Working Capital management is concerned with the problems that arise
in attempting to manage current assets, current liabilities and
interrelationship that exists in between them. The success of an
organisation to a greater extent depends upon the effective management
of working capital. It guarantees financial soundness of organisation and
therefore keeps it away from sickness zone. This study is a modest attempt
in this direction by undertaking a study of working capital management.
Through present study researcher has tried to examine sources used by
Rajasthan Financial Corporation to finance their working capital
requirements and to analyse and evaluate working capital management.
The paper has also examined the liquidity position of Rajasthan Financial
Corporation. In order to examine and analyse, financial statements of
Rajasthan Financial Corporation are collected for the period of five years
from 2009- 2014 and ratio analysis was conducted and analysed to check
the working capital conditions of Rajasthan Financial Corporation.
Keywords: Ratio Analysis, Liquidity, Investment,
Working capital analysis in rajasthan financial corporationTapasya123
Working Capital management is concerned with the problems that arise
in attempting to manage current assets, current liabilities and
interrelationship that exists in between them. The success of an
organisation to a greater extent depends upon the effective management
of working capital. It guarantees financial soundness of organisation and
therefore keeps it away from sickness zone. This study is a modest attempt
in this direction by undertaking a study of working capital management.
Through present study researcher has tried to examine sources used by
Rajasthan Financial Corporation to finance their working capital
requirements and to analyse and evaluate working capital management.
The paper has also examined the liquidity position of Rajasthan Financial
Corporation. In order to examine and analyse, financial statements of
Rajasthan Financial Corporation are collected for the period of five years
from 2009- 2014 and ratio analysis was conducted and analysed to check
the working capital conditions of Rajasthan Financial Corporation.
A Study on Working Capital Management with Reference to the India Cements Ltdijtsrd
Financial management basically deals with rising of financial resources and its proper allocation in order to maximize share holders wealth. For a successful running of an organization fixed and current assets play crucial role as organization generally invests in this options. A firm’s working capital consists of its investments in short term assets like cash and bank balance, inventories, receivables and short term investments. Therefore the working capital management’s mainly refers to the management of all this individual current assets. In this research paper an attempt has been made to study the components of working capital and the possible implications of working capital management policies on profitability of India cements ltd. The study is based on secondary data collected from annual reports of India cements ltd for the period 2015 16 to 2019 20. In this paper there is an application of ratio analysis to identify the significant impact of working capital management on the profitability. Gogula Nagarjuna | Dr. P Basaiah "A Study on Working Capital Management with Reference to the India Cements Ltd" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45114.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45114/a-study-on-working-capital-management-with-reference-to-the-india-cements-ltd/gogula-nagarjuna
Working capital management of automobiles industry in haryana [www.writekraft...WriteKraft Dissertations
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission:
To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision:
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer's aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Our Achievements:
NATIONAL AWARD FOR BEST RESEARCH PROJECT (By Hon. President APJ Abdul Kalam)
GOLD MEDAL FOR RESEARCH ON DISABILITY (By Disabled’s Club of India)
NOMINATED FOR BEST MSME AWARDS 2017
5 STAR RATING ON GOOGLE
We have PhD experts from reputed institutions/ organizations like Indian Institute of Technology (IIT), Indian Institute of Management (IIM) and many more apex education institutions in India. Our works are tailored and drafted as per your requirements and are totally unique.
From past years our core advisory members, research team assisted research scholars from various universities from all corners of world.
Subjects/Areas We Cover:
Management, Commerce, Finance, Marketing, Psychology, Education, Sociology, Mass communications, English Literature, English Language, Law, History, Computer Science & Engineering, Electronics & Communication Engineering, Mechanical Engineering, Civil Engineering, Electrical Engineering, Pharmacy & Healthcare.
Working capital analysis in rajasthan financial corporationTapasya123
Working Capital management is concerned with the problems that arise
in attempting to manage current assets, current liabilities and
interrelationship that exists in between them. The success of an
organisation to a greater extent depends upon the effective management
of working capital. It guarantees financial soundness of organisation and
therefore keeps it away from sickness zone. This study is a modest attempt
in this direction by undertaking a study of working capital management.
Through present study researcher has tried to examine sources used by
Rajasthan Financial Corporation to finance their working capital
requirements and to analyse and evaluate working capital management.
The paper has also examined the liquidity position of Rajasthan Financial
Corporation. In order to examine and analyse, financial statements of
Rajasthan Financial Corporation are collected for the period of five years
from 2009- 2014 and ratio analysis was conducted and analysed to check
the working capital conditions of Rajasthan Financial Corporation.
A Study on Working Capital Management with Reference to the India Cements Ltdijtsrd
Financial management basically deals with rising of financial resources and its proper allocation in order to maximize share holders wealth. For a successful running of an organization fixed and current assets play crucial role as organization generally invests in this options. A firm’s working capital consists of its investments in short term assets like cash and bank balance, inventories, receivables and short term investments. Therefore the working capital management’s mainly refers to the management of all this individual current assets. In this research paper an attempt has been made to study the components of working capital and the possible implications of working capital management policies on profitability of India cements ltd. The study is based on secondary data collected from annual reports of India cements ltd for the period 2015 16 to 2019 20. In this paper there is an application of ratio analysis to identify the significant impact of working capital management on the profitability. Gogula Nagarjuna | Dr. P Basaiah "A Study on Working Capital Management with Reference to the India Cements Ltd" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45114.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45114/a-study-on-working-capital-management-with-reference-to-the-india-cements-ltd/gogula-nagarjuna
Working capital management of automobiles industry in haryana [www.writekraft...WriteKraft Dissertations
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission:
To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision:
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer's aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Our Achievements:
NATIONAL AWARD FOR BEST RESEARCH PROJECT (By Hon. President APJ Abdul Kalam)
GOLD MEDAL FOR RESEARCH ON DISABILITY (By Disabled’s Club of India)
NOMINATED FOR BEST MSME AWARDS 2017
5 STAR RATING ON GOOGLE
We have PhD experts from reputed institutions/ organizations like Indian Institute of Technology (IIT), Indian Institute of Management (IIM) and many more apex education institutions in India. Our works are tailored and drafted as per your requirements and are totally unique.
From past years our core advisory members, research team assisted research scholars from various universities from all corners of world.
Subjects/Areas We Cover:
Management, Commerce, Finance, Marketing, Psychology, Education, Sociology, Mass communications, English Literature, English Language, Law, History, Computer Science & Engineering, Electronics & Communication Engineering, Mechanical Engineering, Civil Engineering, Electrical Engineering, Pharmacy & Healthcare.
A Project on Working Capital Management by Alok, PGDM, IPE, Hyderabad.Alok Reddy
Working Capital Management at Rajapushpa Properties Pvt Ltd, a privately owned real-estate firm with projects around Hyderabad's IT corridor and financial district.
1. Financial ratio analysis
2. Trend analysis of the components of working capital
3. Forecasting working capital requirement
4. Calulation of the cash conversion cycle, DSO, DPO
Working capital is the amount of a company's current assets minus the amount of its current liabilities.
The overall success of the company depends upon its working capital position. So it should be handled properly because it shows the efficiency & financial strength of a company.
A Comparative Study of Working Capital Management of Selected Paper Companies...RHIMRJ Journal
This research paper describes paper companies is core sector for any of the country. Working Capital Management
has its impact on liquidity as well profitability. The impact on effectiveness and profitability of working capital is tried to find
out by measuring the fluctuation in fixed assets, current assets and sales. The industry plays a vital role in development of
economics of enterprises as well as country. So at this financial appraisal of paper companies will be very useful to many of
its stakeholders. This research paper mainly based on the secondary data. Its main objectives are to evaluate the liquidity
position of the paper companies. For use ratio analysis for accounting tools and statistical tools for getting results like as
average, S.D. C.V. Maximum and Minimum and used One way ANOVA test. Mainly included two ratios in this research
paper like as current ratio and quick ratio.
Comparative study on working capital managementSupa Buoy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission:
To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision:
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
• Analyzing every customer's aims, objectives and purpose of research
• Using advanced and latest tools and technique of research and analysis
• Coordinating and including their own ideas and knowledge
• Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Our Achievements:
• NATIONAL AWARD FOR BEST RESEARCH PROJECT (By Hon. President APJ Abdul Kalam)
• GOLD MEDAL FOR RESEARCH ON DISABILITY (By Disabled’s Club of India)
• NOMINATED FOR BEST MSME AWARDS 2017
• 5 STAR RATING ON GOOGLE
We have PhD experts from reputed institutions/ organizations like Indian Institute of Technology (IIT), Indian Institute of Management (IIM) and many more apex education institutions in India. Our works are tailored and drafted as per your requirements and are totally unique.
From past years our core advisory members, research team assisted research scholars from various universities from all corners of world.
Subjects/Areas We Cover:
Management, Commerce, Finance, Marketing, Psychology, Education, Sociology, Mass communications, English Literature, English Language, Law, History, Computer Science & Engineering, Electronics & Communication Engineering, Mechanical Engineering, Civil Engineering, Electrical Engineering, Pharmacy & Healthcare.
The goal of working capital management is to
ensure that the firm is able to continue its operations and that
it has sufficient cash flow to satisfy both maturing short-term
debt and upcoming operational expenses. The current study
has concentrated on analysing the working capital
management of Larsen & Turbo Company based on their
liquidity, profitability positions and cash flow statements over
a decade. The study is based on secondary data collected
from the financial reports published in the official websites of
the company for a period of thirteen years from 2003-04 to
2015-16. The data have been analyzed using the financial and
statistical tools namely Ratio Analysis, cash flow and
Correlation Analysis. It has been found that the working
capital management of Larsen & Turbo is good and the
company has to improve its turnover ratios in the future.
A Project on Working Capital Management by Alok, PGDM, IPE, Hyderabad.Alok Reddy
Working Capital Management at Rajapushpa Properties Pvt Ltd, a privately owned real-estate firm with projects around Hyderabad's IT corridor and financial district.
1. Financial ratio analysis
2. Trend analysis of the components of working capital
3. Forecasting working capital requirement
4. Calulation of the cash conversion cycle, DSO, DPO
Working capital is the amount of a company's current assets minus the amount of its current liabilities.
The overall success of the company depends upon its working capital position. So it should be handled properly because it shows the efficiency & financial strength of a company.
A Comparative Study of Working Capital Management of Selected Paper Companies...RHIMRJ Journal
This research paper describes paper companies is core sector for any of the country. Working Capital Management
has its impact on liquidity as well profitability. The impact on effectiveness and profitability of working capital is tried to find
out by measuring the fluctuation in fixed assets, current assets and sales. The industry plays a vital role in development of
economics of enterprises as well as country. So at this financial appraisal of paper companies will be very useful to many of
its stakeholders. This research paper mainly based on the secondary data. Its main objectives are to evaluate the liquidity
position of the paper companies. For use ratio analysis for accounting tools and statistical tools for getting results like as
average, S.D. C.V. Maximum and Minimum and used One way ANOVA test. Mainly included two ratios in this research
paper like as current ratio and quick ratio.
Comparative study on working capital managementSupa Buoy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission:
To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision:
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
• Analyzing every customer's aims, objectives and purpose of research
• Using advanced and latest tools and technique of research and analysis
• Coordinating and including their own ideas and knowledge
• Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Our Achievements:
• NATIONAL AWARD FOR BEST RESEARCH PROJECT (By Hon. President APJ Abdul Kalam)
• GOLD MEDAL FOR RESEARCH ON DISABILITY (By Disabled’s Club of India)
• NOMINATED FOR BEST MSME AWARDS 2017
• 5 STAR RATING ON GOOGLE
We have PhD experts from reputed institutions/ organizations like Indian Institute of Technology (IIT), Indian Institute of Management (IIM) and many more apex education institutions in India. Our works are tailored and drafted as per your requirements and are totally unique.
From past years our core advisory members, research team assisted research scholars from various universities from all corners of world.
Subjects/Areas We Cover:
Management, Commerce, Finance, Marketing, Psychology, Education, Sociology, Mass communications, English Literature, English Language, Law, History, Computer Science & Engineering, Electronics & Communication Engineering, Mechanical Engineering, Civil Engineering, Electrical Engineering, Pharmacy & Healthcare.
The goal of working capital management is to
ensure that the firm is able to continue its operations and that
it has sufficient cash flow to satisfy both maturing short-term
debt and upcoming operational expenses. The current study
has concentrated on analysing the working capital
management of Larsen & Turbo Company based on their
liquidity, profitability positions and cash flow statements over
a decade. The study is based on secondary data collected
from the financial reports published in the official websites of
the company for a period of thirteen years from 2003-04 to
2015-16. The data have been analyzed using the financial and
statistical tools namely Ratio Analysis, cash flow and
Correlation Analysis. It has been found that the working
capital management of Larsen & Turbo is good and the
company has to improve its turnover ratios in the future.
study of WORKING CAPITAL of the RCF ltdMayuri332948
This project is based on the study of WORKING CAPITAL of the RCF ltd. An insight view of the project will encompass- what it is all about, what’s its aim to achieve, what is the purpose and scope , the various method used for collecting data and their sources.
Further For Clear Understanding For The User The Analysis Is Accompanied With Graphical Representation To Visualize The Performance And Progress Of The Company Through Graphs. The Interpretation Of The Result Is Done With The Established As Per The Guidance.
The working capital management refers to the management of current assets. A firm’s working capital consists of its investments in currents assets, which includes short-term assets and bank balance, inventories, receivable and marketable securities.
As The Research Has Done The Internship In The R.C.F Ltd. For Getting More Insightful And First Hand Information To Add Value Of The Project. And Thus By Getting the Expertise Guidance of the Company’s Personals and Professors of B.M.S And Got the Certificate for the same. This Ensures The Perfection Of The Analysis And Study.
Concluding With the Finding< Suggestion and Conclusion the Project
The main objective of this paper such as the Karachi Stock Exchange market development working capital management (WCM) on firm performance is to determine the impact. In this paper the chemical industry for the period 2009-2014 to 6 years for a sample of 22 firms Karachi Stock Exchange (KSE) working capital management and firm performance of different variables used for analysis . Working Capital Management to measure the variables that were used in this study are the number of recovery days , days in inventory and size , leverage , inventory , equity , sales and gross domestic product (GDP) numbers are control variables. Firm performance measure used in this study for the dependent variable is the return on assets. Firm size is positively affected by the firm’s profits. Firms whose profits are high, their working capital firms are not interested in management and firm performance. The result of the study and working capital is negative relationship between firm performance shows. Is a positive relationship between size and profitability? Firm size is increased or decreased profit increased or decreased respectively. Moreover, profits and principles that support the pecking order used by firms are negative relationship between debts.
Working Capital Management: An Essential Tool of Business Finance - A Case St...IOSR Journals
Working capital is an integral part of overall business finance for the smooth operations of a business enterprise. An optimal management of working capital is one of the pre-conditions for the success of an enterprise. Efficient management of working capital ensures that the business operating cycle keeps moving without any hurdles in terms of payment of liabilities and procurement of raw materials. Efficient management of working capital means management of various components of working capital in such a way that adequate amount of working capital and liquidity is maintained for smooth running of an enterprise. The flow of money gets choked, the supplies are interrupted and payments are delayed in the event of inefficient management of working capital. While inadequate working capital has the potential to disrupt production or sales operation and is a disastrous, excessive working capital has an adverse impact on profitability and is a criminal waste. Management of working capital is regarded as an essential tool of business finance focusing on maintaining optimum levels of both the components viz. current assets and current liabilities. Thus there is an imperative need to manage working capital effectively. In this study, we have selected National Plastic Industries Limited as a sample and taken the financial data for the period of five years from 2006-07 to 2010-11 and studied the effect of different components of working capital
ANALYSIS OF FINANCIAL PERFORMANCE OF THOMAS COOK (INDIA) LTD. USING RATIO ANA...Anirban Chakraborty
ANALYSIS OF FINANCIAL PERFORMANCE OF THOMAS COOK (INDIA) LTD. USING RATIO ANALYSIS
This study gives in detail the analysis of various financial ratios based upon the past as well as
the present performance of Thomas Cook (India) Ltd. expressed in financial data. Based upon
the results from these financial ratios conclusions are driven out that whether the company has
been earning profits or not and also that how much it has used these results in its growth. So, the
company can also manage each of its current assets namely cash management, accounts
receivable management and also its liabilities like creditors, loans, bills payables etc. so that it
can maintain an identical financial ratio for each of its business aspects like solvency ratios,
turnover ratios, profitability ratios etc.
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
A Study on Funds Flow Analysis of Vital Pvt. Ltd., Tadaijtsrd
Finance is the lifeblood of every business activity without which the wheels of modern business organization system cannot be greased. Finance management is managerial activity, which is concerned with planning and controlling of the firms financial Resources. Finance is a scarce resource and it has to be managed efficiency for the successful functioning of any company. Several companies have come to grief mainly because of inefficient management of finance, in spite of other favourable conditions. This study explains the funds flow statement analysis of vital pvt. Ltd., Tada. R. Yugandhar | Dr. K. Haritha "A Study on Funds Flow Analysis of Vital Pvt. Ltd., Tada" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd52025.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/52025/a-study-on-funds-flow-analysis-of-vital-pvt-ltd-tada/r-yugandhar
Nwankwo, odi an empirical analysis of corporate survival and growth ijsaid ...William Kritsonis
William Allan Kritsonis, Editor-in-Chief, NATIONAL FORUM JOURNALS (Founded 1982). Dr. William Allan Kritsonis, Distinguished Alumnus, Central Washington University, College of Education and Professional Studies, Ellensburg, Washington; Invited Guest Lecturer, Oxford Round Table, University of Oxford, United Kingdom; Hall of Honor, Prairie View A&M University/Member of the Texas A&M University System. Professor of Educational Leadership, The University of Texas of the Permian Basin.
Nwankwo, odi an empirical analysis of corporate survival and growth ijsaid ...William Kritsonis
William Allan Kritsonis, Editor-in-Chief, NATIONAL FORUM JOURNALS (Founded 1982). Dr. William Allan Kritsonis, Distinguished Alumnus, Central Washington University, College of Education and Professional Studies, Ellensburg, Washington; Invited Guest Lecturer, Oxford Round Table, University of Oxford, United Kingdom; Hall of Honor, Prairie View A&M University/Member of the Texas A&M University System. Professor of Educational Leadership, The University of Texas of the Permian Basin.
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Working Capital Analysis in Rajasthan Financial Corporation
1. Working Capital Analysis in Rajasthan Financial Corporation
Working Capital Analysis in Rajasthan Financial
Corporation
Dr. Richa Singhal*
Abstract
Working Capital management is concerned with the problems that arise
in attempting to manage current assets, current liabilities and
interrelationship that exists in between them. The success of an
organisation to a greater extent depends upon the effective management
of working capital. It guarantees financial soundness of organisation and
therefore keeps it away from sickness zone. This study is a modest attempt
in this direction by undertaking a study of working capital management.
Through present study researcher has tried to examine sources used by
Rajasthan Financial Corporation to finance their working capital
requirements and to analyse and evaluate working capital management.
The paper has also examined the liquidity position of Rajasthan Financial
Corporation. In order to examine and analyse, financial statements of
Rajasthan Financial Corporation are collected for the period of five years
from 2009- 2014 and ratio analysis was conducted and analysed to check
the working capital conditions of Rajasthan Financial Corporation.
Keywords: Ratio Analysis, Liquidity, Investment,
Introduction
orking capital is as important in a business firm as blood in a
human body. Each and every business concern should have
adequate funds to meet its day-to-day expenses and to
finance current assets viz., debtors, receivables and inventories. The
funds tied up in current assets are known as working capital funds. The
*
Assistant Professor, S. S. Jain Subodh P.G. (Autonomous) College, Jaipur
W
2. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 135
funds invested in these current assets keep revolving and are being
constantly converted into cash and this cash is again converted into
current assets. Therefore, working capital is also known as ‘circulating
capital’, ‘revolving capital’, short-term capital’ or ‘liquid capita’.
Literature Review
Dutta (2001), states working capital is the lifeblood of a business. It
plays a pivotal role in keeping the wheels of a business enterprise
running. However, the management of working capital is a delicate area
in the field of financial, involving frequent decision making concerned
with all those acts that influence the size and effectiveness of working
capital. A business firm must maintain a satisfactory level of working
capital. The inadequacy or mismanagement of working capital is one of
the leading causes of business failure. The profitability and liquidity of a
firm are directly influenced by the way its working capital is managed.
Therefore, main objective of working capital management is to arrange
sufficient funds from the best sources, at the right time, and maintain it
consistently, so that a trade off between liquidity and profitability can
be achieved.
Jaros (2006) explained even small improvements in Working Capital
performance can generate substantial shareholder value. It is
inarguably best source of new cash. Perhaps a company has already
made some improvements in this area, but how can an owner take this
to the next level within organisation? Naturally, most successful
initiatives begin with a plan. Through his paper, he provides suggestions
for plan by providing Focal Points, areas to analyse in organisation and
how these areas may be targeted for improvement, and a roadmap to
working capital improvement. Incorporating this six-step process into
plan has been shown to increase the probability of success in working
capital performance improvement initiatives.
Ben Mc Clure (2010) said that cash is the lifeline of a company. A good
way to judge a company's cash flow prospects is to look at its working
3. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 136
capital management (WCM). The better a company manages its
working capital, the less the company needs to borrow. Even companies
with cash surpluses need to manage working capital to ensure that
those surpluses are invested in ways that will generate suitable returns
for investors.
Objectives of the Study
Following are the objectives of study:
· To examine the sources used by Rajasthan Financial Corporation to
finance their working capital requirements.
· To analyse and evaluate the working capital management of
Rajasthan Financial Corporation.
· To examine the liquidity position of Rajasthan Financial
Corporation.
· To assess the critical factors which affect the working capital
management of Rajasthan Financial Corporation.
· To give some suggestions for betterment of working capital
management on basis of findings of study.
· To open new vistas for future research.
Research Methodology
The study is being confined to Rajasthan Financial Corporation for 5
years, viz. 2009-10 to 2013-14. This period is considered to be
sufficient enough to reveal various fluctuations and reach valid
conclusions thereof. Research is exploratory in nature and attempts to
have a deep insight into the working capital structure of the said unit.
The data has been collected from Annual Reports and accounts of
Rajasthan Financial Corporation for period from 2009-10 to 2013-14.
The collected data has been analysed by applying various accounting
and statistical tools such as, working capital trend and ratio analysis.
4. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 137
Concept of Working Capital
The word ‘working capital’ is the combination of two words the word
‘working’ with reference to capital means revolving or circulating-
capital means changing of capital from one form to another form during
day-to-day activities of the business, whereas, the word ‘capital’ refers
to monetary values of all assets of business. Thus, to understand its real
meaning, it is must to understand and analyses its various concepts.
The working capital has following concepts:
(1) Gross Working Capital Concept (2) Net Working Concept
Gross Working Capital Concept: The Gross working capital concept of
Working capital emphasizes on quantity of capital rather than quality of
capital. The economists like Mead, Backer and field, Bonneville, J.S. Mill
and Adam Smith are main proponents of this concept.
Management point of view is more appropriate regarding this concept
because management has to concentrate on proper use of current
assets only. Normally management is less serious about current
liabilities. So, this concept is called as quantitative, because emphasis is
on quantity (Quantum of Current Assets) then its quality (True financial
position). This concept provides the figure of total funds required for
current assets and not current liabilities, thus it does not show true
picture of firm.
Net Working Capital Concept: According to this concept working capital
is the excess of current assets over current liabilities. The net working
capital may either be positive or negative. When current assets exceed
current liabilities, working capital is positive or vice versa. Generally, a
situation of negative working capital does not exist. It is an indicator of
financial crisis.
Net Working concept measures the firm’s liquidity position. According
to this concept, an increase or decrease in current assets would not
affect net working capital if there is a corresponding increase or
5. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 138
decrease in current liabilities because the difference between current
assets and current liabilities will remain the same. This concept is
useful only for accountants, investors, creditors, or those persons who
have interest in liquidity and financial soundness of the firm.
From the above discussion it is very clear that both the concepts are
significant, therefore due attention should be given to both the
concepts. A firm should maintain sufficient level of working capital
whatever is concept. This will help the firm to avoid liquidity problem
due to insufficient working capital.
As already discussed, an efficient working capital management is
inevitable for the smooth day-to-day running of any business firm. Here,
working capital management will be analysed in the said unit with
respect to following aspects:
. Trend of Working Capital;
. Financial Analysis;
Working Capital
Working capital of Rajasthan Financial Corporation has shown an
increasing trend throughout the study period. Initially in 2009-10, the
amount was Rs. 662.51 crore which increased to Rs. 670.19 crore in
2010-11, Rs. 769.49 crore in 2011-12, then increased to Rs. 791.87
crore in 2012-13 and reached up to Rs. 801.14 crore in the final year
2013-14. Also, there was a continuous increment in the working capital
throughout the study period which is an indication of good
management.
Trend of Working Capital
The formula for calculating the indices value is as follows:
Indices = Current year’s value/ Base year’s value ×100
The trend of working capital for Rajasthan Financial Corporation can be
seen for the selected period of present study in following table:
6. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 139
Table 1: Working Capital Indices of Rajasthan Financial
Corporation (2009-10 to 2013-14)
Year Working Capital
(Rs. In Lakhs)
Indices
(2009-10=100)
2009-10 662.51 100.00
2010-11 670.19 101.16
2011-12 769.49 116.15
2012-13 791.87 119.53
2013-14 801.14 120.92
Source: Annual Reports and Accounts of Rajasthan Financial Corporation
It can be seen from Table1, the indices number has an increasing trend
throughout the study period. Taking 2009-10 as base year and its
indices number equal to 100, the indices number for 2010-11 was
101.16 which increased to 116.15 in 2011-12, increased again to
119.53 in 2012-13, inclined and reached up to 120.92 in final year of
the period under study 2013-14. It indicates that working capital of
Rajasthan Financial Corporation increasing year to year continuously.
Table: 2 Working Capital Indices of Rajasthan Financial
Corporation (2009-10 to 2013-14)
Year Working Capital
(Rs. In Lakhs)
Trend Value
(y*c)
2009-10 662.51 652.06
2010-11 670.19 691.95
2011-12 769.49 731.84
2012-13 791.87 771.73
2013-14 801.14 811.62
Source: Annual Reports and Accounts of Rajasthan Financial Corporation
(y*c) stands for computed value of working capital of Rajasthan
Financial Corporation during the period under study based on the least
square equation of y a bx c = + , where the equation comes to y c =
731.84 +39.89 x (origin of x is 2009-10, x is in unit of years and y is in
lacs of rupees)
7. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 140
Liquidity Pattern
To analyse liquidity and working capital condition of the company,
working capital management have been analysed by Financial
techniques i.e. Ratio Analysis. The collected data have been analysed by
the ratios like: working capital ratio, quick ratio, absolute cash ratio and
working capital turnover ratio.
Working Capital Ratio
Working Capital Ratio is a general and quick measure of liquidity of a
firm. It represents the margin of safety or cushion available to the
creditors. It is an index of the firm’s financial stability. It is also an index
of technical solvency and an index of the strength of working capital. A
ratio equal to or near 2: 1 is considered as a standard or normal or
satisfactory. The idea of having doubled the current assets as compared
to current liabilities is to provide for the delays and losses in the
realisation of current assets. It is shows ratio of Current Assets to
Current Liabilities.
Working Capital Ratio = Current Assets / Current Liabilities
From the table, it can be analyse that the ratio was 4.31 times in the
year 2009-10 which slightly decreased to 4.17 times in the year 2010-
11 but increased to 4.81 times in the year 2011-12 and afterwards went
on decreasing during the next two years. It was 4.78times and 4.64
times in the year 2012-13 and 2013-14 respectively.
The average for Rajasthan Financial Corporation came 4.54 times which
indicates a significant liquidity position of the financial corporation.
Quick Ratio
Quick ratio is also known as liquid ratio or acid test ratio. This ratio
measures the liquidity of a business by matching its cash and near cash
current assets with its total liabilities. It helps us to determine whether
a business would be able to pay off all its debts by using its most liquid
8. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 141
assets (i.e. cash, marketable securities and accounts receivable). Rule of
thumb for acid test ratio is 1: 1 i.e., if business liquid assets are 100
percent of its current liabilities it is considered to be having fairly good
current financial position.
Quick ratio = Liquid (quick) assets / Current Liabilities
From the table, it can be analyse that the ratio was 3.34 times in the
year 2009-10 which slightly decreased to 3.11 times in the year 2010-
11 but increased to 3.63 times in the year 2011-12 and afterwards went
on decreasing during the next two years. It was 3.59 times and 3.52
times in the year 2012-13 and 2013-14 respectively.
The average for Rajasthan Financial Corporation came 3.44 times which
indicates a significant liquidity position of the financial corporation.
Absolute Cash Ratio
Absolute Cash ratio is the ratio of cash and cash equivalents of a
company to its current liabilities. It is an extreme liquidity ratio since
only cash and cash equivalents are compared with the current
liabilities. It measures the ability of a business to repay its current
liabilities by only using its cash and cash equivalents and nothing else.
Since absolute liquidity ratio lays down very strict and exacting
standard of liquidity, therefore, acceptable norm of this ratio is 50
percent. It means absolute liquid assets worth one half of the value of
current liabilities are sufficient for satisfactory liquid position of a
business.
Absolute Cash ratio = Absolute liquid assets / Current liabilities
From the table, it can be analyse that the ratio was 0.25 times in the
year 2009-10 which slightly decreased to 0.24 times in the year 2010-
11 but increased to 0.47 times in the year 2011-12 and afterwards went
on decreasing during the next two years. It was 0.22 times and 0.34
times in the year 2012-13 and 2013-14 respectively.
9. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 142
The average for Rajasthan Financial Corporation came 0.31 times which
indicates a significant liquidity position of the financial corporation.
Working Capital Turnover Ratio
This ratio represents the number of times the working capital is turned
over in the course of year. The working capital turnover ratio measures
the efficiency with which the working capital is being used by a firm. A
high ratio indicates efficient utilisation of working capital and a low
ratio indicates otherwise. But a very high working capital turnover ratio
may also mean lack of sufficient working capital which is not a good
situation.
Working Capital Turnover Ratio = Net Sales / Net Working Capital
The working capital turnover ratio of Rajasthan Financial Corporation
during the period under study has been calculated in the following table
3.
Liquidity Ratios of Rajasthan Financial Corporation
(2009-10 to 2013-2014)
Year Current
Ratio
Quick
Ratio
Absolute
Cash Ratio
Working
Capital
Turnover Ratio
2009-10 4.31 3.34 0.25 0.18
2010-11 4.17 3.11 2.24 0.19
2011-12 4.81 3.63 0.47 0.18
2012-13 4.78 3.59 0.22 0.22
2013-14 4.64 3.52 0.34 0.26
Average 4.54 3.44 0.31 0.206
It is evident from the table working capital turnover ratio of Rajasthan
Financial Corporation showed the consistent policy during whole
10. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 143
period under study. The ratio varied between 0.18 to 0.19 between the
year 2009-2010 to 2011-2012 which shows that the corporation was
following a consistent policy towards the use of working capital.
The average working capital turnover ratio of Rajasthan Financial
Corporation was 0.206 of the said period. The management of
Rajasthan Financial Corporation should explore further chances of
making an effective use of working capital to increase the amount of
operating revenue.
Observation and Findings
In present study, it has been found that ratios are the guiding star for
any organisation. They play a vital role in measurement of business
performance of financial institutions. They act as an early warning
system for adverse trading condition. Following are the main conclusion
of analysis of:
Working Capital Ratio of Rajasthan Financial Corporation is very high to
the standard or the ideal value i.e. 2:1, which shows more funds, would
be employed in unproductive uses which do not fetch any return.
Quick ratio of Rajasthan Financial Corporation is also high to the
standard or ideal value i.e. 1:1 which indicates under- stocking.
Absolute Cash Ratio of Rajasthan Financial Corporation is very close to
the standard or ideal value i.e. 0.50:1 which shows its ability to meet its
current obligations in time without relying upon the realisation of stock
and debtors.
Working capital turnover ratio of Rajasthan Financial Corporation
seems to be little low before the period of 2012 which shows under-
trading i.e. funds are not being utilised efficiently and after the period of
2012 it increases a bit high then average, indicates efficient
management of working capital or over-trading i.e. low investment in
working capital and more profits.
11. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 144
Conclusion and Suggestions
In order to increase net profit margin of Rajasthan Financial
Corporation, it is suggested that management should have a control
over increasing operating, administrative and other expenses. The
requirement of working capital should be properly assessed in view of
the present availability of the concern. This will help the management
to avoid any over-investment or under-investment in current assets.
Various factors affecting the requirement of working capital in a
concern, like nature of business, production policies, etc. must be
considered and kept in mind while estimating the need of working
capital.
A proper combination of long-term and short-term sources should be
employed to finance working capital requirements, both of permanent
nature and temporary nature. The accepted norm should also be
considered with the personal choices while financing of working
capital. As a rule, the permanent working capital should be financed by
long-term sources, preferably the equity, while the variable working
capital should be financed from short-term sources only. The general
norm of current ratio and liquid ratio of 2:1 and it should be kept in
mind and strictly followed while maintaining the short-term solvency
position of the concern. There should be a more efficient utilisation of
current assets by the management. Increase in sales should correspond
to the increase in current assets. Individual attention should be paid to
the management of each component of current assets, viz. inventories,
receivables, cash, etc.
References
1. Agarwal N.P (1982), Analysis of Financial Statements, National
Publishing House, New Delhi.
2. Agarwal, N.P. and Jain S.C. (2002), Financial and International
Accounting, Indus Vally Publications First Edition, Jaipur.
12. Professional Panorama: An International Journal of Management & Technology
Working Capital Analysis in Rajasthan Financial Corporation 145
3. Bhandari, S.K. Raj (1965), A Note Submitted at the third All India
Seminar of Public Enterprise V.V. Ramanandhan, The Working of
the Public Sector, Allied Publishers, New Delhi.
4. Chaudhary, S.B. (1970), Analysis and International of Financial
Statements through Financial Ratios, Orient Longman, New Delhi.
5. Donaldson, G. (1960, January- February), ‘Looking Around: Finance
for the Non-Financial Managery, Harvard Business Review, Vol. 37.
6. Ghosh, S, Maji, S. G., Working Capital Management efficiency: A
Study on the Indian Cement Industry, The Management
Accountant, Vol. 39, No. 5, May 2004, Pp, 363-372
7. Jim Mcmenamin (2000), Financial Management –An Introduction.
New Delhi: Oxford University Press.
8. Joginder Singh Dutta (2001), Working Capital Essence, New Delhi:
Prentice-Hall of India.
9. Lewis, R. (1972), An Enquiry into the Informational Needs of
Stockholders and Potential Investors, dissertation, Arisona State
University.
10. Lyle, H.C. (1967), A Critique, The Use of Accounting Data in Decision-
making (ed.) Columbus, Ohio, College of Commerce and
Administration, The Ohio State University..
11. Nguyeãn Ninh Kieàu (2003), Construction of Working Capital, New
Delhi: Prentice-Hall of India.