Académique Documents
Professionnel Documents
Culture Documents
GHAZIABAD
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ACKNOWLEDGEMENT
On completion of this project, I would like to sincerely thank my guide
Mr. Jagmohan Singh for his guidance and assistance which has been
of immense value to me. Without his support and guidance, this project
would not have been possible
I also wish to thank all my fellow classmates, housemates and friends
who made the long nights in the system labs more appreciable, and to
all the people I met this year for making this year so rewarding.
Finally I am very grateful to my parents for supporting me morally and
financially for this year at IMT, so that I am now able to begin my
professional life in the very best conditions.
EXECUTIVE SUMMARY
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(AKANSHA SAXENA)
In the Year 1958, a visionary Mr. S.L. Minda laid the foundation of Minda
group, He like any other entrepreneur, started small garage kind operation
with only five employees. He started supplying Ammeters to Enfield India
(Motorcycles).
Later, Mr. Nirmal K. Minda expanded the single location &
product to multi locations & products.
Presently Minda Group has following automotive products:
2/3 Wheeler & Off Road Switches
Horns
4W switches
Lighting
CNG/LPG Alternate Fuel Kits
Minda Group is manufacturing world class automotive components with
stringent quality controls and has become the most favored vendor of
automotive components to Indian OEM's.
Minda has developed substantial export market and are supplying
our products to global OEM's & Replacement markets. It has strong presence
in South East Asia, Europe and USA. Minda Group is actively studying other
exports markets for future growth.
In business, many companies spend most of their time concentrating on
increasing their current profits. They try to increase the profits by either
reducing the cost of production or by controlling the expenses of the
company. However, too few companies worry very much about managing
another equally important area, the area of working capital management.
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Working capital, also known as net current assets, is the excess of current
assets over current liabilities. Existence of working capital is imperative in
any firm. A large amount of funds are invested on fixed assets that can be
used at an optimum level only if supported be sufficient working capital. If
the level of working capital required by the firm is not properly maintained
then it results in unnecessary blocking of funds. Insufficient working capital,
on the other hand, put different hindrances in smooth working of the firm.
Therefore, the working capital management needs attention of all the
financial managers.
CONTENTS
Chapter
Page no.
EXECUTIVE SUMMARY
1.
6 - 12
TOPIC
INTRODUCTION
OF
THE
COMPANY
3.
21 - 28
3.1
3.2
3.3
3.4
3.5
3.6
3.7
THE
Working Capital
Working Capital Management
Why Companies Require Working Capital
How to Calculate Working Capital
Information Required while Renewal/Issuance of Working Capital
2.
13 - 20
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
OF
WHAT
MINDS
SAYS
ABOUT
ITSELF
1.1
1.2
1.3
1.4
1.5
INTRODUCTION
4.
29 - 33
4.1
4.2
4.3
4.4
4.5
4.6
METHODOLOGY
5.
34 - 41
5.1
5.2
5.3
5.4
5.5
ANALYSIS
6.
42 - 46
6.1
6.2
6.3
6.4
FINANCIAL
CORPORATE
GOVERNANCE
REPORT
7.
47 - 48
CONCLUSIONS
&
LERANINGS
7.1 Conclusions
7.2 Learning
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BIBLIOGRAPHY
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1.
Working Capital includes the current assets and current liabilities areas of the
balance sheet.
An Example of Working Capital
Imagine that the following figures have been extracted from a company's
balance sheet:
TOTAL CURRENT ASSETS
TOTAL CURRENT LIABILITIES
Stocks
15,000,000
Creditors
2,350,000
Debtors
25,000,000
Cash
2,750,000
Total
Current 42,750,000
Total
Current 2,350,000
Assets
Liabilities
Net Working Capital = Total Current Assets Total Current Liabilities
Net Working Capital = 42,750,000 2,350,000 = 39,750,000
Figures Talk
Certainly, there are stocks but, surely, a company needs stocks if it is
to run its business.
There does not seem to be much cash available so, maybe, the
directors should be considering taking a loan or issuing more shares.
There are creditors, but it does take the accounts department a little
time to process incoming invoices.
Decision Criterion
By definition, working capital management entails short-term decisions
generally, relating to the next one-year periodwhich is "reversible". These
decisions are therefore not taken on the same basis as capital-investment
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Cash management- Identify the cash balance which allows for the
business to meet day to day expenses, but reduces cash holding costs.
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Businesses with a lot of cash sales and few credit sales should have
minimal trade debtors. Supermarkets are good examples of such
businesses;
Some businesses will receive their monies at certain times of the year,
although they may incur expenses throughout the year at a fairly
consistent level. This is often known as seasonality of cash flow. For
example, travel agents have peak sales in the weeks immediately
following Christmas.
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2.
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designs, develops and manufactures switches for 2/3 wheelers and off-road
vehicles. In addition, Minda Industries Limited manufactures batteries for
2/3/4 wheelers and off-road vehicles.
Minda Industries already enjoys more than 70% market share in the 2/3
wheeler segment in India and is amongst the top few globally.
Today, Minda Industries is over Rs. 4.51 billion (USD 111.45 million)
companies and is on a rapid expansion spree. It is geared to take on global
competition and has already made inroads into the ASEAN market. Minda
Industries is on its way to becoming the favoured vendor for 2/3 wheeler
switches globally.
Minda Industries Limited has established 8 state of the art facilities spread
across the length & breadth of India and one in the ASEAN region and
employs more than 2800 people.
Manufacturing varied electrical components and catering to a diversified
group of automakers, Minda Industries, the flagship of the Minda group, is a
good bet in the auto components space. The company produces electric
switches for bikes, three-wheelers and off road vehicles, provides lighting
solutions fabricates auto-gas kits and makes automotive batteries. The group
also makes horns through a separate company, Minda Acoustic, which is in
the process of being amalgamated with Minda Industries.
At a time when the industry is battling a moderation in volumes, a focus on
the faster growing two- and three-wheeler segments and tractors and
presence in the alternative fuel solutions space, which has sizeable aftermarket sales, are positives for the company. The recent market turbulence
has seen the company's share price hit its one-year low. At the current price
of Rs. 179, the stock trades at about 8.5 times its trailing12- month earnings.
While the shares can be bought now, considering the volatile markets and
small cap status of the stock, only those with an appetite for risk and a
perspective of one year or more should invest.
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For April-July 2011, two-wheeler volumes have grown by 16 per cent year on
year. A favorable demographic profile, increasing rural penetration,
replacement demand and a comparatively lower proportion of financed
purchases will continue to drive volume growth in the two-wheeler industry.
Moreover, the greater use of small commercial vehicles for last mile
connectivity under the hub and spoke model and the under-developed nature
of the public transport system also imply good prospects for three-wheeled
goods and passenger carriers. The company's well-entrenched presence in
these segments inspires confidence.
The group, through another private company, Mindarika, manufactures fourwheeler switches and is the largest in the country for the same. This
relationship with passenger car and commercial vehicle makers has helped
Minda Industries increase its content supplied per vehicle through its other
business divisions. Minda Industries offers lighting products such as head and
tail lamps, fog, indicator and high mounted stop lamps to cars, bikes and
tractors. The company has recently set up its own design and R&D center for
lamps. It also makes CNG/LPG kits for cars and three-wheelers, and
automotive batteries.
The batteries division faces stiff competition from bigger organized players
such as Exide and Amara Raja. However, given the rising prices of
conventional fuels such as petrol and diesel and the increased alternative
fuel offerings from manufacturers, what holds promise over the long-term, is
the manufacture of CNG/LPG kits.
The company is already a supplier of factory fitted kits to Maruti, Tata Motors
and Toyota. These kits also fuel Bajaj Auto's three-wheelers. Taking into
account the demand for conversion of existing petrol/diesel vehicles, it has
recently extended this product offering directly to the consumer, through its
authorized centres across Delhi, Haryana, Maharashtra and Gujarat, to begin
with.
A great journey always begins with a single step and MINDA group has come
a long way from a humble beginning in the year 1958 by Shri S.L. MINDA, our
Chairman. He started the garage kind of operations with 5 employees.
Minda Group started with supply of Ammeters to Bullet Motorcycles
manufactured by Enfield India.
The Minda Group has since grown to its present position with varied
product range and an intellectual capital strength of 2300 employees .
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For the quarter ended June 2011, net sales grew by 26 per cent to Rs 240
crore and adjusted net profits, by 21 per cent to Rs 6.4 crore. Cost pressures
eroded EBITDA margins to 9.4 per cent as against 13 per cent in the June
2010 quarter.
Minda Group has been growing with more than 28 % CAGR and projected to
grow at 35 % CAGR in next three years
2.3 BUSINESS UNITS
S L Minda
Chairman
Nirmal K
Minda
MD
Minda TYC
Minda Industries
Ltd.
Automoti
ve Ltd.
Horn
Switch
Division
Division
Horns
Mindarika
Pvt. Ltd.
Minda Impco
Switch Masters
Ltd.
Ltd.
2/ 3 Wheeler
&
Automotive
4 Wheeler
Gaseous
Tractor
Lamps
Switches
Fuel Kits
Switches
Replace
ment
Market
ASEAN
Opera
tions
Minda market for switches has grown beyond Indian markets and it is today
extended to major automobile giants globally and is successfully exporting to
the OEM's like Yamaha, Suzuki, Honda etc. in ASEAN region; Peugeot,
Piaggio, Domino, Sovenei, Cobo, Fiamm etc in European region; Torica in
Japan and Navistar, USA.
Minda Automotive switch business is organized in two different companies:
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Switch Division
MINDA manufacture automotive switches of excellent quality. We design
these switches ergonomically, keeping in mind all the needs of customers.
Minda is now offering off the shelf switches to vehicle manufacturers. Minda
has developed almost complete range of switches for different types of
vehicles, and we are now supplying complete systems e.g. Handle Bar
Assembly to OEMs.
2W/3W and Off Road Vehicles switches - Minda Industries Limited and
4W switches - Minda Rika Pvt Ltd (Joint venture between Minda
Industries Limited and Tokai Rika Ltd., Japan).
Product Range
2/3 wheeler switches
Off Road
Switches
Combination Switches
Light Switches
Starter Switches
Brake Switches
Neutral switches
Modular switches
Lever Holder Assemblies
Blinker Switches
Horn Switches
Fuse Boxes
Brake Switches
Hazard Warning
Switches
Combination
switches
4W Switches
Lever Combination
switches
Power Windows
Switches
Panel Window Switches
Blower & A/c Switches
HVAC Panel Assembly
Head Lamp Leveling
Head Lamp Dimmer
Lever Assy. Control
Mirror, Defogger,
Washer
Lighting Division
MINDA's Lighting Division is part of our flagship company i.e. Minda
Industries Limited. We have entered into a Joint venture with TYC Brother
Industrial Company, Taiwan for lighting products.
Minda was the pioneer company in offering new products in this area e.g.
Safety Triangle, High Mounted Stop Lamp. Minda has developed almost
complete range of lighting solutions for different types of vehicles i.e. 2/3
Wheelers, 4 Wheelers and Tractors.
Minda's market for its lighting
products has grown beyond the Indian market and presently we are
exporting to Asean countries and Europe.
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Product Range
Automotive Lighting
Tail Lamps
Interior Lamps
Fog Lamps
Warning Triangle
Blinkers
High Mount Lamps
License Plate
Plough Lamps
Lamps
Head Lamps
Baggage Lamps
Horn Division
Minda Industries Limited, the flagship company of our Group has a large and
well established Automotive Horns Division.
MINDA
is a leading
supplier
of
Automotive Horns to Indian OEMs.
Minda horns have taken the leadership position because of their high
technology, durability and competitive pricing.
Company has also planned for Leadership in Asia and Global
Leadership in 2 Wheelers horns by 2007-08. We have technical agreement
with Fiamm, Italy and this has brought us in contact with World-class
practices of our partner.
Company has introduced Dia65 horn to meet customer's expectations. We
have established semi automatic Dia 70 (K 70) horn line with online testing,
which include automatic testing of sound quality, purity and frequency.
Company has some of the most advance development and test facilities in
our factory in Delhi. We have full-fledged acoustic tunnel, endurance test
facilities, weather ability test facilities etc., some of our R&D and test
capabilities are listed as follows:
Acoustic Spectrum Analyser with 2-meter anechoic tunnel.
Endurance chamber (for 24 horns) with programmable facility.
Resonance Frequency Tester.
Octave Band Analyser.
Sound level meters.
All type testing chambers of MINDA central lab.
Horn leakage testing system.
Horn waterproof testing system
2.5 COMPETITORS
Lamps
Autolite (India) Limited
Fiem Industries Limited
India Japan Lighting Limited
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Switch
Jay Ushin Limited
Lucas TVS limited
Sandhar Locking Devices Limited
Shutham Electric Limited
Premier Instruments & Controls Limited
Clutch Auto
Horns
Lucas TVS Limited
Nikko
Padmini Engineering Private Limited
Roots Industries Limited
Name of the
Company
Products
Mindarika Pvt.
Automotive
Ltd.
Switches
Minda Industries Automotive Horns
Ltd.
Minda Impco Ltd. Gaseous Fuel Kits
& Minda Impco
Tech. Ltd.
Minda TYC
Automotive Lamps
Automotive Ltd
2.7 MILESTONES
1958
Started with Ammeter production at Delhi with five
employees.
1980
Lighting division started at Delhi.
1987
Formation of Minda Switch Auto Ltd. at Noida.
1990
Collaboration with Zadi, Italy.
1991
First T.A.A with Tokai Rika, Japan for OPS & Other switches
1992
Incorporated as Public Limited Company.
1993
Horn division started at Delhi.
1994
Joint Venture with Tokairika & Sumitomo Corporation, Japan.
1996
A with Shinchang Electri Co., Korea, for combination switches.
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2.6 COLLABORATIONS
S.
Name of the
Type of
N
Collaborator
Collaboration
o.
1 Tokairika Co. Ltd,
Joint Venture
Japan
2
Fiamm, Italy
Technical
Assistance
3
Impco
Joint Venture
Technologies Inc.,
USA
4
TYC Brother
Technical
Industrial Co. Ltd,
Assistance
Taiwan
1996
1995
1996
1997
1998
1997
1998
1999
2000
2001
2001
2001
2001
2002
2001
2001
2003
2004
The Gold Award won by the Switch Division, Pune in Pune Divisional
Productivity Council competition held in December, 2010.
The Gold Award was won by Lighting Division, Manesar in QCFI held
in September, 2010.
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3.
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Mission
Core
Values
Passion for Excellence
Nurture Talent, Competency & Willingness
Respect & Humility
Core Purpose
To be a happy, inspiring and proud place to work, setting benchmarks and
delivering products that give customers an edge in their businesses
3.2 FLAGSHIPS COMPANY OF MINDA INDUSTRIES
Minda Corporation Limited
Minda Corporation is the flagship Company of Spark Minda, Ashok Minda
Group. The Company is a diversified Automotive Components manufacturing
company with a product portfolio encompassing Mechanical & Electronic
Security Systems, Door Systems, and Electronic Controllers for Electric
Vehicles and Plastic Interiors for OEMs and After-markets across the globe.
The Company is one of the largest suppliers of Electronic & Mechanical
Security Systems for 2 wheeler, 3 wheeler and off-road vehicles to Indian
OEMs and exports about 20% of its products to USA, Europe and ASEAN
countries. Headquartered at Noida (UP), India, Minda Corporation is the
erstwhile Joint Venture with Huf Hlsbeck & Frst GmbH & Co. KG, Germany.
Minda Sai Limited
Minda Sai Limited (MSL) is one of the leading manufacturers of wide range of
Wiring Harnesses, Wiring Sets, Connectors, and Terminals & Wires. Located
at Noida (UP), India, MSL also provides solutions to all the verticals of
automotive world.
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Ensuing consolidation would also power our long term aim of emerging as
one of the largest multinational players in automotive components business.
After completing the ensuing consolidation exercise, Minda Corporation aims
to offer share owning opportunities to a wider base of investors including the
retail ones through an initial public offer in due course.
Two most critical changes that are bound to transform the Global Automobile
scenario by the turn of this decade would include the emergence of new
countries such as India as the global manufacturing hub and the fast-paced
development and widespread adoption of future automobiles compact cars,
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the children with a right mix of modern outlook based on Indian culture and
values.
S L Minda Sports Academy
Established in 2011, the Academy promotes sports activities in the rural
areas of District Hisar, Haryana. The aim of the Sports Academy is to nurture
sports, the spirit of sportsmanship and to achieve excellence in sports like
Athletics, Volleyball, Basketball, Table Tennis, Taekwondo and more. Students
of Sports Academy have already shown some remarkable results by
participating in District and National level competitions.
Minda Sanjivani Kendra
It is a medical and healthcare project that aims to provide healthcare
facilities especially to women and children in the rural areas of the Adampur
Block of Hisar District, Haryana. The medical centre aims to provide
specialized medical facilities to expecting mothers and infants.
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METHODOLOGY
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4.
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we are studying on just one single point and that is Calculation and
procedure of Working Capital Requirement. In case, we are studying
the trend of two different, then this kind of study would be suitable.
(D) Causal research
It aims to suggest casual linkages between variables by observing existing
phenomena and then searching back through available data in order to try to
identify plausible casual relationships. For example, a study of factors related
to student drop out from secondary school using data obtained from school
records over the past decade. (Postlethwaite, 2005)
Our study does not satisfy this kind of research methodology
because, this study is completely depended on the factual data and
theories, and casual method simply solves the problems which have
been already almost solved. It means, this method is suitable when
you already know the results but you simply need any fact to
support that.
(E) Experimental research
It is used in settings where variables defining one or more causes can be
manipulated in a systematic fashion in order to discern effects on other
variables. For Example, an investigation of the effectiveness of two new
textbooks using random assignment of teachers and students of three
groups two groups for each of the new textbooks, and one group as a
control group to use the existing textbook. (Postlethwaite, 2005)
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Case study research more over focus on the past data and past
information, where we study a case, which is almost similar to our
current problem or study so, as such we are not dealing with such
kind of study or case, we are collecting desecrated information from
different places and gathering at one common place to come out on
one judgment.
(G) Ethnographic research
It usually consists of a description of events that occur within the life of a
group with particular reference to the interaction of individuals in the
context of socio cultural norms, rituals and beliefs shared by the group. The
researcher generally participates in some part of the normal life of the group
and uses what he or she learns from his participation to understand the
interactions between group members. For example, a detailed account of the
daily tasks and interactions encountered by a school principal using
observations gathered by a researcher who is placed in the position of
Principals Assistant in order to become fully involved in the daily life of the
school. (Postlethwaite, 2005)
This type of method suffices the kind the research which is not
based on data and facts but on the social and cultural behavior of
the people. For example to understand the customers purchasing
behavior etc, so, our study does not suit this method.
(H) Research and development research
It differs from the above types of research in that, rather than bringing new
information to light, it focuses on the interaction between research and the
production and evaluation of a new product. This type of research can be
formative. For example, an investigation of teachers reactions to the
various drafts and redrafts of a new mathematics teaching kit, with the
information gathered at each stage being used to improve each stage of the
drafting process. Alternatively, it can be used summative. For example, a
comparison of the mathematics achievements of student exposed to anew
mathematics teaching kit in comparison with students exposed to the
established mathematics curriculum. (Postlethwaite, 2005)
So, finally, from all the above mentioned research methodology, we reached
on the point that, the current study Preparation of Working Capital
Renewal of Application for MINDA INDUSTRIES LTD through CANARA
BANK satisfy the Descriptive Research Method & Historical Research
Method. Because, here we are suppose to deal with the information and
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Well, this kind of method itself defines that it is not suitable for our
study, which we are doing.
data which is based on the past facts and figures and at the same moment
current judgment and studies.
4.6 RESEARCH DESIGN
Phase I- Exploratory work
Exploratory information has been collected from the interviews of the various
senior officials related to MINDA Industries.
5.
FINANCIAL ANALYSIS
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AS ON 31
MAR 12
Shareholders' Funds
Share Capital
Reserve & Surplus
Minority Interest
Non Current Liabilities
Long-Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
1,936.54
28,945.54
30,882.08
1,233.04
1,936.54
26,679.31
28,615.85
1,147.85
8,869.67
742.11
1,767.47
6,612.23
56.62
60.38
1,570.86
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Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
12,612.29
9,447.94
8,083.14
21,638.51
6,226.57
1,114.37
9,378.44
17,729.87
5,517.15
988.12
37,062.59
80,556.96
33,613.58
71,677.37
36,042.67
43.20
140.70
-
27,874.59
97.33
-
36,226.57
27,971.92
2,180.97
2,237.49
445.09
4,863.55
2,171.71
2,164.52
152.81
4,489.04
8,949.03
21,726.45
3,852.74
4,658.19
280.43
39,466.84
109.46
8,081.31
19,626.03
6,657.15
4,462.70
279.76
39,216.41
80,556.96
71,677.37
ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Defferred Tax (Assets)
Intangible Assets Under Development
Non Current Assets
Non Current Investments
Long Term Loans & Advances
Other Non Current Assets
Current Assets
Current Investments
Inventories
Trade Receivables
Cash & Bank Balances
Short Term Loans & Advances
Other Current Assets
1,32,838.92
1,201.28
1,34,040.20
1,16,617.39
1,303.23
1,17,920.62
94,935.15
253.48
(1,122.10)
14,392.72
4,627.31
16,235.33
79,676.18
782.31
819.82
13,432.33
4,017.72
15,623.88
1,29,321.89
1,14,352.24
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4,718.31
1,098.21
1,906.43
19.83
3,568.38
1,633.78
1,978.08
(768.46)
3,929.92
2,455.62
1,232.55
(196.87)
63.38
777.23
(745.99)
-
2,830.86
2,424.38
(66.96)
57.92
422.58
22.15
2,821.82
2,869.11
17.71
18.01
The ideal current ratio is suppose to be 2:1, because, it shows that company
can easily pay off the liabilities and as well as manage the current
requirement of business. But as the account shows that the Current Ratio for
FY 2012 is Rs. 1.17 & Current Ratio for FY 2013 is Rs. 1.06. It shows that, the
company need to work a lot to maintain the decent Current Ratio, although,
in last Financial Year, the ratio was somewhere better than the current
financial year.
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Capital
[39,466.84
The Total Working Capital Requirement for the coming financial year will be =
17,826.98. It means the company requires approx working capital for coming
financial year is Rs. 179 Crore. Now, the company itself has to decide based
upon the company's improving financial conditions and will approach bank to
renew the Working Capital.
5.5 OTHER FINANCIAL HIGHLIGHTS
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Turnover
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EBIDTA
Net Worth
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Net Profit
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CORPORATE GOVERNANCE
ANALYSIS
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6.
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In our opinion and to the best of our information and according to the
explanations given to us and the representation made by the Directors and
the management, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in the above-mentioned
Listing Agreement.
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The RBI i.e. Reserve Bank of India is the apex bank which governs and
regulates the flow of credit and formulates policies in this regard. It issues
various directions to the scheduled banks to implement the policies and
guidelines issued from time to time.
To exercise greater control on relatively large borrowers, CMA was introduced
in 1988. The RBI undertakes the role of scrutinizer of the proposals, after
sanction by the respective banks. The proposals may relate to sanction of
the term loan and the working capital facilities beyond a certain limit.
Features of CMA
As per provisions of the CMA, the banks could sanction the limits to the
borrowers without the prior approval of the RBI. In case, the borrower
enjoyed the fund based facilities of Rs. 10 crores and above, the case
will have to be reported to the RBI for the purpose of scrutiny.
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The bank will not finance the net working capital requirement to the extent
of 100% of the net current assets. Some amount of the assets is put in by the
company and the rest of the amount is financed by the bank. The balance
amount that is brought in by the company or the promoters is known as
margin money for the working capital.
Opportunity
EAN
China
Off Road
Europe & global after market
Threats
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Weakness
Inconsistent quality
Supplier base
Product reliability
OEMs perception of Minda prices being high
7.
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7.1 CONCLUSIONS
The best Debt Equity Ratio is 1:1 but the ratio with 2:1 can also be
digested but if the ratio goes over it then the financial conditions
shows that, company is having more debt than its own capital. It
means the company is more dependent on outsider's amount rather
than its own fund. Company needs to again restructure the financial
health, because, the company is completely dripped into debts.
The stock turnover ratio is 2.27 times. It means that, the company's
stock turnover is good but the establishment of Debtor realization is
may not be proper that's why the company may not be having good
Current Ratio & Dent Equity Ratio.
The Total Working Capital Requirement for the coming financial year
will be = 17,826.98. It means the company requires approx working
capital for coming financial year is Rs. 179 Crore. Now, the company
itself has to decide based upon the company's improving financial
conditions and will approach bank to renew the Working Capital.
7.2 LEARNINGS
One cannot do well in the business environment until he is well versed in
theoretical concepts. But to make it more significant and impressive it has to
be coupled with practical work experience. The basic purpose of summer
training is to gain an insight into the business world and to see how well we
can relate our theoretical knowledge with the business realities.
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Summer training was a learning experience for me. During the training I
came to know how work is actually carried out in the corporate. It gives me
opportunity to relate my theoretical knowledge of not only finance but other
subjects as well.
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BIBLIOGRAPHY
Books
Phawa HP, (2011), "Bank Finance to Business and Industry", Page no
158: 175, Module II, McGraw Hills
ET-500, (Sept 2012), "The Changing Face of India Inc." Page no 15: 85
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Webliography
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Certificate
TO WHOMSOEVER IT MAY CONCERN
This is to certify that Ms Akansha Saxena, a student of IMT
GHAZIABAD has completed project work on PREPERATION OF
WORKING CAPITAL RENEWAL OF APPLICATION OF MINDA
INDUSTRIES LTD. THROUGH BANK under my guidance and
supervision.
I certify that this is an original work and has not been copied from
any source.
Jagmohan Singh
Date:
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Sign: