wcm

Project Reporton

"Working Capital

Management" At ‘INDIAN SUGAR & GENERAL

ENGINEERING CORPORATION, Yamuna Nagar

Submitted toKurukshetra University, Kurukshetra in partial fulfillment for the

degree of Master of Business Administration(Batch 2010-2012)

Submitted by: MANISHA

Roll NoMBA-3rd Semester

Batch 2010-2012

Yamuna Institute of Engineering & Technology (YIET)

Approved by AICTE and Affiliated to Kurukshetra University, Kurukshetra (Haryana)

CONTENTS

PARTICULARS PAGE NO.

Preface

Acknowledgement

Declaration

CORPORATE PROFILE

Corporate Profile

HISTORY OF ISGEC

ISGEC – An Overview

ISGEC Collaboration

Organizational structure of ISGEC

Group turnover

Capital Structure of ISGEC

Literature Review

Topic Introduction

Concept of Working Capital

Management of Working Capital

Sources of Finance for Current Assets and

working capital

Objectives of the study

Research Methodology

Data analysis & interpretation

Findings

Suggestions

Conclusion

Bibliography

Annexure –Questionnaire

Preface

Master of Business Administration is a course, which combines both theory and its

application in the field of management. As part of this course, every aspirant has to

undergo "a project". The purpose of this research project is to expose the students

of management with the happening of real world.

I was fortunate enough to get this opportunity by taking the project on "Working

Capital Management” in ‘INDIAN SUGAR & GENERAL ENGINEERING

CORPORATION’, Yamuna Nagar. It enhances my knowledge regarding this

area of operation.

Every student has to prepare and submit a report on the working of its project. This

report is the research work of the aspirant. It is an attempt to present an account of

practical knowledge of the same.

ACKNOWLEDGEMENT

Any work study is never an individual own efforts. It is contributed effort of many

hearts, hand and heads.

I give my great sense of privilege in submitting this project work, for which I am

grateful and indebted to Mr. Rajinder Agnihotry (Training Officer) for allowing me

to undergo my training and to do this project at ISGEC. I sincerely acknowledge his

help, efforts and cooperation as well as timely guidance, which helped me to

complete my project.

I express my sincere gratitude to my industry guide Mr. A.K. MAINI (SENIOR

ACCOUNTANT), and ISGEC fordable guidance, continuous support and

cooperation throughout my project, without which the present work would not have

been possible. I would also like to thank the entire team of ISGEC, for the constant

support and help in the successful completion of my project.

I liked to thanks all persons who helped me directly or indirectly in preparation of

this report.

(MANISHA)

STUDENT DECLARATION

I hereby declare that the project report titled “WORKING CAPITAL” at

INDIAN SUGAR & GENERAL ENGINEERING CORPORATION,

YAMUNA NAGAR’ submitted in partial fulfillment of the requirement for the

Degree of Master of Business Administration in Finance is record of bonafide

research work carried out by MANISHA and that no part of this report has been

submitted for the award of any other diploma ,degree fellowship or other similar

title prize. The report is based on my personal opinion hence cannot be referred for

official or legal purpose.

Place: Yamuna Nagar

Date:_____________

(Signature)

Corporate Profile

History Indian sugar & general

engineering corporation (ISGEC)

ISGEC Collaboration

Structure of the Company

Group turnover

Competitor

Capital Structure of ISGEC

CORPORATE PROFILE

The group is called the Saraswati Industrial Syndicate Limited (Sis). It was started

in 1993 with the establishment of saraswati sugar mills. This incidentally now

happens to be once of the biggest industries in the country with the cane crushing

capacity of above 12000 PD. over the years, three more units namely the INDIAN

SUGAR & GENERAL ENGINEERING CORPORATION (ISGEC), ISGEC

JOHN THOMPSON (IJT) and UP STEELS (UPS) were added.

Today the annul turnover of ISGEC for each year exceeds us $ 24 million & group

turnover of saraswati industrial syndicate limited exceeds us $ 100 million.

The group include over 5000 people, which include engineers, technicians &

skilled craftsmen. Many of the have undertaken advanced training in the UK, USA,

ITALY, CANADA, AUSTRALIA, GERMANY & RASSIA.

The engineering group was launched in 1946 with the establishment of the Indian

sugar & general engineering corporation (ISGEC). It manufactures a variety of

heavy engineering for varied application.

ISGEC John Thompson (IJT) located at Noida supplies

boilers & associated equipment on turnkey basis.

In 1960, ISGEC collaborated with John Thompson from a

joint company by the name of ISGEC JOHN THOMPSON.

UP steels (UPS) was acquired in 1981 & merged later the

parent company. as a foundry established in 1966 with the

technical know-how from the Japan’s Kobe steels, UP steels

has its main plant in Muzaffarnagar (UP) about 100 km. from

north of DELHI. it manufactures sophisticated Alloy/Steel

castings both, hand & machine molded as well as Alloy iron

& Steel ingots.

The company was promoted by late Sh. D.D. puri and presently being chaired by

Mr. Ranjit Puri (chairman & managing director). The company is a public limited

company & The Directors Of The Company Are:

MR.RANJIT PURI CHAIRMAN & MANAGING

DIRECTOR

MR. ADITYA PURI JOINT MANAGING DIRECTOR

MR. C.R. THOMPSON DIRECTOR

MR. B.L. WADHERA DIRECTOR

MR. TAHIR HASAN DIRECTOR

MR. K.K. VIJ DIRECTOR

MR. SUJATA VARADARAJAN DIRECTOR

MR. VINOD K. NAGPAL DIRECTOR

MR. LALIT MEHRA DIRECTOR

MR. S.C.JOLLY DIRECTOR

Audit Committee:

MR. K.K. VIJ- CHAIRMAN MR. VINOD K. NAGPAL MR. LALIT MEHRA

President & Company Secretary:

MR. S.K. KHORANA

Bankers:

SATATE BANK OF PATIALA STANDARD CHARTERED BANK STATE BANK OF TRAVANCORE STATE BANK OF INDORE

STATE BANK OF HYDERABAD PUNJAB NATOINAL BANK CORPORATION BANK

Register Office:

YAMUNANAGAR, HARYANA

Units:

INDIAN SUGAR & GENERAL ENGINEERING CORPORATIO ISGEC JOHN THOMPSON

UTTAR PRADESH STEELS

INDIAN SUGAR AND GENERAL ENGINEERING CORPORATION

The Company

ISGEC is the heavy engineering unit of saraswati industrial syndicate limited. It

was established in 1946 & is located at yamunanagar, haryana, about 198 km. from

Delhi.

ISGEC is famous worldwide for the manufacture of Pressure Vessels gas

containers, heat exchangers & Presses.

Approval

ISGEC has been approved by Lloyd’s register of quality

assurance as an ISO-9001 company.

ISGEC is authorized by American society of mechanical

engineers for the use of ASME 'U' & 'S' code stamps.

Lloyds register as Class-1 manufacture of fusion welded

Pressure Vessels up to 200mm thickness approves ISGEC.

Engineers India ltd approves ISGEC. For manufactured of

heat exchangers up to maximum tube thickness of 300mm.

Engineers India ltd approves ISGEC. for manufactured of

Vessels & columns in carbon & alloy steel up to 150 mm

thickness & in Clad steel up to 132 mm thickness.

Product Range

Diversity of product range is the stimulus on which ISGEC thrives. They manufacture:

Process Plant Equipment including Pressure Vessels, columns, towers,

reactors, regenerators, shell & tube heat exchangers, autoclaves, etc. for

fertilizers, refineries, petrochemicals & other chemical industries in various

material of construction including carbon steel, clad steel duplex stainless

steel & non ferrous materials.

Containers for chlorine & other liquefiable gases. ISGEC has manufactured

more than 50000 containers & are the largest manufacturer of containers in

the world.

Boilers pressure parts for water tube boilers including boiler drums, super

heaters, economizers, panel & manifolds,

Heavy duty mechanical presses (up to 1000) & hydraulic presses (3000

tones) for sheet metal & other applications for automobile, railways &

various other industries.

Sheet plant equipment & sugar machinery.

high quality grey iron & alloy casting (weight tones single piece) for the

chemical industry, dye & intermediate dye industry & soda ash plants ,

pumps & compressors manufacture, machine tool manufactures.

Infrastructure

Human resources include about 400 qualified & experienced

engineers/supervisors apart from skilled works men. ISGEC have employed

over 1700 people.

ISGEC has well equipped factory, covering an area of about 25 hectares

including covered production area of more than 50000 square meters spread

over 11 production bays.

There are overhead cranes in all the ayes with maximum crane lifting

capacity of 150 tons.

extensive facilities for hot & cold working, welding, heat treatment &

testing elp to ensure that compliance to quality standards.

More than 125 sophisticated machines & machine tools are installed in

various production bays.

More than 150 welding machines are under operation.

Capacity for manufacturing and supply of reactors.

ISGEC COLLABORATIONS

Working continuously towards further excellence in technology, ISGEC entered

into technical collaboration with internationally well-known companies.

Some of the companies are shown below:-

1955 A.F.CRAIG & CO., UK SUGAR MACHINERY

1960 JOHN THOMPSONS, UK INDUSTRIAL BOILERS & PRESSURE VESSELS

1963 KAWASAKI, JAPAN CEMENT MACHINERY

1964 FARRELL, USA SUGAR MILLS

1966 JOHN SHAW & SONS HYDRAULIC PRESS

1968 BRONX, UK PLATE BENDING & LEVELING MACHINES

1967 NE INTERNATIONAL PULVERIZED FUEL BOILER, ROD MILLS COMBUSTION, UK

1980 ROVETTA, ITALY MECHANICAL PRESS

Some of Our International Clients

Phung Hiep Cane Sugar Factory, Vietnam

Lamson Sugar Factory, Vietnam

Binh Duong Sugar Corporation, Vietnam

Bangladesh Sugar & Food Industry Corporation, Bangladesh

Bien Hoa Sugar Joint Stock Company, Vietnam

Gula Padang Terap, Malaysia

Sugar Corporation of Uganda Ltd., Uganda

South Nyanza Sugar Co., Kenya

Khanh Hoa Cane Sugar Factory, Vietnam

Biscom, Philippines

Danao Development Corporation, Philippines

Don Pedro Sugars, Philippines

Fletcher Smith Ltd., UK

First Farmers Sugars, Philippines

Guyana Sugar Corporation, Guyana

Lopez Sugar Corporation, Philippines

Pena Francia Sugars, Philippines

Fauji Sugar Mills, Pakistan

Sartaj Sugar Mills, Pakistan

Birganj Sugar Factory, Nepal

Caroni (1975) Ltd., Trinidad

Some of Our Indian Clients

Saraswati Sugar Mills, Haryana, India

Mawana Sugar Works, Uttar Pradesh, India

Daya Sugars, Uttar Pradesh, India

Nagar Taluka SSK Ltd., Maharashtra, India

Babasaheb Ambedkar SSK Ltd., Maharashtra, India

Bapuji Rao Deshmukh SSK Ltd., Maharashtra, India

Kedareshwar SSSK Ltd., Maharashtra, India

Chopda SSSK Ltd., Maharashtra, India

Gayatri Sugar Complex, Andhra Pradesh, India

Sayan Vibhag Khand Udyog Mandli Limited, Gujarat, India

Riga Sugar Mills Ltd., Bihar, India

Ramgarh Chini Mills Ltd., Uttar Pradesh, India

Titawi Sugar Complex, Uttar Pradesh, India

Tikaula Sugar Mills Ltd., Uttar Pradesh, India

Prabhulingeshwar Sugar Works Ltd., Karnataka, India

Gem Sugars Ltd., Karnataka, India

Magna Agro Industries Ltd., Lucknow, India

Kothari Sugars & Chemicals Ltd., Tamil Nadu, India

Chandrabhaga SSK Ltd., Maharashtra, India

Neoli Sugar Factory, Uttar Pradesh, India

ORGANISATIONAL STRUCTURE

he chart of the organization structure of ISGEC showed the various

hierarchal levels of the organization. Organization is divided into various

departments managed by different general manager of the concerned

department.T

ISGEC JOHN THOMPSON (IJT)

IJT is located at Delhi. It supplies boiler & associated equipments on turnkey basis.

In 1960 ISGEC collaborated with john Thompson, U.K. , to from a joint company

by the name of ISGEC JOHN THOMPSON.

U.P. STEELS (UPS)

This was acquired in 1981 & merged with parent company. As a foundry

establishment in 1966 technical know-how from Japan’s Kobe steels, UPS has its

main plant sit muzzafarnagar (U.P.). It manufactures sophisticated alloy steel/steel

castings both hand & machine rounded as well as alloy iron castings steel ingots

U.P. steel has obtained the prestigious Lloyds certification & is now on the

Lloyds register international list of class-1 founder for manufacture of casting in

different grades of steel.

ISGEC(YNR)

SARASWATI SUGAR MILL(YNR)

U.P.STEELS MUZZAFFA-RNAGAR

IJT NEWDELHI

SIS

ISGEC

The engineering group was launched with establishment of ISC-FC. It was founded

in 1946 as a public limited company under the company act, 1956. It manufactures

a variety of heavy engineering for varied applications.

I conducted my project study at ISGEC (works), Yamuna Nagar. So, here

I am going to, describe the things in context of ISGEC (works), Yamuna Nagar

only.

SARASWATI SUGAR MILL

It was the first unit being established in 1933. It introduced massive modernization

program that leads to increase in the capacity from 8000 to 9600 tones-cane-

crushed per day. It was undertaken at the cost of rs.30 crores. Ssm secured a

prestigious order of 10 lakh tones of sugar, exports are expected to be substantially

lower this year because world price are fallen. It is one of leading manufacturing

sugar company in India.

GROUP TURNOVER

Our group turnover has increased manifold over the last ten years:

Amount in million of rupees

2000-2001 47902001-2002 50852002-2003 26422003-2004 30562004-2005 44032005-2006 47902006-2007 51982007-2008 4509

2008-2009 50672009-2010 5893

COMPETITORS

ISGEC has diverse competitors for its varied range. In container group. ISGEC has

monopoly till 1997 as its market! Here nearly 95% different products of ISGEC

have different market shares. But the major competitors can be categorized as:

GODREJ HMT L & T BHEL

CAPITAL STRUCTURE OF ISGEC

By Capital structure we mean combination of debt and equity that leads to the

maximum value of the firm. As ISGEC is a subsidiary of the Company “SIS” so

having no capital of its own. In place of Capital it has investment of Head Office

and the Capital of SIS can be studied as follows :

AUTHORIZED CAPITAL OF ISGEC :

The present authorized capital of company is 709.99 lacs shares of Rs. 10/- each.

Presents there are no preference shares in the capital of the company.

SHARE HOLDING PATTERN OF ISGEC

The paid up capital of the company is Rs. 709.99 lacs comprising of 70,99,900

shares of Rs. 10/- each with Saraswati Industrial Syndicate Limited, Yamuna

Nagar.

To know the pattern of the working capital management at (ISGEC),

Yamuna Nagar.To know the profitability of the company .

To know various sources of Working Capital.

To find out the future prospect of the company & evaluate opportunity in

the near future capital of the concern.

To give suggestions for the improvement of existing system so that it could

be implemented effectively with minimum cost & time.

To analyses the liquidity position of the concern with help of ratios.

Research Methodology has many dimensions, it includes not only the research

methods but also consists the logic behind the methods used in the context of the

study and explain why only a particular method or technique had been used so that

search lend themselves to proper evaluation. Thus in a way it is written game plan

for concluding research problem. IT is necessary to design a research methodology

for the problem as the same may differ from problem to problem.

The methodology that was followed includes both:

Primary Data Collection

Secondary Data Collection

Primary data collection included an in-depth study based on working capital,

management of working capital, sources of finance for current assets and working

capital and factors that affect working capital. A detailed study was undertaken

about ISGEC, its working capital, its services, with the help of senior finance

manager.

Secondary data collection included the data collected from its Annual report year

ended September 30, 2011 and various documents and files related to study.

Concept of Working Capital

Management of Working

Capital

Sources of Finance of

Working Capital

CONCEPT OF WORKING CAPITAL

INTRODUCTION

Fixed assets from the skeleton of any business, working capital is its flash and

blood. For a going concern the fixed assets are of permanent nature and are not to

be sold. The other type of assets require for day to day working of a Unit are known

as Current Assets which are floating in nature and keep on changing during course

of business. It is these ‘Current Assets’ which are generally referred to as ‘Working

capital is what makes the company work’. It is impossible to carry on any business

only with Fixed Assets, working capital is a must. Inadequacy of WC chocks any

business to death.

A healthy WC position is the sine-qua-non of a successful business which is

reflected in adequate inventories, lowest level of debtors, minimum utilization of

bank facilities for working capital etc.

IMPORTANCE OF WORKING CAPITAL

It is the objective of every firm to generate sufficient profits. This eventually

depends on the magnitude of the sales. However, SALES DON’T CONVERT

INTO CASH INSTANTLY, There is time between sales of goods and receipt of

cash. Technically it is known as operating of cash cycle. This time lag between the

purchase of raw materials and the realization from debtors force every Company to

find money to finance its operations during that item. For instance, if the time lag

for a Company is two months certain quantity of Stocks, Debtors and Cash for day-

to-day transactions.

The adequacy of WC helps in raising credit standing of a business concern. A

business enterprise with adequate WC is always in a position to avail advantages of

any favorable opportunity either to purchase raw material or to execute a special

order or to wait for better market position. An adequate WC ensures favorable rates

of interest on bank loans.

The general moral of management increases by its financial soundness. During

slump the demand for going down goes up. A large amount is booked in inventories

and the receivable Companies having ample WC can tide over period of depression.

ELEMENTS OF WORKING CAPITAL

There are two elements of WC

LONG TERM WORKING CAPITAL :

The long term WC represent the amount of funds needed to keep a Company

running in order to satisfy demand at its lowest point. The value which represent the

long term WC stay with the business process all the time.

SHORT TERM WORKING CAPITAL :

The short term WC varies directly with the level of activity achieved by a

Company. It also changes from one to another, from cash to inventory, from

inventories to debtors and from debtors back to Cash.

DETERMINENTS OF WORKING CAPITAL

NATURE AND SIZE OF BUSINESS :

A firm with large scale of operation need more WC than small firm.

MANUFACTURE CYCLE :

Longer the manufacture cycle larger the firm’s WC requirement.

SALES GROWTH :

The WC needs of the firm increases as its sales grow.

DEMAND CONDITION :

Increase in demand will require further addition of Working Capital & vice versa.

PRODUCTION POLICY :

A steady productions policy requires more Working Capital.

PRICE LEVEL CHANGES :

Rising price level require a firm to maintain higher amount of WC as same level of

current assets need more investment now.

OPERATING EFFICIENCY AND PERFORMANCE :

Better utilization of resources improves profitability and help in releasing pressure

on WC.

FIRM 's CREDIT POLICY :

A liberal Credit Policy without rating the credit-worthiness of customers will

require greater Working Capital.

AVAILABILITY OF CREDIT :

A firm will need less Working Capital if liberal credit terms are available to it and

vice versa.

MANAGEMENT OFWORKING CAPITAL

Working Capital Management refers to the administration of all aspects of current

assets namely Cash Marketable Securities, Debtors, Stock (Inventories) and Current

Liabilities.

To Finance Manager should have knowledge of the source of working capital funds

as well as investment avenues where ideal funds may be temporarily invested? It

must be seen that right source are tapped to finance current assets and that the

current liabilities are paid in time.

The goal of Working Capital Management is to manage the firm current assets and

current liabilities in such a way that a satisfactory level of Working Capital is

maintained, as without it firm is likely to be come insolvent or even bankrupt.

Hence Working Capital Management has two objectives which are likely to go in

opposite direction i.e.

(i) Liquidity

(ii) Profitability

Liquidity :

Liquidity means ability to settle the bills on due dates. This is possible only if you

have adequate cash.

Profitability :

The Current resources be so managed that they contribute to overall corporate

profitability to the maximum possible extent. This is possible only if the Company

does not keep its current assets like Cash idle.

WORKING CAPITAL MANAGEMENT IN ISGEC

Any firm and ISGEC is no exception, faces an unavoidable need to manage its

working capital well. And in ISGEC it is being done with expertise. For managing

working capital in the Company, it prepares various statements some daily, some

monthly and also a few annually. Some of these are sent to the Head Office for the

purpose of sending it to the Bank so that the bank may grant the credit limit after

considering these statements. Some statements sent to Head Office are kept by the

Head Office itself for keeping a record of the funds in the company and there is

shortage of funds then the Head Office make arrangements for the funds and if

there is any surplus then Head Office transfers these funds to any of its other Units

which is in need of funds. Some statements are also such which are maintained by

the Unit for keeping with itself for the purpose of its own record. The Head Office

may also demand these statements for seeing into the matters of the Unit. The

Factory prepares the following type of statements :-

1. FORM C-I & FORM C-II

2. BANK STOCK STATEMENTS

3. CASH FLOW STATEMENT

4. BANK AVAILABILITY REPORT

1 FORM C-I & FORM C-II

Form C-I and C-II are prepared for the purpose of renewal and enhancement of

bank limits. This is prepared by the Factory whenever demanded by the Head

Office and give information for the whole year C-I gives the position of the

Company in the previous year and based on actual figures. Form C-II shows the

requirements of the Company for the next year and based on both actual and

estimated figures e.g. if the head office demands Form C-II on 10 th of June 2001 for

the year ending September 2001. the Form C-II will show the actual position of the

company from October 1999 to May 2000 and estimate thereafter. This form gives

general information about the stock of the company [ i.e. opening stock, production,

releases and then closing stock] various receipt during every month (From sales,

loans and other receipts) various payment and in the end a summary giving

information about the opening and closing balance of cash and cash credit at the

end of every month.

A Form C-II is also prepared by the factory showing actual position of the factory

after every month. This form is sent to the bank so that the bank can see the actual

position of the factory against the project one after every month. The form gives

information of all the receipts and payments of the factory during that month.

2. BANK STOCK STATEMENTS

Under this two type of statements are prepared. Both are sent to the Bank Obtaining

CC Limits these are:

- Daily Bank Stock Statement of sugar

- Monthly Stores Statement

Daily Bank Stock Statement

This is a statement which is sent to the bank daily. The information included in this

statement is about the opening balance of sugar, addition if any sugar issued and

thereafter balance at the end of the day. Balances are shown for both of sugar

separately i.e. for levy and free. Generally this statement also gives information

about the debtors of the company but as the bank doesn’t grant credit to the ISGEC

against its sundry debtors so the information about the debtors of the company is

excluded from this statements.

The importance of stock statement is that it helps banker to have knowledge about

the stock of the company. The cash credit limit sanctioned by the bank is secured

though hypothecation of stock. Hence current details of the stock is the major

requirements of bank. The Drawing power (DP) of the company is font homed

through the detailed information of stocks. Bank fixed the credit limit for the

company every month. So the DP limit is also arrived at the end of the every month.

HOW THE DP LIMIT IS ARRIVED AT ?

Drawing power is sum total of stock at the end of each month. Stock includes raw

material semi-finished goods and finished goods. After keeping the required

‘MARGINS’ which is 10% in case of levy sugar and 15% in case of free sugar,

Drawing power is arrived at which ultimately determines the limit the company can

use. The margin is kept by the bank for the part of stock that could turn to be

obsolete or useless. It is on the desirous of the bank as they may grant the credit

limit less than the drawing power.

3. CASH FLOW STATEMENT

A projected cash flow statement is also prepared by the factory for every month to

see whether the company will have sufficient cash to meet requirements at the end

of every month after availing cash credit limit from the bank. And if there is any

deficit at the end of the month intimation of this is given to the Head Office to make

some arrangements . usually projected cash flow statement is prepared for 6

months. But if Head Office asks for preparing a projected cash flow statement for

more period then it is prepared accordingly. For managing cash more efficiently a

comparative cash flow statement is also prepared by the company showing

caparison of actual cash position with estimated cash position. Reason are traced for

any difference of actual balance from the estimated balance. This statement is

prepared for each and every month in the the first week of next month and is for the

internal use of the factory. But the head office may also be demand this vary

statement as per its requirement.

4. BANK AVAILABILITY REPORT

A Bank availability report is also prepared by the factory on daily basis to see the

balance in credit limit granted by bank which the company can avail. It gives

information about the drawing power of the company sanctioned cash credit limit

less limit transferred to head office amount drawn by the company out of available

net drawing power. And at the end the banks from which the company avails the

limit. These banks are State Bank of Patiala, Oriental Bank of Commerce,

Corporation Bank and other banks i.e. state bank of travancore .This statement is

prepared for the purpose so that there is a check on the bank credit limit i.e. how

much fund the company can take from the bank in case of need of fund.

SOURCES OF FINANCE FOR

WORKING CAPITAL

A firm has a choice among three sources of financing current assets or working

capital:

1. Long Term Financing

2. Short Term Financing

3. Spontaneous Financing

Long term financing is done through shares, debentures, preference shares,

retained earnings and long-term debt from financial institutions. Funds available for

a period of one year or less are called short-term finance. In India, short-term

funds are used to finance WC. These sources include short-term bank loans,

commercial papers, factoring receivables and public deposits.

Spontaneous financing refers to the automatic sources for short term funds arising

in the normal course of business. The major sources of such financing are trade

credit and outstanding expenses. The real choice of financing current assets is

between short term versus long term financing. Various finance for WC are given

below:

1. Trade Credit

2. Accrued Expenses &Deferred Income

3. Public Deposits

4. Bank Finance

1. Trade Credits :- Trade credit is an informal arrangement and is a spontaneous

source of financing working capital.

Supplier firm send goods to buy firm on credit, which means, buying firm don't

pay cash immediately for the purchases made on the buyer's balance sheet, it

appears as sundry creditors or accounts payable. When the buyer sign a bill a

negotiable instrument to obtain trade credit, it appears on the buyer balance

sheet as bills payable. The benefit of trade credit is that when the company

knows that the drainage of cash has been deferred be some time, the amount of

cash equal to purchase value of material can be utilized in earning some returns

by investing in short term securities or be crediting the same to its credit /

overdraft account thereby reducing the incidence of interest.

2. Accrued expenses and deferred income : Accrued expenses represents a

liability that a firm has to pay for the services, it has already receives. They

represents a spontaneous, interest free services of financing e.g wages and

salaries, taxes and interest. Deferred income represents funds by the firm for

goods and services, which it has to supply in future e.g. advance payment made

by the customer.

3. Public deposits : mobilization of funds from general public specially the

middle and upper middle class people, by offering reasonably attractive rate of

return is another important source of financing working capital. The Rate of

interest can't exceed 15% and it is compared on a quarterly basis. Public

deposits are governed by the regulation of public under the companies

(Acceptance of Deposits) Amendments rules 1978 :

A company can't raise more than 10% of its paid up share capital.

Government companies can accept deposits upto 35% of their paid up share

capital and free reserves.

The maximum maturity period allowed for public deposits is three years, while

the minimum permitted maturity period is six months.

A company inviting deposits from the public is required to issue an

advertisement about the main details of the company and the same has to be

filled to Registrar Of Companies (ROC) before publishing it in the Newspaper

and magazines.

4. Bank Finance : Banks are the main institutional sources of working capital. A

bank considers a firm's sales and production plans and hence determine its

working capital requirement. The amount approved by the bank for the firm's

working capital is called the credit limit . But financial accommodation or

credit limit 100% of the value of the goods would not be granted by the banks

and they would fix a margin on the value of security, which must be provided

by the borrower and the amount will be financed by the bank.

a) Overdraft : In this the customer is permitted to overdraw up to a prefixed

limit. Interest in charged on amount overdrawn. Overdraft amount operates

against security in the form of pledge of shares and security of LIC policies.

b) Cash Credits : In cash credits, the customer is charged interest only on the

amount actually utilized from the prefixed limit. The security offered by the

customer is in the nature of hypothecation of inventory and account

receivables.

c) Discounting of Bills : The bills raised on the buyer of the company's goods

are discounted (Full amount of the bill discount charged by the bank) by

bank. This facility helps the company in realizing funds fast without waiting

for credit period to get over.

d) Letter of credit : bankers open latter of credits (L/C) in favour of supplier

for raw materials. L/C contains a written undertaking given by a bank on

behalf of the purchaser to the seller to make payment of a stated amount on

presentation of stipulated documents and fulfillment of all the terms and

conditions incorporated therein.

e) Bank guarantees : Bankers issue specific guarantees business transactions

between various parties including government agencies. The Guarantees

may broadly be divided into two categories :

i) Financial Guarantee discharge, financial obligation to the customers

ii) Performance Guarantee for the performance of a contract by customers

f. Packing Credit of Pre-shipment : The goods meant for export forms the

primary security of banks guaranteeing packing credit advance.

g. Working Capital Loans : A borrower some times require accommodation

in excess of sanctioned credit limit. The borrower is required to pay higher

rate of interest of additional credit.

FUND BASED LIMITS:

These are credit facilities given by banks where actual banks funds are involved.

Fund based limits are given against hypothecation and ledge. The categories of fund

based limits are:

_ Cash Credit Limit (CC Limit)

CREDIT FOR EXPORT:

All credit facilities sanctioned to exporter for producing/ manufacturing/

processing/ packing/ warehousing/ shipping the goods meant for exports are termed

as ‘Pre-shipment Credit’ or ‘Packing Credit’. It is similar to Cc with the only

difference that CC limit is sanctioned as running facility where as packing credit

advance depends on specific exports obligation met by the exporter.

Important point regarding packing credit are:

The facility is allowed to only those exporters whose track record has been

good and they are required to produce letter of credit/firm export orders

within a reasonable period of time.

All pre-shipment advances are to be liquidated from the proceeds of exports

bills.

The packing credit advance is granted up to the last date of shipment or up

to a maximum of 180 days. Further extension of 90 to up to maximum of

270 days can permitted if export orders are not executed on completion of

180 days provided the bank is satisfied for the delay in execution of export

order.

FINANCING WORKING CAPITAL IN ISGEC:

ISGEC is financing its working capital requirements mainly from Banks. Beside

banks the other sources for working capital finance at ISGEC are trade creditor and

security need from the dealer.

WORKING CAPITAL LIMITS SANCTIONED BY BANKS:

ISGEC has availed working capital limits by borrowing from number of Banks

because of:

Large size of borrowing

To have a degree of flexibility in its operation with different Banks.

It has been using consortium financing to take care of its entire needs.

CONSORTIUM FINANCE:

It is based on the philosophy of sharing risks and gains. Its main features are:

A formal consortium has to be compulsorily constituted in case the find

based WC limits are Rs.50 Crore or more.

The number of participating banks is a consortium should be limits to four,

five or six at the most. All banks forming a consortium must evolve a

common form of credit appraisal to be obtained from the borrower.

ISGEC has entered into consortium banking arrangements as follows:

Name of the Bank consortium %age share in the arrangementState Bank of PatialaOriental Bank of CommerceState Bank of TravancorePunjab National BankCorporation Bank

56.5215.44

3.412.8921.74

ISGEC has entered into consortium arrangement because of its large requirement of

fund non fund based limits and hence reduced its dependence of any one leading

institution.

TERM LOANS

Term loans comprises of various secured loans (backed by hypothecation of certain

assets) and unsecured loans taken from banks and various other institution. The

current debt of the factory is :

SECURED LOANS

Loans and advances from banks As on 30.9.2011 (Rs. in Lacs)

Against stock stores and spares

State bank of Patiala

Term Loans from IFCI

Term Loan from SDF

1201.51

22.36

438.64

Total 1662.51

UNSECURED LOANS

Loans and advances from banks As on 30.9.2011 (Rs. in Lacs)

SDF Loan

Head Office Account

ISGEC Covema Limited and

ISGEC Exports Limited

Fixed Deposits

57.59

4986.04

337.91

1144.78

Total 6526.32

FACTORY RECEIVABLES:

Factoring is a “Continuing” arrangement between a financial intermediary called a

“Factor” and “Seller” of goods and services. It is another important source of

financing working capital but in India this concept is new and has yet to establish

its root. The factor performs the following service in respect of the Account

Receivables arising from the sale of such goods or services.

1. Purchase all account receivables of the seller for immediate cash

2. Administrators the sales ledger of the seller collects the accounts receivable.

3. Assume the losses, which may arise from bad debts.

4. Provide relevant advisory service to seller.

The main point is to be noted down in factoring is that the factor handles all

the receivable arising out of the credit sales of the seller. Company and not

just same specific bill which is mainly done in bill discounting agreement.

NON-FUND BASE LIMITS

These are the credit facilities given by the banks where actual bank fund are not

involved e.g. letter of guarantee. Presently ISGEC is availing these facilities only

from State Bank of Patiala.

Fund base limit and non fund based limit of State Bank of Patiala are as follows.

Fund Based (Pledge)Sanctioned

Limit DP Outstanding On30.9.2011

Credit Cash 12800 9460 2047.00

Fund based (hypothecation)

Limit

DP Outstanding as on 30.9.2011

Cash Credit 200 200 4.95Non fund Based 154 154 154

Other than Bank finance company is also using the following sources to finance its

working capital:-

TRADE CREDIT:

ISGEC enjoys a reasonable amount of goodwill in the market. This enables the

company to get credit for longer duration and hence postpone immediate cash

outflow. The trade creditors of the company outstanding as on 30 Sept. 2006, were

amounted to Rs. 1229.00 lacs.

SECURITY FROM THE DEALERS:

An ISGEC sells its Products through the dealer, it receives some amount from the

dealers on advances as security. This security also serves as a source of working

capital finance.

SWOT ANALYSIS

STRENGTHS

Producing high quality products comparable with the international standards

as awarded by ISO-9001.

Efficient labour is available at cheaper rate.

Services & cooperation of the staff & the workmen is really appreciating.

Their products are in use in 41 countries around the world.

Company is discharging their social obligations as well.

Administration is very strong.

Weakness

Not linked with port or airport so freight is high.

Not & industrial belt.

Educated & skilled professional does not want to stay in this belt.

OPPORTUNITY

With the globalization of economy export market is tapped.

THREATS

Indigenous market for few products is not very promising.

INVENTORY TURNOVER RATIO = Sales / Inventory

Particulars 2008-09 2009-10 2010-11Inventory 11079.43 7005.10 8852.68Sales 39656.30 38067.88 31681.73

INVENTORY TURNOVER

YEAR RATIO2008-09 3.582009-10 5.432010-11 3.58

0

1

2

3

4

5

6

years 2008-09 2009-10 2010-11

Series1

Series2

INTERPRETATION

This ratio measures how fast the inventory is moving the rim of the operating cycle and generating sales. It also shows the efficiency of inventory management. Higher the ratio the more efficient the management of inventories and vice versa.

DEBTOR TURNOVER RATIO = Sales / Average Debtors

Particulars 2008-09 2009-10 2010-11

Debtors 1717.27 543.32 852Sales 1594.33 1026.90 1594.33

DEBTORS TURNOVER RATIO

YEAR RATIO

2008-09 23.092009-10 70.072010-11 37.19

0

10

20

30

40

50

60

70

80

years 2008-09 2009-10 2010-11

Series1

Series2

INTERPRETATION

This ratio shows how many times accounts receivable turnover during the year converted into cash. Higher turnover ratio shows the greater efficiency of credit management.

AVERAGE COLLECTION PERIOD = 365 / Accounts receivable turnover

At SSM average collection period for years are as follows:

YEAR RATIO

2008-09 2 days

2009-10 4 days

2010-11 2 days

Average collection period

0

1

2

3

4

5

2008-09 2009-10 2010-11

Year

day

s average collection period

INTERPRETATION

Average collection period shows the number of days worth of credit sales i.e. locked in debtor. An average collection period which is shorter than the credit period allowed by form needs to interpreted or excessive conservation in credit granting and average collection period more than the period allowed means inefficient credit management and excessive amount being locked in debtors. So we see that the Company’s average collection period is very low. This is because of the reason that company sells its sugar either to Govt. or though dealer. . So very few days are given to them for purposes. This is very good for the company.

CURRENT RATIO

CURRENT ASSETS / CURRENT LIABILITIES

Particulars 2008-09 2009-10 2010-11

Current Assets 11715.94 12215.9. 15363.54Current Liabilities 6310.92 4331.45 5571.17

CURRENT RATIO

YEAR RATIO

2008-09 2.762009-10 2.822010-11 1.86

INTERPRETATION

Current Ratio

0

1

2

3

4

2008-09 2009-10 2010-11

Year

Rat

io Current Ratio

Current ratio measures the ability of the firm to meet its current liabilities. It shows the short-term liquidity and solvency of the firm. A higher ratio shows the solvency of the firm but too much high ratio may be due to the excessive level of debtors and receivables.

QUICK RATIO =

(CASH & BANK + DEBTOR + MKT. SECURITIES) /

CURRENT LIABILITIES

QUICK RATIO

YEAR RATIO

2008-09 0.67

2009-10 0.33

2010-11 0.85

Current Ratio

0

0.2

0.4

0.6

0.8

1

2008-09 2009-10 2010-11

Year

Rat

io

Current Ratio

INTERPRETATION

This ratio shows the liquid or near liquid assets to meet the current liabilities of the company. Inventories are shored from the calculation of quick ratio as they cannot be easily converted into cash to meet the current liabilities.

FINDINGS

Working Capital is an important part and plays a very crucial role in the

functioning of an organization. Creditworthiness or goodwill of any company

depends upon its Working Capital is an important part and plays a very crucial

role in the functioning of an organization. Creditworthiness or goodwill of any

company depends upon its working capital ISGEC.

Good Relationship with creditors if the relations with the creditors are good

then in time of problems company can easily get more credit from creditors

Investments in the stock have increase by 852.6 lakhs

Creditors have increased by 1238.38 lakh

Administrative and selling expenses have reduced by 695 lakhS

Advances from customers have increased by 26 lakhs

Dividend is not paid from the last three years

Unsecured Loans have inreased by 3931 lakhs from the last year.

LIMITATIONS OF THE STUDY

Every study has some limitations. Inspite of the hurdles, the training period was a

good time for learning experience but there were certain limitations that every

researcher has to face during the research period. I too had to face certain such

limitations:

1. Shortage of time

Period of 6 weeks is not sufficient to even study the basic routine ISGEC

activities of the organisation

2. Lack of expertise, being a fresher

3. Difficulty in analyzing data, being a fresher.

4. Lack of attention, support from the executives of the concerned

organisation.

SUGGESTIONS

Company should make efforts on export.

Loans and advances should be minimize: I have seen that from the last three

years advances of the company are increasing regularly. A lot funds in loans

and advances and quick ratio is under pressure.

This is the main reason why company’s quick ration is not good. If company

minimize its loans and advances, the quick ratio could not come under

pressure and the liquidity of the company will be improved

Payment of Creditors should be made in time

Analysis work: should be done before it is to be send to head office

Company must avoid maximum wastage in production.

CONCLUSION

Working capital Management concerned with the problems that arise in attempting

to manage the current assets, current liabilities and the inter-relationship that exists

between them. The goal of working capital management is to manage the firm's

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

working capital is maintained to boost the production. If a company could not

maintain a satisfactory level of working capital it is likely to become insolvent.

The analysis made in INDIAN SUGAR &GENERAL ENGINEERING

COPORATION’ reveal that a satisfactory level of working capital is maintained in

the company. The operating cycle of the company is also in the favourable position.

The liquidity position ISGEC the company is more than satisfactory level. So, it can

easily be concluded that overall working capital position of the company is good

and company should try to maintain more favourable working capital position

Bibliography

Working Capital Management V.K. Bhalla

Financial Management I.M. Panday

Annual Report ISGEC, Yamuna Nagar

Documents and Files Indian sugar & general

Engineering corporation,

Yamuna Nagar

Balance Sheet of ISGEC As on September 30, 2010

(Rs. in Lacs)Sources of Funds . As on 30.9.2011 As on

30.9.2010

709.99Shareholder’s Funds

Share Capital 10589.94 709.99Reserve and Surplus 11299.93 9669.95

10379.94Loan Funds 1662.51Secured Funds 6526.32 6686.62Unsecured Funds 8188.83 2595.28

1357.22 9281.90Deferred Tax Liability 9546.05 1464.85

20845.98 10746.75TOTAL 21126.69

APPLICATION OF FUNDSFixed AssetsGross Block 15125.69 14624.32Less Depreciation 3782.22 2827.01Net Block 11343.47 11797.31Capital Work in Progress

1153.56 12497.03 140.04 11937.35

Investments 2943.41 1304.19Current Assets, Loans and AdvancesInventories 8852.68 7005.10Sundry Debtors 852.00 543.32Cash and Bank Balances

416.47 3608.25

Other Current Assets 0.46 32.33Loans and Advances 1594.33 1026.90

11715.94 12215.90Less: Current Liabilities and ProvisionsLiabilities 6017.20 3738.58Provisions 293.72 542.87

6310.92 4331.45Net Current Assets 5405.02 7884.45Miscellaneous Expenditures

(to the extent not written off or adjusted)Preliminary expenses 0.52 0.70

TOTAL 20845.98 21126.69

Balance Sheet of ISGEC As on September 30, 2011 (Rs. in Lacs)

SCHEDULE ‘A’ As on September 30, 2011

As on September 30, 2010

SHARE CAPITAL

Authorized71,00,000 (Previous Year 71,00,000)Equity Shares of Rs.10/0 each

710.00 710.00

Issued Subscribes and paid up.70,99,900 Equity Shares of Rs.10/0 each

709.00 709.00

Notes : Entire Share Capital is held by the holding Company, The Saraswati Industrial Syndicate Limited and its nominees.

(Rs. in Lacs)SCHEDULE ‘B’ As on September 30,

2011As on September 30, 2010

RESERVE AND SURPLUSShare Premium 6300.00 6300.00

(6300.00) (6300.00)General Reserve 130.00 130.00

(130.00) (130.00)Profit and Loss Accounts Balance

4159.94.00 3239.95

(3239.95) (551.84)10589.94 9669.95

(Rs. in Lacs)SCHEDULE ‘C’ As on September 30,


SECURED LOANSFrom Financial Institutions and BanksTerm Loan from IFCI and Banks

22.36 2773.25

Cash Credit Accounts 1201.51 3221.72Other Loans - from Sugar 438.64 657.95

Development FunsInterest accrued and due -- 33.70

1662.51 6686.62

(Rs. in Lacs)

SCHEDULE ‘D’ As on September 30, 2011


UNSECURED LOANSFROM THE Holding Company viz.The Saraswati Industrial Syndicate Limited

4986.04 1272.23

ISGEC Covema Limited and ISGEC Exports Limited(call money and inter –corporate deposits)

337.91 257.52

Sugar Development Fund Loan (for cane development)

57.59 57.59

Fixed deposits 1144.78 1007.946526.32 2595.28

(Rs. in Lacs)SCHEDULE ‘E’ As on September 30,


Fixed AssetsGross Block 15125.69 14624.32Less Depreciation 3782.22 2827.01Net Block 11343.47 11797.31Capital Work in Progress 1153.56 11937.35Investments 2943.41 1304.19

SCHEDULE ‘F’ As on September 30, 2011


InvestmentsNon Trade Investment 0.60 0.20Mutual Funds 2942.81 1303.99

2943.41 1304.19

SCHEDULE ‘G’ As on September 30, 2011


InventoriesStore and Spare Parts 950.36 714.40Work in Progress : Sugar 12.90 18.02Finished Stock : Sugar 7431.19 5774.28Molasses 458.23 498.40

8852.68 7005.10

SCHEDULE ‘H’ As on September 30, 2011


Sundry DebtorsDebts outstanding for a period exceeding six months (consider doubtful)

1.26 1.26

Other debts 852.00 543.32Less : Provision for doubtful debt

-1.26 -1.26

852.68 543.32

SCHEDULE ‘I’ As on September 30, 2011


Cash and Bank BalancesCash and Cheque in Hand

249.35 182.18

With scheduled Banks:Current Account

148.51 916.14

Stamps in Franking Machine and deposit with post office

---- 0.02

Fixed Deposits 18.61 2509.91

416.47 3608.25

SCHEDULE ‘J’ As on September 30, 2011


Other current assetsInterest Accrued on Fixed Deposits

0.46 32.33

0.46 32.33

SCHEDULE ‘K’ As on September 30, 2011


LOANS AND ADVANCESSecurity Deposits 34.58 33.31Advances Recoverable in cash or in kind or for value to be received

1124.29 468.55

Balance with excise and customs

110.98 30.39

Claims pending with government

324.48 494.65

1594.33 1026.90

SCHEDULE ‘L’ As on September 30, 2011


CURRENT LIABILITIESSundry Creditors 4747.46 2509.08Advances from customers 65.83 39.24Excise duty payable 718.63 669.76Security and other deposits 76.52 78.99Interest Accrued but not due on loans

408.76 491.51

6017.20 3788.58

SCHEDULE ‘M’ As on September 30, 2011


PROVISIONSProvision for leave Salary

70.68 69.04

Provision for pension

502.75 391.47

Provision for Tax- net of Advance tax and TDS of Rs.858.37 Lacs

(279.71) 82.36

293.72 542.87

CASH FLOW STATEMENT OF ISGEC as on 30.9.2011

Amount (in Lacs) as on 30.9.2011


A Cash Flow from Operating Activities

Net profit /(Loss) before Tax but after exceptional / extraordinary items

1440.86 4551.76

Adjustments for:Depreciation 961.19 954.73Interest Expenses 796.51 1072.12Interest / Dividend Income (99.71) (51.38)(Profit)/ Loss on Fixed Assets Sold (Net) 47.66 46.07(Profit )/ Loss on sale on Investment (2.40) --(Profit) / Loss on sale / revaluation of store

0.60 (3.03)

Misc. Expenditure written off 0.18 0.18Debts / Advances written off 1.26 7167.00Liability no longer required written back (6.66) (6.48)Provision for Leave encashment 1.64 10.59Pension provision 111.28 (270.56)Any other non cash item (3.80) (7.27)Operating Profit before working capital changes

3248.61 6304.40

Adjustment for changes in working capital:Decrease in sundry Debtors (309.94) 1173.95Decrease in other receivables (567.43) 232.64Decrease in inventories (1848.16) 4077.36Increase in Trade and other payable 2321.83 (612.85)

Cash Generated from operations 2844.91 11175.50

Taxes (Paid) / Received (Net of TDS) (990.57) (1890.13)Net Cash from Operating Activities 1854.34 9285.37

B Cash Flow from Investing Activities

Purchase of Fixed Assets

Additions during the period (1580.76) (962.52)

Proceed from Sale of Fixed Assets 12.23 84.77

Sale of Investments 854.48 (3812.01)

Interest / Dividend Received (Revenue) 131.58 19.10

Net cash used in investing activities

(582.47) (4670.66)

C Cash Flow from Financing Activities

Proceeds from secured Loans (4990.41) (2192.25)

Proceeds of unsecured Loans 3931.04 (1489.27)

Interest Paid (912.96) (1140.51)

Net Cash used in financing activities

(1972.33) (4822.13)

Net increase / (Decrease) in cash equivalent

(700.46) (207.42)

Cash and cash equivalent as at 30.9.2005

1098.32 1305.77

Cash and cash equivalent as at 30.9.2006

397.86 1098.32

Cash and Cash equivalents comprise

cash, cheques and drafts and remittances in transit

249.35 182.18

Current Accounts (Dividend Account) --- ---

Balance with Scheduled Banks 148.51 916.14

397.86 1098.32

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30.9.2011

(Rs. in Lacs)

Year ended

30.9.2011

Year ended 30.9.2010

INCOMEGross Sales 31681.73 38067.88Less: Excise Duty 1920.89 2104.91Net Sales 29760.84 35876.84Other income 285.90 239.85Total 30046.74 36116.69

EXPENDITURESManufacturing Expenses

25288.81 21999.23

Employees cost 2474.20 2152.38Administration and Selling expenses

696.60 1391.91

Interest to Bank and other 796.51 1072.12Depreciation 961.19 954.73Preliminary Expenses written off 0.18 0.18

30217.49 27570.55Decrease in finished goods and work-in-progress

(1611.61) 3994.38

TOTAL 28605.88 31564.93

Profit for the year before Tax 1440.86 4551.76Provision for Tax: Current Tax 614.00 1625.00Fringe Benefit Tax 14.50 6.00Deferred Tax (107.63) 232.65

919.99 2688.11Brought forward from last year 3239.95 551.84Profit available for appropriation 4159.94 3239.95

Balance carried to Balance Sheet 4159.94 3239.95

Basic/diluted earnings per share (Rs.)

11.44 41.14

Bank Availability Report as on 4.6.2010 (closing)

(Rs. in Lacs)4.6.2007 Previous

day4.6.2007 Previous

day

Value of goods

22950 22981 Levy Sugar Stock (Qtls)

2009-010

126091 126091

Less : Margin @15% on Free and @10% on Levy Sugar and Mill on Buffer Stock

2980 2985 Levy Sugar Rate (Rs./Qtls)

2009-10

1245.19 1245.19

Drawing Power after Margin

19970 19996 Free Sugar Stock (Qtls)

2009-10

1371325 1373515

Less : Lien

00 00 Buffer Stock (Qtls.)

2009-10

186501 186501

Drawing Power after lien

19970 19996 Free Sugar Rate average last three months or market price, whichever is low (Rs. / qtls.)

2009-10

1372.45 1372.45

1410.00 1390.00

CLOSING AVAILABILITY

2239 2004

Total SBOP YNR and

SBOP FCNR YNR

SBOP NOIDA

Corp. YNR

PNB JGD

OBC YNR

Corp. Noida

SBT NOIDA

AmbalaSanctioned CC Limit

22800 5870 6930 100 665 3550 4900 785

Sanctioned CC Limit / DP

19970 5870 6930 100 665 3550 2570 285

DP/Limit TRFD . to H.O. & R.O.

9785 00 6930 2570 285

Net Sanctioned Limit / DP

10185 5870 00 00 100 665 3550 00

Amount Drawn (-) Surplus (+)

-7946 -3774 00 -99 -531 -3541

00

Amount Available

2239 2096 00 00 1 134 9 00

Balance in cash Credit Account at Yamuna Nagar as on

4.6.2007 Previous day

Variation

cc A/c no. 1 (DR) -1214.74

(DR) -1449.70 234.96

Buffer Stock (DR) -2559.63

(DR) -2559.63 00

PNB (DR) -531.22 (DR) -531.22 00SBOP (FCNR-Noida)

(DR) (DR) 00

SBOP, Ambala (DR) (DR) 00Corporation Bank, YNR

(DR) -99.06 (DR) -99.06 00

OBC (DR) -3541.12

(DR) -3541.12 00

Corp. bank (FCNR-Noida)

(DR) (DR) 00

SBT, Noida (DR) (DR) 00Total -

7945.77-8180.73 234.96

OUTSTANDING CANE PAYMENT AND OTHER CANE EXPENSES

AS ON 31.5.2010

PREVIOUS DAY

VARIATION

Unpaid cane Payment 220 1006 786Cane Commission to CPA's

80 101 21

Cane Commission to Societies

25 25 0

Securities 79 79 0Cane Haulage payments

76 2 -74

Cane purchase tax 22 22 0TOTAL 502 1235 733

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