VRL LOGISTICS Ltd Varur-Hubli
DECLARATION I, Mr. ARUNARADDI.D.TIGARI of BBA 6TH semester of A.S.S’ College of BBA, Gadag hereby declare that this project titled “Working Capital Management” is based on “VRL Logistics Ltd in Varur-Hubli”. This project has been prepared by me under the guidance of Prof. A. M. Habib. . This project is my original work and has been submitted to A.S.S’ College of BBA, Gadag.
Date: Place: Gadag
ARUNARADDI.D.TIGARI
A.S.S’S College of Business Administration, Gadag-Betgeri
Mr.
VRL LOGISTICS Ltd Varur-Hubli
ACKNOWLEDGEMENT Before we get deep into the project, I would like to take this opportunity to express my profound thanks to people who have become part of this project. I would like to express my sincere and profound sense of gratitude to the Management of “VRL Logistics Ltd in Varur-Hubli” for Providing me such a great opportunity, and their support and valuable guidance for “Working Capital Management in their department”. I would like to thank the Managing Director of VRL Mr. Anand Sankeshwar and also to Shri. S.G.Patil General Manager (HRD), for their support and advice and for giving me all the valuable information required to fulfill the needs of this project. I would also thank the entire Departmental Staff of VRL who were very kind and supportive enough to spare their busy schedules, and for giving each and every detail I needed to complete my project. I extend my heartfelt and sincere thanks to our Pri.Prof. Basavaraj A Hiremath, A.S.S’s College of BBA, Gadag, for her valuable and timely guidance and support, A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
and for his constant motivation throughout my project period. I also extend my heart full thanks to my Project guide Prof. A. M. Habib, A.S.S’s College of BBA, Gadag without whose support and guidance I would not have been able to prepare this project. I want to extend my heartily thanks to my beloved friend Mr. Basavaraj R Lingashetti, Madan Joshi
who
has supported me for finishing the project work. I would fail in my duty if I can’t remember the encouragement given by my parents and friends in my endeavor.
Place: Gadag
Mr. Arunaraddi Tigari.
CONTENTS 1.
PROJECT PROFILE • Executive summary
1-3
• Scope of study • Objectives of the study • Methodology • Limitation
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
2.
INDUSTRY PROFILE • Introduction
4-9
• Out look of the VRL 3. COMPANY PROFILE 10-18 • Brief History • Organization profile • Quality Policy • Customers • Organization chart
4.
WORKING CAPITAL MANAGEMENT • Introduction
19-44
• Concept • Importance • Determinates • Analysis
5. CASH MANAGEMENT 45-46 • Introduction • Motives • Cash management cycle • Objectives
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
6.
RECEIVABLE MANAGEMENT • Introduction
47-49
• Credit evaluation • Optimum credit policy • Benefits • Company practice • Average collection period
7.
DATA ANALYSIS AND INTERPRETATION
8.
GENERAL OBSERVATION • Strength • Weakness • Conclusion BIBLIOGRAPHY ANNEXURES
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
PROJECT PROFILE
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
EXECUTIVE SUMMARY I have selected. VRL Vrur-Hubli for the project work “Working capital management” which I learned at my BBA VIth semester. VRL Logistics Pvt, Ltd commenced its operation and started in the year 1976. VRL Logistics is one of the leading road transportation companies in India, with operations in parcel transportation, passenger transportation, express cargo, aviation and courier segments. Management of working capital is an essence of business activity a company should always maintain good amount of working capital on continuous basis. So I took this opportunity to study the working capital management of VRL VarurHubli.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
SCOPE OF THE STUDY The customer Satisfaction Survey activity entails: identification of customer segments in more details; listing the types of courier interfaces with customers; categorization of services received by various segment. Intended project activity for 2010 encompasses the design, data collection, analysis and reporting of a statistically reliable survey of customer segments, perceptions of courier current levels of performance, service of performance standards expectations, and service improvement opportunities. In order to be consistent with previous customer satisfaction studies, both the list of directorates and the “satisfaction criteria” will be consistent. However additional items of information will be added.
OBJECTIVES OF THE STUDY To know the attribute of the customer towards the company’s service. To know the service provided by the VRL Logistics. To understand the present service system. To find out the gap between present service and customer expectation. To know the price level of the VRL Logistics Ltd courier service compared to other competitors. To know the safety of documents and time management. To know the staff behavior with the customer.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli To sasses the level of satisfaction of customer towards courier service offered by the VRL Logistics Ltd.
METHODOLOGY
The data is collected from both primary and secondary source they are ***Primary Source: Conversation with Mr. S. Sudhakar. Financial Consulter and also with college guide Mr. Anand Faculty in Finance.
***Secondary Source: Company’s annual reports and the company www.vrllogistics.com
LIMITATIONS A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
The time is the main limitation to this project. Because “Working capital management” is a very vast subject and to study it thoroughly one month is a very short period.
INDUSTR Y PROFILE
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
INDUSTRY PROFILE Introduction : Had its start some 15-20 years ago. The courier industry was initially limited to the four metros –New-Delhi, Mumbai, Kolkatta, and Chennai and to some extent to Bangalore. The reason was the airport connection these metros were. But, the changing economy and technical advancement seen on a daily basis, the industry has grown and extended faster to several cities and even rural areas. And it is still growing. A courier company anywhere in the world has its primary virtue is its efficiency to render services. The better the quality of service, the more the satisfied customers, better the chances of survival. The industry is booming and market is cut-throat competitive. The advancement of technology and internet has things slight easier and more competitive as well. A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Courier services in India can be segregated in few categories. Basically, it begins with intra-city services which are about speedy delivery of mails and goods within the city. Broadening the services, inter-city services are covered. Normally this is termed as surface cargo services where short distance and bulk loads are handled. Surface mode service is performed through two ways: firstly, on road (by bus or vehicle) and secondly on track (by train) services. The products are normally delivered through door to door.
Courier companies work in tandem with the foremost airlines and in sync with their well tuned, well associated set of connections the timely deliverance and protected service is guaranteed. Few other variant of services could be express services, ocean freight, industry solutions, logistic solutions, shipping tools. These particular services are individual of a company's area of specialization and diversification.
Courier : A courier is a person or a company who delivers message, packages , and mail. Couriers are distinguished from ordinary mail services by features such as speed, security, tracking, signature, specialization and individualization of services, and committed delivery times, which are optional for most everyday mail services. As a premium service, couriers are usually more expensive than usual mail services, and their use is typically restricted to packages where one or more of these features are considered important enough to warrant the cost. Different courier services operate on all scales, from within specific towns or cities, to regional, national and global services. The world's largest courier companies are Velox Express, DHL, FEDEX, OBC Express Ltd., TNT.NV, UPS, and Aramex These offer services worldwide, typically via a hub and spoke model.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
Couriers before the industrial area : In ancient times runners and homing pigeon and riders on horseback were used to deliver timely messages. Before there were mechanized courier services foot messengers physically ran miles to their destinations. To this day there are marathons directly related to actual historical messenger’s routes.
Types of couriers : In cities, there is often bicycle courier or motorcycle courier but for consignments requiring delivery over greater distance networks, this may often include Lorries, Railway and Aircraft. Many companies who operate under a JUST IN TIME or "JIT" inventory method often utilize on-board couriers. On-board couriers are individuals who can travel at a moment's notice anywhere in the world, usually via commercial airlines. While this type of service is the second costliest— GENERAL AVITATION charters are far more expensive —companies analyze the cost of service to engage an on-board courier versus the "cost" the company will realize should the product not arrive by a specified time.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
Indian Logistics Out look : On the other hand, since year 2000, the Indian industrial sector has also begun to look up, and in 2006, it registered over 10% growth for the time in decades, primarily driven by the manufacturing and capital goods segments. In the Indian manufacturing industry, textile plays a predominant role, while the chemical industry is the second largest industrial sector (12% of the GDP). However, India’s influence in global trade remains low and the country represents only 1% of the world export trade. India mainly exports engineering goods, gems and jewelers (83% of diamond sold in the world are cut in India), textile and fabrics, and leather goods. The major imports are oil, precious stones, chemical products and machinery/engineering equipments. India’s main trade partners (exports and imports) are Belgium, China, Switzerland, UAE, the UK, and US. With India’s GDP growing at9% and the manufacturing sector enjoying double digit growth rates the logistics industry is at an inflection point. Strong growth enables exist today in the forum of $250 billion worth of infrastructure investment phased introduction of vat, and development of organized retail, telecom, and auto component manufacturing will lead to increased market opportunities for logistics service providers (LSPs). India currently spends over 13% of its GDP on logistics, which is very high compared to Western Europe and north America, where logistics cost as a percentage of GDP is in the range of 8-10%. With growing global
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli competition, improving operational efficiency has become imperative and the growth in domestic demand is driven by a number of factors including the rising income level and easy availability of low-cost finance. The auto sectors are key to the Indian economy from both the perspective of economic contribution as well as that of employment generation. The sectors employs 13 million people and contribution to around 17% of the direct taxes kitty, the growth in the domestic demand is driven by a number of factors including the rising income levels and easy availability of low-cost finance. The auto sectors are key to the Indian economy from both the perspective of economic contribution as well as that of employment generation. The sectors employs13 million people and contribution to around 17% of the direct taxes kitty.
About vRl courier service : This section was started in the year 1992, which deals with courier services that play a vital role in modern business. In fact it has been so well accepted by the people that prefer courier rather than the postal services. Courier is faster than transport because there is no compulsion for entire lorry to be full. Even a single parcel booked is sent to destinations through various sources. The company has covered around 350 stations for courier parcels. Daily circulation of covers is more than 3500 covers there are more than 350 branches only in Karnataka the main office is in Bangalore after the expansion of the courier service in Karnataka. They are booked at various booking offices and sent to the main office. The turn over of courier service was 5 crore per annum in the year 2008-09. it has become famous at national level. But on July 17th 2007 it has reduced to only Karnataka
Rate charged : For one cover up to 250 grams the rate charged Rs. 10/Parcels : Up to one kg 25 plus additional charge on every kg Rs 15 per kg
Brief introduction of working process : A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
Hubli courier office is the main office. And al collected consignment and documents which have collected through company employees and company agents are come to main office. In main office courier are classified according to city name and keeping that document in separate section. For keeping those classified documents the section has separate place for every state and city area, after this classified parcels will be sent to its destinations places.
Punch line of VRL courier service A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
“Any where any time”
VRL EXPRESS CARGO: Surface, train and cargo mode service Dedicated company owned vehicle Door pick up and delivery On-time delivery Online track and trace facility 24*7*365 days operation Dedicated and well-groomed customer care windows Extensive nation-wide network
COMPETITORS OF VRL COURIER SERVICE : A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
Dtdc Professional courier service Teja Sharma travels National travels Ksrtc
COMPANY PROFILE A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
COMPANY PROFILE
BRIEF HISTORY OF THE COMPANY Vijayanda Road Lines ltd a company registered under the provision of company act 1956 has with its “symbol of service”. The ‘VRL’ has built and maintained goodwill in the minds of public at large in the country in general and in Karnataka particular. The managing director Mr. V.B.sankeshwar started as an individual transport in January 1976 without any background of experience. Initially for the first two years he suffered heavy loss. Then by end of 1977 he started as local transporter between in Hubli A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli and Gadag. Due to effective service, business picked up and purchased one more lorry in 1978. during this work he observed activities of other well know transporter and started first parcel service from Bangalore to Hubli and Belgaum with only two lorries. Gradually the business picked up. Later the above proprietorship were converted into private ltd. The company came into existence in the year march 31st 1983, VRL Company initially in the transportation of goods and services subsequently it concerned the business of courier service in the year 1996 it acquired passenger buses, initially vijayanda travels operating in the state of Karnataka and Maharashtra Presently VRL existing with largest network in India, the VRL parcel service is indispensable for large no of corporate houses. This network spans the length and breadth of the country and is supported by large number transshipment hubs, VRL operates through a network of 2629 Locations 911 branches, franchises and valuable customer, now VRL expanding its service to reach even the remote location of the country with the help of 2691 vehicles (including 196 hi-tech buses)
Over the years VRL has pioneered in providing a safe and reliable delivery network in the field of parcel service. It has spread its operations to courier service express cargo and Aviation to meet the growing of the customer base
At the core of the groups transport business is its 43 acre transport cum warehouse complex in Varur, Hubli. This unique facility has all the essential back up service under one roof. The total built up area of complex is 25000000 sq ft with an additional 1,00,000 sq, ft, of land utilized for sheds and vehicle parking, this complex contain the head office building, transshipment Godown, Workshop, Canteen, Drivers rest room, Own diesel bunk.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
COMPANY PROFILE ESTABLISHED
: 1976
NAME OF THE ORGANIZATION : VIJAYANDA ROAD LINES LTD, VARUR, HUBLI. PROPRIETOR
: VIJAY SANKESHWAR
LOCATION
: NH4 BANGALORE ROAD NEAR VARUR, HUBLI.
COMPANY
: VRL LIMITED COMPANY
BOARD OF DIRECTORS A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Mr. VIJAY SANKESHWAR
: CHAIRMAN AND MANAGING DIRECTOR
Mr. ANAD SANKESHWAR
: MANAGING DIRECTOR
Mr. SUDHIR GHATE
: DIRECTOR
Mr. J.S. KORLAHALLI
: DIRECTOR
Mr. KARUNAKAR SHETTY
: DIRECTOR
Mr. SURESH ANGADI
: DIRECTOR
REGISTERED OFFICE
: 18th km, NH4, Bangalore Road, Varur, Hubli-581207 Karnataka. Phone no 0836-2237614, Email –
[email protected], Website – www.vrllogistics.com.
VISION, MISSION, VALUES AND QUALITY POLICY VISION: The vision is to inject new ideas in the transportations Self motivate the employees for a change and there by change the organizational behavior to achieve company’s goal. To provide quality and better service to public. To emerge as one the leading players in the transportation industry in India.
MISSION: A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli To provide a highest quality service to our customers by continuously increasing cost efficiency and maintaining delivery deadlines. To encourage our employees workforce to strive for quality and excellence in everything they do, to promote team work and create a work environment that takes care of talent and bring out the best in our employees. Providing a quick and safe delivery of goods service is their motto.
THE VALUES: “Punctuality, Integrality, Honesty, Loyalty and Credibility”
PHILOSOPHY: They immensely follow: “Time is Gold”
QUALITY POLICY:
The VRL started with the sign of “symbol of service” the VRL are committed to meet the needs and expectations of our customers by providing quick, prompt, efficient, reliable, cost effective and safe service. Maintaining transparency in all their truncation and strive for continual improvement for enhancing customer satisfaction.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli In the words of chairman and managing director “we are committed to provide quality transportation and logistics service consistently at reasonable rate and to continually improve the same to achieve customer to delight on sustainable basis.
CUTOMERS OF THE VRL: Deepa traders Surya agencies N.K. Electronics G.K.tires Birla tires Supreem Agencies Girias Sumitra Traders Samsung India pvt ltd Onida Electronics Britania Asian paints Sony India pvt ltd Soraj Agencies
ORGANISATION GOALS: The customer satisfaction is the key factor in today’s market as “customer is the king”, hence forecast and analyze the requirement of the customer is a must. The goals of the company are as below •
Quick and safe service
•
Customer satisfaction and employee satisfaction A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli •
Competition price
•
Attain market leader ship
OBJECTIVES OF THE COMPANY:
The main objective of the company is to provide good service to customer with the reasonable rate and provide quick prompt and service.
Human resource development
To develop the transportation business in states like Andra pradesh, Tamilunadu and Kerala
Training for all employees
Customer satisfaction
To have an independent own building with printing machines and computer for each and every district
Competitive price
Productivity and innovation
To build highly motivated and committed team of staff by providing a good work culture to achieve individual performance
To implement ISO 9002
SERVICES:
The person who are booked for the travels are covered by insurance.
They provide returned journey ticket booking facility
To maintain their good service they go for only selected hotel place for hygienic food. A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
Incentives are provided to drives for safe and timely service.
Concession is provide for the school and college going students for their study trips.
Careful handling of goods consigned
ACHIEVEMENTS AND AWARDS ACHIEVEMENTS: The company has 1600 vehicles consisting of cargo and passenger buses and is claiming as a largest fleet owner in the world entitled for an entry in the business book record. The “LIMCA BOOK OF RECORD” has already accepted the entry and has been publishing the updated information in the year after year. The company has making all affect to have own infrastructure facilities like transshipment yards etc in all key business by acquiring the immovable properties. It is the company of certified by ISO 9001 and 2000.
AWARDS: 1) UDOYG RATNA: In the year 1994 “INSTITUTE OF ECONOMICS STUDY”, NEW DELHI has conferred the MD of the company with “UDOYG RATNA”
2) SARIGE RATNA:
In the year June 28th 2008 the Bangalore city lorry agent
association has concerned MD of the company. 3) VISHVESWARAYYA NAVARTNA AWARD: In the year 2003 INTERNATIONAL BIOGRAPHIC CENTRE: the international has chosen company MD to include in the dictionary of “INTER NATIONAL BIOGRAPHICS” for hops contribution and monitories achievements in cargo transport couriers and tourism sector
WORK FLOW MODE CUSTOMER CARE
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
ACCOUNT SECTION
CONTRACORY BOOKING
PARCEL BOOKING
TICKET BOOKING
TRAVELS
ORGANIZATION CHART Vijay sankeshwar Chairman and MD
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Anand sankeshwar Managing director
L.R.Bhat CTO
G.R.Hatti GM (Administration)
K.N.Umesh CEO
Y.M.Hamali GM (Infrastructure)
V.P.Karmadi VP (operations)
S.G.Patil GM (HRD)
G.S.Ayyer VP (Finance)
Prabhu Salegery GM (Travels)
DEPUTY GM
AREA MANAGER BRANC MANAGER CLERKS
A.S.S’S College of Business Administration, Gadag-Betgeri
Anjan Rao VP (Aviation)
C.M.Bulutti GM (MCP)
VRL LOGISTICS Ltd Varur-Hubli
WORKING CAPITAL MANAGEMEN T
WORKING CAPITAL MANAGEMENT MEANING: A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Working capital is the short-term investment, which is, concerned with the problems that arise to manage current assets the current liabilities and the relationship that exists between them.
CONCEPTS: There are two concepts of working capital
I. Gross Working capital II. Net Working capital
GROSS WORKING CAPITAL: The total capital employed in current assets or firms investments in current assets.
Current assets are those assets which can be converted into cash within an accounting year and include cash short term securities, debtors, bills receivables, inventory it focuses on two aspects of current assets management. 1. Optimum investment in current assets- i.e. to avoid two extreme prints excess and inadequate investments in current assets. 2.
Financing of current assets it should make necessary arrangement of working capital fund whenever a firm due to increase level of business activities or for any other reasons.
NET WORKING CAPITAL:
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli It is difference between current assets and current liabilities of the excess current assets over current liabilities. Current liabilities are those claims of the outsiders, which are expected to mature for payment within an accounting year and include creditor’s bills payable etc.
NEED FOR WORKING CAPITAL: A firm needs working capital for the following reasons. 1. To run the day-to-day business activities. 2. To maximize the wealth of the share holders 3. To deal with the problem arising out of the luck of immediate realization of cash against goods sold. 4. To match between cash outflow and cash inflow of the firm 5. To smooth, uninterrupted functioning of firm activities. 6. Stock of raw material, work in progress are kept to ensure smooth production and to guard against non-availability of raw material and there components.
DETERMINANTS OF WORKING CAPITAL:
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli There are no set rules or formulas to determine the working capital requirements of firm a large number of factors each having a different importance affects the working capital of a firm. The operating cycle is explained above in detail in also one of the determinant to the working capital requirement, so these following are some other factors that generally insurance the working capital requirements of a firm. 1) NATURE OF BUSINESS: Working capital need is influenced by nature of the business trading and finance firms have a very small investment in fixed assets, but require a large sum of money to be invested in working capital. 2) BUSINESS CYCLE: Working capital requirement is determined by the nature of the business cycle business fluctuation lead to cyclical and seasonal changed which in turn cause a shift in the working capital position.
3)
PRODUCTION CYCLE: It is another important factor to determine the working capital need of a company.
How much working capital is required for procurements of raw materials is determined by this factor. The completion of the manufacturing process leads to the production of finished goods.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli 4)
CREDIT POLICY: Credit policy relating to the sales and purchases also affects the working capital
used it policy influence the requirement of working capital in 2 ways. Through credit terms granted by the company to its customers. Credit terms available to the firm from its creations.
5)
PRICE LEVEL CHANGES: Changes in the price level also affect the requirements of working capital. Rising prices necessitate the rise of move funds for maintaining an existence level of activity changing price levels on working capital position vary from company to company depending on the nature of its operations its stand in the market.
6)
RISKS: The greater the uncertainty of receipt and expenditure, more the need of working
capital, so, risk can also be an influencing factor in determining the working capital requirement of a firm.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
WORKING CAPITAL MANAGEMENT
TABLE SHOWING NET WORKING CAPITAL CHANGE OF VRL LOGISTICS PVT, LTD. SI. No
Particulars
2007-08
2008-09
2009-10
1 a) b) c) d) I
Current Inventory (Spares, Diesel, etc) Sundry Debtors Cash & Bank Loans & Advances (Short-term) Gross Working
869.50 1721.25 708.15 1357.06 4655.96
680.09 2260.46 1515.85 3800.13 8256.53
633.06 2922.98 1961.89 4497.35 10015.28
2 e) f) II
Capital(a+b+c+d) Current Liabilities Current Liabilities Provisions Total Current Liabilities (e+f)
1792.61 362.00 2154.61
2627.24 280.43 2907.67
3355.96 105.12 3461.08
Net Working Capital(I+II)
2501.35
5348.86
6554.20
OPERATING CYCLE: A firm should aim at maximizing the wealth of it’s shareholders, so the firm should earn sufficient return from it is operations. Earning a steady amount of profit requires A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli successful sales activities. The firm has to invest enough funds in current assets for generating sales. Current assets are needed because sales do not convert cash instantaneously. There is always an operating cycle involved in the conversion of sales in to cash.
IT IS EXPLAINED THROUGH THE FLOWING DIAGRAM
CASH
A/c Receivables
Inventories
Sales
Length of Operating Cycle: The length of the operating cycle can be calculated in two ways:
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli a) Gross Operating Cycle: The gross operating cycle of a trading concern in is the sum of Inventory Conversion period and debtors (Receivable) conversion period. Thus, Gross Operating Cycle is given as follows: INVENTORY CONVERSION PERIOD + DEBTORS CONVERSION PERIOD b) NET Operating cycle: Net Operating Cycle is the difference between Gross Operating Cycle and creditors (Payables) Deferral period.
Length of Operating cycle: The sum of inventory conversion period (ICP), Debtors Conversion period (DCP). Operating cycle period =ICP+DCP Inventory Conversion period 1) RML conversion period =
RML inventory X 360 RML consumption
2) WIP CP =
WIP inventory X 360 Cost of production
3) Finished goods CP =
Finished goods inventory X 360 Cost of goods sold
4) Debtors conversion period = Debtors X 360 Cr. Sales at cost 5) Payables deferral period =
Creditors X 360 Credit sales
INVENTORY CONVERSION PERIOD (ICP):
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli The total time needed for producing and selling the product and includes raw material conversion period, work in progress conversion period and finished goods conversion period. ICP=RMCP+WIPCP+FGCP
Debtor’s conversion period [DCP]: The time required to collect the outstanding amount from the customers.
Gross operating cycle [GOC]: The total of inventory conversion period and debtor’s conversion period. GOG=ICP+DCP
Net operating cycle [NOC]: It is the net difference between gross operating cycle and payable deferral period.
Payable deferral period [PDP]: Capacity of firm to postpone the payments. The ability of a firm to acquire resources on credit and temporarily postpone payment of certain expenses it is length of time the firm is able to postpone payment on various resources purchases. NOC=GOC-PDP
Cash conversion cycle [CCP]: It is the net difference between net operating cycle and depreciation and profit. CCC=NOC-Depreciation and profit
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
IMPORTANCE OF OPERATING CYCLE : Operating cycle concept is a new concept in working capital management, which has been gaining more and more importance in recent years. This concept emphasis the importance of time factor in the conversion of raw materials into final product and then into sales resulting in cash collection right from the acquisition of raw materials. Normally operating cycles passes through the following stages a. Acquisition of raw materials b. Work in process c. Stock of finished goods d. Sale and realization of sale proceeds Operating cycle concept plays an important role in determining the working capital management of firm. Longer the operating cycle greater will be the amount of working capital requirement and shortest operating cycle requires limited amount of working capital. There fore an efficient management should try to reduce the time elapsed in these consecutive stages of operating cycle. Duration of manufacturing process right from the acquisition of raw materials till they are sold out after being converted into final product and the cash realized determines the amount of working capital required.
REASONS FOR LENGTHY OPERATING CYCLE: Pro-longed operating cycles may be due to the following reasons: 1) In effective receivable management. 2) Lack of credit facilities from the suppliers. 3) In effective purchase policies.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
CASH MANAGEME NT
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
CASH MANAGEMENT: MEANING: Cash is the important current asset for the operations of the business . Cash a basis input needed to keep the business running on a continuous basis it is also the ultimate output expected to be realized by selling the service or product manufactured by the company. The company should keep the sufficient cash neither more or less cash shortage will descript the firm’s manufacturing operation while excessive cash will simply remain idle without contributing anything towards the company’s profitability. Thus, a major function of the financial manager is to maintain a sound cash position.
Cash is the money, which a firm can disburse immediately without any restriction the term cash included coins currency and cheques held by the firm and balance in its bank accounts. Sometimes more cash items such as marketable securities or bank time deposits are also included in cash.
MOTIVE FOR HOLDING CASH: 1) Transaction Motive: The transaction motive requires a company to hold to conduct its business in the ordinary course the company needs cash primary to make payments for purchases. Wages, salaries, other operating expenses etc.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
2) Precautionary Motive: The precautionary motive is its need to hold cash to meet contingencies in futures. It provides a cushion to with stand some unexpected emergency. The precautionary amount of cash defends upon the predictability of cash flows. The precautionary balance many kept cash and marketable securities. 3) Speculative Motive: The speculative motive relates to the holding of cash for investing in profit making opportunities as send when they arise. The opportunity to make profit may arise when the security prices changes.
CASH PLANNING Cash inflows and outflows should be planned to project cash surplus or deficit for cash period of the planning period. Cash budget should be prepared for this purpose.
MANAGING THE CASH FLOW The flow of cash should be properly managed. The cash inflows should be accelerated as far as possible, decorating the cash outflows.
OPTIMUM CASH LEVEL The company should decide about appropriate level of cash balances. The cost of excess cash and danger of cash deficiency should be matched to determine the optimum level of cash balances.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
INVESTING SURPLUS CASH The surplus cash balances should be properly invested to earn profits. The firm should decide about the division of cash balance between bank deposits, marketable securities, and inter corporate lending.
CASH MANAGEMENT AT VRL LOGISTICS PVT,LTD A well management of cash needs in a company can represents the amount of money company keeps with a bank on current or deposit account and the money holds in the company. To control a company’s cash flows one requires a plan of the company’s operations for the relevant future period. This plan is based on forecasts of cash receipts. In patil works and cash disbursements for costs and purchases of equipment’s etc.
COMPANY PRACTICE:
Inflows and outflows of cash by the VRL (Varur-Hubli) CASH INFLOWS OF THE COMPANY:
Advanced payment by the customers. Sundry debtors / receivable Export incentives Other income
CASH OUTFLOWS OF THE COMPANY: Sundry creditor’s payment.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Account payable. Other expenses. Wages and salary
PERCENTAGE OF CASH TO NET WORKING CAPITAL: Cash is important component of current assets because of more liquid. It is also known as lifeblood of the business firm. This percentage of cash to net working capital and cash to gross working following particulars. Percentage of cash to Net working capital = cash X 100 Net working capital Particulars Cash Working capital Percentage
Amount (2008-09) 1515.85 5348.86 28.33
Amount (2009-10) 1961.89 6554.20 29.93
PERCENTAGE OF CASH TO GROSS WORKING CAPITAL: This percentage of cash to gross working capital shows the relationship between cash current assets, which indicates the portion of cash in the current assets.
Percentage of Cash to gross working capital = Particulars Cash G.W.C Percentage
Cash X 100 G.W.C.
Amount (2008-09) 1515.85 8256.53 18.35
[Rs in Lakhs] Amount (2009-10) 1961.89 10015.28 19.58
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
RECEIVABLE MANAGEMENT
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
RECEIVABLE MANAGEMENT MEANING: Receivables contribute a substantial portion of current assets of several firms e.g. In INDIA tread debtors, after in ventures one the major components of current assets. They form about one third of current assets in India granting credit and creating debtors amount to the blocking of the company’s funds. The interval between the date of sale and payment has to be financed out of working capital. These necessities the firm to get funds from banks or other sources. Thus trade debtors represent investment, as substantial amounts are ties up in trade debtor’s, it needs careful analysis and proper management.
OBJECTIVES: The following are the objectives of receivables management a.
To maintain the good will of the company in the minds of customers:
Good will is an intangible asset clearly specifies the reputation of the company to maintain the good will in the customers mind is essential because good will is only the alternate food for long life of the company there fore providing credit facility to the customers is to maintain the reputation. b.
To have the regular customers Providing credit facility is to protect its sales from the competitions and to attract the potential customers to buy its products at favorable terms. Regular customers are like KEB etc.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
ESTABLISHING OPTIMUM CREDIT POLICY: A company’s investment in accounts receivable depends on: a) Volume of credit sales b) Collection period The volume of credit sales is a functions of the firm’s total sales and percentage of credit sales to total sales. Total sales depend on market size firm’s market share product quality. Intensity of competition economic conditions etc. the financial manager hardly has any control over these variables. The percentage of credit sales to total sales are mostly influenced by the native of business and industry norms. The term credit polity is used to refer to the combination of the decision variables they arei) Credit standard ii) Credit terms ii) Collections efforts On which the financial manager has influence.
THE CREDIT STANDARD: It is the criteria to decide the types of customer’s to whom goods could be sold on credit. It a company has more slow playing customers its investment in account receivables. Will increase. The company will also expose to higher risk of default. Credit terms specify duration of credit and terms of payment by customer’s investment accounts receivables will be high if the customers are allowed extended time period for making
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli payments collection efforts. Determine the actual collection period. The lower the collection period, the lower investment in accounts receivables and vice-versa.
OPTIMUM CREDIT-POLICY: A Cost Benefit- Analysis: The firms operating Profit is maximized when total cost is minimized for a given level of revenue. Optimum credit policy is one, which maximizes the company’s value. The value of the company is maximized when the incremental rate of return on investment is equal to the incremental cost of funds used to finance the investment. As the firm looses its credit policy. Its investment in accounts receivable becomes more risky because of increase in slow paying and defaulting accounts. Thus we many state that the goal of the firm’s credit policy is to maximize the value of the company. To achieve this goal the evaluation of investment in accounts receivable should involve the following steps Estimation of incremental operating profit Estimation of incremental investment in accounts receivables Estimation of the incremental rate of return of investment Comparison of the incremental rate of return with the required rate of return.
CREDIT TERM: The stipulations under which the firm sells on credit to customers are called credit terms. These stipulations include: a) the credit period b) the cash discount
CREDIT PERIOD: The length of time for which credit is extended to customers is called the credit period. It is generally started in terms of a net date. A firm’s credit period may be governed by the industry norms. However, depending on its objectives, the firm can lengthen the A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli credit period on the other hand. The company may tighten it credit period if customers are defaulting too frequently & bad debt looses are building up.
COLLECTION PERIOD: A collection policy is needed because all customers are slow payers while some are nonpayers.The collection efforts should there fore aim at accelerating collections from slow payers and reducing bad debt looses. A collection policy should ensure prompt collection is need for fast turnover of working capital keeping collection costs and bad debts within limits and maintaining collection efficiency. Regularity in collections keeps debtors alert, and they tend to pay their dues promptly. Receivables management at Patil Electric Works: a) To achieve growth in sales b) To increase profit c) To meet competition Credit policy variables in Patil electric works Credit policy has important implication for the company’s production, marketing and finance functions.
CREDIT STANDARDS: Credit standard are the criteria, which a firm follows in selecting customers for the purpose of extension.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
AVERAGE COLLECTION PERIOD: The average collection period measures the quality of debtors since it indicates the quality of their collection the average collection period should be compared the against firms credit terms and collection efficiency. Average collection period = Debtors X 360 sales
Particulars Debtors Sales ACP
Amount (2009) 2922.98 43737.84 24 Days
(Amount in lack) Amount (2010) 4459.29 51258.80 31 Days
INTERPRETATION: The average collection period of the VRL in the year 2008-09 is 24 days and in the year 2009-10 is 31 days since the it is in increasing order. It indicates that the firm has control over credit facility & credit collection.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
PERCENTAGE OF DEBTORS TO NET WORKING CAPITAL: The ratio indicates percentage of debtors in the net working capital. Percentage of Debtors to Net Working Capital. = Debtors X 100 NWC
Particulars Debtors NWC Percentage
(Amount in lack) Amount (2010) 4459.29 6554.20 68.03
Amount (2009) 2922.98 5348.86 54.64
PERCENTAGE OF DEBTORS TO GROSS WORKING CAPITAL: The percentage of debtors to gross working capital shows the portion of debtors in the current assets. Percentage of Debtors to Gross Working Capital. = Debtors X 100 GWC
Particulars Debtors GWC Percentage
Amount (2009) 2922.98 8256.53 35.40
(Amount in lack) Amount (2010) 4459.29 10015.28 44.52
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
DATA ANALYSIS AND INTERPRETATI ON
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
DATA ANALYSIS AND INTERPRETATION ASSETS CURRENT ASSETS Cash and Bank balance from 2006-07 to 2009-10 YEAR 2006-2007 2007-2008 2008-2009 2009-2010
AMOUNT 708.15 1515.85 1961.89 2391.17
DIFFRENCE 194.21 807.07 446.04 429.28
DIFFERENCE 807.70
900 800 600
446.04
500 400
429.28
194.21
200 100 0 2006-07
2008-09 2007-08 YEAR
2009-10
A.S.S’S College of Business Administration, Gadag-Betgeri
A M O U N T
VRL LOGISTICS Ltd Varur-Hubli The Bank balance are the substitutes for cash are most liquid assets for the company. The more cash and bank balance may be required when there is more operation to be done. In the last 4 years it has be clear that the highest growth in cash and bank balance found in the year 2007-08 (807.70).
SUNDRY DEBTORS FROM 2006-07 TO 2009-10 YEAR 2006-2007 2007-2008 2008-2009 2009-2010
AMOUNT 1721.25 2371.32 2922.98 4459.29
DIFFRENCE 494.00 650.07 551.66 1536.31
DIFFERENCE
2100 1800
1536.31
1500 1200 900 600
650.07 551.66
494.00
300 0 2006-07
2007-08
2008-09
2009-10
YEAR
A.S.S’S College of Business Administration, Gadag-Betgeri
A M O U N T
VRL LOGISTICS Ltd Varur-Hubli Sundry debtors are debts owned by the customer as goods are sold on credit basis and are considered to be the most liquid current assets for the firm. As for the calculation, the highest rate in debtors found in the year 2009-10 at rate of 1536.31.
INVENTORIES FROM 2006-07 TO 2009-10 YEAR 2006-2007 2007-2008 2008-2009 2009-2010
AMOUNT 869.50 960.29 633.06 686.35
DIFFRENCE 218.03 90.79 327.23 53.29
DIFFERENCE
700 600 500 400 300
327.23
218.03
200
90.79
53.29
100
A M O U N T
0 2006-07
2007-08
2008-09
2009-10
YEAR
The inventories constitute that major part of the current assets. The difference change in growth highest rate over the last 4 years 2008-09 (327.23).
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
CURRENT LIABILTIES SUNDRY CREDITORS FROM 2006-07 TO 2009-10 YEAR 2006-2007 2007-2008 2008-2009 2009-2010
AMOUNT 1596.43 2794.28 3355.96 2944.90
DIFFRENCE 196.97 1197.82 561.68 411.06
DIFFERENCE
1400
1197.82
1200 1000 800
561.68
600 400
411.06
196.97
200
A M O U N T
0 2006-07
2007-08
2008-09
2009-10
YEAR
It may be inferred that the sundry creditors increases to during the year of 200708 (1197.82) As compared to present year 2006-07 (196.97) it will not increase.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
OTHER LIABILITIES FROM 2006-07 TO 2009-10 YEAR 2006-2007 2007-2008 2008-2009 2009-2010
150
AMOUNT 196.18 280.43 105.12 109.83
129.29
100
DIFFRENCE 129.29 84.25 -175.31 4.71
DIFFERENCE 84.25
50
4.71
0 -50 -100 -150 -175.31
A M O U N T
-200 2006-07
2007-08
2008-09
2009-10
YEAR
It may be inferred that the other liabilities increased to during the year of 2006-07 (129.29). The present year 2009-10 (4.71). Will be compared with the figure of 2007-08 (175.31).
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
Information relating to various current assets and liabilities includes in the year 2006-07 PARTICULARS Current assets Cash and Bank balance Sundry debtors Inventories Total Current Liabilities Sundry Creditors Other Liabilities Total
AMOUNT
PERCENTAGE (%)
708.15 1721.25 869.50 3298.90
21.47% 52.17% 26.36% 100.00%
1596.43 196.18 1792.61
89.06% 10.94% 100.00%
Current assets 21.47%
Current Liabilities 26.36% 26
Inventories 52.17% Sundry Debt Cash & Bank b
10.94%
Sundry crdrs Other libet
It may be revealed that in the over all composition of sundry creditors are the highest (89.06%), followed by sundry debtors (52.17%), Inventories (26.36%), cash & bank balance (21.47%), other liabilities (10.94%).
Information relating to various current assets and liabilities includes in the year 2007-08 A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli PARTICULARS Current assets Cash and Bank balance Sundry debtors Inventories Total Current Liabilities Sundry Creditors Other Liabilities Total
AMOUNT
PERCENTAGE (%)
1515.85 2371.32 960.25 4847.46
31.27% 48.92% 19.81% 100.00%
2794.28 280.43 3074.71
90.88% 9.12% 100.00%
Current assets 31.27%
Current Liabilities 9.12% 19.81%
48.92%
Inventories Sundry Debt Cash & Bank b
90.88% Sundry crdrs Other libet
It may be revealed that in the over all composition of sundry creditors are the highest (90.88%), followed by sundry debtors (48.92%), cash & bank balance (31.27%), Inventories (19.81%), other liabilities (9.12%).
Information relating to various current assets and liabilities includes in the year 2008-09 PARTICULARS Current assets Cash and Bank balance Sundry debtors
AMOUNT
PERCENTAGE (%)
1961.89 2922.98
32.56% 52.97%
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Inventories Total Current Liabilities Sundry Creditors Other Liabilities Total
633.06 5517.93
11.47% 100.00%
3355.96 105.12 3461.08
96.96% 3.04% 100.00
Current assets 32.56% 11.47%
Current Liabilities 3.04%
Inventories Sundry Debt Cash & Bank b
52.97%
96.96% Sundry crdrs Other libet
It may be revealed that in the over all composition of sundry creditors are the highest (96.96%), followed by sundry debtors (52.97%), cash & bank balance (35.56%), Inventories (11.47%), other liabilities (3.04%).
Information relating to various current assets and liabilities includes in the year 2009-10 PARTICULARS Current assets Cash and Bank balance Sundry debtors Inventories Total Current Liabilities
AMOUNT
PERCENTAGE (%)
2391.17 4459.29 686.35 7536.81
31.73% 59.17% 9.10% 100.00%
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Sundry Creditors Other Liabilities Total
2977.90 109.83 3054.73
Current assets 31.73% 9.10%
59.17%
96.40% 3.60% 100.00%
Current Liabilities 3.60%
Inventories Sundry Debt Cash & Bank b
96.40%
Sundry crdrs Other libet
It may be revealed that in the over all composition of sundry creditors are the highest (96.40%), followed by sundry debtors (59.17%), cash & bank balance (31.73%), Inventories (9.10%), other liabilities (3.60%).
Estimation of Net Working Capital: Year 2006-07 2007-08 2008-09 2009-10
Current assets
Current
Gross Working
Net Working
3298.90 4847.46 5517.93 7536.81
Liabilities 1792.61 3074.71 3461.08 3054.73
Capital 3298.90 4847.46 5517.93 7536.81
Capital 1506.29 1772.75 2056.85 4482.08
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli Net Working Capital (CA-CL)
4500
4482.08
4000 3500 3000 2500 2000
2056.85 1506.29
1772.75
1500 0 2006-07
2007-08
2008-09
2009-10
YEAR
GENERAL OBSEREATION A.S.S’S College of Business Administration, Gadag-Betgeri
A M O U N T
VRL LOGISTICS Ltd Varur-Hubli
FINDINGS: •
There is dedicated workers increase in growth of their turnover
•
They provide good service that leads to customer satisfaction
•
The company is recommended by Indian books association Mumbai
•
They provide training facility
•
They have good brand image
•
They provide direct and indirect employment to many people A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli •
They did not under go any lockout, strike etc
•
They have their own in house body building of vehicle
•
They have new courier service called “CARGO EXPRESS” which refers to the 24 hours of service.
•
The company is having wide network of branches spread all over Karnataka, Andhra Pradesh, Madhya Pradesh, Maharashtra, and New Delhi.
SUGGESTIONS: The garage is centralized all the vehicle must have to come Varur for repair and maintenance They are highly depend on economic scenario They only concentrate on rich class of people There is heavy work load A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
OPORTUNITIES: They can enter into hotel business They can decentralize their garage and office They can concentrate on remote villages They can tie up with the government transport service They can enter into international courier and cargo express service They can extent their service to north and south station Another English newspapers to be published out side of the Karnataka
THREATS: Uncertain policies of changing policy government Competition can enter into market for leadership New technology economic slowdown Maintenance Competitors
CONCLUSION: The Conclusion of whole the study is that the management of working capital in the VRL Logistics Pvt. Ltd. Is very good as it is above corporate standard. The profits of company are also growing with the speed, as the management of working capital is getting good.
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli As well as level of working capital liquidity of company is also affected positively. So the study showing it is true that the working capital is the guiding for the organization survival growth and profitability.
BIBLIOGRAP HY
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
BIBLIOGRAPHY: •
Financial Management : Khan & Jain.
•
Financial Management : I. M. Panday A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
•
Annual Report VRL
•
www.vrllogistics.com.
•
www.google.com.
ANNEXURES A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
VRL LOGISTICS Ltd Varur-Hubli
A.S.S’S College of Business Administration, Gadag-Betgeri
