Description
'Working Capital Management' A managerial accounting strategy focusing on maintaining efficient levels of both components of working capital, current assets and current liabilities, in respect to each other.
A PROJECT REPORT ON
³WORKING CAPITAL MANAGEMENT
OF
OIL AND NATURAL GAS CORPORATION (ONGC)´
PROJECT REPORT SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENT FOR THE AWARD OF THE DEGREE OF
MASTERS IN MANAGEMENT STUDIES
MUMBAI UNIVERSITY
Submitted By
ANKUR JAIN
(MMS- Finance)
MET¶s INSTITUTE OF MANAGEMENT
MET COMPLEX, BANDRA RECLAMATION, BANDRA(W) MUMBAI-400050
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CONTENTS
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STUDENTS DECLARATION
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µWORKING CAPITAL MANAGEMENT IN ONGC¶
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CONCEPTS OF WORKING CAPITAL
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GROSS WORKING CAPITAL
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NET WORKING CAPITAL
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CURRENT ASSETS
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FACTORS DETERMINING WORKING CAPITAL
REQUIREMENTS
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ONGC is in the business of exploration and production (E & P) of
hydrocarbons. E&P business require large capital expenditure in the
development of platforms, rigs, pipelines etc. to extract the oil lying down
beneath the earth crust. so huge amount of money gets blocked in the form of
machinery forming fixed assets of the company. Hence, it can be said that
high initial investment is required in the business.
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Business Cycle Fluctuations
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In one of the worst global recessions witnessed by the world in 2008-09, ONGC has
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track. There were not major fluctuations in the business cycle of ONGC and entire
working of capital management went swiftly.
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Seasonal Operations
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Being an oil exploration & production company, operations of ONGC go on
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So the requirement of working capital almost remains constant throughout
the year.
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Market Competitiveness
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In terms of the market competitiveness, ONGC has the major chunk of
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such as OIL (OIL INDIA LTD.), CAIRNS ENERGY, RIL (RELIANCE
INDUSTRIES LTD.) but the very low production of crude oil by these
companies as compared to ONGC makes the ONGC nearly monopoly firm in
the market.
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Credit Policy
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ONGC has the very strict credit policy for the OMC¶s such as IOC (INDIAN
OIL CRPORATION), HPCL (HINDUSTAN PETROLEUM CORP. LTD.),
BPCL (BHARAT PETROLEUM CORP. LTD.), GAIL (GAS AUTHORITY
OF INDIA LTD.). ONGC gives the credit period of 15 days for the supply of
crude oil and 7 days credit period for the natural gas.
9
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WORKING CAPITAL POLICY FOLLOWED AT ONGC
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CURRENT ASSETS
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SALES LEVEL
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BIBLIOGRAPHY
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doc_988752293.pdf
'Working Capital Management' A managerial accounting strategy focusing on maintaining efficient levels of both components of working capital, current assets and current liabilities, in respect to each other.
A PROJECT REPORT ON
³WORKING CAPITAL MANAGEMENT
OF
OIL AND NATURAL GAS CORPORATION (ONGC)´
PROJECT REPORT SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENT FOR THE AWARD OF THE DEGREE OF
MASTERS IN MANAGEMENT STUDIES
MUMBAI UNIVERSITY
Submitted By
ANKUR JAIN
(MMS- Finance)
MET¶s INSTITUTE OF MANAGEMENT
MET COMPLEX, BANDRA RECLAMATION, BANDRA(W) MUMBAI-400050
c
CONTENTS
!
"#
$
%
&
' ( )*
( c
!
+ , -
%
. "
/
#"
) -
"
!
)
0
1- #
c
STUDENTS DECLARATION
.#-
# # 2
3
µWORKING CAPITAL MANAGEMENT IN ONGC¶
Conducted at
456 7 1
7 " - 7
-
#
*
#
"
"
8"9"99: ";
.
" " -
-
#
#
7
7
#
<9
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c 3
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ACKNOWLEDGEMENT
(#
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EXECUTIVE SUMMARY
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COMPANY PROFILE
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Products of ONGC are:
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9
9
9
!9
09
$9
4
6
,c68,*
c 6
:
5 6
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##
B 8# B :
FINANCIAL HIGHLIGHTS (2008-09):
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9! /7%
c ; 8c;:3
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9!7!
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METHODOLOGY USED
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#
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:
PRIMARY SOURCES:
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9
SECONDARY SOURCES:
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ð 456 ,;'-
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CONCEPTS OF WORKING CAPITAL
;#
, Gross concept and Net concept.
GROSS WORKING CAPITAL
#
7
# H
9;# -
#
9
;#
(
B
# -
9 ;#
H H H
9
O
NET WORKING CAPITAL
;# 5 (
#
-
, -
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, -
9
c %
Net Working Capital = Current Assets - Current Liabilities
CURRENT ASSETS
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ð
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CURRENT LIABILITIES
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c
FACTORS DETERMINING WORKING CAPITAL
REQUIREMENTS
;# (
-
9
&
#
##
#
# 3
ð Nature of Business
;
#
#
#
# #
9=7
7
-*
* 7# - 9.
#
-
- #
#
*
#
9 .
H
7 #
*
-
9
ONGC is in the business of exploration and production (E & P) of
hydrocarbons. E&P business require large capital expenditure in the
development of platforms, rigs, pipelines etc. to extract the oil lying down
beneath the earth crust. so huge amount of money gets blocked in the form of
machinery forming fixed assets of the company. Hence, it can be said that
high initial investment is required in the business.
c
ð
Business Cycle Fluctuations
.
-
7
-
*
9.
7#
-
*
9
In one of the worst global recessions witnessed by the world in 2008-09, ONGC has
not only stood up the pressure but also help the Indian economy to get back to the
track. There were not major fluctuations in the business cycle of ONGC and entire
working of capital management went swiftly.
ð
Seasonal Operations
.
#
7 # # *
#
# 999
##
*
9 . #
#
# # # # # * -
9
Being an oil exploration & production company, operations of ONGC go on
throughout the year as demand of oil is very high as compared to its supply.
So the requirement of working capital almost remains constant throughout
the year.
c
ð
Market Competitiveness
. #
# 7# #
-
#
7
-
9 ;#
# *
##9
* 9.
#
#
9
In terms of the market competitiveness, ONGC has the major chunk of
market share. Although there are some other E&P companies also working
such as OIL (OIL INDIA LTD.), CAIRNS ENERGY, RIL (RELIANCE
INDUSTRIES LTD.) but the very low production of crude oil by these
companies as compared to ONGC makes the ONGC nearly monopoly firm in
the market.
ð
Credit Policy
;#
#
##
#
9 #
#
9 4 7 #
#
7 #
##
9
c
ONGC has the very strict credit policy for the OMC¶s such as IOC (INDIAN
OIL CRPORATION), HPCL (HINDUSTAN PETROLEUM CORP. LTD.),
BPCL (BHARAT PETROLEUM CORP. LTD.), GAIL (GAS AUTHORITY
OF INDIA LTD.). ONGC gives the credit period of 15 days for the supply of
crude oil and 7 days credit period for the natural gas.
9
c
WORKING CAPITAL POLICY FOLLOWED AT ONGC
;# #
##
99 "
7
9;#
-#
# -
#
9
CURRENT ASSETS
Conservative
Moderate
Aggressive
SALES LEVEL
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BIBLIOGRAPHY
ð ?# "9F9
A c9?97& " 8; "6 O=c -
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,
75'#:
ð c
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doc_988752293.pdf