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Working capital may be regarded as the life blood of business. Working capital is of major importance to internal and external analysis because of its close relationship with the current day-to-day operations of a business. Every business needs funds for two purposes. Long term funds are required to create production facilities through purchase of fixed assets such as plants, machineries, lands, buildings & etc. Short term funds are required for the purchase of raw materials, payment of wages, and other day-to-day expenses. It is otherwise known as revolving or circulating capital. It is nothing but the difference between current assets and current liabilities i.e. Working Capital = Current Asset Current Liability. Businesses use capital for construction, renovation, furniture, software, equipment, or machinery. It is also commonly used to purchase inventory, or to make payroll. Capital is also used often by businesses to put a down payment down on a piece of commercial real estate. Working capital is essential for any business to succeed. It is becoming increasingly important to have access to more working capital when we need it. A successful sales program is necessary for earning profits by any business enterprise. Sales dont convert into cash instantly. There is a time lag between the sales of goods and receipt of cash. Therefore, there is a need for working capital in the form of current assets to deal with the problem arising out of the lack of immediate realization of cash against goods sold. Therefore sufficient working capital is necessary to sustain sales activity. Working capital means the funds (i.e.; capital) available and used for day to day operations (i.e.; working) of an enterprise. It consists broadly of that portion of assets of a business which are used in or related to its current operations. It refers to funds which are used during an accounting period to generate a current income of a type which is consistent with major purpose of a firm existence.

Importance of Working Capital

The importance or Working Capital to the business world may be discussed under the following specific heads: Supply of raw materials: Raw materials needed by a concern to start the production and to continue it are acquired with the help of Working Capital. The adequate reserve of Working Capital ensures a steady flow of raw materials to the production process. So Working Capital is needed to maintain the steady supply of raw materials for a smooth production process. Supply of saleable stock: In a non-manufacturing concern the goods purchased for reselling as trading goods. The reserve of adequate Working Capital makes possible the regular and continuous purchase of such trading goods. So like manufacturing concerns in trading concerns also Working Capital is a must for carrying out the purchases and selling process continuously. Regular payment of operating expenses: A concern must maintain adequate Working Capital for meeting different operating expenses like wages of the labors, salaries of the employees, purchase of different components, meeting overhead expenses, etc. Regular payment of operating expenses without delay reduces waste and increases the efficiency of the employees. Solvency: The short-term loan repayment capacity or solvency of a concern depends on its Working Capital. Deficiency in Working Capital indicates the incapability of the concern to meet its current debts. On the other hand adequate reserve of Working Capital is an indicator of satisfactory loan repayment capacity of the concern. It indicates that Working Capital plays a significant role in gaining the confidence of the short-term creditors and other third parties related to the concern. Opportunity of getting loans: The adequate reserve of Working Capital indicates the good solvency position of the concern and helps it to get loan from the market at favorable terms. The scope of getting loans on easy terms provides financial security to the concerns. As a result the management may remain in a safe position and can increase its efficiency.

Increase in goodwill: The short term goodwill of a concern depends a lot on the quantum of Working Capital. It becomes possible for a concern to pay off its current debt in time if it has an adequate amount of Working Capital. Such quick payment of debt increases the market goodwill of the concern. On the other hand the inadequacy of Working Capital prevents a concern from paying off its current debts in due time. It impairs the reputation of the concern in the market and destroys its trading image. Possibility of getting cash discount: The adequate stock of Working Capital makes it possible for a concern to purchase the trading goods in cash. Cash purchase always carries the benefit of getting cash discount. As a result the cost of purchases as well as the cost of production come down and the net income increase. Solving the crisis: A strong Working Capital base is probably the only remedy to overcome the odd situations like dull market conditions, scarcity of raw materials and other components in case of any emergency, sudden market fluctuations, etc. Exploitation of favorable market conditions: Anticipation of favorable future market trends and exploitation of the same by means of strong financial acumen and technical efficiency are the preconditions of business success. A business concern must have an adequate amount Working Capital for exploiting the market opportunities. Storing good quantity of high- grade raw materials, paying for efficient labor force, meeting the operating costs of advanced technologies and know-how, all depend on the steady flow of Working Capital. Increase in efficiency and productivity: The regular flow of adequate Working Capital makes possible efficient use if fixed assets, reduces wastage, ensures quick recycling of current assets, and establishes a well-tuned working environment. As a result the efficiency of the employees as well as the overall managerial efficiency increases. All these also become helpful for increasing the productivity of the concern. Increase in profitability: A quick rotation of Working Capital cycle and an efficient management of Working Capital reduce cost and increases production and sales. The combined effect of all these favorable add to the profitability of the concern. Regular payment of dividend: The adequate amount of Working Capital and its quick rotation increases profit. The rate of dividend of the shareholders also increases as result of such increases in profit. It is true that payment of dividend reduces the quantum of

Working Capital but the flow of additional Working Capital as s result of extra profit earned by the concern helps it to maintain its previous solvency position.

Concept of working Capital

There are two concepts of working capital: Balance Sheet concepts Operating Cycle or circular flow concept Balance Sheet Concept There are two interpretation of working capital under the balance sheet concept: Gross Working Capital Net Working Capital The term working capital refers to the Gross working capital and represents the amount of funds invested in current assets. Thus, the gross working capital is the capital invested in total current assets of the enterprises. Current assets are those assets which are converted into cash within short periods of normally one accounting year. Example of current assets is: Constituents of Current Assets: Cash in hand and Bank balance Bills Receivable Sundry Debtors Short term Loans and Advances Inventories of Stock as: Raw Materials Work in Process Stores and Spaces

Finished Goods Temporary Investments of Surplus Funds Prepaid Expenses Accrued Incomes The term working capital refers to the net working capital. Net working capital is the excess of current assets over current liabilities or say: Net Working Capital = Current Assets Current Liabilities. Net Working Capital may be Positive or Negative: When the current assets exceed the current liabilities, the working capital is positive and the negative working capital results when the current liabilities are more than the current assets. Current liabilities are those liabilities which are intended to be paid in the ordinary course of business within a short period of normally one accounting year of the current assets or the income of the business. Examples of current liabilities are: Constituents of Current Liabilities: Bills Payable Sundry Creditors or Account Payable Accrued or Outstanding Expenses Short term Loans, Advances and Deposits Dividends Payable Bank Overdraft Provision for Taxation The gross working capital concept is financial or going concern concept whereas net working capital is an accounting concept of working capital. Operating Cycle or Circulating Cash Format

Working Capital refers to that part of firms capital which is required for financing short term or current assets such as cash, marketable securities, debtors and inventories. Funds thus invested in current assets keep revolving fast and being constantly converted into cash and these cash flows out again in exchange for other current assets. Hence it is also known as revolving or circulating capital. The circular flow concept of working capital is based upon this operating or working capital cycle of a firm. The cycle starts with the purchase of raw material and other resources and ends with the realization of cash from the sales of finished goods. It involves purchase of raw material and stores, its conversion into stocks of finished goods through work in progress with progressive increment of labor and service cost, conversion of finished stocks into sales, debtors and receivables and ultimately realization of cash and this cycle continuous again from cash to purchase of raw materials and so on. The speed/ time of duration required to complete one cycle determines the requirements of working capital longer the period of cycle, larger is the requirement of working capital. The gross operating cycle of a firm is equal to the length of the inventories and receivables conversion periods. Thus,

Gross Operating Cycle = RMCP + WIPCP + FGCP + RCP

Where, RMCP WIPCP FGCP RCP = = = = Raw Material Conversion Period Work in- Process Conversion Period Finished Goods Conversion Period Receivables Conversion Period

However, a firm may acquire some resources on credit and thus defer payments for certain period. In that case, net operating cycle period can be calculated as below:

Net Operating Cycle Period = Gross Operating Cycle Period Payable Deferral

Further, following formula can be used to determine the conversion periods.

Raw Material Conversion Period = Average Stock of Raw Material

Raw Material Consumption per day Work in process Conversion Period = Average Stock of Work-in-Progress Total Cost of Production per day Finished Goods Conversion Period = Average Stock of Finished Goods Total Cost of Goods sold per day Receivables Conversion Period = Average Accounts Receivables Net Credit Sales per day Payable Deferral Period = Average Payable Net Credit Purchase per day

Determinants of working capital

Working capital requirements of a concern depends on a number of factors, each of which should be considered carefully for determining the proper amount of working capital. It may be however be added that these factors affect differently to the different units and these keeps varying from time to time. In general, the determinants of working capital which re common to all organizations can be summarized as under. Nature of business: Need for working capital is highly depends on what type of business, the firm in. there are trading firms, which needs to invest a lot in stocks, ills receivables, liquid cash etc. public utilities like railways, electricity, ete., need much less inventories and cash. Manufacturing concerns stands in between these two extends. Working capital requirement for manufacturing concerns depends on various factors like the products, technologies, marketing policies. Production policies: Production policies of the organization effects working capital requirements very highly. Seasonal industries, which produces only in specific season requires more working capital. Some industries which produces round the year but sale mainly done in some special seasons are also need to keep more working capital. Size of business: Size of business is another factor to determines the need for working capital. In very small company the working capital requirement is quit high due to high overhead, higher buying and selling cost etc. as such medium size business positively has

edge over the small companies. But if the business start growing after certain limit, the working capital requirements may adversely affect by the increasing size. Length of operating cycle: Operating cycle of the firm also influence the working capital. Longer the operating cycle, the higher will be the working capital requirement of the organization. Credit policy: Companies; follows liberal credit policy needs to keep more working capital with them. Efficiency of debt collecting machinery is also relevant in this matter. Credit availability form suppliers also effects the companys working capital requirements. A company doesnt enjoy a liberal credit from its suppliers will have to keep more working capital. Business fluctuation: Cyclical changes in the economy also influencing the working capital. During boom period, the tendency of management is to pile up inventories of raw materials and finished goods to avail the advantage of rising prove. This creates demand for more capital. Similarly during depression when the prices and demand for manufactured goods. Constantly reduce the industrial and trading activities show a downward termed. Hence the demand for working capital is low. Current asset policies: The quantum of working capital of a company is significantly determined by its current assets policies. A company with conservative assets policy may operate with relatively high level of working capital than its sales volume. A company pursuing an aggressive amount assets policy operates with a relatively lower level of working capital. Fluctuations of supply and seasonal variations: Some companies need to keep large amount of working capital due to their irregular sales and intermittent supply. Similarly companies using bulky materials also maintain large reserves of raw material inventories, this increase the need of working capital. Some companies manufacture and sell goods only during certain seasons. Working capital requirements of such industries will be higher during certain season of such industries period.

Advantages of working capital

It helps the business concern in maintaining the goodwill.

It can arrange loans from banks and others on easy and favorable terms. It enables a concern to face business crisis in emergencies such as depression. It creates an environment of security, confidence, and overall efficiency in a business. It helps in maintaining solvency of the business.

Disadvantages of working capital

Rate of return on investments also fall with the shortage of working capital. Excess working capital may result into over all inefficiency in organization. Excess working capital means idle funds which earn no profits. Inadequate working capital cannot pay its short term liabilities in time.


The success of capital management depends a lot on effective management of its different components. The main two constituents of Working Capital are current assets and current liabilities. Managing current assets involve Management of inventory, Management of receivables or debt Management of cash, and Management of Payables

Management of Inventories
In the context of inventory management, the firm is faced with the problem of meeting two conflicting needs: To maintain a large size of inventories of raw materials & work-in-progress for efficient and smooth production & of finished goods for uninterrupted sales operations.

To maintain a minimum investment in inventories to maximize profitability.

Both excessive & inadequate inventories are not desirable. These are two danger points which the firm should avoid. The objective of inventory management should be to determine & maintain an optimum level of inventory investment. The optimum level of inventory will lie between the two danger points of excessive & inadequate inventories. The firm should always avoid a situation of over investment or under investments are: Unnecessary tie-up of the firms funds & loss of profit. Excessive carrying costs and Risk of liquidity.

Maintaining inadequate level of inventories is also dangerous. The consequent under investment in inventories are: Production holds up, and Failure to meet delivery commitments.

Inadequate raw materials & WIP inventories will result in frequent production interruptions. Similarly in finished goods, inventories are not sufficient to meet the demand of customers regularly; they may shift to competitors which will amount to a permanent loss to the firm. An effective inventory management should: Ensure a continuous supply of raw materials to facilitate uninterrupted production, Maintain sufficient stocks of raw materials in periods of short supply and anticipate rice changes, Maintain sufficient finished goods inventory for smooth sales operation, & efficient customer service. Minimize the carrying cost and time. Control investment in inventories & keep it at an optimum level.

Management of Debtors

Trade credit creates accounts receivables or trade debtors that the firm expected to collect in the near future. The customers from whom receivable or book debt have to be collected in the future are called trade debtors or simply as debtors and they represent the firms claim or asset. A credit sale has three characteristics: First, it involves an element of risk that should be carefully analyzed. Cash sales are totally risk less, but not the credit sales as the cash payments are yet to be received. Second, it is based on economic value. To the buyer, the economic value in goods or services passes immediately at the time of sale, while the seller expects an equivalent value to be received later on. Third, it implies futurity. The buyer will make the cash payment for goods or services received by him in a future period. Debtors constitute a substantial portion of current assets of several firms. For example in India, trade debtors, after inventories, are the major components of current assets. Granting credits & creating debtors amount to the blocking of the firms funds on the other hands allowing credits on more liberal terms attract customers & increase sales. But higher the credit & longer the credit period, the greater is the risk. So a careful analysis must be made of benefit, cost & risk involved in the allowance of credit. This is done through receivable management. The important methods & techniques involved in receivables management are: Ascertaining the cost of receivables. Estimating the benefits of receivables. Determining the credit policies. Making analysis of the relation between increase in credit & increase in profit. Ascertaining the Working Capital Requirement keeping track with the credit policy. Deciding on the terms of credit. Evaluation of the credit allowed & debtors on the basis of past experience.

Making cost benefit analysis of factoring services, if any, available for collection of debt.

Selecting the mode of collection of receivables.

Management of Cash
Cash management is also important because it is difficult to predict cash flows accurately, particularly the inflows, & there is no perfect coincidence between the inflows & out flows of cash. During some periods, cash outflows will exceed cash inflows, because payment for taxes, dividends, seasonal inventories build-up. At other times, cash inflow will be more than cash payments because there may be large cash sales & debtors may be realized large sums promptly. Further Cash Management is significant because cash constitute the smallest portion of the total current assets, yet managements considerable time is devoted in managing it. In recent past a number of innovations have been done in cash management techniques. An obvious aim of the firm these days is to manage its cash affairs in such a way as to keep cash balance at a minimum level & to invest the surplus cash in profitable investment opportunities. In order to resolve the uncertainty about cash flow prediction and lack of synchronization between cash receipt and payments, the firm should develop the appropriate strategies for cash management. The firm should evolve strategies regarding the following four facets of cash management: Cash planning. Managing the cash flows. Optimum cash levels. Investing surplus cash.

Management of Accounts Payable

Accounts Payables are the outcome of the extension of credit by the suppliers of the firm to the firm. Generally the suppliers of raw materials and other components is case of manufacturing concern and suppliers of trading goods in case of trading concern allow a

reasonable period of credit to the firm for paying off its dues. Such dues payable are identified as accounts payable. Of different current liabilities a business may have, accounts payable is most common and it consist of the major proportion of total current debts. So management of accounts payable is also a headache of the financial managers. The amount of Working Capital of a firm depends to some extent on the debts payable and the period of credit available. Availability of long credit period for a considerable amount reduces the need for Working Capital. But the excess amount of credit availability for a long period influences the rate of interest and compels the firm to accept the other unfavourable terms. As a result, cost may increase and profit may come down. That is why one basic feature of managing payables is bargaining for more credit period without accepting unfavourable terms as far as possible. Besides accounts payable, other payables like outstanding expenses, provision for tax, or dividend etc. are quickly payable. It means that there is not much scope of managing such debts. In fact, among different components of current liabilities there is only scope of managing accounts payable. To be true, in case of accounts payable the scope of effective management is also restricted.

Theoretical aspects of working capital management

Nature of working capital management Working capital management is three dimensional in nature-

It is concerned with the formulation of policies with regard to profitability, liquidity and risk. It is concerned with the decisions about the composition and level of current assets.
It is concerned with the decisions about the composition and level of current

liabilities. Goal of working capital management Working capital management is concerned with the problems that arise in attempting to manage the current assets, the current liabilities and the interrelationship that exists between them. The term current assets refer to those assets which are the ordinary course of business and can be converted into cash within one year. Major current assets are cash, marketable securities, accounts receivable and inventory. Current liabilities are those liabilities, 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. Current liabilities are accounts payable, bills payable, bank overdraft, and outstanding expenses. Working capital is that portion of firms assets which is financed by long-term funds. Interaction between current assets and current liabilities is the main theme of the theory of working capital management.

Goal of working capital management is to manage the firms current assets and liabilities in such a way so that a satisfactory level of working capital is maintained. The second important segment of working capital management is deciding the optimum level of investment in various current assets. There are three important current assets cash, accounts receivables and inventory.


Receivables Management
Receivable is the amount or debt which is receivable for the goods or services provided on credit. The term receivable is defined as debt owed to the firm by customers arising from sale of goods or services in the ordinary course of business. When a firm makes an ordinary sale of goods or services and doesnt receive payment, the firm grants trade credit accounts receivable, which could be collected in the future. Receivables Management is also called trade credit management. Characteristics of receivables management: It involves an element of risk. It is based on economic value. Cash payment will be made in future. Objectives of receivables management: One of the objectives of receivable management is to increase the sales. Another objective is to increase in profit. Safety to face competition. Benefits of receivables management:Investments in receivables involve both benefits and costs. The extension of trade credit has a major impact on sales, costs and profitability. Other things being equal, a relatively liberal policy and, therefore, higher investments in receivables, will produce larger sales. However, costs will be higher with liberal policies than with more stringent measures.

Therefore, accounts receivables management should aim at a trade-off between profit (benefit) and risk (cost).

Cash Management
Cash means the liquid assets that a business owns. It includes Cheques, Money Orders & Bank drafts. Cash management means efficient collection and disbursement of cash and any temporary investment of cash. The activity of managing the amounts of cash that are paid to and paid out by a company the managing by a bank of its customers' money in a way that makes as much profit for them as possible Objectives of cash management: To meet cash disbursement as per the payment schedule To meet cash collection as per the repayment schedule To minimize funds locked up as cash balance by maintaining optimum cash balance Motives of cash management: Transaction motive Speculative motive Precautionary motive Importance of cash management: Most significant & least productive asset Difficult to predict cash flows Smallest portion of total current assets Cash planning Cash forecasting

Inventory Management
Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. The scope of

inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting. Inventory management is basically the, systems and processes that identify inventory requirements, set targets, provide replenishment techniques and report actual and projected inventory status Inventory management means: An optimum investment in the inventories. Striking balance between adequate stock & investment. Maintain adequate stock and that too by keeping investment at minimum level. It is also known as Optimum level of inventory. Maintaining inventory at optimum level is called inventory management. Objectives of Inventory management:Operating objectives: Availability of Materials Promotion of manufacturing efficiency Minimizing the wastage Better service to Customer Control of production level Optimum Level of inventories Financial objectives: Economy in purchasing

Optimum investment and efficient use of capital Reasonable price Minimizing cost

Factors determining optimum level of Inventory

General factors: Nature of business Anticipated volume of sales Operation levels Price level variations Availability of funds Attitude of the management Specific factors: Seasonal nature of raw materials and demand for finished goods Length and technical nature of the production process Style factor in the end product Terms of purchase Supply conditions Time factor Price level variations Loan facility Management policies

Other factors

Techniques of Inventory Management Selective inventory control or ABC System of control Maximum stock limit Minimum stock limit Re-ordering level Economic order quantity
ABC System of control
ABC analysis is a business term used to define an inventory categorization technique often used in materials management. It is also known as Selective Inventory Control. ABC analysis provides a mechanism for identifying items that will have a significant impact on overall inventory cost, whilst also providing a mechanism for identifying different categories of stock that will require different management and controls. When carrying out an ABC analysis, inventory items are valued (item cost multiplied by quantity issued/consumed in period) with the results then ranked. The results are then grouped typically into three bands. These bands are called ABC codes. ABC CODES "A class" inventory will typically contain items that account for 80% of total value, or 20% of total items. "B class" inventory will have around 15% of total value, or 30% of total items.

"C class" inventory will account for the remaining 5%, or 50% of total items.

Maximum Stock Limit

The maximum stock limit is upper level of the inventory and the quantity that must not be exceeded without specific authority from management. In other words, the maximum stock level is that quantity of material above which the stock of any item should not normally be allowed to go. This level is fixed after taking into account such factors as: capital, rate of consumption of materials, storage space available, insurance cost, risk of deterioration and obsolescence and economic order quantity MAXIMUM LEVEL = Reorder level - (Maximum Usage during Minimum Lead time + lot size)

Minimum Stock Limit

The minimum level or minimum stock is that level of stock below which stock should not be allowed to fall. In case of any item falling below this level, there is danger of stopping of production and, therefore, the management should give top priority to the acquisition of new supplies. MINIMUM LEVEL = Reorder level - Normal Storage during lead time

Re-order Level
It is the point at which if stock of the materials in store reaches, the storekeeper should initiate the purchase requisition for fresh supplies of the material. This level is fixed somewhere between the maximum and minimum levels in such a way that the difference of quantity of the material between the reordering level and the minimum level will be sufficient to meet requirements of production up to the time of fresh supply of the material. REORDERING LEVEL = Lead time in days * Average daily usage of inventory

Economic Order Quantity (EOQ)

Economic order quantity (EOQ) is that size of the order which gives maximum economy in purchasing any material and ultimately contributes towards maintaining the materials at the optimum level and at the minimum cost.

In other words, the economic order quantity (EOQ) is the amount of inventory to be ordered at one time for purposes of minimizing annual inventory cost. The quantity to order at a given time must be determined by balancing two factors: (1) the cost of possessing or carrying materials and (2) the cost of acquiring or ordering materials. Purchasing larger quantities may decrease the unit cost of acquisition, but this saving may not be more than offset by the cost of carrying materials in stock for a longer period of time. ECONOMIC ORDER QUANTITY =

Where, A = Annual demand of item O = Ordering Cost C = Carrying Cost



There are so many methods for analysis of financial statements but MOTHERSON SUMI SYSTEMS LTD used the following techniques: Comparative size statements Trend analysis Cash flow statement Ratio analysis

Comparative Size Statements

Comparative statements are financial statements that cover a different time frame, but are formatted in a manner that makes comparing line items from one period to those of a different period an easy process. This quality means that the comparative statement is a financial statement that lends itself well to the process of comparative analysis. Many companies make use of standardized formats in accounting functions that make the generation of a comparative statement quick and easy. Benefits: To indicate the trends, these statements show the change in production, sales, and expenses. To make the data simple and more understandable.

Trend Analysis
Trend analysis is a form of comparative analysis that is often employed to identify current and future movements of an investment or group of investments. The process may involve comparing past and current financial ratios as they related to various institutions in order to project how long the current trend will continue. This type of information is extremely helpful to investors who wish to make the most from their investments.

Procedures for calculating trends:1. Previous year is taken as a base year. 2. Figures of the base year are taken 100. 3. Trend % is calculated in relation to base year. Benefits: It is beneficial to find out the long run changes. It is helpful in future forecasting.

Cash Flow Statements

The statement of cash flows is one of the main financial statements. (The other financial statements are the balance sheet, income statement, and statement of stockholders' equity.) The cash flow statement reports the cash generated and used during the time interval specified in its heading. The period of time that the statement covers is chosen by the company. For example, the heading may state "For the Three Months Ended December 31, 2010" or "The Fiscal Year Ended September 30, 2010". The cash flow statement organizes and reports the cash generated and used in the following categories: Operating activities: - converts the items reported on the income statement from the accrual basis of accounting to cash. Investing activities: - reports the purchase and sale of long-term investments and property, plant and equipment. Financing activities: - reports the issuance and repurchase of the company's own bonds and stock and the payment of dividends.

Supplemental information: - reports the exchange of significant items that did not involve cash and reports the amount of income taxes paid and interest paid. Sources of funds Fund Received a) Fund based: SBI Bank UTI Bank HDFC Bank ICICI Bank CITI Bank TOTAL b) Non fund base limit: SBI Bank UTI Bank ICICI Bank HDFC Bank CITI Bank TOTAL