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8/13/2019 Working Capital Project Report 2
1/48
A
PROJECT REPORT
ON
WORKING CAPITAL MANAGEMENTWORKING CAPITAL MANAGEMENT
IN BRITANNIA INDUSTRY LIMITED
FOR
THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF THEDEGREE OF BBA (2008-11)
FROM
INSTITUTE OF MANAGEMENTSTUDIES
(AFFILIATED TO H.N.B GARHWAL)
SUBMITTED TO: SUBMITTED BY:Mrs. Deepi ! "#!r$! M!%!& Mi''!
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ACKNOWLEDGEMENT
I' is & ' ! si&* e $!&+s e,, r' #i # is s/,,i ie&' , r '#e ! $p is#$e&'
, ! rese!r #. I ! & e *e #ere '#e &!$es , '# se pe p e # #! e ee&
i&s'r/$e&'! i& prep!r!'i & , $% pr 3e '.
I re! i % ! & e *e $% i& e 'e ' $% p!re&'s # se s/pp r'4
e i !'i & !& # &es' e,, r's #! e *i e& $e !& i$$e&se #e p i& i&* '#is
pr 3e '.
I' *i es $e i$$e&se p e!s/re ' e5press $% eep se&se , *r!'i'/ e !&
!ppre i!'i & ' $% e5'er&! */i esMrs. Deepika S a!"a !& #is 'e!$
# se &s'!&' e& /r!*e$e&' !& ! /! e s/**es'i &s *! e ! &e
s/pp r' i& $p e'i&* '#is pr 3e '.
I '! e '#e pp r'/&i'% ' '#!& $% ,rie& 4 Aaka# $i%&a' , r $ 'i !'i&*4
e& /r!*i&*4 */i i&* !& s/pp r'i&* !' e er% s'ep !& sp!ri&* #is ! /! e
'i$e , r $e.
L!s' /' & ' '#e e!s' I re r $% si& ere '#!& s ' ! e e !&
respe '! e pers &s # #e pe $e !& / ,i& !&% sep!r!'e $e&'i &.
A e ! I pr!ise GOD '#e $ s' e&e,i i! 4 '#e $ s' $er i,/ '#!' I #! e
ee& ! e ' $p e'e $% 'r!i&i&* pr 3e ' s/ ess,/ %.
M!%!& Mi''!
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DECLERATION
I Ma a%k Mi a' s'/ e&' , BBA 6I se$. , I%# i * e +, Ma%a-e"e%
S *&ie# #ere % e !re '#!' '#is pr 3e ' rep r' & WORKING
CAPITAL MANAGEMENT is ri''e& !& s/ $i''e % $e /& er '#e
*/i !& e , M!#. Deepika S a!"a is $% ri*i&! r . T#e e&'ire !&! %sis
!& & /si & , '#is rep r' !re !se & '#e i&, r$!'i & #i # is e 'e
% $e /ri&* '#e 'r!i&i&* peri .
T#e e$piri ! ,i& i&* i& '#e rep r' !re !se & '#e !'! e 'e
$%se , #i e prep!ri&* '#is pr 3e '. I #! e & ' pie !&% '#i&* ,r $ !&%
s /r e r '#er pr 3e ' s/ $i''e , r '#e si$i !r p/rp se4 i, !&%.
Mayank Mittal
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PREFACE
I' *i es *re!' p e!s/re ' prese&' & '#e ' pi , Working Capital
Management , Bri'!&&i! i& /s'ries i$i'e . I #! e se e 'e '#is ' pi
e !/se ' & ! /' '#e re !'i &s#ip e' ee& /rre&' !sse's !& /rre&'
i! i i'ies.
As Working Capital Management # s !& i$p r'!&' p ! e i& '#e'#e r% , Fi&!& e. A !r*e &/$ er , ' s !& 'e #&i7/es #! e ee&e e pe i& '#e p!s' ' i&s/re p'i$! ! !'i & , r i&* 9!pi'!
M!&!*e$e&' ,/& s $ re '#!& Ei*#'% Per e&' , ,i&!& e $!&!*er is spe&' i&e! i&* i'# !% ' !% pr e$ #i # !re p!r' : p!r e , r i&* !pi'!re7/ire$e&'s , '#e e&'erprise. E,,i ie&' /se , r i&* !pi'! #!s ire '
e!ri&* & pr ,i'! i i'% , !& e&'erprise. I' !/*$e&'s '#e pr / 'i i'% , '#ei& es'$e&' i& '#e ,i5e !sse's. B!si s/r i ! , '#e ,ir$ $!% e !' s'! e i,! e7/!'e r i&* !pi'! is & ' ! !i ! e i& 'i$e. I' is esse&'i! ' $!i&'!i&&s'!&' s/pp % , r i&* !pi'! , r #e! '#% *r '# , !& e&'erprise.
M!&!*e$e&' , r i&* !pi'! !ss/$es ! e si*&i,i !& e i& '#e &'e5'
, s$! s ! e !& $e i/$ si;e i& /s'ries i& /r /&'r%. M s' , '#e$
#! e e! ,i&!& i! !se !& i$i'e ! ess ' '#e i&s'i'/'i &! ,i&!& e.
T#eir ris !p! i'% is ! s . r i&* !pi'! $!&!*e$e&' e! s i'#
$!&!*e$e&' , e! # , '#e ,ir$ /rre&' !sse's i& s/ # !% '#!' is $!5i$i;es
'#e ! /e , '#e ,ir$.
I& !&% e & $%4 '#e ,i&!& i! se ' r p !%s ! $!3 r r e i& '#e $ i i;!'i &
!& ! !'i & , s! i&*s. I& #!&*i&* e & $i e& ir &$e&'4
$!&/,! '/ri&* i& /s'ries #! e ' e $e $ re $pe'i'i e4 '#e% #! e 'eep '#eir s' i& #e !& e,,i ie&' /se , r i&* !pi'! / re e!se '#e
,/& s e i& '#e /rre&' !sse's.
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Table of CONTENTSI% !+&* i+% A/+* B!i a%%ia i%&*# !ie#
9 $p!&% er ie
9 $p!&% pr ,i e
B !r , ire ' rs
His' r% , Bis /i's
9 $p!&% Pr / 's
A #ie e$e&' , $p!&%
I% !+&* i+% A/+* B!i a%%ia i%&*# !ie# Pa% %a-a! *%i 9 $p!&% pr ,i e
Dep!r'$e&'s , Bri'!&&i! R/ r!p/r
Pr / 'i & i& R/ r!p/r r!& #
Pri& ip es , '#e $p!&%
O 3e 'i e , '#e R/ r!p/r r!& #
I% !+&* i+% a/+* e +pi 0W+!ki%- api a' "a%a-e"e%
O 3e 'i es , '#e s'/ %
Re#ea! Me +&+'+-
Me'# , D!'! e 'i &
O 3e 'i e , Rese!r #
Li$i'!'i &s
A%a' #i# 1 Fi%&i%-#Re +""e%&a i+%#
C+% '*#i+%#
Bi/'i+-!ap
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INTRODUCTION
ABOUT THE COMPANY
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COMPANY OVERVIEW
T#e s' r% , &e , I& i!+s ,! ri'e r!& s re! s ! $ s' i e ! ,!ir% '! e.
O& e /p & ! 'i$e4 i& 184 '#e Bri'!&&i! Bis /i' 9 $p!&% ' er '#eis'ri /'i & , is /i's ,r $ P!rr%+s # 'i & is'ri /'e Bri'!&&i!
is /i's i& I& i!. I& '#e s/ se7/e&' p/ i iss/e , 1< 84 In ian
!"are"ol ing #ro!!e $%&' ,ir$ % es'! is#i&* '#e I& i!& &ess , '#e ,ir$.
T#e , i&* %e!r4 Bri'!&&i! Bis /i' 9 $p!&% !s re- #ris'e&e Bri'!&&i!
I& /s'ries Li$i'e (BIL). F /r %e!rs !'er i& 1
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)ritannia K"ao' Worl C*p +ao pr $ 'i & ,/r'#er , r'i,ie '#e !,,i&i'%
&s/$ers #! i'# Br!& Bri'!&&i!+.
Bri'!&&i! s'r e i&' '#e 21 s' 9e&'/r% !s &e , I& i!+s i**es' r!& s !&
'#e pre-e$i&e&' , r!& , '#e /&'r%. I' !s e7/! % re *&i;e , r i'si&& !'i e !ppr ! # ' pr / 's !& $!r e'i&* '#e L!*!!& M!' # !s
'e I& i!+s $ s' s/ ess,/ pr $ 'i &! ! 'i i'% , '#e %e!r 2001 #i e
'#e e i i /s Bri'!&&i! >0->0 M!s !-9#!s ! e !$e I& i!+s $ s' s/ ess,/
pr / ' !/& #. I& 20024 Bri'!&&i!+s Ne B/si&ess Di isi & , r$e ! 3 i&'
e&'/re i'# F &'err!4 '#e r +s se & !r*es' D!ir% 9 $p!&%4 !&
Bri'!&&i! Ne e! !& F s P '. L' . !s r&. I& re *&i'i & , i's
isi & !& ! e er!'i&* *r!p#4 F r es G ! r!'e Bri'!&&i! O&e !$ &*s'
'#e T p 200 "$! 9 $p!&ies , '#e r +4 !& 2T e E +%+"i Ti"e#3
pe**e Bri'!&&i! I& i!+s 2 & M s' Tr/s'e Br!& .
T !%4 $ re '#!& ! e&'/r% !,'er '# se 'e&'!'i e ,irs' s'eps4 Bri'!&&i!+s
,!ir% '! e is & ' & % * i&* s'r &* /' !;i&* &e s'!& !r s4 !& '#!'
$i&is / e i&i'i! i& es'$e&' #!s *r & % e!ps !& /& s ' r res ,
r/pees i& e! '# , r Bri'!&&i!+s s#!re# ers. T#e $p!&%+s ,,eri&*s !re
spre! ! r ss '#e spe 'r/$ i'# pr / 's r!&*i&* ,r $ '#e #e! '#% !&
e & $i ! Ti*er is /i's ' '#e $ re i,es'% e- rie&'e Mi $!& 9#eese.
H! i&* s/ ee e i& *!r&eri&* '#e 'r/s' , ! $ s' &e-'#ir , I& i!+s &e
i i & p p/ !'i &s !& ! s'r &* $!&!*e$e&' !' '#e #e $ $e!&s Bri'!&&i!
i &'i&/e ' re!$ i* & i's p!'# , i&& !'i & !& 7/! i'%. A&
$i i &s , &s/$ers i ,! r '#e res/ 's4 #!ppi % e er !,'er.
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COMPANY PROFILE
Re*is'ere ,,i e , Bri'!&&i! I& /s'ries Li$i'e is si'/!'e i& es' Be&*! .
T#is $p!&% is re*is'ere /& er 9 $p!&ies A '4 1 .
Bri'!&&i! Bis /i's 9 $p!&% Li$i'e !s ri*i&! % i& rp r!'e & 21 s'
M!r # 1
$!i& % , r pr / 'i & i'# ! pr / 'i & er!*e !re! , !ppr 5i$!'e % 20
! res.
T#e &'r , $!&!*e$e&' is '#r /*# B !r , Dire ' rs.
T#e 9 $p!&%+s #e! !& re*is'ere ,,i e !& r s p ! e !re !'e !'
'#e e $e&'i &e ! resses
Re-i# e!e& 1 Hea& +,,i e: 0 Bri'!&&i! I& /s'ries Li$i'e
>J1A4 H/&*er, r "'ree'
= !'!- 0001
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W+!k# P'a e#: 0 (!) Bri'!&&i! I& /s'ries Li$i'e
4 I& /s'ri! Are!
L! r!& e R ! 4 De #i- 1100 >
( ) Bri'!&&i! I& /s'ries Li$i'e
P ' N .14 "e ' r- 1
I&'e*r!'e I& /s'ri! Es'!'e
P!&'&!*!r4 R/ r!p/r- 2 1>
( ) Bri'!&&i!I& /s'ries Li$i'e
1>4 T!r!' ! r ! 4
= !'! 00088
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BOARD OF DIRECTORS
Na"e De#i-%a i+%
Mr. Nusli Neville Wadia Chairman
Ms. Vinita Bali Managing Director
Mr. A.K.Hirjee Director
Dr. Ajai Puri Director
Mr. Avijit Deb Director
Mr. eh N Wadia Director
Mr. Ke!i Dadiseth Director
Mr. Nimesh N Kam"ani Director
Mr. Prata" Khanna Director
Mr. #.#.Kel!ar Director
Mr. $aju %homas Chie& 'inancial (&&icer
Mr. P )ovindan Com"an* #ecretar*
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T(E ORIGIN O, EAT (EALT(- .T(INK )ETTER
Bri'!&&i! '#e is /i'+ e! er i'# ! #is' r%-#!s i'#s' '#e 'es's , 'i$e.
P!r' , '#e re!s & , r i's s/ ess #!s ee& i's ! i i'% ' res &!'e i'# '#e
#!&*es i& &s/$er &ee s-&ee s '#!' #! e !rie si*&i,i !&' % ! r ss i's
100K %e!r ep #. i'# &s/$er e$ r! % re! #i&* &e e e s4 '#e &e
$$ & '#re! ' e$er*e i& re e&' 'i$es #!s ee& '#e s#i,' i& i,es'% es !&
! rresp & i&* ! !re&ess , #e! '#. Pe p e !re i& re!si&* % e $i&*
&s i /s , ie'!r% !re !& i's rre !'i & ' e &ess !& $!' #i&* '#e
&e p! e ' '#eir i es i'# i$pr e &/'ri'i &! !& ie'!r% #! i's. T#is
&e ! !re&ess #!s see& &s/$ers see i&* , s '#!' $p e$e&' '#eir
i,es'% es #i e ,,eri&* & e&ie& e4 !rie'% !& e & $%4 er !& ! e
#e! '# !& &/'ri'i &.
Bri'!&&i! s! '#e ri'i&* & '#e ! . I'+s 2S4a# 5 a+ Ta% Ma% Ja-a+3
(E!' He! '#%4 T#i& Be''er) re-p si'i & ire ' % ! resse '#is &e 're& %
pr $isi&* '#e &e *e&er!'i & ! #e! '#% !& &/'ri'i /s ! 'er&!'i e '#!' !s
! s e i*#',/ !& '!s'%.
T#/s4 '#e &e * !s r&4 e& !ps/ !'i&* '#e re esse& e , Bri'!&&i!
#e! '#%4 &/'ri'i /s4 !& p'i$is'i !& $ i&i&* i' i'# ! e i*#',/
pr / ' r!&*e ' ,,er !rie'% !& # i e ' &s/$ers.
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HISTORY OF BISCUITS
" ee' r "! '%4 " ,' r 9r/& #%4 "i$p e r E5 'i 4 E er% % es
$/& #i&* & is /i's4 /' '#e% & # is /i's e*!& T#e #is' r% ,
is /i's !& e 'r! e ! ' ! re ipe re!'e % '#e R $!& #e, Api i/s4 i&
#i # ?! '#i p!s'e , ,i&e #e!' , /r !s i e !& spre! /' & !
p !'e. #e& i' #! rie !& #!r e&e i' !s /' /p !& '#e& ,rie /&'i
risp4 '#e& ser e i'# # &e% !& pepper.@
T#e r Bis /i'+ is eri e ,r $ '#e L!'i& r s 6Bi#7 ("ea%i%-
6 4i e7) !& 6C+ *#7 ("ea%i%- ++ke& +! /ake&). T#e r Bis ''i+ is
! s '#e *e&eri 'er$ , r ies i& I'! i!&. B! '#e&4 is /i's ere
/& e! e&e 4 #!r !& '#i& !,ers #i #4 e !/se , '#eir !'er &'e&'4
ere i e! , ' s' re.
As pe p e s'!r'e ' e5p re '#e * e4 is /i's e !$e '#e i e! 'r! e i&*
, si& e '#e% s'!%e ,res# , r &* peri s. T#e se!,!ri&* !*e4 '#/s4
i'&esse '#e $ , is /i's #e& '#ese ere se! e i& !ir'i*#' &'!i&ers
' !s' , r $ &'#s !' ! 'i$e. H!r 'r! is /i's (e!r ies' ersi & , '#e
is ''i !& prese&'- !% r! ers) ere p!r' , '#e s'!p e ie' , E&* is# !&
A$eri !& s!i rs , r $!&% e&'/ries. I& ,! '4 '#e /&'ries #i # e '#is
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se!,!ri&* #!r*e4 s/ # !s '# se i& es'er& E/r pe4 !re '#e &es #ere
is /i's !re $ s' p p/ !r e e& ' !%. Bis ''i is s!i ' #! e ee& ! ,! ri'e
, 9#ris' p#er 9 /$ /s # is ere A$eri !
M! i&* * is /i's !re 7/i'e !& !r'4 !& #is' r% e!rs 'es'i$ &% ' '#!'.D/ri&* '#e 1 '# !& 18 '# 9e&'/ries i& E/r pe4 ! i&* !s ! !re,/ %
&'r e pr ,essi &4 $!&!*e '#r /*# ! series , */i s+ r pr ,essi &!
!ss i!'i &s. T e $e ! ! er4 &e #! ' $p e'e %e!rs ,
!ppre&'i es#ip r i&* '#r /*# '#e r!& s , !ppre&'i e4 3 /r&e%$!&4 !&
,i&! % $!s'er ! er. N ' & % '#is4 '#e !$ /&' !& 7/! i'% , is /i's ! e
ere ! s !re,/ % $ &i' re .
T#e E&* is#4 " ' # !& D/' # i$$i*r!&'s ri*i&! % r /*#' '#e ,irs'
ies ' '#e U&i'e "'!'es !& '#e% ere ! e 'e! ! es. T#e% ere ,'e&
, ! re i'# & '#i&* $ re '#!& '#e ,i&es' /''er4 s $e'i$es i'# '#e
! i'i & , ! ,e r ps , r se !'er. 9 ies i& A$eri ! ere ! s ! e
% s/ # &!$es !s ?3/$ es@4 ?p /& e's@ !& ? r% ! ies@.
As 'e #& *% i$pr e /ri&* '#e I& /s'ri! Re /'i & i& '#e 1< '#
e&'/r%4 '#e pri e , s/*!r !& , /r r ppe . 9#e$i ! e! e&i&* !*e&'s4
s/ # !s ! i&* s !4 e !$e ! !i ! e !& ! pr ,/si & , ie re ipes
/rre . T#is e ' '#e e e p$e&' , $!&/,! '/re ies.
I&'eres'i&* %4 !s 'i$e #!s p!sse !& espi'e $ re !rie'ies e $i&*
! !i ! e4 '#e esse&'i! i&*re ie&'s , is /i's #! e&+' #!&*e i e s ,'+
#e!' , /r ( #i # &'!i&s ess pr 'ei& '#!& '#e , /r /se ' ! e re! )
s/*!r4 !& ,!'s4 s/ # !s /''er !& i . T !%4 '# /*# '#e% !re & & %i,,ere&' &!$es '#e r er4 pe p e !*ree & &e '#i&* & '#i&* e!'s
'#e is /i'
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O ! "!o# $%&
LITTLE (EART/
)ritannia GOOD DA-
TIGER
TREAT
MARIE GOLD
N0TRIC(OICE
MILK )IKI/
)READ
CAKE/ R0/K/
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A$'(e)e*e+% of %'e $o*"a+,
THE E +%+"i Ti"e# a%& AC Nie'#e% a8e a%%+*% e& e "+# !*# e& /!a%
!a e& / +%#*"e!# a'' +8e! I%&ia a%& a !+## a e-+!ie#. B!i a%%ia 4a# i% e I%&ia
T+p 9 'i# ; !a%ke& < a !+## a'' a e-+!ie# a%& = i% e ,++& a e-+! . La# ea!;
B!i a%%ia !a%k 4a# > a%& = !e#pe i8e' .
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INTRODUCTION
ABOUT
THE
PANTNAGAR UNIT
INTRODUCTION
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Bri'!&&i! i& /s'ries i$i'e !s es'! is#e !' P!&'&!*!r & 1 s'Apri 200>
i& '#e !re! , !ppr 5i$!'e % 20 ! res $!i& % , r '#e p/rp se , pr / 'i &
, is /i's !s '#is !re! is ,ree ,r $ ! $ s' ! '%pes , '!5es.
I& Bri'!&&i! I& /s'ries Li$i'e '#ere !re $!&% '%pes , ep!r'$e&'s#i # !re i&'er &&e 'e ' e! # '#er !& r ' *e'#er , r '#e e ,!re ,
'#e 9 $p!&% !s '#e # e. T#ere is ! e /i ' $$/&i !'i & s%s'e$
i&si e '#e 9 $p!&% #i # #e ps i& i&* '#e r & 'i$e !& i'# ,/
e,,i ie& % !& e,,e 'i e&ess.
T#e ep!r'$e&'s , '#e 9 $p!&% i& / es Q/! i'% !ss/r!& e4 "' res4
Pr / 'i &4 P/r #!se4 M!i&'e&!& e4 E&*i&eeri&*4 P! !*i&* !& isp!' #4
Pers &&e !& 'r!i&i&*4 Fi&!& e4 e*! !& ! $i&is'r!'i e se /ri'%.
Ne & ep' i e >" is ! s ei&* i$p e$e&'e i& Bri'!&&i! I& /s'ries
Li$i'e . T#e 9 $p!&% #!s * ' I"O 1 001 er'i,i !'e !& i' is I"O 22000
er'i,ie .
T#ere !re , /r p !&'s i& per!'i & i& '#e 9 $p!&% !' '#is r!& #. Firs' p !&'
is , r M!rie G #i # #!s ! , e5i i&e , r G !% ! s . "e & p !&' is
, r G D!%4 T#ir &e is , r >0 >0 !ri!&'s4 pepper #! !r !& M!s !
9#!s !. F /r'# !& !s' p !&' is , r B /r & #i # #!s ! , e5i i&e , r
Or!&*e re!$ ! s .
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HEADS OF DEPARTMENTS OF THECOMPANY
U%i Hea& : Mr. M!& 3 Mis#r!
Fi%a% e : Mr. M/ i' A*!r !
H*"a% Re#+*! e : Mr. M!%!& "#ri !s'! !
P!+&* i+% : Mr.M!#! "i&*# J Mr. A&i A&!&
P*! a#e : Mr. A&i "#!r$! E%-i%ee!i%- : Mr. "!3ee = s#%
?*a'i : Mr. R #i' "#/ !
PRODUCTION IN THE UNIT
N0M)ER O, PLANT/ AND PROD0CTION AT T(E
PANTNAGAR )RANC(1
N ' ! '#e r!& s , Bri'!&&i! !re pr / e i& '#is r!& # & % s $e r!& s ,
is /i's !re pr / e !' '#is r!& #.
Pr / 'i & , is /i's i& Bri'!&&i! P!&'&!*!r r!& # is i i e i& ' , /r
P !&'s.
9. P'a% I
G D!% B/''er
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G D!% Pis'! B! !$
=. P'a% II
G D!% 9!s#e
G D!% B/''er
@. P'a% III
>0->0
>0.>0 M!s ! 9#!s !
>0.>0Pepper 9#! !r
. P'a% I
9# !'e B /r &
Or!&*e 're!'
Mi Bi is Mi 9re!$
/TORAGE AND 0/AGE O, RAW MATERIAL
T#ere !re $!&% '%pes , r! $!'eri! s #i # !re /se i& Bri'!&&i! , r '#e pr / 'i & , i,,ere&' '%pes , is /i's. " $e , '#e$ !re #e!' , /r4 s/*!r4 /''er4 s i$$e $i p er4 !s#e 4 s! '4 i,,ere&' '%pes , ,!'s #i #i& / es i,,ere&' i s4 s i/$ i !r &!'e4 !$$ &i/$ i !r &!'e e' .
" $e , '#e $!'eri! s #i # !re /se i& Bri'!&&i! i& /s'ries &ee
s' r!*e #i e s $e &ee s & r$! s' r!*e. " & '#e !sis , '#e &ee ,
i,,ere&' r! $!'eri! s '#e% !re s' re i& i,,ere&' s' r!*e p ! es. T#e $!'eri! s
#i # !re s' re i& s' r!*e !re !' '#e 'e$per!'/re , > e*ree 9e si/s
#i e '#e $!'eri! s #i # &ee & r$! s' r!*e !re s' re !' '#e & r$!
'e$per!'/re. T#ere !ssi,i !'i & , s $e , '#e r! $!'eri! s is !s , s
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S7 OFBRITANNIA
SEIRI
SEI5ETSO
SEITON
SEISO
SHITSU5E
N+!"a' # +!a-e !a4 "a e!ia'S*-a!
A""+%ia
Pa'" +i'
Sa'
Ski""e& "i'k p+4&e!
W ea ,'+*!
C+ +a p+4&e!
GMS p+4&e!
C+'& # +!a-e !a4 "a e!ia'
B* e!
C+%&e%#e& "i'k
E##e% e#
Ca# e4
S7OF BRITANNIA INDUSTRIES LIMITED
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SEIRI (ORGANISATION 2
I' is s r'i&* e' ee& !i'e !& /& !&'e '#i&*s i& ! se e 'e !re!4 re*i & r$!i&.
SEITON (NEATNNESS)
I' $e!&s ! p ! e , r e er%'#i&* !& e er%'#i&* i& i's p ! e.
SEISO (CLEANLINESS)
I' e! s i'# '#e 3 , '# r /*# % e!&i&* '#e r p ! e.
SEI5ETSO (STANDARDISATION)
I' $e!&s s'!& !r i;!'i & #i # is &ee e ' $!i&'!i& "EIRI4 "EITON !&"EI"O. I' e! s ' /se , is/! $!&!*e$e&' ' ! i $is'! es.
SHITSU5E (DISCIPLINE)I' $e!&s is ip i&e #i # is ! e , r s'ri ' ! #ere& e ' ! s%s'e$ , r$ /r prese&'/&s%s'e$!'i !%.
30ALIT- AND ,OOD /A,ET- POLIC- O,T(E COMPAN-
T#e p/rp se , '#is p i % is ' e&s/re '#!' e i& '#r /*# 7/! i'% i& '#e
$!r e' p ! e. T#is $e!&s '#!' e $/s' e er% '#i&*+s ' e&s/re &sis'e&'
e i er% , 7/! i'% pr / 's ' '#e /s' $ers e er% 'i$e.O/r $$i'$e&' ' 7/! i'% !& , s!,e'% i e re, e 'e i& e er%
! 'i & !& is & & &e* i*i e. T#!' $e!&s
A i&*re ie&'s /se i& /r ,! ' ries ! !%s $ee' spe i,ie 7/! i'%
s'!& !r s.
A ,! ' ries !& ep 's $!i&'!i& #i*# s'!& !r , #%*ie&e #i #
e&s/res '#!' /r pr / 's !re #e! '#% !& s!,e , r &s/$p'i &.
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O/r $!&/,! '/ri&* pr / 's ! !%s e&s/re e i er% , pr / 's
&sis'e&' i'# pr / ' !& p! spe i,i !'i &s #i # !re ,ree ,r $
&'!$i&!'i &.
O/r s/pp % #!i& pr! 'i es e&! e e i er% , ,res# pr / 's ' /r
/s' $ers.
We 4i'' ,*',i'' e#e +/$e i8e# !+*- :0
I& es'i&* i& !ppr pri!'e 'e #& *% !& e7/ippi&* /r ,! ' ries
! e7/!'e %.
r i&* 9 ! r!'e i'# /r /si&ess p!r'&ers ' re!'e win win
/si&ess O/' $es.
De e pi&* pr ess #i # e&! e &sis'e&' e i er% , 7/! i'%
pr / 's ' /r /s' $ers.
9 &'i&/! % 'r!i&i&* !& re'r!i&i&* /r e$p %ees !& /si&ess p!r'&ers '
re!'e ! / '/re '#!' ! /es 7/! i'% !& , s!,e'% !s '#e re pi !rs , /r
/si&ess
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OB-ECTIVES OF THE UNIT
r i&* ! r!' rs i'# '#e /si&ess p!r'&ers.
Q/! i'% pr / 's ' /s' $ers.
9 &'i&/ /s 'r!i&i&* !& re'r!i&i&* , '#e e$p %ees ' re!'e / '/re '#!'
! /e 7/! i'% !& , s!,e'% !s ! re pi !r , '#e /si&ess.
I& es'i&* i& !ppr pri!'e 'e #& *%.
T &'r '#e !s'!*e !& s! e 'i$e !& e,, r's.
T r /& er '#e pri& ip! s , =i!;e&4 H!ss!p !& > "+
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ABOUT
THE TOPIC-
WORKING
CAPITAL
MANAGEMENT
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I+%!o# $%(o+r i&* 9!pi'! M!&!*e$e&' is '#e pr ess , p !&&i&* !& &'r i&* '#ee e !& $i5 , '#e /rre&' !sse's , '#e ,ir$ !s e !s ,i&!& i&* '#ese!sse's.
De isi &s re !'i&* ' 4+!ki%- api a' !& s# r' 'er$ ,i&!& i&* !rere,erre ' !s r i&* !pi'! $!&!*e$e&'. T#ese i& e $!&!*i&* '#ere !'i &s#ip e' ee& ! ,ir$ s # +! 0 e!" a##e # !& i's # +! 0 e!" 'ia/i'i ie# .T#e * ! , r i&* !pi'! $!&!*e$e&' is ' e&s/re '#!' '#e ,ir$ is ! e '&'i&/e i's per!'i &s !& '#!' i' #!s s/,,i ie&' !s# , ' s!'is,% '#
$!'/ri&* s# r'-'er$ e ' !& /p $i&* per!'i &! e5pe&ses.
W a i# 4+!ki%- api a'
r i&* !pi'! re,ers ' s# r' 'er$ ,/& s re7/ire ' $ee' '#e !% ' !%per!'i&* e5pe&ses , '#e ,ir$.
A +!&i%- + RAMAMOORTHY;
Working #apital re4er! to t"e 4*n !'5"i#" a #ompany m*!t po!!e!! to 4inan#e it! ay to ay operation!6
I' re !'es i'# '#e pr e$s '#!' !rise i& !''e$p'i&* ' $!&!*e '#e9/rre&' Asse's4 9/rre&' Li! i i'ies !& '#eir i&'er-re !'i &s#ip '#!' e5is's
e' ee& '#e$.
I, ! ,ir$ !&& ' $!i&'!i& ! s!'is,! ' r% e e , r i&* !pi'! 4 i' isi e % ' e $e i&s e&' !& $!% e e& e , r e i&' !& r/p' %.
T#ere, re4 '#e * ! , r i&* !pi'! $!&!*e$e&' is ' $!&!*e '#e ,ir$+s9/rre&' Asse's !& 9/rre&' Li! i i'ies i& s/ # ! !% '#!' ! s!'is,! ' r% e e, r i&* !pi'! is $!i&'!i&e .
http://en.wikipedia.org/wiki/Working_capitalhttp://en.wikipedia.org/wiki/Asset#Current_assetshttp://en.wikipedia.org/wiki/Current_liabilityhttp://en.wikipedia.org/wiki/Operations_managementhttp://en.wikipedia.org/wiki/Asset#Current_assetshttp://en.wikipedia.org/wiki/Current_liabilityhttp://en.wikipedia.org/wiki/Operations_managementhttp://en.wikipedia.org/wiki/Working_capital8/13/2019 Working Capital Project Report 2
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T pe# +, W+!ki%- Capi a':
I. C+% ep /a#e&
II. Ti"e /a#e&
CONCEPT BASED
a) G!+## 4+!ki%- api a' ) Ne 4+!ki%- api a'
GROSS WOR5ING CAPITAL:
T#e 'er$ ?*r ss r i&* !pi'! ?4 re,ers ' '#e ,ir$s i& es'$e&' i& /rre&'!sse's. 9/rre&' !sse's !re '#e !sse's #i # !& e & er'e i&' !s# i'#i&!& ! /&'i&* %e!r.
NET WOR5ING CAPITAL:
Ne' r i&* !pi'! (N 9) is '#e i,,ere& e B 9/rre&' !sse's : /rre&'i! i i'ies. I' is '#!' p r'i & , ,ir$+s /rre&' !sse's #i # is ,i&!& e i'#&* !s e !s s# r' 'er$ ,/& s.
WOR5ING CAPITAL CURRENT ASSETS 0 CURRENT LIABILITIES
C*!!e% A##e #:0
9!s# !& B!& ep si'sI& e&' r%De ' rs !& Re ei ! esPrep!i E5pe&sesM!r e'! e "e /ri'ies
C*!!e% Lia/i'i ie#:0
B!& O er r!,'9re i' rs !& P!%! es
N 'es P!%! eA r/e E5pe&ses e' .
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TIME BASED
a) Pe!"a%e% +! ,i e& 4+!ki%- api a'/) Te"p+!a! +! 8a!ia/'e 4+!ki%- api a'
PERMANENT WOR5ING CAPITAL:I' is '#e $i&i$/$ i& es'$e&' ep' i& '#e , r$ , i& e&' r% , r!$!'eri! 4 r -i&-pr ess4 ,i&is#e * s4 s' res : sp!res : e 's ' ,! i i'!'e /&i&'err/p'e per!'i & i& ! ,ir$. T# /*# '#isi& es'$e&' is s'! e i& s# r' r/&4 i' $!% !r% i& '#e &* r/&. T#e$i&i$/$ e e , 9/rre&' Asse's $!i&'!i&e i& ! ,ir$ is /s/! %& & !s per$!&e&' r re*/ !r r i&* !pi'! .
TEMPORARY WOR5ING CAPITAL:A ,ir$ is re7/ire ' $!i&'!i& ! i'i &! 9/rre&' Asse's 'e$p r!ri %er : ! e per$!&e&' r i&* !pi'! ' s!'is,% % i ! e$!& s.
A& !$ /&' er : ! e '#e per$!&e&' r i&* !pi'! is 'e$p r!r%r , / '/!'i&* r i&* !pi'! . A' 'i$es4 ! i'i &! r i&* !pi'! isre7/ire ' $ee' '#e /&, resee& e e&'s i e , s4 s'ri es4 ,ire4 :
pri e #i e 'e& e& ies !& &'i&*e& ies.
NEED ,OR WORKING CAPITALT#e &ee , r r i&* !pi'! ' r/& !% ' !% /si&ess ! 'i i'ies !&& '
e ere$p#!sis. e i #!r % ,i& ! /si&ess ,ir$ #i # es & '
re7/ire !&% !$ /&' , r i&* !pi'! .
e & '#!' '#e ,ir$ !i$s !' $!5i$i;i&* '#e e! '# , '#e s#!re# er.
I& i's e& e! r ' $!5i$i;e s#!re# er e! '# '#e ,ir$ s# / e!r&
s/,,i ie&' re'/r& ,r $ i's per!'i & e!r&i&* ! s'e! % !$ /&' , pr ,i'
re7/ires s/ ess,/ s! es ! 'i i'%. T#e ,ir$ #!s i& es'e e& /*# ,/& s i&
/rre&' !sse's , r '#e s/ ess , s! es ! 'i i'%. 9/rre&' !sse's !re &ee e
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e !/se s! es & ' & er' i&' !s# i&s'!&'!&e /s %. T#ere is ! !%s
per!'i&* % e i& e i& '#e & ersi & , !s#.
T(E IMPORTANCE O, GOOD WORKINGCAPITAL MANAGEMENT
" e& % , '#e /si&ess-
T M!i&'!i& * i -
E!s% L !&s-
9!s# Dis /&'-
Re*/ !r "/pp % , R! M!'eri! -
Re*/ !r P!%$e&' , "! !r%4 !*es4 O'#er !%-' - !% e5pe&ses-
E5p i'!'i & , ,! r! e $!r e' & i'i &s-
A i i'% ' ,! e risis-
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/O0RCE/ O, WORKING CAPITAL
L &* 'er$ s /r es (Per$!&e&' r Fi5e )"# r' 'er$ " /r es ('e$p r!r%)
Pe!"a%e% +! Fi e& Te"p+!a! +! a!ia/'e
FACTORS DETERMINING WOR5INGCAPITAL RE?UIREMENT
9 Na *!e +! C a!a e! +, /*#i%e##
= Si e +, B*#i%e## S a'e +, Ope!a i+%
Shares
Debentures
Public deposits
Ploughing back
of profits
Loans from
financial
institutions
Commercial bank
Indigenousbankers
Trade creditors
Installments
credit
Advances
Account
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@ P!+&* i+% p+'i
Ma%*,a *!i%- P!+ e## Le%- +, p!+&* i+% C 'e
Sea#+%a' 8a!ia i+%#
W+!ki%- api a' 'e
> Ra e +, S + k T*!%+8e!
C!e&i p+'i
< B*#i%e## C 'e
9 Ra e +, G!+4 +, B*#i%e##
99 Ea!%i%- Capa i a%& Di8i&e%& P+'i
9= P!i e Le8e' C a%-e#
9@ O e! Fa +!#
APPROACHES TO WOR5ING CAPITAL
HEDGING OR MATCHING
CONSER ATI E
AGGRESSI E
He#.(+. : T#is re7/ires '#!' ,i&!& i&* , e! # !sse' / e ,,se'
i'# ! ,i&!& i&* i&s'r/$e&' , !ppr 5i$!'e % '#e s!$e $!'/ri'%. "# r' 'er$
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r se!s &! !ri!'i &s i& /rre&' !sse's / e ,i&!& e i'# s# r' 'er$
e '. T#e ,i5e !sse's !& '#e per$!&e&' $p &e&' , /rre&' !sse's /
e ,i&!& e i'# &* 'er$ e ' r e7/i'%. A& '#e ,ir$ !& ! p' ! ,i&!& i!
p !& #i # $!' #es '#e e5pe 'e i,e , s /r e , ,/& s r!ise ' ,i&!& e!sse's.
Co+&e!)a%()e/ A ,ir$ !& ! p' ! &ser !'i e !ppr ! # i& ,i&!& i&*
i's /rre&' !& ,i5e !sse's. ! ,i&!& i! p i % , '#e ,ir$ is s!i ' e
&ser !'i e #e& i's epe& s $ re & &* 'er$ ,/& s , r ,i&!& i&*
&ee s ./& er ! &ser !'i e p !&4 '#e ,ir$ ,i&!& es i's per$!&e&' !sse's !&
! s ! p!r' , 'e$p r!r% /rre&' !sse's4 i'# &* 'er$ ,i&!& i&* .
A..!e&&()e : A ,ir$ $!% e !**ressi e i& ,i&!& i&* i's !sse's. A&
!**ressi e p i % is s!i ' e , e % '#e ,ir$ #e& i' /ses $ re s# r'
'er$ ,i&!& i&* '#!& !rr!&'e % $!' #i&* p !& ./& er ! !**ressi e p i %4
'#e ,ir$ ,i&!& e ! p!r' , per$!&e&' /rre&' !sse's i'# s# r' 'er$
,i&!& i&* .
MANAGEMENT OF WOR5ING CAPITALr i&* 9!pi'! $!&!*e$e&' i& es '#e pr e$ , e isi & $! i&*
re*!r i&* i& es'$e&' i& !ri /s /rre&' !sse's i'# !& 3e 'i e ,
$!i&'!i&i&* '#e i7/i i'% , ,/& s , '#e ,ir$ ' $ee' i's i*!'i & pr $p' %!& e,,i ie&' %. T#e !si * ! , r i&* !pi'! $!&!*e$e&' is ' $!&!*e
'#e /rre&' !sse's !& /rre&' i! i i'ies , ! ,ir$ i& s/ # ! !% '#!' !
s!'is,! ' r% e e , r i&* !pi'! is $!i&'!i&e 4 i' is &ei'#er i&! e7/!'e
& r e5 essi e.
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T#e $!&!*e$e&' , r i&* !pi'! #!s- ee& s'/ ies /& er '#e , i&*
'#ree #e! s-
9 .Ma%a-e"e% +, Ca# Ba'a% e : -
9!s# is &e , '#e /rre&' !sse's , ! /si&ess. I' is &ee e !' ! 'i$es '
eep /si&ess & er& s# / ! !%s eep s/,,i ie&' !s# , r $ee'i&* i's
i*!'i &s. A&% s# r'!*e , !s# i #!$per '#e per!'i &s , ! & er&
!& !&% e5 ess , i' i e /&pr / 'i e.
9!s# & ' & % i& / e #!r !s# /' ! s i& / e #i # !& e e!si %
& er'e i&' !s# i'# i& & 'i$e.
T++' ,+! Ca# C+% !+' /0
!) 9!s# B/ *e'.
) I&, r O/', , !s#.
) R!'i A&! %sis.
=. Ma%a-e"e% +, !e ei8a/'e: 0
?Re ei ! e res/ ' ,r $ re i' s! es@. A & er& is re7/ire ' !
re i' s! es i& r er ' e5p!& i's s! es /$e. I' is & ' ! !%s p ssi e
' se * s & !s# !sis & %. " $e'i$es4 '#er & er&s i& '#!' i&e
$i*#' #! e es'! is#e ! pr! 'i e , se i&* * s & re i' !sis. U& er
'#ese ir /$s'!& es4 i' is & ' p ssi e ' ! i re i' s! e i'# /'
! erse % !,,e 'i&* s! e.
T++' ,+! !e ei8a/'e +% !+' -
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a) Deciding accepta !e !e"e! #$ %i&'(
) Te% & #$ c%edit &a!e(
c) C%edit c#!!ecti#n p#!ic*(
@. Ma%a-e"e% +, I%8e% +! : 0
I& e&' ries $e!& '#e s' , '#e pr / ' !& '#e $p &e&'s , '#e
pr / ' '#!' is R! M!'eri! 4 -I-P4 Fi&is# * 4 "p!res. I& e&' ries
# '#e pri$e p si'i & !$ &* '#e /rre&' !sse's i& I& i!. I& I& i!4 ! /'
0 , '#e /rre&' !sse's !re represe&'i&* % i& e&' ries. T#/s !r*e p!r'
, r i&* !pi'! is i& es'e i& i& e&' ries. T#e $!&!*e$e&' ,i& e&' ries is '#ere, re &e ess!r% ' ! i #e! % sses /e ' e! !*e4
'#e,' !& !s'!*e e !/se &e* e 'i&* '#e $!&!*e$e&' , i& e&' ries $!%
3e p!r i;e '#e &* r/& pr ,i'! i i'% , '#e & er& !& '#e & er& $!%
,! / 'i$!'e %. I& e&' r% $!&!*e$e&' i $i&i$i;e '#ese s's.
T++' ,+! I%8e% +!ie# +% !+':0
!) 9 !ssi,i !'i & !& i e&'i,i !'i & , i& e&' ries.
) A e7/!'e s' r!*e ,! i i'ies.
) Re r , i& e&' ries.
) "'!& !r i;!'i & !& si$p i,i !'i & , i& e&' ries.
e) Use '#e !ppr pri!'e $e'# , i& e&' r% &'r , r e5. - CIT4
HML4 EOQ4 F"N e' .
,) I&'e i*e&' !& e5perie& e pers &.
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ANAL-/I/ O, WORKING CAPITAL
Schedule of change in Workinga!i"al#
T#e r i&* !pi'! , ! /si&ess & er& is s/ 3e ' ' #!&*e /e ' se er!
/si&ess 'r!&s! 'i &s. r i&* 9!pi'! represe&'s e5 ess , /rre&' !sse's
er /rre&' i! i i'ies. T#e " #e / e , 9#!&*e i& r i&* 9!pi'! prese&'s
! e'!i e !& !&! %'i ! pi '/re , #!&*es i& /rre&' !sse's !& /rre&'
i! i i'ies /ri&* ' ! !& e s#ee' !'es.
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Ra"io Anal$%i%#
R!'i is &e , '#e $e'# s , !&! %;i&* ,i&!& i! s'!'e$e&'. R!'i !&! %sis
$e!s/res '#e Pr ,i'! i i'%4 E,,i ie& % !& Fi&!& i! s /& &ess , '#e
/si&ess
A##or ing to Myer!' Ratio analy!i! i! a !t* y o4 relation!"ip among t"e
7ario*! 4inan#ial 4a#tor! in a 8*!ine!!6
&und &lo' %"a"e(en"#
F/& , s'!'e$e&' is '#e 'e #&i7/e , !&! %;i&* !& i&'erpre'i&* '#e
,i&!& i! s'!'e$e&' , /si&ess & er&. I' is ! 'e #&i ! e i e esi*&e '!&! %;e '#e #!&*es i& '#e ,i&!& i! r r i&* !pi'! p si'i & , ! /si&ess
e&'erprise e' ee& ' !'es.
T#e F/& F "'!'e$e&' is ! s'!'e$e&'4 epi 'i&* #!&*e i& r i&*!pi'! . I' is ! s 'er$e !s ! s'!'e$e&' , s /r e !& App i !'i & , F/& s+4"'!'e$e&' , 9#!&*e i& Fi&!& i! P si'i &+4 "'!'e$e&' , 9#!&*e i&r i&* 9!pi'! +
/IGNI,ICANCE 9 NEED O, ADE30ATEWORKING CAPITAL
9. OPERATING CYCLE: Oper!'i&* % e is '#e 'i$e /r!'i & i'# i&
&e % e , /si&ess per!'i & is $p e'e . B/si&ess per!'i &s i& e !
&/$ er , s'!*es ,r $ p/r #!se , r! $!'eri! 'i & ersi & , re ei ! e
i&' !s#.
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=. ADE?UATE WOR5ING CAPITAL: r i&* !pi'! #e ps i&$!5i$i;i&* '#e ! /e , $ &e% i, i' is /se rre ' %. T#ere !re !&*ers ,i e ,/& s i, '#ere is e5 essi e r i&* !pi'! !& i' es & ' e!r& !&% pr ,i', r '#e ,ir$. T#e pr e$s !re !s , s -
I& !se , e5 essi e r i&* !pi'! 4 '#ere i e ! #i*# ! /$/ !'i & ,i& e&' r% #i # is & ' re7/ire .
E5 essi e r i&* !pi'! $e!&s '#!' '#e $p!&% es & ' #! e !&%e,,i ie& % i& i's re i' p i %. T#is / e! ' ! e 's.
I' ! s e! s ' '#e,'4 !s'!*e !& $!&!*eri! i&e,,i ie& %.
T#e , i&* pr e$s !rise i& i&! e7/!'e r i&* !pi'! -T#e ,ir$ is /&! e ' !rr% /' i's /si&ess !& '#/s i' res/ 's i&' sses
!& !,,e 's '#e pr ,i's , '#e ,ir$.I&! e7/!'e r i&* !pi'! !,,e 's '#e * i , '#e ,ir$ #e& i' i
& ' e ! e ' $ee' i's i! i i'ies i& re7/ire 'i$e.
Pr / 'i & *s i /r #e& '#ere is i&! e7/!'e r i&* !pi'! ' r/&'#e /si&ess.
@. FINANCING MIK : r i&* !pi'! si*&i,i !& e is ! s /e ' '#e$!&!*e$e&' , '#e p!''er& , ,i&!& i&* '#e 9/rre&' Asse's. T#e ,ir$ #!s '&'i&/ /s % $e!s/re !& e i e '#e s /r e ,r $ #i # ,/& !& e /se
, r $! i&* i& es'$e&'s. F r #i #4 '#e /s/! s /r es !re e i e -
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De ' r e7/i'%L &* r s# r' 'er$
Ob1e$%()e of &% #,
T#e 3e 'i e , r i&* $% s/$$er 'r!i&i&* is ' $! e $%se , !p! e , r
$ i&* , r !r i& rp r!'e r 4 ' *!i& & e *e : e5perie& e : &
# ' r i& '#e r*!&i;!'i & e& ir &$e&'. I' i #e p $e ' *!i& $ re :$ re ! /' rp r!'e se ' r4 #i # !s er% esse&'i! , r $e ' . T#ere-
, re I 3 i&e BIL P!&'&!*!r ' i$pr e $% !p! i i'ies.
Main o8:e#ti7e
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T !&! %;e # r i&* !pi'! $!&!*e$e&'+ $e'# is &e i& Bri'!&&i!
i& /s'ries i$i'e .
/*8 o8:e#ti7eT see '#e i,,ere& e e' ee& '#e '#e re'i ! & e *e : pr! 'i !& e *e.
T & ! /' i& /s'ri! e& ir &$e&'.
T & # '#e re'i ! & e *e !pp % i& '#e pr! 'i ! !ppr ! #.
T & '#e 'e #&i7/es , r i&* !pi'! $!&!*e$e&' i& '#eir /si&ess.
T & #e'#er '#e% pe& ' ! p' &e $e'# s !& 'e #&i7/es '$!&!*e '#eir ,i&!& i! res /r es e''er.
T & #e'#er '#e% !re s!'is,ie i'# '#e #!&*es r & '.
T & #!' !re '#eir p'i & ' /rre&' re i' e i er% $e #!&is$.
T & '#e i7/i i'% p si'i & , '#e ,ir$.
T se!r # '#e &e $e'# s !& &,i*/r!'i & , !'! .
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Re&ea%c+
- et+#d#!#g*,Ana!* ing
And.inding&
Re&ea!$' *e%'o#olo.,
T#e p/rp se , '#e $e'# *% is ' es ri e '#e pr ess i& e i& '#e
rese!r # r . T#is i& / es '#e er! rese!r # esi*&4 '#e !'! e 'i &
$e'# . Rese!r # Me'# *% re,ers ' '#e !ri /s se7/e&'i! s'eps (! &*
i'# ! r!'i &! e4 , e! # s/ # s'eps) ' e ! p'e % ! rese!r #er i&
s'/ %i&* ! pr e$ i'# er'!i& 3e ' r 3e 'i es i& ie . I' / e
!ppr pri!'e ' $e&'i & '#!' rese!r # pr 3e ' !re & ' s/s ep'i e ' !&% &e
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$p e'e !& i&, e5i e se7/e& e , s'eps !& '%pe , pr e$s ' e s'/ ie
i e'er$i&e '#e p!r'i / !r s'eps ' e '! e& !& '#eir r er ' .
SOURCES OF DATA COLLECTION
D!'! !s e 'e % /si&* '# pri$!r% !& se & !r% $e'# s. I&
pri$!r% $e'# , !'! e 'i & pers &! i&'er ie !& 7/es'i &&!ire !s
/se !& i& !se , se & !r% !%s , !'! e 'i & '#e $!*!;i&es ,
Bri'!&&i! !s /se .
Primary DATA1Pri$!r% !'! !re '# se #i # !re e 'e ! ,res# !& , r '#e ,irs' 'i$e !&
'#/s #!ppe& ' e ri*i&! i& #!r! 'er. T#ere !re &/$ ers , $e'# ,
e 'i&* pri$!r% !'!.
9! / !'i &
O ser !'i &
/e#on ary DATA1"e & !r% !'! $e!&s !'! '#!' !re ! re! % ! !i ! e i.e. '#e% re,er ' '#e
!'! #i # #! e ! re! % ee& e 'e !& !&! %;e % s $e &e e se.
B s
Rep r's
M!*!;i&e
I&'er&e'
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9 $p!ris &s !re ! s $! e i,,i / ' /e ' i,,ere& es , '#e 'er$si e *r ss pr ,i'4 per!'i&* pr ,i'4 &e' pr ,i' e' .
I, $p!&% res r' ' i& ressi&*+4 /'si ers !&& ' i&' '#e,! 's !& !,,e ' '#e ! i i'% , $p!ris &s.
T#ere is & ,ree ! ess , rep/'e i r!ries.
T#e s pe ,, s'/ % is er% i e .A !r*e s!$p e / #! e pr i e $ re &,i e& e i& '#e ,i& i&*s /' /e ' s' !& 'i$e
&s'r!i&' '#e s!$p e si;e !s ep' s$! .
M s' , '#e /si&ess /&i's i& /r /&'r% & ' #! e &,i e& e '#!''#e i&, r$!'i & s#!re % '#e$ i'# '#e pe p e i & ' e $is/se ." '#is $! es '#e e$p %ees re / '!&' ' s#!re i&, r$!'i & i'# '#e$.Re / '!& e is $ re i, i&, r$!'i & per'!i&s ' ,i&!& i! p si'i & !&
/si&ess per!'i &s.
FINDINGS
r i&* !pi'! #!s i& re!se i& $p!ris & ' pre i /s %e!r 200 .
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"' , e&*i&eeri&* $!'eri! #!s * &e /p !s '#e $!'eri! is ep' , r
&'i&*e& %.
Re / 'i & i& p! i&* $!'eri! s# s '#!' '#e re e!se , r i&*
!pi'! &ee s ' e /se i& '#er ! 'i i'ies.
I& e&' r% , r! $!'eri! #!s i& re!se /e ' i& re!ses i& pr / 'i &
#i # s# s i& re!se i& '#e ! /e , I& e&' r%.
Disp!' #i&* , * s & 'i$e #!s re / e '#e !$ /&' , FG
i& e&' r%4 #i # is ! * i& i !'i & , r $!i&'!i&i&* i& e&' r%.
De ' rs #! e e re!se /e ' s/ se7/e&' re! i;!'i &.
Prep!i $is e !&e /s e5pe&ses ere re / e !s & ! i'i &!
e5pe&ses ere i& /rre .
9/rre&' !sse's !re i& re!se % >.>1 /e ' $!i&'!i&i&* #i*#
i& e&' r% i& e&*i&eeri&*4 "' re : R! $!'eri! .
T#e pr / 'i & , P!&' N!*!r /&i' !s 2 >.10 MT & 0 .0 .0
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C#nc!/&i#n
And
Bi !i#g%ap+*
Re$o**e+#a%(o+&M!i&'!i&i&* * re !'i &s i'# s/pp iers ' *e' $!5i$/$ r!
$!'eri! s : !pi'! s '#!' '#e r*!&i;!'i & !& &'i&/e e! i&* i&
,/'/re !s e .
T#e r*!&i;!'i & s'r/ '/re $/s' e , !''ere , r '#e 7/i e& e isi &
$! i&* #i # i res/ ' i& #i*#er pr ,i'! i i'%.
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M!&!*e$e&' , Bri'!&&i! e&s/res '#e e,,i ie&' /se , !ri /s
res /r es : i& re!ses '#e pr / 'i i'% , '#e e&'erprise.
=eepi&* : $!i&'!i&i&* * r i&* & i'i & ' e&s/re ,!ir !*e
, r r er se /ri'% , e$p %$e&'.
9 $p !i&' !& rep ! e '#e e,e 'i e pr / ' i& 'i$e4 '#er ise i' i
'!r&is# '#e i$!*e , '#e $p!&% !$ &* '#e re'!i ers.
T#e $p!&% !& i ersi,% i'se , % /& er'! i&* '#e $!&/,! '/ri&* ,
!ri /s i,,ere&' pr / 's !p!r' ,r $ $!&/,! '/ri&* is /i's !' '#e
R/ r!p/r Br!& #.
T e&s/re '#e pr per 7/! i'% , r! $!'eri! s e, re p ! i&* !& r er
' '#e e& r 'er$s !& & i'i &s , pe&! 'ies s# / e *i e& ' '#e
e& rs i, '#e% s/pp % e,e 'e $!'eri! .
"' r!*e !p! i'% , '#e $p!&% s# / e i& re!se % pr per %
/'i i;i&* '#e !s'e !& , '#e $p!&%.
Co+$l &(o+&
T#is rep r' is # e & '#e !sis , ,i&!& i! !&! %sis. T#e $!i& 3e ' ,
i&* '#is s'/ % is ' !&! %sis '#e & i'i & , r*!&i;!'i &. T#e ' s ,
,i&!& i! !re /se ' ,i& /' '#e s /& &ess , '#e $p!&%.
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I' !& e & / e '#!' i& '#e ,ier e % $pe'i'i e FM9G $!r e' i'#
re*i &! p !%ers s'ri i&* s #!r !' BILs $!r e' s#!re '#e $p!&% #!s & '
$! e !&% $pr $ise i'# 7/! i'%4 s%s'e$s !& pr! 'i es i& spi'e , ,ee i&*
'#e pi& # i& i's pr ,i'! i i'% & ' & % /e ' $pe'i'i & /' ! s e !/se
ei&* !& !*r !se i& /s'r% !& e !/se , '#e se!s &! i'% !&
/&pre i '! i i'% i& '#e ! !i ! i i'% !& pri e , &e , i's $!3 r r! $!'eri!
M!i !.
T#e $p!&% is i&* e i& 'er$s , i's $!r e'i&* !ppr ! # !& '#e
,i&!& i! s , '#e $p!&% see$ ' e #e! '#% !s , & .
B(bl(o.!a"',
Fi&!& i! M!&!*e$e&' "/ #i& r! B#!''
Fi&!& i! M!&!*e$e&' I M P!& e%
.* * e. $
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