working-capital-management.docx

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A REPORT
ON
STUDY OF WORKING CAPITAL MANAGEMENT
At
VANTEX PAINTS PVT. LTD.
By:
Shivangi
B.COM- V Semester
Roll no. 14580
ID:WBBM 17268
Report submitted in partial fulfilment for the degree of
Bachelor of Commerce/ Bachelor of Business Administration
FMS-WISDOM
Banasthali Vidyapith
2019

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DECLARATION
This thesis is a presentation of my original research work. Wherever contributions of others are involved, every effort is
made to indicate this clearly, with due reference to the literature, and acknowledgement of collaborative research and
discussions. The work was done under the guidance of Mr.Vipin Kumar at the Ventax Pvt.ltd. New Delhi.
Name: Shivangi

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ACKNOWLEDGEMENT
Words are indeed inadequate to convey my deep sense of gratitude to all those who
have helped me in completing this summer project to the best of my ability. Being a
part of this project has certainly been a unique and a very productive experience on my
part.
I am really thankful to Mr. Amitabh Gupta (Director commercial) & Mr. Arun
Sharma (Account Manager) for making all kinds of arrangements to carry the
project successfully and for guiding and helping me to solve all kinds of quarries
regarding the project work. His systematic way of working and incomparable guidance
has inspired the pace of the project to a great extent.
I would also like to thank my mentor and project–coordinator Dr. Nishtha pareek for
assigning me a project of such a great learning experience and acquainting me with
real life project financing and appraisal.
I am very grateful to Mr. Vipin Kumar and very thankful for their useful guidance
and advice.
Last but not least I would like to thank all the employees of Vantex Paints pvt ltd.
who have directly or indirectly helped me with their moral support for the completion
of my project.

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EXECUTIVE SUMMARY
INTRODUCTION OF THE COMPANY
Vantex Paints Pvt. Ltd., are a professionally managed firm, working as a reliable manufacturer
and supplier of Industrial Paints, Enamel and other allied products.
The ultra-modern machines and technology are utilized in the production of the range. Besides,
the ingredients used for composition are directly sourced from the profound vendors. Our paints
and enamel apply to many products to make them resistant to oil, corrosion, grease, water, dust
and acid. Further, to match up the set standard of the market, our range is offered to customers in
international quality grade.
INTRODUCTION OF THE TOPIC
“Working capital means the part of the total assets of the business that change
from one form to another form in the ordinary course of business operations.”
In an excellent world, there would be no necessity for current assets and liabilities as a result of
there would be no uncertainty, no dealings prices, info search prices, programming prices, or
production and technology constraints. The cost of production wouldn't vary with the amount
created. Borrowing and disposal rates shall be same. Capital, labour, and products market shall
be absolutely competitive and would replicate all offered info, therefore in such associate degree
setting, there would be no advantage for investment in short term assets.
RESEARCH METHODOLOGY
The study concentrates on the main components of working capital like inventory management,
accounts receivable management and cash management of Public Enterprises. The tools used
in this study includes ratio analysis, trend analysis and percentage method.
DATA ANALYSIS
We analysed various components of working capital as below:
1. Inventory analysis
2. Sundry debtor analysis
3. Cash and bank analysis

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4. Loans and advances analysis
5. Current liabilities analysis
6. Provisions analysis
7. Different ratios
We used primary and secondary data both to analyse these components and ratios.
CONCLUSION
After completing my project on working capital management in Vantex Paints, I
can say that now I understand working capital much better and in a practical way.
This project helped me in understanding the daily requirement in a manufacturing
firm.
During my training period in Vantex Paints I am able to know the importance of
working capital in any company especially if the concern is a big one. It enables the
company to have regular supply of raw material, regular payment of salary and wages,
exploit the favorable market conditions, have the ability to face crisis and also make the
good image of the company. In Vantex Paints the working capital requirements are very
high as production is continuous in the concern.

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INDEX
S.NO TABLE OF CONTENTS PAGE NO.
1. CERTIFICATE 2
2. DECLARATION 3
3. ACKNOWLEDGEMENT 4
4. EXECUTIVE SUMMARY 5-6
5. INDEX 7
6. COMPANY INTRODUCTION 8-10
7. TOPIC INTRODUCTION 10-24
8. OBJECTIVES& OBLIGATIONS 25
9. SWOT ANALYSIS 26
10. RESEARCHMETHODOLOGY 27-28
11. DATA INTERPRETATION 29-65
12. CONCLUSION 66
13. MAJOR FINDINGS 67-69
14. BIBLIOGRAPHY 70

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COMPANY INTRODUCTION
Vantex Paints Pvt. Ltd., are a professionally managed firm, working as a reliable manufacturer
and supplier of Industrial Paints, Enamel and other allied products. The ultra-modern machines
and technology are utilized in the production of the range. Besides, the ingredients used for
composition are directly sourced from the profound vendors.Our paints and enamel apply to
many products to make them resistant to oil, corrosion, grease, water, dust and acid. Further, to
match up the set standard of the market,our range is offered to customers in international quality
grade.
Original Equipment Manufacturer: Yes
Standard Certifications: ISO 9001:2008
Bankers: State Bank Of India
Year of Establishment: 2002
Production Type: Automatic Semi-Automatic
Business Type: Manufacturer And Supplier
Product range :
Paints Emulsion Coating Primers &
Repellent
Others
Automotive Paint Exterior Emulsion Epoxy Coatings Synthetic Enamel
Primers
Gloss Enamel

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Lead Free Paints Paint With Silicone
Emulsion
Texture Coating Synthetic Primers Wood Finishing
Epoxy Paint Paint Enamel High Performance
Coating
Epoxy Primers Wall Putty
Adhesive
Decorative Paints
Interior Emulsion Polyurethane
Coatings
Rain Guard Silicon
Based Repellent
Rainsol Waterborne
Synthetic Enamel
Paints
Low Super Acrylic
Emulsion
Water Based
Repellent
Acrylic Plaster
Exterior Paints Melamine
Industrial Paints S. Sealer
Epoxy Finish Paint
Interior Paints
Plastic Paint
Heat Resistant Paint
Finish Paint
Heat Resistant
Aluminum Paint
Fast Drying
Automotive Paint &
N.C. Paint
Texture Paint
Aluminum Paint

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WORKING CAPITAL MANAGEMENT
“Working capital means the part of the total assets of the business that change
from one form to another form in the ordinary course of business operations.”
In an excellent world, there would be no necessity for current assets and liabilities as a result of
there would be no uncertainty, no dealings prices, info search prices, programming prices, or
production and technology constraints. The cost of production wouldn't vary with the amount
created. Borrowing and disposal rates shall be same. Capital, labour, and products market shall
be absolutely competitive and would replicate all offered info, therefore in such associate degree
setting, there would be no advantage for investment in short term assets.
However the globe we have a tendency to live isn't excellent. it's characterised by considerable
quantity of uncertainty concerning the demand, market value, quality and convenience of own
merchandise and people of suppliers. There are dealings prices for buying or marketing
merchandise or securities. info is dear to get and isn't equally distributed. There are spreads
between the borrowings and disposal rates for investments and financing of equal risks. equally
every organization is Janus-faced with its own limits on the assembly capability and technologies
it will use there are fastened further as variable prices related to production merchandise. In
different words, the markets within which real firm operated aren't absolutely competitive.
These planet circumstances introduce problems that need the requirement of maintaining capital.
for instance, a corporation could also be Janus-faced with associate degree uncertainty
concerning convenience of comfortable amount of crucial imputes in future at cheap worth. this

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could necessitate the holding of inventory, current assets. equally a corporation could also be
Janus-faced with associate degree uncertainty concerning {the level|the extent|the quantity} of its
future cash flows and insufficient amount of money could incur substantial prices. this could
necessitate the holding of reserve of short term marketable securities, once more a brief term
capital plus. In company monetary management, the term capital management” (net) represents
the surplus of current assets over current liabilities.
Concept of working capital:-
The word capital is created of 2 words Working and a pair of Capital
The word operating suggests that day to day operation of the business, whereas the word capital
suggests that price of all assets of the business.
Working capital:
Working capital could also be considered the lifeblood of business. capital is of major
importance to internal and external analysis owing to its close relationship with the present day-
after-day operations of a business. each business wants funds for 2 functions:
● Long run funds are needed to make production facilities through purchase of fastened
assets like plants, machineries, lands, buildings & etc
● Short term funds are needed for the acquisition of raw materials, payment of wages, and
different day-after-day expenses.t's otherwise referred to as revolving or current capital
It is nothing however the distinction between current assets and current liabilities. i.e. capital =
Current assets – Current Liability.
Businesses use capital for construction, renovation, furniture, software, equipment, or machinery.
it's conjointly unremarkably accustomed purchase inventory, or to form payroll. Capital is
additionally usually used by businesses to place a payment down on a chunk of business
property. capital is crucial for any business to succeed. it's changing into additional} necessary to
possess access to more capital after we would like it.
In straightforward words capital is that the far more than current Assets over current liabilities.
capital has commonly been outlined because the far more than current assets over current
liabilities. capital is that the heart of the business. If it's weak business cannot correct and
survives. Sit is so aforesaid the fate of enormous scale investment in fastened assets is commonly
determined by a comparatively touch of current assets. because the capital is vital to the
corporate is important to stay adequate working capital with the company. money is that the
lifeline of company. If this lifeline deteriorates therefore will the company’s ability to fund
operation, reinvest do meet capital requirements and payment. Understanding Company’s

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income health is crucial to creating investment call. an honest thanks to decide a company’s
income prospects is to appear at its capital management. the corporate should have adequate
capital the maximum amount PRN by the company. It ought to neither be excessive or nor
inadequate. Excessive capital cuisses for idle funds birthing with the firm while not earning any
profit, wherever as inadequate capital shows the corporate doesn’t have comfortable funds for
finance its daily wants working capital management involves study of the connection between
firm’s current assets and current liabilities. The goal of capital management is to make sure that a
firm is in a position to continue its operation. which has comfortable ability to satisfy each
maturing short-term debt and upcoming operational expenses. the higher an organization
managers its capital, the less the corporate has to borrow. Even corporations with money
surpluses got to manage capital to make sure those surpluses are endowed in ways in which can
generate appropriate returns for investors.
Concept of capital
Gross capital = Total of Current plus
web capital = far more than Current plus over Current Liability
Current Assets Current Liabilities
• Take advantage hand / at bank
• Bills due
• Sundry Debtors
• Short term loans
• Investors/ stock
• Temporary investment
• Postpaid expenses
• Increased incomes
• Bills collectible
• Sundry Creditors
• Outstanding expenses
• Increased expenses
• Bank Over draft
Determinants of capital
Working capital necessities of a priority depends on variety of things, every of that ought to be
thought of rigorously for determinative the right quantity of capital. it should be but be

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adscititious that these factors have an effect on otherwise to the various units and these keeps
variable from time to time. In general, the determinants of capital that re common to all or any
organization’s may be summarized as under:
Nature of Business
Need for capital is very depends on what variety of business, the firm in. there are
commercialism companies, that has to invest a great deal in stocks, ills assets, liquid money etc.
public utilities like railways, electricity, etc., would like a lot of less inventories and money.
producing issues stands in between these 2 extends. capital demand for producing issues depends
on varied factors just like the merchandise, technologies, selling policies.
Production policies
Production policies of the organization affects capital necessities terribly extremely. seasonal
industries, that produces solely in specific season needs a lot of capital . some industries that
produces around the year however sale principally wiped out some special seasons are got to
keep a lot of capital.
Size of Business
Size of business is another issue to determines the requirement for capital
Length of in operation cycle
Operating cycle of the firm conjointly influence the capital. longer the operating cycle, the upper
are the capital demand of the organization.
Credit policy
Companies; follows liberal credit policy has to keep a lot of capital with them. potency of debt
collection machinery is additionally relevant during this matter. Credit convenience type
suppliers conjointly affects the company’s capital necessities. an organization doesn’t relish a
liberal credit from its suppliers can need to keep a lot of capital Business fluctuation Cyclical
changes within the economy conjointly influence the extent of capital. throughout boom amount,
the tendency of management is to collect inventories of raw materials and finished merchandise
to avail the advantage of rising prove. This creates a demand for a lot of capital. Similarly,
throughout depression once the costs and demand for factory-made merchandise. perpetually cut
back the economic and commercialism activities show a downward termed. therefore the
demand for capital is low.

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Current plus policies
The quantum of capital of an organization is considerably determined by its current assets.
Policies. an organization with conservative assets policy could operate with comparatively high
level of capital than its sales volume. an organization following associate degree aggressive
quantity assets policy operates with a comparatively lower level of capital.
Fluctuations of provide and seasonal differences
Some corporations got to keep a great deal of capital thanks to their irregular sales and
intermittent provide. equally corporations victimisation large materials conjointly maintain
massive reserves’ of stuff inventories. This increase the requirement of capital . some
corporations manufacture and sell merchandise solely throughout bound seasons. capital
necessities of such industries are higher throughout bound season of such industries amount.
Other factors
Effective coordination between production and distribution will cut back the requirement for
capital . transportation and communication suggests that. If developed helps to cut back the
capital requirement.
Working capital in terms of 5 components:
1. Money and equivalents: - This most liquid type of capital needs constant oversight. an honest
money budgeting and statement system provides answers to key queries such as: is that the cash
level adequate to meet current expenses as they are available due? what's the temporal
arrangement relationship between cash influx and outflow? once will peak cash wants occur?
once and the way a lot of bank borrowing are required to satisfy any cash shortfalls? once will
compensation be expected and can the income cowl it?
2. Accounts receivable: - several businesses extend credit to their customers. If you do, is that
the quantity of assets cheap relative to sales? however apace are assets being
collected? that customers are slow to pay and what ought to be done concerning them?
3. Inventory: - Inventory is commonly the maximum amount as fifty p.c of a firm's current
assets, therefore naturally it needs continual scrutiny.
Is that the inventory level cheap compared with sales and also the nature of your business?
What's the speed of inventory turnover compared with different corporations in your variety of
business?
4. Accounts payable:- finance by suppliers is common in tiny business; it's one among the key

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sources of funds for entrepreneurs. is that the quantity of cash owed suppliers cheap relative to
what you purchase? what's your firm's payment policy doing to reinforce or cut back from your
credit rating?
5. Increased expenses and taxes payable: - These are obligations of your company at any given
time and represent a future outflow of money.
Two completely different ideas of capital are:-
● record or ancient thought
● in operation cycle thought.
Balance sheet or ancient concept:- It shows the position of the firm at bound purpose of your
time. it's calculated within the basis of record ready at a selected date. during this technique there
are 2 variety of operating capital:-
● Gross capital
● Web capital
Gross operating capital:- It refers to the firm’s investment in current assets. The addition of the
present assets is that the capital of the business. The add of the present assets could be a
quantitative side of capital. that emphasizes a lot of on amount than its quality, however it fails to
reveal truth monetary position of the firm as a result of each increase in current liabilities can
decrease the gross capital
Net operating capital:- it's the distinction between current assets and current liabilities or the
surplus of total current assets over total current liabilities
Working capital= current assets - current liabilities
Net operating capital: - it's can also outlined as that a part of a firm’s current assets that is
supported with long run funds. it should be either positive or negative. once the present assets
exceed the current liability, the capital is positive and contrariwise.
Operating cycle concept:- The period or time needed to finish the sequence of events right from
purchase of stuff for money to the belief of sales in cash is termed the in operation cycle or
capital cycle.

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Typesof Working Capital:-
SPECIFI
C
WORKING
CAPITAL
SEA
SONAL
WORKI
NG
TEMPO
RARY
WORKING
CAPITAL
RE
GULAR
WORKI
NG
NET
WORKIN
G
GR
OSS
WORKI
NG
ON
THE
BASIS
ON THE
BASIS OF B/S
CONCEPT
TYP
ES OF
WORKI
NG

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Kinds of working capital
Working capital can be put in two categories:
1) fixed or permanent working capital and
2) fluctuating or temporary working capital
Fixed or permanent working capital
The volume of investment in current assets and change over a period of
time. But always there is minimum level of current assets that must be kept
in order to carry on the business. This is the irreducible minimum amount
needed for maintaining the operating cycle. It is the investment in current
assets. This is permanently locked up in the business and therefore known
as permanent working capital.
Variable/temporary working capital
It is the volume of working capital. This is needed over and above the
fixed working capital in order to meet the unforced market changes and
contingencies. In other words any amount over and about the permanent
level of working capital is variable or fluctuating working capital . this
type of working capital is generally financed from shorter source of
finance such as bank credit because this amount is not permanently
required and is usually paid back during the off season or after the
contingency.
Sources of working capital
The company can choose to
finance its current assets Long
term sources
Short term sources
A combination of them. Long term sources of permanent working capital
include equity and preference shares, retained earnings, debentures and
other long term debts from public deposits and financial institution. The
long term working capital needs should meet through long term means of

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financing. Financing through long term means provides stability, reduces
risk or payment. And increases liquidity of the business concern. Various
types of long term sources of working capital are summarized as follows
Issue of shares
It is the primary and most important sources of regular or permanent
working capital. Issuing equity shares as it does not create and burden on
the income of the concern. Nor the concern is obliged to refund capital
should preferably raise permanent working capital.
Retained earnings
Retained earnings accumulated profits are a permanent sources of regular
working capital. It is regular and cheapest. It creates not charge on future
profits of the enterprises.
Issue of debentures
It creates a fixed charge on future earnings of the company. Company is
obliged to pay interest. Management should make wise choice in procuring
funds by issue of debentures.
Long term debt
Company can raise fund from accepting public deposits, debts from
financial institutions like banks, corporations etc. the cost is higher than
the other financial tools.
Other sources sale of idle fixed assets, securities received from employees
and customers are examples of other sources of finance.
Short term sources of temporary working capital
Temporary working capital is required to meet the day to day business
expenditures. The variable working capital would finance from short term
sources of funds. And only the period needed. it has the benefits of, low
cost and establishes closer relationships with banker.

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Some sources of temporary working capital are given below;
Commercial bank
A commercial bank constitutes a significant sources for short term or
temporary working capital this will be in the form of short term loans, cash
credit, and overdraft and though discounting the bills of exchanges.
Public deposits
Most of the companies in recent years depends on this source to meet their
short term working capital requirements ranging from six month to three
years.
Various credits
Trade credit, business credit papers and customer credit are other sources
of short term working capital. Credit from suppliers, advances from
customers, bills of exchange, promise notes, etc helps to raise temporary
working capital
Reserves and other funds
Various funds of the company like depreciation fund. Provision for tax
and other provisions kept with the company can be used as temporary
working capital.
The company should meet its working capital needs through both long
term and short term funds. It will be appropriate to meet at least 2/3 of the
permanent working capital equipments form long term sources, whereas
the variables working capital should be financed from short term sources.
The working capital financing mix should be designed in such a way that
the overall cost of working capital is the lowest, and the funds are available
on time and for the period they are really required.
SOURCES OF ADDITIONAL WORKING CAPITAL

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Sources of additional working
capital include the following
Existing cash reserves
Profits
(when you
secure it as
cash)
Payables
(credit
from
suppliers)
New equity
or loans from
shareholder
Bank
overdrafts
line of credit
Long term loans
If you have insufficient working capital and try to increase sales, you
can easily over stretch the financial resources of the business. This is
called overtrading. Early warning signs include Pressure on existing
cash Exceptional cash generating activities. Offering high discounts for
clear cash payment Bank overdraft exceeds authorized limit Seeking
greater overdrafts or lines of credit Part paying suppliers or there
creditor. Management pre occupation with surviving rather than
managing.

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SIGNIFICANCE OF WORKING CAPITAL:-
The prime objective of the company is to obtain maximum profit thought
the business. The amount of profit largely depends upon the magnitude of
sales. However the sale does not convert into cash instantaneously. There
is always a time gap between sale of goods and receipt of cash. The time
gap between the sales and their actual realization in cash is technically
termed as operating cycle. Additional capital required to have
uninterrupted business operations, and the amount will be locked up in the
current assets. Regular availability of adequate working capital is
inevitable for sustained business operation. If the proper fund is not
PAYME
NT
TO
EASY
LOAN
FROM
DIVIDE
ND
DIST
SIGNIFIC
AN-
-CE OF
WORKI
INCREASE
EFFECIEN
INCREA
SE
DEBT
INCREASE
IN

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provided for the purpose, the business operations will be effected. And
hence this part of finance to be managed well.
Factors requiring consideration while estimating working
capital.
1. The average credit period expected to be allowed by suppliers.
2. Total costs incurred on material, wages.
3. The length of time for which raw material are to remain in stores before
they are issued for production.
4. The length of the production cycle (or) work in process.
5. The length of sales cycle during which finished goods are to be kept
waiting for sales.
6. The average period of credit allowed to customers
7. The amount of cash required to make advance payment
Importance of Working CapitalRatios
Ratio analysis can be used by financial executives to check upon the
efficiency with which working capital is being used in the enterprise. The
following are the important ratios to measure the efficiency of working
capital. The following, easily calculated, ratios are important measures of
working capital utilization.

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Formulae Resul
t
Interpretation
Stock
Turnover
(in days)
Average Stock *
365/
Cost of Goods Sold
= x
days
On average, you turn over the value of your entire stock
every x days. You may need to break this down into
product groups for effective stock management. Obsolete
stock, slow moving lines will extend overall stock turnover
days. Faster production, fewer product lines, just in time
ordering will reduce average days.
Receivables
Ratio
(in days)
Debtors * 365/
Sales
= x
days
It takes you on average x days to collect monies due to
you. If your official credit terms are 45 day and it takes you
65 days. One or more large or slow debts can drag out the
average days. Effective debtor management will minimize
the days.
Payables
Ratio
(in days)
Creditors * 365/ Cost of
Sales (or Purchases)
= x
days
On average, you pay your suppliers every x days. If you
negotiate better credit terms this will increase. If you pay
earlier, say, to get a discount this will decline. If you simply
defer paying your suppliers (without agreement) this will
also increase - but your reputation, the quality of service
and any flexibility provided by your suppliers may
suffer.
Current Ratio Total Current
Assets/
Total Current
Liabilities
= x
times
Current Assets are assets that you can readily turn in to
cash or will do so within 12 months in the course of
business. Current Liabilities are amount you are due to
pay within the coming 12 months. For example, 1.5 times
means that you should be able to lay your hands on
$1.50 for every $1.00 you owe. Less than 1 times e.g.
0.75 means that you could have liquidity problems and be
under pressure to generate sufficient cash to meet
oncoming demands.
Quick Ratio (Total Current
Assets - Inventory)/
Total Current
Liabilities
= x
times
Similar to the Current Ratio but takes account of the fact
that it may take time to convert inventory into cash.

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Working
Capital Ratio
(Inventory +
Receivables -
Payables)/
Sales
As
%
Sales
A high percentage means that working capital needs are
high relative to your sales.

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OBJECTIVES & OBLIGATIONS
Objectives:
❖ To maximize utilization of the existing facilities in order to improve
efficiency and increase productivity.
❖ To work towards the achievement of self-sufficiency in the field of
shakers market by setting up adequate capacity and to build up
expertise in lying of crude.
❖ To further enhance distribution network for providing assured
service to customers throughout the country through expansion of
reseller network as per Marketing Plan/ Government approval.
Obligations:
❖ Towards Customers and Dealers: To provide prompt,
courteous and efficient service and quality products at fair and
reasonable prices.
❖ Towards Suppliers: To ensure prompt dealings with
integrity, impartiality and courtesy and promote ancillary
industries.
❖Towards Employees: Develop their capability and
advancement through appropriate training and carrier planning.
❖Towards Community: To develop techno-economically
viable and environment friendly products for the benefit of the
people.

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SWOT ANALYSIS OF VENTAX PVT.LTD.
Strengths
1. Price of different range of product is more compatible than others.
2. Vantex Paints pioneered the manufacturing of electrodynamic
vibration shakers in India.
3. Vantex Paint is innovative in nature they make changes in their
product on time to time.
4. Vantex Paints is the world first company to manufacture the full
range of vibration test system and environmental test chamber’s
under one roof.
Weaknesses
1. Limited market and tough competition
2. Continuous increase in labor cost.
3. The Shortage of skilled laborers.
4. Appreciation of rupees against foreign currencies.
Opportunities
1. Increase in the production and sell of cement at different plants
have increased the turnover of the company.
2. The modernization, productivity improvement and cost control
measures will improve the performance of the division in times to
come.
3. Explore the new market in the rest of the world.
Threats
1. The numbers of players are increasing which further increases the competition.
2. Appreciation of rupees against foreign currencies affects the income of the
company.
3. Appreciation of rupees against foreign currencies affects the income of the
company.

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RESEARCH METHODOLOGY
OBJECTIVE OF THE
RESARCH
The objective of this project work is to focus on the working capital of
the Vantex Paints Pvt. Ltd. and exploring its potential in the company.
The project contain the basic postulates of working capital, procedure of
analysis of working capital, ratio being used to define the working capital
and the impact of working capital in the company in case of excess or
inadequacy. Also, the project contains analysis of estimation of working
capital requirement and the procedure to estimate working capital
requirement in manufacturing and trading concern and from the data
available it can be concluded that it holds a very strong position in the
market.
RESEARCHDESIGN
The research design for the comparative study is of exploratory type and
the focus is given to discover the possible measures, by detailed analysis,
for the company which would be helpful up to some extent to retain a good
position in the competitive market. The research design is not formal and
rigid one as the focus depends upon the availability of new ideas and
relationship among variables.
DATA COLLECTION
METHOD
Primary Data:
The primary data are which are collected afresh and for the first
time, and thus happen to be original in character.

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Secondary sources:
The Secondary data are those which have already been collected
and through processed the statically process.
For the purpose of study both primary as well as secondary data have been
used. The secondary data have been collected from company broachers,
newspapers, company annual reports, and websites. For the collection of
primary data personally asked the question.
For the purpose of knowing the whereabouts of the company in the present
market secondary data has disclosed many important information as-
market share of the company and its potential in the electrodynamic
vibration market leaders on the basis of various attributes .
TOOLS FOR ANALYSIS
The following statistical tools have been used for analyzing the data.
➢ Column diagram
➢ Sampling percentage
➢ Pie-Diagram
SIMPLE PERCENTAGEANALYSIS
Percentage refers to a special kind of ratio. Percentages are used in making
comparisons between two or more variables to find the efficacy of each variable.
Percentages are used to describe relationships among them replacing the
common base say (100) so that comparisons can be made easy and meaningful.
DATA ANALYSIS PROCEDURE
We used different formulas to calculate each ratio and for data analysis and after that we

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interpret them in a brief.
you can see them in data analysis and interpretation

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Statementshowingchange in working capitalfor Vantex Paints
Particulars 17-18 16-17 Increase ( + ) Decrease (- )
Current Assets
Inventories 1,4182750 14052466 130284
Sund. Debtors 48975443 30901152 18074291
Cash & Bank 2304500 1895049 409451
Loan & Advances 30660132 23485905 7174227
Total ( A ) 96122825 70334572
Current Liabilities
C.L. 34394235 19139989 15254246
Provisions 2980000 3184500 204500
Total ( B ) 37374235 22324489
( A-B ) 58748590 48010083 25992753 15254246
↑ in working
capital
10738507 10738507
Total 58748590 58748590 25992753 25992753
Statementshowingchange in working capitalfor Vantex Paints
Particulars 16-17 15-16 Increase ( + ) Decrease ( - )
Current Assets
Inventories 14052466 13908710 143756
Sund. Debtors 30901152 12821864 18079288
Cash & Bank 1895049 1496214 398835
Loan & Adv. 23485905 13988679 9497226
Total ( A ) 70334572 42215467
Current Liabilities
C.L. 19139989 26021539 6881550

35
Provisions 3184500 1233000 1951500
Total ( B ) 22324489 27254539
( A-B ) 48010083 14960928 35000655 1951500
↑ in working
capital
33049155 33049155
Total 48010083 48010083 35000655 35000655

36
DATA ANALYSIS AND
INTERPRETATION
CALCULATION OF WORKING CAPITAL FOR VANTEX PAINT
-------------- ------------- -----------
TOTAL CURRENT ASSESTS (a) 42215467 70334572 961225
LESS:-
--------------- --------------- -----------
CURRENT LIABILITIES AND PROVISIONS
CURRENT LIABILITIES 26021539 19139989 34394235
PROVISION 1233000 3184500 2980000
TOTAL CURRENT LIABILITIES (b)
-------------
27254539
---------------
--------------
22324489
--------------
-------------
37374235
--------------
NET CURRENT ASSETS (a-b) 14960928 48010083 58748590
NET WORKING CAPITAL
2016 2017 2018
587
480
149

38
ANALYSIS OF VARIOUS COMPONENTS OF WORKING CAPITAL
INVENTORY ANALYSIS
Inventory is the total amount of goods and materials content in a store of factory at
any given time. Inventory means stock of three:-
1. Raw materials
2. Semi finished goods.
3. Finished goods.
Position of inventory in Vantex Paints
Particular 31.03.16 31.03.17 31.03.18
Raw material 3152145 2928101 2672500
Stock in process 10756565 11124365 11510250
--------------- ---- ------------- ----------------
13908710 14052466 14182750
----------------- --------------- ------------
Analysis through chart: 2
0
2
0
1
2
0
13700
000
13908
710
14052
466
14200
000
14100
000
14000
000
14182
750
A
M
O
U
N
T

39
INTERPRETATION:
By analyzing the 3 years data we see that the inventories are increased
year by year. We are looking increasing pattern in inventories. We can see
that inventories are grown by 1% and 0.9% in 15-16 and 17-18
respectively from previous year. By this growth we can say that the
company is growing. A company uses inventory when they have demand
in market and Vantex Paints is having a demand in industry market. That
is biggest reason for increase in inventories. From other point of view we
can say that the liquidity of firm is blocked in inventories but to stock is
very good due to uncertainty of availability of raw material in time.
SUNDRY DEBTORS ANALYSIS
Debtors or an account receivable is an important component of working
capital and fall under current assets. Debtors will arise only when credit
sales are made.
Position of Sundry Debtors inVantex Paints
Particular 31.03.16 31.03.17 31.03.1
8
Debts outstanding more than 6 months 781270 3888555 5672000
Other Debts 11091194 27012597 45946207
Total (a)
------------------
11872464
-------------------
30901152
-----------
51618207
---------------- --------------- ----------
Less:
Doubtful Debts 949400 -------- 2642764
Total (b) 949400 -------- 2642764
-------------- ----------------- -------
Total (a-b) 12821864 30901152 48975443

40
-------------- --------------- --------

41
Analysis through chart:
INTERPRETATION
In the table and figure we see that there is continuous rise in the debtors
of Vantex Paints in the successive years. A simple logic is that debtors
increase only when sales increase and if sales increases it is good sign for
growth. We can see 141% and 58% growth in 16-17 and 17-18
respectively from previous years.
We can say that it is a good sign as well as negative also. Company policy
of debtors is very good but a risk of bad debts is always present in high
debtors. When sales are increasing with a great speed the profit also
increases. If company decreases the Debtors they can use the money in
many investment plans.
CASH AND BANK BALANCE ANALYSIS
Cash is called the most liquid asset and vital current assets, it is an important component
of
working capital. In a narrow sense, cash includes notes, bank draft, cheque
etc while in a broader sense it includes near cash assets such as marketable
securities and time deposits with bank.
60000
48975
50000
000
30901
30000
20000 12821
864
10000
000
2 2 2
Y
A
m
o
u
n
t

42
Position of Cash and Bank Balance in Vantex Paints
Particular 31.03.16
31.0
3.17
31.03.18
Cash in hand 250748 80017 1033235
Fixed deposit 1059523 1367844 787961
Bank balances
With scheduled bank:
In Current Account 185943 447188 483304
-------------- ------------- -----------
Total 1496214
-------------
1895049
------------------
2304500
---------
A
M
O
U
2500
000
2000
000
1500
000
1000
2 2 2
Y

43
INTERPRETATION
If we analyze the above table and chart we find that it follows an
increasing trend. In the year 2016 it had maintained a huge amount of cash
and bank balance which has increased in the year 2017 and 2018.
Although the company's cash is increasing but this is a very good sign for
the company. The analysis shows that the fixed deposits of company are
rapidly fallen in the year as 42.3% in 17- 18 respectively from previous
year. Company is utilizing the fixed cash for exploding the projects that
are good for growth,
LOANS AND ADVANCES ANALYSIS
Loans and Advances here refers to any to amount given to different
parties, company, employees for a specific period of time and in return
they will be liable to make timely repayment of that amount in addition
to interest on that loan.
Position of Other Loans & Advances in Vantex Paints
Particular 31.03.16 31.03.17 31.03.18
Advance Tax & Tds 128878 353919 1926354
Loans & Advances (assets) 11684618 22079745 27466165
Prepaid Expenses 244335 43000 216326
Security Deposit & Earnest Money 770928 1009240 1051286
Total
-- ----------------
12828759
--------------
23485904
--------------
30660131
------------------ ----------------- ---
-----------

44
AMOUNT In RS
YEAR
INTERPRETATION
If we analyze the table and the chart we can see that it follows an
increasing trend which is a good sign for the company. We can see that
the increase of 83% and 30.54% in 16-17 and 07-18 respectively from
previous year.
The increasing pattern shows that company is giving advances for the
expansion of plants and machinery which is good sign for better
productioN.
CURRENT LIABILITIES ANALYSIS
Current liabilities are any liabilities that are incurred by the firm on a short term basis or current liabilities that
has to be paid by the firm within one year.
3500
0000
300
000
00
250
000
00
200
000
00

45
Position of Other Current Liabilities in Vantex Paints
Particular 31.03.16
31.0
3.17
31.03.18
Advance From customer 523512 10084413 7536341
Bank O/D A/c 431 1482216 84248
Creditor for expenses 9674075 2487913 1503979
Creditor for good 12720801 3518381 11617976
Creditor for other ---------- ----- 11027760
Expenses payable&
Duties & Taxes 3102720 1567066 2623931
Total
------------- ----
-----------
26021539
1
9139989
------------------- ---
------------
---------
3434235
--------

46
YEAR
2
0
2
0
2
0
35000
000
30000
000
25000
000
20000
000
15000
000
A
M
O
U
N
T
(
I
N
R
S
)

47
INTERPRETATION
If we analyze the above table then we can see that it follow an uneven
trend. The important component of current liabilities is sundry creditors
and other liabilities. In 16-17it decreased by 27% and in 17-18 it increased
by 75%. In 17-18 it was increased because of growth in other liabilities
.This is liability for company so this should be less. When company have
minimum liabilities it creates a better goodwill in market. High current
liabilities indicate that company is using credit facilities by creditors.
PROVISIONS ANALYSIS
Position of Other Provisions in Vantex Paints
Particular 31.03.16 31.03.17 31.03.18
Fringe Benefit Tax 562000 425000 300000
Income tax 671000 2759500 2680000
------------- -------------- -------------
Total 1233000
-------------
3184500
------------
2980000
-------------

48
YEAR
INTERPRETATION
From the above table we can see that provision shows an uneven trend
and the huge amount is being kept in these provisions. Though the
profits of the company are increased income tax is
also increased which is good that company is creating goodwill in market by pa ing
income tax
in time. The income tax is increased by 158% in 16-17 and fall 6% in
17-18 respectively from previous year. Although company is paying
more income tax but also they are earning more. This is good sign for
Company growth.
A
M
O
U
N
T
(
I
N
R
S
)
3500
000
3000
000
2500
000
2000
000
1500
000
2
0
2
0
2
0

49
Particular
CURRENT ASSETS
31.03.16 31.03.17 31.03.1
INVENTORIES 13908710 14052466 14182750
SUNDRY DEBTORS 12821864 30901152 48975443
CASH AND BANK 1496214 1895049 2304500
LOANS & ADVANCES 13988679 23485905 30660132

50
RATIO ANALYSIS AND ITS INTERPRETATION
Position of RECEIVABLE RATIO in Vantex Paints
FORMUL
A
DEBTORS
RECEIVABLE RATIO = * 365
SALES
YEAR 31.03.16 31.03.07 31.03.08
RECEIVABLE RATIO (IN DAYS) 62.41 89.79 133.59
160
140
120
100
80
60
40
20
0
2016 2017 2018
YEAR
D
A
Y
S

51
INTERPRETATION
Generally a low debtors turnover ratio implies that it considered congenial
for the business as it implies better cash flow. The ratio indicates the time
at which the debts are collected on an average during the year. Needless
to say that a high Debtors Turnover Ratio implies a shorter collection
period which indicates prompt payment made by the customer.
Now if we analyze the three year data we can say that it holds a good
position while receiving its money from its debtors. The ratios are in an
increasing trend, which implies that recovery position is good and
company should maintain these positions
Position of PAYABLE RATIO in Vantex Paints
FORMULA
CREDITORS
PAYABLE RATIO= * 365
COST OF SALES
YEAR 31.03.16 31.03.17 31.03.18
PAYABLE RATIO (IN DAYS) 116.66 28.83 113.81

52
140
120
100
80
60
40
20
0
2016 2017 2018
YEAR
INTERPRETATION
Actually this ratio reveals the ability of the firm to avail the credit facility
from the suppliers throughout the year. Generally a low creditor’s turnover
ratio implies favorable since the firm enjoys lengthy credit period.
Now if we analyze the three years data we find that in the year 2016 the
ratio was very high which means that its position of creditors that year was
not good, but in the next years it is seen that it has followed a decreasing
trend which is very good sign for the company but in 2018 it followed a
increasing trend So we can say it not enjoys a very good credit facility
from the from the suppliers.
D
A
Y
S

53
Position of CURRENT RATIO in Vantex Paints
FORMULA
TOTAL
CURRENT ASSETS
CURRENT RATIO= ---------------
-----------------------------
TOTAL CURRENT LIABILITIES
YEAR 31.03.16 31.03.17 31.03.18
CURRENT RATIO 1.5 3.15 2.57
3.5
3
2.5
2
1.5
1
0.5
0
2
0
1
6
YEAR
D
A
Y
S

55
INTERPRETATION
This ratio reflects the financial stability of the enterprise. The standard of
the normal ratio is 2:1 but in most of companies standard is taken
according to Tandon Committee which is taken as 1.33:1.
Now if we analyze the three years data it can be predicted that it holds a
stable position all throughout period but it is seen that it holds a low
position in 2016 compare the standard one but the company improve its
position in 2017 &2018 which show improving position of the company
Position of QUICK RATIO in Vantex Paints
FORMULA
TOTAL CURRENT
ASSETS - INVENTORIES QUICK RATIO=
----------------------------------------------------------
-------
TOTAL CURRENT LIABILITIES
YEAR 31.03.16 31.03.17 31.03.18
QUICK RATIO 1.03 2.52 2.19

56
3
2.5
2
1.5
1
0.5
0
2016 2017 2018
YEAR
INTERPRETATION
It is the ratio between quick liquid assets and quick liabilities. The normal
value for such ratio is taken to be 1:1. It is used as an assessment tool for
testing the liquidity position of the firm. It indicates the relationship
between strictly liquid assets whose realizable value is almost certain on
one hand and strictly liquid liabilities on the other hand. Liquid assets
comprise all current assets minus stock.
By analyzing the three years data it can be said that its position was weak
in the year 2016 but it improved significantly in the next two years and
was stable during that year and it is meet with the standard & in the year
2017 & 2018 it was very satisfactory and it can be said that its liquidity
position is stable & good.
D
A
Y
S

57
Position of WORKING CAPITAL RATIO in Vantex Paints
FORMULA
COST OF
GOOD SOLD WORKING CAPITAL TURNOVER RATIO = -------
------------------------------------------------
WORKING CAPITAL
YEAR 31.03.16 31.03.17 31.03.18
WORKING CAPITAL RATIO 4.68 1.57 1.31
5
4.5
4
3.5
3
2.5
2

59
INTERPRETATION
This ratio indicates whether the investments in current assets or net current
assets ( i.e., working capital ) have been properly utilized. In order words
it shows the relationship between sales and working capital. Higher the
ratio lower is the investment in working capital and higher is the
profitability. But too high ratio indicates over trading.
This ratio is an important indicator about the working capital position.
Now if we analyze the three years data, we find that it follows a decreasing
trend which means that its investment in working capital is higher and the
company not utilizing more of its profit. But we find that it is not a good
sign for the company and the company is required to look into these
matters closely.
Position of INVENTORY TURNOVER RATIO in Vantex Paints
FORMULA
AVERAGE STOCK
STOCK TURNOVER RATIO (IN DAYS) = *
365
COST OF GOODS SOLD
YEAR 31.03.16 31.03.17 31.03.18
STOCK TURN OVER RATIO 65.02 67.16 36.14

60
80
70
60
50
40
30
20
10
0
2016 2017 2018
YEAR
INTERPRETATION
This ratio tells the story by which stock is converted into sales. A high
stock turnover ratio reveals the liquidity of the inventory i.e., how many
times on average, inventory is turned over or sold during the year. If a firm
maintains a minimum stock level in order to maximize sales by quick
rotation of inventory and the holding cost of inventory will be minimum.
A low stock turnover ratio reveals undesirable accumulation of obsolete
stock.
By analyzing the three year data it seen that it follows an uneven trend.
We see that from the year 2016 to 2017 it is more which has been rectified
in the year 2018. But it is needless to say that ratio the company maintains
is very high in 2016 &2017 and the company is required to take measures
D
A
Y
S

61
to lower down this ratio as it affects the working capital cycle of company
and the flow of cash in the company. In 2018 we saw company take
measure to lower down its ratio which is good for company because A low
stock turnover ratio reveals undesirable accumulation of obsolete stocK.

62
Position of Debt-Equity RATIO in Vantex Paints
Formula = Debt / Equity
Calculation of debt-equity ratio at Vantex Paints
Particulars 2005-16 2016-17 2017-18
Debt 4750168 70518408 58513399
Equity 31543972 51077695 72736936
D/E Ratio 0.15:1 1.38:1 0.80:1
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2005-16 2016-17 2007-18
YEAR
D
/
E
R
a
t
i
o

63
Interpretation
This ratio establishes a relationship between external liabilities and
shareholder fund. The DER is worked out to ascertain the relative
proportion of debt & equity in financing the assets of the firm. Generally,
a debt equity ratio Of 1:1 is considered satisfactory
When a company has lower d/e ratio, it means that company is utilizing
its own funds and reserves rather than taking loans from outsiders. Vantex
Paint have a uneven trend in d/e ratio so we can say that in 2016 which
portray that debt is less than shareholder fund but in 2017 it increase due
to it increase in debt more than its equity but in 2018 its lees than the equity
which show company in satisfactory position & the long term solvency
position of the enterprise is quite comfortable.

65
Material storage period position of Vantex Paints
FORMULA
Aver
age stock for the year Material storage period (in
days) = ----------
-----------------------------
Daily average consumption
Average stock = opening stock + closing stock
----------
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

66
-
-
-
-
-
-
-
-
-
2
Daily average consumption = Annual average
consumption
-----------------------------------------
360
YEAR 31.03.16 31.03.17 31.03.18
Material storage period (R) = 30 days 18
days 16days

67
Production process period position of Vantex Paints
FORMULA
Average
work in process (WIP) Production process period (in
days) = ------------
---------------------------
Average production cost
1
3
2
0
1
6
1

68
Average WIP = opening WIP + closing WIP
----------
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2

69
Average production cost = Average daily cost of
production
-----------------------------------------
360
YEAR 31.03.16 31.03.17 31.03.18
Production process period
(W) 361days 171days
5days
5
1 2
0
1
6
3

70
Finished goods storage period position of Vantex Paints
FORMULA
Average
stock of the finished good Finished goods storage period (in
days) = ---------------
------------------------
Average cost of sales
per day
Average finished good = opening finished goods + closing finished goods
-------------------------------------------------
2
Average cost of sales = Annual cost of goods sold
------------
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

71
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
6
0
YEAR 31.03.16 31.03.17 31.03.18
Finished goods storage period
(F) 00 00
00

72
Interpretation
Vantex Paints doesn’t hold the finished goods in stock. As the finished
goods is manufactured it made their goods after the demand of product
from the customer. That’s why the finished good storage period of Vantex
Paints is nil.
Debtor collection period of Vantex Paints
FORMULA
Debtor collection period = average
debtors
------------------------------
Daily average sales
Average debtors = opening debtor + closing debtor
--------------
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

73
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
Daily average sales = Annual sales
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

74
-
-
-
-
-
-
-
-
-
-
-
-
3
6
0

75
YEAR 31.03.16 31.03.17 31.03.18
Debtor collection period (D) = 51days 62days
1076days
51
2
0
1
6
1

76
Creditor payment period of Ventex
FORMULA
Creditor payment period = Average trade
creditor
-------------------------------------------
Average credit purchase per day
Average payment period = opening creditor + closing
creditor
---------------------------------------------------
2
Average credit purchase per day = Annual
credit purchase
-------------------------------
360
YEAR 31.03.16 31.03.17 31.03.18
Creditor payment
period(C) 228days 85days
37days

77
Analysis through chart
Operating cycle period of Vantex Paints
Formula
OC = R +W+F+D-C
3
8
2
0
1
6
2

78
YEAR 31.03.16 31.03.17 31.03.18
Operating cycle period 214days 166 days
1063days
Analysis through chart
2
1
2
0
1
6
1

80
CONCLUSIONS
After completing my project on working capital management in Vantex
Paints, I can say that now I understand working capital much better and in
a practical way. This project helps me in understanding the daily
requirement in a manufacturing firm.
During my training period in Vantex Paints I am able to know the
importance of working capital in any company especially if the concern is
a big one. It enable the company to have regular supply of raw material,
regular payment of salary and wages, exploit the favorable market
conditions, have ability to face crisis and also make the good image of the
company. In Vantex Paints the working capital requirements are very high
as production is continuous in the concern.
Working capital is also a major external source of capital for especially
small and medium sized firms. These firms have relatively limited access
to capital markets and tend to overcome this complication by short-term
borrowing. Working capital position of such firms is not only an internal
firm-specific matter, but also an important indicator of risk for creditors.
Higher amount of working capital enables a firm to meet its short-term
obligations easier. This results increase in borrowing capability and
decrease in default risk (and consequential decrease in cost of capital and
increase in firm value). So, it is possible to state that efficiency in working
capital management affects not only short-term financial performance
(profitability), but also long-term financial performance (firm value
maximization).
From the discussion in this project we can say that Vantex Paints manage
its working capital requirement in an effective and efficient manner. Its
current assets are approx. twice of its current liabilities which is the
standard for any company and it means that the company always have the
sufficient amount of cash to meet any type of liability at any time.

81
Major Findings
Statement Showing Difference from Previous Year
Particulars 16-17 17-18
Investments 000000000
↑ by0%
-100000
↓.79%
Inventories 143756
↑ by 1%
130284
↑ by 0.92%
Sundry Debtors 108079288
↑ by 141%
18074291
↑ by 58%
Cash & Bank 398835
↑ by 26.6%
409451
↑ by 21.6%
Current Liabilities -6881550
↓ by 26.44%
15254246
↑ by 76.69%
Reserve & Surplus 19533723
↑ by 86.76%
21659241
↑ by 51.51%

82
1. Vantex Paints profit is increasing day by day from last three years.
2. Vantex Paints has shown that it is very strong competitor in
Electrodynamics shaker market in India.
3. Overall all ratios of the company are good and company
need to work with more efficiency
4. Lack of advertisement can be said as weak point of the Vantex Paints.
5. Firm profitability can be increased by shortening accounts
receivables and inventory periods
6. Position of the stock is increasing per year that is good
sign to face the competition coming ahead.
7. Recession in the economy affect the Vantex Paints.
8. Appreciation in rupees reduces the profit the company.
9. The major sources of raw materials are local sources and USA, UK, etc
10. Working capital management of the Vantex Paints Is satisfactory
due to efficient management of inventory, debtors, cash balances
and working funds.
11. The major elements of working capital are inventory, debtors,
cash balances and short term investments.
12. Cash management of the company is done through cash budget,
cash flow statement and other steps.

83
13. The company has bright prospects due to efficient management
of mace, machine materials & technology.
14. The company has successful uses of working capital due to
planned inventory, receivables, cash, finance and good cash
inflow.

84
BIBLIOGRAPHY
Reference of book
Dr.A.K.Garg (2007), Basic Business Finance, Swati Prakashan Publisher, UP
C.R.Kothari (2009), Research Methodology, New Age International Publishers, New
Delhi
Refere
nce of
web
pag
www.v
entaxc
om
http://aggregate-inventory-management-47605.htm
http://www.allelectricalproducts.com/indian-electricalindustry.html
http://isb.agepub:com/(g)/content/abstract/1412152
http://findarticles:com/P/articles/mi-qa3857/is200807/ai_n30992061
http://wwwfinanceweek:co.uk/item/6240
http://findarticle.com/P/article/mi-qa5439/is_200801/ai_n27996599
http://wwwemeraldinsight.com/insight/viewcontentservlet?filename=publ
ished/emeraldfull text article/Articles/0010340208html

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