Working Capital (1)

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CHAPTER-1INTRODUCTION


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INTRODUCTION

Working capital is the cash needed to pay for the day to day operation of the business. Working

capital is a financial metric which represents operating liquidity available to a business,

organization or other entity, including governmental entity. Along with fixed assets such as plant

and equipment, working capital is considered a part of operating capital. Net working capital is

calculated as current assets minus current liabilities.. It is a derivation of working capital, that is

commonly used in valuation techniques such as DCFs (Discounted cash flows). If current assets

are less than current liabilities, an entity has a working capital deficiency, also called a working

capital deficit.

A company can be endowed with assets and profitability but short of liquidity if its assets

cannot readily be converted into cash. Positive working capital is required to ensure that a firm is

able to continue its operations and that it has sufficient funds to satisfy both maturing short-term

debt and upcoming operational expenses. The management of working capital involves

managing inventories, accounts receivable and payable, and cash.

Working capital management is a very important component of corporate finance because it

directly affects the liquidity and profitability of the company. It involves the decision of the

amount and composition of current assets and the financing of these assets. Efficient working

capital management involves planning and controlling current assets and current liabilities in a

manner that eliminates the risk of inability to meet due short term obligations on the one hand

and avoid excessive investment in these assets on the other hand.

Working capital means that part of the total assets of the business that change from

one form to another form in the ordinary course of business operations. Also known as

revolving or circulating capital or short-term financial management it is nothing but the

difference between current assets and current liabilities. The word working capital is made of

two words- Working & Capital. The word working means day to day operation of the

business, whereas the word capital means monetary value of all assets of the business.

Working capital is of major importance to internal and external analysis because of its close

relationship with the current day-today operations of a business.


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Every business needs funds for two purposes.

Long term funds are required to create production facilities through purchase of fixed assets

such as plants, machineries, lands, building, etc.

Short term funds are required for the purchase of raw materials, payment of wages, and other

day-to-day expenses.

IMPORTANCE OF WORKING CAPITAL

The advantages of working capital or adequate working capital may be enumerated as below: -

Cash Discount:

If a proper cash balance is maintained, the business can avail the advantage of cash

discount by paying cash for the purchase of raw materials and merchandise. It will result

in reducing the cost of production.

It creates a Feeling of Security and Confidence:

The proprietor or officials or management of a concern are quite carefree, if they have

proper working capital arrangements because they need not worry for the payment of

business expenditure or creditors. Adequate working capital creates a sense of security,

confidence and loyalty, not only throughout the business itself, but also among its

customers, creditors and business associates.

3. Must for Maintaining Solvency and Continuing Production:

In order to maintain the solvency of the business, it is but essential that the sufficient

amount t of fund is available to make all the payments in time as and when they are due.

Without ample working capital, production will suffer, particularly in the era of cut throat

competition, and a business can never flourish in the absence of adequate working

capital.

4. Sound Goodwill and Debt Capacity:

It is common experience of all prudent businessmen that promptness of payment in

business creates goodwill and increases the debt of the capacity of the business. A firm

can raise funds from the market, purchase goods on credit and borrow short-term funds


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from bank, etc. If the investor and borrowers are confident that they will get their due

interest and payment of principal in time.

Easy Loans from the Banks:

An adequate working capital i.e. excess of current assets over current liabilities helps the

company to borrow unsecured loans from the bank because the excess provides a good

security to the unsecured loans, Banks favour in granting seasonal loans, if business has a

good credit standing and trade reputation .

6.Distribution of Dividend:

If company is short of working capital, it cannot distribute the good dividend to its

shareholders in spite of sufficient profits. Profits are to be retained in the business to

make up the deficiency of working capital. On the other contrary, if working capital is

sufficient, ample dividend can be declared and distributed. It increases the market value

of shares.

7. Exploitation of Good Opportunity:

In case of adequacy of capital in a concern, good opportunities can be exploited e.g.,

company may make off-season purchases resulting in substantial savings or it can fetch

big supply orders resulting in good profits.

8. Meeting Unseen Contingency:

Depression shoots the demand of working capital because sock piling of finished goods

become necessary. Certain other unseen contingencies e.g., financial crisis due to heavy

losses, business oscillations, etc. can easily be overcome, if company maintains adequate

working capital.

9. High Morale:

The provision of adequate working capital improves the morale of the executive because

they have an environment of certainty, security and confidence, which is a great

psychological, factor in improving the overall efficiency of the business and of the person

who is at the hell of fairs in the company.


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10. Increased Production Efficiency:

A continuous supply of raw material, research programme, innovations and technical

development and expansion programmes can successfully be carried out if adequate

working capital is maintained in the business. It will increase the production efficiency,

which will, in turn increases the efficiency and morale of the employees and lower costsand create image among the community.


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NEED &IMPORTANCE OF THE STUDY

The need for working capital gross or current assets cannot be over emphasized. As already

observed, the objective of financial decision making is to maximize the shareholders wealth. To

achieve this, it is necessary to generate sufficient profits can be earned will naturally depend

upon the magnitude of the sales among other things but sales cannot convert into cash. There is aneed for working capital in the form of current assets to deal with the problem arising out of lack

of immediate realization of cash against goods sold. Therefore sufficient working capital is

necessary to sustain sales activity. Technically this is refers to operating or cash cycle. If the

company has certain amount of cash, it will be required for purchasing the raw material may be

available on credit basis. Then the company has to spend some amount for labour and factory

overhead to convert the raw material in work in progress, and ultimately finished goods. These

finished goods convert in to sales on credit basis in the form of sundry debtors. Sundry

debtorsare converting into cash after expiry of credit period. Thus some amount of cash is

blocked in raw materials, WIP, finished goods, and sundry debtors and day to day cash

requirements. However some part of current assets may be financed by the current liabilities

also. The amount required to be invested in this current assets is always higher than the funds

available from current liabilities. This is the precise reason why the needs for working capital

arise.


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OBJECTIVE OF THE STUDY

The objectives of this project were mainly to study the inventory, cash and receivable at

ULTRATECH but there are some more and they are -

1. The main purpose of our study is to render a better understanding of

the concept Working Capital Management.

2. To understand the planning and management of working capital at ULTRATECH

3. To measure the financial soundness of the company by analyzing various ratios.


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SCOPE OF THE STUDY

This project is vital to me in a significant way. It does have some importance for the company

too. These are as follows

1. This project will be a learning device for the finance student.

2. Through this project I would study the various methods of the working capital management.

3. The project will be a learning of planning and financing working capital.

4. The project would also be an effective tool for credit policies of the companies.

5. This will show different methods of holding inventory and dealing with cash and

receivables.

6. This will show the liquidity position of the company and also how do they maintain a

particular liquidity position.


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RESEARCH METHODOLOGY

The study will be based on the QUANTATIVE and QUALITATIVE approach of the working capital

management model at ULTRA TECH needs a thorough study. With the help of RATIO ANALYSIS &

TREND ANALYSIS the result of the control mechanism can be summarised which will help in identifying

the effectiveness of the system under the preview. The data for the companies under analysis has been

taken from their respective websites of the companies. `MICROSOFT EXCEL has been used as a tool for

different calculation purposes and developing the charts.

COLLECTION OF DATA:

The data has been collected from the primary and secondary sources:

i) Primary data

(1) Department visit- discussion with the concerned person and interviewing officers in accounts and

finance sector.

(2) Observation method .

ii) Secondary data

(1) Annual reports

(2) Journals and magazines

(3) Study of files and office documents

(4) Websites of ULTRA TECH and other steel companies.


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LIMITATIONS

Working Capital is the Life-Blood and Controlling Nerve Center of a business

The working capital management precisely refers to management of current assets. A firmsworking capital consists of its investment in current assets, which include short-term assets suchas:1. Cash and bank balance,

2. Inventories,

3. Receivables (including debtors and bills),

4. Marketable securities.

Working capital is commonly defined as the difference between current assets and current

liabilities.


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WORKING CAPITAL = CURRENT ASSETS-CURRENT LIABILITIES

There are two major concepts of working capital:

1. Gross working capital

2. Net working capital

Gross working capital:

It refers to firm's investment in current assets. Current assets are the assets, which can be

converted into cash with in a financial year. The gross working capital points to the need of

arranging funds to finance current assets.

Net working capital:

It refers to the difference between current assets and current liabilities. Net working capital

can be positive or negative. A positive net working capital will arise when current assets

exceed current liabilities. And vice-versa for negative net working capital. Net working

capital is a qualitative concept. It indicates the


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CHAPTER-2

INDUSTRY PROFILE


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INDUSTRY PROFILE

INTRODUCTION OF CEMENT:

The basic need of human being is food clothing and shelter love and affection /possession ison never ending process for a human being.

As the time passes on human beings their wants and wishes also changed from ancient times to

modern times and among them the living pattern and costruction works also have been changed

from temporary construction of house to permanent construction and the basic material used in

construction is Cement.

Cement the word derived from a latin word CEMENTTUM means stone chipping such as we

used in roman.

Cement the word as per oxford, it is commonly used is any substance applied for soft stocking

things. But cement means is most vital and important material for modern constructions. It is a

material which sets and hardness when mixed with water. Cement is basically used in

construction as a building agent. In ancient times clay bricks and stones have been used for

construction works.

The Romans were using a binding or a cementing material that would harden and water. The

first systematic effort was made by SMEATON who undertook the execution of a new light

house in 1756. He observed that

production obtained by during lime stone was the best cementing material for work under water.

The construction in lost centuries was with Lime that was the main equipment used for

construction work. The ancient constructions like Tajmahal, Qutubminar, Mysore Palace, Red

fort, Charminar etc., the evidence of lime construction.


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THE INDIAN CEMENT INDUSTRY:

By staring priduction in 1914 the story of India cement industry is a stage of continuous

of growth.

India is the fourth largest cement producer after China, Japan and U.S.A. so far annual

production and demand has been growing a pace at roughly 68 million tons with an installed

capacity of 82 millions tons.

In 1914 as the foundation of stable cement Industry was laid as sun above. It was Indian

Cement Company at Porbandar in Gujarat. In 1920, the cement marketing corporation was

formed to promote the sale and distribution of cement. A significant development was made in

1930 when all manufacturers mergers together to form the Associated Cement Company

Limited.

Cement Industry is the major Industry it has taken rapid strides for a modest beginning at

porbandar in 1914 to the 1980s with over understanding out of the 60 units, 14 units are in the

public sectors remaining units are in private sector.

Indian endowed with cement grade lime stones (90 Billion tons ) and coal (190 Billion

tons ). The basic raw material required for cement manufacture and self sufficient in

manufacturing cement making machineries. During nineties it had a particular impressive

expansion with a growth rate of 10%.

The strength and vitality of cement Industry can be gouged by the intrest shown and

support given by World Bank, considering the excellent performance of the industry in utilizing

loans and achieving the objectives and targets. The World Bank is examine the feasibility of

providing a third line of credit for further upgrading Industry in varying areas, which will make it

global.

Therefore, India today totally installed capacity of over 30 million tons, employing overa 100 thousand people directly and contributing amount of rupees 8 billion to Indias GDP.


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TECHNOLOGY:

Cement may be manufactured employing three alternative technologies.

1. The largely out molded well process technology.

2. The more modern dry process that requires only 19% coal utilization.

3. The latest percallinator technology through which optimum utilization may be

achieved. Here the calcinatory or raw.

Material is partly or completed carried out before the feud enters the rotator kin besides saving

power, the adoption of this technology enable in increase in installed capacity by 30-35%, the

30,000 tons per day plants being setup in the country use this technology.

TECHNOLOGICAL CHANGES:

Continuous technological upgrading and assimilation of latest technology has been going

on in the cement industry. Presently 93% of the total capacity in the industry is based on modern

and environment friendly dry process technology and only 7% of the capacity is based on old

wet and semi-dry process technology.

There is tremendous scope for waste heat recovery in cement plants and there by reduction in

emission level. One project for co-generation of power utilizing waste heat in an Insian cement

plant is being implemented with Japanese assistance under Green Aid Plan. The induction of

advanced technology has helped the industry immensely to conserve energy and fuel and to save

materials substantially.

India is also producing different varieties of cement like Ordinary Portland Cement (OPC),

Portland Puzzling Cement (PPC), Portland Blast Furnace Slag Cement (PBFS), Oil Well

Cement, Rapid Hardening Portland Cement, Sulphate Resisting Portland Cement, White Cement

etc. production of these varieties of cement conform to the BIS Specifications. Also, some

cement plants have set up dedicated jetties for promoting bulk transportation and export.

TOTAL PRODUCTION:

The cement industry comprises of 125 large cement plants with an installed capacity of 148.28

million tons and more than 300 mini cement plants with an estimated capacity of 11.10 million

tons per annum. The Cement Corporation of India, which is a Central Public Sector Undertaking,


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has 10 units. There are 10 large cement plants owned by various state Governments. The total

installed capacity in the country as a whole is 159.38 million tons.

Actual cement production in 2004-05 was 116.35 million tons as against a production of 107.90

million tons in 2003-04, registering a growth rate of 8.84%. Major players in cement production

are Ambuja cement, Aditya cement, J K Cement and L & T cement.

Apart from meeting the entire domestic demand, the industry is also exporting cement and

clinker. The export of cement during 2003-04 and 2005-06 was 5.14 million tons and 6.92

million tons respectively. Export during April-May, 2005 was 1.35 million tons. Major exporters

were Gujarat Ambuja Cements Ltd. and L & T Ltd.

The planning commission for the formulation of X Five Year Plan constituted a Working Group

on Cement Industry for the development of cement industry. The Working Group has identified

following thrust areas for improving demand for cement;

1. Further push to housing developments programs;

2. Promotion of concrete Highways and roads, and

3. Use of ready-mix concrete in large infrastructure projects.

Cement industry has been decontrolled from price and distribution on 1 st march 1989 and de-

licensed on 25th July 1991. However, the performance of the industry and prices of cement

are monitored regularly. Being a key infrastructure industry, the constraints faced by the

Actual cement production in 2004-05 was 116.35 million tons as against a production of

107.90 million tons in 2003-04, registering a growth rate of 8.84%. Major players in cement

production are Ambuja cement, Aditya cement, J K Cement and L & T cement.

Apart from meeting the entire domestic demand, the industry is also exporting cement and

clinker. The export of cement during 2003-04 and 2005-06 was 5.14 million tons and 6.92

million tons respectively. Export during April-May, 2005 was 1.35 million tons. Major exporters

were Gujarat Ambuja Cements Ltd. and L & T Ltd.

The planning commission for the formulation of X Five Year Plan constituted a Working Group

on Cement Industry for the development of cement industry. The Working Group has identified

following thrust areas for improving demand for cement;


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4. Further push to housing developments programs;

5. Promotion of concrete Highways and roads, and

6. Use of ready-mix concrete in large infrastructure projects.

Cement industry has been decontrolled from price and distribution on 1 st march 1989 and de-

licensed on 25th

July 1991. However, the performance of the industry and prices of cement aremonitored regularly. Being a key infrastructure industry, the constraints faced by the industry are

reviewed in the Infrastructure Coordination Committee meetings held in the Cabinet Secretariat

under the Chairmanship of Secretary (Coordination). The 444 Committee on Infrastructure also

reviews its performance.

DISTRIBUTION SYSTEM:

Distribution of cement was entirely under Government control until 1982. at present the

Industry has to make an agreement towards the levy quota which is to be sold compulsorily to

the Government the rest of the output or open market quota may be sold in the open market

evolved prices the output lifted by the Government is allocated state wise.

NEED AND IMPORTANCE:

In India we see rapid industrial development in the last few centuries. Indian industry is

growing at considerable ratio which reveals India is a developing country. And there are

different industrial sectors are playing a vital role for the economys development. They are steel

cement SOF. Information Technology Medical Science etc.

One among them was CEMENT INDUSTRY which plays a vital role for the countrys

development. In India cement industry is growing rationally and marketing is the king pin of all

activities particularly to the business because of this changes in the external environment i.e.,

social, political, legal, technical and international environment and changes in marketing. Thereis increased in the salaries in all most in every market leading to competition is aspects of price,

promotion etc., which help to increase the standard of living of people.


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The manufacturers of Cement like NAGARJUNA cement, India limited, Orient limited,

Ultratech etc. are providing cement and they are distributing cement through wide network of

dealers.

NAGARJUNA cements are doing its business from decades and it is continuously contributing

to the national economy. In even Industry now a days there is no special interest for particularlydepartment like production or manufacturing but know a days total quality management plays a

vital for the companys success.

Distribution channel which plays a vital role for the company success. Distribution channels are

link between the company and consum


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CHAPTER-3

COMPANY PROFILE


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INTRODUCTION

UltraTech Cement, India's largest and the world's 10th largest manufacturer of cement, one of

India's largest producers of RMC and the nations's largest producer of white cement has been

instrumental in Indias rapid infrastructural growth. Its state-of-the-art manufacturing facilities

produce products and services that have aided growth not only in urban areas but also in the rural

interiors of the country. UltraTech as a brand is an embodiment of strength and reliability.

These traits have inspired engineers to further use their imagination, which has resulted in a more

extensive realm of possibilities. UltraTech Cement is part of the US $40 billion Aditya Birla

Group. The company has 22 cement plants in India with an installed capacity of 48.75 Million

Tonnes Per Annum (MTPA) with an expected increase of 10 MTPA by FY 13.

UltraTech Cement provides a range of products that cater to all the needs from laying the

foundation to delivering the final touches. The range includes Ordinary Portland Cement,

Portland Blast Furnace Slag Cement, Portland Pozzalana Cement, White Cement, Ready Mix

Concrete, building products and a host of other building solutions. White cement is

manufactured under the brand name of Birla White , ready mix concretes under the name of

UltraTech Concrete and new age building products under the name of UltraTech Building

Products Division. The retail outlets of UltraTech operate under the name of UltraTech

Building Solutions.

UltraTechs parent company, the Aditya Birla Group, is in the league of Fortune 500 companies.

It employs a diverse workforce comprising of 1,33,000 employees, belonging to 42 different

nationalities across 36 countries. A recent survey conducted by Aon-Hewitt ranked the Aditya

Birla Group as one among the Best Employers in India. Another survey conducted by Aon-

Hewitt, Fortune magazine and RBL ranked the group as No. 4 in the world and No.1 in Asia

Pacific among the Top Companies for Leaders (2011).


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Brandscape:

The UltraTech brand bears a strong association with popular Indian sports namely cricket and

hockey. The in-film branding with Chak De India and the IPL connect with the Rajasthan

Royals (Season 2, 3 & 5) and Deccan Chargers (Season 4) has made UltraTech a youthful brand

to reckon with. Birla Whites homegrown Yuvaratna Awards recognise architectural and

engineering excellence. UltraTech is also associated with the Business India exhibition - A

Celebration of Architecture. All these affiliations have strengthened Brand UltraTech's

association with the fraternity of students, engineers, architects, builders and the construction

community at large.

Chak De

India, the world's largest producer of movies in as many as 10-12 different languages, provides a

great opportunity for advertisers to reach the masses. The in-film branding opportunity was used

by UltraTech for the first time ever in the cement industry.

IPL Association

In Season 4, UltraTech Cement partnered with the talented team from Hyderabad - Deccan

Chargers; while in Season 5, the association with Rajasthan Royals has been strengthened as the

Principal Team Sponsor for IPL 2012.


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A Celebration of Architecture:

UltraTech Cement is proud to present A Celebration of Architecture, a Business India

Exhibitions' event held in collaboration with the Inside Outside Mega Show, that demonstrates

the splendour of Indian architecture across judging categories.

Brand Reach:

UltraTech has forged an emotional bond with the Indian audience through its campaigns, Iss

Cement Main Jaan Hai, Maine Kal Ko Dekha Hai, and the two latest TVCs on Childhood and

EMI. The common message in all the campaigns has been that of a real life hero whose success

contributes to nation building.

Brand Achievements:

UltraTech Cement has been honoured with the title of the customer validated award

- SUPERBRAND for the years 2011 and 2012 by the Superbrands Council. It has also been

bestowed with the title of the customer selected POWERBRAND for the year 2012 byPowerbrands India.

Superbrands is a global organisation that recognizes, showcases and pays tribute to the best

brands in each country. It is a prestigious award and recognizes the brand custodians

persevering efforts to build a brand that is strong on consumer perceptions, thereby making it

resilient to fluctuating economic conditions.

For the fourth edition of Consumer Superbrands, UltraTech was a part of a very exclusive group

of winners selected first by the consumer and then by an independent Superbrands Council

comprising of the most eminent professionals from Indias corporate sector. This is an important

recognition of our efforts and serves our objective of getting closer to the consumer. In a market

comprising of several highly regarded competitors, this is certainly an outstanding achievement.


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Birla White, a brand of UltraTech, too has earned the distinction ofSUPERBRAND for the

second consecutive time and is also a POWERBRAND.

UltraTech is India's largest exporter of cement clinker spanning export markets in countries

across the Indian Ocean, Africa, Europe and the Middle East. UltraTech and its subsidiaries have

a presence in 5 countries through 11 integrated plants, 1 white cement plant, 1 clinkerisation

plant, 15 grinding units, 2 rail and 3 coastal terminals and 101 RMC plants. Most of the plants

have ISO 9001, ISO 14001 and OHSAS 18001 certification. In addition, two plants have

received ISO 27001 certification and four have received SA 8000 certification.

The certification process is currently underway for the remaining plants. The company exports

over 2.5 million tonnes per annum, which is about 30 per cent of the country's total exports.

UltraTech's products include Ordinary Portland cement, Portland Pozzolana cement and Portland

blast-furnace slag cement..

ULTRATECH

CEMENT

ULTRATECH

CONCRETE

ULTRATECH BUILDING

PRODUCTS

ULTRATECH BUILDING

SOLUTIONS

BIRLA

WHITE
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STAR

CEMENT

About UltraTech Cement:

UltraTech Cement is the ultimate 360 building materials destination, providing an array of

products ranging from grey cement to white cement, from building products to building solutions

and an assortment of ready mix concretes catering to varied needs and applications.

Our Products:

ORDINARY PORTLAND CEMENT:

Ordinary portland cement is the most commonly used cement for a wide range of applications.

These applications cover dry-lean mixes, general-purpose ready-mixes and even high strength

pre-cast and pre-stressed concrete.
http://www.ultratechcement.com/star_cement.phphttp://www.ultratechcement.com/star_cement.phphttp://www.ultratechcement.com/star_cement.phphttp://www.ultratechcement.com/star_cement.php


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PORTLAND BLAST-FUMACE SLAG CEMENT:

Portland blast-furnace slag cement contains up to 70 percent of finely ground, granulated blast-

furnace slag, a nonmetallic product essentially consisting of silicates and alumino-silicates

PORTLAND POZZOLANA CEMENT:

Portland pozzolana cement is ordinary portland cement blended with pozzolanic materials

(power-station fly ash, burnt clays, ash from burnt plant material or silicious earths), either

together or separately. Portland clinker is ground with gypsum and pozzolanic materials which,

though they do not have cementing properties in themselves, they

CEMENT TOEUROPEAN &LANKAN

NORMS:

UltraTech's bulk cement terminal in Sri Lanka is located at Colombo. Cement is received by

specially-engineered, self-discharging bulk cement carriers. It is then discharged at the port in

road bowsers which transport cement 10 km from port to the terminal. Cement is stored in 4 x

7500 T cement concrete silos. A sophisticated bulk cement terminal

UltraTech's success is attributed to its diverse product offerings. Different products are handled

by different product groups, which are also known as profiles. Product groups decentralise

control and encourage innovation. They also ensure better customer segmentation, which in turn

leads to better customization of product offerings and guarantees cent percent customer

satisfaction. UltraTech Cement, Birla White, UltraTech Concrete, UltraTech Building Products


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and UltraTech Solutions are the different profiles of UltraTech, each catering to varied needs.

This versatility has been a key competitive advantage for UltraTech over the years.

ULTRATECH CEMENT:

UltraTech Cement is the largest selling single brand cement in India and the largest cement

clinker exporter. UltraTech's products include Ordinary Portland Cement, Portland Pozzolana

Cement and Portland Blast Furnace Slag cement. UltraTech is the most trusted and preferred

brand of Engineers, builders, contractors and individual house builders. Today, UltraTech is used

in vital structures like dams, bridges, flyovers, airports, metro railways apart from residential and

commercial structures.

ULTRATECH CONCRETE:

Ready mix concretes of UltraTech operate under the mother brand of UltraTech Concrete.

UltraTech Concrete sub-brands are christened 'Plus', 'Lite', 'Duracon', 'Fibrecon', 'Free Flow',

'Colourcon', 'Stainless', 'Thermocon', 'Hypercon', 'Pervious' and 'Dcor', each of which offer a

unique value proposition and cater mainly to specific requirements of large infrastructural

projects.


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ULTRATECH BUILDING PRODUCTS:

UltraTech Building Products manufactures and markets technologically reengineered products

including dry mix mortars and blocks for the construction and infrastructure industry. The sub

brands of UltraTech Building Products are 'Seal & Dry', 'Super Stucco', 'Readiplast', 'Fixoblock',

'Xtralite' and 'Powergrout'.

ULTRATECH BUILDING SOLUTIONS:

UltraTech Building Solutions (UBS) is a novel concept in the Indian Construction Industry. It is

a one stop shop designed on the "plan, build and support" philosophy, which offers home

building solutions right from planning to completion. UBS is based on a franchise model that

caters to the building and construction needs of individual home builders as well as the entire

building and construction fraternity. Collaboration is the key to UBS which houses renowned

brands of building materials apart from its own cement, namely paint, construction chemicals,

steel, pipes and fittings. A basket of services like Technical Advisory, Vaastu Services, House

Layouts and Construction Cost Calculator, also form a significant part of the offerings at UBS.


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BIRLA WHITE:

The UltraTech brand houses its white cement products under the umbrella of 'Birla White'. Birla

White's range comprises of Birla White Cement and other finishing products, widely used for

interiors and exteriors including flooring, walls and ceilings. The sub brands of Birla White are

'Wallcare', 'Textura', 'Levelplast' and 'GRC'.

STAR CEMENT:

Star Cement is a leading manufacturer of cement in the Middle East. Its operations are spread

across UAE, Bahrain and Bangladesh with an installed capacity of 3 million metric tons per

annum.

Footprints:

UltraTech is the 10th largest cement manufacturer in the world making it a significant global

player. It has grinding units, jetties, bulk terminals and integrated plants all across the world.

UltraTech Cement is the country's largest cement clinker exporter, catering to export markets in

countries across the Indian Ocean, Africa, Europe and the Middle East. Such diverse presence

across countries has helped UltraTech leverage economies of scale and enabled it to become a

name to reckon with in the international market.


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Awards:

While Customer Satisfaction is an important indicator used at UltraTech to enhance the

companys performance, its pursuit of excellence has been acknowledged across multiple

performance criteria by experts and contemporaries. The company has, over the years, won

numerous awards across categories such as export, quality, and safety among others. While these

awards are a great source of pride, yet more importantly, they inspire us to continuously push the

very benchmarks of quality a little higher, everyday.

Logistics:

UltraTech Cement has more than 200 sales offices across the country, which handle a combined

load of around 14,000 orders per day. They do so through their efficient logistics department.

UltraTech uses the latest technology to ensure that all stakeholders can track the delivery status

of their orders in real time. Vehicle-based GPS technology is also being used to increase the

efficiency of the fleet.

To handle the complex nature of operations, the logistics operation is being handled at UltraTech

through a multi-tiered structure which involves logistics teams at Plant, Region and Zonal levels.

Beside this, there is a central logistics team who set the overall policy guidelines, monitor

logistics performance and ensure segmental priorities as well as service requirements are met.

Logistics processes are empowered by best in class SCM processes using technology as the

enabler with focus on:


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Network Optimization

Web Based Order Management system with real time visibility of order status

Customer Service level measurement on real time basis

GPS based Vehicle Tracking System for dedicated fleet

Automation at secondary service points like Railheads and Godowns.

UTCL captive Jetty Facility:

The captive jetty of Gujarat Cement Works of the Ultra Tech Cement Ltd (Aditya Birla Group of

Companies) was established in 1996 for the captive usage to meet the domestic as well as

international demands of cement products, and to utilize sea-route; the most economical,

environment friendly mode of transportation. The state of the art system includes the cargo

conveying and handling system as a part of the cement plant with the present capacity of 5.2

million tones production of clinker and cement annually. This captive jetty handles about 4 to 5

million tones of captive cargoes, with more than 80% berth occupancy rate.

It is situated at west coast of India and in the State of Gujarat at a distance of 140 kms of

southwest of Bhavnagar, Gujarat, India and about 80 kms from the UT/Diu.

The Gujarat Cement Works is one of the largest cement plant at a single location in India and is

the largest exporter of cement and clinker in India.


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CHAPTER-4

THEORETICAL FRAMEWORK


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THEORETICAL FRAMEWORK

Another important aspect of a working capital policy is to maintain and provide sufficient

liquidity to the firm. Like the most corporate financial decisions, the decision on how much

working capital be maintained involves a trade off- having a large net working capital may

reduce the liquidity risk faced by a firm, but it can have a negative effect on the cash flows.

Therefore, the net effect on the value of the firm should be used to determine the optimal

amount of working capital.

Sound working capital involves two fundamental decisions for the firm. They are the

determination of:

1. The optimal level of investments in current assets.

2. The appropriate mix of short-term and long-term financing used to support this investment

in current assets, a firm should decide whether or not it should use short-term financing. If

short-term financing has to be used, the firm must determine its portion in total financing.

Short-term financing may be preferred over long-term financing for two reasons:

3. The cost advantage

4. Flexibility

But short-term financing is more risky than long-term financing. Following table will

summarize our discussion of short-term versus long-term financing.


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Maintaining a policy of short term financing for short term or temporary assets needs (Box 1)

and long- term financing for long term or permanent assets needs (Box 3) would comprise a set

of moderate risk profitability strategies. But what one gains by following alternative strategies

(like by box 2 or box 4) needs to weighed against what you give up.

CLASSIFICATION OF WORKING CAPITAL

Working capital can be classified as follows:

1. On the basis of time

2. On the basis of concept


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TYPES OF WORKING CAPITAL NEEDS

Another important aspect of working capital management is to analyze the total working capital

needs of the firm in order to find out the permanent and temporary working capital. Working

capital is required because of existence of operating cycle. The lengthier the operating cycle,

greater would be the need for working capital. The operating cycle is a continuous process and


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therefore, the working capital is needed constantly and regularly. However, the magnitude and

quantum of working capital required wil l not be same all the times, rather it wil l fluctuate.

The need for current assets tends to shift over time. Some of these changes reflect permanent

changes in the firm as is the case when the inventory and receivables increases as the firm

grows and the sales become higher and higher. Other changes are seasonal, as is the case withincreased inventory required for a particular festival season. Still others are random reflecting

the uncertainty associated with growth in sales due to firm's specific or general economic

factors.

The working capital needs can be bifurcated as:

1. Permanent working capital

2. Temporary working capital

Permanent working capital:

There is always a minimum level of working capital, which is continuously required by a firm

in order to maintain its activities. Every firm must have a minimum of cash, stock and other

current assets, this minimum level of current assets, which must be maintained by any firm all

the times, is known as permanent working capital for that firm. This amount of working capital


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is constantly and regularly required in the same way as fixed assets are required. So, it may also

be called fixed working capital.

Temporary working capital:

Any amount over and above the permanent level of working capital is temporary, fluctuating

or variable working capital. The position of the required working capital is needed to meet

fluctuations in demand consequent upon changes in production and sales as a result of seasonal

changes.

The permanent level is constant while the temporary working capital is fluctuating increasing

and decreasing in accordance with seasonal demands as shown in the figure.

In the case of an expanding firm, the permanent working capital line may not be horizontal.

This is because the demand for permanent current assets might

FINANCING OF WORKING CAPITAL

There are two types of working capital requirements as discussed above. They are:

1. Permanent or Fixed Working Capital requirements

2. Temporary or Variable Working Capital requirements

Therefore, to finance either of these two working capital requirements, we have long-term as

well as short-term sources.


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Changes in the price level also affect the working capital requirements. It was the reduced

margins in the price of the raw materials that had prompted them to go for bulk purchases thus

making on additions to their net current assets. They might have gone for this large-scale

procurement for availing discounts and anticipating a rise in prices, which would have meant

that more funds are required to maintain the same current assets.

The upper portion of the diagram above shows in a simplified form the chain of events in a

manufacturing firm. Each of the boxes in the upper part of the diagram can be seen as a tank

through which funds flow. These tanks, which are concerned with day-to-day activities, have

funds constantly flowing into and out of them.

1. The chain starts with the firm buying raw materials on credit.

2. In due course this stock will be used in production, work will be carried out on the stock,

and it will become part of the firms work-in-progress.

3. Work will continue on the WIP until it eventually emerges as the finished product.

4. As production progresses, labor costs and overheads need have to be met.

5. Of course at some stage trade creditors will need to be paid.

6. When the finished goods are sold on credit, debtors are increased.

7. They will eventually pay, so that cash will be injected into the firm.

Each of the areas- Stock (raw materials, WIP, and finished goods), trade debtors, cash (positive

or negative) and trade creditors can be viewed as tanks into and from which funds flow.

Working capital is clearly not the only aspect of a business that affects the amount of cash.

1. The business will have to make payments to government for taxation.

2. Fixed assets will be purchased and sold

3. Lessors of fixed assets will be paid their rent

4. Shareholders (existing or new) may provide new funds in the form of cash

5. Some shares may be redeemed for cash

6. Dividends may be paid

7. Long-term loan creditors (existing or new) may provide loan finance, loans will need

to be repaid from time-to-time, and


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CHAPTER-4

DATA ANALYSIS ANDINTERPRETATION


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NET WORKING CAPITAL

CURRENT ASSETS 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012

STORES AND SPAREPARTS

505.44 557.67 612.19 623.76 716.18

STOCK-IN-TRADE 1827.54 2047.31 2868.28 2453.99 3237.58

SUNDRY DEBTORS 631.63 543.48 635.98 434.83 428.03

INTREST ACCRUED ANDINVESTMENTS

0.20 0.20 0.00 0.29 0.00

CASH AND BANK 455.41 465.04 1590.60 3234.14 4141.54

LOANS AND ADVANCES 3055.73 2452.78 4330.43 3628.28 9553.19

TOTAL(A) 6475.95 6066.28 10037.48 10375.29 18076.52

CURRENT LIABILITIES 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

SUNDRY CREDITORS 3145.99 3243.42 3842.78 4086.65 4721.07

SUBSIDIARYCOMPANIES

102.61 115.74 1358.12 1514.30 1711.07

INTEREST ACCRUEDBUT NOT DUE

47.11 231.05 506.68 676.66 679.31

ADVANCE RECEIVEDFROM THE CUSTOMER

198.28 226.03 297.37 334.99 293.84

UNCLAIMED MATUREDDEPOSITS(DUE)

0.00 0.02 0.01 0.00 0.00

INTEREST ACCRUED ONUNPAID DIVIDENDSAND UNCLAIMEDMATUREDDIVIDENDS(DUE)

0.03 0.08 0.07 0.00 0.00

UNPAID DIVIDENDS 23.37 29.33 33.08 39.44 41.26

APPLICATION MONEYPENDING REFUND

0.01 5.65 0.24 0.14 0.61

UNPAID MATUREDDIVIDENDS

0.00 0.00 0.00 0.73 0.54


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UNPAID MATUREDDEPOSITS

2.59 1.73 1.03 0.00 0.00

UNPAID MATUREDDEBENTURES

1.76 1.79 0.14 0.00 0.00

INTEREST ACCRUED ONUNPAID DIVIDENDS

AND MATUREDDIVIDENDS

1.45 0.42 0.34 0.18 0.13

PROVISION FORRETIRING GRATUITIES

49.31 0.00 0.00 0.00 0.00

PROVISION FOREMPLOYEE BENEFITS

470.19 848.54 1143.08 1127.50 1601.75

PROVISION FORTAXATION

448.68 854.74 493.59 507.13 791.29

PROVISION FOR FRINGE

BENEFITS

18.37 19.12 19.12 2.12 3.88

PROPOSED DIVIDEND 943.91 1278.40 1278.40 709.77 1151.06

TOTAL(B) 5453.66 6768.78 8974.05 8999.61 10995.81

NET WORKINGCAPITAL

1022.29 (702.5) 1063.43 1375.68 7080.71


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PERCENTAGE CHANGE IN NET WORKING CAPITAL

CURRENT ASSETS 2007-2008 2008-2009 2009-2010 2010-2011 2011-

2012

STORES AND SPARE

PARTS

14.18 10.33 9.78 1.89 14.81

STOCK-IN-TRADE 5.51 12.03 40.10 -14.44 31.93

SUNDRY DEBTORS 17.10 -13.96 17.02 -31.63 -1.56

CASH AND BANK 57.91 2.11 242.04 103.33 28.06

LOANS AND ADVANCES 147.46 -19.73 76.55 -16.21 163.30

TOTAL(A) 242.16 -9.22 385.49 42.98 236.54


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CURRENT LIABILITIES 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012

SUNDRY CREDITORS 24.15 3.10 18.48 6.35 15.52

SUBSIDIARY

COMPANIES

64.52 12.80 1073.42 11.50 12.99

INTEREST ACCRUED

BUT NOT DUE

93.95 390.45 119.29 33.55 0.39

ADVANCE RECEIVED

FROM THE CUSTOMER

7.14 14.00 31.56 12.65 -12.28

PROVISION FOR

RETIRING GRATUITIES

5987.65 0.00 0.00 0.00 0.00

PROVISION FOR

EMPLOYEE BENEFITS

0.00 63.34 34.71 0.014 42.06

PROVISION FORTAXATION 79.44 90.50 -42.25 2.74 56.03

PROVISION FOR

FRINGE BENEFITS

675.11 4.08 0.00 -88.91 83.01

PROPOSED DIVIDEND 31.19 26.19 7.33 -44.48 62.17

TOTAL(B) 6959.78 638.04 1232.01 -50.61 264.96

PERCENTAGE CHANGE

OF NET WORKING

CAPITAL

(A-B)

-6717.62 -647.26 -846.52 93.59 -28.42


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FINANCIAL RATIOS:

1. WORKING CAPITAL TURNOVER RATIO

It is a ratio that reflects the amount of working capital needed to maintain a given

level of sales. A high ratio indicates the firm is in a good liquidity position andvice-versa.

FORMULA = NET SALES

NET WORKING CAPITAL

PARTICULARS 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012

NET SALES 17551.09 19693.28 24315.77 25021.98 29396.35

NET WORKINGCAPITAL

1022.29 (702.5) 1063.43 1375.68 7080.71

WORKINGCAPITALTUNRNOVERRATIO

17.17 -28.03 22.87 18.19 4.15


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INTERPRETATION:

The net working capital of Ultratech Ltd. has been fluctuating over the years. A sharp decrease in

the working capital in the year 2007-2008, where the working capital was negative was mainly

because of a decrease in current assets.

As compared to the year 2009-2010 where the working capital ratio was 18.19, the ratio this year

has fallen down to 4.15. The reason for decrease can be accredited to the increase in the current

assets such as inventory, cash & bank balances and loans and advances that has increased

tremendously this year. There has been an increase in the sales and the production capacity this

year. The raw materials consumption has also increased by 13.64%.


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year 2010-2011. The reason for increase might be continuous investments in the current assets

over the years.

QUICK RATIO

Quick ratio / Liquid ratio is an indicator of a companys short term solvency orliquidity position. It is the relationship between liquid assets and liabilities. An asset is said to be

liquid if it can be converted into cash within a short period without loss of value.

FORMULA = CURRENT ASSETS INVENTORY

CURRENT LIABILITIES

PARTICULARS 2007-2008 2008-2009 2009-20102010-2011 2011-2012

CURRENT ASSETS 6475.95 6066.28 10037.48 10375.29 18076.52

INVENTORY 1827.54 2047.31 2868.28 2453.99 3237.58

CURRENT ASSETS-INVENTORY 4648.41 4018.97 7169.2 7921.3 14838.94

CURRENT LIABILTY 5453.66 6768.78 8957.05 8999.61 10995.81QUICK RATIO 0.85 0.59 0.8 0.88 1.34


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INTERPRETATION:

The ideal standard in case of quick ratio is 1:1. And if it is more it is considered to be better. The

idea behind this is that for every rupee of current liabilities, there should be at least one rupee of

liquid asset.

Quick ratio is thus a rigorous test of liquidity and gives a better picture of short term financial

position of the firm. As shown in the graph above, we can see that after a steep fall in the quick

ratio from the year 2006-2007 to 2007-2008 there has been a steady increase in the quick ratio

and for the year 2010-2011 the ratio is 1.34 which signifies that the liquidity position of the firm

has improved and this is because of increase in the cash that is lying with the firm.

DEBTORS TURNOVER RATIO

Debtors Turnover Ratio or Receivables Turnover Ratio indicates the relationship between netsales and average debtors. It shows the rate at which cash is generated by the turnover of debtors.

FORMULA = AVERAGE DEBTORS

NET SALES

AVERAGE DEBTORS= (OPENING DEBTORS + CLOSING DEBTORS) / 2

PARTICULARS 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012

AVERAGE DEBTORS 585.515 587.55 589.73 535.4 431.43

NET SALES 17551.09 19693.28 24315.77 25021.98 29396.35

DEBTORS TURNOVER RATIO 29.98 33.52 41.23 46.73 68.13


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INTERPRETATION:

Debtors turnover ratio indicates the speed with which the amount is being collected from

the debtors. The higher the ratio the better it is, since it indicates the amount from the debtors is

being collected more quickly. The more quickly the debtors pay, the less risk from bad debts,

and so lower is the expenses of collection and increase in the liquidity of the firm. By comparing

the debtors turnover ratio of the current year with the previous year, it may be assessed whether

the sales policy of the management is efficient or not.

As shown in the graph above, there has been an increase in the ratio from

2006-2007 to 2010-201 1from 29.98 to 68.13 which shows that the sales management of the firm

is quite efficient.

DEBT COLLECTION PERIOD

Days Sales Outstanding is a short term (operating) Activity ratio which tells us

about the debtors holding time. The more the holding period the more risky it becomes for the

company. A high debt collection period indicates that the company is taking time to collect cash

from its debtors. The cash is not being collected on time which is not a good sign for the

company, it is a red flag.

FORMULA = 365/ DEBTORS TURNOVER RATIO

PARTICULARS 2007-2008 2008-2009 2009-2010 2010-2011 2011-201

DEBTORS TURNOVERRATIO 29.98 33.52 41.23 46.73 68.1

NO. OF DAYS 365 365 365 365 36

DEBT COLLECTION 12 11 9 8


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PERIOD

INTERPRETATION:

Debt collection period means the average number of days that the debtors take to get converted

to cash. In other words, credit sales are locked up in debtors for the number of days.

As we can see here, the debt collection period has come down from 12 days to 5 days which

means that the debtors get converted to cash in 5 days. An increase in the ratio indicates

excessive blockage of funds with the debtors which increases the chances of bad debts. In this

case as we can see that there is a decrease in the average collection period which indicates

prompt payment by debtors which reduces the chances of bad debts.

1. STOCK TURNOVER RATIO

The Inventory Turnover Ratio measures the efficiency of the firms inventory management.

A higher ratio indicates that inventory does not remain in warehouses or on the shelves but rather

turns over rapidly from the time of acquisition to sales. A lower inventory turnover ratio means

accumulation of inventories, over investment in inventory or unsalable goods.

Formula = cost of goods sold

average stock

Average stock= (opening stock+closing stock)/


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PARTICULARS 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

COST OF GOODSSOLD

10174.97 11155.5 14928.65 15730.67 17471.83

AVERAGESTOCK

1779.82 1937.43 2457.8 2661.14 2845.78

STOCKTURNOVERRATIO

5.72 5.76 6.07 5.91 6.13

INTERPRETATION:

This ratio indicates the relationship between the cost of goods sold during the year and average

stock kept during that year. The ratio indicates whether the stock has been efficiently used or not.

It shows the speed with which the stock is turned into sales during the year.

The graph above shows that after an increase in the ratio from the year 2007-2008 to 2008-2009

(5.76-6.07) there in the year 2009-2010(5.91) after which again a rise in the ratio in the year

2010-2011(6.13). A high ratio is indicative that the stock is selling quickly.

PAYABLES TURNOVER RATIO

FORMULA- NET CREDIT PURCHASE

AVERAGE CREDITORS


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AVERAGE CREDITORS= (OPENING CREDITORS+CLOSING

CREDITORS)/2

INTERPRETATION:

The ratio indicates the speed with which the amount is being paid to the creditors. A higher ratio

is better since it would indicate that the creditors are being paid more quickly and this increases

the credit worthiness of the firm.

Here, the graph above shows a steep fall in the ratio from the year 2008-2009(1.76) to 2009-

2010(1.31) and then again a rise to the year 2010-2011(1.56). The reason for the fall can be

attributed to a decrease in the net credit purchases in the year 2009-2010.

Other than the investment in current assets, the firm also has to be concerned with short-term to

long-term debt as this plays a very important role in determining the amount of risk undertaken

by the firm. That is , the firm not only has to be concerned about current assets but also the

sources through which they are financed. A firm before financing in either of the two, has to take

into consideration various aspects. While short term might seem the ideal way to finance your

PARTICULARS 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012

NET CREDIT PURCHASE 2263.01 2353.8 6241.61 5215.42 6853.95

AVERAGE CREDITORS 2840.01 3194.7 3543.1 3964.72 4383.86

PAYABLES TURNOVER RATIO 0.79 0.73 1.76 1.31 1.56


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assets than the long term due to shorter maturity period and also less of costs are involved, there

is an inherent risk in short term financing due to fluctuating interest rates and due to the reason

that the firm might be unable to ready the amount in a shorter span of time.

Under secured loan cash credit, along with non fund based facilities, foreign currency term loan

from banks are secured by way of hypothecation of stock-in-trade, book debts as first charge andby way of second chanrge on all the immovable and movable assets of the parent company.

Term loan in Indian rupees from a bank is subject to a prior charge in favour of companys

bankers on book debts and stock in trade for working capital facilities.

Here TATA has a major portion of their financing done through short term financing than long

term financing. The preference of short term financing to long term as such is not the part of any

policy employed by the firm but it was due to the reason that the interest rates in short term were

more investor friendly and the cost involved in them were also low. At present, we can see that

the firm is moving more towards long term financing as the interest terms in the long term has

reduced compared to the short term.


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CHAPTER-5

FINDINGS, SUGGESTIONS,

& CONCLUSIONS


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FINDINGS

The management of working capital plays a vital role in running of a successful business. So,

things should go with a proper understanding for managing cash, receivables and inventory.

ULTRATECH is managing its working capital in a good manner, but still there is some scope

for improvement in its management. This can help the company in raising its profit level by

making less investment in accounts receivables and stocks etc. This w il l ultimately improve

the efficiency of its operations. Following are few recommendations given to the company in

achieving its desired objectives:

1. The business runs successfully with adequate amount of the working capital but the

company should see to it that the cash should not be tied up in excessive amount of

working capital.

2. Though the present collection system is near perfect, the company as due to the

increasing sales should adopt more effective measures so as to counter the threat of bad

debts.

3. The over purchasing function should be avoided as it could lead to liquidity problems.

4. The investment of cash in marketable securities should be increased, as it is very

profitable for the company.

5. Holding of excessive and insufficient stock must be avoided as it creates a burden on

the cash resources of a business and results in lost sales, delays for customers, etc

respectively.


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SUGGESTIONS

1. The working capital position of the company is sound and the various sources through

which it is funded are optimal.

2. The company has used its dividend policy, purchasing, financing and investment

decisions to good effect can be seen from the inferences made earlier in the project.

3. The debts doubtful have been doubled over the years but their percentage on the debts

has almost become half. This implies a sales and collection policy that get along with the

receivables management of the firm.

4. The returns have been affected by a marked growth in working capital and though a

29.75% in 2006 return on investment is good, but it got reduced as compared to 39.01%

return in 2012

5. The various ratios calculated are an indicator as to the fact that the profitability of the

firm and sales are on a rise and also the deletion of the inefficiencies in the working

capital management.

6. The firm has not compromised on profitability despite the high liquidity is commendable.

7. Ultratech has reached a position where the default costs are as low as negligible and

where they can readily factor their accounts receivables for availing finance is

noteworthy.


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CONCLUSION

ULTRA TECHhas been analyzed in terms of financial aspects especially working capital and

financial ratios. A comparison has been made with JSW and SAIL to see the position of

Ultratech Ltd. in the industry.

Working capital management is a very crucial part of any organization. It needs to maintain its

working capital efficiently for its day to day operations to take place. An organization needs

proper liquidity to meet its obligations on time.

Ratio analysis is also a very important part of a business. It is a platform to judge a company

based on liquidity, profitability etc. It is very crucial for banks, investors, creditors etc. It alsomakes comparisons easier.

ULTRA TECHhas been able to maintain a good liquidity position throughout. It has been able to

pay back its liabilities on time and also has been able to give dividends on time to its

shareholders. It has also maintained a good level of EPS. The inventory turnover has been

maintained efficiently which we can see from the high inventory turnover ratio.


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BIBLIOGRAPHY


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BIBLIOGRAPHY

BOOK NAME AUTHOR NAME EDITION

Management Accounting M Y Khan & P K Jain (2010).- Fifth Edition.

The Analysis And Use Of

Financial Statements

Gerald I. White, Ashwinpaul

C. Sondhi & Dov Fried

(2011).

- THIRD EDITION.

Financial management - PRASANNA CHANDRA 5TH EDITION

REFFERANCES (WEBSITES)

http://www.ultratech.com/about-us/company-profile.asp

http://www.ey.com/Publication/vwLUAssets/Global_Steel_Report_2010-2011/$FILE/Global

%20Steel%20Report%202010-2011%20FULL%20REPORT.pdf

zenithresearch.org.in/images/stories/pdf/2012/Jan/ZIJMR/13 SURESH VADDE

Steel_paper.pdf

http://www.zacks.com/stock/news/49743/steel-industry-outlook-%96-march-2011

Research and Markets: Analyzing the Indian Steel Industry 2012 Edition is Completed with

An Analysis of the Major Players in the Indian Steel Sector | Japan Metal Bulletin

Top Indian Steel Companies Performance | News From Business, Finance, Share Market

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