Working Capital Management In A Manufacturing Company Finance Essay - Free Essay Example

Era Buildsys Limited is the pre- engineering arm of the Era group of companies. An ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:2007 certified company, Era Buildsys holds the distinction of being one of the single largest, fastest growing and fully integrated PEB manufacturing units at Pantnagar in North India. The Company is equipped with a fully integrated facility, an automated laboratory and ultra-modern machinery for offering complete turnkey Pre-Engineered Building (PEB) solutions for hi-end applications across diverse sectors. The groups construction prowess and over two decades of experience have armed Era Buildsys with remarkable design, execution, erection and on-time delivery capabilities. Working capital is the life blood of the company. From February to May 2011, I propose to conduct a thorough analysis of the working capital management at Era Buildsys Limited. I plan to study the working capital requirements of the company by analyzing the secondary information available in annual reports, company records and other internal reports. The project contain the basic postulates of working capital, procedure of analysis of working capital, ratio being used to define the working capital and the impact of working capital in the company in case of excess or inadequacy. Also, the project contains analysis of estimation of working capital requirement and the procedure to estimate working capital requirement in manufacturing and trading concern and from the data available it can be concluded that it holds a very strong position in the market. Working capital management is a very important facet of financial management due to: Investment in current asset represents a substantial portion of total investment. Investments in current asset and level of current liability have to be geared quickly to change sales. I also plan to collect the data regarding company policies, future plans, possible expansions etc. by interviewing head of departments and other staff for deriving my own set of assumptions to come out with the projected financial figures, which are needed for the completion of credit monetary assessment form. After compilation and tabulation of the above said data, I plan to analyze it with the help of different financial ratios and other financial instruments and compare the result with industry benchmarks, hence identifying the financial strengths and weakness of the company. Finally after a thorough analysis of the data, a set of most important attributes/ c omponents can be found out, which has a major contribution to the working capital cycle or requirement of the company. So that steps or methods can be identified to control or manage these components. Review of literature: Impact of Working Capital Management Policies on Corporate Performance-An Empirical Study Sushma Vishnani, Bhupesh Kr. Shah (2007) It is felt that there is the need to study the role of working capital management policies on profitability of a company. Conventionally, it has been seen that if a company desires to take a greater risk for bigger profits and losses, it reduces the size of its working capital in relation to its sales. If it is interested in improving its liquidity, it increases the level of its working capital. However, this policy is likely to result in a reduction of the sales volume, therefore of profitability. Hence, a company should strike a balance between liquidity and profitability. In this paper an effort has been made to make an empirical study of Indian Consumer Electronics Industry for assessing the impact of working capital policies practices on profitability during the period 1994-95 to 2004-05. The impact of working capital policies on profitability has been examined by computing coefficient of correlation and regression analysis between profitability ratio and some key working capital policy indicator ratios. Working Capital Management: A Study on British American Tobacco Bangladesh Company Ltd. Md. Sayaduzzaman (2007) The efficiency of working capital management of British American Tobacco Bangladesh Company Ltd. is highly satisfactory due to the positive cash inflows, planned approach in managing the major elements of working capital. Applications of multi-dimensional models of current assets mix may have positive impact on the continuous growth development of this multinational enterprise. This depends on co-operation of the stakeholders and business environment in the context of globalization. The Effect of Working Capital Management on Firm Profitability: Evidence from Turkey F. Samiloglu and K. Demirgunes (2008) The aim of this study is to analyze the effect of working capital management on firm profitability. In accordance with this aim, to consider statistically significant relationships between firm profitability and the components of cash conversion cycle at length, a sample consisting of Istanbul Stock Exchange (ISE) listed manufacturing firms for the period of 1998- 2007 has been analyzed under a multiple regression model. Empirical findings of the study show that accounts receivables period, inventory period and leverage affect firm profitability negatively; while growth (in sales) affects firm profitability positively. Working Capital Management, Growth and Performance of New Public Companies By Beneda, Nancy, Zhang, Yilei (2008) The current study contributes to the literature by examining impact of working capital management on the operating performance and growth of new public companies. The study also sheds light on the relationship of working capital with debt level, firm risk, and industry. Using a sample of initial public offerings (IPOs), the study finds a significant positive association between higher levels of accounts receivable and operating performance. The study further finds that maintaining control (i.e. lower amounts) over levels of cash and securities, inventory, fixed assets, and accounts payables appears to be associated with higher operating performance, as well. We find that IPO firms which are experiencing unusually high growth tend not to perform as well as those with low to moderate growth. Further firms which are experiencing high growth tend to hold higher levels of cash and securities, inventory, fixed assets, and accounts payables. These findings tend to suggest that firms are willing to sacrifice performance (accept low or negative operating returns) to increase their growth levels. The higher level of growth is also associated with higher operating and financial risk. The findings o f this study suggest that perhaps IPO firms should stay more focused on their operating performance than on maintaining high growth levels. Working Capital and Financial Management Practices in the Small Firm Sector Michael J. Peel, Nicholas Wilson (2008) MICHAEL J. PEEL IS A LECTURER IN accountancy and finance at Cardiff Business School, University of Wales, and Nicholas Wilson is Professor of Credit Management at the University of Bradford, England. Very little research has been conducted on the capital budgeting and working capital practices of small firms. The purpose of this paper is to present the results of a preliminary study on the working capital and financial management practices of a sample of small firms located in the north of England. In general, the results of the survey indicated that a relatively high proportion of small firms in the sample claimed to use quantitative capital budgeting and working capital techniques and to review various aspects of their comp anies working capital. In addition, the firms which claimed to use the more sophisticated discounted cash flow capital budgeting techniques, or which had been active in terms of reducing stock levels or the debtors credit period, on average tended to be more active in respect of working capital management practices. It is hoped that the issues raised will stimulate further theoretical and empirical contributions on this neglected and important area of small business research. Study on working capital management Stuttgart/Munich, June 29, 2009 Roland Berger Strategy Consultants study on working capital management: Optimizing current assets helps tap into cash potential and build buffers against insolvency Our study entitled Working capital Cash for recovery looks at 216 European companies with total sales of EUR 3,700 billion and total EBIT of EUR 422 billion Presently, the insolvency risk is increasing as higher cash requirements coincide with reduced cash supply and high financing costs Internal sources of finance are becoming more interesting: one of the main lever is tapping into the cash potential in working capital The companies surveyed had a combined potential of EUR 353 billion in Q1 2009, roughly one third more than in 2008. Relative to tied-up working capital, utilities and engineered products companies have the greatest cash reserves hidden in their working capital. In the current economic situation, companies are facing a higher risk of insolvency. On the on e hand, they need more cash; on the other, lenders are more tightfisted than usual and the financing costs are higher. In its study entitled Working capital Cash for recovery, Roland Berger Strategy Consultants has analyzed 216 European companies by taking a close look at their internal sources of finance. Result- At the moment, releasing the cash reserves hidden in working capital offers the greatest potential for improving liquidity. According to the Roland Berger experts, the companies surveyed had a total cash potential of EUR 353 billion. This turned out to be especially true for utilities and engineered products companies. In the current recession, working capital is emerging as a key source of internal finance, says Roland Schwientek, Partner at Roland Bergers Operations Strategy Competence Center. Increased cash requirements and a reduced cash supply with higher financing costs combine to increase the likelihood of insolvency. In their study called Working capital Ca sh for recovery, the experts highlight alternative sources of internal finance: As some traditional sources of cash have dried up, the most promising solution is to tap into the liquidity potential hidden in working capital, says Schwientek. According to the experts, internal finance based on optimized working capital is much more effective than external finance. Even small improvements in receivables, inventories and payables can generate significant reductions in external finance requirements. Objective of the Project: To make item wise analysis of the elements or component of working capital to identify the items responsible for change in working capital. To study liquidity position of the company by taking various measurement. To analyze the management of Non- Fund based Working Capital limits of the company. To evaluate companys performance relating to financial statement analysis. To find out the utility of financial ratio in credit analysis and determining the financial capacity of the company. To identify the effectiveness of working capital management in Era Buildsys Limited and make suggestions for its improvement. Methodology: Collection of Data: In this project, I intend to collect the primary and secondary financial data about the company through various sources which are within and outside the company like annual reports, corporate magazines, policy manuals of different department etc. Collection of the primary financial data by interviewing the executives and staff of the company. Understanding the assumptions made by the company for the projection of its financial reports. Research Design: The research design for the comparative study is of exploratory type and the focus is given to discover the possible measures, by detailed analysis, for the company which would be helpful up to some extent to retain a good position in the competitive market. The research design is not formal and rigid one as the focus depends upon the availability of new ideas and relationship among variables. Analysis of Data: In order to analyze the data I would be using various tools. Those are as follows: Ratio analysis: It is an i mportant and age-old technique. It is a powerful tool of financial analysis. It is defined as the indicated quotient of two mathematical expression and as the relationship between two or more things. Systematic use of ratio is to interpret the financial statement so that the strength and weakness of a firm as well as its historical performance and current financial condition can be determined. Trend analysis Analysis of components of working capital Schedule: EXPECTED DATE ACTIVITY 31stMarch 2011 Study of literature available on the topic 10thApril 2011 Collection of relevant data 14thApril 2011 Analyze the collected data and use technical analysis 15thApril 2011 Submit the interim report 25thApril 2011 Interpret the data 30thApril 2011 Contact executives working in various departments and collect their views on the topic and result of the data. 7thMay 2011 Draft the project report 14thMay 2011 Edit the report and submit it to the organization and college Limitations of the study: The financial statements contain only historical data and would not necessarily reflect the future. It is difficult to account in price level changes in financial accounting. The reliability and accuracy of calculations and interpretation depends very much on the information supplied in the form of annual reports and other records. The bank may or may not show true financial result in annual report. Time factor plays a vital role. The study was conducted within 14 weeks is restricted for a period of three years.

Vignette. Audrey (Age 10) Has Lived With Her Foster Mother

Vignette: Audrey (age 10) has lived with her foster mother (Ms. Gomez) and four other non-kin foster children for one year. Due to neglect, she was removed from her mother’s care when she was eight years old. Audrey has weekly contact with her biological mother, but no contact with her biological father or siblings. She says that she feels welcomed and comfortable in Ms. Gomez’ home, but expects to live with her biological mother and siblings in the future. Audrey believes things would be different when she returns to live with her biological mother because her father will not be there to be mean to her and her mother. She also said, â€Å"I will never complain again about my daddy or anyone else, and then I won’t have to worry about the social†¦show more content†¦Audrey’s emotions must be handled with care, as the counselor guides her to understanding the situation and handling it properly. With this understanding it is evident that the most strategic me thod for helping Audrey is the Person-Centered Therapy utilizing the techniques the systematic-relational approach and the house, tree, person test. By using a mixture of the different techniques, it allows for a balance of flexibility and structure in Audrey’s progress. Person-Centered Therapy: The approach of the counselor should originate in the Person-Centered Therapy. The ultimate goal the person-centered therapy is to â€Å"provide the necessary and sufficient therapeutic conditions of congruence, unconditional positive regard, and empathetic understanding so that the client can freely grow to become more of a fully functioning person in a safe and supportive therapeutic environment† (Tan, 2011). Audrey has an innocent view toward her biological mother. She longs to be with her and often blames herself for the separation. Thus, it is vital that the counselor reinstates a healthy self-awareness to Audrey’s understanding of the situation. She needs to learn that the situation is not her fault and that she has done nothing wrong. This will help her to view herself positively and be more open with her counselor about the situation. It is vital that Audrey feel that her counselor is on her

The Eight Photos By John Thomson s Illustrations Of China...

Jiangnan Yao Prof. Franziska Seraphim TA: Lia Atanat HIST1006 Feb. 16th, 2016 The eight photos I chose were arranged in a particular order. The first four were selected from the Globetrotter’s Japan while the other four photographs were chosen from John Thomson’s Illustrations of China and Its People: A Series of Two Hundred Photographs. Moreover, the photos on the left side depicted the traditional Asian people and places, in contrast with those on the right side, which seemed to be more â€Å"modern† due to some western elements presented in the pictures. These eight photos well represented the themes that are recurring in the three albums: Asians in traditional dress doing menial labor without the presence of technology,†¦show more content†¦The two scenes were beautiful in a natural, traditional and exotic way, which was different from Yokohama’s beauty of modernity in picture 2 and 4. Yokohama was one of the seven treaty ports opened by the Kanagawa Treaty in 1854 and Harris Treaty in 1858. Under the i ntimidation of America’s steam-and-coal warships, Japan had no choice but ended its â€Å"close-country policy† and gave the U.S., later also Britain, the Netherlands, Russia, and France, the access to the seven treaty ports. After a decade, when the â€Å"globetrotter† tourists visited Japan and pressed the camera shutter, we can see how those treaty ports, especially Yokohama, were influenced by the West. Picture 2 depicted a main street of Yokohama. On the left side of the street was a printing office while on the right side of the street, there was a Cigar store. Cigar was clearly not a native product of Japan, but something introduced from the West. Another noteworthy detail was that the shop signs of the two stores were both written in English instead of Japanese. Picture 4 was a portrait of a railway station. Train was a symbol of technology development and signified Japan was stepping outside of the Biological Old Regime and start to use steam and fuel a s the source of energy. In addition, in the middle of the picture stood a lampstand. It indicated the use of electricity, and gave viewer a

Organizational Failure And Its Impact On Organizational...

There is great need to learn from failure and this cannot be overemphasized. Few organizations manage to do it well and the ones that manage to do it are few. In the past years, many corporations have failed with very few having attained success. Business and Management research has viewed organizational failure with no great regard to organizational success. Organizational failure is viewed with less significance or, as being complementary to research on the success of organizations. As reported by Ormerod (2005), a key feature to both human, social, and biological systems is failure. In her works, Amy (2011), found that many managers hold the belief that failing is not good. There is the belief that taking the lessons from failure is†¦show more content†¦As reported by (Farazmand et al, 1995) the chaos theory is a great tool used to gain deeper understanding of the complex interaction between small events that may occur outside the organization’s monitoring scope a nd how these interactions impact affect the organization. Seeger (2002) noted that organizations operate in a complex climate and are constantly in a state of near failure where any minor event has the potential to plunge the organization into great catastrophe. Incremental disruptions in the business climate which result in serious failures are likened to the butterfly effect where one minor change or shift happens which leads to another change/shift and in the end, you have this major challenge which will most certainly end up with some sort of failure (Steward’s,1989). Considering the above, certain failures are because of small event or chain of events, within the organization or climate where the organization works in. Due to the negligible nature of the small events managers rarely notice them because they are not easily seen and by chance if they did find them they would ordinarily push them aside or ignore them all together. This view implies, that management is mostl y unable to predict failure and are unable to deal with its causes. On the other hand, the sudden disruption process takes a sudden occurrence to causes theShow MoreRelatedThe Impact Of Globalization On The Business Environment1356 Words   |  6 Pagescompetitive advantage and creating customers value (Dyer, 2002). Strategic alliances are inter-organizational cooperative structures formed to accomplish strategic objectives of the partnering firms. 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Cohabitation Between Marriage And Marriage - 949 Words

There was once a time when an unmarried couple living together was seen was untraditional and even frowned upon. Only five percent of single women had lived with a man before getting married in the mid-1960s compared to seventy percent in the 1990s (â€Å"The Facts,† n.d.). Today, it almost seems as if cohabitation is the first step in a couple’s decision to get married or have kids or both. More and more couples are putting off marriage until perhaps they are better acquainted with their partners. Cohabitation can have both positive and negative influences on relationships ranging from marriage itself to child development. It appears cohabitation occurs much sooner in the United States than many other western countries as well as those in Europe. Along with marriage, Americans tend to cohabit at a much younger age. The typical age for an American woman entering cohabitation for the first time was around twenty-one years old (Cherlin, 2009). Since many cohabitating rela tionships eventually result in marriage, it could be assumed these American women are getting married at a young age as well. In fact, Cherlin (2009) stated half of all first marriages in the United States occurred by age twenty-five. This was compared to some European countries, which the age of first time marriage was found to be in the late 20s to early 30s (Cherlin, 2009). Continuing with the comparison to marriage, age shout not be considered the only difference. Although considered an alternative toShow MoreRelatedCohabitation Between Marriage And Marriage1303 Words   |  6 Pagesnormal and are expected. One of these previously taboo ideas is cohabitation. Cohabitation is the act of living together while in a romantic relationship, prior to marriage. (Steinberg, Bornstein, Vandell, and Rook, p. 450, 2011) More and more couples are cohabitating, according to some studies approximately two-thirds of couples live together before they get married. 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Social Media Is It Good or Bad Free Essays

Social Media: Is it Good or Bad? It is incredible that only fifteen years ago, people were still using the postal services as their primary source for communication. Although the United Postal Service has not gone out of business, people are switching over from the old fashion stamp and letter to e-mails, social media sites, and instant messaging as a more convenient way of exchanging information. In just a few years, the usage of social media sites, like Facebook and Twitter, has been increasing exponentially, and is becoming more and more active (Zuckerberg). We will write a custom essay sample on Social Media: Is It Good or Bad? or any similar topic only for you Order Now However, despite the conveniences, the popularity of social media has also gained averse viewpoints from a more traditionally conservative audience. Nevertheless, social media has beneficially changed society because of its educational benefits, public relation tools, and communicational conveniences. As the popularity of social media increases, so do the amount of educational benefits. Education is an important aspect in any sort of society because it mentally prepares a generation to lead future businesses, industries, and governments in the future. In some areas of the world, the availability of schools and teachers are scarce. Even in the United States, certain students are deprived of higher leveled learning because educators are not found in those specific areas. But with the resources we have through the internet, we can provide education to people all around the world, as long as they can access it. â€Å"84 percent of teenagers today† are currently using methods, such as instant messaging, as a means of educational communication (Blake 5). There are benefits that can be derived from learning in a virtual classroom, such as confidentiality; with the idea of being anonymous behind a computer screen, students are also less intimidated to engage in class discussions and ask questions (Blake 5). These new innovative techniques of learning can stimulate more advance levels of thinking. As technology and social media continue to grow, so will the availability of these online education programs. While the education receives benefits through social media, another area of society takes full advantage of the tools provided by online networking as well. In recent years, social media has become a very valued method of spreading information to a mass audience. Since many people use social media sites, groups like industries, businesses, and organizations utilize Facebook pages and twitter to post updates and information. Social media provides â€Å"communities of interest† for marketers to target specific audiences (Martin 220). It is much easier to track groups of people who are interested in a specific product by searching their ‘likes’ on Facebook or their comments on Youtube. This technique becomes much more efficient than sending advertisements in the mail to every house in a neighborhood after doing surveys. Even Barrack Obama was able to gain publicity through the power of social media; his â€Å"name [gained national] recognition in 2004† which eventually led to the title of the United States president (Martin 220). As long as his public relations officers were able to locate communities of interest, they were able to win over support through networks on social media sites. Even if you already have a stable access to education, and you do not seek any tools for public relations, social media can still serve as a valuable resource. Communication is the obvious reason for why we all use social media; beside using to advertising and education, we use social media to chat with our friends and communicate with our family. When families live very far away, people are able to reconnect with them through a network of social media. Even in jobs, people often use Facebook groups to create an online virtual community to build stronger bonds among the workers (Melwood). This is the same for people who use instant messaging to communicate with friends at school. Social media provides many benefits because it is just one of the many things that has been invented to make our lives easier. Social media has not always been this convenient but it has definitely come a long way; even up to this day, it is evolving and becoming even more convenient for the usage of others. The more people get involved in the virtual world of social media, the more benefits become available. Works Cited Blake, Robert J. Brave New Digital Classroom: Technology and Foreign Language Learning. Washington, D. C. : Georgetown UP, 2008. Print. Page 5 Martin, Dick. Secrets of the Marketing Masters: What the Best Marketers Do–and Why It Works. New York: American Management Association, 2009. Print. Melwood, Ronnelle. â€Å"3 Benefits of Creating a Facebook Group. †Ã‚  Benefits of a Facebook Group. SetUFreeVA, 13 June 2011. Web. 15 Oct. 2012. http://www. setufreeva. com/social-media-2/3-benefits-creating-facebook-group/. Zuckerberg, Mark. â€Å"One Billion People on Facebook. †Ã‚  One Billion People on Facebook. Facebook, 4 Oct. 2012. Web. 11 Oct. 2012. http://newsroom. fb. com/News/One-Billion-People-on-Facebook-1c9. aspx. How to cite Social Media: Is It Good or Bad?, Essay examples

Across Five Aprils free essay sample

A possibility of war brought tension on the Creighton’s family as well as in the community.   Ellen and Matt were the most worried. On the other hand, Eb and Tom were not worried at all even on the thought that the President was so hesitant to declare war. Shad, the schoolteacher and lover of Jenny, informed the family of the news that the Confederate army has fired on Fort Sumter.   With the unceasing news of war, Tom and Eb left home in late summer to fight in the war together with Bill even he seemed to be oblivion of the things around him.   Later on, Shad and John also left to fight leaving Jethro home. One day, Jethro was instructed to go to Newton which is a 15-mile away from their place to do some errand.   As he reached Newton, he went in to the general store where several men gathered around the fireplace and one of them was Guy Wortman who scornfully criticized Bill. We will write a custom essay sample on Across Five Aprils or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page After Wortman left, Ross Milton comforted Jethro and invited him to a dinner.   After the dinner, Milton warned Jethro of a possible danger on his way home. With this in mind, Jethro was terrified on his journey home but along the way Dave Burdow accompanied him.   When they reached the end of the bridge, a man suddenly leaped out and whipped the horse but they were able to manage to calm the horse and back on the road. As he reached home, the family learned the danger Jethro met along the way that caused a heart attack on Matt.   Due to this, Jethro was obliged to do the farm work and chores around the house. Since the news has not yet stopped, the people in the community were losing hope.   The news on the deserters also frightened the people the more and one of them was Eb.   One time, three men from Federal Registrars came to Creighton home and looked for Eb. Accidentally while Jethro was helping John in the field, he heard a strange sound and finally discovered Eb, who was so thin and hungry.   Distraught by what he saw, Jethro sent letter to the President for a pardon for Eb, and it happened. One day, the Creighton’s received a letter from Shad’s aunt, informing them that Shad was in a critical condition after a fight in the battle.   Jenny went to see Shad in Washington, and soon, he was in good health and married Jenny. Winter came, rumors spread on the end of the war.   The President declared a proclamation amnesty giving pardon to the army of the Confederate state.   In 1864, the President was reelected.   After sometime, the Creighton’s received a news through John that Bill was held captive. When war was nearing to end, the townspeople were happy but an assassination of the President caused a grief.   Jethro was depressed of the news.   Jenny and Shad went back to the town from Washington. Since the time is uncertain, and Jethro was growing much like Bill, Shad and Jenny decided to take him to the East to have a good education. 1.  Ã‚   Describe Shadrach Yales background and his relationship with the Creighton family, especially Jenny. Shadrach Yales was a physics college student from Philadelphia and worked in Jasper County to support himself.   He was a local schoolteacher fascinated with books.   Jethro considered Shad as a role model.   Shad has a special relationship with the Creighton family.   He was treated as part of the family.   He was in love with one of the Creighton’s, Jenny.   Though Matt did not give him the permission to marry Jenny before he left for war, still he respected the decision and later on they were married. 2.  Ã‚     Describe Jethro’s trip to Newton and what happened when he got there. One day, Jethro was instructed by Matt to go to Newton to do some errand.   Given with the task, Jethro felt responsible enough to accomplish what was required of him.   On his way, he met an old man who asked a favor from him of a newspaper on his return.   Before noon he reached Newton, bustling with people and shops.   He went into one of the stores and saw a lot of people around a fireplace. There a man named Wortman who was slightly drunk heard of him as one of the Creighton’s boys, scornfully ridicule Bill.   Jethro tried to defend Bill and the man became more angry that Milton defended him.   As soon as Wortman left the store, Milton comforted Jethro and invited him over to dinner.   During their dinner, Jethro received a warm acquaintance and a book, written by Milton himself. 3.  Ã‚     Describe how Mary Creighton died and the role of Travis Budrow in her death. It was winter of 1959, when Mary was killed in an accident.   Mary Creighton went to dancing with Rob Nelson at Hidalgo.   It was a night of rejoicing and clamor.   Unfortunately, on their way back home, they met along the way Travis Budrow who was drunk.   Travis suddenly fired a pistol over their horses.   The animals were frightened; the wagon was overturned and caused the death of Mary. Reference (2000-2006). Across Five Aprils. 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