33

CONTENTS

CHAPTER-I.
INTRODUCTION
1.1 Statement of problem
1.2 Importance of the study
1.3 Introduction
1.4 Concept of Working Capital
1.5 Factors determining Working Capital
1.6 Methods of estimating Working Capital
1.7 Adequacy of Working Capital
1.8 Inadequacy of Working Capital

CHAPTER-II
METHODOLOGY
2.1 Scope of the study
2.2 Objective of the study
2.3 Data Source
2.4 Tools and Data Analysis

CHAPTER-III
COMPANY PROFILE
3.1 Company History
3.2 Management
3.3 Financial Highlights

CHAPTER-IV
DATA ANALYSIS AND INTERPRETATION
4.1 Current Ratio
4.2 Liquid Ratio
4.3 Absolute Liquid Ratio
4.4 Stock Turnover Ratio
4.5 Debtor Turnover Ratio
4.6 Creditor Turnover Ratio
4.7 Working Capital Turnover Ratio

CHAPTER-V
CONCLUSION
5.1 Conclusion & Suggestion

BIBILIOGRAPHY
 33

CHAPTER-I
INTRODUCTION
1.1 Statement of problem
1.2 Importance of the study
1.3 Introduction
1.4 Concept of Working Capital
1.5 Factors determining Working Capital
1.6 Methods of estimating Working Capital
1.7 Adequacy of Working Capital
1.8 Inadequacy of Working Capital
 33

CHAPTER-I

INTRODUCTION

1.1 Statement of problem

Every business need funds for two purpose for
its establishment and to carry out its day-to-day
operations. Long-term funds are required to create
production facilities through purchase of fixed
assets such as plant and machinery, land, building,
furniture, etc. Investments in these assets
represent that part of firm’s capital which is
blocked on a permanent or fixed basis and is called
fixed capital. Funds are also needed for short-term
purpose for the purchase of raw materials,
payment of wages and other day-to-day expenses,
etc. These funds are known as working capital.

1.2 Importance of the study

TATA Company is a very old as well as
prestigious company. TATA Company has achieved
its organizational objectives from long years ago.
So, working capital is the most important aspect
for his business. As TATA Company is a very great
company, it is essential to calculate his working
capital requirements.
 33

1.3 Introduction
Working Capital may be defined as the life blood
of a business. Its effective provision can do much
to ensure the success of a business, while its
ineffective management can lead only to loss of
profit but also to the ultimate downfall of what
otherwise might be considered as promising
concern. Much has been rightly made of the long
term planning project. But the cost to the industry
due to inadequate planning project. But the cost to
the industry due to inadequate planning in the use
of working capital is one the major important to
internal and external analysis because of its close
relationship with the current day-to-day operation
of a business. So inadequate or mismanagement of
working capital is the leading cause of business
failure. Working capital is the leading cause of the
portion of the assets of business which are used in,
or related to current operation and represented at
any one time by the operating cycle of such items
as against receivable, inventories of raw material,
stores, work-in-progress and finished goods.
In accounting “Working Capital is the difference
between the inflow and outflow of funds”. In other
word it is the net cash inflow. Every business
needs capital for its investment and survival. The
capital needed is classified under two categories.

 Fixed Capital (Permanent Capital)

 Working Capital (Circulating Capital)
 33

Fixed Capital:
Long term funds required to create production
facilities, through purchase of fixed assets such as
plants and machineries, land and building,
furniture etc. are known as fixed capital.

Working Capital:
Short term funds required for carry out its day-
to-day operation like purchase of raw material,
payment of wages and other day-to-day expenses.
In other words working capital refers to that part
of the firm’s capital which is required for financing
short term or current assets such as cash,
marketable securities, debtors and inventories.
Working capital is necessary to cover the cost of
operating the enterprise. According to Gere
Stenberg “Circulating Capital means current assets
of a company that changed in the ordinary course
of business from cash to inventories to receivable,
receive into cash”.

1.4 Concept of Working Capital

Working capital represents the total of all
current assets. In other words, it is “Gross Working
Capital”. It is also known as circulating capital or
current capital, for current assets are rotating in
the nature. The use of the term circulating capital
instead of working capital indicates that its flow is
circular in nature. Beginning of a business venture
cash is provided by others and lenders. A part of
this capital is invested in tools, furniture,
equipment, building and other firms fixed assets,
 33

which are not to be sold throughout the year

during the normal course of business. The
remaining cash is used as working capital to meet
the current requirement of a business enterprise.
The term circulating capital is frequently used to
denote those assets, which are changed with
relative rapidity from to another.

There are seven concepts of working capital:

1. Gross Working Capital

2. Net Working Capital
3. Permanent Capital
4. Variable or temporary Working Capital
5. Balance sheet Working Capital
6. Cash Working Capital
7. Negative Working Capital

1.Gross Working Capital:

Gross working capital is the amount or funds
invested in the various components of current
assets. This concept has the following advantages:

a)Financial managers are profoundly concerned

with current assets
b)It enables from to plan and control funds and
to maximize the return on investment.
c) It helps in the fixation of various areas of
financial responsibilities.
 33

2.Net Working Capital

The networking capital is the difference between
current assets and current liabilities. The concept of
networking capital enables a firm how much as left
for operational requirement.

3.Permanent Capital
Permanent Capital is the minimum amount of
current assets which is needed to conduct a
business even during the dullest season of the
year. This amount varies from year to year
depending upon the growth of the company and
the stages of the business cycle in which it
operates. It is maintained as the medium to carry
on operation at any time.

4.Variable or temporary Working Capital

It represents the additional assets which are
required at different time during the operating year
like additional inventory, extra cash, etc. seasonal
working capital is the basic of the operation cycle
concept, which assumed a great importance in the
financial management in recent year. The reason is
that cash working capital indicates the adequacy of
the cash flow which as essential prerequisites of
the business.
 33

5.Balance sheet Working Capital

The balance sheet working capital is one, which
is calculated from the items appearing in the
balance sheet. Working capital which is
representing by the excess of current assets over
current liabilities is the example of the balance
sheet working capital.

6.Cash Working Capital

Cash working capital is one which is calculated
from the items appearing in the profit and loss
account. It shows the real flow of money or value
at a particular time and is considered to be the
most realistic approach in working management.

7.Negative Working Capital

Negative working capital emerges when current
liabilities exceed current assets. Such a situation in
not absolutely theoretical and occurs when a firm
is bearing a crisis of some magnitude.

1.5 Factors determining Working Capital

The working capital requirement of a concern
depend upon a large number of factors such as
nature and size of the business, the character of
their operations, the length of production cycles,
the rate of stock turnover and state of economic
situation. Rails. Roads etc. with their large fixed
investment appear to have the lowest requirement
for current assets. This does not means that the
problem of working capital may be minimized in
 33

this field of enterprise, since ready funds are still

essential to cover disbursement of wages, interest
founded debts, purchase of raw materials and
suppliers etc. Indeed under such condition of
working capital position may become even more
strategic in character because of its relation to and
control of large amount of fixed assets. Additional
amount, current assets, particularly cash,
receivable and inventory which is required during
the more active business of the year.

It has the following characteristics:

i) It is not always gainfully employed through

it may charge from one assets to another.

ii) It is particularly suited to business of a

seasonal or cyclical nature.

The following are the important factors generally

influencing the working capital:
 Nature of the business
 Size of the business
 Production of policy
 Length of production cycle
 Seasonal variations
 Working capital cycle
 Credit cycles
 Earning capacity and dividend policy
 Rate of stock turnover
 Price level changes
 Rate of growth of business
 Other factors.
 33

1.6 Methods of estimating Working Capital

There are two methods, which are usually followed
in determining working capital requirement. These
are:
a) Conventional methods, cash inflow and cash
outflow are in attached with each other.
Greater importance is attached to current
ratio, liquidity of the business.
b) In order to what gives rise to difference in the
amount of timing of cash flow, we should first
know the length of time which is required to
convert cash into resources, resources into
final product into receivables and receivables
back into cash. We should know, in other
words, the operating cycle is a function of the
nature of the business.
There are four components of the operating
cycle of a manufacturing company. These are:
a)The cycle starts with free capital in the form of
cash and credit followed by investment in
materials, man power and other services.
b)Production phase.

c) Storage of the finished product terminating of

the time finished product is sold.

d)Cash or account receivable collection period

which result in and ends at the point of
disinvestment of the free capital originally
committed.

This method is more dynamic and refers to

working capital in a realistic way.
 33

1.7 Adequacy of Working Capital

Working capital is essential to maintain the
smooth running of a business. No business can run
successfully without an adequate amount of
working capital. The main advantages of
maintaining adequate amount of working capital
are as follows:
a)It is possible to pay all the current obligations
promptly and to take advantages of cash
discounts.
b)It permits the carrying of inventories at a level
that would enable a business to serve
satisfactorily the need of its customers.
c) It protects a business from the adverse effect
of shrinkages in the values of current assets.
d)It enables a company to operate its business
more efficiently because there is no delay in
obtaining materials etc. because of credit
difficulties.
e)It enables a business to face business crisis
emergencies like depression.
f) Sufficient working capital enables a business
concern to make prompt payment and hence
helps in creating and maintaining goodwill.
g)There may be an unwise dividend policy.
h)It enables a company to make regular
payment of salaries, wages and other day-to-
day commitment which raise the morale of its
employees.
i) It enables a company to extend favorable
credit terms to customers.
j) It creates an environment of securities,
confidence, high morale and creates overall
efficiency in a business.
 33

1.8 Inadequacy of Working Capital

a)A company may not be able to take advantage
of profitable business opportunities.
b)A company will not be able to pay its
dividends because of the non-availability of
funds.
c) A company may have to borrow funds at
exorbitant rates of interest.
d)It is not possible for it to utilize production
facilities fully for want of working capital.
e)A credit working capital of a company is likely
to be jeopardized because of lack of liquidity.
f) A modernization of equipment and even
routine repair and maintenance facility may be
difficulty to administrator.
g)A company may invest heavily in its fixed
equipment which may not be justified by
actual sales or production. This may provide a
fertile ground for later over-capitalization.
 33

CHAPTER-II
METHODOLOGY
2.1 Scope of the study
2.2 Objective of the study
2.3 Data Source
2.4 Tools and Data Analysis
 33

CHAPTER-II

METHODOLOGY

2.1 Scope of the study

The study is concerned with the working
capital analysis of the company. The study covers
a period of 2 years i.e. 2015-16 and 2016-17.

2.2 Objective of the study

The following are the basic objectives of the
study:
a)To find out gross and net working capital of
the sample company.

b)To analysis the increase and decrease of

working capital for the period.

c) To analysis the various ratios of working

capital.

d) To evaluate various factors responsible for the

sources of working capital.

e)To study the various applications of working

capital.

f) To evaluate the causes of changes in working

capital.

g)To suggest remedial measures for

improvement of working capital.
 33

2.3 Data Source

The study is completely based on secondary
data. The Annual Report of the sample company
for the year 2015-16 and 2016-17 has been used
as the only source of data. Various other
applications like the report of Chairman's Letter,
Financial Highlights of the company, Directors
Report, Auditor Report has been used in the
analysis of the working capital.

2.4 Tools and Data Analysis

In the present study, it is endeavored to
analysis the working capital with the help of
various accounts and statistical techniques. In the
following paragraph a brief discussion about the
financial ratios are discussed.

1) CURRENT RATIO:
Current Ratio may be defined as the
relationship between current assets and current
liabilities. This ratio also known as working capital
ratio, is a measure of general liquidity and is most
widely used to make the analysis of a short term
financial position or liquidity of a firm.
 33

2) LIQUID RATIO / ACID TEST RATIO:

Quick ratio is also known as Acid Test or liquid

Ratio is a more rigorous test of liquidity than the
current ratio. The term 'liquidity' refers to the
ability of a firm to pay its short-them obligations
as and when they become due. Liquid Ratio may
be defined as the relationship between quick!
Liquid Assets and Current or liquid liabilities.

3) ABSOLUTE LIQUID RATIO:

Although receivable, debtors and bill

receivable are generally more liquid than
inventories, yet there may be doubts regarding
their realization into cash immediately or in time.
Hence, some authorities are of the option that the
absolute liquid ratio should be calculated together
with current ratio and acid test ratio.
 33

4) INVENTORY TURNOVER / STOCK TURNOVER RATIO:

Inventory turnover ratio IS also known as
stock velocity is normally calculated as Sales/
average inventory or cost of goods sold/ average
inventory. It would indicate whether inventory has
been efficiently used or not. The purpose is to see
whether only the required minimum funds have
been locked up in inventory. Inventory turnover
ratio indicates the number of times the stock has
been turned up in inventory.

5) RECEIVABLE / DEBTORS TURNOVER RATIO:

Receivable Turnover Ratio is also known as
debtor turnover ratio. Debtor turnover ratio
indicates the velocity of debt collection of firm. In
other words, it indicates the number of times
average debtors are turned over during a year.
Generally, the higher the value of debtor turnover
the more efficient is the management of
debtors/sales or more liquid are the debtors.
 33

6) PAYABLES / CREDITORS TURNOVER RATIO:

Payables turnover ratio is also known as
creditors turnover ratio. Creditors turnover ratio
indicates the velocity with which the creditors are
turned over in relation to purchase. Generally,
higher the creditors velocity better it is or
otherwise lower the creditors velocity, less
favorable are the result.

7) WORKING CAPITAL TURNOVER RATIO:

Working capital turnover ratio indicates the
velocity of the utilisation of net working capital.
This ratio indicates the number of times the
working capital is turned over in the course of a
year. This ratio measures the efficiency with which
the working capital is being used by a firm. A
higher ratio indicates efficient utilisation of working
capital and low ratio indicates otherwise.
 33

CHAPTER-III
COMPANY PROFILE
3.1 Company History
3.2 Management
3.3 Financial Highlights
 33

CHAPTER-III
COMPANY PROFILE

3.1 Company History

Jamshedji Tata came from a Parsi family and

made his fortune from cloth mills in the interior of
Maharashtra. He was well travelled and went in for
modern industries for India. He constructed a hotel
in Bombay, the Taj Mahel Hotel, in 1903. It was
the first large hotel in India, and was set up
because established hotels of the time were owned
by Europeans and did not allow locals. The Indian
hotels company is a Tata group company that runs
the taj brand of hotels.

TISCO, now Tata steel was established in

1907 to set up India's first iron and steel plant in
Jamshedpur (Named after Tata's founder,
Jamshedji Tata) which is often called Tatanagar for
the company significant presence. The plant
started production in 1912. It produced steel at
one of the lowest costs in the world, assisted by
the groups ownership of its own raw materials
(coal and iron), which means that its cost base is
far lower than many rival steel producers. In 1910,
Tat Hydroelectric Power Supply Company was
setup for providing cheap and abundant power to
the city of Mumbai, In 1917, the group entered the
consumer goods industries with the Tata oil meal
 33

Company being established to make soaps,

detergent and cooking oils. In 1932, Tata Airlines,
now Air-India, was established. In1939, Tata
chemicals was established. TELCO, now Tata
motors, was established in 1945 to manufacture
locomotive and engineering products.

On 30th January 2007, Tata Steel, part of

India's Tata group, offered to purchase 100%
stake in the Corus group at 608p. Per share in an
all cash deal, cumulatively valued at USD 12.04
Billion. This deal was also the biggest acquisition
by any Indian company till date.

Tata surprised the credit default swap

segment of the derivative markets by deciding to
raise $6. 17 billion of debt for the deal through a
new subsidiary of Corus called "Tata Steel UK",
rather than by raising the debt itself. Tata's
security credit rating is investment grade, whereas
the new subsidy may not be. The higher risk
associated with raising debt through a subsidiary
with a lower credit swap risks in the takeover to
"negative". Fitch also stated that Corus's
responsibility for the debt may lead to Corns' own
unsecured debt rating being down rated.
 33

3.2 Management

Board of Directors

Chairman Ratan Tata

Managing Director Ravi Kant

Director N.A. Soonawala

J.J. Irani
V. R. Mehta
R. Gopalakrishnan
N. N. Wadia
S. M. Palia
R. A. Mashelkar

Executive Director P. M. Tamang

Chief Financial Officer C. Ramkrishnan

Company Secretary H. K. Sethana

 33

3.3 Financial Highlights

Profit and Loss Account as on 31st March 2016 and 2017

Rs. in Million
2015-16 2016-17
Income
Gross Sales 31819.48 33093.93
Less: Excise Duty 4349.45 4363.11
Net Sales 27470.03 28730.82
Other Income 245.19 483.18
27715.22 29214.00
Expenditure
Manufacturing and other expenses 24734.71 26769.90
Expenses transferred to capital and (577.05) (1131.40)
other accounts
24157.66 25638.50
Profit before Depreciation, 3575.50 3557.56
interest and tax
Production development 85.02 64.35
expenditure

Depreciation
Interest and discounting charges 586.29 652.31
313.07 282.37

Profit Before Tax

Tax expenses (659.72) (547.55)

Profit after taxation 1913.46 2028.92

Balance brought forward from 776.76 1013.83

previous year
BALANCE AVAILABLE FOR 2690.22 3042.75
APPROPRIATION

APPROPROATIONS
Proposed Dividend 578.07 578.43
Tax on proposed dividend 98.25 81.25
Residual dividend paid for year 0.07
08-09
Transfer to General Reserve 1000.00 1000.00

Balance carried to Balance Sheet 1013.83 1383.07

2690.22 3042.75
Earning per share (Basic) 49.76 52.64
 33

(Diluted) 47.24 48.28

 33

Balance Sheet as on 31st March 2016 and 2017

Rs. In Million
2015-16 2016-17
Sources of Funds
Share Holders’ Funds 385.41 385.54
Reserve & surplus 6484.34 7453.96
6869.75 7839.5
Loans Funds
Secured loans 2022.04 2461.99
Unsecured loans 1987.10 3818.53
Deferred tax liability 786.83 975.72
Total 11665.72 975.72
Application of funds
Fixed assets
Gross Block 8775.80 10830.83
Less: Depreciation &impairment 4894.54 5443.52
3881.26 5387.31
Capital work in progress (Net) 2513.32 5064.96
Net block 6394.58 10452.27
investment 2477.00 4910.27
Current assets, loan advances
Interest accrued on investment 5.94 0.86
Inventories 2500.95 2421.83
Sundry debtors 782.18 1130.73
Cash &bank balance 826.76 2397.31
Loan & advances 6396.22 4433.05
10512.05 10383.78
Less: current liabilities and
provisions
Current Liabilities 6363.68 8667.20
Provisions 1364.32 1989.43
7728.00 10656.63
Net Current Assets 2784.05 (272.85)
Miscellaneous Expenditure 10.09 6.05
(To the extent not written off or
adjusted
Total 11665.72 15095.74
 33

CHAPTER-IV
DATA ANALYSIS & INTERPRETATION
4.1 Current Ratio
4.2 Liquid Ratio
4.3 Absolute Liquid Ratio
4.4 Stock Turnover Ratio
4.5 Debtor Turnover Ratio
4.6 Creditor Turnover Ratio
4.7 Working Capital Turnover Ratio
 33

CHAPTER-IV
DATA ANALYSIS AND INTERPRETATION

CURRETNT RATIO
Rs. In Crores
2009-10 2010-11
A. Current Assets
Interest Accrued on investment 5.94 0.86
Inventories 2500.95 2421.83
Sundry Debtors 782.28 1130.73
Cash and Bank Balances 826.76 2397.31
Loans and Advances 6396.22 4433.05
10512.05 10383.78
B. Current Liabilities
Current liabilities 6363.68 8667.20
Provisions 1364.32 1989.43
7728.00 10656.63

C. Current Ratio
1.36 : 1 0.97:1

(Source: Annual Report of Tata Motors, 2015-16 & 2016-17)

Interpretation:
This indicates that as far as current ratio is considered, the
standard ratio should be maintained. But, in the year 2016, the
current ratio is 1.36. However, in the year 2015-16 there is
determination of current ratio as the current assets reduced
from last year 2016-17 by Re. 0.97 against every Re. 1 of current
liabilities. It shows the post solvency in the short term.
 33

Liquid Ratio
(Rs. In Million)
2015-16 2016-17
A. Liquid Assets
Interest accrued in investment 5.94 0.86
Sundry debtors 782.18 1130.73
Cash and bank balance 826.76 2397.31
Loans and advances 6396.22 4433.05
B. Current liabilities
Current liabilities 6363.68 8667.20
Provisions 1364.32 1989.43
7728.00 10656.63

C. Liquid ratio
Liquid assets/current liabilities 1.03:1 0.74:1

(Sources: Annual report of Tata motors, 20009-2010, 2010-2011)

Interpretation:
As far as liquid ratio is concerned, the standard of 1:1 should be
maintained. but we find that the ratio stand at1.03 in the year 2015-16
which is acceptable and 0.74 in the year 2016-17 which is not
satisfactory in cash of short term. When the stocks are ignored from the
current assets considering the slow realization, the liquidity position of
the company is little improved as compared to current ratio. In the year
2015-16, the position was quite satisfactory as the ratio was 1.03:1
which much above the standard norms1 is: 1 the situation in 2016-17
also quite satisfactory.
 33

Absolute Liquid Ratio

2015-16 2016-17
A. Absolute liquid Assets
Cash and bank balance 826.76 2397.31
826.76 2397.31
B. current liabilities
Current liabilities 6363.68 8667.20
Provisions 1364.32 1989.43
7728 106.63
C. Absolute liquid ratio
0.10:1 0.22:1

(Source: annual report of Tata motors, 2015-16, 2016-17)

Interpretation:
Absolute liquid ratios of both the year are not accepted as the ideal
ratio will be 0.5:1. But in both the cases the ratio are much lesser than
that. This ratio is not maintained by the company. Ratios are much lesser
than the standard norms. This ratio shows the cash availability to pay the
creditors and hence this is called cash ratio. For every re.1 of current
liability, there should be at least re.0.5 cash available. the actual cash
position is 0.10 and 0.22 angst re.1 of current liabilities in the year 2015-
16 and 2016-17 respectively. Therefore, the situation is not satisfactory
from the point of view of short term creditors.
 33

Inventory Turnover Ratio

2015-16 2015-16
A. Net sales 27470.03 28730.82
B. Inventory
Inventory 2500.95 2421.83
2500.95 2421.83
C. Inventory Turnover Ratio
10.98 11.86

(Sources: annual report of Tata motors, 2015-16, 2016-17)

Interpretation:

The ratio in the year 2015-16 and 2016-17 are not

satisfactory. In the year 2015-16, the stock converted in to sales
in 10.98 times and it is also 11.86 times in the current year
2016-17. It is therefore observed that the stocks are slow
moving which will have the reparation to lower down the
availability of cash. Lower the ratio, faster would be the stock
moving.
Creditor turnover ratio:
As in the Tata motors annual report purchase is not given
in the trading and profit and loss account it is difficult to find
out creditors turnover ratio.
For the reason this data is not given in this project
 33

Debtor turnover ratio

2015-16 2016-17
A. Net sales 27470.03 28730.82
27470.03 28730.82
B. Average Debtor
Opening debtor 630.12 782.18
Closing debtor 782.18 1130.73
706.15 1912.91
C. Debtor turnover ratio
38.90 30.03

Interpretation:
The ratio shows that for every rupee one of trade debtors,
there is rs.38.90 credit sales in the year 2015-16, and 30.03 in
the year of 2016-17 .it is implies that in the year 2015-16,only
Rs 38.90 is collected where as in the current year 2016-17
rs.30.03 is collected against re.1 of trade debtor. Therefore, it is
evident that the credit policy of the business is satisfactory.
 33

Working capital turnover ratio :

2015-16 2016-17
A. Sales
Sales 27470.03 28730.82
27470.03 28730.82
B. Net working Capital
Current assets-current liabilities 272.87 2784.05
272.87 2784.05
C. Working capital turnover ratio
10.06 10.62

(Source: annual report of Tata motors, 2015-16 & 2016-17)

Interpretation:
The ratio shows that the position of working capital as not
satisfactory in the business. In the year 2015, when there is Re.10.06
sales, only re.1 working capital remain available. In the current year
2016-17, Re1 working capital remains available in every re.10.62 sales. It
shows that the management is so cautious in case of utilization of
working capital for the smooth and uninterrupted production process.
 33

CHAPTER-V
CONCLUSION
5.1 Conclusion
 33

CHAPTER-V
CONCLUSION

5.1 Conclusion & Suggestion

After having a detailed, through and intensive study on

Working Capital analysis of Tata Motors of two Years i.e. 2015-
16 and 2016-17 we can draw an overall performance of last
two years. This study reflects the financial stability and the
ability to meet its current obligation.
The liquid Ratio and debtor turnover ratio are more than
the standard norms. In both two years the performance of this
two ratios are very good and it as a good sign for the
company.
Since, in both the project year they have sufficient
current ratio. So the company has to think on that section to
increase the stability. If the company thinks on that section, it
will help them for the smooth functioning in the business.
The company has done much better performance in the
previous year as compared to current year. If the company will
give proper emphasis on Inventory Turnover ratio and Working
capital ratio, it will have better and brighter future in the
coming years.
 33

BIBILIOGRAPHY

Annual Report of Tata Motors

Management Accounting: Sashi K. Gupta

Cost Accounting: S. P. Jain & K. L. Narang

Management Accounting: M.Y. Khan & P.K. Jain

Financial Management: Van Horne J.C.