TABLE OF CONTENTS:

SERIAL PARTICULARS PAGE NUMBER

NUMBE
R

1 CHAPTER-1-INTRODUCTION

1.1 BACKGROUND 3

1.2 RATIONALE 3-4

1.3 BRIEF REVIEW OF LITERATURE 4-5

1.4 OBJECTIVES OF THE STUDY 5-6

1.5 RESEARCH METHODOLOGY 6

1.6 LIMITATION OF THE STUDY 6-7

1.7 CHAPTER PLANNING 7-8

2 CHAPTER-2-CONCEPTUAL FRAMEWORK 9-11

2.1 MEANING OF WORKING CAPITAL

2.2 DEFINITION & CONCEPT OF

WORKING CAPITAL

2.3 WORKING CAPITAL CYCLE

2.4 FACTORS DETERMINING

WORKING CAPITAL
11-12
2.5 MANAGEMENT OF WORKING
CAPITAL

2.6 NATIONAL & INTERNATIONAL

SCENARIO

3 CHAPTER-3- PRESENTATION OF DATA, 13-40

ANALYSIS & FINDINGS

3.1 COMPANY PROFILE

3.2 DATA ANALYSIS & FINDINGS

4 CHAPTER-4-CONCLUSION & 41-43

RECOMMENDATION

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5 BIBLIOGRAPHY 44

CHAPTER-1
INTRODUCTION

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 CHAPTER-1: INTRODUCTION
BACKGROUND
Working Capital is the amount of fund necessary for the cost of
operating the enterprise. Working Capital in a going concern is a
revolving fund, it consists of cash received from sales which are used
to cover the cost of current operations. This capital is needed for
holding current assets like stock of raw material, semi – finished goods,
accounts receivable. Bills receivable and cash for carrying out expenses
like wages and salaries. Sources of Working capital are commercial
and development bank, public deposit, ploughing back up profit and
other finance companies. These are the sources of variable working
capital but for permanent working capital are secured ordinary shares,
preference shares, debentures, ploughing back of profits. Amount of
working capital depend upon the size and scale of business unit but
it is mostly dependent upon scale of production and seasonal
fluctuations.

Working capital management in general refers to the administration of all

aspect of current assets ie. cash, marketable securities, debtors and stock
and current liabilities. Working capital management policies have a great
effect on firms profitability, liquidity and its structural health.

Only those enterprises which have adequate working capital can survive in
times of depression.

Excessive working capital is equally unprofitable. The extra working capital

is not utilized in business operations and earns no profit for the firm. The
abundance of working capital would lead to waste and inefficiency.

Shortage of working capital funds renders the firm unable to avail attractive
credit opportunities etc. The firm loses its reputation when it becomes
unable to honor short term obligations. As a result the firm faces tight
credit terms and the growth stagnates.

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 RATIONALE/NEED/JUSTIFICATION

1. Working Capital means the capital required for day to day working
of the business . Actually it is the capital required to be invested in
current assets less current liabilities. It will help me in knowing the
components of Working Capital in a practical and better way.

2. Big Business Vs Small Business; A big business requires a huge

investment in the working capital whereas a small business requires
a small investment in the working capital. It will help me draw a
comparison between the two.

3. Big Holding Period Vs Small Holding Period: If holding period is big,

investment requires will also be big. Similarly , if holding period is
small , lesser investment is required. The comparison between the
period of holding will be analyzed by me through this project.

4. The main aim of a working capital management plan is to balance

current assets against liabilities. This helps companies maintain its
planned expenses like salaries and short term financial obligations.
If a company’s current liabilities are more than its current assets, it
signifies a negative working capital. Hiring a good accounts
manager who knows various techniques will take care of working
capital management in a business efficiently. In case of deficiency,
the company can increase the working capital with proper
management of outstanding incomes, its creditors and of the
company’s inventory or by getting a short term loan.

5. Working capital management always ensures sufficient cash flow in

a business. This allows companies to pay their liabilities without
delay and more importantly protects them bankruptcy. With an
efficient working management, companies have the advantage of a
positive working capital which allows them to take on higher risks in
business. Companies need to analyse their current assets and
liabilities regularly in order to manage their working capital. A
successful working capital management can face emergencies
caused by market changes and competitor activities. Good cash flow
is always an asset to a company’s growth and success.

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 BRIEF REVIEW OF LITERATURE REVIEW
 A study undertaken by Garcia-Teruel and Martinez Solano entitled
“working capital management of SMEs” year 1996, collected a panel of
8,872 small to medium sized enterprises(SMEs) from Spain covering
the period 1996-2002.They tested the effects of working capital
management on SMEs profitability using the panel data methodology.
The result demonstrated that managers could create value by reducing
their inventories and the number of days for which their accounts are
outstanding. Moreover, shortening the cash conversion cycle also
improves the firm’s profitability.

 A study undertaken by Appuhami, Ranjith entitled “The impact of

Firms’ Capital Expenditure on working capital Management:An
Empirical Study across Industries in Thailand” year (2008),studied
impact of firms’ capital expenditure on their working capital
management. The author used the data collected in the Thailand Stock
Exchange. The study used Schulman and cox’s(1985) Net Liquidity
Balance and Working Capital Requirement as a proxy for working
capital measurement and developed multiple regression models. The
empirical research found that the firms’ capital expenditure has a
significant impact on working capital management. The study also
found that the firms’ operating cash flow, which was recognised as a
control variable has a significant relationship with working capital
management.

 A study undertaken by Arunkumar O.N & Radha Ramanan entitled

“Working Capital Management and Profitability:A Sensitivity Analysis”
year 2013,reveals that the data analysis was carried for 1198
manufacturing firms listed in centre for Monitoring Indian Economy for
a period of 5 years. The relationship of debtor’s days, inventory days,
creditor days, current ratio, ratio of current liability to total assets,
assets turnover ratio, financial assets to total assets and size with
return on assets employed is analysed in this study. The authors have
applied correlation and group wise weighted least squares regression
analysis to identify the effects of these variables on profitability. The
correlation analysis shows that the firms profitability is highly
influenced by the variables relating to assets.It was also found out that
there is a positive relationship between profitability and debtors days
and inventory day.

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 OBJECTIVES THE STUDY
Since working capital management is one of the most important aspects of

finance, it enables to study in-depth the methods involved in it; so that as a

student of finance it gives me a chance to study the financial perspectives of

the

industry. It offers scope to understand various aspects of finance and all

these

aspects are reflected in this report.

The estimation of required working capital differs from organization to

organization. So doing this project in an industry will help in knowing more

about

the working capital, its preparation and execution.

The study has the following objectives:-

1. To see whether the working capital in “WIPRO LIMITED” and “ITC

LIMITED” is an effective one.

2. To find out the extent of the need and adequacy of the working capital of
the firm.

3. To see the liquidity position of the company.

4. To see the changes in the working capital.

5. To see the ratio analysis of the two companies.

6. To determine the net working capital.

RESEARCH METHODOLOGY

The collection is the process of enumeration together with the proper

recording of
results. The success of an enquiry is based up on the proper collection of
data.

Secondary Data:
Secondary data are those that are already collected by someone for some purpos
and are
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available for the present study. The covers various sources of secondary dat
including
published and unpublished sources like news papers, published books
magazines
etc…,

DATA TYPE USED: The data required for this project is being collected
from various sources which are deemed to be fully accurate and full
reliability is there on the data collected. The sources from where the data
is collected is from magazines, annual reports, newspaper, published
books.
STATISTICAL TOOLS USED: Graphs, pie charts and tables.

SAMPLE SIZE OF THE STUDY:

Two:

 WIPRO Limited
 ITC Limited

LIMITATIONS OF THE STUDY

Working capital management is an effective tool for management control.

The

following is the limitation which I observed in “WIPRO LIMITED” and “ITC

LIMITED”:-

1. Since the report is exclusively made from secondary source of data, the
direct observation is literally impossible.

2. There was no scope for gathering sufficient financial information as it is

confidential.

3. There was time constraint for the project, due to the limited time

4. They themselves have not maintained the data so accurately but seem to
be sufficient for the project.

5. The company’s head office is inaccessible for me. All the data with which
the

company’s detail has been mentioned in the project was available to me

through

various magazines, annual reports.

CHAPTER PLANNING
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The following project has been presented in form of the following chapters:-

Chapter 1: Introduction

The purpose of Introduction is to provide a basic description of the topic of the project
Working Capital and its importance. The background of the subjects builds a platform
for the next coming topics to be discussed. The Literature review indicates some
related theories to the topic already highlighted which gives importance to the
project. Objectives of the study is also defined in here. The methodology shows the
steps which has been taken for the completion and development of the project.

Chapter 2: Conceptual Framework

Conceptual frameworks are abstract representations, connected to the research

project's goal that direct the collection and analysis of data (on the plane of
observation – the ground).Here, the national and international scenario of corporate
social responsibility is shown and through this, analysis can be done about how aware
the global world is regarding the subject. The impact amd effect of the topic is also
shown.

Chapter 3: Presentation of data, analysis and findings

The process of evaluating data using analytical and logical reasoning

to examine each component of the data provided. This form of analysis is just one of
the many steps that must be completed when conducting a research experiment.
Data of Nestle India from various sources has been gathered, reviewed, and then
analyzed to form some sort of finding or conclusion. There are a variety of specific
data analysis method, some of which include data mining, text analytics, business,
and data visualizations.

Chapter 4: Conclusions and Recommendations

The interpretations are given of the significance of the findings of a research project
along with recommendations for action. These recommendations will be based on the
research and on any other relevant information available, including own past
experience in a market or in business. Conclusions and recommendations usually form
an important part of a project brief and of any report or documentation, and are a key
part of the value offered to clients by professional market research.

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 CHAPTER-2
CONCEPTUAL FRAMEWORK

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 CHAPTER 2
CONCEPTUAL FRAMEWORK
Working capital management is a significant fact of financial management due to the
fact that it plays a pivotal role in keeping the wheels of a business enterprise running.
The requirements of working capital for day to day business activities cannot be
overemphasized. It cannot be denied that a firm invests a part of its permanent
capital in fixed assets and keeps a part of it in working capital i.e. for meeting day to
day requirements. We will hardly find a firm which does not require any amount of
working capital for its normal operation. The requirement of working capital varies
from firm to firm depending upon the nature of business, production policy, market
conditions, seasonality of operations, conditions of supply etc.

Working capital means the funds (i.e. capital) available & used for day to day
operation ( i.e. working) of an enterprise. It consists broadly of that portion of assets
of a business which are used in or related to its current operations. It refers to fund
which are used during an accounting period to generate a current income of a type
which is consistent with major purpose of a firm existence.

The concept of working capital can be explained through two angles:

A) Concept
From the concept point of view, working capital can be defined as gross working
capital or net working capital.

Gross Working Capital:- It refers to the firm’s investment in current assets are those
assets, which can be converted into cash within an accounting year. Current assets
include stock of raw materials, work-in-progress, finished goods, trade debtors,
prepayments, cash balances etc.

Net Working capital: - It refers to the difference between current assets and current
liabilities. Current liabilities are those claims of outsiders which are expected to
mature for payment within an accounting year. Current liabilities include trade
creditors, accruals, taxation payable,

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A positive working capital means that the company Is able to pay off its short term
liabilities. A negative working capital means that the company is unable to meet its
short term liabilities.

B) Time:
From, the point of view of time, the working capital can be divided in to two categories
namely Fixed and Temporary.

Permanent working Capital: - It refers to the hard core working capital. It is that
minimum level of investment in the current assets that is carried by the business at all
times to carry out minimum level of activities.

Example: Every firm has to maintain minimum level of raw materials, WIP and finished
goods and cash balance.

Temporary working Capital: - It refers to that part of working capital, which is required
by a business over and above permanent working capital. It is also called variable
working capital. Since the volume of temporary working capital keeps on fluctuating
from time to according to the business activities it may be financed from short term
sources.

Example : coca-cola, capital require for special production.

NATIONAL & INTERNATIONAL SCENARIO

NATIONAL SCENARIO

Over the past two decades, India has risen to become the leading
destination for global sourcing of IT, BPO and research and development
services. Established Indian IT services companies have a proven track
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record for providing business and technology solutions, offering a large,
high quality and English-speaking talent pool, and a friendly regulatory
environment. These factors, coupled with strong existing client
relationships have facilitated India's emergence as a global outsourcing
hub.

According to the NASSCOM Strategic Review Report 2013, the hardware

market in India accounted for 40% of the domestic IT industry, with
anticipated growth of 1.4% in fiscal2013. The key components of the
hardware industry are servers, desktops and laptops, storage devices,
peripherals and networking equipment. Increased use of computing devices
in education and consistent demand from enterprises are key factors driving
the continued growth of this market. Additionally, the Government of India
is promoting initiatives to provide low cost affordable computing, which is
expected to also fuel growth. Increased adoption of virtualization and cloud
computing technologies, large-scale digitization and the increased
importance of big data or analytics have also contributed to growth in the
server and storage markets. Demand for networking equipment is
increasing as businesses invest in expanding and upgrading their
infrastructure, and as penetration of mobile devices, teleconferencing and
voice over internet protocol ("VOIP") increases.

INTERNATIONAL SCENARIO

Working capital management in international context involves managing

cash balances, account receivable, inventory, and current liabilities when
faced with political, foreign exchange, tax, and liquidity constraints. It also
encompasses the need to borrow short-term funds to finance current assets
from both in-house banks and external local and international commercial
banks. The overall goal is to reduce funds tied up in working capital. This
should enhance return on assets and equity. It also should improve
efficiency ratios and other evaluation of performance parameters.

The Working capital management is an integral part of the total financial

management of an enterprise that has a greater impact on Profitability,
Liquidity and Overall performance of the enterprise irrespective of its
nature. In fact, working capital is a circulatory money investment that takes
place right from the input stage to output. Management of working capital
is complicated on account of two important reasons, namely, fluctuating
nature of its amount, and a need to maintain a proper balance between
current assets and non-current assets in order to maximize profits. The
importance of working capital in an industry cannot be over stressed, as it is
one of the important causes of success or failure of an industry. Whatever
be the size of the business, working capital is its life-blood. Working capital
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constitutes the funds needed to carry on day to day operations of a
business, such as purchase of raw materials, payment of wages and other
expenses. For running a business an adequate amount of working capital is
essential. A firm with shortage of working capital will be technically
insolvent. The liquidity of a business is also one of the key factors
determining its propensity to success or failure. This calls for a systematic
and integrated approach towards utilizing a company’s assets with
maximum efficiency. Working Capital management is about the financial and
commercial aspects of purchasing, marketing, inventory, credit, royalty and
investment policy.

CHAPTER-3
PRESENTATION, ANALYSIS AND FINDINGS

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 CHAPTER-3- PRESENTATION ANALYSIS & FINDINGS
COMPANY PROFILE: WIPRO
Wipro Enterprises Limited (Formerly Azim Premji Custodial Services Private
Limited), was incorporated under the Provisions of Companies Act, 1956, is
headquartered in Bangalore, India. The Company primarily carries on the
businesses of Consumer care products, Domestic & Commercial lighting and
Infrastructure engineering which Ire transferred pursuant to the Scheme of
Arrangement of Wipro Limited (“Wipro”) with effect from March 31, 2013,
with the appointed date as on April 1, 2012.

Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting

and Outsourcing company today announced that it has been ranked as a
leader in the 'Global R&D Service Provider' survey by Zinnov Management
Consulting for the fourth successive year. Zinnov is a leading Globalization
and Market Expansion Advisory firm that helps companies globalize their
R&D/Product Engineering activities.

"Wipro has consistently kept up pace with changing customer needs in the
Product Engineering space. Be it adopting flexible business models, taking a
solution led approach or co-investing in developing a product and taking it
to market Wipro has demonstrated strong capability. Wipro’s vertical
specific solutions and PDLC (Product Development Life Cycle) accelerators
give it a definite edge as an engineering partner." said Sundararaman
Viswanathan, Engagement Manager, Zinnov Management Consulting Pvt.
Ltd.

Wipro Enterprises Limited comprises of two main divisions

1. Wipro Consumer Care and Lighting (WCCLG)

2. Wipro Infrastructure Engineering (WIN)

Wipro Consumer Care and Lighting (WCCLG) is among the top fastest
growing FMCG companies in India. It has a strong brand presence in

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personal care and skin care products in South-East Asia and Middle-East
apart from significant market share in identified segments. Today WCCLG
has global workforce of 8300 serving over 40 countries.

WCCLG business includes multiple product ranges from Personal care

(Soaps, Toiletries), Baby care, Illness Electrical wire devices, Lighting and
Modular Office furniture.

Wipro Infrastructure Engineering (WIN) is the largest independent hydraulic

cylinder manufacturer in the world, delivering around 2 million cylinders to
OEMs in different geographies. WIN has global workforce of over 1,700
committed and skilled people, and 14 state-of-the-art manufacturing
facilities across India, Northern Europe, Eastern Europe, US, Brazil and
China.

WIN specializes in designing and manufacturing custom Hydraulic Cylinders

(double acting, single acting and telescopic cylinders), Actuators and
Precision engineered components for infrastructure and related industries
such as Construction & Earthmoving, Material/Cargo Handling & Forestry,
Truck Hydraulic, Farm & Agriculture, Mining, and Aerospace & Defense.

Wipro Enterprises Limited also has two associates:

1. Wipro GE Healthcare Private Limited

2. Wipro Kawasaki Precision Machinery Private Limited

Business Products

Wipro Technologies  IT Services

 Product Engineering
Solution
 Technology Infrastructure
Services
 Business Process
Outsourcing
 Consulting Services
Wipro Infotech LTD  Notebooks
 Desktops
 Servers
 Data Warehousing
 IBM Servers
Wipro Consumer Care & Lightning Fast Moving Consumer Goods

Wipro Infrastructure Engineering Construction, Mining,

Agriculture, Ports

Wipro GE Medical Systems Medical Systems

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Wipro Biomed  Life Sciences

 Speciality Products

 Medical Systems

 Managed Services

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 DATA ANALYSIS
BALANCE SHEET-WIPRO LTD
Rs(In Crores)

Particulars 2013-14 2012-13 2011-12 2010-11 2009-10

12 12 12 12 12
Liabilities Months Months Months Months Months

Share Capital 492.60 491.70 490.80 295.40 294.50

Reserves & Surplus 23736.90 23860.80 20829.40 17396.80 12220.50

Net Worth 24229.50 24352.50 21320.20 17692.20 12515.00

Secured Loan 50.40 1.00 9.60 .00 .00

Unsecured Loan 3995.60 5242.20 4701.20 5530.20 5013.90

TOTAL LIABILITIES 28275.50 29595.70 26031.00 23222.40 17528.90

Assets

Gross Block 8312.50 8761.60 7740.60 6761.30 5743.30

(-) Acc. Depreciation 4403.10 4111.80 3503.60 3105.00 2563.70

Net Block 3909.40 4649.80 4237.00 3656.30 3179.60

Capital Work in Progress 378.90 301.20 396.40 991.10 1311.80

Investments 10904.20 10335.20 10813.40 8966.50 6895.30

Inventories 320.50 785.10 724.90 606.90 459.60

Sundry Debtors 8499.40 7967.00 5781.30 5016.40 4446.40

Cash and Bank 7800.40 6232.80 5203.30 5664.30 4409.20

Loans and Advances 8893.80 8324.80 6963.50 5425.90 4202.00

Total Current Assets 25514.10 23309.70 18673.00 16713.50 13517.20

Current Liabilities 8792.80 5984.20 5121.20 4874.20 5564.30

Provisions 3638.30 3016.00 2967.60 2230.80 1810.70

Total Current Liabilities 12431.10 9000.20 8088.80 7105.00 7375.00

NET CURRENT ASSETS 13083.00 14309.50 10584.20 9608.50 6142.20

TOTAL
ASSETS(A+B+C+D+E) 28275.50 29595.70 26031.00 23222.40 17528.90

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 PROFIT AND LOSS-WIPRO LTD
Rs (In Crores)

Mar'13 Mar'12 Mar'11 Mar'10 Mar'09

12Months 12Months 12Months 12Months 12Months
INCOME:
Sales Turnover 33226.50 31682.90 26300.50 23006.30 21612.80
Excise Duty .00 .00 .00 84.30 105.50
NET SALES 33226.50 31682.90 26300.50 22922.00 21507.30
Other Income 0 0 0 0 0
TOTAL INCOME 34551.80 32910.30 26981.20 23356.20 21975.50
EXPENDITURE:
Manufacturing Expenses 230.40 233.40 200.50 2286.70 1841.80
Material Consumed 2683.20 4729.80 3774.00 3657.80 3442.60
Personal Expenses 15904.20 13311.50 10937.40 9062.80 9249.80
Selling Expenses .00 .00 .00 378.10 308.40
Administrative Expenses 7475.20 7365.20 5627.70 2035.10 1906.00
Expenses Capitalised .00 .00 .00 .00 .00
Provisions Made .00 .00 .00 .00 .00
TOTAL EXPENDITURE 26293.00 25639.90 20539.60 17420.50 16748.60
Operating Profit 6933.50 6043.00 5760.90 5501.50 4758.70
EBITDA 8258.80 7270.40 6441.60 5935.70 5226.90
Depreciation 701.30 746.10 600.10 579.60 533.60
Other Write-offs .00 .00 .00 .00 .00
EBIT 7557.50 6524.30 5841.50 5356.10 4693.30
Interest 352.40 605.70 136.00 99.80 196.80
EBT 7205.10 5918.60 5705.50 5256.30 4496.50
Taxes 1554.90 1233.50 861.80 790.80 574.10
Profit and Loss for the Year 5650.20 4685.10 4843.70 4465.50 3922.40
Non Recurring Items .00 .00 .00 432.50 -948.60
Other Non Cash
Adjustments .00 .00 .00 .00 .00
Other Adjustments .00 .00 .00 .00 .00
REPORTED PAT 5650.20 4685.10 4843.70 4898.00 2973.80

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 Preference Dividend .00 .00 .00 .00 .00
Equity Dividend 1724.70 1475.20 1472.60 880.90 586.00
Equity Dividend (%) 350.12 300.02 300.04 300.03 200.00
Shares in Issue (Lakhs) 24629.35 24587.56 24544.09 14682.11 14649.81
EPS - Annualised (Rs) 22.94 19.05 19.73 33.36 20.30

CHANGES IN WORKING CAPITAL STATEMENT FOR THE PERIOD

2009 TO 2014
Rs(In Crores)

2009 2010- 2011- 2012- 2013-

PARTICULARS -10 11 12 13 14

CURRENT
ASSETS

459. 320.5
-INVENTORIES 6 606.9 724.9 785.1

-SUNDRY 4446 5016. 5781. 7967. 8499.

DEBTORS .4 4 3 0 4

4409 5664. 5203. 6232. 7800.

-CASH&BANK .2 3 3 8 4

9315 1128 1170 1498 1662

A.TOTAL .2 7.6 9.5 4.9 0.3

CURRENT 7375 7105. 8088. 9000. 1243

LIABILITIES .0 0 8 2 1.1

7375 7105. 8088. 9000. 1243

B.TOTAL .0 0 8 2 1.1

A-B. WORKING 1940 4182. 3620. 5984. 4189.

CAPITAL .2 6 7 7 2

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EXPLANATION:
 The above chart clearly shows the increase in the working capital for
the year 2009-2010.All the Current Assets except other current assets
have increased in the year 2010 as compared to year 2009. The end
result of the statement of changes in working capital after comparing
all the increases and decreases is the net decrease in the amount of
working capital. The above table prepared focuses on the fact that the
increase in working capital is Rs. 2242.4(crores)

 The above chart clearly shows the decrease in the working capital for
the year 2010-2011.All the Current Assets except receivables have
decreased in the year 2011 as compared to year 2010. The end result
of the statement of changes in working capital after comparing all the
increases and decreases is the net decrease in the amount of working
capital. The above table prepared focuses on the fact that the
decrease in working capital is Rs. 561.9(crores).

 The above chart clearly shows the increase in the working capital for
the year 2011-2012. All the Current Assets except other current assets
have increased in the year 2012 as compared to year 2011. The end
result of the statement of changes in working capital after comparing
all the increases and decreases is the net decrease in the amount of
working capital. The above table prepared focuses on the fact that the
increase in working capital is Rs. 236.4(crores).

 The above chart clearly shows the decrease in the working capital for
the year 2012-2013.All the Current Assets except receivables have
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 decreased in the year 2013 as compared to year 2012. The end result
of the statement of changes in working capital after comparing all the
increases and decreases is the net decrease in the amount of working
capital. The above table prepared focuses on the fact that the
decrease in working capital is Rs. 1795.5(crores).

KEY WORKING CAPITAL RATIOS

1. CURRENT RATIO: The current ratio is a financial ratio that measures

whether or not a firm has enough resources to pay its debts over the
next 12 months. It compares a firm's current assets to its current
liabilities. It is expressed as follows:

Current Asset is an asset which can either be converted to cash or used to

pay current liabilities within 12 months. Current Assets include cash cash
equivalents short-term investments, accounts receivable, stock inventory
and the portion of prepaid liabilities which will be paid within a year.

Current Liabilities are amount that are due to pay within the coming 12
months.

The following table shows the current ratio for the years 2008-2009 to 2012-
2013:
(Rs. In Crores)
Years Current Assets Current Current Ratio
Liabilities
2008-2009 13517.2 7375.0 1.83 times
2009-2010 16713.5 7105.0 2.35 times
2010-2011 18673.0 8088.8 2.31 times
2011-2012 23309.7 9000.2 2.59 times
2012-2013 25514.1 12431.1 2.05 times
Interpretation:

The amount of assets is fluctuating for the entire 5 years, where as the
amount of liabilities is not much fluctuating in these periods. The current
ratio is high for the year 2011-2012,which indicates that the company may
not be using its current assets or its short term financing facilities
efficiently. This may also indicate problems in working capital management.
Highest acceptable current ratio is 2,beyond this the company may face
problems. So the company should try to efficiently utilise its resources.

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2. Quick Ratio: Acid-test or quick ratio or liquid ratio measures the ability
of a company to use its near cash or quick assets to extinguish or retire
its current liabilities immediately. A company with a Quick Ratio of less than
1 cannot currently fully pay back its current liabilities.

The following table shows the quick ratio for the years 2008-2009 to 2012-
2013:

(Rs.In Crores)

Years Current Inventory Current Quick Ratio

Assets Liabilities

2008-2009 13517.2 4596.0 7375.0 1.209 times

2009-2010 16713.5 606.9 7105.0 2.669 times

2010-2011 18673.0 724.9 8088.8 2.218 times

2011-2012 23309.7 785.1 9000.2 2.502 times

2012-2013 25514.1 320.5 12431.1 2.026 times

Interpretation:

The company has been able to maintain its quick ratio for the past 5 years
and the company is financially secure. It is so that the companies having a
quick ratio of greater than 1 are sufficiently able to meet their short term
liabilities and a decreasing quick ratio suggest that the company is over
leveraged. On the other it is clear that the company is having increasing
quick ratio for the year 2009-2009 indicating that a company is experiencing
solid top line growth, quickly converting receivables into cash and is being
easily able to cover its financial obligations. The company often has faster
inventory turnover and cash conversion cycles.

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24 | P a g e
3. Working Capital Turnover Ratio:

Working Capital ratio measures the effective utilization of Working Capital.

The ratio establishes relationship between cost of sales and Working Capital.
Working Capital Turnover Ratio = Sales / Net Working Capital

Where: Net Working Capital = Current Assets - Current Liabilities

The following table shows Working Capital Turnover Ratio for years 2008-
2009 to 2012-2013:

(Rs. In Crores)

Years Sales (Rs) Net Working Working Capital

Capital(Rs) Turnover Ratio

2008-2009 21507.3 6142.2 3.501 times

2009-2010 22922.0 9608.5 2.385 times

2010-2011 26300.5 10584.2 2.484 times

2011-2012 31689.2 14309.5 2.215times

2012-2013 33226.5 13083.0 2.539 times

Interpretation:

In the year 2008-2009 the higher is the ratio ie. 3.501 times. It indicates the
low investment of working capital and the company plans to attain more
profits. But in the year 2010-2011 times, which indicates a higher
investment of Working Capital. For the years 2011-2012 and 2012-2013 the
sales is comparatively higher than the rest of the years.

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26 | P a g e
4. RETURN ON CAPITAL EMPLOYED

A financial ratio that measures a company’s profitability and the efficiency

with which its capital is employed.Return on Capital Employed(ROCE) is
calculated as:

ROCE=Earnings Before Interest and Tax (EBIT) / Capital Employed

Here, Capital Employed =Shareholders’ Equity + Debt Liabilities. In the

simplified terms it can be stated as Total Assets – Current Liabilities. A
higher ROCE indicates more efficient use of capital. ROCE should be higher
than the company’s capital cost, otherwise it indicates that the company is
not employing its capital effectively and is unable to generate shareholder
value.

The following table shows Return On Capital Employed for years 2008-2009
to 2012-2013:

(Rs. In Crores)

Years Earnings Capital Return On

Before Interest Employed(Rs) Capital
& Taxes (Rs) Employed(%)

2008-2009 4693.3 17531.9 26.77

2009-2010 5356.1 23226.7 23.06

2010-2011 5841.5 23795.2 24.54

2011-2012 6524.3 26855.3 24.29

2012-2013 7557.5 24582.0 30.74

Interpretation:

In the year 2012-2013 return on capital employed is higher ie. 30.74%.In

comparing to previous years the company has been able to generate more
revenue. It is been seen that consistently the company is growing faster and
as the result the return on capital also increased.

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28 | P a g e
5. DEBT TO EQUITY RATIO

The debt to equity ratio(D/E) is a financial ratio indicating the relative

proportion of shareholder’s equity and debt used to finance a company’s
assets.Debt to equity ratio can be calculated as follows:

D/E=Debt / Equity

Here, Debt represents Long Term Debt and Equity=Owners fund +Reserve &
surplus-Accumulated Losses.

The following table shows Debt to equity ratio for the years 2008-2009 to
20012-2013:

(Rs. In Crores)

Years DEBT (Rs) EQUITY (Rs) DEBT TO

EQUITY RATIO

2008-2009 185.8 12514.9 .01

2009-2010 211.9 17692.2 .01

2010-2011 1935.4 21320.2 .09

2011-2012 2191.7 24352.5 .09

2012-2013 59.0 24229.5 .00

Interpretation:

In the year the 2010-2011 & 2011-2012 the ratio of debt to equity is .09.A
high debt/equity ratio generally means that a company has been aggressive
in financing its growth with debt.this may result in volatile earnings a a
result of the additional interest expense.So in the company has been able to
generate earnings potentially in the above years.

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30 | P a g e
 FINDINGS
 In financial year March 2009 Current Ratio and Quick Ratio is low
compared to March 2010 which is not good for working capital as it
implements more liabilities than current asset as cash cycle and
collection is weak. Working Capital Turnover ratio is high in March 2009
as compared to March 2010 which implements that the management is
being efficient in using a firm’s short term assets and liabilities to
support sales in march 2009.

 In financial year Mar’10 Current Ratio and Quick Ratio is high

compared to Mar’11 which is good for working capital as it involves
cash cycle. Working Capital Turnover ratio is low in March 2010 as
compared to March 2011 which implements business is investing in too
many accounts receivables which would lead to an excessive amount of
bad debts and obsolete inventory,which is not good for business

 In financial year Mar’11 Current Ratio and Quick Ratio is low compared
to Mar 12 which is not good for working capital as it implements more
liabilities than current assets as cash cycle and collection is weak.
Working Capital Turnover ratio is high in March 2011 as compared to
March 2012 which implements that the management is being efficient
in using a firm’s short term assets and liabilities to support sales in
March 2011

In financial year Mar’12 Current Ratio and Quick Ratio is high compared to
Mar’13 which is good for working capital as it involves cash cycle. Working
Capital Turnover ratio is low in March 2012 as compared to March 2013
which implements business is investing in too many accounts receivables
which would lead to an excessive amount of bad debts and obsolete
inventory, which is not good for business.

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 COMPANY PROFILE: ITC LIMITED

a. Name of the Company – ITC LIMITED

b. Founded – August 24, 1910 (as Imperial Tobacco Company of India)

c. Founder – Henry Overton Wills

d. Headquarters – Virginia House, 37 , Jawaharlal Nehru Rd, Kolkata-700 071

e. Board of Directors –

Yogesh Chander Deveshwar Chairman, CEO

A K Rajput Senior Vice President- Corporate
Affairs
Angara Venkata Girija Kumar Non Executive Director
Anil Baijal Non Executive Director
Anthony Ruys Non Executive Director
Arif Nazeeb Vice President
M S Bhatnagar Vice President
R K Rai Chief Operating Officer
S Janardhana Reddy Executive Vice President
Pradeep Vasant Dhobale Executive Director

3.2 Data Analysis and Interpretation

 Presentation of Data
 Profit & loss of ITC Ltd.
 Balance Sheet of ITC Ltd.
 Analysis and Findings
 Ratio Analysis
 Changes in Working Capital
 Net working Capital

   RATIO ANALYSIS

SHORT TERM SOLVENCY RATIO

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 Total Current Assets
Current Ratio = Total Current Liabilities (Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Total Current Assets 11395.32 14260.01 16097.49
Total Current
10519.67 11663.18 12916.23
Liabilities
Current Ratio 1.083 1.223 1.246

Current Ratio
1.300

1.250
1.246
1.223
1.200

Current Ratio
1.150

1.100

1.083
1.050

1.000
2011-12 2012-13 2013-14

Interpretation : Standard current ratio is 2:1. From the above table, I see that Current Ratio is increasing. It
means that Solvency Position is better.

Quick Assets
Acid Test Ration = Quick Liabilities

Here, Quick Assets = Sundry Debtors + Cash at Bank + Loans & Advances

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Quick Assets 3079.06 7659.81 8737.95
Quick Liabilities 10519.67 11663.18 12916.23
Acid Test Ratio 0.293 0.657 0.677

33 | P a g e
 Acid Test Ratio
0.800

0.700
0.657 0.677
0.600

0.500
Acid Test Ratio
0.400

0.300
0.293
0.200

0.100

0.000
2011-12 2012-13 2013-14

Interpretation : Acid Test Ratio shows that measurement of Short term Solvency Position of the Company.
It will be always 1:1 as Standard Ratio. But from the above table I see that, Acid Test Ratio is below 1:1 in
every year. This is not sound liquidity position of the company.

Net Sales
Working Capital Turnover Ration = Net Working Capital

Here net Working Capital = Net Current Assets

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Net Sales 25090.11 29901.27 33238.60
Net Working Capital 875.65 2596.83 3181.26
Working Capital
Turnover Ratio 28.653 11.515 10.448

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 Working Capital Turnover Ratio
35.000

30.000
28.653
25.000

20.000 Working Capital Turnover

Ratio
15.000

10.000 11.515
10.448

5.000

0.000
2011-12 2012-13 2013-14

Interpretation : A high working capital turnover ratio indicates efficiency in utilization of resource. In the
year 2011-12 we see that, highest working capital exist it shows that, component of working capital is less
utilized. In the 2012-13 & 2013-14 I see that, working capital turnover ratio has decreased. This means that
component of working capital is more utilized which is considered as the negative sign from the point view
of finance.

LONG TERM SOLVENCY RATIO

Total Debt
Debt Equity Ratio = Share Holders Fund

Here, Total debt= Secured Loans + Unsecured Loans+ Total Current Liabilities

Share Holders Fund = Net Worth (Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Secured Loans 1.77 0 0.14
Unsecured Loans 77.32 66.40 51
Total Current
Liabilities 10019.67 11663.18 12916.23
Total Debt 10098.8 11729.6 12967.4
Share Holders Fund 18738.84 22287.85 26252.02
35 | P a g e
 Debt Equity Ratio 0.539 0.526 0.494

Debt Equity Ratio

0.550

0.540
0.539
0.530

0.520 0.526
Debt Equity Ratio
0.510

0.500

0.490 0.494

0.480

0.470
2011-12 2012-13 2013-14

Interpretation : The Debt Equity Ratio is 1:1. It implies that for every rupee of outside liability equal to
every rupee of shareholder fund. From the above table I see that debt equity ratio gradually decreases from
0.539 to 0.526 and from 0.526 to 0.494. It shows that debt capital decreases. This
position is better for the company.

Shareholders Fund
Proprietary Ratio = Total Assets

Here , Shareholders Fund = Net Worth (Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Shareholders Fund 18738.84 22287.85 26262.02
Total Assets 18817.93 22354.25 26313.16
Proprietary Ratio 0.996 0.997 0.998

36 | P a g e
 Proprietary Ratio
0.999

0.998
0.998
0.998

0.997
0.997
Proprietary Ratio
0.997

0.996
0.996
0.996

0.995

0.995
2011-12 2012-13 2013-14

Interpretation : Normal ratio of proprietary ratio is 1:1. It is seen that the company’s total shareholders
fund approximately equal to total assets. It is the standard position of business.

PROFITABILITY RATIO

Net Profit
Net Profit Ratio = Sales X 100

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Net Profit 6162.37 7418.39 8785.21
Sales 35247.25 29901.27 33238.6
Net Profit Ratio 17.48% 24.81% 26.43%

37 | P a g e
 Net Profit Ratio

17.48

26.43
2011-12
2012-13
2013-14

24.81

Interpretation : Net profit ratio will be normally created by every company 5-10%. But from the above
table I see that company’s net profit is more than 10% and gradually increased every year. This is the good
position of the company.

Operating Profit
Operating Profit Ratio = Net Sales X 100

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Operating Profit 8921.81 10627.51 12454.84
Net Sales 25090.11 29901.27 33238.60
Operating Profit Ratio 35.559% 35.542% 37.471%

38 | P a g e
 Operating Profit Ratio

37.471 35.559
2011-12
2012-13
2013-14

35.542

Interpretation : In 2011-12 and 2012-13 Operating Profit ratio almost same. In 2013-14 Operating Profit
Ratio has gradually increased to 37.471%. It is the best position in efficiency.

ACTIVITY RATIO

Average Debtors
Debtors Collection Period = Net Sales X 365 days

Here Average debtor for 2011-12 = 986.02

For 2012-13 = (986.02+1163.34)/2 = 1074.68

For 2013-14 = (1163.34+2165.36)/2 = 1664.35

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Average Debtors 986.02 1074.68 1664.35
Net Sales 25090.11 29901.27 33238.60
Debtors Collection Period 14 13 18

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 Debtors Collection Period
20
18
16
14
12
Debtors Collection Period
10
18
8
14
13
6
4
2
0
2011-12 2012-13 2013-14

Interpretation : There is in both average debtors and sales. But average collection period decreases in
2012-13 and increases in 2013-14. This shows, that cash collection from debtors is not very good.

Net Sales
Total Assets Turnover Ratio = Total Assets

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Net Sales 25090.11 29901.27 33238.60
Total Assets 18817.93 22354.25 26313.16
Total Assets Turnover Ratio 1.33 1.34 1.26

40 | P a g e
 Total Assets Turnover Ratio
1.36

1.34
1.33 1.34
1.32

1.30 Total Assets Turnover Ratio

1.28

1.26
1.26
1.24

1.22
2011-12 2012-13 2013-14

Interpretation : From the above table I see that, total assets turnover ratio has firstly increased and then
decreased. It shows that position of the company is slightly good. Its stability position is not very good.

Net Sales
Fixed Assets Turnover Ratio = ¿ Assets

Where Fixed Assets = Net Block. (Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Net Sales 25090.11 29901.27 33238.60
Fixed Assets 9053.63 11209.34 12012.74
Fixed Assets Turnover Ratio 2.77 2.67 2.77

41 | P a g e
 Fixed Assets Turnover Ratio
2.78

2.76 2.77 2.77

2.74

2.72

2.70 Fixed Assets Turnover Ratio

2.68

2.66 2.67

2.64

2.62

2.60
2011-12 2012-13 2013-14

Interpretation : From the above table I see that, Fixed Assets Turnover ratio is firstly increases and then it
decreases. It shows that position of the company is slightly good.

Net Sales
Current Assets Turnover Ratio = Current Assets

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

Net Sales 25090.11 29901.27 33238.60
Current Assets 11395.32 14260.01 16097.49
Current Assets Turnover Ratio 2.20 2.10 2.06

42 | P a g e
 Current Assets Turnover Ratio
2.25

2.20
2.20
2.15
Current Assets Turnover
Ratio
2.10
2.10
2.05 2.06

2.00

1.95
2011-12 2012-13 2013-14

Interpretation : Better current turnover ratio is always good for the company. The turnover ratio is moving
positively in the last three years. There was increase in current assets as well as in sales. But growth rate of
sales were higher. But the Current Asset Turnover Ratio is gradually decreased.

NET WORKING CAPITAL

STATEMENT SHOWING NET WORKING CAPITAL

(Rs. IN CRORES)

Particulars 2011-12 2012-13 2013-14

(A) CURRENT ASSET
(a) Inventories 5637.83 6600.20 7359.54
(b) Sundry Debtors 986.02 1163.34 2165.36
(c) Cash & Bank 140.50 3615 3289.37
(d) Loans & Advances 1952.54 2881.47 3283.22
Total (A) 8716.89 14260.01 16097.49
(B)CURRENT LIABILITIES
(a) Current Liabilities 6108.60 6404.43 6921.52
(b) Provisions 4411.07 5258.75 5994.71
Total (B) 10519.67 11663.18 12916.23
NET WORKING CAPITAL (A-B) -1802.78 2596.83 3181.26

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PROFIT & LOSS STATEMENT and BALANCE SHEET:

Profit & Loss account of ITC ------------------- in Rs. Cr. -------------------

Balance Sheet of ITC --------

Marin Rs.
'14 Cr. ------------
Mar '13 Mar '12
12 mths 12 mths 12 mths
Mar '14 Mar '13 Mar '12
Income
12 mths 12 mths 12 mths
Sales Turnover 33,238.60 29,901.27 35,247.25
Sources Of Funds
Excise Duty 0.00 0.00 10,157.14
Total Share Capital 795.32 790.18 781.84
Net Sales 33,238.60 29,901.27 25,090.11
Equity Share Capital 795.32 790.18 781.84
Other Income 1,107.14 938.70 761.25
Share Application Money 0.00 0.00 0.00
Stock Adjustments 128.41 935.83 149.30
Preference Share Capital 0.00 0.00 0.00
Total Income 34,474.15 31,775.80 26,000.66
Reserves 25,466.70 21,497.67 17,957.00
Expenditure
Networth 26,262.02 22,287.85 18,738.84
Raw Materials 13,522.04 12,531.44 9,933.19
Secured Loans 0.14 0.00 1.77
Power & Fuel Cost 613.19 550.11 453.19
Unsecured Loans 51.00 66.40 77.32
Employee Cost 1,608.37 1,387.01 1,265.41
Total Debt 51.14 66.40 79.09
Other Manufacturing Expenses 0.00 0.00 634.80
Total Liabilities 26,313.16 22,354.25 18,817.93
Selling and Admin Expenses 0.00 0.00 2,691.41
Mar '14 Mar '13 Mar '12
Miscellaneous Expenses 5,168.57 5,741.03 1,339.60
12 mths 12 mths 12 mths
Preoperative Exp Capitalised 0.00 0.00 0.00
Application Of Funds
Total Expenses 20,912.17 20,209.59 16,317.60
Gross Block 18,239.65 16,679.17 13,926.34
Mar '14 Mar '13 Mar '12
Less: Revaluation Reserves 0.00 0.00 53.05
12 mths 12 mths 12 mths
Less: Accum. Depreciation 6,226.91 5,469.83 4,819.66
Operating Profit 12,454.84 10,627.51 8,921.81
Net Block 12,012.74 11,209.34 9,053.63
PBDIT 13,561.98 11,566.21 9,683.06
Capital Work in Progress 2,295.73 1,487.79 2,572.06
Interest 2.95 86.47 87.02
Investments 8,823.43 7,060.29 6,316.59
PBDT 13,559.03 11,479.74 9,596.04
Inventories 7,359.54 6,600.20 5,637.83
Depreciation 899.92 795.56 698.51
Sundry Debtors 2,165.36 1,163.34 986.02
Other Written Off 0.00 0.00 0.00
Cash and Bank Balance 3,289.37 3,615.00 140.50
Profit Before Tax 12,659.11 10,684.18 8,897.53
Total Current Assets 12,814.27 11,378.54 6,764.35
Extra-ordinary items 0.00 0.00 2.51
Loans and Advances 3,283.22 2,881.47 1,952.54
PBT (Post Extra-ord Items) 12,659.11 10,684.18 8,900.04
Fixed Deposits 0.00 0.00 2,678.43
Tax 3,873.90 3,265.79 2,737.08
Total CA, Loans & Advances 16,097.49 14,260.01 11,395.32
Reported Net Profit 8,785.21 7,418.39 6,162.37
Deferred Credit 0.00 0.00 0.00
Total Value Addition 7,390.13 7,678.15 6,384.41
Current Liabilities 6,921.52 6,404.43 6,108.60
Preference Dividend 0.00 0.00 0.00
Provisions 5,994.71 5,258.75 4,411.07
Equity Dividend 4,771.91 4,148.46 3,518.29
Total CL & Provisions 12,916.23 11,663.18 10,519.67
Corporate Dividend Tax 810.99 705.03 570.75
Net Current Assets 3,181.26 2,596.83 875.65
Per share data (annualised)
Miscellaneous Expenses 0.00 0.00 0.00
Shares in issue (lakhs) 79,531.83 79,018.33 78,184.24
Earning Per Share (Rs) 11.05 9.39 7.88 44 | P a g e
Equity Dividend (%) 600.00 525.00 450.00
Book Value (Rs) 33.02 28.21 23.97
Total Assets 26,313.16 22,354.25 18,817.93
Contingent Liabilities 1,916.00 2,122.83 2,533.61
Book Value (Rs) 33.02 28.21 23.97

Interpretation : This table shows the net working capital position for the last three years. In the year
2011-’12 net working capital shows in negative. It indicates that the ability of the ITC company to meet the
short term obligation is very poor. Whereas in the year 2012-’13 & 2013-’14 net working capital is positive.
It indicates that the ability of the ITC company to meet the short term obligation is high and creditor accept
net working capital as margin of safety and it indicates that the financial solvency position of the company.

Findings:

(i) Since volume of sales is increased. So, company’s earning will also be increased.
(ii) Standard current ratio is 2:1 but company ratio is 1.24:1. This shows company’s solvency position
is not so good.
(iii) Standard asset test ratio is 1:1 but company’s ratio is 0.67:1. The company has not excess
liquidity.
(iv)The debtors of the company were high. They were increasing year by year. So more funds were
blocked in debtors. But now recovery is becoming slowly and steadily.
(v) Working capital turn over ratio is decreasing in 2013-’14, that shows decreasing needs of working
capital.
(vi)Asset turn over ratio is gradually increased is shows that company’s stability position is better.

Suggestions:
(i) It can be said that over all financial position of the company is very good from the point of view of
profitability.
(ii) The company should try to increase their shareholders fund over the total assets.
(iii) Since operating profit ratio is high so the company must try to more increase in sale.
(iv) Company should try to increase the volume of sales to occupy the major area of the market.

45 | P a g e
 CHAPTER-4
CONCLUSIONS AND RECOMMENDATIONs

46 | P a g e
 CHAPTER-4
CONCLUSION AND RECOMMENDATIONS
WIPRO:

The management of working capital plays a vital role in running of a

successful

business. So, things should go with proper understanding for managing cash

receivables and inventory.

WIPRO LIMITED is managing its working capital in a good manner

but still

there is scope for improvement in its management. This can help the
company in

raising its profit level by making less investment in accounts receivables

and

stock etc. This will ultimately improve the efficiency of its operations.
Following

are few recommendations given to the company in achieving its desired

objectives.

47 | P a g e
  The business runs successfully with adequate amount of the working
capital but the company should see to it that cash should not be tied
up in excessive amount of working capital.

 Though the present system is mostly perfect, the company as due to

the increasing sales should adopt more effective measures so as to
counter the treat.

 The investment of cash in marketable securities should be increased

as it is very profitable for the company.

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

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

ITC LIMITED:
With the best of my efforts, the guidance of my supervisor and the information based on ITC Company, I
have completed this project report of my working capital management. I have carryout detailed information
of ITC Company.

The acid test ratio shows the short term solvency position of the company. The average debtors and sales are
both increasing but still cash collection from debtors is not so good. The debt equity ratio shows that
company is in fairly better position. The net profit 0f the company is also good since it exceeds 10% and is
gradually increasing every year. The working capital of the company is reducing which is considered from
the point of view of finance. From the above collected data, I may say the ITC Company is in good position
in market.

48 | P a g e
 BIBLIOGRAPHY

BOOK NAME AUTHOR

FINANCIAL MANAGEMENT Shashi K. Gupta

&

R.K. Sharma

FINANCIAL MANAGEMENT I.M. Pandey

ACCOUNTING FOR MANAGEMENT T. Ramachandran

MANAGEMENT ACCOUNTING R.S.N. Pillai

&

Bagavathi

Data are collected from Annual Reports of WIPRO LIMITED & ITC LIMITED.
49 | P a g e
INTERNET:

 www.moneycontrol.com/financials/itc/..
 www.moneycontrol.com/india/financialstatement/itc..
 En.m.wikipedia.org/wiki/ITC limited

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