working captial (penna cement) ss

CHAPTER - 1

1.1 INDUSTRY PROFILE

INTRODUCTION

Generally, India is today second largest cement Producing country after China. At

present there are about 60 cement companies with 134 major plants and an instilled

capacity of around 147 million tones. Besides there are 60 surviving tiny and mini cement

plants with a capacity of 6.3 million tones. There companies have setup 130 major cement

plants by investing over Rs30, 000 crores.

Cement was produced for the first time in India in 1904 by south India industries

ltd madras. The present production of cement is around 120 million tones per year.

Cement of India has made brave plan for increasing cement production capacity for

production of cement, India is divided into four zones namely: East, West, North, and

South. A.P comes under south zone among 99 large cement plants, 200 plants in India out

of them 18 major cement plants are in A.P. Cement industry is third highest contributor in

term of excise duty of over 3,500/- crores to state government's royalties, octrai and other

ceils and another 1,500/- crores.

HISTORY OF CEMENT INDUSTRY

The first ever reference of cement production in India is recorded in George

Watt's directory of "Economic products of India" published in 1889 which stated.

"Portland cement was being made in Calcutta from argillaceous KanKer". However the

first organized attempt to manufacture the cement was made in 1904 by the madras based

south Indian Industries Limited. But its venture failed It was in October 1914 that the

cement corporation limited saw the light of the day. It had an installed capacity of 1000

tones per annum.

The Romans found that mixing lime (Brent) with Pozolana (a rock like material

which shows natural Hydraulic properties) produces cementing material, which shows

hydraulic properties.

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Pozzolonic material was also found in large areas of Italy, Greece, Germany, and

Ireland. In a town called Portland, England, Raw materials for present day cement were

naturally presented in the lime stone.

Growth of the Different Areas

Roads & Building Plans

Infrastructure is often cited as one of the main impediments to economic growth

in India the provisions of efficient and affordable infrastructure are essential for industries

growth.

Promise of Housing

Housing is another sector that can act as a Powerful drive to boost cement

demand. The government has made bold Statements and taken initiations which benefit

the cause. As per recent estimates, the country faces a shortage of over 20 million

dwelling units-unofficially the figure is placed at 40 million.

Export Potential

Even though India is second largest cement industry in the world with exports

performance is not in line with the size. Exports accounts for less than 2% of production.

India is strategically placed to be a major exporter of cement to SAARC countries.

Other Growth Areas

Agriculture continues to be and important sector in economy. The largest

economic survey agriculture improved at this to provide the efficient infrastructure

facilities, storages, market yards, madding improving connectively villages all though

roads the agriculture & irrigation sectors are main developing the canals, projects at this

main products is cement at this to help the growth of economy.

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Problems of Cement Indusrty

Coal

Coal is used both as an energy sources and raw material for cement Production.

The per tone coal requirement for a dry process plant is approximately

250kgs and for a wet process plant 350kgs of total produced in India.

The cement industry consumes nearly 5% coal which accounts for nearly 20% of

the total production of cement industry there is no shortage of coal supply there are

certain drawbacks in the coal supplied to cement plant. The quality of coal is poor which

adversely affects the quality of cement.

Excise Duty

Excise duty of the total excise earned by the central govt. nearly 506% is

contributed both cement industry. The excise duty paid in 1998-1999 400/- per tone. The

mini cement plants is only 250/- per tone use to 99,000 tones of dispatches. This type of

high rate excise duty is payable to the cement industry.

Power Shortage

The cement industry consumes nearly 3-4% of the total power generation in the

country for the production of 1 tone of cement 100 units of power is required. There

exists a problem of execute power shortage in the states of Andhra Pradesh, Karnataka,

Madhya Pradesh, Tamilnadu, Rajasthan. Most of companies getting our desalsels.

Cement Package

Cement main Problem is packaging is the cement properties need to be maintained

from point products in this uses since, cement is mostly use dams, bridges and buildings.

The distance of transport is long.

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Current Status

The Indian cement industry has grown remarkably decades to merge as second

largest in the world after china. In terms of technology, Quality and Productivity

parameter Indian cement industry is undeniably at the top.

Today the Indian cement industry is passing through a phase of realignment and

consolidation. Multi-nationals have made a strong entry in the cement market and are

trying to increase their presences by acquisitions, joint venture and other arrangements.

Role of Cement Industry in India

In India it came to be established during the beginning of the 20 lh century. In fact

the cement era in India commenced with the establishment of a small cement factory at

"Washermanpet" in Madras now called Chennai in 1904 by south India industry limited a

company that dates back to 1879. The potential capacity of this plant was only 10,000

Metric tons per annum. India is ranked 4lh in the world after China, Japan and USA in

cement production.

Cement industry in India has a origin before 8 decades. This factory commenced

its production in 1914 at the rate of 199 Metric tons per day. The company adopted "Dry

process". This plant and easy access of lime stone quarries at porbandar. This initial

attempt could cause the attempt of two more factories.

One at Kathy (Madhya Pradesh) another at Lechery (Rajasthan) by Kathy Cement

limited and Bundy Cement Portland Cement Limited respectively in January 1915 and

December 1916.

Outlook

The per capita consumption of cement in India, which currently is very low at

99kg, has huge scope for growth, according to industry sources the initiative taken by the

govt on the infrastructure. Particularly the north-south corridor, popularly known as the

"golden Quadrilateral" the long term outlook for the cement industry is encouraging. The

work group on cement industry constituted by the planning commission for the the five

year plan has estimated the demand for cement to reach 165.56 million tones by 2006-

2007.

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1.2 COMPANY PROFILE

Introduction

A Penna cement industry Ltd was incorporated on October 24, 1991 to setup a

cement plant at Tadipatri in Anantapur District of Andhra Pradesh. The plant commenced

commercial production on August 10, 1994 as mini Cement plant with initial capacity of

0.30 million tone. The company in short period to getting profits. Later 1995 plant

capacity was increased 0.4 million tone, which upgraded its states as major plant.

Penna cement industries Ltd established by Mr.P.Prathap aged 44 began his

entrepreneur career with civil engineering contracts by launching pioneer builders.

Mr.Reddy has experience of two decades in cement industry. He was the executive

director of priyadarshini cement right from its inception in 1984.In 1991 Mr.Pratap Reedy

incorporated his own cement company located in between Talaricheruvu and Urichintala

village. At present about 2720 tones of various grades of cement is being manufactured

daily at the factory.

Quarry

Major raw material for cement industry. The quarry has a mining lease of 235.52

acres in Talaricheruvu village, 440.47 acres in Urichintala village and 629.75 acres in

Korumanipalli village of Kurnool district.

Salient Features of Penna Cement

High strength and great durability

A very perceptible saving in costs (up to 20% to 25%) due to low setting time

Superior quality of the cement resulting in a better overall finish

Stronger bonding with aggregates.

Growth and Performance

The company has enhanced its capacity from 600 TPD to 8000 TPD over the

period of 10 years. The Existing cement plant was upgraded to 600 tones capacity per

day. The profits for the year 1997-98 are Rs 792.77 Lakhs and sales of Rs 9467.20 Lakhs.

The company holds the assets of Rs 6019.92 Lakhs. The annual capacity of the company

992800 tones.

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Current Operations

Presently the company is manufacturing 43 grade, 53 grade, Ordinary portal

cement Port land slag cement, soleplate Resistant with brand name of "PENNA".

Penna suraksha - 53 Grade

Penna power - 53 Grade

Penna super - 43 Grade

Competitiveness of Cement Product

Just five companies - Ultra tech, Andhra cement,' Grasim cement, Gujarat Ambuja

cement and India cement Ltd.

Technology Adoption and Innovation

The company has obtained the basic engineering designs and other technical

know-how from M/S.ONADA ENGINEERING and consulting company limited Japan

for the cement plant. The technical collaborates are continuously guiding the company for

achieving improved productivity and benefits such as conservation of energy etc., besides

trouble shooting a specific.

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CHAPTER – 2

REVIEW OF LITERATURE

2.1 MEANING OF THE STUDY

INTRODUCTION TO WORKING CAPITAL MANAGEMENT

Working capital management is concerned with the problem that arises in

attempting to manage the current assets, the current liabilities and the interrelationship

that arise between them.

Current assets refer to those assets, which in the ordinary course of business can

be or will be turned into cash within one year. The major current assets are cash,

marketable securities, accounts receivables and Inventory. Current liabilities are those

liabilities, which are intended, at their inception, to be paid in the ordinary course of

business, with in a year. The basic current liabilities are Accounts payable, Bills payable,

Bank Overdraft and Outstanding expenses.

The goal of working capital management is to manage the firms Current Assets

and Current Liabilities in such a way that a satisfactory level of working capital is

maintained.

Working capital, it ensures normal and smooth working of a business unit. It is

required for the raw materials and stores, payments of wages and other regular expenses

like electricity, water charges, taxes etc. Working capital is necessary when regular

manufacturing activities are under taken and normal production activities are conducted.

Such capital is required for a short period as it is recovered from the customers when the

products are sold to them.

Therefore interaction between current assets and current liabilities are in the main

theme of working capital management. Profits are earned with the help of assts, which are

partly fixed and partly current. Working capital some times referred to as

“CIRCULATING CAPITAL”.

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The management of fixed assets and current assets are differs in three ways:

In managing fixed assts, time is very important factor, consequently, discounting

and compounding techniques play a significant role in capital budgeting and a

minor one in the management of current assets.

The large holding of current assets especially cash, strengthens the firm’s liquidity

position (and reduces risk ness), but also reduces that over all profitability. Thus, a

risk-return trade off is involved in holding current assets.

The level of fixed as well as current assets depends upon expected sales, but it is

only current assets, which can be adjusted with sales fluctuations in the short run.

Thus, the firm has a greater degree of flexibility in managing current assets.

In simple words working capital means that which is issued to carry out the day to

day operations of a business. Capital required for a business can be classified under two

main categories.

Fixed capital

Working capital

Every business needs funds for two purposes, for its establishment and to carry on

its day to day operations. Long term funds are required to create production facilities

through purchase of fixed assets such as plant and machinery, land, building, furniture

etc. Investment in these assets represents that part of firm capital, which is blocked on a

permanent or fixed basis called fixed capital. Funds are also needed for short term

purposes i.e. for the purchase of raw material, payment of wages and other day to day

operations of business. These funds are known as working capital. In other words,

working capital refers to that firm’s capital which is required for short- term assets or

current assets. Funds thus invested in current assets keep revolving last and being

constantly converted into cash and this cash flow is again converted into other current

assets. Hence it is known as circulating or short term capital.

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“WORKING CAPITAL” is also called as “CIRCULATING CAPITAL”

DEFINITIONS:

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

the enterprise”.

- Shubin

“Working capital means a sum of current assets only”.

- Field, Backer & Malott

“Working capital refers to managing the firm’s current assets & current liabilities in such

a way that a satisfactory level of working capital is mainted”.

- M Y Khan & P.K.Jain

“Circulating capital means current assets of a company that are changed in the ordinary

course of business from one from to another, as for example, from cash to inventories,

inventories to receivables, receivables in to cash”.

- Genesten berg

“Working capital means that which is issued to carry out day to day operations of a

business. The excess of current assets of a business (i.e. cash, accounts receivables,

inventories) over current items owned to employees and others (such as salaries & wages

payable, accounts payable, taxes owned to government)”.

- Park & Gladson

CONCEPT OF WORKING CAPITAL

There are two concepts of working capital:

(A) Balance sheet concept.

(B) Operating cycle or Circular flow concept.

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A) Balance sheet Concept

There are two interpretations of working capital under the balance sheet concept:

(I) Gross working capital.

(II) Net working capital.

I) Gross working capital

The Gross working capital refers to the firm investment in current assets. The current

Assets are Assets which can be converted into cash with in an accounting year and

include cash, Short – term securities like debtors, Bills Receivables and inventory.

Gross working capital constituted current Assets i.e.

1. Inventory: which are further classified into

a. Raw materials

b. Working in progress

c. Finished goods

2. Accounts Receivables:

(a) Cash and bank balance.

Any business firm needs to provide it with enough of these current Assets. So that

it an carry on its business operation smoothly. These Assets are essential circulating in

nature. That is to say that the business buys raw materials with cash Receivable as a

result or cash sales.

II) Net working capital

It represents the difference between current assets and current liabilities, Net

working capital may be positive or negative. Positive net working capital is that when

current assets are more than current liabilities, but when current liabilities become more

than current assets than it is negative working capital. In brief we can say that working

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capital is too much necessary for the smooth functioning and proper utilization of fixed

assets.

B) Operating Cycle Concept:

“Operating cycle is the time duration requires for converting sales into cash after

the conversion of resources into inventories.” First of all a firm purchase Raw Material,

then after some processing it is converted into work–in–progress and after this further

processing is done to convert work–in–progress in finished goods. After the raw material

is converted into finished goods, sales are made. Sales are no always full cash sales; there

are credit sales also. These credit sales after some period are converted into cash. So the

whole process takes the time. This time taken is known as the length of operating cycle.

So operating cycles includes:

1. Raw Material conversion period (RMCP)

2. Work–in – progress conversion period (WIPCP)

3. Finished goods conversion period (FCP)

4. Debtors Conversion period (DCP)

So operating cycle can be known as following:-

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If the length of the operating cycle has short length period then less working

capital is required. So working capital requirement is directly related with operating

cycle.

Operating cycle may be of two types

Gross operating cycle

Net operating cycle

Gross Operating Cycle:

Gross operating cycle is the total time period from the conversion of Raw Material

into finished goods and finished goods into sales and the sales into cash.

GOC = RMCP + WIPCP + FCP + DCP

Net Operating Cycle:

As we provide period to debtors for the payments, our creditors also provide

period to us for payment to them. So this reduces our requirement of working capital.

This also affects the operating cycle. Operating cycle’s length reduces with so many days

as provided by the creditors to us. The difference between gross operating cycle and

period allowed by the creditors for payment is known as net operating cycle.

TYPES OF WORKING CAPITAL

TYPES OF WORKING CAPITAL

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ON THE BASIS OF CONCEPT

(I) Gross working capital

This thought says that total investment in current assets is the working capital of the

company. This concept does not consider current liabilities at all.

Reasons given for the concept:

1) When we consider fixed capital as the amount invested in fixed assets. Then the

amount invested in current assets should be considered as working capital.

2) Current asset whatever my be the sources of acquisition, are used in activities related to

day to day operations and their forms keep on changing. Therefore they should be

considered as working capital.

Gross Working capital = Total Current Assets

(II) Net working capital

It is narrow concept of working capital and according to this, current assets minus

current liabilities forms working capital. The excess of current assets over current

liabilities is called as working capital. This concept lays emphasis on qualitative aspect

which indicates the liquidity position of the concern/enterprise

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Net Working Capital = Current assets – Current Liabilities

ON THE BASIS OF TIME

I) Permanent Working Capital

As the operating cycle is a continuous process so the need for working capital also

arises continuously. But the magnitude of current assets needed is not always same; it

increases and decreases over time. However there is always a minimum level of current

assets. This level is known as permanent or fixed working capital.

II) Temporary Working Capital

The extra working capital needed to support the changing production and sales

activities, is called variable or functioning or temporary working capital. This can be

shown in the following diagram:-

FACTORS INFLUENCING WORKING CAPITAL:

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1) Nature of business

The working capital of a firm basically depends upon nature of its business for e.g.

public utility undertaking like electricity, water supply needs very less working capital

because offer only cash sales whereas trading & financial firms have a very less

investment in fixed assets but require a large sum of money invested in working capital.

2) Size of business

The size of business also determines working capital requirement and it may be

measured in terms of scale of operations greater the size of operation, larger will be

requirement of working capital.

3) Manufacturing cycle

The manufacturing cycle also creates the need of working capital. Manufacturing

cycle starts with the purchase and use of raw material and completers with the production

of finished goods. If the manufacturing cycle will be longer more working capital will be

required or vice versa.

4) Seasonal variation

In certain industries like raw material is not available throughout the year. They have

to buy raw material in bulk during the season to ensure an uninterrupted flow and process

them during the year. Generally, during the busy season, a firm requires large working

capital than in the slack season.

5) Production policy

Production policy also determines the working capital level of a firm. If the firm has

steady production policy, it may require need of continuous working capital. But if the

firms adopt a fluctuating production policy means to produce more during the lead

demand season then the more working capital may require at the time but not in other

period during a financial year. So the different production policy arises different type of

need of working capital.

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6) Firms credit policy

The firm’s credit policy directly affects the working capital requirement. If the firm

has liberal credit policy, hence the more credit period will be provided to the debtors so

this will lead to more working capital requirement. With the liberal credit policy

operating cycle length increases and vice versa.

7) Sales Growth

Working capital requirement is directly related with sales growth. If the sales are

growing, more working capital will be needed due to arises need of more raw material,

finished goods and credit sales.

8) Business cycle

Business cycle refers to alternate expansion and contraction in general business. In a

period of boom, larger amount of working capital is required where as in a period of

depression lesser amount of working capital is required.

9) Earning capacity & dividend policy

If the firm has enough earnings and it is not paying dividend then it will not be in

need of external borrowings. If firm wants to increase its earning power then more

working capital will be required also to pay more dividend more profits are needed which

give rise to more working capital.

10) Price level changes

Changes in the price level also effects the working capital requirements. Generally,

the rising prices will require the firm to maintain larger amount of working capital as

more funds will be required to maintain the same current assets.

Dangers of Inadequate Working Capital

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It stagnates growth because it is difficult to undertake profitable projects for non

availability of working capital.

It becomes difficult to implement operating plans and achieve the firms target

profit. Operating inefficiencies creep in when it becomes difficult even to meet

day to day commitments.

It leads to inefficient utilization of fixed assets.

It render the firm unable to avail attractive credit opportunities etc.

Firm loses its reputation when it is not in a position to honour its short term

obligations.

Therefore firm should maintain the right amount of working capital on a

continuous basis. The right amount of working capital influenced by several factors.

The Dangers of Excessive Working Capital

It results in unnecessary accumulation of inventories, which lead to mishandling

of inventories (waste, theft and losses in increase).

It is indication of defective credit policy and slack collection period. This leads to

higher bad debt losses that reduce profits.

It makes management complacent which degenerates in to managerial

inefficiency.

Accumulation inventories tend to make speculative profits grow. This type of

speculation makes the firm to follow liberal dividend policy and difficult to cope with in

future is unable to make speculative profits.

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CASH MANAGEMENT

Cash is the important current assets for the operations of the business. Cash is the

basic input needed to keep the business running on a basis. The firm should keep

sufficient cash, neither more nor less.

The term cash includes coins, currency, and cheques held by the firm, and

balances in its bank accounts. Sometimes near- cash items. Such as marketable securities

(or) bank time’s deposits, are also included in cash. Generally, when a firm has excess

cash, it invests it in marketable securities. This kind of investment contributes some profit

to the firm.

CASH MANAGEMENT STRATEGIES:

The cash management strategies are intended to minimize the operating cash

balance requirement. The basic strategies payable with out and affective a credit of the

firm.

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1. Stretching account payable with out affecting the credit of the firm.

2. Efficient inventory management.

3. Speedy collection of accounts receivables.

Thus the main objectives of cash management are to reconcile two mutually

contradictory and conflicting tasks to meet the payment schedule and to minimize funds

committed to cash.

USES OF CASH MANAGEMENT:

1. It indicates company’s future financial need especially for its working capital

requirement.

2. To help in evaluating proposed capital projects.

3. It pinpoints the cash required to finance these projects as well as the cash to be

generated by the company to support them.

4. It helps to improve corporate planning.

5. Cash forecasting helps to future and to formulate projects carefully.

MOTIVE OF HOLDING CASH:

The firms need to held cash to the following three motives.

1. Transaction Motive:

This refers to holding cash to meet anticipated payments whose timing is not

perfectly matched with cash receipt.

2. Precautionary Motive:

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The precautionary motive is the need to hold cash to meet contingencies in the

future. Cash provides a cushion or buffer to withstand some unexpected emergency. Thus

precautionary balance should be hold more in marketable securities and relatively less in

cash.

3. Speculative Motive:

The speculative motive relates to the holding of cash for investing in profit

making opportunities as and when they arise. Thus the primary motives to cash and

marketable securities are transaction and precautionary motives.

ACTS OF CASH MANAGEMENT:

Managing the cash flows:

The flow of cash should be properly managed. The inflows should be accelerated

while as far possible decelerating the cash outflows.

Optimum cash level:

The firm should decide about the appropriate level of cash balance. The cost of

excess cash and danger of cash deficiency should be matched to determine the optimum

level of cash balance.

Investing surplus cash:

The surplus cash balance should be properly invested to earn profits. The firm

should decide about divisions of such cash balance between bank deposits. Marketable

securities and inter corporate lending.

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RECEIVABLES MANAGEMENT

The receivables represents as important component of the current asset of a firm.

The term receivable are defined as debt owned to the firm by customers arising from sale

of goods or services in the ordinary course of business. Receivables management is also

called “trade credit management”. The maintenance of receivables involves direct and

indirect costs. Direct cost includes the cost of investments allowance and concessions to

customers and also losses on account of bad debts. Administrative costs connected with

connection of receivable the recording or bills and preparing statements inflationary costs

legal expenses are indirect costs.

OBJECTIVES OF RECEIVABLES MANAGEMENT:

The goals of receivables management are:

1. To maintain an optimum level of investment in receivables.

2. To keep down the average collection of sales.

3. To obtain the optimum volume of sales.

4. To control the cost of credit allowed and to keep it at the minimum possible level.

The three crucial decision of receivables management are:

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Credit standards and analysis

Credit terms

Collection policy

CREDIT STANDARDS:

Credit standards represent the basic criteria for the extent ion of credit to creditors.

The quantitative bases of establishing credit standards are factors such as credit financial

ratio. Credit standards are divided into.

(a) Tight or restrictive

(b) Liberal or Non – restrictive

The trade off with reference to credit standards covers:

(a) The collection costs.

(b) The average collection period.

(c) Level of bad debts losses and

(d) Level of sales

CREDIT TERMS:

The stipulations under which goods are sold on credit to customers are called

credit terms. These stipulations:

1. Credit period.

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2. Cash discount.

COLLECTION POLICY:

It determines the actual collection period. The lower the collection period, the

lower investment in accounts receivables and vice-versa.

INVENTORY MANAGEMENT

Inventories are stock of the product of a company is manufacturing of sale and

components that make up then product. The various forms in which inventories exists in a

manufacturing company are raw materials, work in progress and finished goods. The

level of three kinds of inventories for a firm depends on the nature of its business.

RAW MATERIALS: Raw materials are those basic inputs that are converted

into finished product through the manufacturing process. Raw materials

inventories are those units, which have been purchased and stored for future

production.

WORK-IN-PROGRESS: Inventories are semi – manufactured products. They

represent products that need more work before they become finished products for

sale.

FINISHED GOODS: Finished goods inventories are those completed

manufactured products, which they are ready for sale. Stock of raw materials and

work-in-progress facilitate production, while stock of finished goods is required

for smooth marketing operations.

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OBJECTIVES OF INVENTORY MANAGEMENT

1. To maintain sufficient stocks of raw material in the periods of short supply and

anticipate price changes.

2. To ensure a continuous supply of raw material to facilitate uninterrupted production.

3. To maintain sufficient finished goods inventory for smooth sales operations and

efficient customer service.

4. To minimize the carrying costs and time.

5. To control investment in inventories and keep it at an optimum level.

INVENTORY MANAGEMENT TECHNIQUES

The form should determine the optimum level of inventory. Efficiently controlled

inventories make the firm flexible. Determining an optimum level involves two types of

costs.

(a) Ordering costs.

(b) Carrying costs.

(a) Ordering costs: The term ordering costs is used in cases of raw materials and

includes the entering costs of acquiring raw materials. Ordering costs are involved in-

1. Preparing purchase or requisition form.

2. Receiving inspecting and records the goods receiving to ensure both quantity

and quality. The cost of acquiring materials consists of clerical costs of stationery.

(b) Carrying costs: Carrying costs are involved in maintaining or carrying inventory may

be divided into four categories.

1. Storage cost i.e. tax, depreciation, insurance, and maintain acre of building,

utilities and services.

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2. Insurance of inventory against fire and theft.

3. Depreciation in inventory because of pilferage fire, technical Obsolescence,

style obsolescence and price declines.

4. Serving cost such as labour for holding inventory, clerical and accounting costs.

III.1 NEED FOR THE STUDY

In order to maintain flows of revenue from operations every firm need certain

amount of current assets. For example cash is required to pay for expenses or to meet

obligations for service received etc by a firm. On the identical plan inventories are

required to provide the between production and sales. Similarly accounts receivables

generate when good are sold on credit.

Needless to maintain cash, bank, debtors, bills receivables, closing stock

(including raw material, work in progress and finished goods) prepayments and certain

other deposits and investments which are temporary in nature represents current assets of

a firm.

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III.2 SCOPE OF THE STUDY

First, the study of working capital management is confined only to the Penna

Cement Industries Ltd.

Second, the concepts of working capital i.e. gross and Net is used in measuring

the liquidity and profitability performance and also to arrive at various objectives of the

study.

Thirdly, the study is based on the annual reports of the company for a period of

five years from 2005-2010. Due to time constraint the study period is restricted.

The purpose of the project is to analyze the past and present performance of the

company on various financial areas like-

Cash management

Inventory management

Receivables management

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III.3 OBJECTIVES OF THE STUDY

To identify various sources of financing in the working capital and find out the

respective proportion.

To identify and analyze the relationship between working capital and sales, fixed

assets and sales etc.,

To suggest measures to improve the working capital practices.

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III.4 SOURCES OF DATA

Data collection:

The study is dependant on primary and secondary data from various sources.

Primary data:

First hand information was collected from the experts, i.e., Finance Manager &

other persons in the finance department.

Secondary data:

The secondary data was collected from the annual reports, schedule, budgets and

other statements provided by the finance department of Penna Cement Industries Ltd.,

Books and internet.

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III.5 LIMITATIONS OF THE STUDY

The information used is primarily from historical annual reports to the public and

the same does not indicate the current situation of the firm.

Detailed analysis could not be carried for the project work because of the limited

time span.

Since financial matters are sensitive in nature the same could not be acquired

easily.

The ratio analysis is applied to the extent of data analysis.

The interpretation from the analysis of financial statements is based on

quantitative information only. Qualitative factors are not considered for the

analysis.

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Table – IV .1

STATEMENT SHOWING THE CHANGES IN WORKING CAPITAL

(Rs. in lakhs)

Particulars 2006-07 2007-08 2008-092009-

102010-11

I. Current Assets

Inventory 728.28 888.69 1152.03 1615.83 2189.56

Sundry Debtors 1295.22 1123.63 1785.50 2656.86 3709.00

Cash & Bank balances 134.02 124.33 727.33 410.06 1121.52

Loans & Advances 2443.39 2817.27 5986.82 5981.54 6282.94

Gross Working

Capital

4600.9

1

4953.9

2

9651.3

8

10664.

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13303.

03

II. Current Liabilities

Current liabilities 2390.87 2349.02 4238.38 3170.13 7605.70

Total current 2390.8 2349.0 4238.3 3170.1 7605.7

30

liabilities 7 2 8 3 0

NET WORKING

CAPITAL(A-B)

2210.0

4

2604.9

0

5412.9

9

7494.1

7

5697.3

3

CHART – IV .1

GROSS WORKING CAPITAL AND NET WORKING CAPITAL

INTERPRETATION:

The networking capital during the year is low compare to the rest of the years.

Initially the networking capital is minimum and after this year the net working capital is

goes on increasing except in the year 2007-08 the net working capital is decreased.

31

Table – IV .2


DURING THE YEAR 2006-2007

(Rs.in lakhs)

Particulars 2006 2007

Effect on Working Capital

Increase Decrease

A. Current Assets

Inventory 1353.93728.2

8625.65

Sundry Debtors 1552.361295.

22257.14

Cash & Bank Balances 258.45134.0

2124.43

Loans and Advances 2499.592443.

3956.20

Total Current Assets: (A) 5664.334600.

91

B. Current Liabilities

Current Liabilities 2321.62 2390. 69.25

32

87

Total Current Liabilities: (B) 2321.622390.

87

Net Working Capital (A-B) 3342.712210.

04

Net Decrease in working

Capital

1132.

671132.67

TOTAL 1132.67 1132.67

INTERPRETATION:

The above table shows statement of changes in working capital during year 2006-

07 there was a decrease in working capital Rs. 1132.67.

Table – IV.3



(Rs.in lakhs)



Increase Decrease

A. Current Assets

Inventory 728.28888.6

9160.41

Sundry Debtors 1295.22 1123. 171.59

33

63


39.69


27373.88


92


Current Liabilities 2390.872349.

0241.85


02


90

Net Increase in working

Capital394.86 394.86

TOTAL 576.14 576.14

INTERPRETATION:

The above table statement of changes in working capital during the year 2007-08

which as a networking capital is increased Rs. 394.86.

Table – IV .4

34



(Rs.in lakhs)



Increase Decrease

A. Current Assets

Inventory 888.691152.

03263.34

Sundry Debtors 1123.631785.

50661.87


3603.00


823169.25


38


Current Liabilities 2349.024238.

381889.36


38


00


Capital2808.10

TOTAL4697.4

64697.46

INTERPRETATION:



35

Table – IV.5



(Rs.in lakhs)



Increase Decrease

A. Current Assets

Inventory 1152.031615.8

3463.80

Sundry Debtors 1785.502656.8

6871.36

Cash & Bank Balances 727.33 410.06

Loans and Advances 5986.825981.5

4

Total Current Assets: (A) 9651.3810664

.29


Current Liabilities 4238.383170.1

31068.25


13

Net Working Capital (A-B) 5413.00 7494.

36

16


Capital2081.16

TOTAL2403.4

12403.41

INTERPRETATION:



Table – IV.6



(Rs.in lakhs)



Increase Decrease

A. Current Assets

Inventory 1615.832189.5

6573.73 1615.83

Sundry Debtors 2656.863709.0

01052.15 2656.86


2711.46 410.06

37

Loans and Advances 5981.546282.9

4301.40 5981.54

Total Current Assets: (A) 10664.2

9

13303

.0310664.29


Current Liabilities 3170.137605.7

04435.57

Total Current Liabilities: (B) 3170.137605.7

0

Net Working Capital (A-B)7494.17 5697.

33

Net Decrease in working

Capital

1798.8

3

TOTAL4435.5

74435.57

INTERPRETATION:

The above table statement of changes in working capital during the year 2010-

2011 which as a networking capital is decreased Rs. 1798

RATIOS

Ratio analysis is a powerful tool of financial analysis. A ratio is defined as “The

indicated quotient of two mathematical expressions” and as “The relationship between

two (or) more things”.

38

In financial analysis, a ratio is used as a benchmark for evaluating the financial

position and performance of a firm. The absolute accounting figures reported in the

financial statements do not provide a meaningful understanding of the performance and

financial position of a firm. An accounting figure conveys meaning when it is related to

some other relevant information.

The relationships between two figures expressed mathematically is called ratio.

It is a numerically relationship between two numbers which are related in same

manner.

Ratios may be classified into the four important categories.

Liquidity Ratio

Activity Ratio

Profitability Ratio

Leverage Ratio

Ratio Analysis Involve Three Steps

Calculation of appropriate ratios.

Comparison of the ratios with standards.

Interpretation of ratios.

CURRENT RATIO

This is the most widely used ratio. It is the ratio of current assets and current

liabilities. It shows a firm’s ability to cover its current liabilities with its current assets.

Generally 2:1 is considered ideal for a concern i.e., current assets should be twice of the

current liabilities. If the current assets are two times of the current liabilities, there will be

39

no adverse effect on business operations when the payment of current liabilities is made.

If the ratio is less than 2 difficulties may be experienced in the payment of current

liabilities and day- to- day operation of the business.

Current Assets

Current ratio = -----------------------------------

Current liabilities

Current assets include cash and those assets which can be converted in to cash

within a year, such marketable securities, debtors and inventories. All obligations within a

year are include in current liabilities. Current liabilities include creditors, bills payable

accrued expenses, short term bank loan income tax liabilities and long term debt maturing

in the current year. Current ratio indicates the availability of current assets in rupees for

every rupee of current liability.

Table – IV.7

Current Ratio during the years 2006-2011

(Rs.in lakhs)

Year Current Assets Current Liabilities Ratio

2006-2007 4600.91 2390.87 1.92

40

2007-2008 4953.92 2349.02 2.11

2008-2009 9651.38 4238.38 2.28

2009-2010 10664.29 3170.13 3.36

2010-2011 13303.02 7605.69 1.75

CHART –– IV.2

CURRENT RATIO

41

INTERPRETATION:

The standard current ratios is 2:1 that means each Rs.2/- of current assets the

company should have Rs.1/- of current liabilities. After a brief study of current ratio of a

company for 5 years the following inclusions will be drawn. The current ratio has been

increased from 2006-07 to 2009-10 and it was suddenly decreased in the year 2010-2011.

The current ratio especially in 2009-2010, is very high i.e. (3.36:1)

So the company is maintaining high cash reserves than standards.

QUICK RATIO (OR) ACID TEST RATIO

42

Quick ratio establishes a relationship between quick, or liquid, assets and current

liabilities. An asset is liquid if it can be converted into cash immediately or reasonably

soon without a loss of value. Cash is the most liquid asset, other assets which are

considered to be relatively liquid asset, other assets which are considered to be relatively

liquid and included in quick assets are debtors and bills receivables and marketable

securities (temporary quoted investments). Inventories are considered to be less liquid.

Inventories normally require some time for realizing into cash; their value also has a

tendency to fluctuate. The quick ratio is found out by dividing quick assets by current

liabilities.

Current Assets-Inventories

Quick ratio = ----------------------------------------------

Current liabilities

Generally a quick ratio of 1:1 is considered to penetrating test of liquidity than the

current ratio, yet it should be used cautiously. A company with a high value of quick

ratio can suffer from the shortage of funds if it has slow-paying, doubtful and long

duration outstanding debtors. A low quick ratio may really be prospering and paying its

current obligation in time.

Table – IV .8

Quick ratio during the years 2006-2011

(Rs.in lakhs)

43

Year Quick Assets Current Liabilities Ratio

2006-2007 3872.63 2390.87 1.62

2007-2008 4065.23 2349.02 1.73

2008-2009 8499.35 4238.38 2.01

2009-2010 9048.46 3170.13 2.85

2010-2011 11113.46 7605.69 1.46

CHART – IV .3

QUICK RATIO

44

INTERPRETATION:

Quick ratio establishes relationship between quick assets and

current liabilities. Quick assets can be calculated by subtracting the

inventories from current assets. We can say in other words the quick

assets are shows the relation between the inventories and current

assets.

By observing the above table quick ratio is being high during the

year 2009-10.

45

ABSOLUTE LIQUID RATIO

Since cash is most liquid asset a financial analysis may examine the ratio of cash

and its equivalent to current liabilities. Trade investment on marketable securities are

equivalent to cash therefore may be including in computation of its ratio.

Absolute liquid assets

Absolute Liquid Ratio = ----------------------------------

Current liabilities

Absolute liquid ratio market cash in hand and at bank and marketable securities or

temporary investment. The acceptable norm of the ratio is 0.5:1.

Table – IV .9

Absolute liquid ratio during the years 2006-2011

(Rs.in lakhs)

Year Absolute liquid

assets

Current Liabilities Ratio

2006-2007 134.02 2390.87 0.06

2007-2008 124.33 2349.02 0.05

2008-2009 727.33 4238.38 0.17

2009-2010 410.06 3170.13 0.13

2010-2011 1121.52 7605.69 0.14

46

CHART – IV .4

ABSOLUTE LIQUID RATIO

INTERPRETATION:

In all the years the firm calculated cash ratio is below than the

acceptable standard ratio (0.5:1) which indicates the firm has not been

maintaining sufficient level of cash to meet its day to day obligations.

47

WORKING CAPITAL TURNOVER RATIO

The working capital turnover shows the velocity or utilization or using

position of the particular company. The working capital of the company can

utilized efficiently the company position is good otherwise do not. The working

capital is an indicator of over trading or under trading.

SALES

W.C TURNOVER RATIO = --------------------------------------------------

NET WORKING CAPITAL

Table – IV .10

Working capital turnover ratio during the Years 2006-2011

(Rs.in lakhs)

Year Sales Net Working Capital Ratio

2006-2007 20716.06 2210.04 9.37

2007-2008 21963.78 2604.90 8.43

2008-2009 38552.00 5412.99 7.12

2009-2010 45226.01 7494.17 6.03

2010-2011 56932.30 5697.33 9.99

48

CHART – IV .5

WORKING CAPITAL TURNOVER RATIO

INTERPRETATION:

Working capital turnover ratio is high in the year 2010-2011 i.e., 9.99 than

compare to the rest of the other years.

49

CURRENT ASSETS TURNOVER RATIO:

This ratio can be calculated for purposes of finding relationships between the

current assets and with sales. This ratio is calculated by using the following formulae,

Total Sales

Current Assets Turnover Ratio = ---------------------------

Current Assets

Table – IV.11

Current Assets Turnover Ratio during the Years 2006-2011

(Rs.in lakhs)

Year Total Sales Current Assets Ratio

2006-2007 20716.06 4600.91 4.50

2007-2008 21963.78 4953.92 4.43

2008-2009 38552.00 9651.38 3.99

2009-2010 45226.01 10664.29 4.24

2010-2011 56932.30 13303.02 4.28

50

CHART – IV.6

CURRENT ASSETS TURNOVER RATIO

INTERPRETATION:

The current assets turnover ratio was high in the year 2006-07 than the rest of the

years.

51

RAW MATERIAL CONVERSION PERIOD:

Raw material inventory

RMCP = ------------------------------------- X 365

Raw material consumed

Table – IV.12

Raw Material Conversion Period Ratio during the Years 2006-2011

(Rs.in lakhs)

Year RMI RMC Ratio

2006-2007 80.26 1133.85 25.84

2007-2008 84.94 1493.39 20.76

2008-2009 180.69 2661.04 24.78

2009-2010 514.01 3463.04 54.17

2010-2011 616.90 5148.48 43.73

52

CHART – IV.7

RAW MATERIAL CONVERSION PERIOD RATIO

INTERPRETATION:

The above table shows that company raw material to compare the total inventory.

The year 2006-07 is 25.84, 2007-08 is 20.78, 2008-09 is 24.78, 2009-10 is 54.17 and

2010-2011 is 43.73. The study period raw material is increasing year to year. It is

indicated that conversion process is very slow.

53

WORK IN PROCESS CONVERSION PERIOD:

Work in process inventory

WICP = ------------------------------------- X 365

Cost of production

Table – IV.13

Work in Process Conversion Period Ratio during the Years 2006-2011

(Rs.in lakhs)

Year WIPI COP Ratio

2006-2007 239.46 8324.14 12.87

2007-2008 117.68 9598.44 4.48

2008-2009 152.16 16575.51 3.35

2009-2010 141.49 20574.22 2.51

2010-2011 235.67 25706.87 3.35

54

CHART – IV.8

WORK IN PROCESS CONVERSION PERIOD RATIO

INTERPRETATION:

The above table and chart shows the company work-in-process to compare the

total inventory. In the year 2006-07 is 12.87, 2007-08 is 4.48, 2008-09 is 3.35, 2009-10 is

2.51 and 2010-2011 is 3.35.

55

FINISHED GOODS CONVERSION PERIOD:

<

Finished goods investment

RMCP = ----------------------------------------- X 365

Cost of goods sold

Table – IV.14

Finished Goods Conversion Period Ratio during the Years 2006-2011

(Rs.in lakhs)

Year FGI COGS Ratio

2006-2007 149.84 8340.48 6.56

2007-2008 158.01 9566.18 6.03

2008-2009 240.90 16737.96 5.25

2009-2010 1510.00 20590.57 26.77

2010-2011 1559.14 25680.69 22.16

56

CHART – IV.9

FINISHED GOODS CONVERSION PERIOD RATIO

INTERPRETATION:

The finished conversion period was higher in the year 2009-10 than the rest of the

years.

INVENTORY CONVERSION PERIOD:

ICP = RMCP + WICP + FGCP

57

Table – IV.15

Inventory Conversion Period Ratio during the Years 2006-2011

(Rs.in lakhs)

Year RMCP WICP FGCP Ratio

2006-2007 25.84 12.87 6.56 45.27

2007-2008 20.76 4.48 6.03 31.27

2008-2009 24.78 3.35 5.25 33.38

2009-2010 54.17 2.51 26.77 83.45

2010-2011 43.73 3.35 22.16 69.24

58

CHART – IV.10

INVENTORY CONVERSION PERIOD RATIO

INTERPRETATION:

The inventory conversion period is high during the year 2010-11 and very less in

the year 2007-08.

DEBTOR’S CONVERSION PERIOD:

59

Table – IV.16

Debtor’s Goods Conversion Period Ratio during the Years 2006-2011

(Rs.in lakhs)

Year Debtors Credit Sales Ratio

2006-2007 1295.22 20716.06 22.82

2007-2008 1123.63 21963.78 18.67

2008-2009 1785.50 38552.00 16.90

2009-2010 2656.86 45226.01 21.44

2010-2011 3709.00 56932.30 23.78

INTERPRETATION:

The debtor’s conversion period during the year 2010-2011 and 2006-07 are

closely each other.

60

CHART – IV.11

DEBTOR’S CONVERSION PERIOD RATIO

GROSS OPERATING CYCLE:

Inventory Conversion Period

GOC = -----------------------------------------------

Debtors Conversion Period

61

Table – IV.17

Gross Operating Cycle Ratio during the Years 2006-2011

(Rs.in lakhs)

Year ICP DCP Ratio

2006-2007 45.27 22.82 68.09

2007-2008 31.27 18.67 49.94

2008-2009 33.38 16.90 50.28

2009-2010 83.45 21.44 104.89

2010-2011 69.24 23.78 93.02

CHART – IV.12

62

GROSS OPERATING CYCLE RATIO

INTERPRETATION:

The gross operating cycle during the year 2009-10 is very high with compare to

the rest of the years. It denotes the total length of the operating cycle.

63

FINDINGS

1. The current ratio is higher in the year 2009-10 than the rest of the years.

2. The quick ratio is higher in the year 2009-10 than the rest of the years.

3. The networking capital cycle has increased year by year except in 2009when

NWC has decreased.

4. The raw material conversion period is high during the year 2009-10 than the rest

of the years.

5. In the year 2006-07 the work-in-process conversion period is higher than the rest

of the years.

6. The debtor’s turnover ratio is low in the year 2006-07.

7. In the year 2009-10 the finished goods conversion period is higher than the rest of

the years.

64

SUGGESTIONS

1. The company may attempts to bring down the Gross operating cycle so as to

minimize investment in current assets.

2. The current ratio of the company has fallen below the 2:1 mark and so it has to

make attempts to improve the current ratio.

3. The company can utilize the reserves and surplus by either capitalization or can

invest the money somewhere as investments to get profits.

4. It is obvious that the working capital which is expressed to very much liquidity.

Thus the business has been made venerably to technical insolvency a grievance

problem before the management.

5. The company has to spend little bit more on public awareness to get orders

from outside also.

65

CONCLUSION

Working Capital is lifeblood of any organization. It should be always in

satisfactory stage. Thus, it can be concluded by drawing an inference on overall bares that

the PCIL. has better efficiencies in managing working capital of the concern. According

to the data and interpretations, a slight ups and down in working capital is observed over

few years. The liquidity position of the company is favorable, activity ratios are also

satisfactory, this indicates the profitability and overall performance of the company is

satisfactory.

66

Balance sheet as on 31-03-2007 of PCIL


1.Sources of fund:

Owner's fund

Equity share capital 124.40 124.40

Share application money 0.09 0.51

Preference share capital - 950.54

Reserves & surplus 913.78 1075.45

Loan funds

Secured loans 1,221.93 1245.01

Unsecured loans 229.90 390.63

Total 2,490.10 1635.64

Uses of funds

Fixed assets

Gross block 4,605.38 4275.84

Less : revaluation reserve - -

Less : accumulated depreciation 2,068.21 1547.94

Net block 2,537.17 5823.78

Capital work-in-progress 141.03 238.09

Investments 172.39 283.71

Net current assets

Current assets, loans & advances 781.95 739.28

Less : current liabilities &

provisions1,142.44 384.35

Total net current assets -360.49 355.23

Miscellaneous expenses not written - -

Total 2,490.10 3360.80

67



1.Sources of fund:

Owner's fund


Share application money - 0.09

Preference share capital - -

Reserves & surplus 1,639.29 913.78

Loan funds

Secured loans 1,151.25 1,221.93


Total 3,342.41 2,490.10

Uses of funds

Fixed assets

Gross block 4,784.70 4,605.38


Less : accumulated depreciation 2,267.42 2,068.21

Net block 2,517.28 2,537.17



Net current assets

Current assets, loans & advances 972.13 781.95


provisions1,327.40 1,142.44

Total net current assets -355.27 -360.49


Total 3,342.41 2,490.10

68



1.Sources of fund:

Owner's fund


Share application money 0.77 -


Reserves & surplus 2,571.73 1,639.29

Loan funds

Secured loans 982.66 1,151.25


Total 4,437.49 3,342.41

Uses of funds

Fixed assets

Gross block 4,972.60 4,784.70



Net block 2,500.46 2,517.28

Capital work-in-progress 2,283.15 696.95


Net current assets

Current assets, loans & advances 1,317.49 972.13


provisions1,834.51 1,327.40



Total 4,437.49 3,342.41

69



1.Sources of fund:

Owner's fund





Loan funds

Secured loans 1,175.80 982.66


Total 5,743.73 4,437.49

Uses of funds

Fixed assets

Gross block 7,401.02 4,972.60



Net block 4,635.69 2,500.46

Capital work-in-progress 677.28 2,283.15

Investments 1,034.80 170.90

Net current assets

Current assets, loans & advances 1,378.35 1,317.49


provisions1,982.39 1,834.51



Total 5,743.73 4,437.49

70


Particulars 2011 20101.Sources of fund:

Owner's fund





Loan funds

Secured loans 854.19 1,175.80


Total 6,213.17 5,743.73

Uses of funds

Fixed assets

Gross block 8,078.14 7,401.02



Net block 4,941.68 4,635.69


Investments 1,669.55 1,034.80

Net current assets

Current assets, loans & advances 1,496.18 1,378.35


provisions2,153.61 1,982.39



Total 6,213.17 5,743.73

Profit and loss account of PCIL as on 31-03-08


71

INCOME:

Operating income 4,909.05 3,299.45

Expenses

Material consumed 902.06 733.72

Manufacturing expenses 1,194.54 958.30

Personnel expenses 117.22 92.26

Selling expenses 1,137.66 843.99

Adminstrative expenses 133.93 109.57

Expenses capitalised - -

Cost of sales 3,485.41 2,737.84

Operating profit 1,423.64 561.61

Other recurring income 57.65 23.11

Adjusted PBDIT 1,481.29 584.72

Financial expenses 92.61 96.99

Depreciation 226.25 216.03

Other write offs - -

Adjusted PBT 1,162.43 271.70

Tax charges 383.91 55.83

Adjusted PAT 778.52 215.87

Non recurring items 3.76 1.48

Other non cash

adjustments- 12.41

Reported net profit 782.28 229.76

Earnigs before

appropriation962.85 239.87

Equity dividend 49.79 21.79

Preference dividend - -

Dividend tax 6.98 3.06

Retained earnings 906.08 215.02



72

INCOME:


Expenses

Material consumed 1,008.92 902.06

Manufacturing expenses 1,314.78 1,194.54


Selling expenses 1,143.02 1,137.66


Expenses capitalised -13.37 -

Cost of sales 3,784.93 3,485.41

Operating profit 1,727.50 1,423.64


Adjusted PBDIT 1,814.81 1,481.29




Adjusted PBT 1,495.65 1,162.43


Adjusted PAT 996.25 778.52

Non recurring items 11.36 3.76

Other non cash

adjustments- -

Reported net profit 1,007.61 782.28

Earnigs before

appropriation1,782.77 962.85




Retained earnings 1,709.95 906.08



73

INCOME:


Expenses

Material consumed 1,193.97 1,008.92





Expenses capitalised -8.38 -13.37

Cost of sales 4,642.30 3,784.93







Adjusted PBT 1,385.40 1,495.65


Adjusted PAT 1,000.96 996.25

Non recurring items -23.94 11.36

Other non cash

adjustments- -

Reported net profit 977.02 1,007.61

Earnigs before

appropriation2,575.14 1,782.77




Retained earnings 2,502.32 1,709.95



74

INCOME:


Expenses

Material consumed 1,588.44 1,193.97





Expenses capitalised -4.02 -8.38

Cost of sales 5,065.18 4,642.30







Adjusted PBT 1,567.16 1,385.40


Adjusted PAT 1,072.24 1,000.96

Non recurring items 21.00 -23.94

Other non cash

adjustments- -

Reported net profit 1,093.24 977.02

Earnigs before

appropriation3,531.64 2,575.14




Retained earnings 3,444.54 2,502.32

BIBLIOGRAPHY

75

I.M. PANDEY (2002), "Financial Management", 8Th Edition, Vikas Publishing House

Pvt. Ltd., New Delhi.

PRASANNA CHANDRA, 2002, "Financial Management", 5th Edition, Tata-Mc Graw

hill publishing Company Ltd., New Delhi.

S.P. JAIN, K.L. NARANG, 2003, "Advanced Accountancy", 10Th Edition, Kalyani

Publishers, Ludhiyana.

ANNUAL REPORTS:

Company’s Annual Reports of 2006 – 2011.

WEBSITE:

www.pennacement.in

76

http://www.pennacement.in/

working captial (penna cement) ss

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