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Project Report On: "A Study Working Capital Management"
Project Report On: "A Study Working Capital Management"
Project Report On: "A Study Working Capital Management"
Project report on
A study working Capital Management
With special reference to
SHRI VITHAL SAHAKARI SAKHAR KARKHANA LTD.
VENUNAGAR
Submitted To
University of Pune
In Partial fulfillment of the requirement for the degree of
Through
UNDERTAKING
I the undersigned, hereby declare that the Project Report entitled A Study of
Working Capital. is written and submitted by me to the University of Pune in
partial fulfillment of the requirements for the award Degree of Master of Business
Administration under the guidance of Prof. Riyasat Peerzade. It is my original
work and conclusions there in are based on the material collected by myself .
Date:
Research Student
Place: Pune
Mohammad Shaikh
(Finance)
ACKNOWLEDGEMENT
This project has given me a great opportunity to explore in terms of
knowledge, facts and wisdom as well as expanded my learning to a multitude. Any
research is not an individual effort. It is contribute efforts of many hearts, hands and
brain.
My respectful regards Prof. Riyasat Peerzade (Project guide) who has
immensely contributed towards the successful completion of this project report. It is
her perspective for giving me a sense of direction and motivation. I also thanks to our
Director Dr. Nazaruddin for his great support.
At last I am thankful to my family members and friends who had given me
their constructive advice, encouragement and co-operation to prepare this project
report.
Place: - Pune
Date:-
EXECUTIVE SUMMARY
The topic of the project undertaken was working capital management and appraisal
for SHRI VITHAL SAHAKARI SAKHAR KARKHANA LTD. VENUNAGER .
The idea behind selection of this project was mainly due to its nature and importance
in the overall financial management in organisation.
The importance of working capital management is reflected in the fact that the
financial mangers spend a great deal of time in managing current asset and current
liabilities. Arranging short term financial negotiation favourable credit term,
controlling cash movement, managing account receivable and monitoring investment
in inventories consumes a great deal of time of finance manager.
Working capital means excess of current asset over current liabities. If refers to all
the aspect of administration of both current liabilities. The basic objective of working
capital management is to manage the firms current asset and current liabilities in such
away that the satisfactory level of working capital is maintained.
The need of working capital arises firm the cash/ operating cycle of the firm.
Efficiency of operations accelerate the pace of cash cycle and improves the working
capital turn over resulting in a reduce requirement of workintg capital. A firm should
have adequate working capital to support its budgeted level of activity in terms of
production/ sales. It should have neither more nor less working capital than required.
INDEX
INDEX
S.NO.
1
CONTENTS
INTRODUCTION
Introduction to study
Scope of study
Objectives of study
Research Methodology
PAGE NO.
8
Limitations of study
INDUTSRY PROFILE
13
27
33
44
46
APPENDIX
48
BIBLIOGRAPHY
56
1: INTRODUCTION
INTRODUCTION
It is the life blood of the organization. It keeps the business live and dynamic.
It protects a business firm form the adverse effect of shrinkage in the value of
current assets.
It enhances the credit standing of the firm in the market and it helps the
company to enjoy better terms from the market.
So the problem was taken for study.
SCOPE
The main and basic objective of business organization is to earn profit and
manage funds in a proper manner. For achieving this objective, funds are required.
After these raising, investing funds in the right place so as to incur more benefits
many times management fails because of decision making. Before proceeding to
examine the allocation and raising of funds tools of analysis are important. In
allocation and raising funds, the finance manager uses certain tools of analysis
planning and control. A factory is deemed to be financially sound if its in position to
carry on its business smoothly and meet the obligations, both short term as well as
long term. Requirement of funds for short term should be met out from short term
funds and long term requirement should be met out from long term funds.
To analyze the concept of working capital & find out various element of
working capital.
RESEARCH METHODOLOGY
SOURCES OF DATA:
The data used for the study is of both primary and secondary
in nature.
1. Primary Data:
Primary data has been collected from direct discussion with staff
member of the industry.
2. Secondary Data:
Secondary data consisted of general as well as official
sources. The general data is taken from booklet of industry, newspaper, text book etc.
the official data sources includes the firms annual report, profile, statements of
accounts etc.
10
The main limitation of the research was the data source. The data was
collected from the audited financial statements, which were prepared on the
historical cost basis.
These financial statements were prepared at the end of the financial year. So, it
gives a view on particular date.
Period of observation is of five years. So, long term observation for the period
more than five years cannot be ascertained.
Some financial data was not disclosed by the organization for the purpose of
secrecy.
11
CHAPTER -2
INDUSTRY PROFILE
COMPANY PROFILE
2.1 NAME & ADDRESS OF ORGANIZATION
12
sugar per day. Then after on date 29 November 1985 they have licensed to
production 35000 ton per day.
This is the co-operative firm so they did not spend money & time on the
marketing. The organization does the business according to the central
Governments policy of the sugar. In the company there are above than 900 workers
who working in three shifts.
The firm have own Co Generation Plant. The firm has his distillery plant its
produce alcohol minimum 68 lacks liters per annum. They use molasses 23811 ton
for his distillery process and they get per ton 287.8 liters Alcohol. The distilleries
per day capacity are 60,000 liters. The firm has manufacture fertilizer for his
farmers from waste material of the firm. The firm where crushing 7000 ton sugar
cane daily. The manufacturing process takes Four days. After crushing the cane the
sugar comes out in the 4 days. The firm have a capacity to storage is about 5 Lac
quintals in the storeroom.
In this last year industry gives satisfactory rate to the farmers is 2475/- Rs per
ton. And the sugars selling price is in average 2373/- Rs. The total members of the
industries are above 25000. The supply of sugarcane from 185 villages.
On those areas farms are good for planting of sugarcane thats why industries
are important.
In this era situation we have need of sugar factory for manufacture more sugar
for export thats why foreign currency are made automatically.
(C)LIMITATION OF ORGANISATION
(2.7)MANUFACTURING PROCESS
18
19
Tare may consist of clay, stones, beet tops, etc. It is deducted from the gross
weight of the load in order to determine the net weight of clean beet delivered.
20
2. UNLOADING
There are two systems of unloading - dry unloading and wet unloading. When
dry unloading, the beet is conveyed from the lorry by a series of conveyer belts to
open air silos where it is stored. In wet unloading the beet is washed from the lorry by
means of a powerful jet of water.
Beet is transferred from the silos to the factory by means of water. En route to
the production process, stones and grass are removed in a series of stone and grass
catchers. The beet is thoroughly washed before processing to remove all traces of clay
and sand.
21
3. DIFFUSION
The actual sugar is inside the beet and has to be extracted. In order to extract
the sugar the beet is first cut up into elongated slices.
Sugar is then extracted from the beet by diffusing it out with hot water. This is
done in a large vessel specially designed for this purpose. Beet slices are fed in
continuously at one end and hot water at the other end. A solution of sugar emerges
from one end and the exhausted beet slices emerge from the other. The
exhausted beet slices, or pulp, are mixed with molasses then dried and sold as an
animal feed.
The solution now left to continue for the rest of the process is referred to as the
raw juice. This contains about 14% sugar and is black in colour.
22
4. SATURATION
At the diffusion stage other substances are extracted from the beet as well as
the sugar. But before sugar can be produced in a white crystalline form it is necessary
to remove as many of these non-sugars as possible. This part of the process is referred
to as juice purification.
The main raw materials used in the purification are lime and carbon dioxide
gas which are got by burning limestone in a kiln. These substances are added to the
juice causing non-sugars to be precipitated out of the solution. The solid material is
then filtered off. After juice purification the juice has a light yellow colour.
23
5. EVAPORATION
The purified juice is a sugar solution containing approximately 14% sugar and
1% non-sugars. It is now necessary to concentrate this solution. This is done by
boiling off water from the solution in large vessels known as evaporators. On entering
24
6. VACUUM PANS
In order to turn the sugar into a crystalline form it is now necessary to
evaporate still more water. This is done at a reduced temperature and pressure in large
vessels known as vacuum pans. Syrup is fed to the pans and as the water is
evaporated off, the crystals of sugar begin to grow. When the pan is full it contains
about 50 tonnes of a mixture of sugar crystals in syrup. The contents are then
discharged into large holding vessels known as crystallizers.
25
7. CENTRIFUGALS
The next step in the operation is to separate the sugar from the syrup. This is
done in automatically controlled machines known as centrifugals. In them the syrup is
spun off and the sugar crystals remain. The wet sugar is then dried, screened, cooled
and sent to large bulk storage silos each of which can contain up to 50,000 tones.
The syrup from the centrifugals still contains a lot of dissolved sugar. This
syrup is put back through two more boiling stages in order to extract still more sugar.
The final syrup from which it is no longer practical or economical to extract
more sugar is known as molasses. It contains some sugar together with non-sugars
which were not removed at the juice purification stage. It is mainly used for
animal feed.
The total time from beet washing to white sugar is about twelve hours.
Depending upon sugar content of the beet, 100 tones of beet will give approximately
12-14 tons of sugar and 3-4 tones of molasses.
26
CHAPTER - 3
THEOROTICAL
FRAMEWORK
27
28
Gross working capital: It is referred as total current assets. Focuses on, Optimum investment in
that portion of current assets which is financed with long term funds.
NET WORKING CAPITAL = CURRENT ASSETS - CURRENT LIABILITIES
If the working capital is efficiently managed then liquidity and profitability
both will improve. They are not components of working capital but outcome of
working capital. Working capital is basically related with the question of profitability
versus liquidity & related aspects of risk.
Implications of Net Working Capital:
Net working capital is necessary because the cash outflows and inflows do not
coincide. In general the cash outflows resulting from payments of current liability are
29
relatively predictable. The cash inflows are however difficult to predict. More
predictable the cash inflows are, the less NWC will be required. But where the cash
inflows are uncertain, it will be necessary to maintain current assets at level adequate
to cover current liabilities that are there must be NWC. For evaluating NWC
position, an important consideration is tradeoff between probability and risk. The term
profitability is measured by profits after expenses. The term risk is defined as the
profitability that a firm will become technically insolvent so that it will not be able to
meet its obligations when they become due for payment. The risk of becoming
technically insolvent is measured by NWC. If the firm wants to increase profitability,
the risk will definitely increase. If firm wants to reduce the risk, the profitability will
decrease.
(3.3) IMPORTANCE OF WORKING CAPITAL:
Working capital is required to run day to day business operations. Firms differ
in their requirement of working capital (WC). Firm s aim is to maximize the wealth of
share holders and to earn sufficient return from its operations. WCM is a significant
facet of financial management. Its importance stems from two reasons: Investment in
current asset represents a substantial portion of total investment. Investment in current
assets and level of current liability has to be geared quickly to change in sales.
Business undertaking required funds for two purposes: To create productive capacity
through purchase of fixed assets. To finance current assets required for running of the
business.
The importance of WCM is reflected in the fact that financial managers spend
a great deal of time in managing current assets and current liabilities. The extent to
which profit can be earned is dependent upon the magnitude of sales. Sales are
necessary for earning profits. However, sales do not convert into cash instantly; there
is invariably a time lag between sale of goods and the receipt of cash. WC
management affect the profitability and liquidity of the firm which are inversely
proportional to each other, hence proper balance should be maintained between two.
To convert the sale of goods into cash, there is need for WC in the form of current
asset to deal with the problem arising out of immediate realization of cash against
good sold. Sufficient WC is necessary to sustain sales activity. This is referred to as
the operating or cash cycle.
30
Operating cycle:
The working capital cycle refers to the length of time between the firms
paying the cash for materials, etc., entering into production process/stock & the
inflow of cash from debtors (sales), suppose a company has certain amount of cash it
will need raw materials. Some raw materials will be available on credit but, cash will
be paid out for the other part immediately. Then it has to pay labour costs & incurs
factory overheads. These three combined together will constitute work in progress.
After the production cycle is complete, work in progress will get converted into
sundry debtors. Sundry debtors will be realized in cash after the expiry of the credit
period. This cash can be again used for financing raw material, work in progress etc.
thus there is complete cycle from cash to cash wherein cash gets converted into raw
31
material, work in progress, finished goods and finally into cash again. Short term
funds are required to meet the requirements of funds during this time period. This
time period is dependent upon the length of time within which the original cash gets
converted into cash again. The cycle is also known as operating cycle or cash cycle.
Working capital cycle can be determined by adding the number of days
required for each stage in the cycle. For example, company holds raw material on
average for 60 days, it gets credit from the supplier for 15 days, finished goods
are held for 30 days & 30 days credit is extended to debtors. The total days are 120,
i.e., 60 15 + 15 + 15 + 30 + 30 days is the total of working capital. Thus the working
capital cycle helps in the forecast, control & management of working capital. It
indicates the total time lag & the relative significance of its constituent parts. The
duration may vary depending upon the business policies. In light of the facts discusses
above we can broadly classify the operating cycle of a firm into three phases viz.
1. Acquisition of resources.
2. Manufacture of the product and
3. Sales of the product (cash / credit).
First and second phase of the operating cycle result in cash outflows, and be
predicted with reliability once the production targets and cost of inputs are known.
However, the third phase results in cash inflows which are not certain because sales
and collection which give rise to cash inflows are difficult to forecast accurately.
CHAPTER - 4
DATA ANALYSIS &
INTERPRITATION
33
Particulars
2008
2009
2010
2011
Shares
14.94
22.86
26.22
27.22
TABLE NO. 4.1 : Sources of Funds:- (amount in crores)
2012
29.37
34
Share capital indicated in the above table is totally paid up in the respective years.
2009
42.75
2010
48.06
2011
53.80
2012
59.22
Factory earned surplus of Rs 40.37 in the year 2006. In year 2009 it increased at 42.75
and till the year 2012 it increased at 59.22.
35
2009
4.12
2010
7.21
2011
2.81
2012
3.11
The above table shows the investment in year 2006 is 2.22, it increased to year 2010
at 7.21 but it decreased in year 2011 & 2012 at 2.81,3.11 respectively.
2008
2009
2010
2011
2012
61.99
79.74
95.79
108.42
140.65
36
The above table shows that fixed assets are increasing in their respective years.
TABLE NO. 4.5: Statement showing change in Working Capital (amount in
crores)
Particulars
2011
2012
Increased
Decreased
Current Assets
Cash & Bank
8.88
8.08
0.80
Inventory
241.76
203.26
38.6
Advance
18.71
39.84
21.13
Debtors
26.36
50.45
24.09
295.71
301.63
Total (A)
Current Liabilities
37
Creditors
130.72
118.44
0.73
0.78
Total (B)
131.44
119.22
Net Working
164.27
182.41
Provisions
12.28
0.05
Capital (A-B)
Increased working
capital
Total
18.14
182.41
18.14
182.41
57.5
57.5
Sr.
Particulars
2008
2009
2010
2011
2012
no.
1
Inventory
3
4
22.40
3.46
15.25
8.88
8.08
175.42
126.24
171.50
241.76
203.26
Advance
3.72
10.19
12.63
18.71
39.84
Debtors
3.79
16.43
23.16
26.36
50.45
205.33
147.32
222.54
295.71
301.63
The above table shows the current assets of the factory from 2008 to 2009. It
can be seen that in 2008 current asset was 205.33, then in 2009 current asset
decreased at 147.32 and again 2010-11 current asset are increased rapidly.
38
2008
2009
2010
2011
2012
Creditors
66.46
37.58
73.50
130.72
118.44
Provisions
0.26
0.53
0.68
0.73
0.78
66.72
38.11
74.18
131.44
119.22
The above table indicates current liabilities during the period under the study i.e. year
2010-11 decreased & in 2011-12 It was been seen that the year current liabilities were
increased & again in 2010 current liability were decreased.
TABLE NO. 4.7: Total Working Capital (amount in crores)
Particulars
2008
2009
2010
2011
2012
Current Assets
Cash & Bank
22.40
3.46
15.25
8.88
8.08
175.42
126.24
171.50
241.76
203.26
Advance
3.72
10.19
12.63
18.71
39.84
Debtors
3.79
16.43
23.16
26.36
50.45
205.33
147.32
222.54
295.71
301.63
Creditors
66.46
37.58
73.50
130.72
118.44
Provisions
0.26
0.53
0.68
0.73
0.78
Total (B)
66.72
38.11
74.18
131.44
119.22
Inventory
Total (A)
Current Liabilities
39
Net Working
Capital
(A-B)
138.61
118.20
296.75
164.27
182.41
2008
2009
2010
2011
2012
Current Assets
205.33
147.32
222.54
295.71
301.63
Current Liabilities
66.72
38.11
74.18
131.44
119.22
Ratio
3.07
3.86
3.00
2.24
2.53
Particulars
2008
2009
20010
2011
2012
Quick Asset
29.91
21.08
51.04
53.95
98.37
Quick Liabilities
66.72
38.11
74.18
131.44
119.22
0.44
0.55
0.68
0.41
0.82
Ratio
(Source: - balance sheet)
Acid Test Ratio
The ratio establishes relationship between quick asset & quick liabilities. The ratio
indicates the immediate solvency of concern. In the theory quick ratio of 1:1 is the
standard it means that for every rupee of quick liabilities there is quick asset. The
concern should be in a position to meet quick liabilities when they become due.
40
From the above table it is clear that the ratio was below standard. And the quick assets
were increasing year by year so the concern was trying to reach the standard of 1:1.
TABLE NO. 4.11: Working Capital Turnover Ratio: (amount in crores)
Particulars
2008
2009
2010
Net Sales
187.20
116.94
183.57
260.75
310.80
Working Capital
138.61
118.20
296.75
164.27
182.41
1.35
0.98
0.61
1.58
1.70
Ratio
2011
2012
2008
2009
2010
2011
2012
Net Sales
187.20
116.94
183.57
260.75
310.80
Current Assets
205.33
147.32
222.54
295.71
301.63
0.91
0.79
0.82
0.88
1.03
Ratio
The ratio establishes relationship between sales & current asset. From the above table
clear that in 2010 the ratio is 0.91 & 2012 it is decreased at 0.79. And from 2009 -10
the ratio is increased rapidly.
41
2008
2009
2010
2011
2012
187.20
116.94
183.57
260.75
310.80
87.71
150.83
148.57
206.63
222.51
2.13
0.77
1.23
1.26
1.39
Inventory
Ratio
42
2008
2009
2010
2011
2012
187.20
116.94
183.57
260.75
310.80
3.79
16.43
23.16
26.36
50.45
49.39
7.11
7.92
9.89
6.16
A high ratio is indicative of shorter time lag between cash sales and cash collection. in
2010 ratio is high and in 2011 it is reduced at 7.11. which was a bad sign as it reflect
debt are being collected slowly. After 2011 it is increased to 2012 & again decreased
in 2012.
43
Chapter - 5
FINDINGS
44
1) It has been observed that the amount of working capital was highest in 2010 this
was mainly due to the increase in current asset as compare with the current liabilities.
Net working capital has decreased in the year of 2008,2009,20010,2011.
2) Working capital turnover ratio has decreased from the year 2008to 2009.it shows
decreasing trend which was bad sign as turnover was decreasing in proportion with
increasing working capital. But, again in the year 2011-12, the working capital
turnover ratio was increased.
3) Current ratio indicates the increasing trends in year 2008 to 2009. It was
satisfactory and the firm will meet the current obligation. But again 2011-2012 it has
been decreased. That indicates current liabilities were increased and current asset
were decreased.
4) Quick ratio shows that the firm has not sound financial position. Acid test ratio
indicates the firms ability to convert its cursrent assets quickly into cash in order to
meet its current liabilities, the liquidity position of the firm is below the standard.
5) The inventory turnover ratio was nearly 2.13 in the year 2008. But there after it has
reduced to 0.77 in the year 2009. It means that stock turnover period has decreased &
the efficiency of inventory management has been affected adversely. From 2009 to
2012 the inventory turnover ratio was increased, that means stock turnover period has
increased & the efficiency of inventory management has not been affected adversely.
6) Firm operates in highly competitive markets to win & retain customer it may
forced among these things to offer genius credit terms to them. The debtors turnover
shows ratio has reduced which has an adverse effect on the firm. Due to that the firm
requires more working capital.
7) It was observed that the collection period has been increasing over the years. This
indicates that the payment by debtors is not prompt & the funds are tied up with the
debtors for a long time.
45
Chapter - 6
CONCLUSION
46
Working capital refers to the cash a business requires for its day to day operation or
more specifically for financing the conversion of raw material into finished goods,
which the factory sells. The main objective of the research was to study to working
capital management of the factory. There were various factors which affects the
working capital. Working capital turnover ratio was favorable in company. This ratio
indicates extent of working capital. This should always be moderate.
Current ratio and Acid test ratios for the factory were favorable throughout the
research period which proves the efficiency of factory management. Current asset
turnover ratio was increasing which shows the efficiency utilization of inventory. So
from the study it was observed that the working capital management of the factory is
very good.
47
Chapter - 7
APPENDIX
48
In the Books Of
Shri Vithal Sahakari Sakhar Karkhana Ltd.
PROFIT & LOSS ACCOUNT
As On 31st March (2008-2012)
Debit Side
(Amounts are in crores)
Particulars
2008
2009
2010
2011
2012
49
135.56
86.26
129.61
212.00
3.08
6.36
234.68
Cane Purchase
TAX
4.65
7.36
Cane Harvesting
& Transport
Expenses
31.12
22.95
23.10
30.05
30.67
0
0.24
0.03
0.01
0.02
7.96
8.47
8.14
10.88
11.48
13.69
14.85
17.53
1.31
1.55
2.55
2.73
0.04
17.12
Expenses
Manufacturing &
17.47
Selling Expenses
Administrative
2.27
Expenses
6.10
Interest
5.32
2.65
4.19
4.57
11.00
Depreciation
7.38
8.47
15.67
13.55
3.67
Loss On Sub-
2.35
2.55
3.17
3.71
1.27
50
Manufacturer
Assets
-
1.61
.01.01
2.37
0.34
5.67.33
8.12.59
Loss On Other
Cane Supply
Business
Net Profit
Total
201.20
146.80
217.04
310.19
334.89
51
Particulars
2008
2009
2010
2011
2012
187.20
116.94
183.57
260.75
310.80
12.30
4.17
9.35
34.03
19.33
1.62
3.41
17.96
9.90
4.17
0.05
0.09
6.15
5.49
0.68
Net Loss
22.17
0.0027
Total
201.20
146.80
217.04
310.19
334.98
Sugar Sales
Sales Of ByProduct
Other
Income
Profit On
Diesel &
Petrol
Distillery
Income
T
52
2008
2009
2010
2011
2012
Share Capital
14.94
22.86
26.22
27.22
29.37
40.37
42.75
48.06
53.80
59.22
Secured Loan
11.21
110.91
128.33
143.84
199.17
8.77
24.42
44.92
44.37
29.63
23.15
20.33
19.67
18.64
18.07
67.41
38.12
74.18
131.45
119.23
11.44
7.66
14.08
19.30
14.64
42.35
14.74
42.01
86.12
68.31
Liabilities
12.65
15.18
17.41
25.29
35.48
Provisions
0.26
0.53
0.68
0.73
0.78
Interest Payable
3.36
2.93
1.16
1.89
0.16
0.55
Unsecured Loan
Deposits
Current Liabilities
& Other Provisions
Govt.
Liabilities
Other
53
Previous Year
0.20
Profit
Current Year
Profit
0.34
269.80
Total
262.34
342.57
421.24
454.89
2008
2009
2010
2011
2012
22.40
3.46
15.25
8.88
8.08
Cash In Hand
0.21
0.46
0.22
0.07
0.10
Cash At Bank
22.18
3.00
15.03
7.59
6.97
Bank
-
1.22
1.01
Balance/Deposi
ts
Investment
2.22
4.12
7.21
2.81
3.11
7.52
26.62
35.79
45.07
90.29
Receivable
Advance
3.38
9.98
12.32
18.40
39.50
Deposits
0.33
0.20
0.31
0.31
0.33
Other
3.79
16.43
23.16
26.36
50.45
175.42
126.24
171.50
241.76
203.26
8.57
7.12
5.95
7.43
9.79
Receivable
Current Assets
Consumable
Stores
54
166.85
119.12
165.54
240.33
193.47
61.99
79.74
95.79
108.42
140.65
0.23
0.50
1.05
0.43
4.03
Expenses
0.21
0.27
0.31
0.39
0.35
Distillery Unit
0.02
0.20
0.03
0.04
0.04
Agri. Collage
0.01
0.01
Biogas Unit
0.01
0.66
B.ED. Collage
0.0012
Co- Generation
Project
0.02
Accumulated Loss
21.62
15.95
7.82
5.45
Previous
22.17
21.62
15.95
7.28
(-)5.67
0.81
2.37
342.57
421.24
454.89
Closing Stock
Fixed Assets
Prepaid Expenses
Next Year
3.63
Year Loss
Current
Year Loss
Total
269.80
0.55
262.34
55
Chapter - 8
BIBLIOGRAPHY
56
Reference Books:
Internet sites
www.sugarindusrty.com
www.vithalsugar.com
Other
57