Hatti Gold Mines

HUTTI GOLD MINES COMPANY LIMITED
EXECUTIVE SUMMARY The summer project was undertaken at Hutti Gold Mines Company limited, Hutti. The training was undertaken to understand the Working Capital Management at Hutti Gold Mines Company. My in-plant training project conducted at Hutti Gold Mines Company consists of two parts:
1. The first part belongs to overall study relating to the organization.
Gold is considered as the king of metals in the world. The study also consists of various departments, how they function, policies and strategies used by each department and how they are able to achieve their organizational goals. 2. The second part belonging to the finance project is specially focused on working capital management. Working Capital plays an important role in the successful operation of business activities. The need for managing working capital is very necessary for any business house. Working capital management is a matter of top priority, as it has a bearing on creditworthiness, liquidity, solvency and profitability. Working capital management is a process of determining quantum of current assets to be held at right time, so as to discharge current liabilities and there by utilizing them to their optimum extent and at the same time increasing overall value of the firm by keeping the liquidity position intact.
Objectives:
To study the pattern & procedure followed regarding working capital management.
To study the different components of working capital of the corporation.
To understand how effectively the working capital management is in HGML.
PG Studies VTU, Belgaum
To offer suggestions for improving the efficiency in working capital management. To fulfill the requirement of Masters Degree in Management.
Methodology of the Study 1. Primary Data: It is collection of first hand information. This data is collected through discussion. The required primary data is collected from the concerned officers of the Hutti gold mines company limited, Hutti. The data collected is processed and presented in the data analysis through various tables and explanations. The tables are analyzed by individual current assets and current liabilities and by calculating working capital for every year.
2. Secondary Data:
It is reviewing relevant information, which is already collected and making inferences based on the information collected from secondary data from annual reports of the company. The present study is mainly based on the secondary data. Scope of Study: Scope of the study in General terms is the extent to which it is possible to cover the subject. This study attempts to cover almost all the tools and techniques for the purpose of evaluating working capital management in HGM Co. ltd Hutti. Study is limited to the information that could be gathered from personnel and records that were made available.
INTRODUCTION TO GOLD COMPANY Gold mining has been part of some of the greatest achievements in history,from early NIZAMS time. Gold sparked off the cultural & heritage revolution. At the close of 20th century, it was gold revolutionizing the way we live and are the material of choice for countless products for this millennium. The gold industry has an important role to play in the development of any industry of a
nation. It is a critical intermediate for the industrialtion and the strength for gold smith. The turn of the century saw the Indian gold industry reaching a stage of development determined largely by the economic policies. These policies have led to the decontrol of the gold industry and most other sector of the industrial economy. The gold sector in particular saw a series of reforms starting with removal of licensing control, disbanding of pricing and distribution controls, discontinuation of gold development fund.,withdrawal of freight equalization fund and removal of trade restriction on imports along with progressive reduction in tariff rates. In India the Hutti Gold Mines company Ltd is the only mine and producer of Gold.
COMPANY HISTORY This mine is probably one of the ancient metal mines in the world dating to the pre-Ashoken period. Carbon dating of the old timber collected from old workings indicated about 2000 years of ancient mining activity. Between 1887 and 1920 nearly 7.40 tons of gold was recovered from very rich ore at an average yield of 19 grams per ton. Most of the ore was from the main mine which was worked by Hutti (NIZAMS) gold mine, an of shoot of Hyderabad (DECCAN) Company. The main mines were up to a depth of 1056mts. The industry was closed down in 1920 due to technical difficulties and the First World War.
In 1937 the Nizams decided to prospect the area with a view to response the mines. In 1940 based on favorable exploratory results, it was decided to install a plant to treat 100 TPS per day. But before the plant could be commissioned, mining operation was suspended from 1942 to 1946 due to second world war, the mine was shut down and only pumping was carried out.
After the war, the Hyderabad gold mines company Ltd was found in1947 and regular mine production started in September 1948 at the rate of 130 tons per day. By 1972 this was progressively increased to 600 tons per day. In the year 1999 increased to 910 tone per day. With abolition of gold control at commencement of new mines policies HGML was in a position to greatly expand its activities. It was proposed to increased production from 2.6 lakhs tones of ore per annum to 5 lakhs tones of ore pre annum after completion of the modernization and expansion programme by introducing mechanized mining & latest CIP treatment process technology from the year 2000 to 2001.
COMPANY PROFILE Hutti Gold Mines Company Limited (HGML), Government of Karnataka Undertaking (Established in 1947 as Hyderabad Gold Mines), has the unique distinction of being the only producer of primary gold in the country. HGML has been active in the exploration, development and exploitation of gold deposits occurring in Karnataka. The Companys Corporate office is situated in Bangalore and it operates two units-The Hutti Gold unit (HGU) in Raichur district and the Chitradurga Gold unit (CGU) in Chitradurga district with an operating mine at Ajjanahalli (Tumkur District). HGU and CGU are fully integrated units, with capacities to produce 600000 TPA and 261000 TPA of ore respectively. The HGML currently PG Studies VTU, Belgaum
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processes the ore from Hutti Mine and two satellite mines at Uti (opencast) and Hira-Buddinni (Exploratory underground mine). Geology & Reserves Hutti is located at Latitude 16 12 N. Longitude 76 43 E. The Hutti Gold Deposit is located in the Hutti-Maski Pre-Cambrian greenstone belt. The auriferous lodes occur within the metaba salts and are gold quartz sulphide lodes, which are confined to laterally and depth persistent shear zones. Gold occurs in native state and is generally associated with quartz veins and also with sulphide minerals viz., arsnopyrite, purrhotite and pyrite as inclusion, fracture filling and also replacement in microscopic and submicroscopic particles. Localization of gold mineralization is litho logically and mainly structurally controlled and the ore shoots have typical geometric pattern of distribution. There are nine parallel lodes exposed on the surface, of which six lodes are being mined. The Hutti deposit extends for about 4 km strike length and the width covered by all the parallel lodes is about 1.5 km. The parallel lodes have a general strike of NNW SSE and dips ranging from 600-700 due West. The strike length covered by the present mining is 1.4 km and the proved and probable ore reserves up to the present mine depth of 846 m are 6.76 million tonnes at 5.27 g/t grade. The immediate northern and southern extensions of Hutti mines also have good potential and detailed exploration by drilling and exploratory mines development is in progress on the extensions of New East Reef, Strike Reef, Zone-I Reef, Middle Reef and Oakleys Reefs.
INDUSTRIAL PROFILE While exploration and mining can sometimes be conducted by individual entrepreneurs or small business, most modern-day mines are large enterprises requiring large amounts of capital to establish. Consequently, the mining sector of the industry is dominated by large, often multinational, mostly publicly-listed companies. . However, what are referred to as the mining industry are actually two sectors, one specializing in exploration for new resources, the other specializing in mining those resources. The exploration sector is typically made up of individuals and small mineral resource companies dependent on pubic investment. The mining sector is typically large and multi-national production from their mining operations.
Miners today do more than just dig tunnels in the Earths subsurface. There are many different jobs, direct and indirect, in the mining industry, ranging from engineers and lab technicians to geologists and environmental specialists. Beyond employment directly linked to mine-site activity, the modern mining industry also employs many other professionals, including accountants, lawyers, sales representatives, public relations specialists, not to mention thousands of men and women involved, who manufacture the machines and equipment necessary to mine minerals.
HUTTI GOLD MINES AT A GLANCE: Location Distance : Hutti, Raichur District, Karnataka, India. : 80 km west of Raichur, 300 km south west of Hyderabad, 480 km north of : South central railway, Raichur. :
Bangalore. Railway station Mining History
1. Ancient mining 2000 years old (Pre Ashokan times ) 2. Modern mining 1902 to 1918 (Nizams period) 3. Modern mining-re discovery of parallel lodes and mining from 1947 onwards. Present Mine depth : 810 meters, 26th level.
Nature of deposit : Arahen lode gold deposit shear zones controlled gold-quartz-sulphide mine station. Ore Mined and Gold produced so far from Hutti Mines. 1. Ore already Mined in the Main Mine (During the period 1902 to 1918) 2. Ore Mines so far from 1948 Onwards in the present mined on the other parallel lodes up to 840 m depth on 31.03.2008. Total ore mined and Ore (Million Tones) Grade (gm/Tone) Total Gold (Tones)
0.38
19.49
7.41
9.87
5.85
67.10
10.25
6.60
74.51
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gold produced so far
VISION AND MISSION: The corporate vision is to become one of the most vibrant, self reliant, financially viable, and steady growth oriented mining corporate. The corporate mission is:
Improve productivity and profitability. Provide financial stability on long term. Register steady growth in terms of percentage of capacity utilization, production of income and overall profitability. Provide safe working conditions in the mine. Introduction of modern and effective management apart from achieving day to day production target. Promote harmonious and cordial industrial relationship. Promote Human Resource Development. Promote Welfare and Community Development. Have environment friendly and healthy mining and production process. Have good health and well being of workers, staff, and employees.
VALUE Like other precious metals, gold is measured by troy weight and by grams and when it is alloyed with other metals the term carat is used to indicate the amount of gold present, with 24 carats being pure gold. The purity of a gold bar can also be expressed as a decimal figure, known as the millesimal fineness, such as, 0.995. The price of gold is determined on the open market, but a procedure known as the Gold fixing in London, originating in 1919, provides a twicedaily benchmark figure to the industry. PG Studies VTU, Belgaum
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Historically, gold was used to back currency in an economic system known as the gold standard in which one unit of currency was equivalent to a certain amount of gold. As part of this system, government attempted to control the price of gold by setting values at which they would exchange it for currency. For a long period the United States government set the price of gold at $20.67 per troy ounce but in 1934 the price of gold was set at $35.00 per troy ounce. By 1961 it was becoming hard to maintain this price, and a pool of US and European banks began to act together to defend the price against market forces. But on March 17, 1968, economic circumstances caused the collapse of this gold pool, and a two-tiered pricing Scheme was established whereby gold was still used to settle international accounts at the old $35.00 per ounce ($1.13/g) but the price of gold on the private market was allowed to fluctuate: this two-tiered pricing system was abandoned in 1975 when the price of gold was left to find its free market level. Since 1968 the price of gold on the open market has ranged widely, with a record high of $850 on 21st January 1980, slumping to a low of $252.90 on 21st June 1999 (London Fixing). Increased demand has led to price rising to the $310 mark in 2008. PRODUCT PROFILE: Gold has long considered one of the most precious metals, and its value has been used as the standard for many currencies (Known as the gold standard) in history. Gold has been used as a symbol for purity, value, royalty, and particularly roles that combine these properties. The primary goal of the alchemists was to produce gold from other substances, such as lead-presumably by the interaction with a mythical substance called the philosophers stone. Although they never succeeded in this attempt, the alchemists promoted an interest in what can be done with substances, and this laid a foundation for todays chemistry. Their symbol for gold was the circle with a point as its center which was also the astrological symbol, the Egyptian hieroglyph and the Chinese character for the sun. The price of gold is determined on the open market, but a procedure known as the Gold Fixing in London, originating in 1919, provides a twicedaily benchmark figure to the industry. Historically gold was used to back currency in an economic system known as the gold standard in which one unit of currency was equivalent to a certain amount of gold. As part of this system, governments attempted to PG Studies VTU, Belgaum
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control the price of gold by setting values at which they would exchange it for currency. For all long period the HGML, Government of Karnataka Undertaking (Established in 1947 as Hyderabad Gold Mines), has the unique distinction of being the only producer of primary gold in the country. HGML has been active in the exploration, development and exploitation of gold deposits occurring in Karnataka. The Companys corporate office is situated in Bangalore and it operates two units-The Hutti Gold unit (HGU) in Raichur district and the Chitradurga Gold Unit (CGU) in Chitradurga district with an operating mine at Ajjanahalli (Tumkur District). HGU and CGU are fully integrated units, with capacities to produce 6,00,000 TPA and 2,61,000 TPA of ore respectively. The HGML currently processes the ore from Hutti Mines and two satellite mines at Uti (opencast) and Hira-Buddinni (Exploratory underground mine). Gold Bullion Bars Produced By Hutti Gold Mines
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The Hutti Gold Bullion Buttons BOARD OF DIRECTORS: Sri.Renuka archery (MLA) Miss.Manjulla Sri.D.Y.Venkateh Smt. Latha Krishna Rao (IAS) Sri.Yogendra Tripathi (IAS) (IAS) : Chairman : Managing Director : Executive Director : Director : Director
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Sri.Mahendra Jain (IAS) Sri.Ganga Ram Baderiya (IAS) Sri.Ajay Seth (IAS) Sri.Arvind G Risbud (IAS) M/S. P.Rangaswamy & Co. Sri.Vijay Krishna K.T Banks
: Director : Director : Director : Director : Auditors : Company Secretary Consultant : State Bank of Hyderabad (Hutti) State Bank of India (Hutti) Canara Bank (Blore & Syndicate ING VISYA Indus
Chitradurga) Bank (Hutti) Bank (Bangalore) Ind Bank Ltd. (Bangalore) Axis Bank Ltd. (Bangalore) FUTURE PLANS OF HGML:
Hutti underground exploration by diamond drilling from 26th level and
up to 30th level to establish strike and depth continuity of ore body for 2nd phase of mining. Improvement of mine ventilation. Develop core competence to effectively manage diversification and other activities. Ensure complance with various Corporate laws, Labour laws, Environment laws, and other applicable laws. Follow fair, sound and acceptable ethical practices in relation to share holders, customers, suppliers, employees, and other public authorities. Strengthen effective and adequate internal control system. Standardize management information system and computerization. Ensure and adopt transparent procurement, sale, financial reporting, audit and practices. PG Studies VTU, Belgaum
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Implementation of Kannada.
Wind mill power generation:- The company has completed 1st phase
of errectio and commissioning of 4.8 mw mind wind mill along with polling station bay extension at KPTCL and transmission line. Power generation started from 19th June 2006. This has added Rs.270 lakhs of revenue generation. Rationalization of use of compressed air system. Rationalization of underground pumping system. Reclamation and development of Greys shaft working. Preparation of feasibility studies for eventual mining at Hira Buddini Gold projects.
Hutti south block exploration by diamond drilling from 3rd level to 5th
level to establish parallel reefs so as to increase reserves. GMLs Production Performance of the Decade (1993-2008) Year Ore hoisted Ore treated Hutti only (in (Hutti + tons) NP) (in tons) 179924 232460 256812 263727 277430 291214 254529 178338 246481 232626 283083 293640 323974 349084 Feed grade (G/T) 5.73 5.51 4.82 5.52 5.3 4.93 4.4 Net grade (G/T) 5.42 5.04 4.35 4.97 4.9 4.4 4 Gold produce (in kgs) 966.40 9 1242.7 6 1011.2 4 1408.0 5 1438.0 7 1427.1 02 1395.8
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199394 199495 199596 199697 199798 199899 1999-
00 200001 200102 200203 200304 200405 200506 200607 200708 260199 379251 460637 483263 480826 454351 484723 470682 335845 409437 525928 623125 592685 513722 522374 562921 5.62 6.11 5.4 5.77 6.22 5.86 5.04 5.87 5.31 5.67 5.02 5.4 5.9 5.54 4.7 5.27
2 1784.9 9 2333.5 0 2640.4 96 3096.5 44 3507.6 07 2848.3 40 2336.3 6 2808.6 0
ORGANISATION STRUCTURE
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PRODUCTION DEPARTMENT PG Studies VTU, Belgaum

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Production is the basic activity of all industrial units. All other activities revolve around this activity. The end product of the production activity is the creation of goods and services for the satisfaction of the human wants. The production activity is nothing but the step-by-step conversion of one form of material into another either chemically or mechanically. This is done in factories which house manufacturing processes. The basic input of the production processes are men, machines, plant, and methods. An organization capabilities and the intent are strongly reflected in the product it manufactures. The manufacturing competencies and facilities echo truly, the R&D extent and the ability to implement it for the best of the market it targets. The product of mine is used as raw materials on which the processing is done to create or enhance the form utility. It should note that the finished product of one manufacturing unit does not always furnish a readymade product for the ultimate consumption. In a chain of manufacturing activities, the finished product of processor sometimes become the raw material (or component) for the other manufacturing firms falling next in the sequence. HGML Company has world class manufacturing facilities having to extract the Gold as well as finished product will be completed through the manufacturing process. MINING AND TREATMENT HGMLs production has steadily increased over the years. In this process, HGML has been able to develop much needed. Technological expertise in the field and prepare itself to take new challenges of growth and development. Over the years, the Company smelting leading to increased competitiveness of its operations. HGMLs operation starts with mining of Gold ore. The use of bulk mining methods viz, large Diablast, Hole stepping and sub-level mining have achieved higher safety and productivity. The ore is Crushed ground to very fine Powder. The Grinding output is subjected to Cyanidation and CIP (Carbon in Pulp) process, where Metallic Gold leaches and gets adsorbed on activated carbon.
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Gold is recovered through two routes: Gravity Concentration Leaching, CIP, Elution, Electro winning Process and there after smelting to produce Saleable Gold Bullion Bar.
The Brief Description about the Mineral Treatment Plant:ROM is of -8 size is crushed to -10 mm size in three stages. In the first stage, there are three nos of KueKen Jaw Crushes which act as primary crusher and reduces the ore to -2-1/2 of size stored in 200MT. In the second stage, 3 standard Simon cone crusher acts as secondary crusher and reduces the ore to 1 size. To ease out the load on the Simon cone crusher a vibrating screen with 1 aperture size is used. The secondary crusher product along with screen underflow stored in a 400 MT capacity intermediate bin for further crushing. In the territory stage, there are two nos of short head and two nos of 4 short head Simon cone crushers. These crushers opening are set at 10mm size and they are in close circuit with vibrating screen. The final product from crushing plant i.e. -10mm size is stored in a 1500 MT capacity fine ore bin for subsequent treatment i.e. grinding. The Milling/Grinding process of gold Ore in Hutti employs two distinct grinding techniques. In the first technique, grinding is done in two stages, i.e. Primary grinding and Secondary grinding for further the communition and one 8dia*16 long primary mill and three nos of 5-1/2 dia*22-1/2 long tube mills constitute one stream of grinding in which pebble and smaller size balls are used as composite grinding media. In the first technique, two such streams are there and strake tables are used to collect coarse Gold as concentrate for this circuit. PG Studies VTU, Belgaum
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In the second technique, Grinding is done by four ball mills of different sizes i.e. 9*8*, 8*10 and 9*12 and each of them are independent circuits in which larger sizes balls are used as grinding media and in these circuit Knelson concentrators are used to collect coarse gold as concentrate. In all the milling techniques, cyclones are in close circuit with the mills so as to get the required sizes (i.e. 80% passing 75 HM) for the subsequent treatment process. The concentrates collected from both the techniques are upgrade on James table and upgraded concentrate is roasted magneted and finally smelted into bullion buttons. The entire Cyclone overflows i.e. finely ground ore in the form of slurry from two stream of 1 technique and 4 stream of 2nd techniques join together in a distributor box from which finely grind ore in the form of slurry is fed to a high rate Thickner for thickening purpose. The thickened pulp (60% solid w/w) obtained from thickness are subjected to Cyanidation process in which cyanide accessible gold in slurry makes complexes with cyanide in presence of oxygen and dissolve in solution at high pts. To increase the oxygen potential of slurry H2O2 is added in addition to compressed air. These Cyanidation or leaching process is carried in a serried of mechanically agitated zones of agitators of different sizes i.e. 16*16, 20*20 and 11m*11.5m agitator. The cyanide leached pulp then fed to three nos of 1000 TPD capacity and one no 300 TPD which are parallel in circuit. The objective of CIP plant is to absorb dissolved gold in activated carbon from the solution. The Gold loaded carbon is removed from CIP plant periodically, selected to acid alkali washed and then eluted in 4 nos of elution columns with 1.0% NAOH and 0.1% NACN solution qt 95*c for a period for 75 hours. The solution is then passed through 4 nos of electro winning cells in which gold is deposited on steel wool cathodes. The gold loaded steel wool cathodes are manually removed periodically, subjected to acid digestion, drying and smelted to obtain Bullion buttons. The bullion buttons thus obtained from table concentrators and steel wool are cast in to Bullion and then Dispatched for sales.
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Metallurgical Department The Gold extraction process in HGML practices Mineral Processing, Hydro electro & Pyro Metallurgical routes. The Major unit processes involved is described below: Role: - To extract Gold of 91% pure from ROM at the optimal cost. Crushing Mine ore is drawn mainly from the adjacent Mallapa Shaft ore-bin of 1000 tonnes capacity, while ore from the other shafts is brought in to the crushing circuit via a surface ore-bin of about 200 tonnes capacity equipped with chain feeder and inclined conveyor belt etc. ROM is crushed to -10 mm size in three stages. In the first stage there are three nos. of KueKen Jaw crushers, which act as primary crusher and crushed ore stored in 200 MT. In the second stage 2 Nos. of 3 standard Symons cone crusher act as secondary crusher and in the tertiary stage, there are 2 nos. of 3 short head and 2 nos. of 4 short head symon cone crushers. These crushers are in close circuit with vibrating screen. Crushed product is stored in a fine ore bin of 1500 tons capacity before feeding to grinding plant. Automatic sampler and weight meter and weighbridge provide the necessary production input details.
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Grinding Mill Capacity: 1950 TPD The milling/Grinding process of gold ore in Hutti employs two district grinding techniques. In the first technique grinding is two stages i.e. one primary mill and 3 nos. of secondary tube mills constitute one stream of grinding. Two such streams are there. The discharges of these mills are passed on strake table spread with blankets which recover coarse gold by gravity process, and system is in close circuit operation. In the second technique, single stage grinding is done in four nos. of independent ball mills in close circuit with cyclone classification system. The mill discharge is passed through Knelson concentrators to recover the free gold. The stake tables concentrate and Knelson concentrate is further upgraded on James table to produce smelt able grade of gold.
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Cyanidation and carbon in pulp process (CIP): The cyclone overflow from both the techniques is subjected to thickening in a High rate thickener to remove excess water, which is passed through a series of carbon column to recover dissolved gold. The thickened pulp of specific solid content is mixed with cyanide for leaching in a series of mechanical agitators at alkaline media. To facilitate leaching hydrogen peroxide assisted with compressed air is used to improve oxygen potential in circuit. The cyanide leached pulp is sent to carbon-in-pulp (CIP) unit, agitated with activated carbon in suspension. The dissolved gold is then absorbed on carbon as sodium auro cyanide. The gold loaded carbon is removed from the CIP periodically and carbon is washed with water and given acid and alkaline treatment.
Elution and Electro-winning Plant: PG Studies VTU, Belgaum

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The clean & gold loaded carbon is elution columns by maintaining the specific parameters. The gold in the pregnant solution is recovered in electrolytic cells using steel wool as a cathode on which the gold is deposited. The stripped carbon that retails a very little gold is activated and reused.
Refinery: The upgrade James table concentrate is roasted, magneted and finally smelted into bullion buttons. The gold loaded steel wool is manually removed periodically, subjected to acid digestion, drying and smelted to obtain bullion buttons. The bullion buttons thus obtained from table concentrate and steel wool are cast into salable bullion bars weighing 5 to 11 Kgs having a purity of 88-91% of gild, 8-11% of silver and balance impurity. Assay and R&D Lab: Activities involved in Assay lab/Sample testing are: PG Studies VTU, Belgaum
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Crushing of Underground samples Filtering and drying of grinding samples Fluxing Parting Making cupels Scrapping of crucibles Refractory work Preparation of standard solution and cyanide antidotes Other miscellaneous work to find Assay value of mine and mill samples To do any other work as assigned from the time to time
Activities carried out in R&D Lab: Quality Control Pollution Control 1. Air pollution (process emission, flue gas emission, ambient air monitoring) 2. Effluent analysis 3. Domestic sewage analysis. Mineral analysis To carryout/involve in R&D project works taken up by the company To prepare solutions required for R&D works To do any other work as assigned from time to time. FINANCE DEPARTMENT Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part at least, of financial character and interpreting the result thereof. PG Studies VTU, Belgaum
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Introduction:Financial department is a vital department of an organization is a concerned with providing and providing and using cash and credit for carrying on business correctly. Finance is regarded as the life blood of a business enterprise this is because on the modern economy finance is one of the basic needs of all kinds of economic activities. It is the matter key, which provided access to all source to be employed in the manufacturing and mechanizing activities. The finance department should decide when, where and how to achieve funds to meet the firms, investment needs. The control issue before the finance department is to determine the proportion of equity and debt the mix of equity and debt is known as the capital structure being one of the best run co-operative mills in India, having following membership and paid up share capital structure as on 31st March 2008. Financial performance:Total income amounted to Rs.32220 lakhs as against Rs.23356 lakhs in the previous year, an increasing of 38%.
Operating profits of Rs.16899 lakhs, against Rs.10065 lakhs in 2006-07, registering a jump of 68%. Net profit before tax of Rs.14494 lakhs, against Rs.8528 lakhs in the corresponding previous financaial years.
Earnings per share for the year Rs.3252.
Net worth as at the end of the March 2008 amounted to Rs.28080 lakhs as against Rs.18932 lakhs in 2006-07.
Foreign exchange transaction:-
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Transaction is foreign currencies are recorded at the exchange rates prevailing at the time of transaction except in the case of forward contracts where transactions are recorded at forward contract rates. Liability in respect of foreign currency transactions at the end of year recovered by forward exchange contract is update at end of year recovered by forward exchange contract is updated at end year rates and exchange difference is adjusted to P&L A/C. Functions to finance department: It prepares and maintains journal books, cash and bank books, ledger a/c, and a trial balance. To prepare Trading a/c. To prepare Balance sheet To prepare Profit and Loss a/c. Maintenance of account in which undertaken. Rate fixing Supplier bill paying Cash and Bank balance It makes calculation and decision regarding the funds of the company
Share capital:Authorized capital (1000000 of Rs.100, each) Issued (3,07,933 2/7 0f Rs.100 each) Subscribed & paid up 2,96,20,371.47 The HGMLs Company having Authorized Capital of Rs.10,00,00,000 Issued Capital of Rs.3,07,93,328 PG Studies VTU, Belgaum
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10, 00, 000, 00
3,07,93,328
Subscribed & Paid up Capital of Rs.2,96,20,371.47 HGML Companys Finance department is having the following department:1. Inventory accounting 2. Cost accounting I. II. Billing section Bill passing section
3. Employees account section 4. Trust account section INVENTORY ACCOUNT SECTION:- The HGML Company has having a lot of stores material items are to be divided into 8 parts (Ledger) according to the material descriptions. All the materials cannot do in one place thats way it is divided for the purpose of material stores maintain activities in gold manner. The ledgers are: Chemical and Billing Materials. Such as, sodium cyanide, Hydrochloric acid, and other chemicals. Electrical and Underground Spares. Drill rods, Drill bits, Diamond core bits etc. Machinery Spares. Compression Spares, Generator Spares. Steel materials and Pipe fitting. Walls, Nut bolt, Rails, Pipes etc. Tools and miscellaneous material. General items and tools such as, Cutting blades, Spanners, Pipe rinch, Boots, Helmets, Uniforms etc. Transfer Spares PG Studies VTU, Belgaum
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Fuel, oil, Lubricants, Petrol and Diesel. Explosives Used for the Underground department Sand, Caesarian Poles, Ballasts Sand is general Caesarian poles used in Underground department. Ballasts in Mill section. Especially in Grinding. Cost codes are also prepared for the purpose of easy task. The codes decided according to the departments. Cost Codes: Relates to the Administration department (Hospital, Materials, Security department, Finance, Marketing, HR) Relates to the Capital items Relates to the Underground department (Shafts, Mills etc) Relates to the Milling department (Crushing, Grinding, Cyanide, Assay lab) Engineering department (Billing, Workshop, Transports) The user department will be drawing the materials giving the Indent (Document for evidence to draw the material for purpose of use in the section). How much they required quantity and the descriptions of materials and cost code of materials it means the materials and the particular allocation to be booked. Brief description about Inventory: Indent details like, number, Cost code, Material code and Quantity are entered.
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After processing the Bills the Material receipts notes (MRN) details like Material code, Quantity, Bill amount, Freight, Insurance, Entry tax are entered to arrive at the unit rate of each material. Through inventory software weighted average rate is arrived and the same is applied for all material issues. Stores stock ledger and closing master reports are also computed. Stock ledger report is sent to stores for reconciliation with Bin card balances. Cost code with consumption report is given to costing for completion the cost sheet.
Cost accounting section:The HGML maintained the standard Costing system. Costing section makes the companies all department expenses checked and then exact cost will be shown according to the expenses they are incurred while every days consumption. In every month this department will shown the transaction expenses accurately in a print of copies. Also incomes from any department will be prepared according to the Personnel Code and cost center of the company provided for the different departments and different employees, on the basis of this Cost Sheet will be prepared. The main purpose of these formalities, in every month what the unit of Gold takes the expenses will tally with the expenses of all other departments, then tallied both difference will be profit or loss of the company. And also to ascertain the cost per metric ton and cost per gram of the Gold. Billing Section:Stores Ledger pass the Material Receipt Notes on the basis of this bill will be ordered. MRN Base: - This is nothing but the Material Receipt Note received from the stores. On those note bills order will be scrutinized then pass the bill and give the material code then bill wise fabricate in account wise. For Example: - A/c codes like, 214001 called as material stock account PG Studies VTU, Belgaum
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215001 called as capital machinery in stock Then according to the Vendors code wise individual debit or credit will be prepared or filled. Bill passing section:On the basis of terms & conditions for the passing bill through purchase order which is made by purchase department including MRN also prepared. Purchase department sends the purchase order to bill section and the order includes material Description, Mode of Dispatch, Name of Transport Company, Mode of Payment etc. are to verified accurately by bill officer then the bill passes. Employees Account Section:The HGML Companys entire employees accounts are prepared separately called the employees section. According to the seniority officer document code will maintained. For Officers codes above 10000 For Staff codes above 20000 For Employees above 30000 For bellow 10000 codes made for the Non Employees like CoOperative Society, Deputy GM, MD, and Asst.Secratery. According to these document codes members advance will pay for the purpose official use and then return will be pay or not to pay according the their will and wish but entries will be prepared accurately. Trust Account Section:In this section the company is provide to the employees basic schemes like Employees Provident Fund, Education Loans, Sick Loans, Building or House Construction Loans are provided for the purpose of employees satisfaction. Depreciation:1. Depreciation on Fixed Assets is provided on straight line method.
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2. Additions to existing assets are depreciated over the remaining useful life of that asset. Purchasing Department This is also one of the important departments in this department they purchase the materials, which require for production and also for the office work. Its main function is purchasing the materials. It receives the requisition letter from the store department to know what type of materials is required. After receiving this letter they make enquiry and then place the order. Purchasing refers to the act of buying an item by price. Purchasing means procurement of goods and services from some outside agencies the object of purchasing is to supply materials, semi finished goods etc. to the production department. The object of purchasing is procurement of materials of the right type, right quality, and right quantity and at a right time. Effective management and control over the use of materials and equipment so as to avoid waste, duplication and obsolescence of materials and equipments. Purchase Procedure: In the HGML Company following procedure is followed in purchasing department:1. RECEIVING PURCHASE REQUISITION: The first step in the purchase procedure is the receive the purchase requisition from various department. Request for purchase of materials are made on a from known as purchase requisition. It specifies what kind of material is required. 2. EXPLORING THE SOURCE OF SUPPLY: The purchase manager is usually in contact with several sources of suppliers of different materials. If the materials are to be purchased in bulk, he invites quotations from various suppliers in the form of a tender. When tenders are invited, then the lowest tender
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should be accepted by the purchase department by considering other factors like quality, terms of payment, modes of delivery etc. 3. PLACING AN ORDER: After selecting the supplier who has quoted most favorable quotations, the next step to be taken by the purchase manager is to place the order. The order must be made on a printed form and must contain such information as number, date, address of supplier, particulars of goods etc. this order from should prepare in 4 copies. The original copy should be sent to suppliers, second copy to the stores department for its future reference. 4. RECEIPT AND INSPECTION: When the invoice is received from the concerned vendor, it will be compared with the order form to ascertain whether the ordered good have been supplied or not. Then these goods are physically inspected to ascertain whether goods received tally with the invoice. 5. ENTRIES IN THE BOOKS OF ACCOUNT: After the goods received are closely checked and if found correct, the receiving clerk prepares goods received note in three copies. Three copies along with goods received will be sent to stores department which send one copy to purchase and accounts department for payment. HUMAN RESOURCE DEPARTMENT Human Resource management is a management function that helps manager recruit, select, train, and develops employees for organization. It is concerned with the people dimensions in the organization. It is specialized field that attempts to develop programs, policies and activates to promote the satisfaction of both individual and organizational needs goals and objectives. It is concerned with the people dimensions in management. Since every organization is made up of people acquiring their services developing their skills, motivating them to higher levels of performance and ensuring that they skills, motivating their commitment to the organization are essential to achieving organizational objectives. Human resource philosophy:PG Studies VTU, Belgaum
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Hutti gold mine Company limited believes that people are greatest asses and have the potential to grow and be creative with increased efficiency. In turn, should demonstrate that no compromise can be made by debiting to traditional respect for the individual and must provides support and encouragement by creating opportunities and challenges with equity to. Make Hutti gold company a peoples organization Human Resource policy at HGML:A policy is a plan of action. It is a statement of intention committee management to a general course of action. Management drafts a policy statement to cover some feature of its personnel programmes. The statement may often consist an expression of philosophy and principal as well. Objectives of HR policy at HGML: To ensure uniformity of HR policies among the Hutti group of company. To ensure that all personnel have a understanding of policies and provide implementation of these policies. tharrow and as a guide uniform line in
Enable a new entrant in the department to understand his/her as well as his/her colleagues function. Main Human Resource Policy at HGML: 1. Human Resource Policy on Welfare:The department supervised the functioning of the HGM Co-op society, Canteen and the schools. The cable T.V. provided for the employees residing in the companys colony functioned well. The company had a 150 bedded fully fledged hospital to cater to the employees and the family members health care and treatment. During the year Doctor staff rendered medical awareness & help to surrounding Villages to contain malaria, dengue fever and Filaria. Aids awareness programs and pulse polio programmes were conducted during the year. The total no. of patients treated during the year 2006-07 was 2,10,311. PG Studies VTU, Belgaum
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Much importance given to the national programs of birth control and conducted mass laparoscopic camp in a month. During the year 2006-07 some of the important programmes conducted like free eye camp, free diabetic check up seminars. With the copoperation of Jayadeva institute of Cardiology Bangalore, Eardiac disease investigation camp, cancer detecting programme & T.B leprosy detection camp were conducted. Co-Doctors attended patients for chickengunya and joint pains etc. are surrounding Village of HGMs camp. 2. Housing :The company has having 2365 quarters. These have been allotted to eligible officers, Staff and Employees. Regular visit made to colonies by Welfare officers to regulate Health and Hygienic Camp area. 3. Hospital :HGML Company has also most modern Hospital facility with 120 vide capacity. The existed hospital is equipped with modern in fractures like AC operation theatre, ECG, X-ray, Ultrasound scanner, Defibrillator with cardiac monitor, Auto analyzer, Lung function test in computer, Blood bank, Ventilator etc. 4. Education:The company organizes periodically training programmes to employees and officers. Worker education class for staff and workers is being organized on a regular basis. Merit awards are given to the children of employees excelling examinations. The Board of Directors has approved payment of Rs.5 lakhs contribution for construction of Mathematics, Laboratory by Science Education Trust, Raichur Science Center, Raichur to the Science education. 5. Safety:Safety first, Production must Safety of the employees, workers, guests and whoever else present in the responsibility of the industry. JSW is legally and humanitarianly responsible for every accident within the plant
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boundary. A steel plant is vary hazardous place to be in, no to be opinion about it. 6. Safety Devices:There are many safety accessories available for worker: Helmets, Protective glasses, Glass masks, Denim jackets, Hand gloves, Denim trousers, Safety shoes etc. Depending on the work environment, aluminum jadels, safety belt with hooks, welding masks, ear plugs, comonitors etc are some of the other safety equipments used. 7. Counseling scheme:The welfare officers conducted several counseling programmes on Alcoholism, Indebtedness to help the employees and their families to solve their problems. Special importance was given to the employees who are habitual absentees and created among them: as a result, they have improved their attendance. Human Resource Policy on Establishment: Recruitment Selection Promotion Leave Travel Concession Transfers
Recruitment: Recruitment is understood as the process of searching for obtaining applicants for jobs from whom right people can be selected. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applicants from which new employees are selected. HGML comp. recruiting through the following methods: Advertisement
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Employment exchange office News paper Trade associations Contractors
Selection:Next to recruitment, the logical step is selection of qualified and competent people. In HGML selection is conducted through process of picking individuals out of pool of job candidates with requisite qualifications and competence to fill jobs in the organization. Promotion:Promotion is the upward reassignment of an individual in an organizations hierarchy, accompanied by increased responsibilities, enhanced status, and usually with increased income, through not always so. On being promoted, the greater are the implications of the individual decision on the enterprise. In HGML Company, promotion committee, Central seniority, Concerned department hand, Managers, HRD secretary, etc. are conducted the meeting according to senior employee with roaster wise will be promoted. Leave Travel Concession:The HGML company provides the leave travel concession for the employees once in a two years and every year local fair Festivals the company must be paid Rs.1500 for every employees. Transfers:The HGML company also made the transfers one department to another department for the purpose of employees different skills as to reduce the boredom. Human Resource policy on Training:During the year regular refresher courses were conducted at VT Centre for workers in 34 batches and 335 workers were trained. 18 In-hours programs were conducted on various topics for HGM workers, Supervisors, PG Studies VTU, Belgaum
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and officers. 51 workers, staff and officers attended for residential. And non residential training and seminars conducted outside by various organizations. Cordial industrial relationship between management and workers continued and there was no strike, lockout during the year. Training methods followed by HGML On the job Training: A. Job Rotation B. Apprentices C. Coaching D. In house training Off the job Training: A. Lecturing and Seminars B. Work Conferences C. Video presentation D. Case study Other various departments: Main stores department Exploration department Mining department Engineer department Security department
SWOT ANALYSIS SWOT analysis is a analysis of STRENGTH, WEAKNESS, OPPORTUNITY AND THREATS of the Company. This is used to analysis the company environment will help each and every company to know the present situation of the company. STRENGTH: PG Studies VTU, Belgaum
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This is only a reputed Gold Extraction Company in India. It has been producing the product as the standard specified by the Government of Karnataka. Fully computerized environment. Its continuous and larger production unit in India. Product quality is the strength of the company. The work environment is full of excitement, creativity, and innovative atmosphere. The company having the more number of manufacturing plants premises and around the Karnataka State. WEAKNESS: Absenteeism is the main problem in the Company. Huge sound and air pollution in the production department. Workers are not well qualified. Problems occur in the production process well lead to one hour stoppage which is cause for loss of Rs.218400 OPPORTUNITY: Company is having the excellent growth opportunity because of different plants in different location. Company is having the good hold in the market so it will help to earn more profit. In the capacity of the plant is the increasing direction. It ties in the vicinity of large potential and unexplored market of Southern India.
THREATS:
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There is no closer competition to the extraction industries of Gold but the liberalized rates to import the gold is one of the problem from domestic companies. Gold is non abundant resource which cannot be available in future if company extract continuously. Huge power consumption and power failure. Foreign currency fluctuation.
INTRODUCTION TO FINANCIAL MANAGEMENT PG Studies VTU, Belgaum

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Finance is defined as the money at the time when it is required. Every firm needs finance whether it is small, medium, and big to carry in its operation and to a show its targets. And it is rightly said that finance is lifeblood of an enterprise. Without adequate finance, no enterprise can possibly accomplish its objective. Management is a vital function control with all aspects of business management, have become a sort of pre-requisite for the successful carrier in dynamic business environment. The present study is concerned in Hutti Gold Mines Company Limited, Hutti. Technically analysis of working capital in which the present project report is an important part of financial managing current assets is more difficult than management of fixed assets and the finance management needs to strike a balance both profitability and liquidity. If liquidity more there will be adverse effect of profitability is given more weight age is to greater risk. A business enterprise with adequate working capital is always a position to evil advantage of any favorable opportunities. The present study related to the working capital management Hutti Gold Mines Company Ltd, Hutti. Sources control and effective utilization of the working capital by the company. An endeavor has been made to study and analyze the assisting pattern and utilization of financial resources and analyze the five year of working capital management, receivable management. The project primarily deals with the study of financing and utilization of available resources and measuring the perform of the company. Working capital Meaning: Working capital management can be defined as that aspect of financial management which is concerned with the safeguarding and controlling of the firms current assets, and planning for sufficient funds to pay current bills. Working capital management is concerned with all decisions and acts that influence the size and effectiveness of working capital. The goal of working capital management is to manage each of the firms current assets
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and current liabilities in such a way that an acceptable level of networking capital is maintained. The important aspects of working capital are: Determining the requirements of working capital. Financing the requirements and Efficient utilization of requirement of working capital. Working capital management involves taking decisions regarding: The need to invest funds in current assets The amount of funds to be invested in each type of current assets and their relative proportion. The proportion of long term and short term funds to finance the current assets and To finance these current assets through appropriate sources of funds. The term working capital management means managing the firms current assets and current liabilities in such a way that, it will help to reach the organizational goals. Current Assets: Its referring to those assets which in the ordinary course of business can be, converted into cash within one year without undergoing a diminution in value and without disrupting the operations of the firm. The major current assets are cash, marketing securities, accounts receivable and inventory. Current Liabilities: These are those which are intended, at their inception to be paid in the ordinary course of business, within a year, out of the current assets or earnings of the concern. The basic current liabilities are accounts payable, bills payable, bank overdraft and outstanding expenses. The interaction between current assets and current liabilities is the main them of the working capital management. Because if the firm cannot maintain a satisfactory level of working capital, it is likely to because PG Studies VTU, Belgaum
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insolvent and may even be forced into bankruptcy. The current assets should be managed efficiently in order to maintain the liquidity of the firm.
Concepts of Working Capital Management: 1. Gross working capital: The term gross working capital refers to the firm's investment in current assets. This includes cash, short term securities, debtors (accounts receivable book debts bills receivable) and stock (inventory). 2. Net working capital: The term net working capital refers to the difference between current assets and current liabilities. Working capital will arise when assets exceed current liabilities and a negative working capital will occurs when liabilities are in excess of current assets. Net working capital is a qualitative concept. It indicates the liquidity position of the firm and suggests the extent to which needs may be financed by permanent sources of funds. Need for Working Capital: The need for working capital to run the day to day business activities be over emphasized. Every firm should aim at maximizing the wealth of its shareholders. In this case a firm should earn sufficient return from its operations. Earning a steady amount of profit requires successful sales do not convert into cash instantaneously. Working capital categories into: 1. Fixed or permanent working capital
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The need for current assets arises because of the operating cycle. Operating cycle is a continues process and, therefore the need for current assets is felt constantly. There is always a minimum level of current assets, which is continuously required by the firm to carry on its business operations. This minimum level of current asset is referred to as permanent or fixed working capital.
2. Fluctuating or temporary working capital The change in production and sale, leads change in working capital. For example: Extra inventory of finished goods will have to be maintained to support the peak periods. On the hand investment in raw material work in progress and finished goods will fall if the market is slack. The extra working capital needed to support the changing production and sales activities called fluctuating or temporary working capital. Permanent and temporary working capitals are necessary to facilitate production and sale through the operating cycle, but temporary working capital is created by the firm to meet liquidity requirements. The permanent working capital line need not be horizontal if the firms requirement for permanent capital is decreasing over a period. Objective of working capital: To ensure adequate liquidity of a firm To minimize the risk and The contribution to the maximization of firms value.
Principles of Working Capital:
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Principles of risk assumption. Net worth position. Maturity of payment and Cost of capital.
Importance of working Capital Adequate working capital creates certainty, security and confidence in the minds of the persons in the management as well as in the minds of creditors and workers. It creates a good credit standing for the firm because credit standing depends upon the ability to pay promptly. A Company with adequate working capital is always able to meet current liabilities. It ensures solvency and stability of the enterprises it also ensures continuity in production and sales. It enables the company to take advantage of cash discount offered by the suppliers of raw materials or merchandise. It enhances the prestige of the company and moral of its workers because a company with adequate working capital is always able to pay wages and salaries promptly. It enables the company to procure loans from banks on easy and competitive terms. In times of boom, it enables the company to meet increasing demands for its products. In times of depression the company to overcome the crisis successfully. It enables the company to hold carry on its business successfully and active continued progress and prospective. It enable the company to carry on its business successfully and active continued progress and prosperity. Operating efficiency:
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The operating efficiency of the management is also an important determine of the level working capital position through operating efficiency. Management cannot control the rise in prices; it can ensure the efficient utilization of resources by eliminating waste, improving coordination and a fuller utilization of existing resources. Efficiency of operations and a fuller utilization existing resources. By eliminating waste, improving co-ordination of resources the pace of cash cycle and improves the working capital turnover. It releases the pressure on working capital by improving profitability and improving the internal generation of funds. The level of working capital is determined by a wide variety of factors which are partly internal to the firm and party external (environmental) to it. Effective working capital management requires effective planning and a constant review of the needs for an appropriate working capital strategy.
Estimation of working capital requirements: Expenses on raw materials, labors and overhead. Length of time the raw material to be held in stock. Length of time the raw materials remain in manufacturing process in semi finished form. Length of time, finished goods are held in go down waiting sales. Credit period granted to the sundry debtors. Credit period granted by the sundry creditors and Time gap in the payment of wages, salaries and other operating expenses.
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Operating cycle: Operating cycle is time duration required to convert sales, after the conversion of resources into inventories into cash. Investment in current assets such as inventories and debtors is realized during the firms operating cycle which is usually less than a year. Figure-1 Operating cycle of manufacturing company
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Figure-2 Operating cycle of mining company
Design of the Study Title of the Study: A study on WORKING CAPITAL MANAGEMENT IN HUTTI GOLD MINES COMPANY LIMITED, HUTTI. Project field: Finance Project duration: 6 weeks Introduction:The most profitable function of an organization is to make the working capital. Sanctioning credit to customers and others out of current assets and current liabilities at its disposal is one of the principal services of an organization. It is the current assets and current liabilities, which bring most of the earnings for an organization and establish valuable ties with the community. It is concerned with the management of sources, control and effective utilization of working capital management. The study helps in evaluating of working capital management in Hutti gold mines Company limited. Need for study: PG Studies VTU, Belgaum
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I have selected this topic for the study because Working Capital management plays an important role in the company; so as it to be maintained in a good and better way so as to fulfill the present and future need of the company. Every firm should aim at maximizing the wealth of its shareholders. In this case a firm should earn sufficient return from its operations. Earning a steady amount of profit requires successful sales do not convert into cash instantaneously. Therefore, it is important to manage the Working Capital management carefully by using scientific and systematic techniques. Statement of problem: Project report is a systematic study of refuses associated with working capital management or problem intended to resolve the problem with application of management concepts and skills, it provides a practical experience. A study on working capital management in HGML company Hutti is done because working capital one of the important requirement to have a smooth flow of operation. If the company neglects the importance of level of working capital requirement, there is a chance of adverse effect on liquidity on profitability. Problem associated application of theoretical concepts to the practical problem. Problem raised management. Objective of the study: The main objective of this study is: To study the pattern and procedure following regarding working capital management To study the different components of working capital of the corporation. To understand how effectively the working capital management in HGM co.ltd Hutti. PG Studies VTU, Belgaum
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due
to
inefficiency
of
working
capital
To offer suggestion for improving the efficiency in working capital management To fulfill the requirement of Master Degree in Management.
Scope of study: Scope of the study in General terms the extent to which it is possible to cover the subject. This study attempts to cover almost all the tools and techniques for the purpose of evaluating working capital management in HGM Co.ltd Hutti.
Limitation of the study: 1. The study is confined to the extent of interpreting financial statements, which are provided by the company. 2. Restriction on behalf of the company. 3. Study of inter firm comparison is not made. 4. There is very less scope for collection of confidential financial data.
5. The study focuses only on working capital.
Methodology of the study: The success of any study depends upon the methodology adopted i.e. the techniques on the way of approaching to gather information from different sources. Sources of Data: Primary Data Secondary Data
Primary Data: It is collection of first hand information. This data is collected through discussion. The required primary data collected from the concerned officers of the Hutti gold mines co.ltd Hutti. Secondary Data: PG Studies VTU, Belgaum
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It is reviewing which relevant information, which is already collected is and making inferences based on the information collected. The required secondary data collected from annual reports of the company. The present study is mainly based on the secondary data. Data Presentation: The data collected have been presented in the form of tables and graphs. Data analysis and Interpretation: The data collected are used to calculate working capital by applying the following formula: Working capital= Current assets Current liabilities The data have analyzed with the help of trend rations 2001-02 is considered be base year whose value is equal to 100.then. The values for subsequent years i.e. 2001-02 to 2007-08 are calculated with the base year value on year to year basis.
FINANCE DEPARTMENT STRUCTURE
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The working capital is calculated for a period of six years i.e. 2001-02 to 2007-08. They are presented in the form of tables and graphs. This is divided into three sections. Section-I presents the analysis and interpretation of over all current assets and current liabilities. Section-II presents the analysis interpretation of individual items of current assets while section-III presents the analysis and interpretation on of individual items of current liabilities. The following current assets and current liabilities:A. Current Assets: 1. Inventory 2. Sundry Debtors 3. Cash and Bank 4. Other Current Assets 5. Loans and Advances
B. Current Liabilities: 1. Sundry Creditors 2. Provisions PG Studies VTU, Belgaum

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Section-I
1. Current assets and current liabilities during the year 2001-02
and 2002-03, the following information is relating to different current assets and current liabilities during the 2001-02 & 2002-03 presented in table-1 Table No-1 Current Assets 2001-02 & 2002-03 Particulars Sl. No Amount Amount Percent age Percent age (200203) 48.61 0 23.77 0.98 26.64 100.00
(2001-02) (2002-03) (Rs. In (Rs. In (2001lakhs) lakhs) 02) Inventories Sundry Debtors Cash and Bank Other Current Asset Loans and Advances Total 1401.65 133.69 61.72 34.59 960.60 2592.25 1607.41 0 785.96 32.45 881.06 3306.88
1 2 3 4 5
54.07 5.16 2.38 1.33 37.06 100.00
Table No-1 A Current Liabilities 2001-02 & 2002-03
Particulars Sl. No
Amount
Amount
(2001-02) (2002-03) (Rs. in (Rs. in (2001lakhs) lakhs) 02) Current Liabilities (Sundry Creditors) PG Studies VTU, Belgaum 1983.96 3558.31
Percent age
Percent age (200203) 83.25
49.68
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Provisions Total
2009.45 3993.41
716.07 4274.38
50.32 100.00
16.75 100.00
Working Capital = Current assets Current liabilities Working Capital (2001-02) = Rs.2592.25- Rs.3993.41 = Rs.-1401.16 Working Capital (2002-03) = Rs.3306.88 4274.38 = Rs.-967.50 Information relating to various current assets and current liabilities included in the year 2001-02 and 2002-03.
Graph No-1 Current Assets 2001-02 & 2002-03
Graph No-1 A Current Liabilities 2001-02 & 2002-03
The total current assets of Rs.3306.88 lakhs (2002-03) has increased compared to Rs. 2592.25 lakhs (2001-02) and this indicates better improvement of current assets. The total current liabilities of company as increaed in 2001-03 (Rs.4274.38 lakhs) as compared to 2001-02 (Rs.3993.41 lakhs). Give to raise in current liabilities the production PG Studies VTU, Belgaum
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activities also increased. But the working capital is negative and it is not so good to the company in both the years 2001-02 and 2002-03.
and 2004-05, the following information is relating to different current assets and current liabilities during the 2003-04 and 2004-05 presented in table-2
Table No-2 Current Assets 2003-04 & 2004-05 Particulars Sl. No Amount Amount Percent age Percent age (200405) 30.77 0 5.80 0.12 63.31 100.00
(2003-04) (2004-05) (Rs. in (Rs. in (2003lakhs) lakhs) 04) Inventories Sundry Debtors Cash and Bank Other Current Asset Loans and Advances Total 2776.68 0 302.94 16.17 2070.83 5166.62 3953.32 0 745.71 15.98 8134.07 12849.08
1 2 3 4 5
53.74 0 5.86 0.31 40.09 100.00
Table No-2 A PG Studies VTU, Belgaum
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Current Liabilities 2003-04 & 2004-05 Particulars Sl. No Amount Amount Percent age Percent age (200405) 19.93
(2003-04) (2004-05) (Rs. in (Rs. in (2003lakhs) lakhs) 04) Current Liabilities (Sundry Creditors) Provisions Total 2922.04 1781.98
60.47
1910.19 4832.23
7157.75 8939.72
39.53 100.00
80.07 100.00
Working Capital = Current assets Current liabilities Working Capital (2003-04) = Rs.5166.62 4832.23 = Rs. 334.39 Working Capital (2004-05) = Rs.12849.08 8939.73 = Rs.3909.35
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The total current asssets of 2004-05 as increased to Rs.12849.08 lakhs as compared to Rs.5166.62 lakhs in 2003-04. And also the total current liabilities ofcompany as increased to Rs.8939.72 lakhs (2004-05) as compared to above three years report is considered. Give to rise in both current assets and current liabilities short term working capital requirement as increased in 2004-05 to Rs.3909.35 lakhs as compared to Rs.334.39 lakhs in 2003-04 year. The increased in working capital shows a pasitive sign to improve production activities in the company.
and 2006-07, the following information is relating to different current
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assets and current liabilities during the 2005-06 and 2006-07 presented in table-3 Table No-3 Current Assets 2005-06 & 2006-07 Sl. No Particulars Amount Amount Percent age Percent age (200607) 27.54 0.03 4.11 0.09 68.23 100.00
(2005-06) (2006-07) (Rs. in (Rs. in (2005lakhs) lakhs) 06) Inventories Sundry Debtors Cash and Bank Other Current Asset Loans and Advances Total 3749.47 0 241.80 15.10 4704.02 8710.39 4969.88 6.24 741.59 16.07 12312.51 18046.29
1 2 3 4 5
43.05 0 2.78 0.17 54.00 100.00
Table No-3 A Current Liabilities 2005-06 & 2006-07 . No Particulars Amount Amount Percent age (200506) 22.23 77.77 100.00 Percent age (200607) 24.48 75.52 100.00
(2005-06) (2006(Rs. in 07) (Rs. lakhs) in lakhs) Current Liabilities (Sundry Creditors) Provisions Total 1304.33 4563.11 5867.44 3231.44 9968.28 13199.72
1 2
Working Capital = Current assets Current liabilities Working Capital (2005-06) = Rs. 8710.39 5867.44
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= Rs. 2842.95 Working Capital (2006-07) = Rs. 18046.29 13199.72 = Rs. 4846.57
As compared to previous years total current assets and total current liabilities of the company as increased to this year. The total current assets of the company as gone up by Rs.18046.29 lakhs (2006-07) from Rs.8710.39 lakhs (2005-06). As, well as the total current liabilities as gone PG Studies VTU, Belgaum
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up by Rs.13199.72 lakhs (2006-07) as that of Rs.5867.44 lakhs(2005-06). It is said that more working capital is flowing into the company this leads to more production processes.
4. Current assets and current liabilities during the year 2007-08,
the following information is relating to different current assets and current liabilities during the 2007-08 presented in table-4 Table No-4 Current Assets 2007-08 Sl. No Particulars Amount (Rs. in lakhs) Inventories Sundry Debtors Cash and Bank Other Current Asset Loans and Advances Total 5028.68 76.88 9096.11 94.90 12959.84 27256.41 Table No-4 A Current Liabilities 2007-08 Particulars Sl. No 1 Current Liabilities (Sundry Creditors) 2 Provisions 10640.30 77.60 Amount (Rs. in lakhs) 3070.76 Percent age Percenta ge
1 2 3 4 5
18.45 0.28 33.37 0.35 47.55 100.00
22.40
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Total
13711.06
100.00
Working Capital = Current assets Current liabilities = Rs. 27256.41 13711.06 = Rs. 13545.35 Information relating to various current assets and current liabilities included in the year 2007-08.
Graph No-4 Current Assets 2007-08
Graph No-4 A Current Liabilities 2007-08
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By seeing all years report this years total current assets and total current liabilities as gradually increased to Rs.27256.41 lakhs in 2007-08 and also current liabilities as rised to Rs.13711.06 lakhs. Altimately increase in current assets and current liabilities as let in increase in working capital and this leads to increase in production of Gold.
ESTIMATION OF CURRENT ASSETS
Raw material inventory:The investment in raw material inventory is estimated on the basis of the following formula.
Cost of raw material * Average inventory holding periods (months/days) 12 Months/365days
Work in progress inventory:The relevant costs to determine work in process inventory are the proportionate share of costs of raw material and conversion costs (labors and manufacturing overhead costs excluding depreciation).
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Estimated WIP cost (Rs) * Average time spend of WIP inventory (months/days) 12 Months/365days
Finished goods inventory:Working capital required for financing the finished goods inventory is given by factor summed up as follows.
Cost of goods produced (Rs) * finished goods holding periods (months/days) 12 Months/365days
Debtors:The working capital tied up in debtors should be estimated in relation to total cost price (excluding depreciation) symbolically.
Cost of Sales (Rs) * Average debt collection periods (months/days) 12 Months/365days
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Cash and Bank balance:After the above factor of working capital needs cash and bank balance are also very important. Firms nowadays require keeping some amount of cash balance for emergency purpose. It is difficult to lay down the exact procedure of determining the amount.
ESTIMATION OF CURRENT LIABILITIES The working capital needs of the business firms are lower to that extent such needs are not through the current liabilities (other than the bank credit) arising in the ordinary course of the business. The important current liabilities, in the context are trade creditor, time lag in the payment of wages salaries and advance receipts.
Trade Creditors:Raw Material Cost (Rs)* Credit period allowed by creditors (months/days) 12 Months/365days
Time lag in payment of :-
Wages & Salaries Cost (Rs)* Time lag in payment of wages & salary 12 Months/365days
Wages and Salaries:-
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Advance received:Advance receipts are current liabilities. The advance payment received from customers makes impact on working capital.
Bills payables:Bills payables are also short term liabilities so it is taken in the current liabilities, so it will be payable in a short period of time so it is a one of current liabilities.
Short-term bank loans:The loan taken for the period of less than one year is called as short-term loan; it is also a kind of current liability.
RATIO ANALYSIS Ratio analysis is the one of the powerful tool of the financial analysis. A ratio can be defined as The indicates quotient of two mathematical expression and as the relationship between two figures. It is expressed where one figure is divided by another. If 10,000 divided 4,000 the ratio can be expressed as 0.4 or 2:5 or 40%. Important of Ratio Analysis:The following are the main point of ratio analysis: Useful in financial position analysis. Useful in simplifying accounting figure. Useful in assessing the operational figure. Useful in assessing purpose. Useful in forecasting purpose. Useful in comparison of performance. Classification of Ratio:1. Financial Ratio
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2. Profitability Ratio 3. Turnover Ratio 4. Leverage Ratio 5. Coverage
TOOLS OF ANALYSIS The analysis part is the important part of the research. In this project the tools used for the analysis are.
Ratio Analysis:-
a. Liquidity Ratio b. Turnover Ratio c. Profitability Ratio Liquidity Ratio:These ratios are used to evaluate the ability of the company to meet its short-term obligations. The two important ratios are Current Ratio and Quick Ratio. Current Ratio = Current assets
Current liabilities Current Ratio for 2007-08 (Rs.in lakhs) 94.90 + 12959.84 = 5028.68 + 76.88 + 9096.11 + 3070.76 + 10640.30 = 27256.41 13711.06
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= 1.988 Similarly Current Ratio for rest of the years is: Year 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 Current assets (Rs. In Lakhs) 2592.25 3306.88 5166.62 8710.39 12849.08 18046.29 27256.41 Current liabilities (Rs. In Lakhs) 3993.41 4274.38 4832.23 5867.44 8936.34 13199.72 13711.06 Current ratio 0.649 0.774 1.069 1.485 1.438 1.367 1.988
Analysis and interpretation:Current ratio establishes relationship between Current Assets and Current Liabilities. As revealed by the current ratio the position for the year 2002-03 as compared with 2001-02 it has increased because of the current assets increase and current liabilities increase less than current assets (current assets increase by 21.61% and current liabilities increase 6.57%).
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In the year 2003-04, the ratio increased from 0.774 to 1.069 due to increase in the value of current assets. During the year 200405 and 2005-06 the ratio has decrease from 1.485 to 1.438.
During the year 2007-08 the ratio increases from 1.367 to 1.988 because of increase in current assets (Inventories, Sundry Debtors, Cash & Bank balance Loans& Advance) compared to last year.
The Hutti Gold Mines Company Limited capacity to meet the short-term obligation is satisfactory as it maintains the current ratio of about 2:1. Quick Ratio:The quick ratio is the ratio between the quick assets and current liabilities. This ratio is also called as acid test ratio. It is a measurement of firms ability to convert its current assets quickly into cash in order to current liabilities. Quick Ratio = Quick Assets
Current Liabilities
Quick Ratio for year 2007-08 =
76.88 + 9096.11 + 94.90 + 12959.84
3030.76 + 10640.30 = 22227.73 13671.06 = 1.626 Similarly Quick Ratio for reset of the year is:Year Quick assets (Rs. In Lakhs) Current liabilities (Rs. In Lakhs) Quick ratio
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2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
1190.60 1699.47 2389.94 4960.92 8895.76 13076.41 22227.73
3993.41 4274.38 4832.23 5867.44 8936.34 13199.72 13711.06
0.298 0.398 0.495 0.845 0.995 0.991 1.621
Analysis and Interpretation:Liquid ratio establishes relationship between Liquid Liabilities and Liquid Assets. It is inferred from the above table, that the Liquid Ratio which is increasing from 2001-02 to 2007-008. The above table indicates the Quick Ratio has increasing above the standard level of 1:1 which is good sign liquidity that the company is maintained 1:1 ratio. It is maintaining 1.621:1 in 2007-08 quick ratios. Turnover Ratio:Another way of examining the liquidity position of the firm is to determine. How quickly certain current assets are converted into cash. The ratio to measure these is referred as turnover ratio. The liquidity should be PG Studies VTU, Belgaum
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examined in conjunction with relevant turnover ratios which affect the liquidity.
The three relevant turnover ratios are, 1) Inventory turnover ratio 2) Debtors turnover ratio 3) Creditor turnover ratio The reciprocal of turnover ratio multiplied by the days given period of holding. Section- II
1) Inventory:- the information relating inventory is presented in Table-
1 Table No-1 Inventory from 2001-02 to 2007-08 Year Amount (Rs.in lakhs) 1401.65 1607.41 2776.68 3749.47 3953.32 4969.88 5028.68 Differe nce 0 205.76 1169.27 972.79 203.85 1016.56 58.8 % Change 0 14.70 72.77 35.03 5.44 25.71 1.18
200102 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
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The flow of inventory is smooth in the company. It was gradually increasing from year to year to meet the requirement of the company in smooth manner in production process. The company is having good inventory control system in it to meet the requirements. 2. Debtors:- the information relating debtors is presented in table-2 Table No-2 Debtors from 2001-02 to 2007-08 Year Amount (Rs.in lakhs) 133.69 0 0 0 0 6.24 76.88 Differen ce 0 -133.69 0 0 0 6.24 70.64 % Change 0 -100 0 0 0 0 0
200102 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
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As there is no credit sale of Gold for its customers, so their no debtors to the company. The payment mode after sale of gold is by means of cheques on spot after receving the gold by the companies customers. Cash and Bank:- the information relating Cash and Bank is presented in Table-3
3.
Table. No-3 Cash and Bank from 2001-02 to 2007-08 Year Amount (Rs.in lakhs) 61.72 785.96 302.94 241.80 745.71 741.59 9096.11 Difference % Change 0 724.24 -483.02 -61.14 503.91 -4.12 8354.52 0 1173.43 -61.46 -20.18 208.40 -0.55 1126.56
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
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The cash and bank balance is increasing gradually year after year from Rs.61.72 lakhs (2001-02) to Rs.9096.11 lakhs (2007-08). The company is maintaining minimum cash balance to meet the forth coming emergency requirements and it as very good position of having fund balance.
4. Other current assets:- the information relating other current assets is
presented in Table-4. Table. No-4 Other current assets from 2001-02 to 2007-08 Year Amount (Rs.in lakhs) 34.59 32.45 16.17 15.10 15.98 16.07 94.90 Difference % Change
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
0 -2.14 -16.28 -1.07 0.88 0.09 78.83
0 -6.19 -50.17 -6.62 5.83 0.56 490.54
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The company is maintaining very good position of other current assets for running the production activities on continuous bases.
5. Loans and Advances: - the information relating Loans and Advances is
presented in Table-5 Table. No-5 Loans and Advances from 2001-02 to 2007-08 Year Amount (Rs.in lakhs) 960.60 881.06 2070.83 4704.02 8134.07 12312.51 12959.84 Differences %Change
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
0 -79.54 1189.77 2633.19 3430.05 4178.44 647.33
0 -8.28 135.04 127.16 72.92 51.37 5.26
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The company is providing loans and advances to its employees. The employees take loans and advance for their childrens education purpose and for festivals. Section-III
1. Current Liabilities: The information relating to sundry
liabilities is presented in Table-1

Table. No-1 Current liabilities from 2001-02 to 2007-08
Year
Amount (Rs.in lakhs) 1983.96 3558.31 2922.04 1304.33 1778.59 3231.44 3,070.76
Differences
%Change
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
0 1574.35 -636.27 -1617.71 474.26 1449.46 -160.68
0 79.35 -17.88 -55.36 36.62 81.34 -4.97
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The current liabilities help a company to run production process smooth and to meet short term requirements. It has successfully tried to reduce the current liabilities to least and it is good to the company to run the process. Provisions: The information relating to provisions is presented in Table-2
2.
Table.No-2 Provisions from 2001-02 to 2007-08 Year Amount (Rs.in lakhs) 2009.45 716.07 1910.19 4563.11 7157.75 9968.28 10,640.30 Differences %Change
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
0 -1293.38 1194.12 2652.92 2594 2810.53 672.02
0 -64.36 166.76 138.88 56.86 39.27 6.74
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Table-2 Reveals that the Provisions decreased to -64.36% (2002-03) over the figures of 2001-02. It increased by 166.76% (2003-04) over the figures of 2002-03. It decreased to 138.88% (2004-05) over the figures of 2003-04. It has again to 56.86% (2005-06) over the figures of 2004-05. Again it decreased to 6.74% (2007-08) if compared to the figures of 200607. The overall increase in the total Provisions from others is 496.07%.
The following information relating to working capital can be shown in graph and table-3 from the year 2001-02 to 2007-08. Year Amount (Rs.in lakhs) -1401.16 -967.50 334.39 3909.35 2842.95 4846.57 13545.35 Differences %Change
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
0 433.66 1301.89 3574.96 -1066.09 2003.62 8698.78
0 -30.95 -134.56 1069.09 -27.28 70.48 179.48
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Table-3 shows that in the composition of overall working capital, in the year 2007-08 was highest (13545.35). This is followed by in the year 2006-07 was (4846.57), in the year 2005-06 was (2842.95), in the year 2004-05 was (3909.35), in the year 2003-04 was (334.39), in the year 2002-03 was (-967.50), in the year 2001-02 was (-1401.16). Interpretation of both Working Capital and Profit and Loss from 2001-02 to 2007-08 is as follows:Year Working Capital (Rs.in lakhs) -1401.16 -967.50 334.39 3909.35 2842.95 4846.57 13545.35 P & L after tax (Rs.in lakhs) 6047.67 1154.82 2,992.24 4,374.14 5,770.83 5,565.40 9,635.15
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
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In the year 2001-02 the profit of the company as increased over working capital up to 2006-07. Give to sudden financial meltdown of global environment and it as affected the profit of company to decrease compared to working capital of 2007-08. Still the company is making profit and it is running in profit at present. FINDINGS During the year 2001-02 Inventory was highest (54.07%) and other current assets was lowest (1.33%). During the year 2001-02 Provisions was highest (50.32) and Current liabilities was lowest (49.68%). And working capital was Rs. 1401.16 lakhs. During the year 2002-03 Inventory was highest (48.61%) and other current assets was lowest (00.00%). During the year 2002-03 Current liabilities was highest (83.25%) and Provisions was lowest (16.75%). And working capital was Rs. -967.50 lakhs. During the year 2003-04 Inventory was highest (53.74%) and other current assets was lowest (0.31%). PG Studies VTU, Belgaum
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During the year 2003-04 Current liabilities was highest (60.47%) and Provisions was lowest (39.53%). And working capital was Rs. 334.39 lakhs. During the year 2004-05 Loans and advances was highest (63.31%) and other current assets was lowest (0.12%). During the year 2004-05 Provisions was highest (80.07%) and Current liabilities was lowest (19.93%). And working capital was Rs. 3909.35 lakhs. During the year 2005-06 Loans and advances was highest (54%) and other current assets was lowest (0.17%). During the year 2005-06 Provisions was highest (77.77%) and current liabilities was lowest (22.23%). And working capital was Rs. 2842.95 lakhs. During the year 2006-07 Loans and advances was highest (68.23%) and other current assets was lowest (0.03%). During the year 2006-07 Provisions was highest (75.52%) and current liabilities was lowest (22.23%). And working capital was Rs.6247.72 lakhs. During the year 2007-08 Loans and advances was highest (135.04%) and other current assets was lowest (-50.17%). During the year 2007-08 Provisions was highest (166.76%) and current liabilities was lowest (-55.36%). And working capital during the study period is Rs. 13545.35 lakhs. Employees co-ordination with staff was found to be good. The employees are getting attractive bonus, salary, wages and other benefits. There is high concentration towards the environment, health, & safety measures. There is a close interaction between management & other measures. The overall increase in the total Inventory from others is 354.57%.
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The overall decrease in the total Debtors from others is 4.69%. The overall increase in the total Cash & Bank from others is 1201.53%. The overall decrease in the total other current assets from others is 46.45%. The overall increase in the total Loans & advances from others is 1281.69%. The overall increase in the total Current liabilities from others is 162.95%. The overall increase in the total Provisions from others is 496.07%.
SUGGESTIONS Current liabilities have increased in the year 2007-07, so it is suggested that company has to control over the liabilities through minimizing the cost of production. There should be a proper predict in working capital. As it is good right now but it should be better than better Company should increase other Current Assets for maintaining required working capital. Company should recruit well qualified and skilled labor to maintain productivity. Motivating the employee and using the resources effectively with them, which will reduce the cost of production.
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CONCLUSION From overall study I have come to understand that company working capital management is good. The preceding discussion shows that the working capital has increased about Rs. 6247.73 lakhs. When we see the working capital of last four years it is improving.
Hutti gold mine is a good managed company, which is earning a good profit. The finding of entire study indicates that the company is in good position.
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BIBLIOGRAPHY Company Magazines and Journal Company Annual Reports Financial Management by Khan and Jain Project reports Financial Management by I.M.Pandy
Internet source: www.huttigoldmines.com
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HUTTI GOLD MINES COMPANY LIMITED

To study the different components of working capital of the corporation.

To understand how effectively the working capital management is in HGML.

PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

Bangalore. Railway station Mining History

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HUTTI GOLD MINES COMPANY LIMITED

gold produced so far

HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

Hutti underground exploration by diamond drilling from 26th level and

HUTTI GOLD MINES COMPANY LIMITED

199394 199495 199596 199697 199798 199899 1999-

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HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

PRODUCTION DEPARTMENT PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

Elution and Electro-winning Plant: PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

Earnings per share for the year Rs.3252.

Foreign exchange transaction:-

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HUTTI GOLD MINES COMPANY LIMITED

10, 00, 000, 00

HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

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HUTTI GOLD MINES COMPANY LIMITED

HUTTI GOLD MINES COMPANY LIMITED

PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED

PG Studies VTU, Belgaum

HUTTI GOLD MINES COMPANY LIMITED