Receivables
➢ Marketable Securities
➢ Prepaid Expenses
• CURRENT LIABILITIES: Current liabilities are those, 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. They are:
➢ Trade creditors
➢ Bank overdraft
➢ Unsecured/short term loans
➢ Outstanding expenses
➢ Payables
DEFINITION OF WORKING CAPITAL:
Working capital management is a significant facet of financial management due to the fact that it
plays a pivotal role in keeping the wheels of a business enterprise running.
“Circulating capital means current assets of a company that are changed in the ordinary course
of business from one to another as for example from cash to inventories, inventories to
receivables and receivables into cash.”
GENESTEN BERG-
“The sum of current asset is the working capital of the business.”
J.S. MILL-

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“Any acquisition of funds which increase the current assets increases working capital also for the
one and the same.”
BONNEVELE-

CONCEPTS OF WORKING CAPITAL- There are two concepts of working capital

❖ Gross working capital
❖ Net working capital

I. GROSS WORKING CAPITAL- The term ‘Gross working capital’ refers to

organization’s investment in current assets. The current assets of the firm include: cash,
bank, balance (cr.), short term securities, bills receivable, stock, etc….
II. NET WORKING CAPITAL- “ Working capital, net working capital, is represented
by the excess of current assets over current liabilities and it enables a firm to determine
the
Net Working Capital = Current Assets – Current Liabilities

NEED FOR WORKING CAPITAL-

The need for working capital to run the day to day business activities
cannot be over emphasized. We will hardly find a business firm which does not require any
amount of working capital. Indeed, firms differ in their requirements of the working capital.
We know that firms aim at maximizing the wealth of shareholders. In
its endeavor to maximize shareholders wealth a firm should earn sufficient return from its
operations. Earning a steady amount of profits require sales activity. The firm has to invest
enough funds in current assets for the success of sales activity. Current assets are needed because
sales do not convert into cash instantaneously. There is always an operating cycle involved in the
conversion of sales into cash.

FINANCING OF WORKING CAPITAL-

It is to be remembered that more business fails because of lack of cash than want of profit. Thus,
maintaining cash is very crucial for the success or failure of a business. Working capital also
comes under the same frame. Although there are various sources, the working capital
requirements of a concern can be classified as:
• Fixed Working Capital
• Variable Working Capital
In any concern, some operations stay permanent such as investments, fixed assets. This can be
easily maintained by fixed working capital, which is permanently blocked in current assets.

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Similarly, the amount of capital required to meet seasonal demands or rise in prices, strikes, etc.
highlight the need for variable working capital, which cannot be permanently employed gainfully
in the business.
The fixed portion of working capital should be generally financed from the fixed
capital sources while the variable working capital requirements of a concern may be met from
the short-term sources of capital.

CHARACTERISTICS OF WORKING CAPITAL-

▪ Needs that are Short Term: Working capital is being utilized in acquiring current assets
which will be converted to cash for a short period only.
▪ Circular movements: Working capital is being converted to cash constantly which will
just be turned as a working capital all over again.
▪ Permanency: Although it is just a kind of short-term capital, working capital is needed
by a business forever and always.
▪ Fluctuation: Working capital still fluctuates every now and then even it is something
permanent.
▪ Liquidity: It is very liquid for it can be converted as cash any time without losing
anything.
▪ Less Risky: Investments in current assets such as working capital comes with less risk
for it is just for short-term.
▪ No Need for Special Accounting System: Since working capital is a short-term asset
that will last for a year only, there will be no need for adoption of a special accounting
system.

DETERMINANTS OF WORKING CAPITAL-

There are no set rules or formulae to determine working capital requirements of the firms. But
there are some factors which generally influence the working capital requirements of firms.
a) Nature and size of Business
Working capital requirements of a firm are basically influenced by the nature of its
business. Trading and financial firms have a very small investment in fixed assets, but
require a large sum of money to be invested in working capital. Retail stores for example,
must carry large stocks of a variety of a goods to satisfy varied and continuous demand of
their customers. In contrast, public utilities have a very limited need for working capital
and have to invest abundantly in fixed assets.

b) Manufacturing cycle
The manufacturing cycle compromises of the purchase and use of raw materials and the
productions of finished goods. Longer the manufacturing cycle, larger will be the firm’s
working capital requirements. This needs proper planning and co-ordination at the levels

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 of activity. Any delay in manufacturing process will result in accumulation of work in
process and waste of time.

c) Sales Growth
The working capital needs of a firm increase as its sales grow. It is difficult to precisely
determine the relationship between volume of sales and working capital needs in practice,
current assets will have to be employed before growth takes place. It is therefore,
necessary to make advance planning of working capital for a growing firm om a
continuous basis.

d) Demand conditions
Most firms experience seasonal and cyclical fluctuations in the demand of their products
and services. These business variations affect the working capital requirements,
specially the temporary working capital requirements of the firm. When there is an
upward swing in the economy, sales will increase, correspondingly the firm’s
investments in inventories and book debts will also increase. Under boom, additional
investment in fixed assets may be made by some firms to increase their productivity
capacity. This act of firms will require further additions of working capital.

e) Price level changes

The increasing shifts in price level makes functions of financial manager difficult. He
should anticipate the effects of price level changes on working capital requirements of
the firm. Generally, rising price levels will require a firm to maintain higher amount of
working capital. Same levels of current assets will need increased investment when
prices are increasing. However, companies which can immediately revise their product
prices will rise price levels will not face a sever working capital problem.

f) Operating efficiency and performance

The operating efficiency of the firm relates to the optimum utilization of resources at
minimum cost. The firm will be effectively contributing to its working capital if it is
efficient in controlling operating costs. The use of working capital is improved and pace
of cash cycle is accelerated with operating efficiency. Better utilization of resources
improves profitability and, thus, helps in realizing the pressure on working capital.
Although it may not be possible for a firm to control prices of materials or wages of
labor, it can certainly ensure efficient and effective use of its materials, labor and other.

g) Firm’s credit policy

The credit policy of the firm affects working capital by influencing the level of book
debts. The credit terms to be granted to customers may depend upon norms of the
industry to which the firm belongs. But a firm has the flexibility of shaping its credit
policy within the constraint of industry norms and practices. The firm should be
discretionary in granting credit terms to its customers. Depending on the individual case,
different terms may be given to different customers. A liberal credit policy, without

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 collecting funds later on. The firm should be prompt in making collections. A high
collection period will mean tie-up of funds in book debts.

h) Availability of credit
The working capital requirement of a firm is also affected by credit terms granted by its
creditors. A firm will need less working capital if liberal credit terms are available to it.
Similarly, the availability of credit from banks also influences the working capital needs
of the firm. A firm which can get bank credit easily on favorable conditions, will operate
with less working capital than a firm without such a facility.

IMPORTANCE OF WORKING CAPITAL:

Working capital management is one of the most important aspects in financial management.
Under the present economic scenario, where the industry is facing stiff competition from various
quarters. The existence of a firm/organization depends entirely on the effective utilization of the
available resources. The management of working capital aims and deals with employment of
current assets to derive maximum profitability and minimize risk.
In India, in case of large and medium size companies, the working capital
constitutes 60% of the total assets or total capital employed. So, finance manager should pay
attention to the management of working capital on continuing basis. The manager of
administration of working capital determines to very large extent the success or failure of overall
operation of industry. Many a times in the event of failure of business concerns, the
mismanagement of working capital may be one of the factors.

DIMENSIONS OF WORKING CAPITAL MANAGEMENT:

Working capital management refers to the administration of all aspects of current assets, namely
cash, marketable securities, debtors and stock(inventories) and current liabilities. The financial
manager must determine levels and composition of current assets. He must see that right sources
are tapped to finance current assets, and that current liabilities are paid in time.

ADVANTAGES OF WORKING CAPITAL MANAGEMENT:

▪ Ensures Liquidity- Business 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.

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 ▪ 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 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. This, in turn, would attract more capital from
prospective investors leading to the unlocking of further capacities.

▪ 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.

DISADVANTAGES OF WORKING CAPITAL MANAGEMENT:

▪ Only Monetary Factors- This strategy takes only monetary factors into account.
Monetary items like the value of debts receivables, the value of finished goods etc. are
the basic determinants while implementing the strategy. Non-monetary factors like
recession, unsatisfied workers, change in government’s policy towards the industry etc.
are not considered or hold no relevance in this policy.

▪ Non-Situational- Another disadvantage of working capital management policy is that it’s

not situational in nature. The strategy does not acknowledge sudden changes in the
market conditions as it is based on past events and figures. The time taken to respond to
certain recent events is significant to impact business operations and profitability.

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▪ Based on Data- Working capital management operates around data. It is the key soul of
any working capital management strategy. Data would include every minute detail about
the components of working capital. For example, in trade receivables, it would require
the date of sale, the period of credit, number of grace days allowed, a penalty in case of
non-fulfilment of payment etc. Without data, this strategy holds no relevance in the
practical world.

▪ Problem in Interpretation- Working capital management involves techniques of ratio

analysis. Ratios are just a number which allows a user to interpret the result. In most
cases, it is unclear to a user whether a particular ratio is favorable to the company or not.
For example, in case of current assets ratio, it is advisable that a ratio which is higher
than 1:1 is favorable. But on the other hand, it is also advisable that ratios bigger than 2:1
are unfavorable, keeping the business conditions and trade cycle in mind. Now, if a
business has a bigger trade receivables cycle than the industry’s average, the business
would not be able to interpret the ratio accurately.

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 CHAPTER – 2
OBJECTIVES OF THE STUDY

The main objective of the study is to analyze the working capital management of the company
over the study period of the inventories relating to assets and liabilities during the financial
period of the year 2017 – 21.

The subjective objectives are:

1) To determine the working capital requirement of the company.
2) To study the various component of the working capital of the company.
3) To study the management of working capital during previous 5 years.
4) To study practical difficulties faced by the bank in meeting working capital
requirements.
5) To get a clear picture of working capital in the company.
6) To draw valid conclusions and recommendations.
7) To access the efficiency of the business to repay short term loans taken from
financial institutions within the time bound limit.
8) To access the strength of the business to face the business competition of price
war.
9) To access the overall working capital management policy of the company.
10) To ensure the optimization of working capital operating cycle.

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 CHAPTER – 3
REVIEW OF LITERATURE

It deals with all the aspects of working capital of which in depth study has been carried out as
discussed below:

Bhatt V.V. (1972) widely touches upon a method of appraising working capital finance
applications of large manufacturing concerns. It states that similar methods need to be devised
for other sectors such as agriculture, trade etc. The author is of the view that banks while
providing short-term finance, concentrate their attention on adequacy of security and repayment
capacity. On being satisfied with these two criteria the do not generally carry out any detail
appraisal of the working of the concerns.

Natarajan Sundar (1980) is of the opinion that working capital is important at both, the national
and corporate level. Control on working capital at the national level is exercised primarily
through credit controls. The Tandon Study Group has provided a comprehensive operational
framework for the same. In operational terms, efficient working capital consists of determining
the optimum level of working capital, financing it imaginatively and exercising control over it.
He concludes that at the corporate level investment in working capital is as important as
investment in fixed assets. And especially for a company which is not growing, survival will be
possible only so long as it can match increase in operational cost with improved operational
efficiency, one of the most important aspects of which is management of working capital.

Bhattacharyya Hrishikesh (1987) tries to develop a comprehensive theory and tool of working
capital management from the system’s point of view. According to the study, capital is often
used to refer to capital goods consisting of a great variety of things, namely, machines of various
kinds, plants, houses, tools, raw materials and good-in-process. A finance manager of a firm
looks for these things on the assets side of the balance sheet. For capital he turns his attention to
the other side of the balance sheet and never commits a mistake. His purpose is to balance the
two sides in such a way that net worth of the firm increases without increasing the riskiness of
the business. This balancing is financing, i.e., financing the assets of the firm by generating
streams of liabilities continuously to match with the dynamism of the former. The study is an
improvement of the concept of Park and Gladson who were not able to capture the entire techno-
financial operating structure of a firm.

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 CHAPTER – 4
COMPANY / ORGANISATION PROFILE

Tata Motors Limited is an Indian multinational automotive manufacturing company head

quartered in Mumbai, Maharashtra, India. It is a part of Tata Group, an Indian conglomerate. Its
products include passenger cars, trucks, vans, coaches, buses, sports cars, construction
equipment and military vehicles.
Formerly it was known as Tata Engineering and Locomotive Company (TELCO). Founded in
1945 as a manufacturer of locomotives, the company manufactured its first commercial vehicle
in 1954 in a collaboration with Daimler-Benz AG, which ended in 1969. Tata Motors entered the
passenger vehicle market in 1988 with the launch of the Tata Mobile followed by the Tata Sierra
in1991, becoming the first Indian manufacturer to achieve the capability of developing a
competitive indigenous automobile. In 1998, Tata launched the first fully indigenous Indian
passenger car, the Indica, and in 2008 launched the Tata Nano, the world’s cheapest car. Tata
Motors acquired the South Korean truck manufacturer Daewoo Commercial Vehicles Company
in 2004 and purchased Jaguar Land Rover from Ford in2008.
Vision of Tata Motors-
By FY 2024, we will become the most aspirational Indian auto brand, consistently winning, by
• Delivering superior financial returns.
• Driving sustainable mobility solutions.
• Exceeding customer exceptions.
• Creating a highly managed work force.
Values of Tata Motors-
• Integrity
• Team work
• Accountability
• Customer focus
• Excellence
• Speed

Mission of Tata Motors-

We innovate mobility solutions with passion enhance the quality of life.

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TATA MOTORS Profit Margin –

TATA MOTORS Passenger Vehicles Market Share FY21

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Market Share of TATA MOTORS in India-

TATA MOTORS Profitability veers off the tracks-

Tata Motors’ consolidated profit margins have fallen from double digits to single as both local
and international vehicle sales have plummeted.

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PANDEMIC WOES TATA MOTORS-
Tata Motors’ revenue fell 48% y-o-y in Q1, hit by Co-vid led disruptions, with recovery
expectations pushed back to the second half.

OBJECTIVES OF TATA MOTORS-

❖ Market Objectives –

National Growth
• The Tata Nano is a four passenger city car built by Tata Motors aimed primarily
at Indian market.
International Growth
• Tata Motors Nano car is ready to start its journey on the global road as its
displayed version of the hatchback for worldwide market place. This new version
was introduced at 79th Geneva Motor Show.
• This international version is more powerful and stronger than its Indian
counterpart. It is 0.19 meters longer in length and is 0.08 meters wider in
comparison of its Indian part. The company is aimed towards selling of Nano car
in Europe for 5000 euros ($6,316).

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 • Tata Group had never compromised on ethics, it last year edited whistle blower
policy for the benefits of the company and the society.
• The Company believes in the conduct of the affairs of its constituents in a fair and
transparent manner by adopting highest standards of professionalism, honesty,
integrity and ethical behavior.
Market Share and future planning
• Tata said that the initial target production volume would be 250,000 cars per
annum on two shifts expandable to 350,000 per annum on three shifts.
• In earlier media interviews, Ratan Tata talked about a one million production
target by 2010.
Consumer focus
• Die Welt reports that the car confirms with environmental protection, and will
have the lowest emission in India.
Product focus
• Tata Motors will offer a version of the Nano with the safety features including an
air bag system in its electric version. The Nano has an all sheet-metal body made
from Japanese and Korean steel, with safety features such as crumple zones,
intrusion-resistant doors, seat-belts, strong seats and anchorages, and the rear
tailgate glass bonded to the body. Tires are tubeless.
• Introducing the car with an artificially low price through government subsidies and
tax-breaks.
• Forgoing profit on the car.

❖ SOCIAL RESPONSIBILITY

Green Matters
Tata Motors, a Company that cares about the future….
Tata Motor’s concern is manifested by a dual approach –
1) Reduction of environmental pollution and regular pollution control drives.
2) Restoration of ecological balance
Reducing pollution
Tata Motors has been at the forefront of the Indian automobile industry’s
anti-pollution efforts by introducing cleaner engines. It is the first Indian Company to
introduce vehicles with Euro norms well ahead of the mandated dates.

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Some other social responsibilities are:
• Community development
• Health and Sanitation
• Employment Generation
• Community Centers
Revenue Maximization
Tata initially targeted the vehicle as “the least expensive production car in the world
aiming for a starting price of 100,000 rupees or approximately US$2000
Overcome Competition
Rival car makers including Bajaj Auto, Fiat, General Motors, Ford Motor, Hyundai
and Toyota Motor have all expressed interest in building a small car that is affordable to more
middle-class consumers in emerging markets. The bulk of demand there is for small cars because
people are much more sensitive to fuel prices.

❖ SWOT ANALYSIS OF TATA MOTORS

The SWOT of TATA Motors will elaborate on the strength and weakness of and the
opportunities and threats for one of the biggest automobile countries in India.

• THE STRENGTHS OF TATA MOTORS

Diversified Portfolios: Tata has a large, well-diversified portfolio of products.

The well-diversified portfolio of vehicles makes it bring stabilization in its sales
and profits. It brings confidence to the investors who are interested in this
company to invest.

Stabilized Earning: It has been earning stabilized profit. Tata has a good
management policy. It can be noticed when they acquire new companies. One
study showed that Tata will only purchase those companies which have the same
management system. They follow this policy only because they have confidence
over their management policies.

Recognized Brand: TATA is a well-known brand in the home country and in the
neighbor country like Pakistan, Bangladesh, etc. One of its most recognized
brands is Jaguar Land Rover PLC, among others.

Number of Employees: It has a large number of employees. Under Tata group,

more than 660,800 employees are working. And 66000 people are working in the
automobile company as of 2016.

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• THE WEAKNESS OF TATA MOTORS

Indifferent to Changes: Automobile industry is a very competitive industry.

Every company in this industry remain competitive as most of the automobile
companies are very old and experienced in this business. They offer a new model
and tech-savvy cars. But Tata Motors is indifferent in this case. Its large model
base is old.

Global Presence: Automobile industry is not limited to the local market. If it is

limited to a specific area, then it’s a strong barrier to the growth as other foreign
companies may enter the same market. Tata remained silent in achieving global
market shares. It has not penetrated in many international markets until now.

Weak Marketing Policy: Strong marketing policy is the strength of a company.

It is the way a company can know the demands of their customers and produce
the products accordingly. Also, it helps the company to communicate with then
consumers and inform about the value they are planning to deliver. The TATA
does not have strong marketing policy to promote its product world-wide.

Narrow Domestic Market: As Tata did not enter too many global markets, it
developed its business in the local market. But only the local market is not
enough for a company like Tata Motors.

• THE OPPORTUNITIES FOR TATA MOTORS

Global Positioning: For developing a strong brand image, all it needs to have a
strong marketing policy. This can make a new customer base in the local market
and world-wide as well. If TATA Motors wants to position its product heavily, it
can. All it needs to have stronger marketing and promotional policies.

Opportunities for Merger and Acquisitions: Merger and acquisition is a pretty

common tradition in the automobile industry. Tata has a long experience as it is
one of the oldest companies in India. As it has grown bigger, it has grabbed the
capabilities for acquisition. Also, it has its own proved management policies that
may help to manage newly acquired companies.

Increasing Purchase Power of Indian people: The sales of a product largely

depend on the price of the product. If prices are reasonable, a company can easily
develop tech-savvy modern cars and meet the sale target. As the people of India
are earning more than before, they are having more purchase power.

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 Expanding Auto Market: The world is becoming modernized. People are being
dependent on transportation facilities heavily. It will increase the sales of motor
vehicles. As Tata still has the opportunities to enter a different foreign market, it
has a great expansion opportunity.

• THE THREATES FOR TATA MOTORS

Well price: The cost of fuel affects the sale of a vehicle not only in India but also
all over the world. The fuel price and the sales of the cars directly negatively
related. So, if the product price increases, it will reduce the sales volume. This is
one of the biggest threats for the car companies.

Government Law on Environment: Many countries are developing law on

carbon emissions. If India develops such kind of law, TATA might need to
develop more carbon-efficient cars which may need additional investment. This
requires additional investments.

Market Competition: The automobile market is so much competition. These

companies are frequently offering newly developed cars which have fuel
efficiency, modern models, technologies, and environmental friendliness. TATA
has many strong competitors in this sector. So, it has to remain cautious and
become more competitive.

Increasing Production Cost: In this modern era, competition has increased. As

a result, the production cost is more competitive for offering innovative products.

BOTTOM LINE
Tata Motors has more strengths than weakness. It is a locally organized company means most of
its business operations are in the local market. It should develop new strength and utilize its
future opportunities to grow it further.

SHAREHOLDINGS OF TATA MOTORS

Tata Motors Ltd. Was incorporated in the year 1945. Its today’s share price is 318.95. Its current
market capitalization stands at Rs.10590.22 Cr. In the latest quarter, company has reported Gross
sales of Rs.453112.2 Cr.

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THE MANAGEMENT TEAM OF TATA MOTORS
The key people of TATA MOTORS limited
➢ Mr. PB Balaji – Group Chief Finance Officer
➢ Mr. Girish Wagh – President Commercial Vehicles Unit
➢ Mr. Shailesh Chandra – President Passenger Vehicles Unit
➢ Mr. Rajendra Petkar – President and Chief Technology Officer
➢ Mr. Thomas Flack – President and Chief Purchasing Officer
➢ Mr. Ravindra Kumar G.P – President and Chief Human Resource Officer
➢ Mr. Guenter Butschek – CEO and Managing Director

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 CHAPTER – 5
RESEARCH METHODOLOGY

RESEARCH DESIGN
Research design is a statement or specification of procedure for collecting and analyzing the
information required for the solution of a specific problem. It provides a scientific find work for
conducting some research investigation. The conception of research of the research design plan
is a critical step in the research process. The design of the study constitutes blue print for the
collection, measurement, and analysis of the data.

RESEARCH DESIGN OF THE STUDY

The research is by large desk research and involves the following:
• Setting up an objective of the study.
• Scanning through the standard texts to understand the theory behind working
capital management.
• The decision regarding the study period in this case was decided on the basis of
various items in current assets and current liabilities for working capital
management.
• Collection of the company’s specific literature i.e., company’s profile and annual
report over this study period.
• Collection of primary and secondary data, related to the functioning of the
company.
• Identification of current assets and current liabilities for working capital.

TITLE OF THE STUDY

The title of the study undertaken for the project work is ‘A study on “WORKING CAPITAL
MANAGEMENT” with specific reference to TATA MOTORS’.

STATEMENT OF THE PROBLEM

Working capital is either taken as current asset or as the excess of current asset over current
liabilities. Working capital management is concerned with the problem that arises in attempting
to manage the current assets, the current liabilities and the inter relationship that exist between
them.

Page | 26
In an industry the working capital is most important as it plays a significant role starting from
procuring raw materials until it is converted into finished goods. If the working capital is under
invested it results in delay in output of finished product which in turn reduces sales and profits or
if it is over invested, the interest has to be paid on the amount. The payable rate of the field of
working capital management, raw materials, receivables, cash and its management system are
very vast.
The study has been conducted to know the working capital management of the “TATA
MOTORS” to know various ratios of working capital. As working capital is the life blood and
nerve center of an organization, it can run successfully without an adequate amount of working
capital.

SOURCES OF DATA COLLECTION

Data is defined as group of non-random symbols in the form of text, images, or voice responding
quantities, action as objects. Data is processed into a form that is meaningful to the recipient and
is of real and perceived value in the current or prospective actions or decisions of the recipient.
a) Primary Data Collection
The data which is collected fresh or first hand and for first time which is original in nature.
Primary data collection can be collected through personal interview, questionnaire etc.
b) Secondary Data Collection
Secondary data are those, which already have been collected by some other agency or researcher
with the intention of using it for a particular purpose. The sources of secondary data concern’s
data are about the various records, reports and researched studies published.

METHODOLOGY OF THE STUDY

This study requires secondary data. The secondary data was obtained from the past records, files
and annual reports of the concern and also from other financial statement.
Tools used:
Significant tools popular that are taken in correspondence with my study are
- bank’s websites
- annual reports
- books and magazines.

Page | 27
 CHAPTER – 6
SCOPE OF STUDY/LIMITATIONS

SCOPE OF THE STUDY:

The study mainly deals with working capital management of TATA MOTORS decision
regarding working capital is not a one time decision, so the scope of the study is to identify the
financial performance of the company between the year 2017 – 21, company growth and profit
earned.

LIMITATIONS:
➢ Use of ratio as a technique for analysis. Hence all the limitations of ratio analysis are also
applicable.
➢ Analysis are restricted to 5 years.
➢ Limited data provided by the company.
➢ Due to limitations of time, it was usable to go for a deep study.
➢ Study of working capital management is limited to the information gathered through the
interview and discussions with the company officials and executives.
➢ The confidentiality of some facts and figure.
➢ The study is based on secondary data.

Page | 28
 CHAPTER – 7
ANALYSIS AND INTERPRETATION OF THE STUDY
TABLE 7.1
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR ENDING 31-03-
2016 & 31-03-2017

Increase in Decrease in
Particulars 2016 2017
Working Capital Working Capital
CURRENT
ASSETS:
Current
1745.84
investment 2437.42 691.58
Inventories 5114.92 5553.01 438.09
Trade receivables 2045.58 2128 82.42
Cash & cash
788.42
equivalent 326.61 461.81
Short term loans &
484.44
advance 215.96 268.48
Other current
1679.49
assets 2096.07 416.58
TOTALS(A) 11861.69 12757.07

CURRENT
LIABILITIES:
Short term
3654.72
borrowings 5158.52 1503.8
Trade payables 5141.17 11462.24 6321.07
Other current
9455.58
liabilities 4440.42 5015.16
Short term
450.27
provisions 477.17 26.9
TOTALS(B) 18701.74 21538.35
(A-B) -6840.05 -8781.28
Decrease in
Working Capital 1941.23 1941.23
-6840.05 -6840.05 8582.06 8582.06

INTERPRETATION:
From the above analysis, it is known that in the year 2016 the working capital is -6840.05 and in
the year 2017 the working capital is -8781.28. Hence there is a decrease in the working capital
by 1941.2

Page | 29
TABLE 7.2
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR ENDING 31-03-
2017 & 31-03-2018

Increase in Decrease in
Particulars 2017 2018
Working Capital Working Capital

CURRENT
ASSETS:
Current investment 2437.42 2502.78 65.36
Inventories 5553.01 5670.13 117.12
Trade receivables 2128 3479.81 1351.81
Cash & cash
326.61
equivalent 795.42 468.81
Short term loans &
215.96
advance 140.27 75.69
Other current assets 2096.07 2383.25 287.18
TOTALS(A) 12757.07 14971.66

CURRENT
LIABILITIES:
Short term
5158.52
borrowings 3099.87 2058.65
Trade payables 11462.24 14225.63 2763.39
Other current
4440.42
liabilities 6030.53 1590.11
Short term
477.17
provisions 862.92 385.75
TOTALS(B) 21538.35 24218.95
(A-B) -8781.28 -9247.29
Decrease in
Working Capital 466.01 466.01
-8781.28
-8781.28 4814.94 4814.94

INTERPRETATION:
From the above analysis, it is known that in the year 2017 the working capital is -8781.28 and in
the year 2018 the working capital is -9247.29. Hence there is a decrease in the working capital
by 466.01

Page | 30
TABLE 7.3
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR ENDING 31-03-
2018 & 31-03-2019

Increase in Decrease in
Particulars 2018 2019
Working Capital Working Capital

CURRENT
ASSETS:
Current investment 2502.78 1433.18 1069.6
Inventories 5670.13 4662 1008.13
Trade receivables 3479.81 3250.64 229.17
Cash & cash
795.42
equivalent 1306.61 511.19
Short term loans &
140.27
advance 200.08 59.81
Other current assets 2383.25 2376.79 6.46
TOTALS(A) 14971.66 13229.3

CURRENT
LIABILITIES:
Short term
3099.87
borrowings 3617.72 517.85
Trade payables 14225.63 10408.83 3816.8
Other current
6030.53
liabilities 7765.57 1735.04
Short term
862.92
provisions 1148.69 285.77
TOTALS(B) 24218.95 22940.81
(A-B) -9247.29 -9711.51
Decrease in
Working Capital 464.22 464.22
-9247.29 -9247.29 4852.02 4852.02

INTERPRETATION:
From the above analysis, it is known that in the year 2018 the working capital is -9247.29 and in
the year 2019 the working capital is -9711.51. Hence there is a decrease in the working capital
by 464.22

Page | 31
TABLE 7.4
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR ENDING 31-03-
2019 & 31-03-2020

Increase in Decrease in
Particulars 2019 2020
Working Capital Working Capital

CURRENT
ASSETS:
Current investment 1433.18 885.31 547.87
Inventories 4662 3831.92 830.08
Trade receivables 3250.64 1978.06 1272.58
Cash & cash
1306.61
equivalent 3532.19 2225.58
Short term loans &
200.08
advance 232.14 32.06
Other current assets 2376.79 3109.14 732.35
TOTALS(A) 13229.3 13568.76

CURRENT
LIABILITIES:
Short term
3617.72
borrowings 6121.36 2503.64
Trade payables 10408.83 8102.25 2306.58
Other current
7765.57
liabilities 10180.46 2414.89
Short term
1148.69
provisions 1406.75 258.06
TOTALS(B) 22940.81 25810.82
(A-B) -9711.51 -12242.06
Decrease in
Working Capital 2530.55 2530.55
-9711.51 -9711.51 7827.12 7827.12

INTERPRETATION:
From the above analysis, it is known that in the year 2019 the working capital is -9711.51 and in
the year 2020 the working capital is -12242.06. Hence there is a decrease in the working capital
by 2530.55

Page | 32
TABLE 7.5
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR ENDING 31-03-
2020 & 31-03-2021

Increase in Decrease in
Particulars 2020 2021
Working Capital Working Capital

CURRENT
ASSETS:
Current investment 885.31 1578.26 692.95
Inventories 3831.92 4551.71 719.79
Trade receivables 1978.06 2087.51 109.45
Cash & cash
3532.19
equivalent 4318.94 786.75
Short term loans &
232.14
advance 185.42 46.72
Other current assets 3109.14 3132.75 23.61
TOTALS(A) 13568.76 15854.59

CURRENT
LIABILITIES:
Short term
6121.36
borrowings 2542.5 3578.86
Trade payables 8102.25 15988.13 7885.88
Other current
10180.46
liabilities 6677.38 3503.08
Short term
1406.75
provisions 1043.54 363.21
TOTALS(B) 25810.82 26251.55
(A-B) -12242.06 -10396.96
Increase in 1845.1
Working Capital 1845.1
-10396.96 -10396.96 9777.7 9777.7

INTERPRETATION:
From the above analysis, it is known that in the year 2020 the working capital is -12242.06 and
in the year 2021 the working capital is -10396.96. Hence there is an increase in the working
capital by 1845.1

Page | 33
GRAPH 7.1
GRAPH SHOWING CHANGES IN WORKING CAPITAL
Year Working Capital

2017 -8781.28
2018 -9247.29
2019 -9711.51
2020 -12242.06
2021 -10396.96

INVENTORY TURNOVER RATIO

14.00 13.31

12.00
11.11
10.24 10.24
10.00

8.12
8.00

6.00

4.00

2.00

-
2017 2018 2019 2020 2021

Page | 34
MEANING OF CURRENT RATIO:
Current ratio is the ratio which expresses relationship between current assets and current
liabilities. This ratio is most commonly used to perform the short-term financial analysis. Also
known as the working capital ratio, this ratio matches the current assets of the firm to its current
liabilities.
The rule of thumb for Current Ratio is 2:1

CURRENT RATIO = CURRENT ASSETS

CURRENT LIABILITIES

TABLE: 7.6: TABLE SHOWING CURRENT RATIO

CURRENT
YEAR CURRENT ASSETS CURRENT RATIO
LIABILITIES

2017 12757.07 21538.35 0.59

2018 14971.66 24218.95 0.62

2019 13229.3 22940.81 0.58

2020 13568.76 25810.82 0.53

2021 15854.59 26251.55 0.60

Page | 35
GRAPH 7.2
GRAPHICAL REPRESENTATION OF CURRENT RATIO

0.64

0.6181
0.62
0.6039
0.6 0.5922

0.58 0.5766

0.56

0.54
0.5257

0.52

0.5

0.48

0.46
2017 2018 2019 2020 2021

INFERENCE:
The current ratio in the year 2016-17 is 0.5922, in the year 2017-18 is 0.6181, in the year 2018-
19 is 0.5766, in the year 2019-20 is 0.5257, in the year 2020-21 is 0.6039. From the above
analysis, it is known that the current ratio in 2017-18 is more than 2016-17 and hence has been
raised. But it gradually decreases for 2018-19 and 21019-20 and again has been raised in 2020-
21.
As a convention 2:1 is the standard current ratio which means current assets should be
double the current liabilities. Hence, we observe that the current assets are not sufficient to meet
the current liabilities.

Page | 36
MEANING OF INVENTORY TURNOVER RATIO:
Inventory Turnover Ratio is the ratio which expresses the relationship between the Net Sales and
Average Inventory. It is also known as Stock Turnover Ratio. This ratio indicates the efficiency
with which the inventories are managed.

INVENTORY TURNOVER RATIO = NET SALES

AVERAGE INVENTORY
[AVERAGE INVENTORY = ( OPENING STOCK + CLOSING STOCK ) / 2]

TABLE: 7.7: TABLE SHOWING INVENTORY TURNOVER RATIO

AVERAGE INVENTORY
YEAR NET SALES
INVENTORIES TURNOVER RATIO

2017 43340.62 5335.465 8.12

2018 57441.05 5611.57 10.24

2019 68764.88 5166.065 13.31

2020 43485.76 4246.96 10.24

2021 46559.39 4191.815 11.11

Page | 37
GRAPH: 7.3
GRAPHICAL REPRESENTATION OF INVENTORY TURNOVER RATIO

INVENTORY TURNOVER RATIO

14.00
13.31

12.00
11.11

10.24 10.24
10.00

8.12
8.00

6.00

4.00

2.00

-
2017 2018 2019 2020 2021

INFERENCE:
The Inventory Turnover ratio in the year 2016-17 is 8.123, in the year 2017-18 is 10.236, in the
year 2018-19 is 13.310, in the year 2019-20 is 10.239, and in the year 2020-21 is 11.107.
A high stock turnover is good as it indicates more sales from each rupee of investment
in stock. In this case we saw a gradual increase in Inventory Turnover ratio in first three years
then in 2019-20 a fall in Inventory Turnover ratio but also a subsequent rise in Inventory
Turnover ratio in 2020-21. Which maintains a relatively comfortable position, neither only high
Inventory Turnover ratio risking run-out of stock nor low Inventory Turnover ratio risking idle
stock.

Page | 38
MEANING OF QUICK RATIO:
This ratio is also known as Acid-Test ratio or Liquid ratio. It is a more severe test of liquidity of
a company than the current ratio. It shows the ability of a business to meet its immediate
financial commitments. It is the ratio between liquid assets and liquid liabilities.
The rule of thumb for Quick ratio is1:1.
• Liquid assets include all the current assets which can be easily converted into cash
excluding inventories or closing stock and other current assets including prepaid
expenses.
• Liquid liabilities are the current liabilities which are to be paid within a short period of
time.

QUICK RATIO = LIQUID ASSETS

LIQUID LIABILITIES

TABLE: 7.8: TABLE SHOWING QUICK RATIO

YEAR LIQUID ASSETS LIQUID LIABILITIES QUICK RATIO

2017 5107.99 21538.35 0.24

2018 6918.28 24218.95 0.29

2019 6190.51 22940.81 0.27

2020 6627.7 25810.82 0.26

2021 8170.13 26251.55 0.31

Page | 39
GRAPH: 7.4
GRAPHICAL REPRESENTATION OF QUICK RATIO

QUICK RATIO
0.35

0.31

0.30
0.29
0.27
0.26
0.25 0.24

0.20

0.15

0.10

0.05

-
2017 2018 2019 2020 2021

INFERENCE:
The Quick ratio in the year 2016-17 is 0.237, in the year 2017-18 is 0.285, in the year 2018-19 is
0.269, in the year 2019-20 is 0.256 and in the year 2020-21 is 0.311.
We observe that the quick ratio for the last 3 years has increased and has decreased in
the 4 year but has again increased in the 5th year. Although there has been changes in quick
th

ratio for the last 5 years but the changes are very minute.

Page | 40
MEANING OF WORKING CAPITAL TURNOVER RATIO
Working Capital Turnover ratio indicates the velocity of the utilization of net working capital.
This ratio indicates the number of times the working capital is turned over in the course of the
year. This ratio measures the efficiency with which the working capital is being used by a firm.

WORKING CAPITAL TURNOVER RATIO = NET SALES

NET WORKING CAPITAL

TABLE: 7.9: TABLE SHOWING WORKING CAPITAL TURNOVER RATIO

NET WORKING WORKING CAPITAL

YEAR NET SALES
CAPITAL TURNOVER RATIO

2017 43340.62 -8781.28 -4.935

2018 57441.05 -9247.29 -6.211

2019 68764.88 -9711.51 -7.08

2020 43485.76 -12242.06 -3.552

2021 46559.39 -10396.96 -4.478

Page | 41
GRAPH: 7.5
GRAPHICAL REPRESENTATION OF WORKING CAPITAL TURNOVER RATIO

WORKING CAPITAL TURNOVER RATIO

0
2017 2018 2019 2020 2021

-1

-2

-3

-3.552
-4

-4.478
-5
-4.935

-6

-6.211

-7
-7.08

-8

INFERENCE:
The Working Capital Turnover ratio in the year 2016-17 is -4.935, in the year 2017-18 is -6.211,
in the year 2018-19 is -7.080, in the year 2019-20 is -3.552 and in the year 2020-21 is -4.478.
We observe that the Working Capital Turnover ratio for all the last five years has been
negative ratio.

Page | 42
MEANING OF DEBTORS TURNOVER RATIO
The Debtors Turnover ratio indicates the relationship between the Net Credit Sales and Trade
Debtors. It shows the rate at which cash is generated by the turnover of debtor. This ratio
indicates the efficiency with which receivables are managed by a business.

DEBTOR TURNOVER RATIO = NET CREDIT SALES

AVERAGE TRADE DEBTOR

TABLE: 7.10: TABLE SHOWING DEBTORS TURNOVER RATIO

AVERAGE TRADE DEBTOR TURNOVER

YEAR NET CREDIT SALES
DEBTOR RATIO

2017 43340.62 2128 20.366

2018 57441.05 3479.81 16.506

2019 68764.88 3250.64 21.154

2020 43485.76 1978.06 21.984

2021 46559.39 2087.51 22.303

Page | 43
GRAPH: 7.6
GRAPHICAL REPRESENTATION OF DEBTORS TURNOVER RATIO

DEBTOR TURNOVER RATIO

25

21.984 22.303
21.154
20.366
20

16.506

15

10

0
2017 2018 2019 2020 2021

INFERENCE:
We observe that the Debtor Turnover ratio in the year 2016-17 is 20.366, in the year 2017-18 is
16.506, in the year 2018-19 is 21.154, 2019-20 is 21.984 and in the year 2020-21 is 22.303.
We observe that Debtor Turnover ratio declines in 2017-18 but after that it increases and
is approximately similar in 2018-19, 2019-20, and 2020-21.

Page | 44
MEANING OF CASH RATIO
This ratio indicates the relationship between the Cash and Cash Equivalent, bank balance, short
term securities and the current liabilities. It is also the Absolute Liquidity ratio or shows the cash
position of the company to meet its current liabilities.

CASH RATIO = CASH & BANK BALANCE + SHORT TERM SECURITIES

CURREN LIABILITIES

TABLE:7.11: TABLE SHOWING CASH RATIO

CASH & CASH CURRENT

YEAR CASH RATIO
EQUIVALENT LIABILITIES

2017 326.61 21538.35 0.015

2018 795.42 24218.95 0.032

2019 1306.61 22940.81 0.056

2020 3532.19 25810.82 0.136

2021 4318.94 26251.55 0.164

Page | 45
GRAPH: 7.7
GRAPHICAL REPRESENTATION OF CASH RATIO

CASH RATIO
0.18

0.164
0.16

0.14 0.136

0.12

0.1

0.08

0.06 0.056

0.04
0.032

0.02 0.015

0
2017 2018 2019 2020 2021

INFERENCE:
The Cash ratio in the year 2016-17 is 0.015, in the year 2017-18 is 0.032, in the year 2018-19 is
0.056, in the year 2019-20 is 0.136 and in the year 2020-21 is 0.164.
We observe that although there is a minutely smaller growth trend in the cash ratio, the
company has not maintained standard ratio of 0.5:1.

Page | 46
 CHAPTER – 8
FINDINGS, CONCLUSIONS, SUGGESTION

• FINDINGS
1) We observe that the Working Capital balance of the company over the five years
2017-2021 has been negative.

2) There has been a steady decrease in Working Capital for the five years 2017-2021
which has been taken in account for this study. Hence, we observe that the
company has not maintained sufficient current assets to meet its Working Capital
requirements.

3) In case of current ratio, the standard convention ratio is 2:1 which means the
current assets should be double the current liabilities. Whereas in this case we
observe that the current assets are not sufficient to meet the requirements.

4) A high stock turnover ratio is good as it indicates more sales from each rupee of
investment in stock. Hence, it indicates that the company has high sales
contributing to the high inventory turnover.

5) In this case we saw a gradual increase in Inventory Turnover ratio in first 3 years
then in 2020 a fall in Inventory Turnover ratio but also a subsequent rise in
Inventory Turnover ratio in 2021. Which maintains a relatively comfortable
position neither only high Inventory Turnover ratio risking runout of stock nor
only low Inventory Turnover ratio risking idle stock.

6) The quick ratio indicates a good liquidity value of the company. The liquidity
value for the year 2021 is the highest.

7) The Working Capital Turnover ratio is negative for all the last five years 2017-
2021 & hence we observe that it has a weak velocity of utilization of Working
Capital.

Page | 47
• SUGGESTIONS

1) The company has to work towards maintaining an increase in working capital, as

it is very essential for the effective functioning of the company.

2) The company has to maintain more of current assets than current liabilities to
have a better working capital.

3) The liquidity value of the company has to be increased in order to meet

continuous needs of the company. A liquidity position ensures safety for the
company in times of contingencies.

4) The working capital utilization of the company should be improvised in order to

maintain efficient management of capital.

5) The stock level should be increased in order to meet the immediate requirement as
a result of which profits can be increased.

6) A good working capital position of a company indicates the company’s strong

position in its worth, the result of which it can improve its goodwill among its
investors, debtors, creditors and shareholders. Hence, the company has to
maintain a good working capital management.

7) The company should maintain working management controls in place.

Page | 48
• CONCLUSIONS

The above study provides us to draw the following conclusions:

1) The company has a huge market reputation which is very evident with its high
scales value.

2) The company has a poor working capital management, which is not a positive
sign of a good financial performance of the company. The company has to work
towards improved capital management to increase its profits during the coming
years by maintaining a positive working capital which follows an increasing
trend.

3) Overall it has been a great learning experience doing this project helping me gain
a deeper insight into the concept of working capital.

Page | 49
 CHAPTER – 9
REFERENCE / BIBLIOGRAPHY

REPORTS:
Annual report of TATA MOTORS
Of 2016-17, 2017-18, 2018-19, 2019-20, 2020-21

WEBSITES:
www.google.com
www.moneycontrol.com
www.tatamotors.com
www.wikipedia.com

BOOKS:
• Research design: Business research methods, Mrs. Meena Pandey
Himalaya publishing house pvt. Ltd.

• Management accounting M.N Arrora

Himalaya publishing house pvt.Ltd.

• Mukherjee & Hanif M, Financial Accounting Vol 3

McGraw Hill Education (India) pvt.Ltd.

• Mazumdar, Ali, Nesha, An Introduction of financial management

ABS Publication House, Kolkata.

• Singha.g (2009), Financial Statement Analysis

PHI Learning pvt.Ltd, New Delhi.

• Maheswari S.N, Maheswari S.K & Maheswari Sharad K

A text book of accounting for management.

• Tulsian P.C. Accountancy for CA IPCC

PHI Learning pvt.Ltd, New Delhi.

Page | 50
• SARKER J.B Accounting & Finance-Contemporary Issue
ABS Publication House.

• Sinha N.K Money Banking Finance

TMS Publication pvt.Ltd.

• Chaterjee B.K Finance for Non-Finance Manager

McGraw Hill Education (India) pvt.Ltd.

Page | 51