s Receivable Management 6d1q58

A Project Report on “ Receivable Management” Submitted in the partial fulfillment of the requirements of

Post Graduate Diploma in Management At Indus Business Academy, Bangalore

Under the guidance of Dr. Ramesh. S

Mr. Lourd Raj

Mentor

Manager

Indus Business Academy

Sun Management Services

Bangalore -560062

Bangalore - 560047

Submitted By Shubhransu Kumar Patel (FPB1214/137)

SIP Report On Receivable Management

Director’s Certificate This is to certify that Shubhransu Kumar Patel is a bonafied student of Indus Business Academy, Bangalore and is presently pursuing his Post Graduate Diploma in Management. Under my guidance he has submitted his Project titled “s Receivable Management” at Sun Management Services in partial fulfillment of the requirement during the Post Graduate Diploma in Management. This project has not been previously submitted as part of another degree or diploma of another Business School or University.

Dr. Subhash Sharma (Dean) Indus

Business

Academy

Lakshmipura, Thataguni Post, Kanakapura

Main

Road,

Bangalore-560062 Tel:

+91-80-28435931/2/3/4

Fax: +91-80-28435935 Email: [email protected] URL: www.ibainternational.org

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SIP Report On Receivable Management

Mentor’s Certificate This is to certify that Shubhransu Kumar Patel is a bonafied student of Indus Business Academy, Bangalore and is presently pursuing his Post Graduate Diploma in Management. Under my guidance he has submitted his project titled “s Receivable Management” at Sun Management Services in partial fulfillment of the requirement during the Post Graduate Diploma in Management. This paper has not been previously submitted as part of another degree or diploma of another Business School or University.

Dr. Ramesh. S (Mentor) Indus Business Academy Lakshmipura, Thataguni Post, Kanakapura Main Road, Bangalore-560062 Tel: +91-80-28435931/2/3/4 Fax: +91-80-28435935 Email:[email protected] URL:-www.ibainternational.org

Indus Business Academy

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SIP Report On Receivable Management

Declaration I Shubhransu Kumar Patel the undersigned, a student of Indus Business Academy, Bangalore, declare that this project report titled “s Receivable Management” in partial fulfillment of the requirement for the Summer Internship Program during the Post-Graduation Diploma in Management. This work has not been previously submitted by me as a part of any other degree or diploma of another school or University. Shubhransu Kumar Patel FPB1214/137 PGDM 2012-2014 Indus Business Academy Lakshmipura, Thataguni Post, Kanakapura Main Road, Bangalore-560062

Indus Business Academy

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SIP Report On Receivable Management

Acknowledgement I take this opportunity to thank my college, Indus Business Academy, Bangalore and Mr. Manish Jain (CEO) for giving me a chance to do a summer internship project, adding the experience of practical knowledge so important to understand and to try and bridge the gap between theoretical and practical knowledge. I also express my sincere gratitude to Dr. Subhash Sharma, Director, Indus Business Academy and Dr. Ramesh. S Faculty of Indus Business Academy for their valuable inputs. I am thankful to Sun Management Services for giving me an opportunity to undertake a project on “ Receivable Management” and also for providing me all the information required. I express my gratitude to Mr. Lourd Raj, Head at Sun Management Services, who through his vast experience and knowledge has been able to guide me, both ably and successfully towards the completion of my summer internship project. I am sincerely grateful for the assistance of several individuals, who have contributed towards fulfillment of this report. The knowledge, experience, guidance and the most important factors – from these people are indeed valuable.

Shubhransu Kumar Patel Indus Business Academy, Bangalore

Indus Business Academy

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SIP Report On Receivable Management

Table of Contents Executive Summary ................................................................................................................ 7 Introduction............................................................................................................................... 8 Industry Profile ......................................................................................................................... 9 India's top 10 telecom service providers in of revenue: ................................... 10 Porter's Five Force Model Analysis: ............................................................................... 15 Company Profile .................................................................................................................... 17 Comparative analysis of the Tata Teleservices Competitors: .................................... 21 Ratio Analysis: ................................................................................................................... 21 SWOT Analysis: ................................................................................................................ 25 Organizational Structure: ................................................................................................. 26 Receivable Management: ..................................................................................... 27 What is Receivables? ....................................................................................................... 27 Meaning of Receivables ................................................................................... 27 Definition of Receivables .................................................................................. 27 Importance of Receivables Management: ..................................................................... 28 Objective of s Receivable Management:......................................................... 29 Goals of Receivable Management: ................................................................................ 29 Different Type Of Cost Associated With Receivable Management: .......................... 30 Different Steps Involved In Debt Collection .................................................................. 33 Receivable Working Process Flow ................................................................. 37 Contribution ............................................................................................................................ 43 Aging Analysis ....................................................................................................................... 44 Research Methodology ........................................................................................................ 45 Statement of problem ....................................................................................................... 45 Objectives ........................................................................................................................... 45 Findings .............................................................................................................................. 45 Recommendations ............................................................................................................ 45 Webliography ......................................................................................................................... 47

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SIP Report On Receivable Management

Executive Summary The project deals in Receivable Management with reference to the study of Sun Management Services. Receivable management is one of the most important aspects of the organization, as it deals with the management of the outstanding. The profit of the company mainly depends on the s receivables. Therefore it needs a careful analysis and proper management.

Debtors occupy an important position in the structure of current assets of a firm. They are the outcome of rapid growth of trade credit granted by the firms to their customers. Trade credit is the most prominent force of modern business. Company in order to maintain its position and further to capture a greater amount of market share in increasing domestic and international competition was compelled to go by the industry norms and thus it ushered into the new era of credit sales. This resulted in credit sales going up significantly. A credit limit was sanctioned to every customer. The customers were required to pay the outstanding amount on the due date.

This report discusses the importance of managing s receivable and provides proven principles for achieving benefits such as increased cash flow, higher margins, and a reduction in bad debt loss. The focus is primarily on commercial (business to business) receivables management. The primary objective of the study was to understand the mechanism of these processes, and work in the organizational environment and also maintain the transparency of these processes.

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SIP Report On Receivable Management

Introduction s receivable represent the amount due form customers or debtors as a result of selling goods on credit. Cash sales are totally riskless but not the credit sales, as the same has yet to be received. To the buyer the economic value in goods and services process immediately at the time of sale, while the seller expect an equivalent value to be received later on. The cash payment for goods and services received by the buyer will be made by him in a future period. The customer from whom receivables or book debts have to be collected in future are called Trade debtor and represent the firm’s claim on assets. s receivable collection becomes necessary when customers or clients do not pay their s when they fall due, and when they become overdue. It would be nice if everyone paid their invoices on time but this is the real world. 

Some customers are conscientious, others are not



Some are disorganized with paperwork



Some don’t have the money because they 

Didn’t budget to pay the bill,



Haven’t themselves been paid by their customers.

In which collection agency is a business that pursues payments of debts owed by individuals

or

businesses. Most

collection

agencies

operate

as

agents

of creditors and collect debts for a fee or percentage of the total amount owed. s Receivable Management module provides instant access to all of client customer information.

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SIP Report On Receivable Management

Industry Profile India possesses a diversified communications system that links all pads of the country by Internet, telephone, telegraph, radio, and television. None of the telecommunications forms are as prevalent or as advanced as those in modern Western countries, but the system includes some of the most sophisticated technology in the world and constitutes a foundation for further development of a modern network. The progress and the changes in telecom have been astronomical, with new and cheaper technologies taking birth almost each year. With an addition of 18 million subscribers every month and contributing to nearly 2% of the Indian GDP, Indian telecom industry is considered to be the largest telecom markets of the world. Driven by wireless communication, the telecommunications industry is recognized as a key to the rapid growth and modernization of the economy and an important tool for socio-economic development for a nation. Indian telecommunication industry is the world’s second largest in of number of subscribers, and the world's fastest growing market in of number of new subscriber India has the world's second largest mobile phone s with over 903 million as of January 2012. India has become the world's most competitive and one of the fastest growing telecom markets.

Most of the telecommunications forms in India are as prevalent or as advanced as those in modern Western countries, and the system includes some of the most sophisticated technology in the world and constitutes a foundation for further development of a modern network. Telecom Regularity Authority of India (TRAI) is the sole authority empowered to take binding decisions on fixation of tariffs for provision of telecommunication services. The primary regulator of communications in India is the Telecom Regulatory Authority of India. It closely regulates all of the industries mentioned below with the exception of newspapers and the Internet service provider industry. As the fastest growing telecommunications market in the world, India is projected to have 1.159 billion mobile subscribers by 2013. Several leading global consultancies estimate that India will become the world's largest mobile phone market by subscriptions by 2013. 'The industry is expected to reach a size of ₹344.921 crore (US$ 76.92 billion) by 2012 at a growth rate of over 26 per cent, and generate employment opportunities for about 10 million people during the same period. Indus Business Academy

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SIP Report On Receivable Management According to analysts, the sector would create direct employment for 2.8 million people and for 7 million indirectly. In 2010-11 the overall telecom equipment revenue in India stood at ₹136,833 crore (US130.51 billion) during the fiscal, as against ₹15,382 crore (US$ 25.73 billion) a years before.

India's top 10 telecom service providers in of revenue: 1. Bharti Airtel

Bharti Airtel retained its leading position among telecom service providers and posted a growth of five per cent to end 2009-10 fiscal with revenues of Rs 38,800 crore (Rs 388 billion). The company is structured into four strategic business units -- mobile, telemedia, enterprise and digital TV.The company has with operations in 18 countries with a footprint covering 1.8 billion people. Sunil Bharti Mittal is the chairman and managing director of the company. In March 2010, Bharti Airtel bought the African operations of Kuwait-based Zain Telecom for $10.7 billion. Recently, it has ed a consortium of global telecom operators to announce the launch of the EASSy cable system -- the 10,000 km undersea cable connecting Africa to Europe.

2. BSNL

Bharat Sanchar Nigam Limited saw a drop in its revenue for the second consecutive year to post Rs 30,240 crore (Rs 302.4 billion), a drop of 14 per cent, even though it retained the number two position among telecom players. BSNL offers both fixed line and mobile services with broadband connections.With over 71.68 million subscribers, BSNL currently is the largest wireline service provider in India.

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SIP Report On Receivable Management The company has reported around 6 crore (600 million) 2G connections and 9,73,378 3G connections since February 2010. All major towns and cities are covered through BSNL network. Gopal Das is the new chairman and managing director of BSNL.

3. Vodafone Essar

The Indian subsidiary of Vodafone Group, Vodafone Essar recorded 13.7 per cent growth to emerge as the third largest player with revenue of Rs 23,200 crore (Rs 232 billion). The company commenced operations in 1994 when its predecessor Hutchison Telecom acquired the cellular license for Mumbai. It has operations across the country with over 106.34 million customers. It is the world's leading international mobile communications group with approximately 347 million proportionate customers as on 30 June 2010 and has around 40 partner networks worldwide. Vittorio Colao is Vodafone chief executive, and Marten Pieters is managing director and CEO, Vodafone Essar.

4. Reliance Communications

Reliance ADA Group's flagship company, Reliance Communications reported a negative growth of 3.5 per cent with revenue of Rs 22,130 crore (Rs 221.3 billion). It is India's largest private sector information and communications company, with over 100 million subscribers. It has established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain. Anil D Ambani is the chairman of the company

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SIP Report On Receivable Management 5. Idea Cellular

Idea Cellular is part of the Aditya Birla Group and has bagged fifth position with a revenue of Rs 11,390 crore (Rs 113.9 billion). It is a leading GSM mobile services operator in India with 67 million subscribers. Idea offers both prepaid and postpaid services.It is a pan-India operator with services being made available in all parts of the country. Idea was the first cellular service provider to launch General Packet Radio Service (GPRS) and Enhanced Data rates for GSM Evolution (EDGE) in the country. Kumar Mangalam Birla is the chairman of the group.

6. Tata Communications

Tata Communications reported revenue of Rs 11,000 crore (Rs 110 billion). The company holds leadership position in emerging markets. Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers. The Tata Global Network includes one of the most advanced and largest submarine cable networks, a Tier-1 IP network, with connectivity to more than 200 countries across 400 PoPs, and nearly 1 million square feet of data center and collocation space worldwide. Srinath Narasimhan is the managing director and CEO of Tata Communications.

7. Tata Teleservices

Tata Teleservices spearheads the Tata Group's presence in the telecom sector. It has posted revenue of Rs 6,900 crore (Rs 69 billion). Established in 1996, Tata Teleservices, one of the 96 companies of Tata Group, has its network in 20 circles. It is the first company to launch CDMA mobile services in India. It launched mobile Indus Business Academy

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SIP Report On Receivable Management operations in January 2005 under the brand name Tata Indicom. It enjoys a panIndia presence through existing operations in all of India's 22 telecom circles.Tata Teleservices operates under five different brands -- Tata Indicom (CDMA services), Tata DOCOMO (GSM services), Virgin Mobile, Tata Walky (which is the brand for fixed wireless phones), Tata Photon (the company's brand that provides a variety of options for wireless mobile broadband access) and T24. Tata Teleservices Ltd, along with Tata Teleservices (Maharashtra) Ltd, serves nearly 70 million customers in more than 450,000 towns and villages across the country. Anil Sardana is the managing director of Tata Teleservices.

8. Aircel

Aircel recorded the highest growth of 37.2 per cent among operators in 2009-10. The company posted a revenue of Rs 4,700 crore (Rs 47 billion) to move to the number eight slot. It is a t venture between Maxis Communications Berhad of Malaysia and Sindya Securities Investments Private Limited, whose current shareholders are the Reddy family of Apollo Hospitals Group of India. Aircel commenced operations in 1999 and became the leading mobile operator in Tamil Nadu. It emerged a market leader in Assam and in the North Eastern provinces within 18 months of operations. Today, the company has a foothold in 21 circles including Chennai, Tamil Nadu, Assam, North East, Orissa, Bihar, Jammu & Kashmir, Himachal Pradesh, West Bengal, Kolkata, Kerala, Andhra Pradesh, Karnataka, Delhi, UP(West), UP(East), Maharashtra & Goa , Mumbai, Madhya Pradesh and Punjab. It has over 43 million customers in the country.

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SIP Report On Receivable Management 9. MTNL Mahanagar Telephone Nigam Limited (MTNL)'s revenue dropped nearly by a fifth highest among the top 10 players -- to Rs 3,650 crore (Rs 36.5 billion). The company has achieved a customer base of 8.06 million in the two metro cities of Delhi and Mumbai. The government currently holds 56.25 per cent stake in the company. Today it has more than 9,00,000 GSM mobile connections. The company was in the forefront of technology induction by converting 100 per cent of its telephone exchange network into the state-of-the-art digital mode. Kuldip Singh is chairman & managing director of MTNL.

10. TTML

The third Tata group company i nthis arena, Tata Teleservices Maharashtra Limited (TTML) is ranked number 10, among the top ten telecom players in India, with revenues of Rs 2,300 crore (23 billion. This helped the group's earning go past the Rs 20,000 crore (Rs 200 billion) mark. TTML leads the Tata group's presence in the telephony sector in the telecom circles of Maharashtra and Goa, including Mumbai. TTML commenced landline operations in 1998 and has the largest wireline base in Mumbai and Maharashtra amongst all private operators. The company has over 600,000 subscribers. Kishor Chaukar is the chairman of TTML.

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SIP Report On Receivable Management

Porter's Five Force Model Analysis:

Threat of New Entry

Competitive Rivalry

Buyer Power Porter's Five Force Model

Supplier Power

Threat of Substitution

Threat of New Entry: 

Time and cost of entry



Specialist in Knowledge



Cost Advantages



Technology Perfection



Barriers to Entry

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SIP Report On Receivable Management

Buyer Power: 

Number of customer



Size of each order



Differences between competitors



Price sensitivity



Ability to substitute



Cost of changing

Threat of Substitution: 

Substitute performance



Cost of change

Supplier Power: 

Number of suppliers



Size of suppliers



Uniqueness of service



Your ability to substitute



Cost of changing

Competitive Rivalry: 

Number of competitors



Quality differences



Others differences



Switching cost



Customer’s loyalty



Costs of living market

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SIP Report On Receivable Management

Company Profile Tata Teleservices limited spearheads the Tata Group’s presence in the telecom sector. The Tata Group includes over 100 companies, over 450,000 employees worldwide and more than 3.8 million shareholders. Incorporated in 1996, Tata Teleservices Limited was the pioneer of the CDMA 1x technology platform in India, embarking on a growth path after the acquisition of Hughes Telecom (India) Ltd [renamed Tata Teleservices (Maharashtra) Limited] by the Tata Group in 2002. Over the last few years, the company has launched significant services CDMA mobile operations in January 2005 under the brand name Tata Indicom, market-defining wireless mobile broadband services under the brand name Tata Photon in 2008. Tata Teleservices Limited also has a significant presence in the 2G GSM space, through its t venture with NTT DOCOMO of Japan, and offers differentiated products and services. Tata DOCOMO was born after Tata Group’s strategic alliance with Japanese telecom major NTT DOCOMO in November 2008. Tata DOCOMO received a pan-India license to operate GSM telecom services and rolled out GSM services in all the 18 telecom Circle where it received spectrum from the Government of India in the quick span of just over a year. One of the key milestones in October 2011 was the brand integration exercise at TTL, which saw the company’s many brands being consolidated under its single flagship brand, Tata DOCOMO. This helped TTL leverage the benefits of brand synergies and capitalize on its vast retail and distribution network, which is the largest amongst all private telecom operators in the country. Tata DOCOMO marks a significant milestone in the Indian telecom landscape, and has already redefined the very face of telecoms in India, being the first to pioneer the per-second tariff option part of its ‘pay for what you use’ pricing paradigm. Tata Teleservices Limited also became the first Indian private telecom operator to launch 3G services in India under with the launch of services in November 2010 in all nine telecom Circle where the company bagged the 3G license. In association with its partner NTT DOCOMO, the company finds itself favorably positioned to leverage this first-mover advantage. With 3G, Tata DOCOMO has begun to redefined the very face of telecoms in India. Tokyo-based NTT DOCOMO is one of the world’s leading mobile operators in Japan; the company is the clear market leader, used by nearly 55 Indus Business Academy

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SIP Report On Receivable Management per cent of the country’s mobile phone s. TTL entered into a strategic partnership agreement with Indian retail giant Future Group to offer mobile telephony services under a new brand name T24, on the GSM platform. Tata Teleservices also has a strategic tie up with Virgin Mobile that primarily caters to youth segment offering mobility services on both CDMA and GSM platform. Tata Teleservices is the undisputed market leader in the fixed wireless telephony market amongst private operators. In the wireless mobility space, the company in the past has been rated as the ‘Least Congested Network’ in India for eight consecutive quarters by the Telecom Regulatory Authority of India through independent surveys. Today, Tata Teleservices, along with Tata Teleservices (Maharashtra) Limited, has a reach in more than 450,000 towns and villages across the country, with a bouquet of telephony services encoming Mobile Services, Wireless Desktop Phones, Public Booth Telephony and Wire line Services. In December 2008, Tata Teleservices announced a unique reverse equity swap strategic agreement between its telecom tower subsidiary, Wireless TT Info-Services Limited, and Quippo Telecom Infrastructure Limited with the combined entity kicking off operations with 18,000 towers, thereby becoming the largest independent entity in this space and with the highest tenancy ratios in the industry. Today, the combined entity which has been re-christened as VIOM Networks has a portfolio of nearly 60,000 towers. The company in the recent past has won many awards. TTSL was named The Best Emerging Markets Carrier by Telecom Asia, and received 8 awards at the World HRD Conference, including 5th Best Employer in India. The company also received 3 awards at the Telecom Operator Awards 2010 from Tele.net; Best Company, CEO of the Year and Best Quality of Service, and Business Standard award for 'Most Innovative Brand of the Year'. Tata DOCOMO was recently recognized as the best “Utility VAS Service Provider” and “Best Mobile Broadband Service Provider” for the year 2012 by Frost & Sullivan. In which Sun Management Service is the only authorized collection agency in Bangalore for all the products collection like wireless, walky, CDMA, VDATA..etc and the monthly collection is in the range of 1.5 to 2 Crore and sun management is the part of Tata Teleservices for all the collection.

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SIP Report On Receivable Management

History

Tata Teleservices (TTSL) is an Indian broadband and telecommunications service provider based in Mumbai, Maharashtra, India at 1996. It is a subsidiary of the Tata Group, an Indian conglomerate. It operates under the brand name Tata DoCoMo in various telecom circles of India. In November 2008, Japanese telecom giant NTT Docomo picked up a 26 per cent equity stake in Tata Docomo a subsidiary of Tata teleservies for about 130.7 billion (US$2.2 billion) or an enterprise value of 502.69 billion (US$8.6 billion). In February 2008, TTSL announced that it would provide CDMA mobile services targeted towards the youth, in association with the Virgin Group on a franchisee model basis. Tata Teleservices provides mobile services under the following brand names:



Tata DoCoMo (CDMA & GSM mobile operator, wireless broadband)



Virgin Mobile (CDMA & GSM mobile operator)



T24 Mobile (GSM mobile operator)

Sun Management Services is started at July 6th 2010 for the collection of s for Tata Teleservices. Sun Management Services is the authorized collection agency for TATA Teleservices. Sun Management has been collecting from clients overdue s for more than 3 years, and in this time sun management have met this challenge despite boom-and-bust economies, as well as truly remarkable technical changes too. But, throughout all of these years, sun management have always understood that they are good at the last overdue collection successfully. In today's difficult economic times where sun management are witnessing unusually high levels of personal and company debt, it is essential that make with the customers quickly before they skip their address and move on owing invoice money. Fortunately, when you find yourself with a debtor that has gone away from their given address, sun management have both the experienced people and the technology to trace the debtor’s in new address.

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SIP Report On Receivable Management

Market share With the new players coming in, the intensity of competition in the industry has increased, especially over the last four year. The market share of telecom operators of the telecom companies reflects the fragmented nature of the industry, with as many as 15 players. As on January 2013, Bharti telecom led the market with 24.7% share, Reliance 14.5%, Vodafone 19.9%, Idea 16.2%, BSNL 8.0%, Tata 6.5%, Aircel 5.5%, with the remaining share being held by the small operator.

Market Share TATA 6.5%

Aircel 5.5%

BSNL 8.0%

Bharti Airtel 24.7%

Reliance 14.5%

Idea 16.2%

Vodafone 19.9%

Bharti is far ahead with close 25% market share in India, followed by Vodafone 19.9%.Where the Idea 16.2% having battle with Vodafone 19.9%. Aircel has the close competition with TATA with 1%. Similarly Reliance has a close competition with Idea.

Company’s Performance Analysis: 

Net sales have increased tremendously over the year 2010-2011 but have

remained stagnant thereafter because of heavy competition from other players. 

Sun Management annual collection is the get increased from 14 Crores to 23

Crores from the year 2012 to 2013

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SIP Report On Receivable Management

Name

Last Price

Market

Cap

(Rs. Cr)

Sales

Net Profit /

Turnover

Loss

(Rs. Cr)

Cr)

(Rs.

Total Assets (Rs. Cr)

Bharti Airtel

305.5

115,805.68

41,603.80

5730.00

63,559.00

Idea Cellular

145.80

48,258.14

19,275.32

576.54

23,072.72

143.90

29,701.35

12,135.00

156.00

73,068.00

172.85

4926.23

4091.77

171.34

8087.80

7.10

1356.50

2470.25

-517.55

4237.96

10.45

152.25

4057.96

433.06

4115.30

17.25

1089.90

3373.25

-4109.78

12,184.20

Reliance Comm Tata Comm Tata Teleservices Tulip Telecom MTNL



TATA Teleservices faces severe problem with the competition from all

these companies

Comparative analysis of the Tata Teleservices Competitors:

100% 80% 60%

Total Assets (Rs. Cr)

40% Net Profit / Loss (Rs. Cr) 20% Sales Turnover (Rs. Cr) 0% -20% -40%

Ratio Analysis:

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SIP Report On Receivable Management Profitability Ratio(%) Operating

Profit

Margin

Gross Profit Margin

Net Profit Margin Ratio

Mar-12

Mar-11

Mar-10

20.71

11.15

21.42

-1.28

-22.13

-2.13

-20.65

2.19

-13.44

Gross profit ratio may be indicated to what extent the selling price of goods per unit may be reduced without incurring losses operations. It reflects efficiency with which a firm produces its products. As the gross profit is found by deducting cost of goods sold from the net sales, higher the gross profit better it is. However the gross profit earned should be sufficient to recover all operating expenses and to build up reserves after paying all fixed interest charges and dividends. While comparing to past year of 2011 the TATA Teleservices profit margin get increased from -22.13 to 1.28 even though it is in negative the profit earning was much higher. It can be because of over valuation of opening stock or under valuation of closing stock. Net profit ratio is used to measure the overall profitability and hence it is very useful for the proprietors. The ratio is very useful as if the net profit is not sufficient, the firm shall not be able to achieve a satisfactory return of its investment. This ratio also indicates the firm’s capacity to face adverse economic conditions such as price competition, low demand, etc. Obviously, higher the ratio the better is the profitability. The net profit for the year 2012 has drastically down while compare to the year 2011. Operating Ratio is calculated in order to calculate the operating efficiency of the concern. As this ratio indicates about the percentage of operating cost to the net sales, so it is better for a concern to have this ratio in less percentage. The less percentage of cost means higher margin to earn profit. It means for each Rs 100 of sales the company is incurring Rs 93 as an expense, the profit will be Rs. 7. In the liquidity ratio tell us whether a business is able to meet its short term obligation my measuring whether it has enough assets to cover its liabilities. A high current ratio Indus Business Academy

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SIP Report On Receivable Management means that management has large amount of cash on hand, they may be doing a poor job of investing it. Acceptable current ratios vary from industry to industry and are generally between 1.5 and 3 for healthy businesses. Low values for the current ratios (values less than 1) indicate that a firm may have difficulty meeting current obligations. Low values, however, do not indicate a critical problem. If an organization has good long-term prospects, it may be able to borrow against those prospects to meet current obligations. TATA Teleservices has the current ratio greater while comparing to previous year from 0.14 to 0.35 i.e., in the year from 2010 to 2012.

Current Ratio Analysis Mar'12

Mar'11

Mar'10

21%

52% 27%

Quick ratio gives us an idea on the ability of a company to meet its short-term liabilities with its short-term assets. Can be used to compare the quick ratio with the current ratio. If the current ratio is significantly higher, it is a clear indication that the company's current assets are dependent on inventory. It is a liquidity indicator.

Inventory turnover ratio measures the velocity of conversion of stock into sales. Usually a high inventory turnover/stock velocity indicates efficient management of inventory because more frequently the stocks are sold; the lesser amount of money is required to finance the inventory. A low inventory turnover ratio indicates an inefficient management of inventory. A low inventory turnover implies overinvestment in inventories, dull Business, poor quality of goods, stock accumulation, accumulation of obsolete and slow moving goods and low profits as compared to total investment.

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SIP Report On Receivable Management

Inventory Turnover Ratio Analysis

22% 41%

Mar'12 Mar'11 Mar'10

37%

The inventory turnover ratio is also an index of profitability. Where a high ratio signifies more profit. a low ratio signifies low profit, if the inventory keeps on moving, the profit margin tends to increase.

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SIP Report On Receivable Management

SWOT Analysis:

Strength

Weakness

Opportunities

Threats

•Huge customer potential •High return on investment •High growth rate •Low capital expenditure •Liberalization effort by Govt

•Payment beyond •Pending order •Dispute Invoice

•More quality services •Telecom Equipment Export •Value added services (VAS) •3G Telecom services and 4G Services

•Short payment •Telecommunication Policies •Decline of average revenue per •Partiality on the part of the Govt. •Content Piracy

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SIP Report On Receivable Management

Organizational Structure:

Manager

Assistant Manager

Collection

istrative Assistant

Manager

s specialist

Supervisor

Executives

istrative

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s Clerk

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SIP Report On Receivable Management

Receivable Management:

What is Receivables?

ing term for amount due from a customer. Receivables are classified as s receivables, note receivables, etc., and represent an asset of the firm.

Meaning of Receivables s receivable is an ing transaction which deals with the billing of customer who owes money to a person, company or organization for goods and services that has been provided to the customers. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe called credit or payment .

Definition of Receivables

The term receivable management is defined as ―debt owed to the firm by customer arising from the sale of goods/ services in the ordinary course of business. The receivable represents an important component of the current assets of the firm. Receivables may be known as s receivables, trade creditors or customer receivable. When a firm its products / services and does not receive cash for it immediately, the firm has said to be granted trade credit to the customers. Trade credit thus creates receivable / book debts, which the firm is expected to collect in near future. s receivable are thus amounts due from customers, which bear no interest in essence, a company is providing no cost financing to the customer to encourage the purchase of the company’s product/services

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SIP Report On Receivable Management

Importance of Receivables Management: It can be argued that revenue generation is the most critical function of a company. Dot-com companies that created exciting new products but failed to generate significant revenue burned through their cash and ceased operating.

Every

company expends substantial resources to generate increasing levels of revenue. However, that revenue must be converted into cash. Cash is the lifeblood of any company. Every Rupee of a company’s revenue becomes a receivable that must be managed and collected. Therefore the staff and processes that manage your receivables asset: 

Manage 100% of your company’s revenue.



Serve as a service touch point for virtually all your customers. (Only Sales

and Customer Service speak more with your customers.) 

Can incur or save millions of dollars of bad debt and interest expense.



Can injure or enhance customer service and satisfaction, leading to

increases or decreases in revenue. If increasing revenue, enhancing customer satisfaction, and reducing expenses are important to you, read on.

The benefits of effectively managing the receivables asset are: 

Increased cash flow



Higher credit sales and margins



Reduced bad debt loss



Lower istrative cost in the entire revenue cycle



Decreased deductions and concessions losses



Enhanced customer service



Decreased istrative burden on sales force

These benefits can easily total millions in profit and tens of millions of cash flow in a year.

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SIP Report On Receivable Management

Objective of s Receivable Management:



Creating, presenting and collecting ing receivables.



Evaluation of customers and setting credit limits.



Ensure prompt and accurate billing.



Maintaining up-to-date records.

Goals of Receivable Management:

The basic goal of credit management is to maximize the value of the firm by achieving a tradeoff between the liquidity (risk and profitability). The purpose of credit management is not to maximize sales, nor to minimize the risk of bad debt. If the objective were to maximize sales, then the firm would sell on credit to all. On the contrary, if minimization of bad debt risk were the aim, then the firm would not sell on credit to anyone. In fact, the firm should manage its credit in such a way that sales are expanded to an extent to which risk remains within an acceptable limit. Thus to achieve the goal of maximizing the value, the firm should manage its trade credit.

The efficient and effective credit management does help to expand sales and can prove to be an effective tool of marketing. It helps to retain old customers and win new customers. Well istrated credit means profitable credit s. The objectives of receivable management is to promote sales and profits until that point is reached where the return on investment is further funding of receivables is less than the cost of funds raised to finance that additional credit.

Granting of credit and its management involve costs. To maximize the value of the firm, these costs must be controlled. These thus include the credit istration expanses, b/d losses and opportunity costs of the funds tied up in receivable. The aim of credit management should be to regulate and control these costs, not to eliminate them altogether. The cost can be reduced to zero, if no credit is granted. But the profit foregone on the expected volume of sales arising due to the extension of credit.

Debtors involve funds, which have an opportunity cost. Therefore, the investment in receivables or debtors should be optimized. Extending liberal credit pushes sales and Indus Business Academy

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SIP Report On Receivable Management thus results in higher profitability but the increasing investment in debtors results in increasing cost. Thus a tradeoff should be sought between cost and benefits to bring investment in debtors at an optimum level. Of course the level of debtors, to a great extent is influenced by external factors such as industry norms, level of business activity, seasonal factors and the degree of completion. But there are a lot of internal factors include credit , standards, limits and collection procedures.

Different

Type

Of

Cost

Associated

With

Receivable

Management:

Receivables are a type of investment made by a firm. Like other investments, receivables too feature a drawback, which are required to be maintained for long that it known as credit sanction. Credit sanction means tie up of funds with no purpose to solve yet costing certain amount to the firm. Such costs associated with maintaining receivables are detailed below:

istrative Cost:

If a firm liberalizes its credit policy for the good reasons of either maximizing sales or minimizing erosion of sales, it incurs two types of costs:

Credit Investigation and Supervision Cost:

As a result of lenient credit policy, there happens to be a substantial increase in the number of debtors. As a result the firm is required to analysis and supervises a large volume of s at the cost of expenses related with acquiring credit information either through outside specialist agencies or forms its own staff.

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SIP Report On Receivable Management Collection Cost:

A firm will have to intensify its collection efforts so as to collect the outstanding bills especially in case of customers who are financially less sound. It includes additional expenses of credit department incurred on the creation and maintenance of staff, ing records, stationary, postage and other related items.

istrative Cost

Default Cost

Cost Associated With Receivable Management

Capital Cost

Delinquency Cost

Capital Cost:

There is no denying that maintenance of receivables by a firm leads to blockage of its financial resources due to the tie log that exists between the date of sale of goods to the customer and the date of payment made by the customer. But the bitter fact Indus Business Academy

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SIP Report On Receivable Management remains that the firm has to make several payments to the employees, suppliers of raw materials and the like even during the period of time lag. As a consequence, a firm is liable to make arrangements for meeting such additional obligations from sources other than sales. Thus, a firm in the course of expanding sales through receivables makes way for additional capital costs.

Delinquency Cost:

This type of cost arises on of delay in payment on customer's part or the failure of the customers to make payments of the receivables as and when they fall due after the expiry of the credit period. Such debts are treated as doubtful debts. They involve: 

Blocking of firm's funds for an extended period of time,



Costs associated with the collection of overheads, remainders legal expenses

and on initiating other collection efforts.

Default Cost:

Similar to delinquency cost is default cost. Delinquency cost arises as a result of customers delay in payments of cash or his inability to make the full payment from the firm of the receivables due to him. Default cost emerges a result of complete failure of a defaulter (customer) to pay anything to the firm in return of the goods purchased by him on credit. When despite of all the efforts, the firm fails to realize the amount due to its debtors because of him complete inability to pay for the same. The firm treats such debts as bad debts, which are to be written off, as cannot be recovers in any case.

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SIP Report On Receivable Management

Different Steps Involved In Debt Collection Collect the Outstanding list

Take out Customer wise Statement

Reconcile and identify the bills

Take Print outs of Invoice bills as duplicate copy

Fix an appointment with the Customer

Finalize Reconciliation with customer

Collect Money

Make documents for write off proposals if required

Step 1-Collect the Outstanding list First step is to collect the outstanding list in which the customer who has not yet paid the bill amount for the respective number. Once this list is prepared then it will be easy to keep track of the particular bill and amount.

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SIP Report On Receivable Management

Non- arranging of customer wise statement _NO

Customer

_PRODUCT

GOODTIMES MARKETING GOODTIMES MARKETING

Standard Wireless Standard Wireless

208476272

GOOGLE

Level DID PRI

M25

911543219

GOOGLE

Standard Wireless

M03

909860390 909873077

900251640 209258217

GODREJ & ISDN BRI LINE BOYCE GODREJ Standard PROPERTIES Wireless

BILL_PERIOD

M15 M25

D28 M25

909440843

ERICSSION

Centrex Wirelin

M25

909538853

ERICSSION

VDATA

M25

207771899

ESSAR

MH-Conference

D28

207771973

ESSAR

COMMON

D28

HIGHER_B UCKET

361 720 151 180 361 720 121 150

to to to to

>720

Net_Billing_ May13

17,978.00 12,657.00 9,438.00 10,964.00 11,030.00

361 to 720 241 to 360 241 to 360 >720 Credit Balance

Total

10,112.00 12,972.00 3,545.00 2,665.00 2,239.00 93,600.00

Arranging of Customer wise statement _NO

909860390 909873077

Customer

_PRODUCT

GOODTIMES MARKETING GOODTIMES MARKETING

Standard Wireless Standard Wireless

BILL_PERIOD

M15 M25

HIGHER_BU CKET

361 720 151 180

Net_Billing _May13

to 17,978.0 0 to 12,657.0 0

Step 2-Take out Customer wise statement This is the second step in receivable, If the customer wise s are get separated it will be easy for the organization to know which customer having the most outstanding payment bills. Below are the list with some of the companies receivable without arranging in customer wise , this make the complex situation to track the customer wise record. If the organization follows the customer wise statement then it will be easy to track the outstanding payment bills.

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SIP Report On Receivable Management Outstanding Payment bill list ACCOU

BILL

Net_Billi

NT_PR

_PER

ng_May1

ODUCT

IOD

3

ACCOUN

Invoice

Custo

T_NO

No

mer

90792265

20929514

GOOG

Flexi-

1

5

LE

Toll

20600764

20931135

GOOG

9

4

LE

M03

ISDN PRI

D28

LINE

Total

101,067. 00 163,108. 00

HIGHER_BU CKET

361 to 720

361 to 720

264175.00

Step 3- Reconcile and identify the bills In ing process the reconcile is used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconcile is the key process used to determine whether the money leaving an matches the amount spent, ensuring that the two values are balanced at the end of the recording period. In this once they pay the bill amount, the amount can be check whether they pay exactly as per the invoice number and , If they pay exactly as per the bill amount then in the status tab, It should be mentioned as has cleared. If they haven’t paid as per the bill amount then it should filed separately to go for the next process of receivable.

Step 4 - Take Print outs of Invoice bills as duplicate copy In this step the invoice bill duplicate copy is prepared to check with the amount and Invoice number whether the customer as pay the correct amount as per the bill, The main purpose to undergo this step is to cross check the bill amount.

Step 5 - Fix an appointment with the Customer Next step of duplicate copy is fix an appointment with the customer by either through mail or by call to ensure about the payment that they made for invoice bill. This step will be applicable only for the customer who made the short payment while comparing to invoice bill generated. Indus Business Academy

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SIP Report On Receivable Management Step 6 - Finalize Reconciliation with customer After completion of fixing an appointment with customer then finalize the reconciliation with customer. In this step the both creditor and debtors will finalize the amount for the respective product usage.

Step

7 - Collect Money

Once they finalize the reconciliation with customer, then the customer will ready to pay the amount either by check or by NEFT etc.

Step 8 - Make documents for write off proposals if required The last step of receivable is to make a document, In which amount collected from the customer for the respective invoice number. This is to make sure that which customer has paid the bill and still which customer is in pending.

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SIP Report On Receivable Management

Receivable Working Process Flow

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SIP Report On Receivable Management

Invoicing

The purpose of presenting an invoice (also called billing) to a customer is to secure payment for having provided a product or service (or as a deposit on the future provision of a product or service). The invoicing function in many companies is highly automated, requires little manual intervention, and is often overlooked. However, invoicing accuracy is the single most important determinant of effective and efficient receivables management. Accurate invoicing has been the central theme in our discussions of the quotation, contract istration, pricing, and order processing functions. Accuracy in billing cannot be achieved unless the aforementioned functions are performed properly. Accurate invoicing directly drives: 

Lower receivables delinquency and increased cash flow



Reduced exposure to bad debt loss



Lower cost of istering the entire revenue cycle



Enhanced customer service and satisfaction

In fact, many customers, in rating their vendors, measure invoice ac- curacy. The reason is that inaccurate invoices raise their internal cost of paying bills and, therefore, are part of the total cost of buying from a vendor. The two key objectives of invoicing are accuracy and speed. Accuracy is defined as meeting the customer’s requirements for timely payment of an invoice. Companies often complain how difficult it is to conduct business with government agencies or with large, bureaucratic companies, citing slow payments. While it is true that accurate invoices are some- times lost or paid slowly, the predominant cause of delinquent receivables from this type of customer is failing to meet their invoicing requirements. Often a government

agency or

large

customer’s

invoicing

requirements may be different from the majority of customers. You may feel that the requirements are outdated, unnecessary, or arcane, but in order to receive timely payment, they must be met. Even if customized processing is required to generate an invoice that meets requirements, it is usually worth the extra expense, especially since you will end up producing a “customized” invoice in the resolution of a dispute. Speed is defined as presenting an invoice to the customer as soon as permissible under the of the business agreement (usually after shipping a product, rendering a service, or achieving a milestone). Invoice presentation can be Indus Business Academy

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SIP Report On Receivable Management accelerated by electronic presentation. Many companies begin the countdown to the due date on receipt of the vendor invoice, so speed of invoicing is critical to maximize receivables asset turnover. Speed, however, is less important than accuracy, as an inaccurate invoice will typically delay payment by several weeks. A delay of a few days to ensure accuracy is worth the avoidance of weeks of delay caused by a disputed invoice. An accurate invoice will usually be paid by the customer around the due date with no further effort or perhaps one collection follow up re- minder. An inaccurate invoice will generate at least one collection follow up, then an investigation into the dispute, resolution, and correction via issuing a credit memo. Resolution of an inaccurate invoice will require much more time and can impact several individuals. In addition, there is the interest cost of receivables delinquency of the inaccurate invoice. In a high-invoice-volume environment, this will be a serious cost and delinquency problem. Best Practice is for the invoice to clearly display this information: 

Bill-to address: customer company name, address.



Bill-to approval authority (where applicable) or department (s

payable) at the customer to whom the invoice must go. 

Ship-to address.



Invoice number and date.



Customer number.



Date product shipped or service delivered.



Total amount due.



Payment .



Due date.



Remittance addresses (post office box or lockbox for regular mail, street

address of lockbox for courier deliveries, and bank information for wire transfers and other electronic payments). 

Phone number (and/or name) of person to call if the customer has a

question about the invoice, with phrase “Questions about this invoice should be directed to. 

Tear-off remittance portion, with instructions to include in- voice number,

amount paid for each invoice, customer number, how to pay with a credit or procurement card, a change of address section, and any Optical Character Readable (OCR) number or bar code for scanning. Also include a request to return the remittance portion or list the information on the check or electronic payment. Indus Business Academy

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SIP Report On Receivable Management 

Boldface message in large font, stating “Please pay ₹ xxxx.yy by month, day,

year.” 

Attachments as required by customer.



Invoice should have a header similar to vendor company letterhead, showing

name, address, logo. The phrase “Original Invoice” should appear on the invoice. To ensure your invoice is easy to handle, put yourself in the shoes of the s payable clerk who has to review the in- voice and match it to a PO and receiving document. The invoice should be clear, easy to read, highlight the most important in- formation, and convey a message of what action you want (i.e., pay in full by specified date to lockbox). Best Practice is to present invoices electronically (Electronic Data Interchange [EDI], Electronic Invoice Presentation and Payment [EIPP], or other electronic means), to bill as quickly as possible, and to ensure it is accepted by the customer. If a customer claims not to have received invoices, it is prudent to check the elec- tronic confirmation of receipt with a phone call to the customer to ensure the invoices were routed to the proper department within the customer. Earlier we stated that accuracy is more important than speed in invoicing. Having said that, the level of unbilled receivables must be constantly monitored and managed so it can be minimized. Unbilled receivables occur most frequently in service industries, where service is rendered, but invoices are generated weekly or, in extreme cases, monthly. Accelerating accurate billing will increase cash flow.

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SIP Report On Receivable Management Invoice Sample copy

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Deductions Processing A deduction occurs when a customer pays an invoice less than the full amount. Deductions are also called short payments. Customers take deductions when they do not agree with the amount of the invoice or if they believe they are owed money by the vendor. Instead of waiting for the vendor to issue a credit memo, which would be applied to their next remittance, companies take the deduction because it puts money in their pocket now rather than waiting weeks for the credit memo. Some customers may withhold payment of the entire invoice until it is resolved to their satisfaction (via a corrected invoice or credit memo), but most will deduct. Examples of disagreements with the invoice are: 

Price: gross, promotional, discount



Quantity of products or service hours received



Quality: damaged or inferior products or services

Examples of deductions taken because the customer is owed money by the vendor: 

Volume or other rebates



Cooperative advertising



Return of products not yet credited (We have seen cases where the returns

were not shipped, yet the deduction was still taken.) 

Shelf space charges



Charges for special handling of mislabeled or poorly packaged products, or

products delivered to the wrong location Customers, especially large retailers, have become very creative and very aggressive with deductions. Deductions are taken unilaterally by customers, based on their perception of whether the invoice was correct, the shipment proper, and so on. Even if a vendor conformed to all customer specifications and invoiced 100% accurately, it would still incur deductions. For many companies, the volume of deductions taken by their customers can number in the thousands every month. Unless such companies have an efficient process for handling deductions, they will be overwhelmed by the volume. There are two major perils of not processing deductions well or on a timely basis: 

Revenue and profit margins will decrease because of invalid deductions taken

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SIP Report On Receivable Management 

Revenue and receivables will be overstated in financial reports. This is

critically important with the age of the Sarbanes-Oxley Act of 2002. The three dilemmas in managing deductions are: 

The volumes can be huge, and the damage can be serious if they are not

managed well. 

The cost of processing and managing deductions can be substantial.



The yield or payback can be small. Typically, customers are correct on

approximately 95% of the deductions they take. It is not cost efficient to expend a large amount of resources and expense to scrutinize every deduction, when 95% of them will be conceded. If you do nothing, however, some customers will become more aggressive in taking deductions, and margins will suffer. The challenge is to process deductions promptly so they do not distort financial reporting, to catch and recover invalid ones, and not to spend a lot of money to process adjustments 95% of the time. It is a daunting challenge, and the resolution must balance the cost/benefit trade-off in a way that fits an individual company’s strategy and profitability.

Contribution

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SIP Report On Receivable Management

Aging Analysis Why an Aging Schedule is Important? An aging schedule is a way of finding out if customers are paying their bills within the credit period prescribed in the company's credit . Every day that a customer is late making payment on their costs your company money from a cash flow point of view, so preparing an aging schedule and acting upon with regard to your collections policy is an important financial management step for a business firm. If you find that a high percentage of your customers are slow in paying their bills, you should re-evaluate your credit and collections policies and make some changes. An s receivable aging report summarizes receivables based on their age that is, how long they have been outstanding. The aging schedule is a useful tool for analyzing the makeup of the s receivable balance. Analyzing the schedule allows auditors to spot any problems in s receivable early enough to protect the business from major cash flow problems.

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Research Methodology Statement of problem Following are the problems faced by the company: 

Delay in receiving payments.



Outstanding payment disputes.



Payments mismatch.

Objectives Finding out the root cause of the problem:

Findings 

Delay in receiving payments, occurs mainly due to the delay in processing the

invoice to the customers by the Field Executives.



Outstanding payment disputes occur due to the non-clearance of invoice amount

received from the customers. Non updation of collected amount from the clients leads to double outstanding amount and confusion at the end of the next month, while actually the amount has been collected and it creates customer discontentment. 

Payment mismatch occurs due to, non-receipt of exact invoice amount, the

unmatched amount gets transferred to suspense , which needs manual assistance for rectification, consuming lot of time and manpower resource.

Recommendations  

Introduce Incentive Systems in their salary structure for Field Executives. Company can refer Applications based process rather than manual process.

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SIP Report On Receivable Management

Conclusion

This project helped to understand the s receivables management activities under the company sun management services atmosphere. Company’s most activities which have performed, was totally based on manual. If they used applications to collect outstanding payments bill then the accuracy, speed, tracking of customer will be much easier and faster and effective manage resource by using the application, the company can reduce the manpower and generate more profit to the business. receivable application is the one time investment, which take very less time as compare to manual process to create outstanding bill. This project helped to understand the receivable management process and gave the knowledge in manual collection of receivable, this is very essential to understand for fresher employee. Many companies are using application to collect the receivable, which reduce the cost of company as well as quicker in sending remainder mails to the customer. It also helped me to understand the risk and controls in the process and how to mitigate the risks involved.

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Webliography 

http://www.nseindia.com



http://www.moneycontrol.com



http://money.rediff.com



http://www.tatateleservices.com



http://www.trai.gov.in



Sunmanagementservices.com

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