Working Capital Management in Micro Enterprise - A Case Study of Bharat Cashew Manufacturing Company

 

Dr. Venkateswara Rao. Podile¹, Dr. Ch. Hema Venkata Siva Sree²

¹Professor, Andhra Loyola Institute of Engineering and Technology,

Opp. Poly Technic Post office, Vijayawada, Andhra Pradesh, Pin-520008, India

²Co-Investigator, DST Project, Andhra Loyola Institute of Engineering and Technology,

Vijayawada, Andhra Pradesh, Pin-520008, India

 

ABSTRACT:

A well designed Working Capital Management decision or short term investment decision ensures proper liquidity and profitability trade-off in any business organization. In this paper, an attempt is made to examine working capital management in Bharat Cashew Manufacturing Company. This company is a Micro Enterprise belongs to Andhra Pradesh state of India. This enterprise is located in vetapalem, Prakasam District. Bharat Cashew Manufacturing Company was established in 1949. It is engaged in the business of purchase and sale of raw cashew nut and manufacturing of cashew kernel. This Micro Enterprise has been doing cashew exports since inception. In this paper, an attempt is made to analyze the structure and composition of the working capital during the period of study covering ten years from 2006-07 to 2015-16. Attempt is also made to assess the liquidity position of the organization, to examine gross working capital turnover, to study net working capital turnover and to examine the efficiency in utilization of various current assets. Chi-square test is used to test the hypotheses formed.

 

 

 

INTRODUCTION:

A well designed Working Capital Management decision or short term investment decision ensures proper liquidity and profitability trade-off in any business organization. In this paper, an attempt is made to examine working capital management in Bharat Cashew Manufacturing Company. This company is a Micro Enterprise belongs to Andhra Pradesh state of India. This enterprise is located in vetapalem, Prakasam District.

 

 

Bharat Cashew Manufacturing Company was established in 1949. It is engaged in the business of purchase and sale of raw cashew nut and manufacturing of cashew kernel. This Micro Enterprise has been doing cashew exports since inception. This Micro Enterprise has an annual turnover of Rs. 68.78lakhs as per 2015-16 annual accounts. 

 

REVIEW OF LITERATURE:

Mishra (1975)¹ studied the efficiency of working capital management in six sample public sector units. The study identified that management of various components of working capital in sample units was highly unsatisfactory. Suk, Seung and Rowland (1992)² in their research conducted an in-depth survey to analyze the liquidity practices of ninety four sample Japanese companies operating in the United States. Sivarama (1999)³ in his study on working capital management in the Indian paper industry, found a close association between profitability and working capital efficiency. Ghosh and Maji (2003)⁴ made an empirical study on the relationship between utilization of current assets and operating profitability in the Indian cement and tea industries. Bardia (2004)⁵ conducted a study on the issue pertaining to the relationship between working capital management and profitability of a Navaratna steel manufacturing public sector enterprise. Prof. B. P. Singh (2012)⁶ investigated the relationship between the components of working capital and profitability. He observed that the telecom industry is operating below average so far as working capital is concerned. Pasupathi (2013)⁷ conducted a comparative study of WCM performance in commercial vehicles, passenger cars and multi utility vehicles and two and three wheelers sectors of Indian automobile industry. Utkarsh Goel et al. (2015)⁸ conducted a study to explore the impact of corporate governance practices on Working capital Management (WCM) in Indian firms. S. Selvanayaki et al. (2015)⁹ focused on evaluating the WCM practices adopted by the rice milling firms and analyzed its impact on profitability. Dr. Venkateswararao. Podile, Surya Chandra Rao.D and Hema Venkata Siva Sree.Ch (2017)¹⁰ examined working capital management in PL Plast Pvt Ltd. Dr. Venkateswararao.Podile and Hema Venkata Siva Sree.Ch (2018)¹¹ examined working capital management in Sri Rama Chandra Paper Boards Ltd. Dr. Venkateswararao. Podile (2018)¹² examined working capital management in Tulasi seeds Pvt.Ltd.. Dr. Venkateswararao. Podile and Hema Venkata Siva Sree.Ch (2018)¹³ studied working capital management in Sri Nagavalli solvent oils Pvt. Ltd. Dr. Venkateswararao. Podile and Hema Venkata Siva Sree. Ch  (2018)¹⁴ analysed working capital management in Naga Hanuman Solvent Oils Private Limited. Dr. Venkateswararao. Podile (2018)¹⁵ examined working capital management in Cuddapah Spinning Mills Ltd. Dr. Venkateswararao. Podile and Hema Venkata Siva Sree.Ch (2018)¹⁶ studied working capital management in Kristna Engineering Works. Dr. Venkateswararao. Podile and Hema Venkata Siva Sree.Ch (2018)¹⁷ examined working capital management in Radhika Vegetables Oils Pvt. Ltd. Dr. Venkateswararao.Podile and Hema Venkata Siva Sree.Ch (2018)¹⁸ examined working capital management in Power Plant Engineering Works in Andhra Pradesh. Dr. Venkateswararao. Podile,  Dr. Hema Venkata Siva Sree.Ch and N.Janardhanarao (2018)¹⁹ examined working capital management in Nagas Elastomer Works. Dr. Venkateswararao. Podile, Dr. Hema Venkata Siva Sree. Ch and Gaddam. Sravan Kumar (2018)²⁰ had studied working capital management in M. G. Metallic Springs Pvt. Ltd. Dr. Venkateswara Rao. Podile, Dr. K. Sudha Rani and Dr. Hema Venkata Siva Sree.Ch (2018)²¹ had studied working capital management in Sri Srinivasa Spun Pipes Company. Dr. Venkateswararao. Podile, Dr. Hema Venkata Siva Sree. Ch and Gaddam. Sravan Kumar (2018)²² had studied working capital management in Raghunath Dye Chem Pvt. Ltd. Dr. Venkateswararao. Podile, Dr. K. Sudha Rani and Dr. Hema Venkata Siva Sree.Ch (2018)²³ had examined working capital management in Maitreya Electricals Pvt. Ltd. Dr. Venkateswararao. Podile, Dr. K. Sudha Rani and Dr. Hema Venkata Siva Sree.Ch (2018)²⁴ had examined working capital management in Laxmi Vinay Poly Print Packs Pvt. Ltd. It was found that there was no study on working capital management in Cashew manufacturing company. Hence, this study is taken up.

 

OBJECTIVES:

The general objective of the study is to examine the working capital management in Bharat Cashew Manufacturing Company. The specific objectives include the following.

1.      To examine the structure and composition of working capital in Bharat Cashew Manufacturing Company during the period of study.

2.      To analyze the liquidity position of Bharat Cashew Manufacturing Company during the period of study.

3.      To find the gross working capital turnover and net working capital turnover in the company.

4.      To examine the efficiency in cash, debtors and inventory management in the Micro Enterprise under study.

5.      To offer suggestions for effective working capital management if required.

 

HYPOTHESES:

H₀₁: Current ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₂: Quick ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₃: Super quick ratio in Bharat Cashew Manufacturing Company  is uniform during the period of study.

H₀₄: Gross working capital turnover ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₅: Net working capital turnover ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₆: Cash turnover ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₇: Inventory turnover ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₈: Debtors turnover ratio in Bharat Cashew Manufacturing Company is uniform during the period of study.

H₀₉: Average collection period in Bharat Cashew Manufacturing Company is uniform during the period of study.

 

METHODOLOGY:

The present study is mainly based on secondary data. The data is taken from the financial statements including balance sheet, trading account and profit and loss account of  Bharat Cashew Manufacturing Company. The period of study is ten years covering the financial years from 2006-07 to 2015-16.The data gathered is analyzed through the technique of percentages and certain appropriate ratios relating to working capital management. The ratios covered includes current ratio, quick ratio, super quick ratio, gross working capital turnover ratio, net working capital turnover ratio, cash turnover ratio, inventory turnover ratio, debtors turnover ratio and average collection period. Chi square test is used for testing the hypotheses formed.

 

Structure and composition of working capital:

Working capital structure of Bharat Cashew Manufacturing Company is presented in table1. It is observed that percentage of Inventory to total current assets was high ie 72.38 during 2008 and 71.72 during 2009. Debtors as a percentage of total current assets varied in between 90.63 during 2015 and 89.70 during 2016. It is also observed that cash and bank balance as a percentage of total current assets varied between 9.60 during 2007 and 1.41 during 2014. Loans and advances as a percentage of total current assets were nil during the period of study. Other current assets as a percentage of total current assets were nil in 2009 and 2016 , during the remaining years it varies between 27.29 during 2012 and 0.01 during 2010. Sundry creditors as a percentage of current liabilities were nil in 2011 and 2016, during the remaining years it varies between 97.45 during 2007 to 0.87 during 2014.  Short term provisions as a percentage of total current liabilities were nil during the first two years. Later they varied between 7.59 during 2015 and 1.97 during 2011. Short term borrowings as a percentage of total current liabilities varied between 98.03 during 2011 and 2.60 during 2007.  Other current liabilities as a percentage of total current liabilities were nil during the period of study. It is observed that Net Working Capital in the company varied between Rs.254.28 Lakhs during 2015 to Rs.183.27 Lakhs during 2013. It was maintained at high levels during 2013 and 2015.

 

 

 

Table-1: Working Capital Composition of  Bharat Cashew Manufacturing Company (Figures in Lakhs)

Particulars	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Current Assets
Cash & Bank	2.4	2.3	4.71	1.98	2.47	9.32	4.65	4.08	5.63	7.43
% of TCA	9.60	3.01	4.05	2.10	2.38	5.09	1.91	1.41	1.90	2.96
Debtors	13.62	18.7	28.19	55.36	60.71	122.57	202.87	205.43	268.41	224.88
% of TCA	54.48	24.48	24.22	58.69	58.47	66.88	83.23	70.98	90.63	89.70
Loans & Advances	0	0	0	0	0	0	0	0	0	0
% of TCA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.02	0.1	0.005	0.005	0.38	50.005	0.27	62.89	1.44	0.01
% of TCA	0.08	0.13	0.00	0.01	0.37	27.29	0.11	21.73	0.49	0.00
Inventory	8.96	55.3	83.46	36.98	40.27	1.36	35.96	17	20.67	18.37
% of TCA	35.84	72.38	71.72	39.20	38.78	0.74	14.75	5.87	6.98	7.33
Total Current Assets (TCA)	25	76.4	116.37	94.33	103.83	183.26	243.75	289.4	296.15	250.69
Current Liabilities
Sundry Creditors	20.26	11.51	6.84	6.84	0	6.24	0.9	1.05	0.45	0
% of TCL	97.45	22.06	11.63	11.17	0.00	12.83	1.49	0.87	1.07	0.00
Other current liabilities	0	0	0	0	0	0	0	0	0	0
% of TCL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Short term borrowings	0.54	40.67	50.43	52.87	26.82	40.16	55.42	115.36	38.24	66.73
% of TCL	2.60	77.94	85.77	86.33	98.03	82.57	91.63	95.34	91.33	95.40
Short term provisions	0	0	1.53	1.53	0.54	2.23	4.16	4.59	3.18	3.22
% of TCL	0.00	0.00	2.60	2.50	1.97	4.58	6.88	3.79	7.59	4.60
Total Current Liabilities (TCL)	20.79	52.18	58.8	61.24	27.36	48.64	60.48	121	41.87	69.95
NWC	4.21	24.22	57.57	33.09	76.47	134.62	183.27	168.4	254.28	180.74

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

Current Ratio:

The current ratio in the company was maintained at normal level in the company. It has varied between 7.07 during 2015 and 1.20 during 2007 was shown in the table 2. It is found in the significance test that current ratio is uniform during the period of study.

 

Table 2: Current Ratio   (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

Calculated value of χ2for current ratio =9.175362. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is less than Critical Value i.e., 9.175362<16.919.H₀₁ is accepted

 

Quick Ratio:

The quick ratio of the company as shown in table 3 has varied between 6.58 during 2015 to 0.40 during 2008. It is found in the significance test that quick ratio is uniform during the period of study.

 

Table 3: Quick Ratio:     (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

 

Calculated value of χ2 for Quick ratio =13.7224. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is less than Critical Value i.e., 13.7224<16.919, Hence, H₀₂ is accepted.

 

Super Quick Ratio:

The super quick ratio of the company as shown in the table 4 has varied between 0.03 during 2010, 2014 and 0.19 during 2012. It is found in the significance test that super quick ratio is uniform during the period of study.

Table 4: Super Quick Ratio       (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

 

Calculated value of χ2 for Super  Quick ratio =0.250449. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is less than Critical Value i.e., 0.250449<16.919, Hence, H₀₃ is accepted

 

Gross Working Capital Turnover Ratio:

The Gross working capital turnover ratio of the company as shown in table 5 has varied between 0.81 during 2007 and 0.21 during 2009.  It is found in the significance test that net working capital turnover ratio is uniform during the period of study.

 

Table 5: Gross Working Capital Turnover Ratio      (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

 

Calculated value of χ2 for Gross Working Capital turnover ratio =0.834451. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is less than Critical Value i.e., 0.834451<16.919, Hence, H₀₄ is accepted.

 

Net working capital turnover ratio:

The net working capital turnover ratio of the company as shown in table 6 has varied between 4.83 during 2007 and 0.32 during 2012. It is found in the significance test that net working capital turnover ratio is not uniform during the period of study.

 

Table 6: Net Working Capital Turnover Ratio      (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

 

Calculated value of χ2 for Net Working capital turnover ratio =18.18534. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is greater than Critical Value i.e., 18.18534>16.919, Hence, H₀₅ is rejected.

Debtors Turnover Ratio:

The debtor’s turnover ratio of the company as shown in table has varied between 1.69 during 2008 to 0.28 during 2016. It is found in the significance test that Debtors turnover ratio is uniform during the period of study.

Table 7: Debtors Turnover Ratio           (Figures In lakhs)

Years	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Sales	20.35	27.34	24.64	22.67	41.53	43.69	75.49	68.42	88.97	68.78
Average Debtors	13.62	16.16	23.45	41.78	58.04	91.64	162.72	204.15	236.92	246.65
Ratio	1.49	1.69	1.05	0.54	0.72	0.47	0.46	0.34	0.38	0.28

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

Calculated value of χ2 for Debtors turnover ratio =3.037682. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is less than Critical Value i.e., 3.037682<16.919, Hence, H₀₈is accepted.

 

Average collection period:

The average collection period as shown in table has varied between 216 days during 2008 to 1303 days during 2016. It is found in the significance test that Average collection period is not uniform during the period of study.

Table 8: Average Collection Period              (Figures In lakhs)

Years	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Days in a Year	365	365	365	365	365	365	365	365	365	365
Debtors Turnover Ratio	1.49	1.69	1.05	0.54	0.72	0.47	0.46	0.34	0.38	0.28
ACP	245	216	348	676	507	760	777	1073	960	1303

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

Calculated value of χ2 for Average collection period =1720.4. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is greater than Critical Value i.e. 1720.4>16.919, Hence, H₀₉is rejected.

 

Cash Turnover Ratio

The cash turnover ratio of the company as shown in the table 9 has varied between 18.71 during 2011 and 6.77 during 2010. It is found in the significance test that cash turnover ratio is uniform during the period of study.

Table 9: Cash Turnover Ratio   (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

Calculated value of χ2 for Cash turnover ratio =16.07658. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919. Calculated value is less than Critical Value i.e. 16.07658<16.919, Hence, H₀₆ is accepted.

 

Inventory Turnover Ratio:

The inventory turnover ratio of the company as shown in table 10 has varied between 0.36 during 2009 to 4.72 during 2016. It is found in the significance test that Inventory turnover ratio is uniform during the period of study.

Table 10: Inventory Turnover Ratio    (Figures In lakhs)

Source: Annual Reports of  M/s. Bharat Cashew Manufacturing Company from 2006-07 to 2015-2016

 

Calculated value of χ2 for Inventory turnover ratio =9.789452. The Critical value of χ2 at 9 degrees of freedom at 5% level of Significance is 16.919.Calculated value is less than Critical Value i.e. 9.789452<16.919, Hence, H₀₇is accepted.

 

CONCLUSION:

It is clear that debtors occupied major share as a percentage of current assets during the period of study.  Short term borrowings of the company are too high over the period of study. Current ratio of the company is high which indicates that the company is more likely to meet its current liabilities. Debtors’ turnover ratio is low and Net Working Capital turnover ratio is not uniform during the period of study because the firm is not efficiently collecting its credit sales which results into high Average Collection Period. Current ratio, Quick ratio, super quick ratio, Gross working turnover ratio, Inventory turnover and Debtors’ turnover ratios are uniform during the period of study.

 

REFERENCES:

1.       Mishra, R.K., “Problems of Working Capital – with Reference to Selected Public undertakings in India”, Somaiya Publication, Bombay, 1975.

2.       Suk, H., Seung, H. and Rew land, “Working Capital Practices of Japanese Firms in the US”, Financial Practice and Education, Spring – Summer, Vol.2, No.1, 1992,pp. 89-92.

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4.       Ghosh SK and Maji SG, “Utlization of Current Assets and Operating Profitability: An Empirical Study on Cement and Tea Industries in India”, Indian Journal of Accounting, IAA, 2003, pp.81-91.

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12.     Venkateswararao.Podile, “Working capital Management in Tulasi seeds Pvt.Ltd- A case study in Andhra Pradesh”, International Journal of Research in Management, Economics and Commerce,Vol.8, Issue.2,2018, pp.262-266.

13.     Venkateswararao.Podile, and Hema Venkata Siva Sree.Ch, “Working capital Management in Sri Nagavalli solvent oils Pvt. Ltd”, IOSR Journal of Business Management, Vol.20, Issue.2,2018, pp.79-84.

14.     Venkateswararao.Podile, and Hema Venkata Siva Sree.Ch, “Working capital Management in Naga Hanuman Solvent Oils Private Limited- A case study of Andhra Pradesh”, International Journal of Research in Management, Economics and Commerce, Vol.8, Issue.3,2018, pp.114-119.

15.     Venkateswararao.Podile,  “Working capital Management in Cuddapah Spinning Mills Ltd- A case study in Andhra Pradesh”, International Journal of Research in Engineering, IT and Social Sciences,Vol.8, Issue.3,2018, pp.1-5.

16.     Venkateswararao.Podile, and Hema Venkata Siva Sree.Ch, “Working capital Management in Kristna Engineering Works - A case study in Andhra Pradesh”, International Journal of Research in Engineering, IT and Social Sciences,Vol.8, Issue.3,2018, pp.61-66.

17.     Venkateswararao.Podile, and Hema Venkata Siva Sree.Ch, “Working capital Management in small enterprise- A case study in Radhika Vegetables Oils Pvt. Ltd”, IOSR Journal of Business Management, Vol.20, Issue.3,2018, pp.69-74.

18.     Venkateswararao.Podile, and Hema Venkata Siva Sree.Ch, “Working capital Management in Power  Plant Engineering Works- A case study of Andhra Pradesh”, International Journal of Exclusive Management Research, Vol.8, Issue.4,2018, pp.1-7.

19.     Venkateswararao.Podile, Hema Venkata Siva Sree.Ch, and N.Janardhanarao “Working capital Management in a Micro Enterprise- A case study of Nagas Elastomer Works”, International Journal of Scientific Research and Review, Vol.7, Issue.7,2018, pp.275-282.

20.     Venkateswararao.Podile, Dr. Hema Venkata Siva Sree.Ch, and Gaddam. Sravan Kumar, “Working capital Management in M.G.Metallic Springs Pvt. Ltd.  - A case study in Andhra Pradesh”, International Journal of Research in Engineering, IT and Social Sciences, Vol.8, Issue.7, 2018, pp.108-113.

21.     Venkateswararao.Podile, Dr. K. Sudha Rani and Dr. Hema Venkata Siva Sree.Ch “Working capital Management in a Micro Enterprise - A case study of Sri Srinivasa Spun Pipes Company”, Asian Journal of Multidimensional Research, Vol.7, Issue.7, 2018, pp.185-194.

22.     Venkateswararao.Podile, Dr. Hema Venkata Siva Sree.Ch and Gaddam. Sravan Kumar , “Working capital Management in a Small Enterprise- A case study of Raghunath Dye Chem Pvt. Ltd. ”, International Journal of Management, IT & Engineering, Vol.8, Issue.8, 2018, pp.331-337.

23.     Venkateswararao.Podile, Dr. K. Sudha Rani and Dr. Hema Venkata Siva Sree.Ch “Working capital Management in Maitreya Electricals Pvt. Ltd.- A case study of Andhra Prdesh”, ZENITH International Journal of Multidisciplinary Research, Vol.8, Issue.8,2018, pp.296-304.

24.     Venkateswararao.Podile, Dr. K. Sudha Rani and Dr. Hema Venkata Siva Sree.Ch “Working capital Management in a Micro Enterprise - A case study of Laxmi Vinay Poly Print Packs Pvt. Ltd.”, International Journal of Research in Engineering, IT and Social Sciences, Vol.8, Issue.8, 2018, pp.1 -6.

 

 

 

 

 

 

 

Received on 04.08.2018       Modified on 12.09.2018

Accepted on 18.10.2018      ©A&V Publications All right reserved