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1. Working Capital Management PROJECT REPORT April 2007 - June 2007 Submitted in partial fulfillment of the requirements for the award of two year full time, Masters in Business Administration By Sony Mathew (Amrita School of Business) Under the guidance ofMs. Sunanda Muralidharan Mr. Pradeep Kumar BalAssociate Professor (Finance) Senior Manager, Business Analysis Amrita School of Business Flat Products, Tata Steel Ettimadai. Jamshedpur. Amrita School of Business Amrita Vishwa Vidyapeetham Ettimadai, Coimbatore - 641 105 2. Summer Project-2007 Working Capital Management Declaration I hereby declare that the project entitled Working Capital Management is submitted in partial fulfillment of my MBA Degree 2006-2008 was carried out with sincere intention of benefiting the organization. The project duration was from 23rd April 2007 to 23rd June 2007. To the best of my knowledge it is an original piece of work done by me and it has neither been submitted to any other organization nor published at anywhere before. Name: Sony Mathew Date: 23 rd June 2007 Signature Place: TATA STEEL (Jamshedpur)Amrita School of Business 3. Summer Project-2007 Working Capital Management Acknowledgement Whatever we do and whatever we achieve during the course of our limited life is just not done only by our own efforts, but by efforts contributed by other people associated with us indirectly or directly. I thank all those people who contributed to this from the very beginning till its successful end. I sincerely thank Mr. Pradeep Kumar Bal (Senior Manager, Business Analysis, FP), person of amiable personality, for assigning such a challenging project work which has enriched my work experience and getting me acclimatized in a fit and final working ambience in the premises of Flat Product Business Centre (TATA STEEL). I acknowledge my gratitude to Ms. Sunanda Muralidharan (Associate Professor, Amrita School of Business), for her extended guidance, encouragement, support and reviews without whom this project would not have been a success. Last but not the least I would like to extend my thanks to all the employees at Flat Product department and my friends for their cooperation, valuable information and feedback during my project.Amrita School of Business ii 4. Summer Project-2007 Working Capital Management Executive Summary The project on Working Capital Management has been a very good experience. Every manufacturing company faces the problem of Working Capital Management in their day to day processes. An organizations cost can be reduced and the profit can be increased only if it is able to manage its Working Capital efficiently. At the same time the company can provide customer satisfaction and hence can improve their overall productivity and profitability.

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This project is a sincere effort to study and analyze the Working Capital Management of TATA Steel and also emphasis to Flat Product Profit Centre of TATA Steel. The project work was divided into two phases. The first phase was focused on making a financial overview of the company by conducting a Time series analysis of TATA Steel for the years 2002 to 2006 and a Comparative analysis of TATA Steel with its domestic competitors SAIL, Jindal, Essar & Ispat for the year 2006 in a cma(cash monitoring arrangement) format emphasizing on Working Capital. The second phase was aimed at making a revised Working Capital projection for the Flat Products Profit Centre (FPPC) for the year 2007-08 preceded by conducting an operational overview, study of the valuation and controlling techniques and study of the credit sales policy of Flat Products Profit Centre of TATA Steel. The internship is a bridge between the institute and the organization. This made me to be involved in a project that helped me to employ my theoretical knowledge about the myriad and fascinating facets of finance. And in the process I could contribute substantially to the organizations growth. The experience that I gathered over the past two months has certainly provided the orientation, which I believe will help me in shouldering any responsibility in future.Amrita School of Business iii 5. Summer Project-2007 Working Capital Management Table of Contents1. ABOUT THE COMPANY 3 1.1. Company Profile 3 1.2. Flat Products 42. WORKING CAPITAL MANAGEMENT 5 2.1. Introduction 5 2.2. Working Capital Analysis 6 2.3. Nature and Importance of Working Capital 6 2.4. The Importance of Good Working Capital Management 7 2.5. Working Capital Cycle 83. TIME SERIES ANALYSIS OF TATA STEEL FOR 2002-06 10 3.1. Working Capital Cycle 11 3.2. Holding Norms 12 3.3. Contribution to Current Assets 13 3.4. Schedule of Changes in Working Capital 14 3.5. Assessment of Working Capital Requirements 16 3.6. Funds Flow Analysis 16 3.7. Percentage Analysis of Different Cost Components Vis--Vis Net Sales 18 3.8. Profitability Analysis (As % of net sales) 18 3.9. Tax and Dividend Analysis (%) 19 3.10. Liquidity Ratios 204. COMPARATIVE ANALYSIS OF TATA STEEL WITH SAIL, JSW, ESSAR & ISPAT 21 4.1. Working Capital Cycle 22Amrita School of Business 1

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6. Summer Project-2007 Working Capital Management 4.2. Holding Norms 23 4.3. Contribution to Current Assets 24 4.4. Assessment of Working Capital Requirements 25 4.5. Percentage Analysis of Different Cost Components vis-vis Net Sales 26 4.6. Profitability Analysis (As % of net sales) 26 4.7. Tax and Dividend Analysis (%) 27 4.8. Liquidity Ratios 285. FLAT PRODUCT PROFIT CENTRE (FPPC) 29 5.1. Operational Overview of FPPC 29 5.2. Valuation and Controlling techniques 30 5.3. Credit Sales Policy for Flat Products 30 5.4. Gross Working Capital Projection for FPPC 326. RECOMMENDATIONS 337. ANNEXURE 358. REFERENCES 36Amrita School of Business 2 7. Summer Project-2007 Working Capital Management 1. ABOUT THE COMPANY1.1 Company Profile Established in 1907, Tata Steel is Asias first and Indias largest private sector steel company.Tata Steel is among the lowest cost producers of steel in the world and one of the few select steelcompanies in the world that is EVA+ (Economic Value Added). Its captive raw material

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resources and the state-of-the-art 4.9 mtpa (million tonne per annum)plant at Jamshedpur, in Jharkhand State, India gives it a competitive edge. With the acquisition ofCorus, Tata steel has become the fifth largest steel maker in the world. Soon the Jamshedpur plantwill expand its capacity from 4.9 mtpa to 7 mtpa by 2008. The Company plans to further enhance itscapacity, manifold through organic growth and investments. Its associated / subsidiaries constitutesabout 24 mtpa making its total capacity about 29mtpa which is the fifth largest in the world. Out ofthis the steel business comprising of Flat Products, Long Products, RM Division, CSI Division,Shared Services constitutes 85% of its business. The rest comprising of Tubes, Bearings, AgricoProducts constitutes the rest 15% business.Company in Observation: TATA STEELThe products of TATA STEEL can be broadly categorized into the following categories: Flat Products. Long Products.Amrita School of Business 3 8. Summer Project-2007 Working Capital Management1.2 Flat Products In keeping with the companys commitment to redefine the future of Indian Steel, the Flatproducts business group at Tata Steel, today, is the countrys largest manufacturer of world classsteel products. With a stretched capacity of 2.5 million metric tonne of Hot Rolled, Cold rolled &Coated Products, Flat Products business group produces approx. 65% of total saleable steel. Tata Steels products include hot and cold rolled coils and sheets, galvanised sheets, tubes,wire rods, construction rebars, rings and bearings. In an attempt to decommoditise steel, thecompany has introduced brands like Tata Steelium (the worlds first branded Cold Rolled Steel),Tata Shaktee (Galvanised Corrugated Sheets), Tata Tiscon (re-bars), Tata Bearings, Tata Agrico(hand tools and implements), Tata Wiron (galvanised wire products), Tata Pipes (pipes forconstruction) and Tata Structura (contemporary construction material). The company has launchedthe Customer Value Management initiative with the objective of creating complete understanding ofcustomer problems and finding solutions jointly. The companys Retail Value Managementaddresses the needs of distributors, retailers and end consumers. The company has also launchedIndias first steel retail store steel junction for making steel shopping a happy and memorableexperience.Amrita School of Business 4 9. Summer Project-2007 Working Capital Management 2. WORKING CAPITAL MANAGEMENT2.1 Introduction A managerial accounting strategy focusing on maintaining efficient levels of bothcomponents of working capital, current assets and current liabilities, in respect to each other isreferred to as working capital management. Working capital management ensures a company hassufficient cash flow in order to meet its short-term debt obligations and operating expenses.Implementing an effective working capital management system is an excellent way for manycompanies to improve their earnings. The two main aspects of working capital management are ratioanalysis and management of individual components of working capital. Ratio analysis will leadmanagement to identify areas of focus such as inventory management, cash management, accountsreceivable and payable management. The study objectives in working capital management particular to this study are: To examine the impact of accounts receivables days, inventories days, accounts

payable days and cash conversion cycle on return on total assets To analyze the trend in working capital needs of firms and to examine the causes for any significant differences between the industriesWorking Capital Components The term working capital refers to the amount of capital which is readily available to anorganization. It is a measure of both a companys efficiency and its short-term financial health. Thatis, working capital is the difference between resources in cash or readily convertible into cash(Current Assets) and organizational commitments for which cash will soon be required (CurrentLiabilities). Current Assets are resources which are in cash or will soon be converted into cash inthe ordinary course of business. Current Liabilities are commitments which will soon require cashsettlement in the ordinary course of business.The working capital is calculated as:WORKING CAPITAL = CURRENT ASSETS-CURRENT LIABILITIESAmrita School of Business 5 10. Summer Project-2007 Working Capital Management Positive working capital means that the company is able to pay off its short-term liabilities.Negative working capital means that a company currently is unable to meet its short-term liabilitieswith its current assets (cash, accounts receivable, inventory). If a companys current assets do notexceed its current liabilities, then it may run into trouble paying back creditors in the short term. Theworst-case scenario is bankruptcy. A declining working capital ratio over a longer time period couldalso be a red flag that warrants further analysis. Working capital also gives investors an idea of thecompanys underlying operational efficiency. Money that is tied up in inventory or money thatcustomers still owe to the company cannot be used to pay off any of the companys obligations. So,even if a company is not operating in the most efficient manner (slow collection), it will show up asan increase in the working capital. This can be seen by comparing the working capital from oneperiod to another; slow collection may signal an underlying problem in the companys operations.2.2 Working Capital AnalysisThe major components of gross working capital include stocks (raw materials, work-in-progress andfinished goods), debtors, cash and bank balances. The composition of working capital depends on amultiple of factors, such as operating level, level of operational efficiency, inventory policies, bookdebt policies, technology used and nature of the industry. While inter- industry variation is expectedto be high, the degree of variation is expected to be low for firms within the industry.2.3 Nature and Importance of Working Capital The working capital meets the short-term financial requirements of a business enterprise. It isa trading capital, not retained in the business in a particular form for longer than a year. The moneyAmrita School of Business 6 11. Summer Project-2007 Working Capital Managementinvested in it changes form and substance during the normal course of business operations. If itbecomes weak, the business can hardly prosper and survive. The success of a firm dependsultimately, on its ability to generate cash receipts in excess of disbursements. On the one hand,working capital is always significant. This is especially true from the lenders or creditorsperspective, where the main concern is defensiveness: can the company meet its short-termobligations, such as paying vendor bills?But from the perspective of equity valuation and

the companys growth prospects, working capital ismore critical to some businesses than to others. At the risk of oversimplifying, we could say that themodels of these businesses are asset or capital intensive rather than service or people intensive.2.4 The Importance of Good Working Capital Management Working capital constitutes part of the Crowns investment in a department. Associated withthis is an opportunity cost to the Crown. (Money invested in one area may cost opportunities forinvestment in other areas.) If a department is operating with more working capital than is necessary,this over-investment represents an unnecessary cost to the Crown.From a departments point of view, excess working capital means operating inefficiencies. Inaddition, unnecessary working capital increases the amount of the capital charges.The Management of Working Capital The amounts invested in working capital are often high in proportion to the total assetsemployed and so it is vital that these amounts are used in an efficient and effective way. A firm canbe very profitable, but if this is not translated into cash from operations within the same operatingcycle, the firm would need to borrow to support its continued working capital needs. Thus, the twinobjectives of profitability and liquidity must be synchronized and one should not impinge on theother for long. Investments in current assets are inevitable to ensure delivery of goods or services tothe ultimate customers and a proper management of same should give the desired impact on eitherprofitability or liquidity. If resources are blocked at different stages of the supply chain, this willprolong the cash operating cycle. Although this might increase profitability (due to increase sales), itmay also adversely affect the profitability if the costs tied up in working capital exceed the benefitsof holding more inventory and/or granting more trade credit to customers. Another component ofworking capital is accounts payable, but it is different in the sense that it does not consumeAmrita School of Business 7 12. Summer Project-2007 Working Capital Managementresources; instead it is often used as a short term source of finance. Thus it helps firms to reduce itscash operating cycle, but it has an implicit cost where discount is offered for early settlement ofinvoices.Approaches to Working Capital Management The objective of working capital management is to maintain the optimum balance of each ofthe working capital components. This includes making sure that funds are held as cash in bankdeposits for as long as and in the largest amounts possible, thereby maximizing the interest earned.However, such cash may more appropriately be invested in other assets or in reducing otherliabilities.Working capital management takes place on two levels: Ratio analysis can be used to monitor overall trends in working capital and to identify areas requiring closer management. The individual components of working capital can be effectively managed by using various techniques and strategies. When considering these techniques and strategies, departments need to recognize that eachdepartment has a unique mix of working capital components. The emphasis that needs to be placedon each component varies according to department. For example, some departments have significantinventory levels; others have little if any inventory.Furthermore, working capital management is not an end in itself. It is an integral part of thedepartments overall management. The needs of efficient working capital

management must beconsidered in relation to other aspects of the departments financial and non-financial performance.2.5 Working Capital Cycle Working capital cycle, also known as the asset conversion cycle, operating cycle, cashconversion cycle or just cash cycle, is used in the financial analysis of a business. The higher thenumber, the longer a firms money is tied up in business operations and unavailable for otheractivities such as investing. The cash conversion cycle is the number of days between paying for rawmaterials and receiving cash from selling goods made from that raw material.Amrita School of Business 8 13. Summer Project-2007 Working Capital Management Cash Conversion Cycle = Average Stockholding Period (in days) + Average Receivables Processing Period (in days) - Average Payables Processing Period (in days) with: Average Stockholding Period (in days) = Closing Stock / Average Daily Purchases Average Receivables Processing Period (in days) = Accounts Receivable / Average Daily Credit Sales Average Payable Processing Period (in days) = Accounts Payable / Average Daily Credit Purchases A short cash conversion cycle indicates good working capital management. Conversely, along cash conversion cycle suggests that capital is tied up while the business waits for customers topay. The longer the production process, the more cash the firm must keep tied up in inventories.Similarly, the longer it takes customers to pay their bills, the higher the value of accounts receivable.On the other hand, if a firm can delay paying for its own materials, it may reduce the amount of cashit needs. In other words, accounts payable reduce net working capital.Amrita School of Business 9 14. Summer Project-2007 Working Capital Management 3. TIME SERIES ANALYSISProfit & Loss A/C *Rs in Crores 2001-02 2002-03 2003-04 2004-05 2005-06Net Sales 6697.49 8721.32 10702.39 14493.16 15135.41Cost of Production 5028.23 5877.12 6726.15 7746.20 8193.60Cost of Goods Sold 5046.55 5749.53 6662.12 7479.79 8080.20Operating Profit beforeInterest 833.24 1999.50 2984.80 5709.32 5701.50Operating Profit afterInterest 430.09 1657.09 2757.68 5480.52 5533.06Profit/ (Loss) before Tax 206.95 1292.67 2492.47 5092.46 5127.34Profit/ (Loss) after Tax 191.45 1030.79 1572.47 3258.80 3521.34Dividend Payout / Drawing 147.11 295.19 368.98 719.51 719.51Retained Profit 44.34 735.60 1203.49 2539.29 2801.83Balance Sheet *Rs in Crores 2001-02 2002-03 2003-04 2004-05 2005-06Total Current Liabilities 2999.03 4134.60 4278.43 5214.25 5197.43Total Term Liabilities 4705.48 4225.61 3382.21 2739.70 2516.15Total Net Worth 3445.96 3186.02 4515.86 7059.92 9755.30Total Liabilities 12540.82 12386.45 13016.46 15843.29 18425.88Total Current Assets 3095.39 3648.10 2808.52 4083.58 4237.60Total Non-Current Assets 1242.89 1395.63 2957.76 4305.31 5227.69Total Intangible Assets 988.99 0.00 155.97 214.82 253.27Net Block 7213.55 7342.72 7094.21 7239.58 8707.32Total Assets 12540.82 12386.45 13016.46 15843.29 18425.88Amrita School of Business 10 15. Summer Project-2007 Working Capital Management3.1 Working Capital CycleGWC CYCLE = (Inventory Period + Receivables Period)NWC CYCLE = (Inventory Period + Receivables Period - Payables Period) 2001-02 2002-03 2003-04 2004-05 2005-06A Inventory PeriodA1. Raw Material Conversion Perioda) Raw Material consumption 1,400.61 1,749.97 2,245.42 3,020.42

3,024.38b) Raw Material cons. per day 3.84 4.79 6.15 8.28 8.29c) Raw Material inventory 212.15 262.30 292.82 603.70 707.54d) Raw Material inv. holding days 55.29 54.71 47.60 72.95 85.39A2. Work In Process Conversion Perioda) Cost of production 5,028.23 5,877.12 6,726.15 7,746.20 8,193.60b) Cost of production per day 13.78 16.10 18.43 21.22 22.45c) Work In process inventory 36.25 14.65 9.28 32.42 23.93d) Work In process holding days 2.63 0.91 0.50 1.53 1.07A3. Finished Goods Conversion Perioda) Cost of goods sold 5,046.55 5,749.53 6,662.12 7,479.79 8,080.20b) Cost of goods sold per day 13.83 15.75 18.25 20.49 22.14c) Finished goods inventory 429.19 556.78 620.81 887.22 1,000.62d) Finished goods inv. holding days 31.04 35.35 34.01 43.29 45.20Total inventory holding days (A1+A2+A3) 88.96 90.97 82.11 117.78 131.66B Receivables Perioda) Credit Sales 6,697.49 8,721.32 10,702.39 14,493.16 15,135.41b) Sales per day 18.35 23.89 29.32 39.71 41.47c) Debtors 1,073.66 958.47 651.30 581.82 539.40d) Debtors outstanding days 58.51 40.11 22.21 14.65 13.01C Payables PeriodAmrita School of Business 11 16. Summer Project-2007 Working Capital Managementa) Credit purchases 5,046.55 5,749.53 6,662.12 7,479.79 8,080.20b) Purchase per day 13.83 15.75 18.25 20.49 22.14c) Creditors 1,497.89 1,731.17 1,983.60 2,319.96 2,534.03d) Creditors outstanding days 108.34 109.90 108.68 113.21 114.47GROSS WC CYCLE (A+B) 147.47 131.08 104.33 132.43 144.66NET WC CYCLE (A+B-C) 39.13 21.18 -4.35 19.22 30.203.2 Holding Norms 2001-02 2002-03 2003-04 2004-05 2005-06Raw Material-Days 55.29 54.71 47.60 72.95 85.39Stores & Spares-Days 316.50 227.96 248.92 205.06 219.01Stocks in Process-Days 2.63 0.91 0.50 1.53 1.07Finished Goods-Days 31.04 35.35 34.01 43.29 45.20Receivables-Days 58.51 40.11 22.21 14.65 13.01Payables-Days 108.34 109.90 108.68 113.21 114.47 Holding Norms 700.00 600.00 39 500.00 21 30 -4 19 400.00 300.00 200.00 100.00 0.00 2002 2003 2004 2005 2006 Raw Material Stores and Spares Stocks In Process Finished Goods Receivables Payables-DaysAmrita School of Business 12 17. Summer Project-2007 Working Capital Management Raw material holding period has increased by 55% while there has been an efficient Management in the stocks in process and stores & spares holding period this is depicted by a decrease of 60% and 30% in the holding days respectively The credit receivables period has also been brought down considerably by about 77% which shows the efficiency of the debtors management. The payables period has also been stretched alongside.3.3 Contribution To Current Assets 2001-02 2002-03 2003-04 2004-05 2005-06Raw Material to Current Assets 0.07 0.07 0.10 0.15 0.17Stores and Spares to Current Assets 0.11 0.09 0.12 0.09 0.10Work In Process to Current Assets 0.01 0.00 0.00 0.01 0.01Finished Goods Inventory to Current Assets 0.14 0.15 0.22 0.22 0.24Total Inventory to Current Assets 0.33 0.32 0.44 0.46 0.51Debtors to Current Assets 0.35 0.26 0.23 0.14 0.13 Contribution to Current Assets 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2002 2003 2004 2005 2006 Raw Material Stores & Spares Work In Process Finished Goods Debtors Considerable increase in finished goods inventory over the years Debtors have been highly reduced over the yearsAmrita School of Business 13 18. Summer Project-2007 Working Capital Management3.4 Schedule of Changes in Working CapitalWorking Capital for 2002-2006Current

AssetsShort term inv. in Govt./Trust Sec. 169.47 164.54 187.42 299.71 337.83Fixed Deposit with Banks 11.00 152.10 0.20 0.04 0.04Receivables 1073.66 958.47 651.30 581.82 539.40Raw Materials 212.15 262.30 292.82 603.70 707.54Cons. Stores & Spares 344.00 319.22 326.17 349.06 442.66Stocks in Process 36.25 14.65 9.28 32.42 23.93Finished Goods 429.19 556.78 620.81 887.22 1000.62Advances to Suppliers 0.00 0.00 0.00 0.00 0.00Advance Payment of Tax 187.67 425.66 39.83 44.02 75.02Other Current Assets (incld. cash) 632.00 794.38 680.69 1285.59 1110.56Total Current Assets 3095.39 3648.10 2808.52 4083.58 4237.60Current LiabilitiesTrade Creditors 1497.89 1731.17 1983.60 2319.96 2534.03Advance Payments Received 83.01 95.74 133.59 199.51 185.07Prov. for Tax 174.84 476.16 131.38 283.88 252.41Dividend Payable 147.11 295.19 368.98 719.51 719.51Other Statutory Liabilities 0.00 0.00 0.00 0.00 0.00T.L./Deb. instalments duewithin a year 0.00 0.00 0.00 0.00 0.00Other C.L & Provisions 1096.18 1536.34 1660.88 1691.39 1506.41Total Current Liabilities 2999.03 4134.60 4278.43 5214.25 5197.43Net Working Capital 96.36 (486.50) (1469.91) (1130.67) (959.83)Amrita School of Business 14 19. Summer Project-2007 Working Capital ManagementPercentage Change in Current Assets & Liabilities for 2002-06Current AssetsShort term Inv. in Govt. /Trust Sec. (4.09) (2.91) 13.91 59.91 12.72Fixed Deposit with Banks 418.87 1282.73 (99.87) (80.00) 0.00Receivables (16.08) (10.73) (32.05) (10.67) (7.29)Raw Materials 18.35 23.64 11.64 106.17 17.20Cons. Stores & Spares 43.64 (7.20) 2.18 7.02 26.81Stocks in Process 23.68 (59.59) (36.66) 249.35 (26.19)Finished Goods (4.09) 29.73 11.50 42.91 12.78Advances to Suppliers 0.00 0.00 0.00 0.00 0.00Advance Payment of Tax 28.66 126.81 (90.64) 10.52 70.42Other Current Assets (incld. cash) (12.95) 25.69 (14.31) 88.87 (13.61)Total Current Assets (4.04) 17.86 (23.01) 45.40 3.77Current LiabilitiesTrade Creditors (3.80) 15.57 14.58 16.96 9.23Advance Payments Received (0.47) 15.34 39.53 49.35 (7.24)Prov. for Tax (2.97) 172.34 (72.41) 116.08 (11.09)Dividend Payable (20.00) 100.66 25.00 95.00 0.00Other Statutory Liabilities 0.00 0.00 0.00 0.00 0.00T.L./Deb. Instalmentsdue within a year 0.00 0.00 0.00 0.00 0.00Other Curr.Lia.& Provisions 13.52 40.15 8.11 1.84 (10.94)Total Current Liabilities 0.97 37.86 3.48 21.87 (0.32)Amrita School of Business 15 20. Summer Project-2007 Working Capital Management3.5 Assessment of Working Capital Requirements(Maximum Permissible Bank Finance) 2001-02 2002-03 2003-04 2004-05 2005-061. Total Current Assets 3095.39 3648.10 2808.52 4083.58 4237.602. Current Liabilities 2582.04 3726.08 4034.34 5023.86 5053.81 (other than Bank borrowings)3. Working Capital Gap (1-2) 513.35 (77.98) (1225.82) (940.28) (816.21)4. Min. stipulated Net Working Capital (25 % of Total C.A) 773.85 912.03 702.13 1020.90 1059.405. Actual / Projected Net W.C 96.36 (486.50) (1469.91) (1130.67) (959.83)6. Item 3 minus Item 4 (260.50) (990.01) (1927.95) (1961.18) (1875.61)7. Item 3 minus Item 5 416.99 408.52 244.09 190.39 143.628. Max. Permissible Bank Finance (260.50) (990.01) (1927.95) (1961.18) (1875.61) (Item 6 or 7, whichever is lower)9. Excess Borrowing, if any representing shortfall in NWC 677.49 1398.53 2172.04 2151.57 2019.233.6 Funds Flow Analysis 2002 2003 2004 2005 20061. SOURCES (LONG TERM)a. Net Profit after Tax 191.45 1030.79 1572.47 3258.80 3521.34b. Depreciation 524.75 555.48 625.11 618.78 775.10c. Increase in Capital 1.21 0.00 184.49 0.00d. Increase in Term Liabilities 33.26 (including Public Deposits)e. Decrease in i. Fixed

Assets ii.Other Non Current Assets 99.73f. Others incld. Inc. in quasi equity 0.00 0.00 0.00 0.00 0.00Amrita School of Business 16 21. Summer Project-2007 Working Capital ManagementTOTAL LONG TERMSOURCES 849.19 1587.48 2197.58 4062.07 4296.442. USES (LONG TERM)a. Net Lossb. Decrease in Term Liabilities 479.87 843.40 642.51 223.55 including Public Deposits)c. Increase in i. Fixed Assets 649.82 780.42 313.12 673.43 2227.91 ii. Other Non Current Assets 152.74 1562.13 1347.55 922.38d. Dividend Payments / Drawings 147.11 295.19 368.98 719.51 719.51e. OthersTOTAL LONG TERM USES 796.93 1708.22 3087.63 3383.00 4093.353. Long Term Surplus / Deficit 52.26 (120.74) (890.05) 679.07 203.09 (1 - 2)4. Increase / decrease in Current Assets (as per details given below ) (130.22) 552.71 (839.58) 1275.06 154.025. Increase / decrease in Current Liabilities other than Bank borrowings 10.69 1144.04 308.26 989.52 29.956. Increase / decrease in W.C Gap (140.91) (591.33) (1147.84) 285.54 124.077. Net Surplus / Deficit (3 6) 193.17 470.59 257.79 393.53 79.028. Increase / decrease in Bank borrowings 18.08 (8.47) (164.43) (53.70) (46.77)Break-up of (4)i. Inc. / dec. in stocks in trade 126.02 131.36 96.13 623.32 302.35ii. Inc. / dec. in receivables (205.65) (115.19) (307.17) (69.48) (42.42)iii. Inc. / dec. in Adv. payments 0.00 0.00 0.00 0.00 0.00iv. Inc. / dec. in other C.Assets. (50.59) 536.54 (628.54) 721.22 (105.91)Amrita School of Business 17 22. Summer Project-2007 Working Capital Management3.7 Percentage Analysis of Different Cost Components Vis--Vis Net Sales % of net sales 2001-02 2002-03 2003-04 2004-05 2005-06Total Raw Material Consumed 20.91 20.07 20.98 20.84 19.98Stores & Spares Consumed 5.92 5.86 4.47 4.29 4.87Power & Fuel 10.74 9.03 6.77 5.37 5.93Direct Labor 19.74 16.57 14.72 9.69 9.23Other Mfg. Expenses 10.03 9.24 10.01 9.15 8.94Depreciation 7.84 6.37 5.84 4.27 5.12Cost of Production 75.08 67.39 62.85 53.45 54.14Cost of Goods Sold 75.35 65.92 62.25 51.61 53.39Selling, General & Adm. Expenses 12.21 11.15 9.86 9.00 8.94Interest 6.02 3.93 2.12 1.58 1.11Total operating Cost 93.58 81.00 74.23 62.19 63.44 There has been a considerable cut down in the various costs over the years depicting the improvement in operational efficiency. This is due to : Increase in realization (Net realization per unit Net sales value) Reduction in consumption3.8 Profitability Analysis(as % of Net Sales) 2001-02 2002-03 2003-04 2004-05 2005-06 P.B.D.I.T 16.94 25.12 31.25 40.99 40.11 P.B.I.T 9.11 18.75 25.41 36.72 34.99 P.B.D.T 10.92 21.19 29.13 39.41 39.00 P.B.T 3.09 14.82 23.29 35.14 33.88 P.A.T 2.86 11.82 14.69 22.49 23.27Amrita School of Business 18 23. Summer Project-2007 Working Capital Management Profitability Analysis 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 2002 2003 2004 2005 2006 P.B.D.I.T P.B.I.T P.B.D.T P.B.T P.A.T Profitability has increased by about eight folds over the four years but there is only a nominal increase of 75% in 2006 from 2005 this because: Operating cost has gone up proportionally higher than net sales from 2004-05 to 2005-06. Full benefit of investment to increase capacity was not realized in FY06.3.7 Tax and Dividend Analysis (%) 2001-02 2002-03 2003-04 2004-05 2005-06 Prov. for Tax / P.B.T 7.49 20.26 36.91 36.01 31.32 Dividend Rate 39.98 79.96 99.95 129.95 129.95 Dividend / P.A.T. 76.84 28.64 23.46 22.08 20.43 Retained Profit / P.A.T. 23.16 71.36 76.54 77.92

79.57 Over the years, the company has highly succeeded in satisfying the investors by increasing the dividend payout rate, at the same time retaining a considerable amount of profit. This is due to the following reasons: Share capital has remained constant Company has financed growth projects through internal accruals There is substantial increase in PAT from 200105.Since dividend amount is constant or there is minor increase in dividend, dividend payout ratio has come down.Amrita School of Business 19 24. Summer Project-2007 Working Capital Management3.8 Liquidity Ratios 2001-02 2002-03 2003-04 2004-05 2005-06Term Liabilities / T.N.W 1.92 1.33 0.78 0.40 0.26(Funded Debt / Equity Ratio)Total Outside Liability/ T.N.W 3.14 2.62 1.76 1.16 0.81(Total Debt Equity Ratio)Current Ratio 1.03 0.88 0.66 0.78 0.82Receivables / Current Liabilities 0.36 0.23 0.15 0.11 0.10Inventory / Current Liabilities 0.34 0.28 0.29 0.36 0.42Other CA/CL 0.27 0.30 0.17 0.25 0.23P.B.I.T. /Interest 1.51 4.78 11.97 23.26 31.44Interest / Total Borrowings 0.09 0.08 0.07 0.08 0.07The liquidity ratios implies there has been a considerable decrease in the net current asset level depictingthe risk of solvency.Amrita School of Business 20 25. Summer Project-2007 Working Capital Management 4. COMPARATIVE ANALYSISProfit & Loss A/C *For Year 2006 *Rs in Crores TATA SAIL JSW ESSAR ISPATNet Sales 15135.41 28081.41 8595.03 6168.66 4914.73Cost of Production 8193.60 22272.36 6073.60 4817.56 4928.65Cost of Goods Sold 8080.20 22272.36 6073.37 4773.15 4834.19Operating Profit beforeInterest 5701.50 4402.37 2444.22 1033.19 (173.48)Operating Profit afterInterest 5533.06 3934.61 2037.41 475.12 (1158.55)Profit/ (Loss) before Tax 5127.34 4498.20 1914.83 703.79 (1186.54)Profit/ (Loss) after Tax 3521.34 2560.06 1562.63 690.34 (1191.00)Dividend Payout 719.51 826.08 204.98 0.00 0.00Retained Profit 2801.83 1733.98 1357.65 690.34 (1191.00)Balance Sheet *For Year 2006 *Rs in Crores TATA SAIL JSW ESSAR ISPATTotal Current Liabilities 5197.43 12428.14 2307.49 1570.04 2244.25Total Term Liabilities 2516.15 4297.62 4173.03 8185.10 8261.09Total Net Worth 9755.30 12601.41 5572.29 4031.47 3148.32Total Liabilities 18425.88 30811.63 13065.47 13360.86 13025.36Total Current Assets 4237.60 17498.91 2589.01 3892.08 2296.25Total Non-Current Assets 5227.69 1049.94 2195.87 3070.33 729.16Total Intangible Assets 253.27 215.82 194.87 0.00 1098.51Net Block 8707.32 12162.14 8189.10 6398.45 8901.44Total Assets 18425.88 30926.81 13168.85 13360.86 13025.36Amrita School of Business 21 26. Summer Project-2007 Working Capital Management4.1 Working Capital CycleGWC CYCLE = (Inventory Period + Receivables Period)NWC CYCLE = (Inventory Period + Receivables Period - Payables Period) TATA SAIL JSW ESSAR ISPATA Inventory PeriodA1. Raw Material Conversion Perioda) Raw Material consumption 3,024.38 12,391.12 3,964.00 1,531.30 2,910.12b) Raw Material cons. per day 8.29 33.95 10.86 4.20 7.97c) Raw Material inventory 707.54 1,132.02 611.44 651.87 515.77d) Raw Material inv. holding days 85.39 33.35 56.30 155.38 64.69A2. Work In Process Conversion Perioda) Cost of production 8,193.60 22,272.36 6,073.60 4,817.56 4,928.65b) Cost of production per day 22.45 61.02 16.64 13.20 13.50c) Work In process inventory 23.93 224.82 38.89 93.47 8.16d) Work In process holding days 1.07 3.68 2.34 7.08 0.60A3. Finished Goods Conversion Perioda) Cost of goods sold 8,080.20 22,272.36

6,073.37 4,773.15 4,834.19b) Cost of goods sold per day 22.14 61.02 16.64 13.08 13.24c) Finished goods inventory 1,000.62 3000.00 195.29 238.69 207.33d) Finished goods inv. holding days 45.20 49.16 11.74 18.25 15.65Total inventory holding days (A1+A2+A3) 41.77 56.63 35.91 58.23 54.31B. Receivables Perioda) Credit Sales 15,135.41 28,081.41 8,595.03 6,168.66 4,914.73b) Sales per day 41.47 76.94 23.55 16.90 13.47c) Debtors 539.40 1,881.73 245.16 540.16 594.13d) Debtors outstanding days 13.01 24.46 10.41 31.96 44.12Amrita School of Business 22 27. Summer Project-2007 Working Capital ManagementC. Payables Perioda) Credit purchases 8,080.20 22,272.36 6,073.37 4,773.15 4,834.19b) Purchase per day 22.14 61.02 16.64 13.08 13.24c) Creditors 2,534.03 2,426.23 509.41 1,071.99 898.65d) Creditors outstanding days 114.47 39.76 30.61 81.97 67.85GROSS WC CYCLE (A+B+C) 144.66 110.65 80.79 212.67 125.07NET WC CYCLE (A+B+C-D) 30.20 70.89 50.17 130.70 57.224.2 Holding Norms *For Year 2006 TATA SAIL JSW ESSAR ISPATRaw Material-Days 85.39 33.35 56.30 155.38 64.69Stores & Spares-Days 219.01 150.89 146.39 196.23 137.19Stocks in Process-Days 1.07 3.68 2.34 7.08 0.60Finished Goods-Days 45.20 49.16 11.74 18.25 15.65Receivables-Days 13.01 24.46 10.41 31.96 44.12Payables-Days 114.47 39.76 30.61 81.97 67.85 Holding Norms 200.00 26.7 31.6 150.00 -6.33 49.5 100.00 24.6 50.00 0.00 TATA SAIL JSW ESSAR ISPAT Raw Material Stores and Spares Stocks In Process Finished Goods Receivables PayablesAmrita School of Business 23 28. Summer Project-2007 Working Capital Management The holding norms of TATA are showing a negative value because it is in terms of net consumption value. For internal control purposes, this is used. While for external reporting, it is expressed in terms of net sales The holding norms of TATA are far better when compared to their competitors as well as industry norms4.3 Contribution to Current Assets *For Year 2006 TATA SAIL JSW ESSAR ISPATRaw Material to CA 0.17 0.06 0.24 0.17 0.22Stores and Spares to CA 0.10 0.06 0.06 0.11 0.06Work In Process to CA 0.01 0.18 0.02 0.02 0.00Finished Goods Inv. to CA 0.24 0.00 0.08 0.06 0.09Total Inventory to CA 0.51 0.31 0.39 0.36 0.38Debtors to CA 0.13 0.11 0.09 0.14 0.26 Contribution to Current Assets0.700.600.500.400.300.200.100.00 TATA SAIL JSW ESSAR ISPAT Raw Material Store And Spares Work In Process Finished Goods DebtorsAmrita School of Business 24 29. Summer Project-2007 Working Capital Management Although the work in process inventory of Tata steel has been maintained very less, because of the raw materials and finished goods inventory inefficiency, the total inventory holding is high. The debtors are managed efficiently by Tata steel.4.4 Assessment of Working Capital Requirements(Maximum Permissible Bank Finance) *For Year 2006 *Rs in Crores TATA SAIL JSW ESSAR ISPAT1. Total Current Assets 4237.60 17498.91 2589.01 3892.08 2296.252. Current Liabilities 5053.81 12084.88 2165.94 837.76 1802.87 (other than Bank borrowings)3. Working Capital Gap (1-2) (816.21) 5414.03 423.07 3054.32 493.384. Min. stipulated Net Working Capital (25 % of Total C.A) 1059.40 4374.73 647.25 973.02 574.065. Actual / Projected Net W.C (959.83) 5070.77 281.52 2322.04 52.006. Item 3 minus Item 4 (1875.61) 1039.30 (224.18) 2081.30

(80.68)7. Item 3 minus Item 5 143.62 343.26 141.55 732.28 441.388. Max. Permissible Bank Finance (1875.61) 343.26 (224.18) 732.28 (80.68) (Item 6 or 7, whichever is lower)9. Excess Borrowing, if any representing shortfall in NWC 2019.23 N.A. 365.73 N.A. 522.06Amrita School of Business 25 30. Summer Project-2007 Working Capital Management4.5 Percentage Analysis of Different Cost Components Vis--Vis Net Sales *For Year 2006 TATA SAIL JSW ESSAR ISPATTotal Raw Material Consumed 19.98 44.13 46.12 24.82 59.21Stores & Spares Consumed 4.87 9.41 4.81 13.10 7.45Power & Fuel 5.93 8.98 4.57 29.13 17.29Direct Labor 9.23 14.80 1.85 1.60 2.64Other Mfg. Expenses 8.94 2.23 6.74 2.49 2.08Depreciation 5.12 4.30 5.80 7.82 11.63Cost of Production 54.14 79.31 70.66 78.10 100.28Cost of goods sold 53.39 79.31 70.66 77.38 98.36Selling, General & Adm. Expenses 8.94 5.01 0.90 5.87 5.17Interest 1.11 1.67 4.73 9.05 20.04Total operating Cost 63.44 85.99 76.30 92.30 123.57 Operating cost of Tata is very less showing good efficiency of its operations Borrowings of Tata are also very less which is indicated by the low level of interest paid Direct labor cost of Tata is lesser than Sail but higher than the other three steel companies4.6 Profitability Analysis(as % of Net Sales) *For Year 2006 TATA SAIL JSW ESSAR ISPAT P.B.D.I.T 40.11 21.98 32.81 28.27 7.53 P.B.I.T 34.99 17.68 27.01 20.46 (4.10) P.B.D.T 39.00 20.32 28.08 19.22 (12.52) P.B.T 33.88 16.02 22.28 11.41 (24.14) P.A.T 23.27 9.12 18.18 11.19 (24.23)Amrita School of Business 26 31. Summer Project-2007 Working Capital Management Profitability Analysis 50.00 40.00 30.00 20.00 10.00 0.00 (10.00) TATA SAIL JSW ESSAR ISPAT (20.00) (30.00) P.B.D.I.T P.B.I.T P.B.D.T P.B.T P.A.T Profitability of TATA is far better when compared to others4.7 Tax and Dividend Analysis (%) *For Year 2006 TATA SAIL JSW ESSAR ISPAT Prov. for Tax / P.B.T 31.32 43.09 18.39 1.91 (0.38) Dividend Rate 129.95 20.00 40.67 0.00 0.00 Dividend / P.A.T 20.43 32.27 13.12 0.00 0.00 Retained Profit / P.A.T 79.57 67.73 86.88 100.00 100.00 The dividend payout of TATA to investors is really good. Also a substantial amount of their profit is retained in the business.Amrita School of Business 27 32. Summer Project-2007 Working Capital Management4.8 Liquidity Ratios *For Year 2006 TATA SAIL JSW ESSAR ISPATTerm Liabilities / T.N.W 0.26 0.35 0.78 2.03 4.03(Funded Debt / Equity Ratio)Total Outside Liability/ T.N.W 0.81 1.35 1.21 2.42 5.13(Total Debt Equity Ratio)Current Ratio 0.82 1.41 1.12 2.48 1.02Receivables / Current Liabilities 0.10 0.15 0.11 0.34 0.26Inventory / Current Liabilities 0.42 0.44 0.44 0.90 0.39Other CA / CL 0.23 0.34 0.42 0.53 0.25P.B.I.T. /Interest 31.44 10.62 5.71 2.26 (0.20)Interest / Total Borrowings 0.07 0.11 0.10 0.07 0.12 The liquidity of Tata is highly threatened when compared to the other steel cos. The funded debt with respect to equity is very less for tata depicting its less efficient usage of leveraging.Amrita School of Business 28 33. Summer Project-2007 Working Capital Management 5. FLAT PRODUCT PROFIT CENTRE (FPPC)5.1 Operational Overview of FPPC INPUT PROCESS OUTPUT Iron Ore, Cost Coal, Coke, Blast Hot Metal Centre Sinter Furnace Hot Metal + LD2 Liquid Steel Scrap Liquid Steel Slab Caster Slab FPPC Slab HSM HRC HRC CRM Galvanized CRCAAmrita School of Business 29

34. Summer Project-2007 Working Capital Management5.2 Controlling & Valuation TechniquesValuation Techniques The Stores & Spares are valued at actual cost of production Work In Process & Finished Goods are valued using process/absorption costing for reporting purposes and using standard costing for decision making purposes Obsolete Inventory is valued using XYZ AnalysisControl Techniques The Stores & Spares are controlled using ABC Analysis For Work In Process & Finished Goods, a sales plan is prepared based on the previous years actual production and sale and a target is fixed based on it. The current years production is so controlled not as to exceed the plan. Obsolete Inventory is controlled using XYZ Analysis For controlling the debtors, a credit limit is fixed based on the business value (order size) and customer type. The credit controlling committee will continuously monitor the debtors based on this technique.5.3 Credit Sales Policy for Flat Products 1. Distributors Sales to distributors are made on the basis of cash and carry. Tie up with banks where distributors are financed by bank through an arrangement which is termed as Channel Finance. 2. OE Customers Majority of the OE customers are routed through bank financing which is termed as OE Financing. The arrangement is made with banks whereby banks pay to Tata Steel on the date of invoicing and the customers pay to the bank on the due date as per terms of credit sales. Bank financing charges at the agreed rate is borne by Tata Steel.Amrita School of Business 30 35. Summer Project-2007 Working Capital Management Tender Sales A maximum of 45 days credit would be extended to such customers. At times, such credits are secured by LC or BG, if felt necessary. 3. Other customers Other customers having transactions with Tata Steel are also covered by financing scheme through banks and the arrangement is termed as RP whereby the debit on account of sale is transferred in favour of the bank. Financing charges on account of RP is borne by Tata Steel. 4. Allowances for trade receivables Customers making early payment before due date are entitled to a maximum cash discount (EPD) @ 12% P.A. There are cases of quantity discount which are generally on a quarterly basis which varies from product to product. Credit period varies between 30 to 60 days.Amrita School of Business 31 36. Summer Project-2007 Working Capital Management5.4 Gross Working Capital Projection for FPPC The gross working capital projection is prepared from the inventory projection and debtorsprojection for the year 2007-08. The inventory projection is prepared from the production plan which isprepared according to the capacity, yield loss and lead time, obtained from the operations department of theFPPC. The debtors projection is prepared from the sales plan obtained from the marketing division ofFPPC prepared according to the market demand, market share, and market potential of the products. Accordingly the Inventory Projection for the year 2007-08 is obtained as:Opening Inventory (Closing Balance) Add Production (Production Plan) Less Sales (Sales Plan) Inventory Projection 2007-08 =Inventory Projectionand the Debtors Projection for the fiscal 2007-08 is obtained asOpening Debtors (Closing Balance) Add Sales (Qty*Value) Less Collection (Credit Policy) Debtors Projection 2007-08 =Debtors Projection FPPC Gross Working Capital - Summary (Rs Crs) FPPC 37 Total 1007 40 Days

1067 Days 1070 35 Days 170 169 147 132 117 162 410 474 496 288 291 288 FY06 A FY07 A FY08 New Projected Debtors FG WIP Stores and Spares StkAmrita School of Business 32 37. Summer Project-2007 Working Capital Management6. RECOMMENDATIONSMeasures to Improve Working Capital Management at Flat Product ProfitCentre (FPPC) of TATA Steel: The essence of effective working capital management is proper cash flow forecasting. This should take into account the impact of unforeseen events, market cycles, loss of a prime customer and actions by competitors. So the effect of unforeseen demands of working capital should be factored in by FPPC. This was one of its reasons for the variation of its revised working capital projection from the earlier projection. It pays to have contingency plans to tide over unexpected events. While market-leaders can manage uncertainty better, even other companies must have risk-management procedures. These must be based on objective and realistic view of the role of working capital. Addressing the issue of working capital on a corporate-wide basis has certain advantages. Cash generated at one location can well be utilized at another. For this to happen, information access, efficient banking channels, good linkages between production and billing, internal systems to move cash and good treasury practices should be in place. An innovative approach, combining operational and financial skills and an all-encompassing view of the companys operations will help in identifying and implementing strategies that generate short-term cash. This can be achieved by having the right set of executives who are responsible for setting targets and performance levels. They could be then held accountable for delivering, encouraged to be enterprising and to act as change agents. Effective dispute management procedures in relation to customers will go along way in freeing up cash otherwise locked in due to disputes. It will also improve FPPCs customer service and free up time for legitimate activities like sales, order entry and cash collection. Overall, efficiency will increase due to reduced operating costs. Collaborating with the customers instead of being focused only on own operations will also yield good results. If feasible, helping them to plan their inventory requirements efficiently to match FPPCs production with their consumption will help reduce inventory levels. This can be done with suppliers also. Working capital management is an important yardstick to measure a company operational and financial efficiency. This aspect must form part of the FPPCs strategic and operationalAmrita School of Business 33 38. Summer Project-2007 Working Capital Management thinking. Efforts should constantly be made to improve the working capital position. This will yield greater efficiencies and improve customer satisfaction. Inventories should be managed on a line-by-line basis using the 80/20 rule. Periodical analytical review can help the FPPC to focus its attention on critical areas. Placing the responsibility for collecting the debt upon the centre that made the sale. i.e., cold rolled, hot rolled, galvanized etc.Amrita School of Business 34

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