The Trial And Death Of Socrates By Plato, Antigone, And...

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Evaluating The Carbon Footprints And Water Footprints Of...

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Beximco Textile’s Working Capital Management Free Essays

Executive Summary This report is presenting the overall working capital management of BeximcoTextiles Limited. In this report all of the information is collected from secondary data. As, Primary data was too much confidential, the company didn’t disclose it to us. We will write a custom essay sample on Beximco Textile’s Working Capital Management or any similar topic only for you Order Now In this report the terms and conditions that we have learned in FIN 406 has implemented. In this report financial analysis and recommendations are given. Introduction part Company overview The Beximco Textiles Ltd. was incorporated in Bangladesh as a Public Ltd. Company with limited liability on 1994 commenced commercial operation in 1995. The project was set up as a state of the art fabric weaving, dyeing finishing facilities for production of high quality shirting fabric, unique wrinkle free fabric (Cortex-2000, cotra DP 3. 5 +) other fabrics. BTL has an installed capacity of 288 high-speed air-jet looms in its weaving section a high-tech dyeing finishing section with a capacity of 100,000 yards of finished fabric per day. It is a member enterprise of the Beximco conglomerate. During the year the company produced and sold high quality shirting and other fabric and bringing forth all the latest in hard and soft technologies in weaving and finishing of fabric. It is the most modern composite mill in the region. They have leveraged Bangladesh’s labor cost advantage ; export competitiveness to the maximum. Beximco Textiles Limited engages in manufacturing and marketing yarn, woven, knit, and denim fabrics in Bangladesh. The company offers yarn products, such as count, fiber, CVC, and TC yarn products; fabric products comprising solid dyed, yarn dyed, finishing, dobby designs, and yarn count products; and denim products. It also provides special yarn products consisting of plied yarn, fancy yarn, slub yarn, core spun, multi count, and multi twist products, as well as wrinkle-free products. The company was formerly known as Padma Textile Mills Limited and changed its name to Beximco Textiles Limited in 2006. Mission Each of our activities must benefit and add value to the common wealth of our society. We firmly believe that, in the final analysis we are accountable to each of the constituents with whom we interact; namely: our employees, our customers, our business associates, our fellow citizens and our shareholders. Purpose of this Study: This study has been designed in such a way that students are going to learn the in-depth knowledge about a company’s financial condition. The main purpose of this report is to reinforce the concept of financial policy of Beximco Textiles ltd. along with its all working capital ratios, short-term financing and long-term financing. etc. Overall, this study will help a finance student to familiar with the practical scenario. Limitation: The report is limited to the data that are available in the annual reports and in the website related to Beximco textiles. Primary data was not available as they didn’t disclose. Finally, we have used our own judgments in many ways from our Business Finance courses in order to simplify the research, evaluate, calculation and advising. Financial Analysis Working Capital of Beximco Textiles ltd. : Working capital is defined as current (expected to be consumed or converted into cash within one year) assets minus current liabilities. Working capital turnover indicates how efficiently the company generates revenue with its working capital. Year| Current Assets| Current Liabilities| Working Capital of particular year| 2006| 7572906611| 5961381357| 1605525254| 2007| 7881489387| 8058498925| -177009538| 2008| 7230982538| 7906937639| -675955101| 2009| 8677166758| 4834823994| 3842342764| 2010| 9031547621| 6944110703| 2087436918| Inventory: Inventories are carried at the lower of cost and net realizable value as prescribed by IAS 2:Inventories, cost is determined on weighted average cost basis. The cost of inventories comprises of expenditure incurred in the normal course of business in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling price less any further costs expected to be incurred to make the sale. Beximco textile ltd. Holds 5 types of inventory: * Raw material inventory (Fibre, yarn, gray fabric, dyes ; chemicals) * Work in process inventory * Finished goods inventory * Packing materials * Stores and Spares Amount of inventory in five years: Year| Amount of inventory| 006| 3414768025| 2007| 3688016341| 2008| 2733063864| 2009| 2742675600| 2010| 2994596746| Accounts Receivable: Their accounts receivable are recognized at cost which is fair value of the consideration given for them. 5 years accounts receivable of Beximco Textile: Year| Amount of Accounts receivable| 2006| 3407687731| 2007| 3451582241| 2008| 3765912622| 2009| 4986086053| 2010| 5040220480| Current ratio: Year| Ratio| 2006| 1. 27| 2007| . 97| 2008| . 91| 2009| 1. 79| 2010| 1. 3| Illustration: Quick Ratio: Year| Ratio| 2006| . 69| 2007| . 52| 2008| . 56| 009| 1. 22| 2010| . 86| Illustration: Activity ratios: Working capital turnover: Year| ratio| 2006| 3. 23| 2007| -24. 11| 2008| -7. 04| 2009| 2. 04| 2010| 6. 98| Illustration: Working Capital Turnover Inventory Turnover: year| ratio| 2006| . 92| 2007| . 81| 2008| 1. 13| 2009| 1. 79| 2010| 3. 15| Illustration: Days of inventory on hand (DOH): Assuming that, Beximco Textile’s number of days in period is 360. Then the DOH would be: Year| DOH| 2006| 391. 30| 2007| 444. 44| 2008| 318. 58| 2009| 201. 11| 2010| 114. 29| | | | | Illustration: Receivable turnover: Year| ratio| 2006| 1. 52| 2007| 1. 23| 2008| 1. 26| 2009| 1. 57| 2010| 2. 89| Illustration: Days sales outstanding(DSO): Year| Ratio| 2006| 235. 85| 2007| 291. 20| 2008| 284. 80| 2009| 228. 19| 2010| 124. 51| | | Illustration: Cash conversion cycle: (Inventory conversion period+ Receivables conversion period)-Payables conversion period Year| CCC| 2006| 523. 12| 2007| 594. 16| 2008| 417. 5| 2009| 387. 17| 2010| 143. 36| | | Collection ; Disbursement Cash Inflow and Cash Outflow by Operating Activities (in tk. ): | 2010| 2009| 2008| 2007| 2006| Cash received from customers ; others| 145187023| 664608431| 3190602600| 4223133089| 4887688455| Cash paid to suppliers ; Employees| 898661193| 535932698| 3043303205| 3788738872| 3703613507| Cash Generated from Operations| 5532091050| 1286757473| 147299395| 434394217| 1184074948| Interest Paid| 1445098454| 2006166127| 1261679027| 766830156| 906788267| Income Tax Paid| 43025787| 56338512| 20396366| 74934103| 8084912| Net Cash Generated from Operating Activitie| 4043966809| 775747166| 1134775998| 407370042| 269201769| Daily Cash Generated from Operating Activities| 11233241. 4| 2154853. 24| 3152155. 55| 1131583. 45| 747782. 6917| Cash Flows from Investing Activities (in tk. ): | 2010| 2009| 2008| 2007| 2006| Acquisition of Property, Plant ; Equipment| 3231593528| 2381789851| 986841760| 39250045| 205811905| Long-term security deposit| -| -| -| -| 46064| Net Cash Used in Investing Activities| 3231593528| 2381789851| 986841760| 39250045| 205857969| Daily Cash Used in Investing Activities| 8976648. 69| 6616082. 92| 2741227. 1| 1090279028| 571827. 917| Cash Flows from Financing Activities (in tk. ): 2010| 2009| 2008| 2007| 2006| Allotment of shares| -| 6351789302| -| -| 1050000000| (Decrease)/Increase in Long Term Borrowings| 594878760| 1605294361| 1945272911| 74392816| 1273417109| (Decrease)/Increase in Short Term Borrowings| 201830690| 1578840462| 181255969| 511187488| 118194147| Dividend Paid| -| -| -| -| 30405375| Net cash Generated from Financing Activities| 796709450| 3167654479| 2126528880| 436794672| 135628337| Daily Net cash Generated from Financing Activities| 2213081. 81| 8799040. 22| 5907024. 67| 1213318. 3| 376745. 3806| Increase or decrease in cash and cash equivalents| 15663831| 10117462| 4911122| 9825415| 72284537| Cash and Cash Equivalents at Beginning of Year| 27249672| 1713221o| 12221088| 22046503| 94331040| Cash and Cash Equivalents at End of Year| 42913503| 27249672| 17132210| 12221088| 22046503| Interpretations: 1. Working capital: In 2007 and 20 08 working capital of Bextex ltd. was negative. That means; current assets have been lower than the current liabilities. So, the company was in a risky position in terms of liquidity. But from 2009, it started to be positive and the company is in a stable position. 2. Current ratio: This ratio expresses current assets in relation to current liabilities. Current Ratio of bextex ltd. is highest in 2009 which indicates that the company has higher level of liquidity and it can meet short term obligations. But during 2007 and 2008 the ratio had a smaller value than one, indicating that Bextex ltd. had lower liquidity to meet its short term obligations. However, over the following years; Beximco Textiles managed to solve this issue. 3. Quick ratio: The quick ratio is more conservative than current ratio, because it only includes the more liquid current assets in relation to current liabilities. Beximco Textiles Ltd. reached its peak in 2009 in terms of quick ratio but yet again it dropped in 2010. Apart from that, there has been a steady improvement in this aspect. 4. Activity Ratios: a. Working capital Turnover: working capital turnover indicates how efficiently the company generates revenue with its working capital. Bextex ltd. was in the worst situation in 2007, that the ratio was -24. 11; this ratio was negative in 2008 as well. The main reason behind it was that the current asset remained lower than the current liabilities. The negativity in this aspect simply depicts that the company took a very high amount of loans during those years. Yet, the operations were efficient enough to improve that risky position over the years. b. Inventory Turnover Ratio: Inventory turnover ratio shows the times  a company’s  inventory is sold and replaced over a financial period. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. During 2006 and 2007; the annual inventory on hand was way higher than the following years. Consequently, the turnover was high as well. During the following years; the management took new measures and managed to reduce the excess the inventory. However, the total amount of inventory in 2010 was higher than that of 2009. Yet, the inventory turnover almost doubled during 2010; which is a strong indication that the sales is increasing in number. c. Days Sales Outstanding Ratio: It indicates the elapsed time between a sale and cash collection. Bextex ltd. ad the lowest DSO in 2010, which indicates a better situation than that of the previous years. In 2007, the ratio was the highest indicating the efficiency lapse in cash collection during that period. 5. Cash Conversion cycle: This metric indicates the amount of time that elapses from the point when a company invests in working capital until the point at which the company collects cash. Bextex ltd. had 523. 12 CCC in 2006 which indicat es poor position and in 2010; they have decreased it from 523. 12 to 143. 36. So, it is a good indication for the company. Basic reason behind this positive trend is that; Beximco Textiles has improved the Inventory conversion and receivables Collection operations dramatically. Both the Inventory conversion period and the Receivable conversion period has been halved from the year 2006 to 2010. 6. Cash-Flow: Cash flow activities show that both the income from operational activities and the return from investments have been increasing over the years. The Payables are being paid out and the retained earnings are being reinvested heavily to increase the efficiency to a higher level. This can be a reason why Beximco Textiles have refrained from giving out dividends since 2007. References 1. BEXIMCO TEXTILES Ltd. (2007). Auditors’ Report 2. BEXIMCO TEXTILES Ltd. (2009). Auditors’ Report 3. BEXIMCO TEXTILES Ltd. (2010). Auditors’ Report 4. Fredric C. Scherr, Modern Working Capital Management, Prentice Hall International Editions. 5. Ross, S. A, Westerfield, R. W Jaffe, J. (2005). Corporate Finance 7th Edition. New Delhi: McGraw Hill Publishing Company Limited. 6. Financial Reporting and Analysis CFA (level-1) 2011 How to cite Beximco Textile’s Working Capital Management, Papers