WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD SL.NO. CONTENTS PAGE NO. 1 CHAPTER 1 EXECUTIVE SUMMERY • INDUSTRY PROFILE. • COMPANY PROFILE • NEED FOR STUDY • OBJECTIVE OF THE STUDY • RESERCH METHDOLOGY • FINDING • SUGGESTION • CONCLUSION 3 TO 7 2 CHAPTER 2 INTRODUCTION OF INDUSTRY INDUSTRY PROFILE 8 TO 14 3 CHAPTER 3 INTRODUCTION OF COMPANY • COMPANY PROFILE • VISION, MISSION AND GOAL. • BOARD OF DIRECORS. • OBJETIVE OF SDT&TPL. • PRODUCT & SERVICE PROFILE • ORGANIZATION FLOW CHART OF SDT&TPL. • DEPARTMENT STUDIES OF SDT&TPL 15 TO 34 4 CHAPTER 4 RESEARCH METHDOLOGY • SCOPE OF STUDIES. • OBJECTIVE OF STUDIES • METHDOLOGY 35 TO 39 Babasabpatilfreepptmba.com 1
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
SL.NO. CONTENTS PAGE NO.
1 CHAPTER 1
EXECUTIVE SUMMERY
• INDUSTRY PROFILE.• COMPANY PROFILE• NEED FOR STUDY• OBJECTIVE OF THE STUDY• RESERCH METHDOLOGY• FINDING• SUGGESTION• CONCLUSION
3 TO 7
2 CHAPTER 2
INTRODUCTION OF INDUSTRY
INDUSTRY PROFILE
8 TO 14
3 CHAPTER 3
INTRODUCTION OF COMPANY
• COMPANY PROFILE • VISION, MISSION AND GOAL.• BOARD OF DIRECORS.• OBJETIVE OF SDT&TPL.• PRODUCT & SERVICE PROFILE• ORGANIZATION FLOW CHART OF SDT&TPL.• DEPARTMENT STUDIES OF SDT&TPL
15 TO 34
4 CHAPTER 4
RESEARCH METHDOLOGY
• SCOPE OF STUDIES.• OBJECTIVE OF STUDIES• METHDOLOGY
35 TO 39
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5CHAPTER 5
WORKING CAPITAL MANAGEMENT
• INTRODUCTION• MEANIG OF CAPITAL.• FORM OF CAPITAL• MEANING OF WORKING CAPITAL • NEED OF WORKING CAPITAL• NATURE OF WORKING CAPITAL• FACTORS DETERMINING WORKING CAPITAL
REQUIREMENTS.• FINANCING OF WORKING CAPITAL• WORKING CAPITAL COMPOSITION.
40 TO 52
6 CHAPTER 6
DATA ANANLYSIS AND INTERPRETATION53 TO 70
7 CHAPTER 7• FINDINGS• SUGGESTIONS• CONCLUSIONS
ANNEXURE
BALANCE SHEET
BIBLOGROPHY
71TO 77
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
in order to get the basic understanding and information regarding the tours & traveling
company.
• Objectives of the study :
To study the working capital requirement of a company.
To know the progress of working capital in a company
To study the efficiency of cash, and receivables management of the company
To know the solvency of the company & how the company is managing working
capital.
The objective of study to analyzed the liquidity position of the company.
THE WORKING CAPITAL NEED ARISES FOR THE FOLLOWING PURPOSE.
• For purchasing of Tickets.
• For paying wages and salaries
• To increase day-to-day expense and overhead costs like power and office expense etc.
• To meet selling costs of packages, advertising etc…
• To provide credit facilities to customers.
• SCOPE FOR THE STUDY :-
This project acts as a reference guide or as a source of information. It gives the
idea about the financial analysis and working capital of the firm. The main scope of the
study was to put into practical the theoretical aspect of the study into real life work
experience. The study deals with analysis and interpretation of the data collected through
the sources of primary and secondary data for a period of five financial years. I.e. 2004-
2005, 2005-2006, 2006-2007, 2007-2008 and 2008-2009 Graphs, diagrams and tabulation
methods are used to analyze and interpret the data collected. It will help to understand the
company’s liquidity position.
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LIMITATION OF THE STUDY
• This study deals only with the data made available. Hence the result of this study
cannot judge the business of the firm in general
• The study have been influenced by the limitation of the ratio analysis
• The study extensively uses the data provided is the financial reports of the firm which
may also have their own limited perspective
• The analysis made on the working capital management is for a particular period of
time the current assets and current liabilities will change for an analysis made at any
other of time.
• METHODOLOGY:
. In preparing of project the information collected from the two sources.
Primary Sources:
Primary sources include information collected through discussion with the concerned
departmental persons i.e. Mr. Parihar and Mr. Manoj.R
Secondary Sources:
I was used secondary sources also for collecting the data. They are:
• Information from the text sources
• Information form the internet sources
•Information from the materials provided by the concern
SAMPLING DESIGN
0 Sampling unit : Financial Statements
1 Sampling Size :Last five years financial statements
• Finding and Suggestion :
Finding:-
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The net working capital has declined in the year 2007-2008 and but the profit of the
company was increased in the year 2007-2008
The Shree dayal tours & Travels Pvt Ltd has abled to repay the liability & loan of the creditors or not.
Suggestion:-
In the year 2007-2008 the current assets of the Shree Dayal tours and travels Pvt Ltd has
declined and current liability of the company has increases there for the net working capital
declined. There for the current ratio has declined. The net working capital of the company
has increased remaining year .But profit has increased because the sales has increased in the
year 2007-2008.
The company has abled to repay the liability of the creditors because of the current
ratio of SDT&TPL is above the standard of current ratio i.e. 2:1. The profit of the
company has increased every year.
• Conclusion:-
The Shree Dayal tours & travels Pvt Ltd has profit orient company and
company has to able to the repay of his lability.The company have sufficient reserve and
surplus and reserve and surplus has increases every year. After going through the
different aspects of the industry departments and the awards it has received in different
fields. There is good relationship between the directors and employee. The management
concerned about employees complete health and wealth.
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INDUSTRY PROFILE.
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INDUSTRY PROFILE
.
HISTORY:-
Littleton area first began to be settled in 1862, there were two principal forms of transportation available: walking and either riding or being pulled by a horse. There were no roads to speak of, only old Indian trails which had been widened and packed hard by the increased usage of white men. This did not change for nearly a decade. As farfetched as it may sound, the early South Platte valley settlements had a legacy of steamboat travel. The Rocky Mountain News regularly published the arrivals and departures of various river boats, and saw to it that major east coast newspapers reprinted them. Was the South Platte River deeper then? No. This was just one of many schemes dreamed up by News editor William Byers to boost settlement in Colorado Territory -- by the time greenhorns discovered the deception, they were in St. Louis, more than half-way here. The only "real" traffic on the South Platte, then or since, were shallow-draft barges and canoes carrying beaver and buffalo hides to Missouri markets. Steam-powered transportation did reach Littleton in 1871, when tracks of the Denver and Rio Grande Railroad were completed to a siding at Richard little’s farm. On August 24, the engine Montezuma brought the Mayor of Denver and assorted dignitaries to the end of the line. The striking beauty of the area elicited such enthusiasm that the railroad added a public excursion
WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
two days later, a Sunday, and sold out at $2.50 for the round trip. This began a long relationship between the citizens of Denver and the "resort" community of Littleton.Three years later, the Denver, South Park and Pacific Railroad laid tracks on the west bank of the South Platte River, putting Littleton on the most direct route to the Leadville mining district. In 1887 the Atchison, Topeka and Santa Fe pulled into town from Pueblo, joining several smaller and/or short-lived lines. In 1889, one observer along the tracks wrote, "...we counted twelve trains as they passed to and fro inside an hour. No one has any idea of the monster traffic on these two roads until they go and look for themselves." At its peak, Littleton boasted twenty-four scheduled stops a day for passengers and freight.
The star of the railroads was the D&RG's Uncle Sam, a special excursion between Denver and Littleton, with a stop at Fort Logan that ran as many as six trips a day. Begun in 1888 and terminated in 1924, it was considered one of the country's finest passenger operations, and was the D&RG's most profitable route, despite a round-trip fare of just 25 cents. Between 1906 and 1923 the Uncle Sam boasted a "Theater Train" once or twice a week.
In the 1890s, during the height of railroad popularity, another transportation craze swept the country -- bicycling. Although bicycles, or velocipedes as they were originally called, had been around since the 1860s, the invention of pneumatic rubber tires and friction brakes made it a household item. Denver led the craze, boasting the highest per capita bicycle ownership in the country. Among the many popular bike paths constructed was south from Denver along the city ditch to Littleton. Once there, many cyclists picnicked in the shade surrounding the Sunshine and Shadow Inn or watched the bike races around the Inn's track, while the more adventurous continued south to Palmer Lake and back, completing a
"century" ride, or 100 miles in a day.
The next improvement was the electric trolley car, which was extended from Denver into Littleton in 1907. The line came down south Broadway, went cross-country at Big Dry Creek to enter the town on Prince Avenue and then turned onto Main. Eventually, the line was
WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
extended across the South Platte River, south of Bowles Avenue. For a time, the Littleton route included the famous "Cherrelyn" street car on south Broadway, where a horse assisted the motors going up a steep grade, then climbed aboard and rode on the car during the descent. The streetcar line was abandoned in 1926 in favor of cheaper o run and more flexible buses.
The final improvement in personal transportation began just after the turn of the century and continues to today. In 1904, Rude Chandler's "benzine buggy" automobile cruised onto Littleton's streets. Within two years there were eight of the infernal contraptions buzzing about and the city was besieged by calls to license the machines and ticket those exceeding "an immoderate speed". The city responded with a speed limit for all conveyances of 8 miles an hour. Now, of course, Littletonites could hardly imagine their city without wide boulevards, super highways and the automobile.
Air Indian has first government sector company in India .It was
introduced long year ago in India And there after many private air lines comes in India .The
airlines has developing the service sector in India by providing tours and traveling facility to
the customer. In 19th century many tours & Travels Company introduce in India. Air Deccan
is continues to be one of the faster growing commercial passenger airlines today .Air Deccan
company has developed tours & travels sectors to provide various facility to the tours &
travels facility company. The airlines company has given registration to the tours & travels
company to sell his air ticket and developing the tourisms in country. All airline operators
and the competition continue to be stiff among all operators putting pressure on yields. The
future growth of air travels within to and from India will continue to depend on the growth of
the Indian economy. The company’s scheduled airlines business continued to grow in all
areas of its operations and your company is a significant player in the Indian domestic
aviation and tours & travels sectors. It has also achieved the distinction of becoming the
carrier with the widest reach covering more destinations then any other domestic carrier.
An Indian airline has succeeded in changing the face of the aviation and tours and travels
sectors in India. It has succeeded in enlarging the market for air travels and has turned air
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Dr. and Mrs. Crysler in their firstautomobile, 1909.
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travels into a mass commodity. Passengers traveling with tickets not issued from the
departure station on the below classes will be entitled for hotel accommodation, if available.
Business Class Fares booked and ticketed in C, J, Z and I class.
Economy Class Fares booked and ticketed in Y and M class.
The Tours & Travels Company has continuance of positive economic
factors and strong performance of the service and retails sectors should lead to
sustained growth in passenger traffic. The aviation market has witnessed a shift
growing aspirations. The unprecedented growth in passenger traffic in India has
attracted several airlines already to set up operations resulting in a highly competitive
environment.
A major development within the industry has been the recent
trend of consolidation. This has resulted in three major market share leaders, viz., Air
India-Indian, Jet Airways-Jetlite and Deccan-Kingfisher which control more than
85% of the market. It is expected that may result in a reduction in cut-throat pricing
leading to improved yields and, consequently, a road to profitability the combined
group of Kingfisher-Air Deccan will be in a better position to offer air travel options
across a wider network and to all segments of the traveling population. An all new
livery and colures and a complete makeover of the frontline staff and executives will
provide a whole new experience to both the existing traveler and a new traveler. The
Company’s operations, sales, marketing and distribution, front line and support
services and the completion of these are vital to achieve a profitable growth in the
future. India – the land to travel to, a haven of tourism delights, a civilization to tour
through. Tourists come to India for its wealth of sights, cultural exuberance, diversity
of terrain and in search of that special something, an extra punch that only India
promises and delivers. Teeming with over a billion people who voice over a million
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concerns in fifteen hundred different languages, India is where people live with
variety, thrive on diversity and are too familiar with largeness to let it boggle them.
Mud huts and mansions face off across city streets. Lurid luxury and limp living are
inhabitants of the same lane.
History of Transportation
3500 BCFixed wheels on carts are invented - the first wheeled vehicles in history. Other early wheeled vehicles include the chariot.
3500 BC River boats are invented - ships with oars
2000 BC Horses are domesticated and used for transportation.
181-234 The wheelbarrow is invented.
770 Iron horseshoes improve transportation by horse
1492Leonardo da Vinci first to seriously theorize about flying machines - with over 100 drawings that illustrated his theories on flight
1620 Cornelis Drebbel invented the first submarine - an human oared submersible
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Kingfisher Red.
Jet Airways
Indian Airlines.
Spice Jet.
Indigo
Go Air
Air Deccan
Name of International Airlines:-
Sr.No AIRLINE NAME PREFIX CODE1 Singapore Airline SQ 6182 Silk Air MI 6293 Continental Airline CO 0054 Sri Lankan Airline UL 6035 Dragon Air KA 0436 Royal Dutch Airline KL 0747 Kenya Airways KQ 7068 Air Canada AC 0149 Korean Air KE !80
10 Thai Airways TG 21711 Northwest Airlines NW 01212 American Airlines AA 00113 Qatar Airways QR !5714 Air India AI 09815 Air One AP 867
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16 Bangkok Airways PG 82917 Gulf Air GA 08418 Air Mauritius MK 23919 Jet Airways 9W 58920 LAN Chile LA 04521 LAN Peru LP 54422 LAN Argentina 4M 46923 Austrian OS 25724 Philippine Airlines PR 07925 Swiss Airline LX 72426 Royal Jordanian RJ 51227 South African Airways SA 08328 Virgin Atlantic VS 93229 Saudi Airlines SV 06530 Egypt Airlines MS 07731 Japan Airlines JL 13132 Air China CA 99933 British Airways BA 12534 Indian Airlines IC 29735 China Airlines CI 29736 Turkish Airlines TK 23537 Air New Zealand NZ 08638 Kuwait Airlines KU 22939 Air France AF 05740 China Southern CZ 78441 Kingfisher IT 09042 Oman Air WY 91043 EVA Air BR 69544 Biman Airlines BG 99745 Air Portugal TP 04746 Iran AIR IR 09647 Air Astana KC 46548 Delta Airlines DL 00649 Pakistan Airlines PK 21450 Virgin Blue DJ 856
Details about Fair Rate of the Airline
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Business Class.
Economic class.
1:-BUSINESS CLASS FLIGHT FAIR
Sr.no STATE AIRLINES CODE Included
TAX Total
1 America Delta Airline BOM/JFK/EWR 738188
2 Australia Qantas Air BOM /SYD/ MEL/ 242710
3 Sri Lanka Srilanka BOM/ CMB/BOM 49398
4 Canada Jet Airways BOM/ YYZ/BRU 242769
5 Newzland Singapore BOM/AKL/BOM 207534
6 South Africa Kenya Airlines BOM/JNB/BOM 122155
7 England Luptansa BOM/LHR/MAN 274005
8 Mexico Delta Airline BOM/ MAX /BOM 572192
9 Saudi Arabia Air India BOM/ RUH/BOM 44181
10 Nepal Jet Airways BOM/ KTM /BOM 71545
11 Etly KU BOM/ RWI/ ROM/ 221434
12 China 9W BOM/PVG/BOM 120193
13 Russia Aeroflot BOM/ SVO /BOM 104055
14 France Air France BOM/CDG /BOM 234146
15 Germany Luptansa BOM/ FRA/ MAM 236212
16 Kolalampur Malaysia BOM/KUL/BOM 86602
17 Singapore Singapore BOM/ SIN/BOM 83709
18 Dubai Emirates BOM/DXB/BOM 86758
19 Turkey Turkey BOM/IST/BOM 226453
20 Bangkok Bk BOM/BKK/Bom 628942:-ECONOMY CLASS FLIGHT FAIR
Sr.no STATE AIRLINES CODE Included TAX
Total1 America Delta Airline BOM/JFK/EWR 1101382 Australia Qantas Air BOM /SYD/ MEL/ 1835453 Sri Lanka Srilanka BOM/ CMB/BOM 285344 Canada Jet Airways BOM/ YYZ/BRU 144482
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5 Newzland Singapore BOM/AKL/BOM 631526 South Africa Kenya Airlines BOM/JNB/BOM 835927 England Luptansa BOM/LHR/MAN 786908 Mexico Delta Airline BOM/ MAX /BOM 2710889 Saudi Arabia Air India BOM/ RUH/BOM 2886710 Nepal Jet Airways BOM/ KTM /BOM 2919911 Etly KU BOM/ RWI/ ROM/ 8232012 China 9W BOM/PVG/BOM 4206813 Russia Aeroflot BOM/ SVO /BOM 7906114 France Air France BOM/CDG /BOM 9178115 Germany Luptansa BOM/ FRA/ MAM 7204416 Kolalampur Malaysia BOM/KUL/BOM 3937717 Singapore Singapore BOM/ SIN/BOM 2732418 Dubai Emirates BOM/DXB/BOM 4712319 Turkey Turkey BOM/IST/BOM 5069620 Bangkok Bk BOM/BKK/Bom 40060
Vision
S.exe “Spreading Smiles Happiness and Joyful life to People and Developing the
Business in a country”.
Mission
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“Shree Dayal Tours & Travels is passionately committed to quality travel, with
continual delivery of value added services .We upholds the highest ethical
standards and believes in creating new benchmarks in the industry”.
Goals
Main goal of company
To earn a profit.
To providing good quality of services to people.
To attracting new and new customer.
To service can not stop any boundary.
SHREE DAYAL TOURS & TRAVELS PRIVATE LIMITED
BOARD OF DIRECTORS
Ms.Roli Choudhary.
Ms.Babita Choudhary.
Mr. Suresh S.Choudhary.
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The main Objects of the Company as set out in the Memorandum of Association
of the Company are as follows:
To run manage or carry on the business of taxi cars, deluxe coaches ,lorries , cars ,trucks,
airships wagons ,rail , motors vessels, ferries ,boats and other vehicles propelled by
electricity, gas ,gasoline compressed air steam ,manned power ,mechanized power, oil
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,crude oil, automatic or other energy or by whatsoever means and from any place or
another whether within India or otherwise for the purpose of carrying conveying
,transportation goods , materials produce ,machinery ,animals passengers, merchandise ,
mail ,freight ,and all such things which may be conveniently carried on with the aforesaid
object of the company.
To insure with any persons or company, against losses, damages, risks and liability of
any kind which may effect the company either wholly or partially and if thought fit to
effect any such insurance by joining or becoming members of any mutual insurance,
protection or indemnity association federation or society and to accept any such
insurances or any thereof for the account of the company.
To procure information for as to the standing and responsibility of parties with whom
they propose to transact business.
To provide clear ,comfortable and inexpensive sleeping accommodation for workmen
and others and in connection their with to the afford to such persons facilities and
convenience for washing ,bathing ,cooking , reading, writing , and finding employment
and for the purchase ,sale and consumption of provisions both liquidity and solid.
Product & Service Profiles
The Shree Dayal Tours and Travels Pvt Ltd have provided many tours product to the people .The company has also provided service to the people. The totally honest policy, excellent service and perfect tours planning are the hallmarks of company success. The company has perfected our tour itineraries to meet the special needs of the discerning tourist.
Product Profile: - (Tour Products)
1. Second Innings Tours
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2. Educational Tours.
3. Honeymoon Tours.
4. Holiday after Holiday Tours.
5. Sports Tours.
6. Chillax Tours.
7. Business Tours.
8. Thrillax Tours.
1) Second Inning Tours :-
An exclusive tour for senior citizens is fully of masti mazz & magic .its a
great way to discover a holiday experience that is truly unique and great opportunity
to meet seniors from different walks of life.
2) Educational Tours:-
Educational tours take teaching out of the textbooks. its gives wonderful
opportunity to learn about various historic event and key location.
3) Honeymoon Tours:-Honeymoon tours will give the wonderful happy moment for life time
and that make happy to the life partner.
4) Holiday after Holiday Tours :- Holiday after holiday tours will give advance tours information to the people those who again enjoy to holiday.
5) Sports Tours:- Sport tours just for the vacationer who want s to combine holiday cheer with edge of the seat sporting encounter.
6) Chillax Tours :- This tour is perfect respite from work stress and the daily grind. Specially tailored to put the spring back into your stride, itsyour chance to let your hair down and indulge in the unexpected. Just make sure your boss hasn’t.
7) Business Tours :-
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This tours facility sports enthusiasts this one will have you cheering SDT&TPL introduces sports tours tailored just for the vacationer who want to combine holiday cheer with edge of the seat sporting encounter.
8) Thrill ax adventure tours:- Thrill ax vacation a new SDT&TPL special tours product and life will never be the same again. Feel your adrenaline pumping as you hurtle over white water Rapides. The discovery skill you never knew you possessed, climbing rock faces because it’s about time you stopped existing and started living.
SERVICE PROFILE:-
Domestic and international Flight booking services.
Hotel Booking services.
Provided Bus facility services.
Provided Car facility services.
Provided Cruises services.
Railways ticket booking services.
Foreign exchange services.
Provide tours & travels services
DEPARTMENT STUDIES
Finance Department.
Marketing Department.
Air Ticket Booking Department.
Hotel Booking Department.
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Billing Department.
Forex Department.
1) Finance Department
Finance is an essential component of the business to maintain its operations effectively.
This dept. is concerned with day-to-day activities like purchases, sales salary etc. and proper
management and maintenance of accounts of concerned year.
Factions
Day to day/ bank transactions.
Bill passing and payment
Recovering all transactions in books of accounts
Preparations of cash Balance statement.
Bank Reconciliation.
Preparation of Inflow and out flow of cash statement.
Providing various types of management Information system reports required by management
from time to time
Carry out auditing.
2) Marketing Department :-
Among all the functional areas of management marketing are play vary important t role for selling product of the company. The with marketing Department the company can sold product to the customer or public.
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Factions
Selling of Tours Product.
Increasing sales of the company.
Awareness about product and service to the customer.
Advertising of company product.
3) Air Ticket Booking Department:-
The main function of air ticket booking department is to flight ticket booking .The
Company has ticket booking as per the order of the customer. The department is booking of
national as well as international ticket of flight.
Factions
Booking of Ticket.
To give the information regarding the Air lines.
To give the information regarding the fair price or low price airlines.
4) Hotel Booking Department :-
Hotel booking department is important because the people booking through the tours &
travels company .The hotel booking department has given full information regarding the hotel to
the customer .Hotel booking department has knowledge about each hotel and which types of
service provide to the customer.
Factions
Booking of Hotel as per order.
To give the information regarding the Hotel.
To give the information regarding the fair price and better service providing hotel.
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5) Billing Department:-
Billing department has prepared a bill of airline & hotel. The billing department has
prepared the day to day booking of airline, hotel and other service provided by company .to the
customer.
Factions
Preparing Bill of airline ticket booking per day.
Preparing Bill of hotel booking per day.
6) Forex Department:-
Forex department is doing transaction of foreign exchange. The forex department is handling day to day transaction of foreign exchange .The forex department has prepared the visa and also change the currency of tourist those who want go other country for tourism purpose. Factions
Exchange currency with bank.
Day to Day rate fluctuation record of each country.
Preparing visa.
Providing foreign currency required customer.
Handling foreign currency trading activity.
ORGANISATIONAL FLOW CHART OF SDT&TPL
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DIRECTORS
WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Float
Insurance companies that collect money and can generate income by
investing the funds before paying it them out in the future in the form of policyholder
payouts when a car is damaged, or replacing a home when destroyed in a tornado, are in a
very good place. As Buffet describes it, float is money that a company holds but does not
own. It has all of the benefits of debt but none of the drawbacks.
His most important consideration is the cost of capital – that is, how much
money it costs the owners of a business to generate float. In exceptional cases, the cost
can actually be negative; that is, you are paid to invest other people’s money plus you get
to keep the income from the investments. Other businesses can develop forms of float but
it can be very difficult.
Sweat Equity
There is also a form of capital known as sweat equity which is when an owner
bootstraps operations by putting in long hours at a low rate of pay per hour making up for
the lack of capital necessary to hire sufficient employees to do the job well and let them
work an ordinarily forty hour workweek. Although it is largely intangible and does not
count as financial capital, it can be estimated as the cost of payroll saved as a result of
excess hours worked by the owners. The hope is that the business will grow fast enough
to compensate the owner for the low-pay, long-hour sweat equity infused into the
enterprise
. 1. Fixed Capital :- Fixed capital is one, which can be used in production again and again for a long
period. In other words, fixed capital is the capital, which can be used over and over in the
process of production. It is a capital, which is durable and can be used over a long period of time.
For example: - Machinery, building, tools, implements etc.
2. Working Capital :-
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Working Capital is the capital which can be used only once in the process of production.
In other words, It refers to capital which can be used only once in production. It loses its utility
after a single use.E.g: - Raw material, Coal and petroleum, Payment of wages etc.
INTRODUCTION
As every enterprise knows that, working capital is the lifeblood and control
of nerve center of the business. Just as circulation of blood is the essential for
maintaining life, working capital is also essential for maintaining the smooth running of
the business.
The importance of working capital management is indisputable; Business
liability relies on its ability to effective management of receivables, inventory, and
payables. By minimizing the amount of funds tied up in current assets. Firms are able to
reduce financing costs or increase the funds available for expansion. Many managerial
efforts are put into bringing non-optimal level of current assets and liabilities back
towards their optimal levels.
Working Capital refers to the amount of capital which is readily available to an
organization that is, working capital is the difference between resources in cash and
readily convertible into cash (current assets) and organizational commitments for which
cash will soon be required (current liabilities).
Thus, working capital involves activities such as arranging the short-term
finance, negotiating favorable credit terms, controlling the movement of cash,
administrating accounts receivables and monitoring the investments also a great deal of
time.
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Meaning of working capital
The financing required by a concern for carrying on its day-to day operations is known
as the “working capital”.
In Accounting:
‘Working capital is the difference between the inflow and outflow of funds’. In other
words, it is the net cash inflow’
Thus it is defined as
“The excess of current assets over current liabilities and provisions”.
Working capital is a liquidity (cash) concept. A business might show a "profit," but if it
cannot maintain a positive cash position (that is, having money in the bank to pay bills
each month), the business cannot continue to operate.
Positive working capital means that the company is able to pay off its short-term
liabilities. Negative working capital means that a company currently is unable to meet its
short-term liabilities with its current assets.
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Importance of Working Capital
This chapter reveals the importance of working capital management of an organization to
carry over its business successfully.
Significance of working capital management as follows
Normally firm has to employ certain short-term assets & short run sources of financing.
The management of such assets, describe as working capital management or Current Assets
Management. It is one of the most important aspects of the over all financial management.
Working Capital Management is concerned with the problem that arises in attempting to
managing the current assets & current liabilities & the inter relationship that exits between them.
Working of a firm should neither be too large, too small. If the working capital is large,
the liquidity position would improve, but profitability would be advertise affected, as funds will
remain idle conversely, if the working capital is too small, the overall profitability, position &
make the firm more risky working capital management therefore at aim at striving a balance,
such that an enterprise is able to.
1. Generate cash in sufficient quantities at the right time &
2. Extract fullest use from each shot term resources used in business.
This involves planning & controlling all the items, which drains or augment liquidity.
The working capital is the lifeblood business, which circulates through the naves as short-term investment in aforesaid areas. It is also regarded as a heart of business. If it becomes weak
WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
the business can hardly prosper & survive. This brightness the opportunity for achieving highs of success.
Type of Working capital
Introduction
The financial concept of working capital equates it with current assets. According
to this view the total of the working capital is the total value of the current assets of the
company. This is known as the ‘Gross working capital’.
According to the excess of current assets, over current liabilities. In other words, it
is the difference between current assets and current liabilities. This concept of working
capital is called the Net Working Capital.
Hence there two concepts of working capital.
1. Gross Working capital and
2. Net Working Capital
1. Gross Working Capital
The Gross Working Capital (also known as circulating capital, operating capital or
current capitals) represent the quantitative aspect of Working capital since it concerns with the
total value of current assets to be held by the company. The management of Gross working
capital is a short-term phenomenon involving a continuous study of the fluctuation in investment
in current assets. The aim is to neither maintain the level of current assets at proper level neither
at a high level involving unnecessary costs nor at a low level threatening. Production needs.
Current assets include cash in hands, bank balance, bills receivables, sundry debtors, short-term
loans advances, inventories and marketable seventies.
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Advantages of working capital.
a) Financial managers are profoundly concerned with current assets.
b) Gross Working Capital provides the current amount of working capital at the right times.
c) It enables a firm to realize the greatest retime on it investment.
d) It helps the fixation of various areas of financial responsibility.
NET WORKING CAPITAL
The net working capital is the difference between current assets and current liabilities. The
concept of net working capital enables a firm to determine how much amount is left for
operational requirements. The net working capital is financed from long term sources which may
includes barrowed funds in the form of term loans, debentures etc. or own funds like plough-
back profits, etc, or both. The management of net working capital is a long-term phenomenon
current liabilities include bills payable, sundry creditors, short-term loans advances and bank
OD.
Needles to say that the firm aims at maximizing the wealth of shareholders wealth .They
should earn sufficient return from its operations. To earn sufficient amt of profit it requires
successful sales utilized to their fullest capacity for this purpose proper management of working
capital is essential because fixed assets can’t work without working capital.
Various research studies suggest. The Gujarat study team, Gujarat the SBI study team has
confirmed that inadequacy of working capital and improper management of working capital has
contributed enormously for the ailment of industrial enterprises.
Working capital management refers to the administration of all aspects of current assets. If has
been observed that a creation of financial manager time is utilized in the management of working
capital. It is devoted for raising working capital and managing it efficiently.
Factors determining working capital Requirements
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Factors Determining Working capital Requirements
Nature of Business Seasonality of operations Market Condition Supply condition C.A C.L
.
Financing of working capital
Introduction: -
This chapter put forth the discussion on the sources available for financing the
working capital of an organization.
Funding of working capital is continuous problem for all management. Basically
sources of financing working capital are broadly bifurcated into two sources they are as follows.
Sources of financing of working capital
1. Short Term Finance 2.Long Term Finance
Trade Credit Share Capital
Bank Credit Borrowing from Bank Bank Financing of Accounts Public Deposits. Receivables
Factoring
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Bank Financing of Inventory
Working Capital Financing
COMPONENTS OF WORKING CAPITAL
The components of working capital are:
Cash management
Receivables management
CASH MANAGEMENT Cash is the liquid form of an asset. It is the ready money available in the firm or with the business, essential for its operations. A firm needs the cash for the following three purposes:
Transaction Motive : The firm must and should keep the funds for transactions like purchase, sales etc. These activities, which are not known in advance, are not considered while preparing a cash budget.
Precautionary motive : The firm also keeps funds for the safeguard against uncertainties, which are an integral part of business operations.
Speculative Motive : To tap profits from opportunities arising from fluctuations in
commodity prices, security prices, interest rates etc. The company with surplus cash is in
a better position to exploit such situations.
RECEIVABLES MANAGEMENT
Receivable represents amounts owed to the firm as a result of sale of goods or
services on the ordinary course of business. These are claims of the firm against its
customers and form part of its current assets. These receivables are carried for the
customers. The period of credit and extent of receivables depends upon the credit policy
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
followed by the firm. The main purpose of maintaining or investing in receivables is to
meet competitors, to increase sales, and to maintain a cordial relationship with the clients.
Receivables management is the process of making decisions relating to investment in trade debtors. However, at the same time, investment in this current asset involves cost considerations also. Therefore, there is always a risk of bad debts too.
Credit EvaluationThere are three approaches used for credit evaluation. These are:
• Traditional Credit analysis
• Numerical Credit Scoring
Working capital composition
Introduction: - This part unfolds the discussion on the composition of the working capital i.e. the
proportion different current assets is determined by the trade of between the two seemingly
opposite objectives of liquidity and portability.
Liquidity refers to the ability of an asset get convert into cash at short period and
without loss in value .A Company is said to liquid when they arise. This ability is also known as
technical solvency of the company. The creditors and other lenders of the company would like to
have the ability of meet their dues on their due dates this means much of the current assets
should be held in the form of cash and near near-cash items like marketable. Securities, But cash
is a non-earning asset and yield on marketable seethes will affect the profitability of the concern.
The consideration of the profitability requires that the level of current assets is
kept low and also such a form as will aid production and generate surplus. Thus the objectives of
liquidity (solvency) and profitability seem to operate in opposite to directions. While liquidity
requires large we current assets to be kept and of that mostly in cash and near-cash form
profitability requires that the current assets should be kept at low levels and that too in form,
which will contribute to production. By proper planning the opposing objectives can be
recognized and made to compliment each other.
Keeping liquidity at adequate levels helps the managers to concentrate on
production in a congenial atmosphere and by increase the efficiency of functioning. This leads to
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greatly profitability, since the profits ultimately constitute the sources of repayment of the
company’s dues, higher profits increase the liquidity of the concern.
Conclusion:-
Thus the chapter states that the objectives of liquidity and profitability seem to
operate in opposite directions, while liquidity requires large current assets to be kept and
profitability requires the current assets should be kept at low levels, which will contribute to
production.
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Ratio Analysis1) Net Working Capital:-
Net working capital is the difference between current assets and current Liabilities.
Years Current Asset Current Liabilities NWC2004-05 26352381.8
1
6122630.12 20229751.69
2005-06 30087971.0
0
6843164.00 23244807.00
2006-07 46858833.0
0
9979106.00 36879727.00
2007-08 44389218.0
0
12123368.00 32265850.00
2008-09 62495041.00 11527167.00 50967874.00
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
Ratio
0.00
10000000.00
20000000.00
30000000.00
40000000.00
50000000.00
60000000.00
2004-05 2005-06 2006-07 2007-08 2008-09
year
NW
C
Ratio
INTERPRETATIO:-
In The year 2004-05 the company has 20229751.69 N.W.C. In the
year 2005-06 the N.W.C is 23244807.00 and in the year 2006-07 the company has
36879727.00.NW.C But in the year 2007-08 the company has 32265850.00 N.W.C but
the N.W.C has decline drastically compared to the previous years, but in the year 2008-
09 the company has 50967874.00 N.W.C that means the company in a favorable position
& N.W.C has improved vary fast as compared to the previous years which show liquidity
Position of the Shree Dayal Tours & Travels Pvt Ltd has always more & sufficient
working capital available to pay off its current liabilities.
2. Current Ratio:-
Current ratio is a measure of firm’s short-term solvency. This ratio is also known as
working capital Ratio. Current ratio is a measure of general liquidity and is most widely used to
check the relationship of the current assets and current liability. The standard current ratio is 2:1.
Current Ratio = Current Assets Current Liabilities
Years Current Asset Current Liabilities Ratio
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
The current ratio was 4.304 in the year 2004 – 2005 and the year 2005-2006 the current ratio was 4.397 and in the year 2006 -2007 the current ratio was 4.696 this show the current ratio has increase every year but in the year 2007-2008 the current ratio was decreased to 3.661.in the year 2008 – 2009 the current ratio has increases 5.422 .The current ratio is above the standard of 2: 1 ratio and hence it can be said that there is enough working capital in Shree Dayal Tours & Travels Pvt Ltd to meet its current liabilities.
3. Absolute Liquidity Ratio:-
Concept: -
Absolute liquidity ratio is a ratio of cash in hand and cash at bank to current liabilities. The standard ratio is 0.5: 1.
Absolute liquidity Ratio = Cash in hand + Cash at bank Current Liabilities
Years Cash in hand Cash at bank Current Liabilities Absolute Liquidity Ratio
2004-05 322305.70 600000.00 6122630.12 0.15
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The absolute liquidity ratio was 0.15 in the year 2004-2005 and decreased to 0.10 in the year 2005 – 2006 and it does not increase further up to 2008-2009.But in the year 2007 -2008 and 2008-2009 it was same. The absolute liquidity ratio is below the standard of 0.5: 1 ratio. It shows that the liquidity position of the concern is unsatisfactory
4. Liquidity Ratio or Liquid ratio:-
Concept: -
This ratio indicates very short term or immediate or very instant financial position.
Liquidity Ratio = Quick Assets Quick Liabilities
Years Current Assets Current Liabilities Liquidity Ratio2004-05 26352381.81 6122630.12 4.302005-06 30087971.00 6843164.00 4.402006-07 46858833 9979106.00 4.70
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2007-08 44389218.00 12123368.0
0
3.66
2008-09 62495041.00 11527167.00 5.42
Diagram: -
Liquidity Ratio
0
1
2
3
4
5
6
2004-05 2005-06 2006-07 2007-08 2008-09
year
liq
ud
ity
ra
tio
LiquidityRatio
INTERPRETATION:- The absolute liquidity ratio was 4.30 in the year 2004-2005 and increases to 4.40 in the
year 2005 – 2006 and 4.70 in the year 2006-07, 3.66 in the year 2007-2008 it was decrease due
to increase of labilities.But in the year 2008 -2009 the L.R has increased 5.42 because the C.L
has decreased. The liquidity ratio is above the standard of 1: 1 ratio. It shows that the liquidity
position of the company is satisfactory.
5. Return on Current Assets:-
Concept: -
This ratio indicates the amount of current assets employed in the working capital of the
assets employed in the working capital of the firm as to run the day to day operations of the firm
which helps the firm for its easy flow of goods in the trading activity.
Return on Current Assets = Profit after Tax Current Asset
Year Profit After Tax Current Asset Ratio2004 – 2005 437894.00 26352381.81 0.0162005 – 2006 423298.00 30087971.00 0.014
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INTERPRETATION:- The Returns on current assets was 0.016 in the year 2004-2005 and it
decreased to 0.12 in the year 2006-2007. It further increased to 0.019 in the year 2007-2008 and
further decreased 0.016 in the year 2008-2009 .It shows that profit will increase then asset
turnover ratio will decline then C.A will increase but in the year 2007-2008 asset ratio was
increased 0.19 because C.A has fall that year. Company has profit transferred to the reserve and
surplus Account shown in balance sheet..
6. Current Asset Ratio:-
Concept: - This ratio measures sales per rupee of investment in current assets. This ratio
measures the efficiency with which current assets are employed a high ratio indicates a high
degree of efficiency is asset utilization and a low ratio reflects inefficient use of current assets.
Current Asset Ratio = Net Sales Average Current Assets
Year Sales Average Current Asset
Ratio
2004 – 2005 102199181.00 19967762.36 5.11 time
2005 – 2006 132858985.00 28220176.41 4.70 time
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2006 – 2007 171671451.00 38473402.00 4.46 time
2007-2008 221246824.00 45624025.5 4.84 time 2008-2009 286246257.00 53442129.5 5.35 time
Diagram: -
Ratio
4
4.2
4.4
4.6
4.8
5
5.2
5.4
5.6
2004-2005 2005-2006 2006-2007 2007-2008 2008-2009
Year
C.A
.R
Ratio
INTERPRETATION:- The current asset ratio was 5.11 times in the year 2004-2005 and 4.70 in
the year 2005-06 and 4.46 in the year 2006-2007 it was decreased. It further increased to 4.48 in
the year 2007-08 & 5.35 in the year 2008-2009. It shows that the current assets are not utilized
properly.
7 .Debtors Turnover Ratio:-
Concept: - Debtors are expected to be converted into cash over a short period of time and
therefore are included in current assets. It shows how many times debtors are converted into cash
in a year.
Debtors Turnover Ratio = Net credit sales Average Debtors
Year Credit sales Average Debtors Ratio
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
2004 – 2005 102199181.00 19080194.95 5.35 times
2005 – 2006 132858985.00 27192101.00 4.88 times
2006 – 2007 171671451.00 36302837.00 4.72 times
2007-2008 221246824.00 42584634.5 5.19 times 2008-2009 286246257.00 50516905.00 5.66 times
Diagram: -
Ratio
4.2
4.4
4.6
4.8
5
5.2
5.4
5.6
5.8
2004-05 2005-06 2006-07 2007-08 2008-09
Year
Deb
tors
Ratio
INTERPRETATION:-
The debtor’s turnover ratio was very less in the year 2006-07 at 4.72
times, but them it has increased to 5.19, 5.66 times in the year 2007-08 and 2008-09. This shows
that the company is making all the offers to speed up the collection process.
8. Creditors Turnover Ratio :-
Concept: - Creditors’ turnover ratio establishes relationship between not credit purchases and
average trade creditors and accounts payable. The ratio indicates the velocity with which the
creditors are turned over in relation to purchases.
Creditors Turnover Ratio = Net Credit Purchases Average creditors
Year Credit Purchases Average Creditors Ratio
2004 – 2005 96724469.00 82074994.50 1.17 times
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2005 – 2006 127553879.00 112554635.00 1.13 times
2006 – 2007 165680148.00 146617013.50 1.13 times
2007-2008 213323185.00 189501666.50 1.12 times 2008-2009 276775674.00 245049429.50 1.12 times
Diagram: -
Ratio
1.09
1.11.11
1.12
1.131.14
1.15
1.161.17
1.18
2004-05 2005-06 2006-07 2007-08 2008-09
Year
cred
ito
r
Ratio
INTERPRETATION:- The creditors turnover ratio was 1.17 times in the year 2004-05 & it decreased to 1.13 times in the year 2006-2007 but creditor turnover will be remain same two year 2005-06 and 2006-07.Thean it was again declined 1.12 in the Year 2007-08. But it was remain same in the year 2007-08 and 2008-09. Generally lower the ratio better is the liquidity position of the firm and vice versa
9. Net Profit Ratio:- Net profit ratio indicates the relation ship between net profit & sales .It is also known as margin on sales ratio.
Net Profit Ratio: - Net profit after Tax x 100
Sales
Year Net Profit After Tax Sales Ratio
2004 – 2005 437894.00 102199181.00 0.43 %
2005 – 2006 423298.00 132858985.00 0.32 %
2006 – 2007 592576.00 171671451.00 0.35 %
2007-2008 843910.00 221246824.00 0.38 %
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WORKING CAPITAL MANAGEMENT OF SHREE DAYAL TOURS & TRAVELS PVT LTD
2008-2009 1039889.00 286246257.00 0.36 %
Diagram:
Ratio
00.050.1
0.150.2
0.250.3
0.350.4
0.450.5
2004-05 2005-06 2006-07 2007-08 2008-09
Year
pro
fit
Ratio
INTERPRETATION:- The Net profit of the company 0.43% in the year 2004-05,0.32 in the year 2005-06 , 0.35 in the year 2006-07 ,0.36 in the year 2008-09. Net profit ratio was show the net profit after tax in the year 437894 in 04-05 but it was fall in the year 2005-2006 there for net profit ratio is falling.
10. Debt / Equity Ratio:- This Ratio indicate how much of the total funds employed
are our owned & how much are borrowed there is no standard fixed for this ratio
but financial institute favors a ratio of 2:1.
Debt / Equity Ratio: - Long Term Borrowing Share holder fund
Year Long Term Borrowing Share holder fund Ratio
2004 – 2005 17020534.74 3281899.00 5.19
2005 – 2006 18599175.00 4705197.00 3.95
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In The year 2004 -2005 debt equity ratio was 5.19 and 3.59 ,4.87 in the year 2005-06 and 2006-07 .in the year 2005 debt equity ratio fall because shareholder fund was increased. But long term borrowing slow increasing .But in the year debt ratio has decreased 3.53 in the year 2007-08.but in the year 2008-09 the debt equity ratio has increased 5.36. Because long term borrowing and shareholder fund also increases.
11. Working Capital Turnover Ratio:- It is taken as one of the primary indicators of the
short-term solvency of the business. It establishes the relationship with the net sales. It
measures the efficiency with which the working capital is being used by the firm.
WORKING CAPITAL TURNOVER RATIO = Net Sales
Net Working Capital
Year Net Sales Net Working Capital
Ratio
2004 – 2005 102199181.00 20229751.69 5.05 TIME
2005 – 2006 132858985.00 23244807.00 5.72 TIME
2006 – 2007 171671451.00 36879727.00 4.65 TIME
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2007-2008 221246824.00 32265850.00 6.86 TIME 2008-2009 286246257.00 50967874.00 5.62 TIME
Diagram:
Ratio
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
2004-05 2005-06 2006-07 2007-08 2008-09
Year
W.C
Ratio
INTERPRETATION:
In The year 2004-05 working capital t/o ratio was5.05 time ,5.72 time in the year 2005-2006.In the year 2005-06 the working capital has increases because sales of the company has increases. in the year 2006-07it was 4.65, 6.86,5.62 in the year 2007-2008 and 2008-09.it show the newly established company because the working capital up and down year to year.
. Statement of changes in working Capital for the year 2004-05
Loans & AdvanceUnsecured considered goods, subject to recover advance recover in cash or kind or value.
182081.00 49243.00 132838.00 -
Sundry Advances 1331945.00 - 1331945.00 -T.D.S & Income Tax paid
995525.00 305604.00 689921.00 -
Total 46858833.00 30087971.00
16770862.00
-
Current Liabilities Sundry creditors 8090866.00 5663415.00 2427451.00 -
Other Liabilities 891150.00 617659.00 273491.00 -
ProvisionsProvisions for taxation 927500.00 527500.00 400000.00 -Provisions for F.B.T 69590.00 34590.00 35000.00 -
Total 9979106.00 6843164.00 3135942.00 -
Networking Capital(Current Asset – Current Liability)
36879727.0
0
23244807.00
13634920.00
-
Statement of changes in working Capital for the year 2007-08
Particular 31-03-2008 31-03-2007 Increase DecreaseCurrent AssetSundry debtors o/s more than 6 month 386945.00 833104.00 - 446159.00
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Others 41158296.00 42790924.00 - 1632628.00Cash & Bank BalanceCash in hand 95663.00 125254.00 - 29591.00Balance with schedule bankIn Current A/C - -In Fixed Deposit 600000.00 600000.00 0.00 0.00
Loans & AdvanceUnsecured considered goods, subject to recover advance recover in cash or kind or value.
276894.00 182081.00 94813.00 -
Sundry Advances 431945.00 1331945.00 - 900000.00T.D.S & Income Tax paid
1439475.00 995525.00 443950.00 -
Total 44389218.00
46858833.00 - 2469615.00
Current Liabilities Sundry creditors 9854397.00 8090866.00 1763531.0
0-
Other Liabilities 801881.00 891150.00 - 89269.00
ProvisionsProvisions for taxation 1362500.00 927500.00 435000.00 -Provisions for F.B.T 104590.00 69590.00 35000.00 -
Total 12123368.00
9979106.00 2144262.00
-
Networking Capital(Current Asset – Current Liability)
32265850.00
36879727.0
0
- 4613877.00
Provisional Statement of changes in working Capital for the year 2008-09
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Particular 31-03-2009 31-03-2008 Increase DecreaseCurrent AssetSundry debtors o/s more than 6 month 378114.00 386945.00 - 8831.00Others 59110455.00 41158296.00 17952159.0
0-
Cash & Bank BalanceCash in hand 64627.00 95663.00 - 31036.00Balance with schedule bankIn Current A/C - - - -In Fixed Deposit 600000.00 600000.00 0.00 0.00
Loans & AdvanceUnsecured considered goods, subject to recover advance recover in cash or kind or value.
320425.00 276894.00 43531.00 -
Sundry Advances 431945.00 431945.00 0.00 0.00T.D.S & Income Tax paid
1589475.00 1439475.00 150000.00 -
Total 62495041.00 44389218.00
18105823.00
-
Current Liabilities Sundry creditors 8916827.00 9854397.00 - 937570.00
Other Liabilities 418250.00 801881.00 - 383631.00
ProvisionsProvisions for taxation
2012500.00 1362500.00 650000.00 -
Provisions for F.B.T 179590.00 104590.00 75000.00 -