A Study on Sugar Industry at Chamundeshwari Sugar

The discovery of sugarcane from which sugar was produced had been known since thousands of years. It is thought to have originated in New Guinea, and was spread along routes to Southeast Asia and India. The process known for creation of sugar, by pressing out the juice and then boiling it into crystals, was developed in India around 500 BC.

Its cultivation was not introduced into Europe until the middle-ages, when it was brought to Spain by Arabs to thrive in a most favorable climate.

It was not until the eighteen century that sugarcane cultivation was began in the United States, where it was planted in the southern climate of New Orleans. The very first refinery was built in New York City around 1960; the industry was established by him 1830s. Earlier attempts to create a successful industry in the U.S. did not fare well; from the last 1830s, when the first factory was built. Until 1872, sugar factories closed down almost as quickly as they had opened. It was 1872 before, built in California, and was finally able to successfully produce sugar in a profitable manner. At the end of that century, more than thirty factories were in operation in the U.S.

Indian sugar industry is going through a rough weather on account of decline in international / domestic market prices for sugar, higher cost of production, high carry over of stocks, higher cane price fixed by some state government through the SAP(state advised price) than the SMP (statutory minimum price) announced by the government of India have initiated certain measures such as rationalization of sugar cane prices, operationalisation of futures /forward trading etc., aiming to complete decontrol of sugar industry. Export incentives like inland transport subsidy up to port for export of sugar are also offered. To tide over surplus stocks of sugar, the government of India have approved three exchanges for futures /forward trading in sugar viz. e-commodities Ltd., Mumbai; NCS InfoTech Ltd.

Sugar is most important agro based industry of India and it has marked place in the country’s economy the reforms the liberalization policies of government of India are fast taking place and changing the industry scene in the country in the country. However it appears that the winds of liberalization and deregulation with are blowing presently through other industrial sectors has bypassed the sugar industry.

More over Indian sugar industry have spread over mainly in rural areas, as such major share of benefits should flow towards rural population. Besides present position of the industries shake less the policy of supporting farming economy by increasing sugar cane prices will ultimately raise the sugar crop. So emphasis has to be towards cane development both by Yield and quality. So at this junction it would be appropriate to consider, if no full liberalization at least partial by eliminating some of the undesirable constraints which would help industry in the changing environment when India needs to increase its foreign earnings, in the world market.

India has been known as the original of sugar and sugarcane. Indian mythology support the above fact as it contains some legends showing the origin of sugarcane, the growth of the sugar industry is full of tales of adventure and conquest.

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Technical Analysis on Selected Stocks

Prices of securities in the stock market fluctuate daily on account of continuous buying and selling. Stock prices move in trends and cycles and are never stable. An investor in the stock market is interested in buying securities at a low price and selling them at a high price so as to get a good return on his investment.

Technical Analysis is a method of evaluating securities by analyzing the statistics generated by market activity, such as fast prices and volume. Technical analysis does not give the intrinsic value of a security, but instead it includes charts and other tools to identify patterns that can suggest future activity. The rationale behind the technical analysis is that the share price behavior repeats itself over time and analysts attempt to derive methods to predict this repetition.

A technical analyst looks at the past share price data to see if he can establish any patterns. He then looks at the current price data to see if any of the established patterns are applicable and if so, extrapolations can be made to predict the future price movements. Although past share prices are the major data used by technical analysts, other statistics such as volume of trading and stock market indices are also utilized to some extent.

Technical analysis studies supply and demand in a market in an attempt to determine what direction or trend will continue in the future. In other words, technical analysis attempts to understand the emotions in the market by studying the market itself as opposed to its components.

Technical Analysis is important to form a view on the likely trend of the overall market, and it is helpful to have some idea of how to go about selecting individual stocks. Naturally, all investors would like their investments to appreciate rapidly in price, but stocks, which may satisfy this wish, tend to accompanied by a substantially greater amount of risk then many investors are normally willing to accept. However, it is important to understand that investors can be very conscious when it comes to stock ownership.

Technical analysis is the use of numerical series generated by market activity, such as price and volume, to predict future price trends. The techniques applied to any market with a comprehensive price history. Primarily, but not exclusively, technical analysis is conducted by studying charts of past price movement. Many different methods and tools are used in technical analysis, but they all rely on the assumption that price patterns and trends exist in markets, and that they can be identified and exploited.

Technical analysis or charting is considered to be as a supplement to Fundamental Analysis of securities. As an approach to investment analysis technical analysis is radically different from fundamental analysis. While the fundamental analysts believe that the market is 90% logical and 10% psychological, the technical analysis assumes that its 90% psychological and 10% logical. Technical analysis can be applied to any market with a comprehensive price history.

The premises of technical analysis were derived from empirical observations of financial markets over hundreds of years. Perhaps the oldest branch of technical analysis is the use of candlestick techniques by Japanese traders at least as early as the 18th century, and still very popular today.

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Study on Inventory Management at Reid & Taylor (India) Ltd

Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business.

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.

Management of the inventories, with the primary objective of determining, controlling stock levels within the physical distribution function to balance the need for product availability against the need for minimizing stock holding and handling costs.

The objectives of materials management are primarily focused at achieving efficiency in sales and production by minimizing the investment in inventory without sacrificing quality and continuity of supply of materials obtained at lowest possible price.

Inventory management is a sub-system of an organisation which in turn has a number of sub-systems. The inter related nature of inventory management function and other organizational functions such as finance function, production function, maintenance function etc. will have to be well appreciated. While defining the inventory management function, the objective was stated as one of providing the pre-determined service to customers at a minimum total cost.

Inventory management is a very simple concept - don't have too much stock and don't have too little. Since there can be substantial costs involved in straying above and below the optimal range, careful inventory management can make a huge difference in the profitability of a business. Although the concept is simple, the process of getting the right balance can be quite a complex and time consuming task without the right technology.

Inventory Management is very important for Reid and Taylor. It enables the business to meet or exceed expectations of the customer by making the product readily available.

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Study on Working Capital Management at PNB

The prime objective of any business is to maximize the value of the company and to maximize the wealth of its shareholders. Working capital management has its own role to play in attaining this goal. Working capital is the funds required for day to day working in a business concern. The working capital management involves deciding upon the amount and composition of current assets and how to finance those assets. There should be a proper trade off between risk and profitability in each decision relating to it.

This project work has been undertaken to know the procedures involved in the working capital management in PUNJAB NATIONAL BANK. An attempt is made to study the factors contributing towards working capital and the sources on which the company is depending for funds. The research study was also conducted to derive working capital ratios, to know the performance and efficiency of working capital management and to know the kind of policy adopted in this part of the management. For analyzing the factors and conditions influencing working capital tables and graphs were drawn based on the study.

Based on this study the major findings are that from the overall finance point view, company is not performing well. Some of the symptoms may be great deal of time is taken in managing current assets and liabilities, arranging short-term financing, negotiating favorable credit terms, controlling movement of cash, receivables, inventory etc. It is also been found that important financial ratios like all the liquidity position, current ratio, working capital ratio comparatively below the industry standards and are causing concern.

This research study indicates that in order to improve the over all performance of PNB the management must take all possible steps, review and modify various policies, cash budgets and inventory status by using sound information management system to enable management to have a close control over the various operations.

A strong banking sector is important for flourishing economy. The failures of the banking sector may have an adverse impact on other sectors. The skill for working capital is some what unique and novel, through the goals are to make an efficient use of funds for minimizing the risk of loss to attain project objective. It involves deciding upon the amount and composition of current assets and how to finance these assets. Working capital management is not a simple one.

It enables an enterprise to start and conduct its operations. Working capital requirements is estimate under optimistic assumptions, but what the expectations come true, the firm may be confronted with a difficult situation. The optimum working capital investment to be determined by decision on the level of capacity utilization. We have human and natural resources in abundance but our

capital resources are limited and arresting the pace of development, storage of funds for working capital has caused many business to fail and in many cases has restarted their growth. Working capital which is concerned with short term financial decision, have been relatively neglected in the literature of finance. From the banker’s point of view, it is working capital gap (total current assets minus total current liabilities excluding bank borrowing). This is actually needed by a borrower for working capital. It is the successful play with finance traders that generally decides the fortune of any business enterprise.

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Study on Performance Evaluation of Financial Position

Performance evaluation of financial position is very much important to know the wealth and efficiency of the company. Its purpose is to convey the financial aspects of the firm. Evaluation is done through financial statements which includes income statement, balance statement, cash flow statement, fund flow statement.

The various techniques are used to evaluate the performance of financial position. Financial statements are indicators of the segments factors:

1. Profitability
2. Financial soundness

Performance evaluation of financial position, therefore, refers to such a treatment of the information contained in the Income Statements and the Balance Sheet so as to afford full diagnosis of the profitability and financial soundness of the business.

According to the American Institute of Certified Public Accountants , financial statements reflect “A combination of recorded facts , accounting conventions and personal judgments and the judgments and conventions applied affect them materially .“ This implies that data exhibited in the financial statements are affected by recorded facts, accounting conventions and personal judgments.

The Balance sheet shows the financial condition of the business at a particular moment of time while the Income Statements discloses the rules of operation of business over a period of time. However for a better understanding of affairs of the business, it is essential to identify the movement of working capital or cash in and out of the business. This information is available in the statement of changes in financial position of the business. The statements may emphasize any of the following aspects relating to change in financial position of the business.

Performance evaluation of financial position is very much important to know the wealth and efficiency of the company. Its purpose is to convey the financial aspects of the firm. Evaluation is done through financial statements which includes income statement, balance statement, cash flow statement, fund flow statement.

A financial statement is an organized collection of data according to logical and consistent according procedures. Its purpose is to convey an understanding of financial aspects of a business firm. It may show a position at a moment of time as in the case of a balance sheet, or may reveal a series of activities over a given period of time, as in the case of income statement.

The Income statement (also termed as Profit and Loss Account)is generally considered to be the most useful of all financial statements. It explains what has happened to a business as a result of operation between two balance sheet dates .for this purpose it matches the revenues and cost incurred in the process of earning revenues and shows the net profit earned or a loss suffered during a particular period.

It is a statement of financial position of a business at a specified moment of time . it represents all assets owned by the business at a particular moment of time and the claims (or equities )of the owners and outsiders against those assets at that time. It is in a way snapshot of the financial condition of the business at the time.

The term retained earning means the accumulated excess of earning over losses and dividends the balance shown by the income statement is transferred to the balance sheet through this statement, after making necessary appropriations. It is , thus , a connecting link between the balance sheet and the income statement. It is fundamentally a display of things that have caused the beginning-of-the-period retained earning balance to be changed into the one shown in the end-of-the-period retained earnings in the balance sheet. The statement is also termed as profit and loss appropriation account in case of companies.

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