nitin report

8/7/2019 nitin report

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A PROJECT REPORT

ON

WORKING CAPITAL MANAGEMENT OF TOP FIVE FMCG

COMPANY IN INDIA WITH SPECIAL REFERENCE TO

RATIO ANALYSIS

In partial fulfillment of the requirement for

Master of Business Administration

( Uttar Pradesh Technical University Mathura )

Research Supervisor : Submitted by :

Dr. Vandana Srivastava Nitin Chauhan(Assistant Professor) Roll. No. 0925170032

GLA University MBA -IIMathura (U.P)


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ACKNOWLEDGEMENT

I take this opportunity to place on record my grateful thanks and gratitude to

all those who gave me valuable advice and inputs for my study. My study

could not have been completed if I had not been able to get the reference

materials from the company.

I express my sincere regards to my guide for support and guidance.

Last but not least, I would also like to express my thanks to my family

members who inspired me to put in my best efforts for the research / project

report.

NITIN CHAUHAN

MBA 4th sem.


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PREFACE

The research provides an opportunity to a student to demonstrate application

of his/her knowledge. Skill and competencies required during the technical

session. Research also helps the student to devote his /her skill to analyze the

problem to suggest alternative solution, to evaluate them and to provide

feasible recommendations on the provided data.

Although I have tried my level best to prepare this report an error free report

every effort has been made to offer the most authenticate position with

accuracy.

NITIN CHAUHAN


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DECLARATION

I NITIN CHAUHAN student M.B.A. (iv Semester) hereby declare that the

project report entitled A STUDY OF WORKING CAPITAL

MANAGEMENT OF TOP FIVE FMCG COMPANY IN INDIA is my

own original work based on the research conducted by me

I also declared that this report has not been submitted to any university/

institute for the aware if any professional.

DATE

NITIN CHAUHANMBA (IV Semester)


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Chapter #2

INTRODUCTION


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Introduction: Working Capital Management

Working capital refers to that part of the firms capital which is required for

financing short- term or current assets such as cash, marketable securities,

debtors & inventories. Funds, thus, invested in current assts keep revolving

fast and are being constantly converted in to cash and this cash flows out

again in exchange for other current assets. Hence, it is also known as

revolving or circulating capital or short term capital.

Working capital management is concerned with the problems arise in

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

relationship that exist between them.

The term current assets refers to those assets which in ordinary course of

business can be, or, will be, turned in to cash within one year without

undergoing a diminution in value and without disrupting the operation of the

firm. The major current assets are cash, marketable securities, account

receivable and inventory.

Current liabilities ware those liabilities which intended at there inception to

be paid in ordinary course of business, within a year, out of the current

assets or earnings of the concern. The basic current liabilities are account

payable, bill payable, bank over-draft, and outstanding expenses.

The goal of working capital management is to manage the firms current

assets and current liabilities in such way that the satisfactory level of

working capital is mentioned.

Definition:-

According to Guttmann & Dougall-

Excess of current assets over current liabilities.


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According to Park & Gladson-

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).

Capital required for a business can be classified under two main categories

via,

1) Fixed Capital 2) Working Capital

Every business needs funds for two purposes for its establishment and

to carry out its day- to-day operations. Long terms funds are required to

create production facilities through purchase of fixed assets such as p&m,

land, building, furniture, etc. Investments in these assets represent that part

of firms capital which is blocked on permanent or fixed basis and is called

fixed capital. Funds are also needed for short-term purposes for the purchase

of raw material, payment of wages and other day to- day expenses etc.


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CONCEPT OF WORKING CAPITAL

There are two concepts of working capital:

1. Gross working capital

2. Net working capital

The gross working capital is the capital invested in the total current assets of

the enterprises current assets are those assets which can convert in to cash

within a short period normally one accounting year.

CONSTITUENTS OF CURRENT ASSETS

1) Cash in hand and cash at bank

2) Bills receivables

3) Sundry debtors

4) Short term loans and advances

5) Inventories of stock as:

a. Raw material

b. Work in process

c. Stores and spares

d. Finished goods

6. Temporary investment of surplus funds.

7. Prepaid expenses


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8. Accrued incomes.

9. Marketable securities.

In a narrow sense, the term working capital refers to the net

working. Net working capital is the excess of current assets over

current liability, or, say:

NET WORKING CAPITAL = CURRENT ASSETS CURRENT

LIABILITIES.

Net working capital can be positive or negative. When the current

assets exceeds the current liabilities are more than the current assets.

Current liabilities are those liabilities, which are intended to be paid

in the ordinary course of business within a short period of normally

one accounting year out of the current assts or the income business.

CONSTITUENTS OF CURRENT LIABILITIES

1. Accrued or outstanding expenses.

2. Short term loans, advances and deposits.

3. Dividends payable.

4. Bank overdraft.

5. Provision for taxation, if it does not amt. to app. of profit.

6. Bills payable.

7. Sundry creditors.


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CLASSIFICATION OF WORKING CAPITAL

Working capital may be classified in to ways:

o On the basis of concept.

o On the basis of time.

On the basis of concept working capital can be classified as gross

working capital and net working capital. On the basis of time,

working capital may be classified as:

Permanent or fixed working capital.

Temporary or variable working capital

Amount of Working

Capital

Temporary capital

Permanent Capital

Time


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PERMANENT OR FIXED WORKING CAPITAL

Permanent or fixed working capital is minimum amount which is required to

ensure effective utilization of fixed facilities and for maintaining the

circulation of current assets. Every firm has to maintain a minimum level of

raw material, work- in-process, finished goods and cash balance. This

minimum level of current assts is called permanent or fixed working capital

as this part of working is permanently blocked in current assets. As the

business grow the requirements of working capital also increases due toincrease in current assets.

TEMPORARY OR VARIABLE WORKING CAPITAL

Temporary or variable working capital is the amount of working capital

which is required to meet the seasonal demands and some special

exigencies. Variable working capital can further be classified as seasonal

working capital and special working capital. The capital required to meet the

seasonal need of the enterprise is called seasonal working capital. Special

working capital is that part of working capital which is required to meet

special exigencies such as launching of extensive marketing for conducting

research, etc.

Temporary working capital differs from permanent working capital in the

sense that is required for short periods and cannot be permanently employed

gainfully in the business.


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It leads to the satisfaction of the employees and raises the morale of its

employees, increases their efficiency, reduces wastage and costs and

enhances production and profits.

Ability to Face Crises:A concern can face the situation during the depression.

FACTORS DETERMINING THE WORKING CAPITAL

REQUIREMENTS

1. NATURE OF BUSINESS:

The requirements of working is very limited in public utility undertakings

such as electricity, water supply and railways because they offer cash sale

only and supply services not products, and no funds are tied up in

inventories and receivables. On the other hand the trading and financial

firms requires less investment in fixed assets but have to invest large amt. of

working capital along with fixed investments.

2. SIZE OF THE BUSINESS:

Greater the size of the business, greater is the requirement of working

capital.

3. PRODUCTION POLICY:


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If the policy is to keep production steady by accumulating inventories

it will require higher working capital.

4. LENTH OF PRDUCTION CYCLE:

The longer the manufacturing time the raw material and other supplies

have to be carried for a longer in the process with progressive

increment of labor and service costs before the final product is

obtained. So working capital is directly proportional to the length of

the manufacturing process.

Sources of working capital

The company can choose to finance its current assets by

1. Long term sources

2. Short term sources

3. A combination of them.

Long term sources of permanent working capital include equity and

preference shares, retained earning, debentures and other long term debts

from public deposits and financial institution. The long term working capital

needs should meet through long term means of financing. Financing through

long term means provides stability, reduces risk or payment and increases

liquidity of the business concern. Various types of long term sources of

working capital are summarized as follow:

1. Issue of shares:

It is the primary and most important sources of regular or permanent

working capital. Issuing equity shares as it does not create and burden on the


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income of the concern. Nor the concern is obliged to refund capital should

preferably raise permanent working capital.

2. Retained earnings:

Retain earning accumulated profits are a permanent sources of regular

working capital. It is regular and cheapest. It creates not charge on future

profits of the enterprises.

3. Issue of debentures:

It crates a fixed charge on future earnings of the company. Company is

obliged to pay interest. Management should make wise choice in procuring

funds by issue of debentures.

Short term sources of temporary working capital

Temporary working capital is required to meet the day to day business

expenditures. The variable working capital would finance from short term

sources of funds. And only the period needed. It has the benefits of, low cost

and establishes closer relationships with banker.

Some sources of temporary working capital are given below:

1. Commercial bank:

A commercial bank constitutes significant sources for short term or

temporary working capital. This will be in the form of short term loans, cash

credit, and overdraft and though discounting the bills of exchanges.

2. Public deposits:


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Most of the companies in recent years depend on this source to meet their

short term working capital requirements ranging fro six month to three

years.

3. Various credits:

Trade credit, business credit papers and customer credit are other sources of

short term working capital. Credit from suppliers, advances from customers,

bills of exchanges, etc helps to raise temporary working capital

4. Reserves and other funds:

Various funds of the company like depreciation fund. Provision for tax and

other provisions kept with the company can be used as temporary working

capital.The company should meet its working capital needs through both

long term and short term funds. It will be appropriate to meet at least 2/3 of

the permanent working capital equipments form long term sources, whereas

the variables working capital should be financed from short term sources.

The working capital financing mix should be designed in such a way that the

overall cost of working capital is the lowest, and the funds are available on

time and for the period they are really required.

SOURCES OF ADDITIONAL WORKING CAPITAL

Sources of additional working capital include the following-

1. Existing cash reserves

2. Profits (when you secure it as cash)

3. Payables (credit from suppliers)

4. New equity or loans from shareholder

5. Bank overdrafts line of credit


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6. Long term loans

If we have insufficient working capital and try to increase sales, we can

easily over stretch the financial resources of the business. This is called

overtrading. Early warning signs include

1. Pressure on existing cash

2. Exceptional cash generating activities. Offering high discounts for clear

cash payment

3. Bank overdraft exceeds authorized limit

4. Seeking greater overdrafts or lines of credit

5. Part paying suppliers or there creditor.

6. Management pre occupation with surviving rather than managing.

Different Aspects of Working Capital Management

Management of Inventory

Management of Receivables/DebtorsManagement of Cash

Management of Payables/Creditors

MANAGEMENT OF INVENTORY

Inventories constitute the most significant part of current assets of a large

majority of companies. On an average, inventories are approximately 60%of current assets. Because of large size, it requires a considerable amount of

fund. The inventory means and includes the goods and services being sold

by the firm and the raw material or other components being used in the

manufacturing of such goods and services.


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Nature of Inventory:

The common type of inventories for most of the business firms may be

classified as raw-material, work-in-progress, finished goods.

Raw material:

it is basic inputs that are converted into finished products through the

manufacturing process. Raw materials inventories are those units

which have been purchased and stored for future productions.

Workinprocess:

Work-in-process is semi-manufactured products. They represent

products that need more work before them become finished products

for sale.

Finished goods:

These are completely manufactured products which are ready for sale.

Stocks of raw materials and work-in-process facilitate production,

while stock of finished goods is required for smooth marketing

operations. Thus inventories serve as a link between the production

and consumption of goods.The levels of three kinds of inventories for

a firm depend on the nature of business. A manufacturing firm will

have substantially high levels of all the three kinds of inventories.

While retail or wholesale firm will have a very high level of finished

goods inventories and no raw material and work-in-process

inventories.


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So operating cycle can be known as following:-

Sales

CASH

RAW

MATERIALS

WIPFINISHED

GODS

BOOK

DEBTS

Raw Material

Work in Progress

Cash Collection from

Debtors

Finished Goods

Credit Sales Cash Sales


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Need to hold inventories

Maintaining inventories involves trying up of the companys funds and

incurrence of storage and holding costs. There are three general motives for

holding inventories:

Transactions Motive: IT emphasizes the need to maintain inventories to

facilitate smooth production and sales operation.

Precautionary Motive: It necessitates holding of inventories to guard

against the risk of unpredictable changes in demand and supply forces and

other factors.

Speculative Motive: It influences the decision to increase or reduce

inventory levels to take advantage of price fluctuations.

Management of Receivables/Debtors

The Receivables (including the debtors and the bills) constitute a significant

portion of the working capital. The receivables emerge whenever goods are

sold on credit and payments are deferred by customers. A promise is made

by the customer to pay cash within a specified period. The customers from

whom receivable or book debts have to be collected in the future are called

trade debtors and represents the firms claim or assets. Thus, receivable is s

type of loan extended by the seller to the buyer to facilitate the purchase


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process. Receivable Management may be defined as collection of steps and

procedure required to properly weight the costs and benefits attached with

the credit policy. The Receivable Management consist of matching the cost

of increasing sales (particularly credit sales) with the benefits arising out of

increased sales with the objective of maximizing the return on investment of

the firm.

Nature

The term credit policy is used to refer to the combination of three decision

variables:

1. Credit standards: It is the criteria to decide the type of customers to

whom goods could be sold on credit. If a firm has more

slow paying customers, its investment in accounts

receivable will increase. The firm will also be exposed to

higher risk of default.

2. Credit terms: It specifies duration of credit and terms of payment by

Customer Investment in accounts receivable will be high

if customers are allowed extended time period for

making payments.

3. Collection efforts: It determine the actual collection period. The lower

the collection period, the lower the investment in

accounts receivable and vice versa.

Management of Cash

Cash management refers to management of cash balance and the bank

balance and also includes the short terms deposits. Cash is the important

current asset for the operations of the business. Cash is the basic input


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needed to keep the business running on a continuous basis. It is also the

ultimate output expected to be realized by selling the service or product

manufactured by the firm. The term cash includes coins, currency, and

cheque held by the firm and balance in the bank accounts.

Factors of Cash Management:

Cash management is concerned with the managing of

1. Cash flows into and out of the firm

2. Cash flows within the firm and

3. Cash balance held by the firm at a point of time by financing deficit or

investing surplus cash. Sales generate cash which has to be disbursed out.

The surplus cash has to be invested while deficit has to borrow. Cash

management seeks to accomplish this cycle at a minimum cost and it also

seeks to achieve liquidity and control.

Motives of holding cash

A distinguishing feature of cash as an asset is that it does not earn any

substantial return for the business. Even though firm hold cash for following

motives:

Transaction motive:

Precautionary motive

Speculative motives

Compensatory motive

Transaction motive: This refers to the holding of cash to meet routine cash

requirement to finance. The transactions, which a

firm carries on in the ordinary course of business.


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1.Precautionary motive: This implies the needs to hold cash to meet

unpredictable contingencies such as strike, sharp increase

in raw materials prices. If a firm can borrow at short

notice to pay them unforeseen contingency, it will need

to maintain relatively small balances and vice-versa.

2. Speculative motives: It refers to the desire of the firm to take advantage

of opportunities which present themselves at unexpected

movements and which are typically outside the normal

course of business.

3. Compensatory motive: Bank provides certain services to their client free

of cost. They therefore, usually require client to keep

minimum cash balance with them to earn interest and

thus compensate them for the free service so provided.

Management of Payables/Creditors

Creditors are a vital part of effective cash management and should be

managed carefully to enhance the cash position. Purchasing initiates cash

outflows and an over-zealous purchasing function can create liquidity

problems. Consider the

Following:

Who authorizes purchasing in our company-is it tightly managed or spread

among a number of people?

Are purchase quantities geared to demand forecasts?

Do we use order quantities which take account of stock-holding and

purchasing costs?

Do we know the cost to the company of carrying stock?


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Do we have alternative source of supply?

How many of ours suppliers have a returns policy?

Are we in a position to pass on cost increases quickly through price

increase?

WORKING CAPITAL ANALYSIS

As we know working capital is the life blood and the centre of a business.

Adequate amount of working capital is very much essential for the smooth

running of the business. And the most important part is the efficientmanagement of working capital in right time. The liquidity position of the

firm is totally effected by the management of working capital. So, a study of

changes in the uses and sources of working capital is necessary to evaluate

the efficiency with which the working capital is employed in a business.

This involves the need of working capital analysis.

The analysis of working capital can be conducted through a number of

devices, such as:

1. Ratio analysis

2. Fund flow analysis.

3. Budgeting.


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METHODS OF WORKING CAPITAL ANALYSIS

There are so many methods for analysis of financial statements thease are

main following techniques:-

Comparative size statements Trend analysis Cash flow statement Ratio analysis

A detail description of these methods is as follows:-

COMPARATIVE SIZE STATEMENTS:-

When two or more than two years figures are compared to each other than

we called comparative size statements in order to estimate the future

progress of the business, it is necessary to look the past performance of the

company. These statements show the absolute figures and also show the

change from one year to another.

TREND ANALYSIS:-

To analyze many years financial statements of top five FMCG company uses

this method. This indicates the direction on movement over the long time

and help in the financial statements.

Procedure for calculating trends:-

1. Previous year is taken as a base year.2. Figures of the base year are taken 100.3. Trend % are calculated in relation to base year.

CASH FLOW STATEMENT:-


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Cash flow statements are the statements of changes in the financial position

prepared on the basis of funds defined in cash or cash equivalents. In short

cash flow statement summaries the cash inflows and outflows of the firm

during a particular period of time.

Benefits for the company.:-

To prepare the cash budget. To compare the cash budgets . To show the position of the cash and cash equivalents.

RATIO ANALYSIS:-

Ratio analysis is the process of the determining and presenting the

relationship of the items and group of items in the statements.

Benefits of ratio analysis to the company.:-

1. Helpful in analysis of financial statements.2. Helpful in comparative study.3. Helpful in locating the weak spots of the company4. Helpful in forecasting.5. Estimate about the trend of the business.6. Fixation of ideal standards.7. Effective control.8. Study of financial soundness.


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Types of ratio:-

Liquidity ratio: They indicate the firms ability to meet its currentobligation out of current resources.

y Current ratio:- Current assets / Current liabilitiesy Quick ratio:- Liquid assets / Current liabilities

Liquid assets =Current assets Stock -Prepaid expenses

Leverage or Capital structure ratio: This ratio discloses the firmsability to meet the interest costs regularly and long term solvency

of the firm.

y Debt equity ratio:- Long term loans / Shareholders fundsor net Worth

y Debt to total fund ratio:- Long terms loans/ share holderfunds +long term loan

y Proprietary ratio:- Shareholders fund/ shareholdersfund+long term loan

Activity ratio or Turnover ratio:- They indicate the rapidity withwhich the resources available to the concern are being used to

produce sales.

y Stock turnover ratio:- Cost of good sold/Average stock(Cost of good sold= Net sales/ Gross profit,

Average stock=Opening stock+closing stock/2)


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y Debtors turnover ratio:-Net credit sales/ Average debtors+Average B/R

y Average collection period:- Debtors+B/R /Credit sales per

(Credit sales per day=Net credit sales of the year/365)

y Creditors Turnover Ratio:-Net credit purchases/ AverageCreditors + Average B/P

y Average Payment Period: - Creditors + B/P/ Creditpurchase per day.

y Fixed Assets Turnover ratio:- Cost of goods sold/Netfixed Assets

(Net Fixed Assets = Fixed Assets depreciation)

y Working Capital Turnover Ratio:- Cost of goods sold/Working Capital

(Working capital= current assets current liability)

Profitability Ratios or Income ratios:- The main objective ofevery business concern is to earn profits. A business must be able

to earn adequate profit in relation to the risk and capital invested in

it.

y Gross profit ratio:- Gross profit / Net Sales * 100(Net sales= Sales Sales return)

y Net profit Ratio:-Net profit / Net sales * 100


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(Operating Net Profit= operating net profit/ Net Sales *100

or operating Net profit= gross profit operating expenses)

y Operating Ratio :- Cost of goods sold + Operatingexpenses/Net Sales * 100

(Cost of goods sold = Net Sales Gross profit, Operating

expenses = office & administration expenses + Selling &

distribution expenses + discount + bad debts + interest on

short term loans)

yEarning per share(E.P.S.) :- Net Profit dividend on

preference share / No. of equity shares

y Dividend per share (D.P.S.):- Dividend paid to equityshare Holders / No. of equity shares *100.

y Dividend Payout ratio(D.P.) :- D.P.S. / E.P.S. *100


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Chapter # 3

REVIEW OF LITERATURE


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REVIEW OF LITERATURE:

There were many researches which were conducted towards this topic at

various regions. In the review of Literature I found how we can find the

working capital management of these company with reference to companyfinancial reports.

Apart from this various journals are published regarding this topic


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Chapter # 4

OBJECTIVE OF THE STUDY


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Objectives of the Study:

1- To Understand and analyze the concept of working capital management2- To Understand the working capital management of top five FMCG

company using ratio analysis

3- To Know the various source of working capital finance in top fiveFMCG company in india

4- To assess the efficiency and performance of the companys throwworking capital management


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Chapter # 5

RESEARCH

METHOLOGY


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INTRODUCTION

Working Capital plays a important role in any business whether it is related

to any sector In FMCG company role of working capital is very important

they are dealing with the durable goods so the have to maintain the sound

working capital in their business. In the research I will analysis how these

company maintain its working capital what are the various source of

working capital financing

RESEARCH METHOLOGY

The methodology of project adopted which usually involves measurement

of working capital financing of top ten FMCG company in india is based on

Secondary data. Reference have been drawn from journals, magazines, text

,financial reports of the companys , books, newspapers and weekly articles

on working capital management and different websites on internet by using

the various source of working capital (gross and net)


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Chapter # 6

DATA ANALYSIS AND

INTERPRETATION


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Data analysis & interpretation:

CURRENT RATIO

CURRENT RATIO = CURRENT ASSETS

CURRENT LIABILITES

(Rupees in crore)

COMPANY HUL ITC LTD NESTLE AMUL DABUR

Current Assets

Current Liabilities

Current Ratio

Interpretation

QUICK RATIO

QUICK RATIO = QUICK ASSETS

CURRENT LIABILITES

(Rupees in crore)


Current Assets

Current Liabilities

Current Ratio


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Interpretation

ABSOLUTE LIQUID RATIO

ABSOLUTE LIQUID RATIO = ABSOLUTE LIQUID ASSETS

CURRENT LIABILITES

ABSOLUTE LIQUID ASSETS = CASH & BANK BALANCES.

(Rupees in crore)


Current Assets

Current Liabilities

Current Ratio

Interpretation

INVENTORY TURNOVER OR STOCK TURNOVER

RATIO

INVENTORY TURNOVER RATIO = SALES

AVERAGE INVENTORY

AVERAGE STOCK = OPENING STOCK + CLOSING STOCK

2


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Interpretation

DEBTORS TURNOVER RATIO:

DEBTORS TURNOVER RATIO = SALES (CREDIT)

AVERAGE DEBTORS

AVERAGE DEBTORS= OPENING DEBTOR+CLOSING DEBTOR


Current Assets

Current Liabilities

Current Ratio

2

Interpretation


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AVERAGE COLLECTION PERIOD:

Average Collection Period = No. of Working Days

Debtors Turnover Ratio

Average Collection Period = 365 (Net Working Days)


Current Assets

Current Liabilities

Current Ratio

Interpretation

WORKING CAPITAL TURNOVER RATIO:

Working Capital Turnover Ratio = ___Cost of Sales____

Net Working Capital

Working Capital Turnover = _______Sales

Networking Capital


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Current Assets

Current Liabilities

Current Ratio

Interpretation

INVENTORIES


Current Assets

Current Liabilities

Current Ratio

(Rs. in Crores)


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DEBTORS:


Current Assets

Current Liabilities

Current Ratio

Interpretation

CURRENT ASSETS :


Current Assets

Current Liabilities

Current Ratio

(Rs. in Crores)

Interpretation

CURRENT LIABILITY:


Current Assets


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Current Liabilities

Current Ratio

NET WOKRING CAPITAL:

(Rs. in Crores)


Current Assets

Current Liabilities

Current Ratio

Chapter # 7


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FINDINGS AND

OBSERVATION

Chapter # 10


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CONCLUSION

BIBLIOGRAPHY

TEXT BOOKS:

BIBLIOGRAPHY

Books:

Sharma R.K & Gupta shashi K; Management accounting principles and

practice. Eight edition, kalyani publishers New Delhi.


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Bhalla V.K financial management and policy, first edition, annual

publication, New Delhi.

Maheshwari S.N ; Management accounting and financial control, thirteen

edition, sultan chand & sons, New Delhi.

Kothari C.R;Research methodology methods & techniques, second

edition, vishwa prakashan Delhi(1990).

Chandra Prasana Financial Management, TMH, 4th

edition, 1997, New

Delhi.

JOURNALS/MAGAZINES/DAILIES:

1. Business Dailies, i.e. The Business Standard, The Economic Times,

The Financial Express.

2. The IUP Journal on Accounting Research & Audit Practices Vo.ix

no.3

3 Working Capital Management - A Survey and Synthesis, The


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Chartered Secretary, The Journal of Institute of Companies Secretaries

Of india New Delhi 1981, pp. 1106-1111.

WEBSITES:

y www.itcportal/y www.hul.co.iny www.crisil.comy www.dabur.comy www.nestle.iny www.amul.comy www.google.com


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