Reliance industries training presentation

A SUMMER TRAINING PRESENTATION

RELIANCE INDUSTRY LTD.

SUPERVISED BY: SUBMITTED BY: Mr. Ajay Gaur Mahesh Kumar Saini

M.B.A 3rd SEM. ROLLNO:- 95022265296

COMPANY PROFILE & LOCATION• RIL-HMD is located at the outskirts of HOSHIARPUR (CHOHAL) at the foot steps of

shivalik hills on DHARAMSHALA ROAD bordering HIMACHAL. RIL-HMD is one of the largest polyester manufacturing sites of RIL. It was established in 1987 by JCT. Then it was first amalgamated with IPCL in 2006 and finally with RIL in 2007.

• Year of establishment: 1987• The industry produces three-finished product namely;• 1. POLYESTER STAPLE FIBRE (PSF)• 2. PARTIALLY ORIENTED YARN (POY)• 3. POLYSTER FIBRE FILL (PFF)

RIL-HMD is a polyster manufacturing site. RIL is the largest manufacturer of polyster fibre in India & is the biggest exporter of polyster fibre in India. The product – mix includes POLYSTER STAPLE FIBRE and PARTIALLY ORIENTED YARN in different deniers tailors made to suit various textiles applications, RECRON 3S , POLYSTER FIBER FILL (including conjugate fiber ) and POLYSTER CHIPS quality has been very well accepted in the market and the product has been rated as comparable to the best available internationally. The company provides comprehensive technical service to its consumer and maintains a professionally qualified and experienced staff for this purpose.

Product Capacity• PSF 240 TPD• POY 30 TPD• PFF 30 TPD Total 300 TPD

• PSF & POY : PSF & POY are used as raw material for the spinners and texturisers Who manufactures the final yarn. The yarn is used for manufacturing Fabrics and garments. • PFF : PFF is used for stuffing purposes like pillows, quilts, soft toys etc. • RECRON 3S : It is a short staple fibre that goes to the construction and paper industry who works as a binder to provide strength to the concrete mixture and paper respectively.

• RAW MATERIAL USED The raw material being used in manufacturing of polyester are:• Pure Terephthalic acid : Basic raw material in powder form • Mono Ethylene Glycol : Chain terminator in fluid form• Antimony trioxide : Catalyst• Titanium dioxide (TIO2) : Delusting agent• Pet Bottles : nasrala

• VISION, MISSION & VALUES OF RIL-HMD • VISION: • To continuously grow on a sustainable basis and be the largest, the most innovative, the most profitable

and the most admired especially polyester producer in the world. • MISSION:• Create value for the stakeholder & society and to produce world-class polyester.

• VALUES: • Integrity, simplicity, self-confidence, innovation, accountability, Openness, transparency, ethics &

communication

• MANPOWER POSITION:• Supervisory Staff 218• Workers 550• Contractors 186 • Contract workers are deployed for packing, material handling

and housekeeping activities whereas supervisory and non-supervisory are deployed in key work processes.

• DEPARTMENT OF RIL-HMD

– POY– POLY– SPINNING AND FIBRE LINE – MECHANICAL– ELECTRICAL– QUALITY CONTROL– UTILITY– INSTRUMENT– INFORMATION TECHNOLOGY– PURCHASE– SALES – STORE– ACCOUNT– DESPATCH– MARKETING– PERSONAL & ADMINISTRATION

• REGIONAL OFFICES OF RIL

• Mumbai regional office• Surat regional office• Ludhiana regional office• Hyderabad regional office• Coimbatore regional office

• PURCHASE PROCEDURE• The purchase department follows the below procedure :• REQUISITION (REQUIREMENT) – Purchase requisition is made by user department and cleared by

its HOD. A code is given to each material.• INQUIRY (SUPPLIER) - Here inquiry about source of material i.e supplier is done. Quotations are

called from different suppliers.• COMPARISON SHEET – All Quotations are analysed on cost and benefit basis. After proper analysis

of Quotations, comparison sheet is prepared and send to user department for their comments.• NEGOTIATION – Price negotiation is done with the supplier by purchase department. Credit period

is decided which is normally 30 days.• ORDER – The order includes terms and conditions, specification of product, time of delivery, mode

and time of payment • MATERIAL – material is received through material gate.• TPN (TRUCK PARKING NUMBER) – When truck containing material reaches the material gate,

system generates TPN no. for the truck. Invoice containing information about material is checked by excise department whether material is excisable or not.

• STORES – Stores department receives the material and creates GRN (GOODS RECEIPT NOTE) number for the material received.

• INSPECTION – The user department inspects the material, receives GRN of concerned material. If everything is according to requirement material is accepted otherwise remarks given on GRN.

• INSURANCE CLAIM – If any material is damaged , damage report is prepared for claims.• After user department accepts the material, intimation is made to the accounts department which

makes e-payment according to credit period to the concerned parties.

• Introduction To Fund Management

• Funds can be broadly categorized into two main categories, namely:• Long term Funds or Fixed Capital• Short term Funds or Working Capital

• These have been described below:• Long term Funds: Every business needs investment to procure fixed assets, which remain in use for a

longer period. Money invested in these assets is called ‘Long term Funds’ or ‘Fixed Capital’.• Short term Funds: Business also needs funds for short-term purposes to finance current operations.

Investment in short term assets like cash, inventories, debtors etc., is called ‘Short-term Funds’ or ‘Working Capital’. Hence, the ‘Working Capital’ can be defined, as funds needed for carrying out day-to-day operations of the business smoothly.

• The four essential aspects of fund management are :

1) Fund management is a distinct area of business management – i.e. fund manager has a key role in overall business management 2) Prudent or rational use of capital resources –proper allocation and utilization of funds 3) Careful selection of the source of capital – Determining the debt equity ratio and designing a proper capital structure for the corporate 4) Goal achievement – ensuring the achievement of business objectives viz. wealth or profit maximization.

• The contribution of fund management, particularly in business, is changing in response to technological advances that have significantly reduced the amount of time it takes to produce financial reports. Fund managers perform data analysis and use it to offer senior managers ideas on how to maximize profits.

• OBJECTIVES OF FUND MANAGEMENT • The main aim of fund management is to arrange as many funds for the business as are required from time to time.

This aim can be achieved through following objectives:-

• Financial forecasting and planning: - A financial manager has to estimate the financial needs of a business. How much money will be required for acquiring various assets? The amount will be needed for purchasing fixed assets and meeting working capital needs. He has to plan the funds needed in the future. How these funds will be acquired and applied is an important function of a finance manager.

• Acquisition of funds:- After making financial planning, the next step will be to acquire funds. There are a number of sources available for supplying funds. These sources may be shares, debentures, financial institutions, commercial banks, etc. the selection of an appropriate source is a delicate task. The choice of a wrong source for funds may create difficulties at a later stage. The pros and cons of various sources should be analyzed before making a final decision.

• Maintain proper liquidity: - Every concern is required to maintain some liquidity for meeting day to day needs. Cash is the best source for maintaining liquidity. It is required to purchase raw materials, pay workers meet other expenses, etc. A finance manager is required to determine the need for liquid assets and then arrange liquid assets in such a way that there is no scarcity of funds.

• Economy: - The cost of raising the funds should be minimum. It should not impose disproportionate burden on the company. A proper debt-equity mix can ensure it.

• Increase profitability: - It is true that money generates money. To increase profitability sufficient funds will have to be invested. Fund management should be planned in such a way that the concern neither suffers from inadequacy of funds nor wastes more funds than requires.

• Maximizing firm’s value: - Fund management also aims at maximizing the value of the firm. The type of sources used for raising funds, the cost of funds, condition of money market, the demand for products are some other considerations, which also influence a firm’s value.

• Increase the internal sources of finance: - Fund management increase the internal sources of finance in the form of such as personal savings, retained earnings, working capital, sale of assets.

• Sources of funds: - • There are two types of sources of funds such as: -• Internal sources• External sources • Internal sources: -• 1) Personal savings:- It is one of the most important source of finance. personal savings are amount of

money that a business person, partner or shareholder has at their disposal to do with as they wish. If that person uses their savings to invest in their own or another business, then the sources of finance comes under the heading of personal savings.

A good and very public example here is JAMIE OLIVER, the television Chef. Jamie Oliver financed his new restaurant, ‘fifteen’, using fifteen raw recruit to the catering trade and a large amount of his own cash.

• 2) Retained Profits: - All profits of a company not distributed amongst the shareholders as dividend, but a part of the profits is retained or reinvested in the company. This process of retaining profits year after year and their utilization in the business is also known as retained profits. The retained profit is then available to use within the business to help with buying new machinery, vehicles, computers and so on or developing the business in any other way. Retained profits are also kept if the owners think that they may have difficulties in the future so they save them for a rainy day.

• Working Capital: -This is the short-term capital or finance that a business keeps. Working capital is the

money used to pay for the every day trading activities carried out by the business-stationary needs, staff salaries and wages, rent energy bills, payments for supplies and so on. Working capital is defined as :

Working capital = Current assets-current liabilities • Sale of Assets: - A fixed asset is anything that is not used up in the production of goods and services

concerned- land, building, fixtures and fittings, machinery, vehicles, and so on. A business may desperately need to find some cash so it decides to stop offering certain products or services and because of that can sell some of its fixed assets. Hence, by selling its assets, business can use then as source of finance. Selling its fixed assets therefore has an effect on the potential capacity on the business- the amount it can produce.

• External sources: -

• Ownership Capital: - Owners refers to those people or institutions who are shareholders. Sole traders and partnerships do not have shareholders- the individuals or the partners are the owners of the business but do not hold shares. Shares are units of investment in a limited company, whether it be a public or private limited company. Shares are generally divided into two types:

• Ordinary shares• Preference shares

• i) ORDINARY SHARES: Ordinary share is also known as equity share. The holders of these shares are the real owners of the company. Equity shares are paid dividend after paying it to preference shareholder. Equity share cannot be redeemed during the lifetime of the company.

• ii) PREFERENCE SHARES: These shares are given two preferences: There is a preference for payment of dividend whenever the company has distributable profits. Dividend

is first paid on preference shares capital. Other shareholders are paid dividend out of the remaining profit. The second preference for these shares is the repayment of capital at the time of liquidation of the

company. After paying outside creditor, preference share capital is returned. A fixed rate of dividend is paid on preference share capital. Preference shareholders do not have voting rights.

• Non-ownership Capital:-while the following sources of finance are important, they are not classified as ownership capital-Debenture holders are not shareholders, nor are banks who lend money or creditors. Only shareholders are owners of the company.

• Debentures• Public Deposits• Loans• Overdraft facilities• Leasing• Hire Purchase

• Debentures: Debenture is an acknowledgement of a debt. Debenture holder is the creditor of the company. A fixed rate of interest is paid on debentures. The interest on debenture is charged on the profit and loss account of the company. When the debentures are secured they are paid on priority in comparison to all other creditors.

• Public Deposits: The Indian Central Banking Enquiry Committee recognized Public deposits as early as in 1931. Public deposit from the public by all type on manufacturing and non-bank financial companies in the private sector has been a unique feature of Indian financial system. Public deposits have been most common in the financing of cotton textile industry in Bombay and Ahmadabad but in the recent years many companies have accepted deposit from the public to finance their working capital requirements. In spite of that public deposits are unsecured, more risky and less liquid.

• Loans: - When a bank makes an advance in lump sum against some security, it is called a loan. In case of a loan, the bank to the customer sanctions a specified amount. The entire loan amount is paid to the borrower either in cash or by credit to his account. The borrower is required to pay interest on the entire amount of the loan from the date of the sanction. A loan may be repayable in lump sum or installments. Interest on loans is calculated at quarterly rests and where repayments are stipulated in installments. The interest is calculated at quarterly rests on the reduced balances. Commercial banks generally provide short-term loans up to one year for meeting working capital requirements. However, banks also provide now-a-days term loans exceeding one year. The term loans may be either medium term or long term loans.

• Overdraft facilities: - Overdraft means an arrangement with a bank by which a current account holder is allowed to withdraw more than the balance to his credit up to a certain limit. There are no restrictions for operation of overdraft limits. The interest is charged on daily overdrawn balances. Overdraft is allowed for a short period and is a temporary accommodation. Overdraft accounts can either be clean overdrafts, partly secured or fully secured.

• Leasing: - Leasing is the method of financing where contractually the owner (lessor) of an asset grant to a party (lessee) the use of the asset for a specified period of time for an agreed sum of periodical rent.

• Hire Purchase: - It is the method of financing in which the ownership of assets automatically passes on the hirer on payment of all the installments.

• IMPORTANCE OF FUND MANAGEMENT:

Importance of fund management can be observed from the following points:• Helps in evaluation of use of working capital:- It helps in explaining how

efficiently the management is utilizing the working capital and also suggests ways to improve working capital position of the organization.

• Helps in proper allocation of resources:- Every organization has limited resources and they want to make the best use of it. Proper use of funds by an organization helps to take efficient managerial decisions

• Helps in analysis of financial position:- Financial manager analyses the financial position of the organization. It reveals the effect of various transactions on the financial position of the organization.

• Fulfils the daily requirements:- Fund is cash that is used to fulfill day to day requirements of an organization.

• Helps in making financial decisions:- It is helpful in financial analysis and making sound financial decisions.

• Helps borrowing operations:- Money lenders and financial institutions ask for the business firms to submit a copy of the fund flow statement with their application of loan. Lenders assess the credit-worthiness of the concerns with these statements and decide, whether a loan should be granted or not.

• RIL makes e-payments in the following forms: • Electronic Funds Transfer (EFT)• Real Time Gross Settlement (RTGS) System

• These have been explained as under :• Electronic Funds Transfer (EFT) system: • EFT is a scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers

money transfer service from account of any bank branch to any other bank branch in places where EFT services are offered. This means, EFT is an inter-bank oriented system whereby anyone who wants to make payment to another person / company etc. can approach his bank and make cash payment or give instructions / authorization to transfer funds directly from his own account to the bank account of the receiver / beneficiary. Complete details such as the receiver’s name, bank account number, account type (savings or current account), bank name, city, branch name etc should be furnished to the bank at the time of requesting for such transfers so that the amount reaches the beneficiaries’ account correctly and faster.

• Salient features of this system are:• i)Time taken to transfer funds through EFT: Funds transfer normally takes place on the same day or at the most the next working day depending

upon the time of requesting / effecting such funds transfers. The customer should confirm this aspect from his bank at the time of requesting the funds transfer.

• ii)Funds availability schedule for the beneficiary: The remitting bank transmits the funds transfer message to RBI. Before the cut off time for the

settlement, the receiving bank’s account is credited by RBI at the destination centre and beneficiary gets credit on the same day.

• iii) Limit on the amount of individual transaction: There is no value limit for individual transactions.• iv) Procedure for acknowledgment: The receiving branch acknowledges every transaction it receives after crediting the beneficiary’s account.

The acknowledgment particulars reach the remitting branch as an inward message on Day 3 of the EFT processing cycle. The remitting branch will, therefore, have precise information as to when the beneficiary’s account was credited.

• Real Time Gross Settlement(RTGS) system : This is a large value payment system where funds transfer takes place instantaneously, based on electronic

instructions just like EFT. It was introduced in India in March 2004. Electronic instructions can be given by banks to transfer funds from their account to the account of another bank. The RTGS system is maintained and operated by the RBI and provides a means of efficient and faster funds transfer among banks facilitating their financial operations. As the name suggests, funds transfer between banks takes place on a ‘real time’ basis. Therefore, money can reach the beneficiary instantaneously and the beneficiary’s bank has the responsibility to credit the beneficiary’s account within two hours. As clear from the name itself, transfer of money takes place from one bank to another on a ‘real time’ and on ‘gross’ basis. This is the fastest possible money transfer system through the banking channel. Settlement in ‘real’ time means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. ‘Gross settlement’ means the transaction is settled on one to one basis without bunching any other transaction.

The payment is taken as final and irrecoverable, considering that money transfer takes place in the books of the bank. For a funds transfer through RTGS, both the sending bank branch and the receiving bank branch would have to be RTGS enabled. Essential information that the remitting customer would have to furnish to a bank for the remittance to be effected:

• i) Amount to be remitted• ii) His/her account number to be remitted• iii) Name of the beneficiary bank• iv) Name of the beneficiary customer• v) Account number of the beneficiary customer• vi) Sender to receiver information, if any• vii) The IFSC code of the receiving bank The beneficiary customer can obtain the IFSC code from his/her branch. The IFSC code is also available on

the cheque leaf. This code number and bank branch details can be communicated to the remitting customer.

• Salient features of this system are:• i) Minimum/Maximum amount stipulation for RTGS: The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs. 1 lakh. There is no upper ceiling for RTGS transactions.• ii) Time taken for effecting funds transfer: Under normal circumstances, the bank of the beneficiary party is expected to receive the funds in real time as soon as funds are transferred by IPCL bank. The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.• iii) Tracking of the remittance transaction: A remitting customer can track the remitting transaction, depending on the arrangement between the remitting customer and the remitting bank. Some banks with internet banking facility provide this service. Once the funds are credited to the account of the beneficiary bank,

the remitting customer gets a confirmation from the bank either by an e-mail or by a short message on his mobile.

• iv) Remitting customer can get back the money if it is not credited to the beneficiary’s account: It is expected that the receiving bank will credit the account of the beneficiary instantly. If the

money cannot be credited for any reason, the receiving bank would have to return the money to the remitting bank within two hours. Once the money is received back by the remitting bank, the original debit entry in the customer’s account is reversed. Both EFT and RTGS serve the same purposes, namely increasing security, reliability, accuracy and speed. However, an important difference that should be noted is that EFT requires remitting and beneficiary to have account in the same bank, whereas RTGS is free from this restriction. This means IPCL can use EFT while dealing with clients having an account with HDFC Bank only, since IPCL has its account in HDFC only. While dealing with clients holding accounts in banks other than HDFC, IPCL would have to use RTGS only.

• CASH & BANK

• RIL-HMD have their accounts in HDFC BANK and SBI BANK.

• HDFC BANK account is used to make routine payments.• SBI BANK account is used to make statutory payments.

For e.g ESI, pension employee, sales tax etc.• IMPREST SYSTEM for Misc. expenses is kept.• Minimum cash balance kept is Rs 1,00,000.• Payments are usually made to suppliers, transporter

and raw material.• Bank reconciliation is done on daily basis

RESEARCH METHODOLOGY• RESEARCH OBJECTIVES:• Main objectives of my study are:• To understand meaning and importance of fund management in an organization• To gain insight into the various sources used by an organization to raise its funds• To find out various ways used by RIL to manage its funds.• To find out that whether an organization is able to fulfill its requirements efficiently

• RESEARCH METHODOLOGY• DEFINE THE PROBLEM:• The definition of problem includes the study of fund management and various methods and practices

adopted by RIL-HMD.

• DATA SOURCES:• Two types of data will taken into consideration is that primary and secondary data. My major

emphasis will be on gathering the both primary and secondary data.• The methods used by me for collection of primary data are:-• a) COLLECTION OF PRIMARY DATA• Interview Method:- This method is most commonly used method for collection of primary data. I

interviewed various ways used by staff members in order to raise their funds in organization and to what extent they raise their funds so that they fulfill their requirements.

• Questionnaire Method:- I gave questionnaire to various employees in order to know their view points on raising funds. All the questions included in the questionnaire are very easy to understand, simple and concrete. Respondents are asked to fill the questionnaire without any biases.

• b) COLLECTION OF SECONDARY DATA: Secondary data is the data that has already been collected for purposes other than the

problem at hand. The main secondary data used by me include various books, ompany manuals and online sources.

• 2) RESEARCH APPROACH: Surveys are best suited for descriptive research. These are undertaken to know the various

ways adopted by Accounts Department to raise and control funds in an efficient manner.

• 3) RESEARCH INSTRUMENT: A best and suited method for survey is questionnaire. A questionnaire is presented to respondents for their answer.

• 4) SAMPLING PLAN:Sample unit: The target population must be defined. It is necessary so as to develop a sampling frame so that every one in the target population must have an equal chance of being sampled. I have conducted my survey in IPCL-HC.

• SAMPLE SIZE: I have taken sample size of 100 staff members from various departments. The sample was

based on simple random sampling.

• C) COLLECTION OF INFORMATION The next step was that I collected the information from various respondents

with the help of questionnaires. • D) ANALYZE THE INFORMATION: The next step is to analyze the data. Firstly, I have tabulated the data and

developed the frequency distribution. The whole data has been presented in the tabular form and frequencies and percentage was prepared to render impact of the study.

• E). PRESENTATION OF FINDINGS: The last step was to present the findings.

• LIMITATIONS OF THE STUDY:

Various limitations faced by the researcher during this study are:• Due to time constraint, researcher took interview of only 100 staff members.• Possibility of biased responses of respondents cannot be ruled out.

ANALYSIS AND INTERPRETATION• 1. Source do you think is better for

raising funds:-

• Interpretation:• The analysis shows that most of the

respondents consider internal sources as a better means of raising funds as compared to external sources. From the above given chart 27% respondent is in favor of external sources and 73% respondent in favor is in favor of internal sources.

CategoryNo. of

Respondents (%)

Internal Sources 73

External Sources 27

• 2. Particular item exhibits maximum variation between estimated fund requirements and actual fund utilization:-

• Interpretation:• The analysis depicts raw material and fuel

& packing, etc. as items displaying maximum variations. There is a small difference between project expansion and fuel and packing.

Category No. of respondents(%)

Fuel, packing, transportation, etc

32

Project Expansion 18

Raw Material 50

Any other(please specify)

NIL

• 3. Application according to you, requires maximum funds:-

• Interpretation:• From the above analysis, it is clear that raw

material is considered to be the application demanding maximum funds, in comparison to other applications. The chart shows that 75% respondent says raw material requires maximum funs,19% says other expense like transportation, electricity etc requires more fund, only 6% respondent says rentals requires more fund.

CategoryNo. of

respondents(%)

Raw Material 75

Rentals 6

Other Expenses 19

Any other NIL

• 4. Factor has maximum influence on fund requirements:-

• Interpretation:• From the above analysis, it can be

interpreted that production policy is considered to be most important factor affecting fund requirements. seasonal n and working capital and seasonal variations only 22% & 5%.

Category No. of respondents(%)

Seasonal variation 5

Working Capital 22

Production Policy 73

Any other NIL

• 5. Most strategic feature for using e-payment in RIL:-

• Interpretation:• It can be interpreted from the above

analysis that most of the employees thought reliability and security is the most strategic feature of e-payment. 4% of the respondents believe 'no need to hold cash' as the most strategic feature of e-payment and 80% is disagree with this .They says e-payment is the most fastest and reliable for exchange of money and other transactions.

Category No. of Respondents(%)

Speed 8

Accuracy 8

Reliability & Security 80

Any Other 4

• 6. Minimum cash ( in terms of number of days) should be held in office all the time to meet any sudden unexpected changes:-

• Interpretation:• The analysis shows that most of the

respondents feel extra cash to be maintained to be able to satisfactorily fulfill requirements is 5-10 days. only 5 to 20% respondent says there is no need or importance for extra cash .

Category No. of Respondents(%)

5 Days 75

10 Days 20

15 Days 5

20 Days NIL

• 7. Are you successful to fulfill all the funds requirements of RIL on time:-

• Interpretation:• The analysis shows that all the employees

are able to fulfill all the requirements of RIL on time.

Category No. of Respondents(%)

Yes 100

No NIL

FINDINGS• Preference of internal sources in comparison to external sources

for raising funds.• Funds are essential to maintain sufficient liquidity in the firm.• Reliability and security is considered to be the most strategic

feature of e-payment. This mode of payment also ensures speed and accuracy.

• Maximum consumption of funds occurs for raw material.• Production policy is considered to be the most important factor

affecting fund requirements in comparison to working capital and seasonal variation.

• Monthly fund requirements plan is considered to be very significant for sound fund management.

• In general, items such as raw material, fuel, packaging, etc. Show frequent deviation from estimated fund requirement.

Suggestions

• Different programs should be organized to tell employees about the recent development trends in fund management.

• Continuous training programs should be there for employees that will upgrade their knowledge.

• More practical training should be provided to the employees.

• Feedback system should be there for the trainees to know that whether the training program they are undergoing sufficient or not.

Conclusion • This report gives a brief idea about the importance of

fund management. Fund management includes forecasting of financial needs, managing credit and determines the size and technology of the firm, in setting the pace and direction of growth. This report also shows the various means adopted by RIL to manage its funds optimally. It explains the modes of banking transactions adopted by RIL, which include systems such as Electronic Funds Transfer (EFT), Real Time Gross Settlement (RTGS) and Cash Management System (CMS). The criteria used by RIL for forecasting fund requirements such as rolling, monthly and daily fund requirements plan have also been discussed.