research paper on working capital management in small scale industries

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First page of “A STUDY OF WORKING CAPITAL MANAGEMENT IN SMALL SCALE INDUSTRIES”

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A STUDY OF WORKING CAPITAL MANAGEMENT IN SMALL SCALE INDUSTRIES

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Management of Working Capital is one of the most important functions of corporate management. Every organization whether public or private, profit oriented or not, irrespective of its size and nature of business, needs adequate amount of working capital. The efficient working capital management is most crucial factor in maintaining survival, liquidity, solvency and profitability of the any business organization. A company needs sufficient finance to carry out purchase of raw materials, payment of day-today operational expenses and funds to meet these expenses are collectively known as working capital. Keeping in view the significance of working capital management as a gray area of corporate finance function, an attempt has been made to examine the working capital trends and practices particularity in FMCGs sector in India by selecting five FMCGs companies (named as Hindustan Unilever Limited, Nestle India Limited, Britannia Industries, Procter & Gamble and ITC). The FMCG sector in India is at present, the fourth largest sector with a total market size in excess of USD 13 billion as of 2012. This sector is expected to grow to a USD 33 billion industry by 2015. This industry primarily includes the production, distribution and marketing of consumer packaged goods, that is those categories of products which are consumed at regular intervals. The study is based on secondary data i.e. Annual Reports of the selected companies. The period of study is five years and traditional method of data analysis and ratio analysis as tools of financial statement analysis for examine the degree of efficiency of working capital management has been adopted.

The present paper examines the working capital performance of Cipla Ltd. during the period 2004-05 to 2008-09. Financial ratios are applied in measuring the working capital performance and statistical as well as econometric techniques are employed in order to assess the behavior of the selected ratios. The empirical findings reveal significant positive trend growth in most of the selected performance indicators. Further, the selected ratios show satisfactory performances during the study period. Motaals test also indicates significant improvement in liquidity performance during the said period. Finally, there exists significant negative relationship between liquidity and profitability, which indicates that Cipla Ltd. has maintained post optimal level of liquidity (i.e., excess liquidity) during the period under study.

In depth analysis tells that most in case research work is observed and focused mainly on two aspects, working capital on profitability of firm and working capital management.The chief issues with previous literature are lack of survey-based approach and lack of methodical theory advance study, which gives direction and idea for future research. The proposed future research direction is given in this paper may help to develop a better understanding of determinants and practices of working capital management.

Working capital management refers to management of current assets and of current liabilities. Every company may have an optimal level of working capital that maximizes their value. Prior evidence has determined the relationship between working capital and performance. The working capital management was determined by the cash conversion period and position of working capital, indicated by profitability and liquidity analysis. As the data selected for the study consists of observations in a time series manner so, analytical method is used in this study. Ten companies were selection during the study period is confined only 10 years from 2003-2004 to 2012-2013. The financial and statistical tools used for the study were Ratio Analysis, Descriptive Statistics and Indices. Results indicate that high investment in inventories and receivable lead to lower profitability and current assets to total assets lead to higher profitability. The results conclude that a strong relationship between working capital management and financial position of selected pharmaceutical

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