“A STUDY ON WORKING CAPITAL MANAGEMENT”

With reference to

DELTA PAPERS MILLS LIMITED

A report submitted to Jawaharlal Nehru Technological University, Kakinada
in partial fulfillment for the award of the degree of
MASTER OF APPLIED MANAGEMENT

Submitted by
K. POOJITHA
Regd. No.15X41M0007

Under the guidance of

Mr. G. KIRAN M.B.A, M.Com
Assistant Professor

DEPARTMENT OF BUSINESS ADMINISTRATION

S.R.K INSTITUTE OF TECHNOLOGY

(Approved by AICTE, Affiliated to JNTU Kakinada)
Enikepadu, Vijayawada-521108

(2015 – 2020)
 S.R.K. INSTITUTE OF TECHNOLOGY
DEPARTMENT OF BUSINESS ADMINISTRATION
(An ISO 9001-2008 Certified Institution, Approved by AICTE, Affiliated to JNTU -K)
Enikepadu, Vijayawada – 521 108

CERTIFICATE

This is to certify that the report entitled “A STUDY ON WORKING CAPITAL

MANAGEMENT '' WITH REFERENCE TO DELTA PAPERS MILLS LIMITED is a bonafide

work done by K. POOJITHA Registered No. 15X41M0007 under my guidance and supervision in

partial fulfillment of the requirement for the award of degree of Master of Applied Management in

S.R.K. Institute of Technology, Enikepadu, Vijayawada, affiliated to Jawaharlal Nehru

Technological University, Kakinada. This work is original and the same has not been submitted

previously by any person for the degree of Integrated MBA.

Mr.G. KIRAN Dr.N.SUBRAMANYAM

Assistant Professor & Project Guide Professor&Head
Mr. B.V.S.S.SUBBA RAO EXTERNAL EXAMINER Project
Review Committee
 DECLARATION

I, hereby declare that the report entitled “A STUDY ON WORKING CAPITAL

MANAGEMENT'' WITH REFERENCE TO DELTA PAPERS MILLS LIMITED”, is a
bonafide work done by me for the award of the degree of “ “MASTER OF APPLIED
MANAGEMENT” from Jawaharlal Nehru Technological University, Kakinada done under the
guidance of Mr. G. KIRAN Assistant Professor, Department of Business Administration, during the
academic year 2019 – 2020 and has not been submitted to any other University or Institution for the
award of any Degree or Diploma.

Date: K.POOJITHA
Place: Regd.No:15X41M0007
 ACKNOWLEDGEMENT

It is of great pleasure to take the opportunity to acknowledge and express my gratitude to all
those who helped me throughout my project work.

First and foremost, I am thankful to Dr M. Ekambaram Naidu, Principal, S.R.K Institute of

Technology, for giving me permission for taking up my project work.

I also thankful to Dr N. Subramanyam, Professor &Head of the Department of Business

Administration, S.R.K Institute of Technology for giving me this opportunity to take up the project
work and helping me out throughout.

I would also like to thank Mr. G.KIRAN Asst.Professor, Department of Business

Administration, for his valuable guidance and support for the completion of my project work.

K.POOJITHA
 CONTENTS

CHAPTERS TITLE PAGE NO

Chapter - I INTRODUCTION 1-5

 Need of the study

 Scope of the study

 Objectives of the study

 Methodology of the study

 Plan of the study

 Limitations of the study

Chapter - II INDUSTRY PROFILE 6-20

Chapter – III COMPANY PROFILE 21-32

Chapter - IV THEORETICAL FRAME WORK 33-49

Chapter - V DATA ANALYSIS 50-65

& INTERPRETATION

Chapter - VI FINDINGS, SUGGESTIONS AND CONCLUSION 66-68

BIBLIOGRAPHY
CHAPTER – I
INTRODUCTION

2
 INTRODUCTION
WORKING CAPITAL MANAGEMENT: -
The management of current assets is like that of fixed assets in the sense that in both
cases a firm analyses their effects on its return and risk. The management of fixed and current
assets, however, differs in three important ways: First, in managing fixed assets, time is a very
important factor; consequently, discounting and compounding techniques play a significant
role in capital budgeting and a minor one in the management of current assets. Second, the
large holding of current assets, especially cash, strengthens the firm’s liquidity position (and
reduces risky ness), but also reduces the overall profitability. Thus, a risk-return trade off is
involved in holding current assets. Third, levels of fixed Assets as well as current assets
fluctuations in the short run. Thus, the firm has a greater degree of flexibility in managing
current assets.
Reflects the liquidity of a company and its ability to meet its short-term
obligations. Working Capital is determined by subtracting total current liabilities from total
current assets.
Current assets are cash and other company assets that can be readily turned into cash
within one year.
Current liabilities are the liabilities of a company due and payable within one year.
For a company to remain solvent, it must be able to meet its current liabilities and thus
have an adequate amount of working capital.
The amount of working capital considered adequate may vary from one company to
another depending on the type of business, composition of current assets, inventory turnover
rate and credit terms.

3
DEFINITIONS OF WORKING CAPITAL:
1. “Working Capital is excess of current assets over current liabilities.”
Guthmann & Dougall

2. “Working Capital refers to a firms investment in short term Assets, cash, short term
securities, account receivables and inventories.”

Weston & Beigham

3. “Working capital is amount of funds necessary to cover the cost of operating the
enterprise.”
Shubin
The net working capital of a business is its current assets less its current
liabilities
Current Assets include:-
- Inventory
- Trade debtors
- Prepayments
- Cash at bank balances

Current Liabilities include:-

- Trade creditors
- Short-term loans
-Liabilities payable in one year

4
NEED FOR THE STUDY:
Materials are equivalent to cash and they make up an important of the total cost. It is
essential that materials should be properly safeguarded and correctly accounted. Proper control
of material can make a substantial contribution to the efficiency of a business. The success of
a business concern largely depends upon efficient purchasing, storage, consumption and
accounting.
Working capital plays a vital role in the study of working capital management in Delta
Paper Mills Ltd has been selected for the project.

OBJECTIVE OF THE STUDY:

The main objective of the study is to know practically how the working capital
requirements is financed and managed in a manufacturing company. This study is undertaken
in “Delta Paper Mills Ltd”.

5
METHODOLOGY OF THE STUDY
Data collection:-
Information is collected from primary and secondary sources.
Primary Data:-
The data has been gathered through interactions and discussions with the executives
working in the division. Some important information has been gathered through couple of
unstructured interviews of executive.
Secondary data:-
 Referred standards texts and reference books for collecting the information regarding
the theoretical aspects, of the topic.
 Annual reports and other magazines published by the company are used for collecting
the required information.

SCOPE OF THE STUDY

The scope of the study that is “An Analysis of Working Capital Management” is
undertaken to know how the current assets and current liabilities are maintained. The current
Assets should be large enough to cover its current liabilities in order to ensure a reasonable
margin of safety. Each of the current Assets must be managed efficiently in order to maintain
the liquidity of the firm.
NATURE OF WORKING CAPITAL MANAGEMENT:
 It is used for purchase of raw materials, payment of wages and expenses.
 It changes form constantly to keep the wheels of business moving.
 Working capital enhances liquidity, solvency, creditworthiness and reputation of the
enterprise.
 It generates the elements of cost namely: Materials, wages and expenses.
 It enables the enterprise to avail the cash discount facilities offered by its suppliers.
 It helps improve the morale of business executives and their efficiency reaches at the
highest climax.
 It facilitates expansion programmes of the enterprise and helps in maintaining
operational efficiency of fixed assets.

6
LIMITATIONS OF THE STUDY
 Since data is mainly secondary in nature all inherent limitations pertaining to the
financial statements may be reflected in my project.
 The study deals with the aspects and financial implications ofthe Working Capital
Management and does not include other financial and non-financial aspects of
managing business.
 The scope of study is restructured only to the analytical aspects of managing working
capital, the actual practices of managing the cash are not dealt in detail
 In the process of Analysis of Working Capital only static tools are taken into
considerations.

7
 CHAPTER-II
INDUSTRY PROFILE

8
 INTRODUCTION
In the world, that is becoming increasingly dependent upon communication and
information. Paper has patently consequential role to play. Paper acting a critical position in
the cultural growth of human beings. The boost in literacy rising trend of higher ratios of
specialized and technical jobs in the workforce and the mounting economic activity are bound
to raise the consumption of paper. Indeed, it involves itself in a wide range of activities from
the WHITEHOUSE office release to KINDERGARTEN copywriting.

9
EVOLUTION AND HISTORY OF PAPER MAKING
Paper owes its starting point etymologically to PAPYRUS, a marine plant that grew
profusion in the Delta of Nile in EGYPT. The bark sand the foliage of the plant was natural
fiber and pushed into a sheet to be used as writing material by earliest EGYPTIANS in 500BC.
The art of papermaking was primary urbanized in CHINA in 200BC where it was finished from
the bark and vegetation of MULBERRY tree. In 751AD the ARABS and EUROPEANS
acquired the know- how from the Chinese Prisoners. In 1799, Robert Nicholas of FRANCE
imaginary paper machine, this was afterward improved and financed by Fourdrinier, and the
current machine is called after him as FOUNDRINIER PAPER MACHINE.

HISTORY OF THE INDUSTRY:

American papermaking began just over 300 years ago in Philadelphia. In September of
1690, an entrepreneur named William Bradford, a recent English immigrant, built the first
American paper mill on the shore of Wissahickon Creek in Philadelphia. At the time, paper
manufacturing had not yet become an important part of the colonial economy. The small
amount of paper consumed in the colonies was produced in Holland and France. However,
economic growth in the colonies soon created a booming market for paper. Bradford and other
papermakers were soon ready to produce products for this market. Bradford built his millwith
the assistance of William Rittenhouse, an immigrant from Holland, and other financial backers.
The mill produced about 20 pounds of pulp, paper, and board a day. While at the time there
was some mechanization of papermaking, it was largely a handmade process.

After 1690, the population of the American colonies grew quickly and so did the
number of U.S. paper mills. By the time of the American Revolution—in which printed
materials played a key role—there were more than 45 mills producing about 300 tons of paper
per year. This production was used by more than 50 printers throughout the new nation.

At the beginning of the 1800s, an event occurred that would revolutionize the paper
industry throughout the world. A Frenchman, Louis-Nicolas Robert, invented a machine to
produce paper. Eventually, the machine patents were purchased by two English papermakers,
the brothers Henry and Sealy Fourdrinier. After modification, the Fourdrinier machine began
to catch on in England, and it later was produced in the United States as well. The name
Fourdrinier is still used today to describe certain paper machines. The development of the paper
machine changed what had been a lengthy and time-consuming handmade art into a
manufacturing process.

10
 The other event that forever changed papermaking occurred in the middle of the
nineteenth century. After 1851, the preferred fiber source for papermaking began to change
from old rags to wood pulp. This event, along with the invention of the paper machine, in effect
created the modern paper industry. The size and speed of paper machines increased rapidly
between 1850 and 1916. Paper use was booming by 1889, when the annual U.S. production of
paper reached 1 million tons. This figure doubled in the next 10 years.

At the end of World War I, the United States began a period of rapid economic growth
and the paper industry grew along with the general economy. Several new associations,
including the Paper Industry Management Association and the Technical Association of the
Pulp and Paper Industry, were founded and developed during this time. Paper containers and
packaging, a growing use of corrugated medium and linerboard to make shipping boxes, and a
host of new products, such as tissues and sanitary napkins, all emerged as major trends in the
post-war era. It was during this time that Canadian mills became dominant in newsprint
manufacture, producing the majority of American newsprint. It is only recently that U.S.
manufacturers have produced the majority of newsprint consumed in the United States.

It was also during this period that the Pacific Northwest became a major pulp producer.
The southern United States, however, saw the greatest growth. Prior to this time, it was difficult
to use southern pine to make paper because of its high resin content. However, new processes
were developed using southern pine to make bleached and unbleached kraft paper. Southern
pine was ideal for this type of paper because its long fibers produced very strong paper and
board. Kraft production in the South shot up from just 258 tons per day (TPD) in 1919 to 9,128
tons a day in 1940. By the end of World War II, this total was up to about 13,000 (TPD).

The growth of southern paperboard mills—and other board mills around the
country— was greatly enhanced by a 1914 Federal Trade Commission decision that legalized
the use of corrugated medium packaging in shipping. Prior to that, wooden boxes were used
for shipping goods around the country. Military development of paper packaging materials
during World War I helped provide new technology and methods for producing superior paper
packaging. Southern newsprint production also began during this time, due in large part to the
talents of Charles H. Herty. Methods developed by Herty and his relentless promotion of
southern papermaking helped create today's paper industry in the South.

While the Great Depression of the 1930s severely hurt other industries, it did not affect
the pulp and paper industry as much since paper was being used in new ways throughout the

11
economy. It was around 1930 that machine-coated paper was first manufactured in the United
States.

During World War II, the paper industry worked closely with the federal government to
make sure that adequate supplies of paper were available both for domestic use and for the
armed forces. Paper was one of the main materials used for shipping and storing military
supplies. Recycling of paper reached a peak during the war years as well, with paper drives
being common in many big cities.

After World War II, the paper industry continued growing. New pulping strategies and
tree planting allowed the paper industry to develop the fiber sources it needed to meet the
expanding demand. Prior to this time, paper companies tended to cut down trees and not re-
plant. It was during this time that southern pine first began to be used to make white printing
paper.

During the late 1940s, all areas of the paper industry were growing fast, but some new
areas, such as milk cartons and drinking cups, saw exponential growth. Many of the growth
trends were centered around the use of disposable paper products, a trend that had started in
World War II.

In the 1950s and 1960s, paper machines grew wider and faster, which helped multiply
the supply of paper and board. By 1970, however, the paper industry faced sustained challenges
to its environmental practices. New clean air and water rules from federal and state
governments in the early 1970s forced the industry to install expensive new treatment systems.
Many other capital projects were put on hold and then frozen when the economy entered a
severe recession in the early 1980s. However, in the mid to late 1980s, the paper industry
initiated what has been called its greatest modernization ever. These capital-intensive projects
included mill-wide automation, technological innovations, mill modernization, environmental
upgrades, and a push for total quality. The U.S. paper industry began competing more
effectively in global markets during this time as well.

12
SIGNIFICANT EVENTS AFFECTING THE INDUSTRY:
Concerns about environmental damage caused by paper production and use, articulated
in the form of government regulations, have led to substantial changes in the paper business.
Environmental compliance was a daunting—and expensive—challenge for the paper industry
in the 1990s and early 2000s. There is sustained opposition from environmental groups and
increased government regulation in nearly all steps of production. For example, the lumber
industry in the Pacific Northwest has been drastically reduced in scale. Due to successful court
challenges by environmental groups under the Endangered Species Act, tree harvests in the
early to mid-1990s dropped to one-sixth of harvesting levels in the mid-1980s. Despite the
release of some lands for harvesting and permits for salvage logging issued in 1995, harvesting
was still greatly reduced in the mid-1990s.

Pulp and paper mills in the Northwest dependent on lumber operations for raw material
have had to look to new sources—even overseas—for wood chips. Many northwestern U.S.
mills have converted partially or completely to the use of recycled paper. Also, the pulping and
bleaching of wood fiber was the focus of proposals for stringent and costly new federal
regulation in the mid-1990s. By the early 2000s, many paper producers were proactively
working with government agencies on matters of environmental policy. Additionally, they
devoted considerable amounts of resources toward environmental improvements.

While paper recycling represented a major environmental challenge in the early1990s,

the industry's quick response to recycle more paper has convinced many of its critics both in
the public and government that the industry is serious about recycling. The U.S. paper industry
reached an overall recycling rate of 40 percent in 1993, which increased to about 46 percent in
2000, and is estimated to reach 48 percent in 2001.

Recycling of certain grades, such as newsprint and old corrugated containers, has
traditionally been high, while recycling rates for other grades, such as printing and writing
papers, are growing rapidly. For example, over 59 percent of all newsprint used in the United
States was recovered in 1994, up from just 29 percent in 1980. In linerboard, almost all capacity
increases in the early 1990s came from new recycled linerboard mills; and by 1994, over 62
percent of old corrugated containers—known as OCC in the business—was being recovered,
up from 47.9 percent in 1986.

Recycling rates for printing and writing paper, while lower than other grades, have also
increased dramatically, thanks in part to aggressive state and federal legislation in the early

13
1990s that sought to increase recycling rates in all grades. In 1993, President Clinton signed an
executive order mandating higher levels of recycled fiber in paper purchased by the federal
government. In 1994, the recovery rate from printing and writing paper stood at 34.1 percent,
up from just 22.9 percent in 1986.

While highly touted as an environmental "silver bullet," recycling itself has some
environmental liabilities. Most recycling mills generate a major waste stream and consume
large amounts of purchased energy. With recycled newsprint, for example, only 85 percent of
incoming newsprint is usable as fiber. The rest is unusable sludge that must be cleaned out of
the process and then burned or placed in landfills. In some recycled grades, sludge can be up
to 50 percent of the incoming waste paper. Considering that some mills make up to 2,500 tons
per day of paper, sludge can pose a major disposal problem. Also, since recycling mills can't
burn bark or spent pulping chemicals to generate their own electricity, as is done in
conventional integrated mills, they must purchase large amounts of power from local utilities.

Global Presence
While U.S. companies collectively form the largest national paper industry, there are
many major paper companies based outside the United States. Important paper-producing
countries include Japan, China, Germany, Finland, Sweden, and Canada. In addition,
aggressive new paper operations have emerged in places like South America and Southeast
Asia, which are increasingly influencing the international dynamics of the paper business.
According to Pulp & Paper, in early 2000, Europe, Asia, and Latin America together accounted
for nearly 70 percent of paperboard and paper consumption worldwide, while the remainder
was attributed to North America.

14
HISTORY OF PAPER MAKING IN INDIA
Paper is the basic media for written message. There arises the need for paper to
express the accumulated wealth of knowledge and information to the next generation. The art
of papermaking reached INDIA through ARABS, but kept secret by a few families in Punjab
and Kashmir.

PAPER INDUSTRY IN GLOBAL PERSPECTIVE

COUNTRY PER CAPITA CONSUMPTION

CANADA 251
GERMANY 205
SWITZERLAND 168
JAPAN 153
ENGLAND 135
SINGAPORE 60
USSR 32
BRAZIL 26
EZYPT 10
CHINA 5
INDIA 3.5
INDONESIA 3
USA 289

From the above table it is apparent that India’s per capita utilization per annum of paper
is a combine 3kg as against 334kg of US, 224kg of JAPAN and 134kg of TAIWAN, 12kg of
CHINA, 8.5kg of PHILIPPINES, 17kg of THAILAND, 31kg of MALASIA 80kg of KOREA,
150Kg of NEWZEALAND, 80Kg of SINGAPORE, 140Kg of HONGKONG and 150kg of
AUSTRALIA, supplementary countries in ASIAN PACIFIC REGION which are appreciably
a decade ahead in the utilization.

15
PAPER INDUSTRY – INDIAN SCENARIO
During the First World War, the industry made a progress on account of heavy demand
but in subsequent years, it suffered a heavy set back as a result of foreign competition besides
general market recession. The paper industry in India is a little over 100 years old. Initially, the
paper industry was started as a cottage industry but later developed in private and joint sector.
Now, the Government has inclined to develop the industry in public sector. The growth maybe
studied in terms of installed capacity, production, capital, employment and literacy.
The economic dimension of paper industry is resolute by the ease of use of raw
materials and thickness of markets, accessibility of power and convey amenities etc. in the
commencement of the First Year Plan.
The Indian paper industry accounts for about 4% of the world’s production of paper.
The estimated turnover of the industry is INR 70,000 crore (domestic market size of INR
80,000 crores) and its contribution to the exchequer is around INR 5,000 crore. The industry
provides direct employment to 500,000 persons, and indirectly to around 1.5 million.
Most of the paper mills are in existence for a long time and hence present technologies
fall in a wide spectrum ranging from oldest to the most modern. The mills use a variety of raw
material viz. wood, bamboo, recycled fibre, bagasse, wheat straw, rice husk, etc. In terms of
share in total production, approximately 25% are based on wood, 58% on recycled fibre and
17% on agro-residues. The geographical spread of the industry as well as market is mainly
responsible for regional balance of production and consumption.
The per capita paper consumption in India at a little over 13 kg, is way behind the global
average of 57 kg.
India is the fastest growing market for paper globally and it presents an exciting
scenario; paper consumption is poised for a big leap forward in sync with the economic growth.
The futuristic view is that growth in paper consumption would be in multiples of GDP and
hence an increase in consumption by one kg per capita would lead to an increase in demand of
1 million tonnes.

16
Per Capita Consumption of Paper in India
Paper is an essential item of consumption and its increased use reflects the living
standards of the country. The developed countries consumption per capita of paper is much
higher as compared to the developing countries. According to Arun Ghosh, the per capita
consumption of paper may be regarded as an index of a country’s cultural, educational and
economical level. Per capita consumption depends upon developments in the industrial
production, national income, literacy, and growth of population. Presently, the India’s per
capita consumption of paper is around 5kg in comparison to Asian 18kg, USA 320kg, and
World average of 47.7kg percapita consumption of paper in different years can be seen in table.

17
PER CAPITA CONSUMPTION OF PAPER IN INDIA
Year Consumption
1951 0.46
1961 0.87
1970 1.40
1975 1.39
1980 1.76
1985 1.89
1990 2.20
1995 3.40
1999 3.80
2000 5.00
2005 6.50

Source: Indian Pulp and Paper Technical Association, Conventional Issue, December 2007
p36.

PRESENT INDUSTRY POSITION:

Paper industry is highly fragmented with a capacity of mills ranging from less than
tones to tones per day. These are 380 paper mills, which are roducing paper in our country.
The rate of growth of paper is around 5% per annum. The overall installed capacity os around
44 lakh tones while the production is around 32.5 lakh tones out od which 29 lakh tones is
paper and paper boards and 3.5 lakh tones comprises of newsprint. Raw materials being used
by these paper mills around 37% of the production are dependent on wood. 31% is dependent
upon Agro and the remaining 32% is dependent upon the wastepaper.

18
INDIAN PAPER INDUSTRY
The firm given diagram clearly explains different types of classifications of products
of Indian paper industry. Not every paper mills in India produces all products of the Indian
paper industry, industrial paper is most sought after product, and is being produced by large
number of paper mills.
India's share in the demand for paper across the globe were analysed is growing, as
the domestic demand is increasing at a steady pace, while the demand in western nations is
shrinking. Notably, the demand for domestic paper in India rose from 9.4 million tonnes in
FY08 to 15.4 million tonnes in FY16. Despite the continuous growth in the industry, per
capita paper consumption in the country stands at a little over 14 kg, which is still well below
the global average of 57 kg and considerably below 200 kg in North America.
The Indian paper & paper products market is projected to grow from $ 8.6 billion in
2018 to $ 13.4 billion by 2024, exhibiting a CAGR of 7.8% during 2019-2024.
Growing manufacturing sector, requirement of better quality packaging of FMCG
products marketed through organized retail and the demand for the upstream market of paper
products, such as tissue paper, filter paper, tea bags, light weight online coated paper and
medical grade coated paper are expected to drive the paper & paper products market in India
in coming years. Ballarpur Industries Limited (BILT) and ITC are among the largest
producers of paper in the country.
Moreover, many of the existing players are increasing their capacity to meet the
growing demand. However, high cost of production as a result of unavailability and high cost
of raw materials, high cost of power, concentration of mills in specific areas only,
technological obsolescence as well as environmental challenges are some of the factors
hampering the market growth.
The Indian paper & paper products market has been segmented into raw material,
application and region. Based on raw material, the market has been categorized into waste &
recycled paper, wood and agro residue. The waste & recycled paper segment is expected to
dominate the market during forecast period, owing to growing concerns about the cutting
down of trees for producing pulp. Further, based on application, the market has been
bifurcated into writing & printing paper, paperboard & packaging, newsprint and specialty
paper.
Among the application segments, the demand for paperboard & packaging is growing
at the fastest pace, as paperboard & packaging caters to industries including FMCG, food &

19
beverages, textiles and pharmaceutical. The segment is also expected to dominate the market,
owing to factors such as rising urbanization, increasing preference for ready-to-eat foods and
requirement of better-quality packaging of FMCG products marketed through organized
retail.
The paper & paper products market in India has been segmented into North, South,
East and West. Western region is the lead consumer of paper & paper products across the
country, on account of increasing paper consumption, especially FMCG products. Paper mills
are concentrated in the states of Tamil Nadu, Andhra Pradesh, Maharashtra, Punjab, Madhya
Pradesh and Gujarat.
The paper mills use a variety of raw materials such as wood, bamboo, bagasse,
recycled fiber, wheat straw, rice and husk. The geographical location of the mill often
determines the type of raw material used. Most mills in the northern and western regions of
India depend heavily on agricultural residues and wastepaper as their raw material. While
pulp & paper production in southern and eastern regions use wood and bamboo as raw
materials.

PAPER INDUSTRY IN ANDHRA PRADESH

Andhra Pradesh is fifth largest and fourth populous state in India. Andhra Pradesh
ranks as the tenth in literacy among the states in India. Andhra Pradesh obtained the highest
subsidy i.e., 14.05 croress in 1986-87, under the scheme of decentralization. Paper mills are
well dispersed. Every alternative district has at least one unit.
The management of Asia Pulp and Paper (APP), one of the largest paper
manufacturers in the world, has evinced interest to set up India’s largest paper mill in Andhra
Pradesh. Eyeing the increasing demand for paper in China market, APP zeroed in on Andhra
Pradesh to start operations as it will be the best location in the East Coast for them to
transport raw material to the proposed company and paper to China.During a meeting with
Chief Minister N Chandrababu Naidu at the Interim Government Complex in Velagapudi on
Wednesday, APP executive director of marketing Suresh Kilam requested the government to
allocate 2,500 acres of land near a port in the State for setting up the paper mill. He informed
that the company will start production within two-and-half-years if the State government
allocates the required land.

20
 When the Chief Minister enquired about import and export potential, discharge
information and the plan of action, Kilam said that once land is confirmed, they would submit
a feasibility report in 50 days.He said that the company is planning to produce only
packaging paper at the proposed unit in AP and will have a daily import and export of
materials weighing around 30,000 tonnes.Responding positively, the Chief Minister
suggested them to make a visit to the surrounding areas of Kakinada, Machilipatnam and
Krishnapatnam ports. Asia Pulp and Paper is one of the largest conglomerates in Indonesia
and its operations span across banking, infrastructure, agribusiness communications, cooking
oil, palm oil, real estate and telecommunications.
The company representatives said that the paper mill have a capacity to produce 4,000
metric tonnes of paper a day. One fourth of production will earmarked for the Indian market,
they said.

21
 LIST OF PAPERMILLS IN ANDHRA PRADESH
SNO NAME LOCATION CAPACITY
(TPA)
1 Charminar paper ltd MEDAK 3000
2 Circar paper mills ltd NELLORE 10000
3 Costal paper mills ltd KADIUM 10000
4 Delta paper mills ltd VENDRA 18000
5 Guardian paper mills ltd BAMMURLU 10000
6 ITC Bhadrachalam paper BHADRACHALAM 83923
boards ltd
7 Jyothi celluslose ltd MEDAK 2700
8 Kolleru paper mills ltd ELURU 10000
9 Pennar paper mills ltd CUDDAPAH 10000
10 Rayalaseema paper mills ltd KURNOOL 42000
11 Rolex paper mills (p) ltd CHINTAPARRU 6500
12 Nagarjuna paper mills ltd PATANCHERVU 10000
13 Snadeep paper mills PATANCHERVU 4950
14 Shree paper mills RANGAMPETA 4000
15 Sri lakshmi saraswathi paper BODHAN 15500
mills ltd
16 Surya chandra paper mills MANDAPETA 6000
Ltd
17 The Andhra Pradesh paper RAJAHMUNDRY 101447
mills ltd
18 The Coastal Paper mills ltd GAURIPATNAM 16000
19 The sirpur paper mills ltd SIRPUR 71000
20 Telangana paper mills ltd KHAMMAM 10000
21 Vamsadharaa paper mills ltd SRIKAKULAM 7500

22
PAPER INDUSTRY IN WEST GODAVARI DISTRICT
In the premature 1970’s while country was faced by means of a paper scarcity, the
Government adopted a policy of heartening small paper mills because of it short development
period, the use of cheap and second hand machinery readily available in foreign countries, the
use of non- conventional raw material such as rice and wheat straw, bagasse, just stalks and
waste paper. The Government gave necessary fill up and encouragement to technocrats and
entrepreneur to venture into the paper industry and the investment funds came easily from
the public sector financial institutions such as IDBI, IFCI, and ICICI. This policy and
encouragement of the Government gave birth to several small paper mills around the country.

West Godavari District is considered as rice bowl of Andhra Pradesh. 70% of the
population in the district depends primarily on agriculture for livelihood. Besides agriculture,
the district is also a hub for agro- based industries. All the required infrastructure facilities are
available for the growth and development of agro- based industries. Today, there are three units
existing in the district namely, CHINTAPARRU, GOURIPATNAM, PAPER MILLS
LIMITED, GOURIPATNAM.

All these units are agro- based units using agro residues like Paddy straw, baggasse,
and Waste paper for making paper. Moreover these units were incorporated as small paper
mills with an installed capacity of about 10 to 20 tones per day.

23
 CHAPTER-III
COMPANY PROFILE

24
 INTRODUCTION
Delta Paper
Mills Limited was
established in 1975
and situated at
Vendra Village,
West Godavari
Dist., Andhra
Pradesh. The Company manufactures Writing and Printing
Papers of different cultural varieties such as Creamwove,
White Printing, Azurewove, Azurelaid, Duplicating etc.
The Company uses unconventional Raw Materials like Paddy Straw and Bagasse. It
went into commercial production in 1978 with an initial installed capacity of 9000 MTs per
Annum. Subsequently in 1982, the Company envisaged expansion of the capacity to 18000
MT, successfully completed the same and started the commercial production during 1988.
The main objective of this Establishment was to use Agro residues and cater to the
needs of the farmers. It is the first Company to utilize Natural Gas supplied by Oil & Natural
Gas Corporation in entire South India.
To keep the environmental balances, the Company has taken up plantation of trees in
and around the Mill Premises. It has got full-fledged Effluent Treatment Plant.
The Company is providing employment for about 2000 persons directly and indirectly
mostly to rural youth.
The Company has developed superior quality of paper called “Super Delux
Creamwove” and penetrated into the market with good results. It has a strong marketing
network. The majority of Sales comprises to the Government Department viz., Government
Text Book Corporation of Andhra Pradesh, Maharastra, Madhya Pradesh, Tamilnadu, Kerala,
and other Central/State Government Agencies through DGS&D Rate Contract. The Company
enjoys patronage of private market distributors and also having a brand name and image. It’s
“Delta Hasti Duplicating Paper and Note Books” are very popular.
In the year 1988, Sri Gokaraju Ganga Raju, Promoter. Head of Laila Group, Managing
partner of M/s. Chemiloids, Herbal Pharma Extract Unit and an Eminent Industrialist in Andhra
Pradesh has taken over the Management of the Company and turned the corner and achieved
its capacity utilization to an extent pf 144% . The Management has installed one more Paper

25
Machine and commissioned the same during December 2004. With this, the Company’s
production level is increased to 42,000 MT per Annum of Writing & Printing papers.
For Further development of the quality of paper, full utilization of capacity and for
pollution abatement, the Company has embarked Mill Development Programme under which
the Pulp Mill is upgraded for pulping Bagassee by installing Continuous Digester System. This
has to be done since for abating pollution. Straw pulp can not be used as the waste liquor form
paddy straw pulping can not recover the chemical, as well as the fuel value and hence the
Company has switched over to Bagasse pulping. This has increased the requirement of Bagasse
substantially with a simultaneous drastic reduction in paddy straw usage. Though all effort that
are required for procuring Bagasse from other Sugar Mills are made its availability has become
difficult in view of fact that most of the Sugar Mills are using their Bagasse for their Captive
Power Generation. The Management had the foresight and vision and anticipation such a
situation, have procured Sugar Mills, when the AP Govt. started disinvesting in Co-Operative
Sugar Mills. Delta Sugars Ltd is one such Mill. The Management has also installed coal fired
boiler in Delta Sugars Limited. Hanuman Junction so that Bagasse can be released for use as
raw material for the Paper Mills. Thus, the Company is procuring almost 40-50% of its bagasse
requirement from its sister concern, M/s Delta Sugars Limited, Hanuman Junction, besides the
procurement of Bagasse from other Sugar Mills in and around West Godavari District.
Delta Paper Mills was established as a joint stock company on May 23, 1975, and a
certificate of commencement of a business was received on February 26, 1976, late in the
afternoon, encouraging the Delta. Limited Company. BH.Vijay Kumamo and Development
Corporation Raju of Andhra Pradessh Industry September 18, 1975, the company started its
production on April 7, 1977, the plant is located in Vendra, Palakoderu Mandal and W.G. A.P.

26
The following reasons will explain for selecting location.
Get the fame for the founder's hometown.
1. Create jobs for young people in rural areas.
2. The area is in terms of the availability of raw materials in the area around the plant, the
sewage system, the sewage disposal system, and its closeness to the wide range of
railways connecting madras and Calcutta.
3. The company's main business is to produce all kinds of paper for writing and printing.
This is mostly an agricultural industry. Its main ingredients are rice and straw.
In 1976, ICICI, together with IDBI, IFCI, LIC and UTI, helped the company sell its
products. Paper Debris Paper Limited was granted permission for commercial production from
July 1978 and the workshop to produce cellulose to November 1973, she won a rise in the
second and third year of operation.
About 2,000 families also get their living from the industry. Farmers in and around
Vendra benefit from selling their straw to the company.

27
OBJECTIVES OF THE COMPANY:

1. Show off the business and operation of producers of all types and paper grades.

2- Produce and manage all materials and substances used in the manufacture, production or
processing of all kinds of paper.

3. To buy, sell, import, export, process, chemical or other methods and train for special
purposes of any type of paper and type.

4. Planting, growing, producing, growing, producing, buying or selling, exporting or otherwise

leading to or dealing with weeds, timber, wood, bamboo, straw and other forest products.

5. To carryout their activities with office equipment, printers, printers, books, printers, printers,
cameras and other documents.

28
ANALYSIS OF THE LOCATION OF THE COMPANY:-

The company is located in Vendra, 8 km north of Bhimavaram, west of Godavari, under the
famous Godavari conquest, it's called "Indian Dishes." The company is an important raw
material. Straws are available in large quantities in the area. Other materials such as Gani waste.
Cotton and waste paper are easily supplied by Rajahmundry, Vizag, Eluru, Vijayawada
Hyderabad A.P level. The company is importing a paper worth Rs. Period (1984-1985), 33,25
lakhs was purchased from the United States and other machines have been sold in 110 LAX.

CAPACITY:
In 1978, the initial production capacity was 30 tons per day. In 1986 DPM launched an
expansion plan to increase its capacity to 60 tons per day. At present, the plant's capacity is 80
tons per day.

TURNOVER :
The company's first revenue is 9000M.T. The company expanded its business in 1986
to add 9 billion tonnes a year. Now, the company's total revenue is 42,000 MW.
NATURE OF ACTIVITY:Delta Paper Mills LTD is specialized in producing paper itself
and most of them only produce three types of paper.1) printing 2) writing 3) craft paper.

RAW MATERIAL:
The following types of raw materials are being used in manufacture of paper in this company
they are
1. Paddy straw
2. Waste paper
3. Cotton Linters
4. Regpulp
5. Wood Pulp
6. Baggasse and Kikkis
7. Bleached pulp
8. Gunny and Jute waste

9. Hoisery cutting pulp and others.

29
Delta Mills needs 30 million liters of water per day and after expanding it to 60 million.
The water supply of this plant is carried out by the Godadari canal system. The company
was allowed to sacrifice its dirty water along the Gostani River, which stretches from the
headquarters.

ELECTRICITY FACILITY:
The A.P.State electricity board has agreed to supply the energy needed for the power
plant, and the 2500-kWh line is determined by the Nidadavole station.

GAS AND FUEL:

Delta Paper Mills Paper Printing Factory is the first paper making plant in southern India to
use natural gas provided by ONGC.

TRANSPORRATION:

The plant has railroads and roads. In addition to these waterways, economic transport of
unleavened straw and other materials from all countries is facilitated. This is the right place to
install paper grinding machines, mostly based on agricultural materials.

30
TYPES OF THE PRODUCTS OF THE COMPANY
1. CREAM WOVE
This type of paper is used for typing notebooks, office books, government etc.

2. AZUR WOVE
This type of paper is used for typing office work, used usually for rough work.

3. DUPLCATING PAPER
This type of paper is used for stencil work cyclostyling etc. it is used very much for rough
works, color paper, vouchers etc.
4. COLOUR WOVE
This type of paper is used for packing bundles, packing and covers manufacturing.
5. AZUR LAID
This type of paper is used for making charts, cards etc.

6. SACK KRAFT
This type of paper is used for packing bundles, packing and covers Manufacturing.
7. DELTA HASTHI
Brand name of the books, this type of paper is used for notebooks.

ORGANISATION OF DELTA PAPER MILLS:

The Delta Paper Mills ltd enterprise is broadly divided into two parts.
a) Mills b) Administration

a) Mills part divided into 10 parts

1. Production
2. Electrical
3. Mechanical
4. Paper machine
5. Utilities
6. Stores
7. Quantity
8. Personnel
9. Co-coordinator
10. Finishing house and paper godown.

31
b) Administration part is divided into 4 divisions
1. Administration
2. Accounts
3. Marketing
4. Purchasing
The factory division is held under the supervision of Deputy Governor for work, in which case
he is under the supervision of the factory president or factory manager. The administration is
under the supervision of the Superintendent, whose absence is under the control of the
Marketing Director.

QUALITY POLICY
Delta Paper Mills has been successfully in unifying the quality with eco friendliness. The
Company strictly follows the standards of quality. This is reflected in the wide acceptance of
its products around the country.

Delta Paper Mills manufacturing 100% Virgin Pulp by using Sugar Cane Bagasse as Raw
Material procured from their own Industry and from other surrounding Sugar Factories situated
in around 100 K.Ms.

Due to manufacturer of Virgin Pulp, DPML qualifies various Rate Contracts from State /
Central Government Departments for supply of different grades of papers.
Delta Paper Mills has full-fledged Laboratory and equipments to meet the specifications of
B.I.S and DGS&D supplies quality.
We, M/s Delta Paper Mills Limited, Vendra are committed to satisfy our Customers, for
the Products we develop and supply with an emphasis on
Customeuirements at Competitive Prices
Use of Eco friendly systems to the extent possible
Continuous Process of improvement for betterment in Quality
Continuous Interaction between the Mills, Suppliers, Dealers and Customers

32
OUR MISSION:
Delta Paper Mills Ltd is committed to actively promote the safety, health and well being of
all its personnel. Delta Paper Mills Ltd will ensure that these aspects are inbuilt and become
integral part of its operations and strategic planning.
Delta Paper Mills Ltd also is committed to make available necessary funds, resources and
any such means required to implement the occupational health, safety and welfare (OHS & W)
policy and commits to ensure:
 A safe work culture that minimizes the risk of injury or illness to its personnel.
 Adequate facilities at work places.
 Regular training, instructions and information to all its personnel on OHS & W.
 To meet these provisions Delta Paper Mills Ltd is committed to:
 Meet its responsibility of care and well being of all persons in Delta Paper Mills Ltd’s
work places including visitors, contract workmen, casual workmen and trainees.
 Comply with relevant OHS & W legislation, code of practices and standard.
 Implement an effective Hazard Management Policy.

OUR VISION:
DELTA PAPER MILLS LIMITED, Vendra is committed to satisfy our customers, for the
products we develop and supply with an emphasis on
 Customer requirements at competitive prices.
 Use of Eco friendly systems to the extent possible.
 Continuous process of improvement for betterment in quality.
 Continuous interaction between the Mills, Suppliers, Dealers and Customers.

33
ORGANISATION OF THE ADMINISTRATION
The Chief Executive who is assisted by 8 heads of departments
General Manager (Commercial & Administration)
Senior Manager (Marketing & Purchases)
Manager (Finance & Costing)
Manager (Stores)
Dy. Manager (Marketing)
Dy. Manager (Finance)
Dy. Supdt (Paper Godown)

OUR STRENGTHS:
- Manufacture of cultural varieties of paper byusing virgin pulps of Agricultural residues.
- Modern and proven technological use of Natural Gas, Agro based residues viz., pith from
bagasse, rice husk etc. for efficient use as fuels.
- Fulfilled pollution abatement plans both for Water as well as Air meeting the stringent
standards of APPCB.
- Unblemished record of supply of huge quantities of paper to the various Govt. Depts.
including DGS & D and to its customers all over the country without failure and well within
the committed period.
- Consistency in the quality of the product irrespective of the market conditions etc.
- Being an organization promoted by the local people and run mostly by the local available
talents, the industrial relations of the Mills are excellent and cordial.
- This is only the Mills in the country which has been in operation without any stoppage
whatsoever except for Natural Calamity of Floods during 1986.
- It may be of interest to know that there has been no Mill of this type in the country, which
has not changed its name.

34
CAPACITY UTILIZATION IN PRODUCTION AND SALES DURING
THE LAST 7 YEARS:-

Year Installed Production Sales Sales% in % of

capacity (TPA) production Capacity
Utilization
1993-94 18000 22826 23227 101.76 126.81
1994-95 18000 21900 21879 99.90 121.67

995-96 18000 21648 21264 98.23 120.27

1996-97 18000 17842 16236 90.99 99.12

1997-98 18000 18993 18993 01.00 105.5
1998-99 18000 19134 17838 93.22 106.3
1999- 18000 22649 24333 107.43 125.83
2000
2000-01 18000 24919 25277 101.44 138.44
2001- 18000 25900 25741 99.39 143.89
2002
2002-03 18000 25050 25073 100.09 139.16
2003-04 18000 25720 25407 98.78 142.89
2004-05 42000 31098 31029 99.79 74.04
2005-06 42000 37432 37575. 100.38 89.12

35
MANAGEMENT OF THE COMPANY :
Delta Paper Mills Ltd has promoted by Andhra Pradesh Industrial Development
Corporation and Sri. Bh.V.K. Raju and Associates as a joint venture. Its management board
consists of 9 directors. Some are the representatives of shareholders and some of them are
nominees of APIDC and other financial Institutions since its inception, Sri BH. V.K.RAJU
acted as CEO of the company. But due to sudden demise of BH.V.K.RAJU in the year 1995,
his wife Smt. BH.K.K. Kasturi took the reins of the company. Later there was a change in the
management, the local M.L.A Sri P.V. Narasimharaju took the control and served as CEO for
a brief period.

In the year 1997-98, some major changes have taken place in the management and composition
of Board of Directors. APIDC, which held 9,34000 shares representing 28.24% of paid
up capital in the DPM, decided to disinvest its shares through public offer. Laila group
led by Sri. G.Ganga Raju, G. V.K. Raju and their associates acquired the management
control by giving highest bid for APIDC held shares. As a sequence, some major
changes have taken place at the top level of the management. APIDC had withdrawn
its nominees in the boards. Finally members of the Laila have occupied directorships
in the board. Now the board of directors of DPM consists of

Sri G.Ganga Raju CHAIRMAN

Sri. G.V.K. Ranga Raju MANAGING DIRECTOR
DIRECTORS:
Sri G.V. NARASIMAHA RAJU, SRI .G. RAMA RAJU
SRI BH. K.K.K KASTURI, DR. M.V.G. RAO

36
 CHAPTER-IV
THEORETICAL FRAMEWORK

37
INTRODUCTION:
The management of current assets is similar to that of fixed assets in the sense that in
both cases a firm analyses their effects on its return and risk. The management of fixed and
current assets, however, differs in three important ways: First, in managing fixed assets, time
is a very important factor; consequently, discounting and compounding techniques play a
significant role in capital budgeting and a minor one in the management of current assets.
Second, the large holding of current assets, especially cash, strengthens the firm’s liquidity
position (and reduces risky ness), but also reduces the overall profitability. Thus, a risk-return
trade off is involved in holding current assets. Third, levels of fixed Assets as well as current
assets fluctuations in the short run. Thus, the firm has a greater degree of flexibility in managing
current assets.
Reflects the liquidity of a company and its ability to meet its short term
obligations. Working Capital is determined by subtracting total current liabilities from total
current assets.
Current assets are cash and other company assets that can be readily turned into cash
within one year.
Current liabilities are the liabilities of a company due and payable within one year.
For a company to remain solvent, it must be able to meet its current liabilities and thus
have an adequate amount of working capital.
The amount of working capital considered adequate may vary from one company to
another depending on the type of business, composition of current assets, inventory turnover
rate and credit terms.

MEANING OF WORKING CAPITAL:

Every organisation needs a capital which is used to satisfy the day to day trading
operations. Working capital is calculated as on current assets minus current liabilities as of
specific date. The amount of current assets and current liabilities are obtained from the
company’s balance sheet.

38
DEFINITIONS OF WORKING CAPITAL:-

1. Working Capital is excess of current assets over current liabilities.”

- Guthmann & Dougall

2. Working Capital refers to a firms investment in short term Assets, cash, short
term securities, account receivables and inventories.”

- Weston & Beigham

3. Working capital is amount of funds necessary to cover the cost of operating

the enterprise.”
- Shubin

39
CONCEPTS OF WORKING CAPITAL
There are two different concepts of Working Capital. They are:

1. Gross Working Capital:-

It is also known as current capital or circulating capital. It is represented by the sum
total of current assets of the enterprise.
Current assets:- current assets are the assets, which can be converted into cash within an
accounting year or within the operating cycle, whichever is greater the current assets include
basically inventories of all categories, trade debtors, cash, short-term securities, bills
receivables, spares & stock and other current assets including prepaid expenses and advance
payment of tax.

40
2. Net Working Capital:-
It refers to the difference between current assets and current liabilities.
Current Liabilities- Current Liabilities are those claims of outsiders, which are expected to pay
within the next accounting year or operating cycle. Normally all those liabilities that are
required to be paid within a period of one year are regarded as current liabilities. They include
sundry creditors, short- term, bank borrowings, and bills payable provisions for taxation, bonus
and dividend etc.

Advantages:-

 Gives a company the ability to meet its current liabilities.

 Expand its volume of business.
 Take advantage of financial opportunities as they arise.

Disadvantages:-

 Lack of sufficient working capital and inability to liquidate current assets are frequent
causes of business failure.

41
TYPES OF WORKING CAPITAL:
Working capital can be divided in to two categories on the basis of time they are:

1) Permanent Working Capital: -

The minimum level of current assets is referred to as permanent or fixed or long-term

Working Capital. Sources of permanent Working Capital are:-
a) Shares
b) Debentures
c) Loans from financial institutions
d) Plugging back of profits

42
2) Temporary Working Capital: -

The extra Working Capital needed to support the changing production and sale activities
is called the temporary working capital or short-term working capital. It is fluctuable that is
sometimes increasing and sometimes decreasing. Sources of temporary Working Capital are:
a) Public deposits
b) Short-term borrowings
c) Advances and accounting receivables

ESTIMATION OF WORKING CAPITAL

PARTICULARS AMOUNT AMOUNT
(A) CURRENT ASSETS
CASH XXX
DEBTORS XXX
STOCK XXX
ADVANCE PAYMENTS

TOTAL CURRENT ASSETS XXXX

(B) CURRENT LIABILITIES

CREDITORS XXX
LAG IN PAYMENT OF EXPENSES XXX

TOTAL CURRENT LIABILITIES XXXX

WORKING CAPITAL(A-B) XXX

ADD: MARGIN FOR CONTINGENCIES XXX
NET WORKING CAPITAL REQUIRED XXX

43
SOURCES OF WORKING CAPITAL:
The sources of working capital are as follows:

 Issue of shares:
Indian companies find themselves in a bad shape in its context too. Low profit margin
as well as lack of knowledge about the company make the success of a capital issue
very dim.
 Loans from financial institutions:
Financial institutions do not provide finance for working capital
requirements.Further,this facility is not available to all companies. For small
companies, this option is not practical.
 Accepting public deposits:
The next alternative is public deposits. The issue of tapping public deposits is directly
relatedto the image of the company to invite public deposits.
 Raising funds by internal financing:
Raising equity by operational profits poses problems for many companies,because
prices of their end-products are controlled and do not permit companies to earn profits
sufficient to pay reasonable dividend and retain profits to cover margin
moneyrequirements to finance additional working assets.

44
PRINCIPLES OF WORKING CAPITAL:
1. PRINCIPLE OF RISK VARIATION:
Risk refers to inability of an organisation to maintain enough current assets to pay its
obiligations. in other, there is a definte relationship between the degree of risk and the rate of
return.
2. PRINCIPLE OF COST OF CAPITAL:
The principle emphasises the different sources of finance for each source has a different
cost of capital.it should be remember that the cost of capital moves inversely with risk.
3. PRINCIPLE OF EQUITY POSITION:

According to this principle, the amount of working capital invested in each componenet
should be adequately justified by a firm’s equity position.

4. PRINCIPLE OF MUTURITY OF PAYMENTS:

A company should make every effort to relate maturities of payments to its flow of
internally generated funds they should be least disparity between the maturities of a firm’s
short-term debt instruments and its flow of internally generated funds because a greater risk is
generated with greater disparity.

45
OPERATING CYCLE

Operating cycle is the time duration required to sales after the conversion of resources
in to inventories into cash. The operating cycle manufacturing company involves three phases.
They are:

1) Acquisition of resources such as raw material, labor, power and fuel etc.
2) Manufacturing of the product, which includes conversion of raw material into work in
progress into finished goods.
3) Sale of the product either for cash or credit. Credit sales create book debts for collection.

The length of the operating cycle of a manufacturing firm is the sum of:-
a) Inventory conversion period
b) Book debts conversion period
c) The inventory conversion period the total time needed for producing and selling
the product.

TYPICALLY IT INCLUDES:-
 Raw materials conversion period [RMCP]
 Work in progress conversion period [WICP]
 Finished goods conversion period [FGCP]

The book debts conversion period is the time required to collect outstanding amount from
customers the total of inventory conversion period and book debts conversion period is
sometimes required to as gross operating cycle.

Longer the cycle = Higher the Working Capital

Shorter the cycle = Lower the Working Capital

46
 Higher Working Capital needs more funds hence to depend to external financing
company has to pay more interest. Hence the operating cycle should be an optimal mix.

A) RMCP = Raw Material Conversion Period.

B) WICP = work-in-progress Conversion Period.
C) FGCP = Finished Goods Conversion Period.
D) ICP = Inventory Conversion Period.

OPERATING CYCLE OF A FIRM

Debtors Sales

Finished goods
Cash

Raw
Work- in-
Material
progress

The operating cycle in manufacturing concern increases following activities:

1) Conversion of cash into Raw Material.
2) Conversion of Raw-Material into Work-In-Progress.
3) Conversion of work-in-progress into Finished Goods.
4) Conversion of Finished Goods into Debtors & Bills Receivables through Sales.
5) Conversion of Debtors & Bills Receivables into Cash.

47
FORMULAS

1) Raw Material Conversion Period [RMCP]

Raw Material Stock

RMCP =---------------------------------------- 360

Annual Consumption

2) Work-in-Progress Conversion Period

Work in progress
WIPCP = ----------------------------- x 360
Cost of production

3) Finished Goods Conversion Period [FGCP]

Finished goods
FGCP = ------------------------- x 360
Cost of goods sold

4) Sundry Debtors Collection Period [DCP]

Sundry debtors
DCP = -------------------------------- 360
Gross sales

5) Payable Differed Period [PDP]

Sundry creditors
PDP = --------------------------- x 360
Purchases

GROSS OPERATING CYCLE [GOC] = RMCP +WIPCP +FGCP +DCP.

48
NET OPERATING CYCLE [NOC] = RMCP +WIPCP + FGCP + DCP – PDP.

THE IMPORTANCE OF WORKING CAPITAL

Every business needs adequate liquid resources in order to maintain day-to-day cash
flow. It needs enough cash to pay wages and salaries as they fall due and to pay creditors if it
is to keep its workforce and ensure its supplies.

Maintaining adequate working capital is not just important in the short-term. Sufficient
liquidity must be maintained in order to ensure the survival of the business in the long-term as
well.

Even a profitable business may fail if it does not have adequate cash flow to meet its
liabilities as they fall due.
Therefore, when businesses make investment decisions they must not only consider the
financial outlay involved with acquiring the new machine or the new building, etc, but must
also take account of the additional current assets that are usually involved with any expansion
of activity.

Increased production tends to engender a need to hold additional stocks of raw materials
and work in progress. Increased sales usually mean that the level of debtors will increase. A
general increase in the firm’s scale of operations tends to imply a need for greater levels of
cash.

Working Capital is just like the heart of Business. If it becomes weak, the business can
hardly prosper & survive. The following are some advantages.

1) CASH DISCOUNTS: -
If proper cash balance is maintained the business can avail of the cash discounts facilities
offered to it by the suppliers.

49
2) LIQUIDITY AND SOLVENCY: -
The proper administration of Working Capital enhances the liquidity in funds and solvency
and credit worthiness of the concern.

3) MEETING UNSEEN CONTINGENCIES: -

It provides funds for unseen contingencies so that business can successfully said through
the periods of crisis.

4) GOOD BANK RELATIONS: -

Good relations with bank can also be maintained the enterprise by maintaining an
adequate amount of Working Capital is able to maintain a sound bank credit & can escape
insolvency.

50
DETERMINANTES OF WORKING CAPITAL

Should plan its operation in such a way that it should have neither too little of Working
Capital. The total Working Capital requirement is determined by a wide verity of factors. It
should however be noted that these factors affect different enterprises differently. They also
vary from time to time. In general, the following factors are involved in a proper assessment
of the quantum of Working Capital required they are:-

1) Production Policies:-
Production Policies scheduled i.e., the plan for production has great influence on the
level of inventories, in some cases, raw material can be produced only in a particular in season
and have to be stocked for the production of the whole year.
A sugar industry, which belongs to a seasonal factor, would obviously have its Working
Capital need affected by the length of the crushing season.

2) Nature of the business: -

The shorter the manufacturing process, the lower is the requirement of Working Capital.
This is because in such a case, inventories must be maintained at a low level. Longer the
manufacturing process, the higher would be the requirement of Working Capital. Therefore,
trading firm requires low Working Capital than a manufacturing firm.
3) Firm’s credit policy: -
The credit policy of a company also determines the requirement of Working Capital. A
company that allows liberal credit to its customers may have higher sales but consequently will
have larger amounts of funds tied up in sundry debtors. Similarly, a company which has
efficient debt collection machinery and offers strict credit term’s, may require lesser amount of
Working Capital.

4) Inventory policy: -
The inventory policy of a company also has an impact on the Working Capital
requirement since a large amount of funds are normally locked up in inventories.

51
5) Abnormal factor: -
Abnormal factors like strikes and lockouts also require additional working capital.
Reversionary conditions necessitate a higher amount of stock of finished goods remaining
unsold.
6) Operating efficiency: -
If the activity cycle operates successfully, the working capital structure becomes strong. If
there is decline or loss of operating efficiency, there will be drain of the cash flows before the
completion of the cycle. If the costs raise up there will be decline in the net profit. Therefore,
effective control of costs will have an impact on the net profit and liquidity.
7) Profit level:-
The net profit earned by a business forms the most important element in working capital
structure. The management should try its best maintain the structure in a healthy state by the
earning of satisfactory profits. The activity cycle must be controlled to reach successful
conclusion. By doing so, the amount of cash generated by the cycle will be greater than the
amount originally invested so that cycle may be self-financing.
8) Price level changes:-
Changes in price level will affect the working capital structure. With a view to keep pace
with the raising level, the company has to maintain sufficient stock. Consequently, the level of
investment in stock tends to rise in value. Unless this raise is matched with raising levels of
revenue, there will be drain on the working capital. Therefore, under inflationary conditions,
excessive stocks held will serve as a counter to inflation if they can be disposed off at inflated
price level.
9) Taxation:-
Taxation is a short-term liability payable in cash. Advance payment of tax may have to be
paid on the basis of anticipated profits. Tax is the first appropriation out of profits. Higher the
tax, greater is the strain on the working capital of the company.

10) Government regulations and restrictions: -

Regulations and restrictions by the Government and reserve bank of India through such
controls, as credit control, import regulations, influences the working capital of companies. For
instance, tehTYandon Committee has prescribed norms for holding inventory and debtors,
which the company is not expected to exceed.

52
TECHNIQUES:-
There are many popular methods available for forecasting Working Capital as follow

1) CASH FORECASTING METHOD:

In this method the position of cash at the end of the period is shown after
considering the receipts & payments to make during that period.

2) BALANCE SHEET METHOD:

In this method forecasting, a forecast is made of the various assets & liabilities of
the business.

3) PROFIT AND LOSS ADJUSTMENT METHOD:

Under this forecasted profit are adjusted after adding the cashing flows & deducting
the cash in flows.
4) PER-CENT OF SALES METHOD:
Having determined the sales accurately, steps can be taken to forecasts the Working
capital is determined as a percent of forecasted sales. It is decided on the basis of part
observations. It can be expressed in 3 ways:
1) As number of days of sales
2) As turnover
3) As percentage of sales.

5) OPERATION CYCLE METHOD:

This method of Working Capital forecast is based on the operation cycle concept
of Working Capital.
6) REGRESSION ANALYSIS METHOD:
The regression technique is a very useful statistical technique of Working Capital
forecasting. In the sphere of Working Capital management, it helps in making projection after
establishing the average relationship in the past years between sales & Working Capital and its
various components.

53
Management of working capital
Guided by the above criteria, management will use a combination of policies and
techniques for the management of working capital. These policies aim at managing the current
assets (generally cash and cash equivalents, inventories and debtors) and the short term
financing, such that cash flows and returns are acceptable.

 Cash management:
Identify the cash balance which allows for the business to meet day to day expenses,
but reduces cash holding costs.

 Inventory management.
Identify the level of inventory which allows for uninterrupted production but
reduces the investment in raw materials - and minimizes reordering costs - and hence
increases cash flow; see Supply chain management; Just In Time (JIT); Economic order
quantity (EOQ); Economic production quantity (EPQ).

 Debtors Management.
Identify the appropriate credit policy, i.e. credit terms which will attract customers,
such that any impact on cash flows and the cash conversion cycle will be offset by
increased revenue and hence Return on Capital (or vice versa); see Discounts and
allowances.

 Short term Financing.

Identify the appropriate source of financing, given the cash conversion cycle: the
inventory is ideally financed by credit granted by the supplier; however, it may be
necessary to utilize a bank loan (or overdraft), or to "convert debtors to cash" through
"factoring".

54
 CHAPTER-V
DATA ANALYSIS
&
INTERPRETATION

55
ANALYSIS OF WORKING CAPITAL:-

The financial management always tries to maintain an adequate Working Capital at

every time so as to carry on day-to-day operations of the firm successfully and economically.
There are in having too little or too much Working Capital therefore, the finance manager has
to be very vigilant all through out about the trends in the items that make up the Working
capital. This process requires a careful enquiry into the current assets and current liabilities as
to control the Working Capital and to conserve it properly.

OBJECTS OF ANALYSIS:-

1) To maintain adequate working capital at every time

2) To maintain the cost of short term financing
3) To plan the various source of short term finance will in advance in care of need.
4) To study trends in Working Capital positions.
5) To assess the effectiveness of the management of current assets.

TOOLS OF WORKING CAPITAL ANALYSIS

A) STATISTICS:-
1) Movement of Working Capital statement
2) Schedule of changes in Working Capital Management
3) Working capital ratios.

B) DYNAMIC TOOLS:-
1) Funds flow analysis
2) Cash flow analysis
3) Working capital budget
4) Working capital reports

56
In the process of analysis we cover working capital ratios like:-
1) CURRENT RATIO
2) QUICK RATIO
3) WORKING CAPITAL TURNOVER RATIO
4) NET WORKING CAPITAL RATIO
5) DEBTOR TURNOVER RATIO
6) AVERAGE COLLECTION PERIOD
7) STOCK TURNOVER RATIO

57
ANALYSIS OF WORKING CAPITAL
NET WORKING CAPITAL:-
Net Working Capital = Current Assets -Current Liabilities
(Rs.in Lakh)

Particulars 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019

CURRENT
ASSETS

Inventory 5784.25 7149.78 9441.10 12671.03 14282.1

Sundry Debtors 6481.68 10246.3 10745.35 22295.06 22770.2

Cash & Bank 195.16 144.97 971.54 827. 42 95468.09

Loans &
1180.82 1893.41 3501.92 4622 .57 70280.98
advances

Total C.A 13641.9 19434.46 24659.91 40416.08 202801.4

CURRENT
LIABILITIES
current
3911.51 6013.69 6480.91 15666.29 14887.93
liabilities

provision 270.06 715.22 1100.81 133 9.70 19540.91

Total C.L 4181.57 6728.91 7581.72 17005.99 34428.84

Net Working
9460.34 12705.55 17078.19 23410.09 28193.05
Capital

58
STATEMENT SHOWING CHANGES IN WORKING CAPITAL

FOR THE YEAR 2014 - 2015 to 2015 - 2016.

(Rs.in Lakhs)

DECREAS
PARTICULARS 2014-2015 2015-2016 INCREASE
E
Current Assets
Inventories 5784.25 7149.78 1365.53 -
sundry Debtors 6481.68 10246.3 3764.62 -
Cash &Bank 195.16 144.97 - 50.19
Loans &Advances 1180.82 1893.41 712.59 -
TOTAL C.A 13641.91 19434.46
Current Liabilities
current liabilities
current liabilities 3911.51 6013.69 - 2102.18
provision 270.06 715.22 - 445.16
TOTAL C.L 4181.57 6728.91
Networking
9460.34 12705.55
capital
Increase in working
3245.21 - 3245.21
capital
Total of Working
12705.55 12705.55 5842.74 5842.74
Capital

59
STATEMENT SHOWING CHANGES IN WORKING CAPITAL
FOR THE YEAR 2015 - 2016 to 2016 - 2017.
(Rs. In Lakhs)
Particulars 2015-2016 2016-2017 INCREASE DECREAE

Current Assets -A
Inventories 7149.78 9441.10 2291.32

sundry Debtors 10246.3 10745.35 499.05

Cash & Bank 144.97 971.54 826.57

Loans &Advances 1893.41 3501.92 1608.51

total { A} 19434.46 24659.91

Current Liabilities-B
current liabilities 6013.69 6480.91 467.22

provisions 715.22 1100.81 385.59

total {B} 6728.91 7581.72
Net working
12705.55 17078.19 852.81
capital {A -B}
Increase in w.c 4372.69 4372.69
Total of Working
17078.19 17078.19 5225.45 5225.45
Capital

60
STATEMENT SHOWING CHANGES IN WORKING CAPITAL

FOR THE YEAR 2016 - 2017 to 2017 - 2018.

(Rs.in Lakhs)
PARTICULARS 2016 - 2017 2017 - 2018 INCREASE DECREASE

Current Assets {A}

Inventory 9441.10 12671.03 3229.93

Sundry Debtors 10745.4 22295.06 11549.66

Cash & Bank 971.54 827.42 144.12

Loans & Advances 3501.92 4622.57 1120.65

Total {A} 24659.91 40416.08

Current Liabilities
{B}
Current Liabilities 6480.91 15666.29 9185.38

Provisions 1100.81 1339.70 238.89

Total {B} 7581.72 17005.99 9568.39

Net Working
17078.19 23410.09
Capital {A-B}
Increase in Working
6331.9 6331.9
Capital
Total Working
23410.09 23410.09 15900.29 15900.29
Capital

61
STATEMENT SHOWING CHANGES IN WORKING CAPITAL

FOR THE YEAR 2017 - 2018 TO 2018 - 2019.

(Rs.in Lakhs)
PARTICULARS 2017 - 2018 2018 – 2019 INCREASE DECREASE
Current Assets
{A}
Inventory 12671.03 14282.1 1611.07

Sundry Debtors 22295.06 22770.2 475.14

Cash & Bank 827.42 954.68 127.26

Loans & Advances 4622.57 7028.09 2405.52

Total {A} 40416.08 45035.07

Current Liabilities
{B}
Current Liabilities 15666.29 14887.93 778.36

Provisions 1339.7 1954.09 614.39

Total {B} 17005.99 16842.02

Net Working
23410.09 28193.05
Capital {A-B}
Increase in
4782.96 4782.96
Working Capital
Total Working
28193.05 28193.05 5397.35 5397.35
Capital

62
RATIO ANALYSIS

CURRENT RATIO:
The current ratio of a firm measures its short term solvency i.e., its ability to meet short
term obligations. The higher the current ratio the better short term solvency of the firm. The
conventional rule for current ratio is 2:1.

Current Ratio = Current Assets / Current Liabilities

(Rs in Lakhs)
Table 4.01
Statement Showing the Current Ratios from the Year 2014 – 2019
( Rs. In Lakhs )
Current
Year Current Assets Current Liabilities Ratio
2014-15 13683.97832 7120.14177 1.92
2015-16 22125.67781 16945.84911 1.31
2016-17 25650.33029 15855.01794 1.62
2017-18 41221.72047 29114.28179 1.42
2018-19 53526.06109 34141.23985 1.57

Source: Annual Reports

63
INTERPRETATION:-
The above Table shows the Current Ratios from 2014 – 2019 i.e., 1.92, 1.31, 1.62, 1.42
and 1.57 respectively. From the above analysis we can say that working capital ratio changes
from year to year and it doesn’t reach the standard norm of Current Ratio i.e., 2:1 in any year.
It means the Current Ratio of the Company is not in a satisfied manner.

The Current Ratio doesn’t satisfy the Standard norm of Current ratio i.e., 2:1 in any
year. The Short term solvency position of the company is not satisfactory. The firm is suffering
from Shortage of Working Capital.

64
QUICK RATIO:-
Quick Ratio is also known as Acid Test Ratio. Quick ratio is a measure of firm’s ability
to serve short term liabilities. A Quick ratio of 1:1 is considered satisfactory of firm can easily
meet all its current claims

QUICK RATIO = QUICK ASSETS /CURRENT LIABILITIES

Table 4.02
Statement showing the Liquid Ratios from 2014 – 2019
(Rs. In Lakhs)
Year Quick Assets Current Liabilities Ratio
2014-15 1241186421 712014177 1.74
2015-16 1913273291 1694584911 1.13
2016-17 2359514452 1585501794 1.49
2017-18 3334622136 2911428179 1.15
2018-19 4618387528 3414123985 1.35
Source: Annual Reports

65
INTERPRETATION:-
The above table shows the Liquid Ratio from 2014 -2019 i.e., 1.74, 1.13, 1.49, 1.15 and
1.35 respectively. From the above analysis we can say that the Liquid ratio changes from year
to year and it reach the standard norm of Liquid ratio i.e., 1:1 in all years. It means the Liquid
Ratio of the Company is in a satisfied manner.

The Liquid ratio of the Company is satisfying the Standard Norm in all the years. The
Company have sufficient cash to meet its Short-term liabilities. The Company has enough
liquidity position to discharge its short-term liabilities as and when required.

66
WORKING CAPITAL TURNOVER RATIO:-
Working capital turnover ratio indicates the velocity of the utilization of the
networking capital. This ratio also measures the efficiency with which the working
capital is being used by a firm. A very high working capital turnover ratio is not good
situation for any firm and hence care must be taken while interpreting the ratio.

Net Sales
WORKING CAPITAL TURNOVER RATIO =
Net Sales
Working Capital

Table 4.03
Table showing the Working Capital Turnover Ratio from 2014 - 2019
(Rs. In Lakhs)

Year Net Sales Working Capital Ratio

2014-15 14739.7221 6563.83655 2.25
2015-16 19694.8877 5179.8287 3.8
2016-17 3124.15548 9795.31235 3.2
2017-18 36802.1873 12107.43867 3.04
2018-19 75213.0185 19384.82124 3.88

67
INTERPRETATION:-
The above table shows the Working Capital Turnover Ratio from 2014 – 2019 i.e.,
2.25, 3.8, 3.2, 3.04 and 3.88 respectively. From the above analysis we can say that there are
some minor fluctuations in Working Capital Turnover Ratio. In all the years i.e., from 2014 -
2019 the Nets sales is more than double when compared to Working Capital.
From this we can say that the company is utilizing Working Capital in an efficient
manner.

68
DEBTORS TURNOVER RATIO:-
Debtors Turnover Ratio measures how rapidly debts. The higher the ratio indicates the better
the management of credit and higher the efficiency.

DEBTORS TURNOVER RATIO =CREDIT SALES / AVERAGE DEBTORS

Table 4.04
Statement showing the Debtors Turnover Ratio from 2014 – 2019
(Rs. In Lakhs)

Year Sales Average Debtors Ratio

2014-15 17019.5391 4909.56097 3.47
2015-16 21890.2069 8427.38874 2.59
2016-17 35174.4321 13758.21283 2.56
2017-18 42408.4084 20304.04007 2.09
2018-19 82894.5834 34778.05172 2.38

69
INTERPRETATION:-
The above table shows the Debtors Turnover Ratio from 2014 – 2019 are 3.47, 2.59,
2.56, 2.09 and 2.38 respectively. From the year 2014-15 the Debtors Turnover Ratio is
gradually declining and there is a slight increase in the year 2018-19 i.e., 2.38 when compared
to 2017-18.

The Company’s Debtors Turnover Ratio from 2014-2019 represents that there is an
efficient Management of Debtors.

70
AVERAGE DEBTORS COLLECTION PERIOD :
The average collection period represents the average number of days for which
the firm must wait after making a sale before collection cash from the customers. This
ratio is as follows.
AVERAGE COLLECTION PERIOD = DAYS IN A YEAR / DEBTORS TURNOVER

Table 4.05
Statement showing the Average Debtors Collection Period from 2014 – 2019
(Rs. In Lakhs)
Debtors
Days in a year Collection Period
Year Turnover Ratio
2014-15 365 3.47 105
2015-16 365 2.59 141
2016-17 365 2.56 143
2017-18 365 2.09 175
2018-19 365 2.38 153

71
INTERPRETATION:-
The above table shows the Average Debtors Collection Period from the year 2014 –
2019 i.e., 105, 141, 143, 175 and 153 respectively. From the above analysis we can say that
there is a gradual increase in Averages Debtors Collection Period from 2015-2019. In the year
2014 the Averages Debtors Collection Period is just 105 days that means there is a better quality
of Debtors as a short collection period implies quick payment of Debtors i.e., efficient
collection performance.

The Average Debtors Collection Period is in the year 2014 is 105 days that indicates
the efficient collection performance. In the year 2018 the Averages Debtors Collection Period
is 175 days that means inefficient collection performance is in the company. The Average
Debtors Collection Period of the Company is not in a better way. This is not a good sign to the
Company.

72
RAW METERIAL CONVERSION PERIOD:

RAW MAETERIAL CONVERSION PERIOD 2014-2019

RAW MATERIAL
YEAR PARTICULARS
INVENTORY
Average
Average Raw Material
Raw
Opening Closing raw material Consumption
Material /
inventory [RMC]
RMCx360
2014-15 1007.6 1660.73 1334.16 4941.9 97
2015-16 1660.73 1952.37 1806.55 5964.7 109
2016-17 1952.37 3156.93 2554.65 7401.9 124
2017-18 3156.93 6715.37 4936.15 19349.27 92
2018-19 6715.37 8772.44 7743.9 19608.84 142

ANALYSIS:-
The actual banking norm for the conversion is 4 months i.e., 122 days. But the raw
material conversion period of the year 2014-15 has exceeded the norm. This implies that the
conversion of raw material into work-in-progress resulting in the accumulation of unnecessary
stocks and obsolescence in the long run.

The conversion period of the company in the years from 2017-2018 to 2018-2019 is
92 to 142 days, which resulting to increase the funds tied up in the process of conversion.

73
CHAPTER – V
FINDINGS,
SUGGESTIONS,
&
CONCLUSION.

74
 FIDINGS
 Stronger focus on generating increased levels of cash flow and on cash management

 Using the A B C analysis, organization can various types of goods value identify viz.,
high consumption value moderate value and low consumption value.

 Each item of material is used in two bins and is issued continuously from one bin until
stock material is emptied in that bin.

 The stores ledger is maintained to know the stock level.

 Working capital management of the Delta Paper Mills Ltd is highly satisfactory due to
efficient management of inventory, debtors, cash balances and working funds.
 The Current Ratio doesn’t satisfy the Standard norm of Current ratio i.e., 2:1 in any
year. The Short term solvency position of the company is not satisfactory. The firm is
suffering from Shortage of Working Capital.
 The Liquid ratio of the Company is satisfies the Standard Norm in all the years. The
Company have sufficient cash to meet its Short-term liabilities.
 The Average Debtors Collection Period of the Company is not in a better way. This is
not a good sign to the Company.

75
 SUGGESTIONS
To study the management practices of Delta Paper Mills Ltd:
 Some amount of expenditure authority has also to be passed on the lower level.
 If authority is passed on the lower level it will increase responsibility in them, which will help
in motivating them.
To study the Growth of Delta Paper Mills Ltd:
 Company should try to control its expenditures by reducing Administration and Repairs &
Maintenance expenditure.
 Net current assets should be maintained at a steady level by keeping a fixed level of inventories.
 Company should try to improve total income and other incomes by increasing product sales.
To study the financial performance of Delta Paper Mills Ltd:
 Company should try to improve its current ratio either by increasing current assets or
decreasing current liabilities.
 Increasing product sales should increase net profit margin.
 Increasing reserves & surplus should increase book value of shares.

76
 BIBLIOGRAPHY
BOOKS:-
S.NO AUTHOR TITLE PUBLISHER
FINANCIAL VIKAS PUBLISING
1
KHAN AND JAIN MANAGEMENT HOUSE PVT LTD
FINANCIAL
MANAGEMENT TATA MCGRAW –
2
PRASANNA CHANDRA THEORY AND PUBLISING CO LTD
PRACTICE

3 FINANCIAL VIKAS PUBLISING

I.M PANDEY
MANAGEMENT HOUSE PVT LTD

4 SHARMA & SHASHI. K FINANCIAL

KALYANI PUBLISHERS
GUPTA MANAGEMENT

5 FINANCIAL GALGOTIA PUBLISING

RUSTAGI R.P
MANAGEMENT HOUSE

WEBSITE:-
www.google.com
www.wikipedia.org

77