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Mahatma Education Societies

PILLAIS COLLEGEOF ARTS, COMMERCE AND SCIENCE

RE-ACCREDITED BY NAACWITH A GRADE

A PROJECT

ON

COMPARATIVE STUDY OF SOURCES OF FINANCE

In the subject

FINANCIAL MANAGEMENT

SUBMITTED TO

UNIVERSITY OF MUMBAI

FOR SEMESTER-IV OF

MASTER OF COMMERCE

BY

KANNAN PRAKASH

Roll No-3607

UNDER THE GUIDANCE OF

PROF. MONALI RAY

YEAR2014-2015

Website :www.pcacs.ac.in Tel :02227451700

Fax:

0227483208
http://www.pcacs.ac.in/http://www.pcacs.ac.in/http://www.pcacs.ac.in/http://www.pcacs.ac.in/

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Mahatma Education Societies

PILLAIS COLLEGE OF ARTS, COMMERCE AND SCIENCE

RE-ACCREDITED BYNAACWITH A GRADE

___________________________________________________________________

Dr. KM. Vasudevan Pillais Campus, Sector 16, New Panvel

DECLARATION BY THE STUDENT

I,Prakash Kannanstudent of M.com part -2 Roll Number 3607 herebydeclare that

the project for the Paper financial management Semester-IV duringthe academic year 2014-2015, is based on actual work carried out by me under the guidance of Prof. Monali Ray

I further state that this work is original and not submitted anywhere else for any

examination.

Signature of student

EVALUATION CERTIFICATE

This is to certify that the undersigned have assessed and evaluated the project on

financial management submitted by KANNAN PRAKASH student of M.com Part-2. This

project is original to the best of our knowledge and has been accepted for internal assessment.

Internal Examiner External Examiner principal

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Internal Assessment: project 40 Marks

Name of the Student Class Division Roll Number

First Name : KANNAN

Father Name : PRAKASH

Surname :

MCOM

PART-2

3607

SUBJECT : FINANCIAL MANAGEMNT

TOPIC FOR THE PROJECT: comparative study of sources of finance

Marks Awarded Signature

DOCUMENTATION

Internal Examiner

(Out of 10 Marks)

External Examiner

(Out of 10 Marks)

Presentation

(Out of 10 Marks)

Viva and Interaction

(Out of 10 Marks)

TOTAL MARKS (Out of 40)

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ACKNOWLEDGEMENT

Iwould like to thank my college i.e. Pillais college of Arts, Commerce

&Science, New Panvelwhere I have gained plenty of knowledge which help

me turning this project a success.

Apart from my efforts, the success of any project depends

largely on the encouragement and guidelines of many others. I take this

opportunity to express my gratitude to the people who have been instrumental in

the successful completion of this project.

I would specially thank my Professor Monali Ray and other

faculty members for giving their valuable guidance in the design and changes

that were required to be made for the proper implementation of the project.

Without those efforts this project would not be have been successful.

I would also extend my thanks to our vice Principal Mr A.N Kutty

for his support and facilities provided to me for the same. Lastly I would like to

thanks all those who directly and indirectly helped me in completion of this

project.

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INDEX

Sr.no. TOPIC Pg. No.

1) Introduction of sources of finance

2) Classification of sources of finance

3) Time-period

4) Ownership and control

5) Profile of companies

6) Balance of companies

7) Analysis

8) Bibliography

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CHAPTER: 1

INTRODUCTION OF SOURCES OF FINANCE

Where borrowers get their money from. In the case of corporations there are two

sources: internal (the cash they generate from their businesses) and external (the funds they

procure from the CAPITAL MARKETS).

There are various sources of finance such as equity, debt, debentures, retained

earnings, term loans, working capital loans, letter of credit, euro issue, venture funding etc.

These sources are useful under different situations. They are classified based on time period,

ownership and control, and their source of generation.

Sources of finance are the most explored area especially for the entrepreneurs about tostart a new business. It is perhaps the toughest part of all the efforts. There are various

sources of finance classified based on time period, ownership and control, and source of

generation of finance.

Having known that there are many alternatives of finance or capital, a company can

choose from. Choosing right source and right mix of finance is a key challenge for every

finance manager. The process of selecting right source of finance involves in-depth analysis

of each and every source of finance. For analyzing and comparing the sources of finance, it isrequired to understand all characteristics of the financing sources. There are many

characteristics on the basis of which sources of finance are classified.

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CHAPTER:2

CLASSIFICATION OF SOURCES OF FINANCE

A business might have access to various sources of financing its needs. These

sources of finance can be classified as:

Internal and external

Internal:this is money raised from inside the business. It includes

Sales of assets: Business might sell off old, obsolete assetswhich are no longer used by the business to raise additional cash for the

business.

Advantage Disadvantage

Better use of capital A new business might not have any

old or obsolete assets

Retained profits: Businesses (especially limited companies)usually keep some part of the profit every year for future use. This is also

known as ploughed back profit. Over a period of time it can total up to a huge

amount which can be used for financing the business.

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Does not increase liabilities

No need to pay interest

Not available to new

businesses

Reduction in working capital: Cutting the stock levels can also helpthe business to raise additional cash.


Costs related to

storage of stock is reduced

May lead to shortage

of stock and loss of sales

External: This is the money raised from outside the business. It includes

Short Term

Bank overdraft:Bank overdraft is a facility given by banks to its business customers,

people having current accounts. Through this facility the customers can overdraw their

accounts to a greater value than the balance in the account. To overdrawn amount is agreed in

advance with the bank manager. The bank assigns a limit to overdraw from the account andthe business can meet its short term liabilities by writing cheques to the extent of limit

allowed.


No need forcollaterals or security.

More flexibleand the overdraft amount can

be adjusted every month

according to needs.

Interest ratesare usually variable and

higher than bank loans.

Cash flowproblems can arise if the

bank asks for the overdraft to

be repaid at a short notice.

Trade Credit: Usually in business dealing supplier give a grace period to their

customers to pay for the purchases. This can range from 1 week to 90 days depending upon

the type of business and industry.

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No interest has to be paid. The business may not get

cash discounts.

By delaying the payment of bills for goods or services received, a business is,

in effect, obtaining finance which can be used for more important expenditures.

Factoring of debts: It involves the business selling its bills receivable to a

debt factoring company at a discounted price. In this way the business get access to

instant cash.

Medium Term

Hire purchase:It involves purchasing an asset paying for it over a period of

time. Usually a percentage of the price is paid as down payment and the rest is paid in

instalments for the period of time agreed upon. The business has to pay an interest on

these instalments.

Leasing: Leasing involves using an asset, but the ownership does not pass to

the user. Business can lease a building or machinery and a periodic payment is made

as rent, till the time the business uses the assets. The business does not need to

purchase the asset.


1.The business can benefit from the

asset without purchasing it.

2.Usually the maintenance of the asset

is done by the leasing firm.

1.the total cost of leasing may end up

higher than the purchasing of asset

Medium term bank loan:A bank loan for 1 year to 5 years.

Long term

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Long term Bank loan: borrowing from bank for a limited period of time. The

business has to pay an interest on the borrowing. This interest may be fixed or variable.

variable. Businesses taking loan will often have to provide security or collateral for the loan.

Issue of share: It is a permanent source of finance but only available to limited

companies. Public limited companies can sell further shares up to the limit of their authorized

share capital. Private limited companies can sell further shares to existing shareholders


Permanent source of capital.

In case of ordinary shares business will

only pay dividends if there is a profit.

Dividends have to be paid to the

shareholders.

Debentures: A debentureis defined as a certificate of acceptance of loans which is

given under the company's stamp and carries an undertaking that the debenture holder will

get a fixed return (fixed on the basis of interest rates) and the principal amount whenever the

debenture matures. It is issued for a long periods of time. Debentures are generally freely

transferrable by the debenture holder. Debenture holders have no voting rights and the

interest given to them is a charge against profit.

Sales and lease back: this involves a firm selling its assets or property to an

investment company and then leasing it back over a long period of time. The business thus

can use the asset without purchasing it and can use the revenue earned from its sale for other

purposes

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CHAPTER:3TIME-PERIOD

Sources of financing a business are classified based on the time period for

which the money is required. Time period are commonly classified into following

three:

Long Term Sources of Finance: Long term financingmeans capital requirements for a period of more than 5 years to 10, 15, 20years or may be more depending on other factors. Capital expenditures in

fixed assets like plant and machinery, land and building etc of a business

are funded using long term sources of finance. Part of working capital

which permanently stays with the business is also financed with long term

sources of finance. Long term financing sources can be in form of any of

them:

Share Capital or Equity Shares

Preference Capital or Preference Shares Retained Earnings or Internal Accruals Debenture / Bonds Term Loans from Financial Institutes, Government,

and Commercial Banks

Venture Funding Asset Securitization International Financing by way of Euro Issue,

Foreign Currency Loans, ADR, GDR etc.

Medium Term Sources of Finance: Medium termfinancing means financing for a period between 3 to 5 years. Medium term

financing is used generally for two reasons. One, when long term capital is

not available for the time being and second, when deferred revenue

expenditures like advertisements are made which are to be written off over

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a period of 3 to 5 years. Medium term financing sources can in the form of one of

them:

Preference Capital or Preference Shares Debenture / Bonds Medium Term Loans from

o Financial Instituteso Government, and

Lease Finance Hire Purchase Finance

Short Term Sources of Finance: Short term financing meansfinancing for period of less than 1 year. Need for short term finance arises to

finance the current assets of a business like inventory of raw material and finished

goods, debtors, minimum cash and bank balance etc. Short term financing is also

named as working capital financing. Short term finances are available in the form

of:

Trade Credit Short Term Loans like Working Capital Loans from

Commercial Banks

Fixed Deposits for a period of 1 year or less Advances received from customers Creditors Payables Factoring Services Bill Discounting etc.

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CHAPTER:4

OWNERSHIP AND CONTROL

ACCORDING TO OWNERSHIP AND CONTROL:Sources of finances are classified based on ownership and control over the

business. These two parameters are an important consideration while selecting a

source of finance for the business. Whenever we bring in capital, there are two types

of costs one is interest and another is sharing of ownership and control. Some

entrepreneurs may not like to dilute their ownership rights in the business and others

may believe in sharing the risk.

1. Owned Capital: Owned capital is also referred as equity capital. It is sourcedfrom promoters of the company or from general public by issuing new equity

shares. Business is started by the promoters by bringing in the required capital

for startup. Owners capital is sourced from following sources:

Equity Capital Preference Capital Retained Earnings Convertible Debentures2. Venture Fund or Private Equity

Further, when the business grows and internal accruals like profits of the

company are not enough to satisfy financing requirements, the promoters have

choice of selecting ownership capital or non-ownership capital. This decision is up

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to the promoters. Still, to discuss, certain advantages of equity capital are as follows:

i. It is a long term capital which means it stays permanentlywith the business.

ii. There is no burden of paying interest or instalments likeborrowed capital. So, risk of bankruptcy also reduces.

Businesses in infancy stages prefer equity capital for this

reason.

3.Borrowed Capital: Borrowed capital is the capital arranged from

outside sources. These include the following:

Financial institutions,

Commercial banks or General public in case of debentures.

In this type of capital, the borrower has a charge on the assets of the business

which means the borrower would be paid by selling the assets in case of liquidation.

Another feature of borrowed capital is regular payment of fixed interest and repayment of

capital. Certain advantages of borrowing capital are as follows:

There is no dilution in ownership and control of business. Cost of borrowed funds is low since it is a deductible expense

for taxation purpose which ends up saving on taxes for the company.

It gives the business a leverage benefit.

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CHAPTER:5

SOURCE OF GENRERATION

ACCORDING TO SOURCE OF GENERATION:

1.Internal Sources: Internal source of capital is the capital which is

generated internally from the business. Internal sources are as follows:

Retained profits Reduction or controlling of working capital Sale of assets etc.The internal source has the same characteristics of owned capital. The best

part of the internal sourcing of capital is that the business grows by itself and does

not depend on outside parties. Disadvantages of both equity capital and debt

capital are not present in this form of financing. Neither ownership is diluted nor

fixed obligation / bankruptcy risk arises.

2.External Sources: External source of finance is the capital which is

generated from outside the business. Apart from the internal sources finance, all the

sources are external sources of capital.

Deciding the right source of finance is a crucial business decision taken by top

level finance managers. Wrong source of finance increase the cost of funds which in

turn would have direct impact on the feasibility of project under concern. Improper

match of type of capital with business requirements may go against smooth

functioning of the business. For instance, if fixed assets, which derive benefits after 2

years, are financed through short term finances will create cash flow mismatch after

one year and the manager will again have to look for finances and pay the fee for

raising capital again.

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6.PROFILE OF COMPANIES

ACC CEMENT

Acc Cements was set up in 1986. In the last decade the company has grown tenfold. Thetotal cement capacity of the company is 18.5 million tones. Its plants are some of the mostefficient in the world. With environment protection measures that are on par with the finest inthe developed world. The company's most distinctive attribute, however, is its approach tothe business. Acc follows a unique home grown philosophy of giving people the authority toset their own targets, and the freedom to achieve their goals. This simple vision has createdan environment where there are no limits to excellence, no limits to efficiency. And has

proved to be a powerful engine of growth for the company. As a result, Acc is the mostprofitable cement company in India, and one of the lowest cost producer of cement in theworld.

When the company started out, it approached the cement business with an open mind. Tocompete with the older, established players who had already written off their plant cost, itwas important to have the lowest capital cost per ton of cement. Their plants would have to

be set up in record time. Their capacity utilization would have to be above 100%. And theirpower consumption would have to set a record low these were the main theme of company.

Today, Acc is the 3rd largest cement company in India, with an annual plant capacity of 16

million tonnes including Acc Cement Eastern Ltd. and revenue in excess of Rs.3298 crore.

In 1993, Acc Cement set up a complete system of transporting bulk cement via the sea route.Making it the first company in India to introduce bulk cement movement by sea. Othersfollowed and today, about 10% cement travels by this new route.

Bulk Cement Terminals of the company:

Surat:Bulk Cement Terminal with a storage capacity of 15,000 tonnes has bulk cement

unloading facility.

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Galle:120 kms from Colombo, Sri Lanka. Handles 1 million tonnes of cement annually.

Cochin:The latest addition to our configuration of Bulk Cement Terminal

Business area of the company:

The company is engaged in manufacture and market cement and clinker for bothdomestic and export markets.

Milestones:

2010On 24th February 2010, Acc Cements Ltd (ACL) inaugurated its cement plant

(grinding unit) at Dadri, Uttar Pradesh. Capacity: 1.5 million tonnes..

On 27 March, 2010, ACC Cements Ltd (ACL) inaugurated its cement plant(grinding unit) at Nalagarh, Himachal Pradesh. Capacity: 1.5 million tonnes.

In December 2010, the Dadri Grinding Unit in its very first year of operationreceived the Integrated Management System (IMS) Certification, including ISO 9001:2008,ISO 14001:2004, and OHSAS 18001:2007 by BSI (U.K.).

2009-The Company launched its knowledge initiative i.e. Acc Knowledge Center,toenable industry professionals get a first-hand feel of the world of cement andconcrete. During the year, three centers became operational in the cities of Jaipur,

Ahmedabad and Kolkata. 2008- The Company also sets up the Corporate Communications department, thusmarking its deep commitment to be a responsive organisation, answerable andaccountable to its key internal and external stakeholders.

2009- The Company launched its knowledge initiative i.e. Acc Knowledge Center,toenable industry professionals get a first-hand feel of the world of cement andconcrete. During the year, three centers became operational in the cities of Jaipur,Ahmedabad and Kolkata.

Opening of Dadri Plant On 24th February 2010, Acc Cements Ltd (ACL) inauguratedits cement plant (grinding unit) at Dadri, Uttar Pradesh. Capacity: 1.5 million tonnes.

On 27 March, 2010, Acc Cements Ltd (ACL) inaugurated its cement plant (grindingunit) at Nalagarh, Himachal Pradesh. Capacity: 1.5 million tonnes.

In December 2010, the Dadri Grinding Unit in its very first year of operation receivedthe Integrated Management System (IMS) Certification, including ISO 9001:2008,ISO 14001:2004, and OHSAS 18001:2007 by BSI (U.K.).

Achievements/ recognition:

Achievements

Environment protection measure that conform to the worlds best. Benchmarking quality standards for the industry.

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Reinventing cement transportation. Ambujanagar has won 'Best Environmental Excellence in Plant Operation'

? National award by NCBM 2009 'Certificate of Appreciation' for Accident Free million man hour our worked - Gujarat

Safety Council ? Baroda 2009

Recognition

National Award for commitment to quality by the Prime Minister of India. National Award for outstanding pollution control by the Prime Minister of India. ISO 9002 Quality Certification. ISO 14000 Certification for environmental systems. Best Award for highest exports by CAPEXIL.

Economic Times - Harvard Business School Association Award for corporate.

ULTRA TECH.Cement

Ultra Tech.Cement started its commercial production in May 1975 in its first plantNimbahera in Rajasthan. The company was incorporated in the year 1994.

Today Ultra tech. Cement is one of the largest cement manufacturers in north India. It is alsosecond largest producer of white cement in India. The company exports white cement tocountries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania,UAE and Nepal.

The company has two manufacturing facilities located at Nimbahera and Mangrol in the stateof Rajasthan. The company produces white cement and its production unit is located in Gotanat Rajasthan.

During August 2009, Allahabad HC had sanctioned the scheme of amalgamation ofJaykaycem a wholly owned subsidiary with the company. Jaykaycem was implementing 3million tones per annum Green Field Grey Cement Plant at Mudhol, District Bagalkot,Karnataka state which was at final stage of implementation. The installed capacity of grey

cement of JK Cement with the merger increased to 7.5 million tones per annum.These plants have received various certifications ISO-9001:2000 for quality managementsystem, ISO-14001:2004 for environment management systems and OHSAS-18001:2005 foroccupational health and safety systems.

Products

Ultra Tech Cement produces ordinary Portland cement of 53-grade, 43-grade and 33-grade. Itmarkets these cements under the brand name J K cement and Sarvashakitman.

It also manufactures Portland Pozzolana Cement and markets it under the name J K Super.

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It markets white cement under the name J K White and Camel.

Ultra Tech . Cement has introduced water repellent material in powder form. It has alsointroduced white cement based putty for plastering walls and ceiling and sells the same underthe name JK Wall Puty.

7.BALANCE OF COMPANIES

Balance sheet of ACC cement ltd as at 31stMarch 2013

Particulars As at

31.03.2013

As at

31.03.2012

1.LIABILITIES:

1)share capital

2)reserve and surplus

(3) Other Long-Term Liabilities

(4) Current Liabilities

(a) Trade Payables

(b) Other Current Liabilities

(c) Short Term Provisions

119,134,886

27,726,853

1,099,112

21,709,412

13,137,302

8,686,019

43,532,733

90,299,871

27,185,794

437,422

4,508,032

9,317,013

5,884,107

19,709,152

191,493,584 137,632,239

2.ASSETS

(1) Non-Current Assets

(a) Fixed Assets : Tangible Assets

(b) Long-Term Loans and Advances

(c) Other Non-Current Assets

42,927,886

3,531,322

900,000

47,359,208

36,767,305

5,527,463

-

42,294,768

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(2) Current Assets:

(a) Cash and Bank Balances

(b) Short Term Loans and Advances

(c) Other Current Assets

119,921,012

21,452,734

2,760,630

144,134,376

191,493,584

75,463,196

75,463,196

2,609,608

95,337,471

137,632,239

Ultra Tech cement

Balance sheet as at 31stmarch 2013

Particulars As at

31.03.2013

As at

31.03.2012

1.LIABILITIES:

1)share capital

2)reserve and surplus

(3) Other Long-Term Liabilities

(4) Current Liabilities

Short term borrowings

(a) Trade Payables

(b) Other Current Liabilities

(c) Short Term Provisions

699,272

16,274,593

13,035,091

1,886,543

1,965,166

4,509,128

649,566

699,272

14,590,798

13,136,719

828,271

1,765,557

4,264,743

518,114

39,019,359 35,803,474

2.ASSETS

(1) Non-Current Assets

(a) Fixed Assets : Tangible Assets

(b) Long-Term Loans and Advances

(c) Other Non-Current Assets

23,618,022

2,283,518

1,692,988

28,694,414

23,118,788

839,407

108,419

24,956,471

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(2) Current Assets:

(a) Cash and Bank Balances

(b) Short Term Loans and Advances

(c) Other Current Assets

3,324,573

1,167,058

66,848

10,324,945

39,019,359

4,324,899

1,941,225

115,355

10,847,003

35,803,474

CHAPTER:

ANALYSIS

points ACC cement Ultra Tech cement

1. Share capital Share capital of acc cement ishigher than ultra tech cement.

Share capital of ultra tech cement

is less than Acc cement.

2. Rese5rveand surplus

Reserve and surplus of acccement is more than ultra tech

cement.

Reserve and surplus of ultra techcement is less than acc cement.

3. Other longterm

liabilities

Long term liabilities of acc

cement is less than ultra tech

cement.

Long term liabilities of ultra tech

cement is more than acc cement.

4. Tradepayable

ACC cement ltd has more trade

payables as compared to UltraTech cement.

Ultra Tech cement ltd has less

trade payables as compared to acccement.

5. Othercurrent

liabilties

It has more amount of other

current liabilities .

It has less amount of other current

liabilities.

6. Short termp[rovision

Short term provision of acc

cement is higher.

Short term provision of ultra tech

cement is less.

7. Fixed assets Acc cement ltd has more amount Ultra Tech cement ltd has less

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of fixed asset. amount of fixed asset.

8. Long termloans and

advances

Long term loans and advances of

acc cement are high.

Long term advances and loans of

ultra tech cement is less.

9. Othercurrent

assets

ACC cement ltd have less other

current assets.

Ultra Tech cement ltd have more

other current assets.

10.Cash andbank

balances

ACC cement ltd have more cash

and bank balances as compared to

Ultra Tech cement.

Ultra Tech cement ltd have more

cash and bank balances as

compared to ACC cement.

11.Short termloans and

advances

It has more short term loans and

advances compared to ultra tech

cement.

It has less short term loans and

advances as compared to acc

cement.

12.Othercurrent

assets

The other current assets of acc

cement are high.

The other current assets of ultra

tech cement are less.

13.Sources offinance

The sources of finance of acc

cement as compared to ultra tech

cement are higher.

The sources of finance of ultra

tech cement as compared to acc

cement are lesser.

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9. BIBLIOGRAPHY

Website:

https://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.html http://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-

finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspx

Book:

Advanced financial management
https://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.htmlhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttps://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.html

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