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Prasanth Thampi
Posted 22 Jul
Location: Cochin 682021, India
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Expired ad. Please do not contact! IIBMS ANSWERS PROVIDED BY Dr. PRASANTH (MBA, PhD, DME)
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[email protected] WEBSITE : www.casestudyandprojectreports... IIBMS CASE STUDY ANSWER IIBMS ANSWER SHEET IIBMS MBA ANSWER SHEET IIBMS EMBA ANSWER SHEET IIBMS DMS ANSWER SHEET IIBMS BMS ANSWER SHEET IIBMS PRINCIPLE OF PRACTICE MANAGEMENT CASE – 1 Aravali Hospital was built two years ago, and currently has a workforce of 215 people. The hospital is small, but because it is new, it is extremely efficient. The board has voted to increase its capacity from 60 to 180 beds. By this time next year, the hospital will over three times as large as now, in terms of both beds and personnel. The administrator, Maya Joshi, feels that the major problem with this proposed increase is that hospital will lose its efficiency. “I want to hire people who are just like our current team of personnel—hardworking, dedicated talented, and able to interact well with patients. If we triple the number of employees, I do not see how it will be possible to maintain our quality of patient care. We are going to lose our family atmosphere. We will be inundated with mediocrity, and we will end up being like every other institution in the local area—large and uncaring.” The chairman of the board is also concerned about the effect of hiring such a large number of employees. However, he believes that Joshi is over-reacting. “It cannot be that hard to find people who are like our current staff. There must be a lot of people out there who are just as good. What you need to do is develop a plan of action that will allow you to carefully screen those who will fit into your current organisational culture, and those who will not. It is not going to be as difficult as you believe. Trust me. Everything will work out just fine”. As a result of the chairman’s comments, Joshi had decided that the most effective way of dealing with the situation is to develop a plan of action. She intends to meet with her administrative group and determine the best way of screening incoming candidates, and then helping those who are hired to become socialised in terms of the hospital’s culture. Joshi has called a meeting for day after tomorrow. At that time, she intends to discuss her ideas, get suggestions from her people, and then formulate a plan of action. Questions 1. What can Joshi and her staff do to select the type of entry-level candidates they want? 2. How can Joshi ensure that those who are hired come to accept the core cultural values of the hospital? What steps would you recommend? CASE – 2 Leo Medical Diagnostic and Research Center has patented its new invention of poly fiber cardiovascular valve. The product developed is a novel one and can be manufactured at a very low cost. The utility and life of the product in laboratory testing was found to be more than the life of the patients. The product could enhance the life of patient by at least five years. Considering all these factors Leo Medical Diagnostic and Research Center chose to set a unit to manufacture the product. However, the company has a dilemma. As the product is new and requires the acceptance of medical community, it is considering appointing a promotion and sales co-coordinator to manage the promotional and communication efforts of the firm. Questions (a) Do you think the number of units of a product to be manufactured is a random number? Explain your reasoning. (b) How does one determine the number of units of a product to be manufactured in an organisation? (c) What are the elements you would take into consideration for forecasting the production and sales requirement of the product developed by Leo Medical Center? (d) How would you go about planning and organising the manufacturing and selling efforts of the organisation? CASE – 3 Hari Mohan has a position on the corporate planning staff of a large company in a high technology industry. Although he has spent most of his time on long-range, strategic planning for the company, he has been appointed to a task force to reorganize the company. The president and the board of directors are concerned that they are losing their competitive position in the industry because of an outdated organisation structure. Being a planning expert, Hari Mohan convinced the task force that they should proceed by first determining exactly what type of structure they have now, then determining what type of environment the company faces, now and in the future, and then designing the organisation structure accordingly. In the first phase, they discovered that the organisation is currently structured along classic bureaucratic lines. In the second phase, they found that they are competing in a highly dynamic, rapidly growing and uncertain environment that requires a great deal of flexibility and response to change. Questions (a) What type or types of organisation design do you feel this task force should recommend in the third and final phase of the approach to their assignment? (b) Explain how the systems and the contingency theories of organisation can each contribute to the analysis of this case. (c) Do you think Hari Mohan was correct in his suggestion of how the task force should proceed? What types of problems might develop as by-products of the recommendation you made in question 1? CASE – 4 Bharat Engineering Works Limited is a major industrial machineries besides other engineering products. It has enjoyed market preference for its machineries because of limited competition in the field. Usually there have been more orders than what the company could supply. However, the scenario changed quickly because of the entry of two new competitors in the field with foreign technological collaboration. For the first time, the company faced problem in marketing its products with usual profit margin. Sensing the likely problem, the chief executive appointed Mr Arvind Kumar as general manager to direct the operations of industrial machinery division. Mr Kumar had similar assignment abroad before coming back to India. Mr Kumar had a discussion with the chief executive about the nature of the problem being faced by the company so that he could fix up his priority. The chief executive advised him to consult various heads of department to have first hand information. However, he emphasised that the company lacked an integrated planning system while members of the Board of Directors insisted on introducing this in several meetings both formally and informally. After joining as General Manager, Mr Kumar got briefings from the heads of all departments. He asked all heads to identify major problems and issues concerning them. The marketing manager indicated that in order to achieve higher sales, he needed more sales support. Sales people had no central organisation to provide sales support nor was there a generous budget for demonstration teams which could be sent to customers to win business. The production manager complained about the old machines and equipments used in manufacturing. Therefore, cost of production was high but without corresponding quality. While competitors had better equipments and machinery, Bharat Engineering had neither replaced its age-old plant nor reconditioned it. Therefore to reduced the cost, it was essential to automate production lines by installing new equipment. Director of research and development did not have specific problem and therefore, did not indicate for any change. However, a principal scientist in R&D indicated on one day that the director of R&D, though very nice in his approach, did not emphasize on short-term research projects, which could easily increase production efficiency by at least 20 per cent within a very short period without any major capital outlay. Questions (a) Discuss the nature and characteristics of the problems in this case. (b) What steps should be taken by Mr Kumar to overcome these problems? CASE – 5 The president of Simplex Mills sat at his desk in the hushed atmosphere, so typical of business offices, after the close of working hours. He was thinking about Rehman, the manager in-charge of purchasing, and his ability to work with George, the production manager, and Vipulabh, the marketing and sales manager in the firm. When the purchasing department was established two years ago, both George and Vipulabh agreed with the need to centralise this function and place a specialist in charge. George was of the view that this would free his supervisors from detailed ordering activities. Vipulabh opined that the flow of materials into the firm was important enough to warrant a specialised management assignment. Yet since the purchasing department began operating it has been precisely these two managers who have had a number of confrontations with the new purchase manager, and occasionally with one another, in regard to the way the purchasing function in being carried out. From George’s point of view, instead of simplifying his job as production manager by taking care of purchasing for him, the purchasing department has developed a formal set of procedures that has resulted in as much time commitment on his part as he had previously spent in placing his orders directly with vendors. Further, he is specially irritated by the fact that his need for particular items or particular specification is constantly being questioned by the purchasing department. When the department was established, George assumed that the purchasing manager was there to fill his needs, not to question them. As Vipulabh sees it, the purchasing function is an integral part of marketing function, and the two therefore need to be jointly managed as a unified process. Purchasing function cannot be separated from a firm’s overall marketing strategy. However, Rehman has attempted to carry out the purchasing function without regard for this obvious relationship between his responsibilities and those of Vipulabh, thus making a unified marketing strategy impossible. In his previous position, Rehman had worked in the purchasing department of a firm considerably larger than Simplex. Before being hired, he was interviewed by all the top managers, including George and Vipulabh, but it was the president himself who negotiated the details of the job offer. As Rehman sees it, he was hired as a professional to do a professional job. Both George and Vipulabh have been distracting him from this goal by presuming that he is somehow subordinate to them, which he believes is not the case. The people in the production department, who use the purchasing function most, have complained about the detail that he requires on their requisitions. But he has documented proof that materials are now being purchased much more economically than they were under the former decentralised system. He finds Vipulabh’s interests more difficult to understand, since he sees no particular relationship between his responsibilities for efficient procurement, and Vipulabh’s responsibilities to market the firm’s products. The president has been aware of the continuing conflict among three managers for some time, but on the theory that a little rivalry is healthy and stimulating, he has felt that it was nothing to be unduly concerned about. But now that much of his time is being taken up by much of what he considers to be petty bickering, the time has come to take some positive action. Questions: 1. Is George’s view of the situation realistic? 2. How do you evaluate Vipulabh’s position? 3. How might this conflict be associated with factors in the formal organisation? 4. What should the president of Simplex Mills do now? IIBMS BUSINESS COMMUNICATION SKILL CASE I A Reply Sent to an Erring Customer Dear Sir, Your letter of the 23rd, with a cheque for Rs. 25,000/- on account, is to hand. We note what you say as to the difficulty you experience in collecting your outstanding accounts, but we are compelled to remark that we do not think you are treating us with the consideration we have a right to expect. It is true that small remittances have been forwarded from time to time, but the debit balance against you has been steadily increasing during the past twelve months until it now stands at the considerable total of Rs. 85,000/Having regard to the many years during which you have been a customer of this house and the, generally speaking, satisfactory character of your account, we are reluctant to resort to harsh measures. We must, however, insist that the existing balance should be cleared off by regular installments of say Rs. 10,000/- per month, the first installment to reach us by the 7th. In the meantime you shall pay cash for all further goods; we are allowing you an extra 3% discount in lieu of credit. We shall be glad to hear from you about this arrangement, as otherwise we shall have no alternative but definitely to close your account and place the matter in other hands. Yours truly, Questions: 1. Comment on the appropriateness of the sender’s tone to a customer. 2. Point out the old – fashioned phrases and expressions. 3. Rewrite the reply according to the principles of effective writing in business.
Case II Advertising Radio FM Brand A young, gorgeous woman is standing in front of her apartment window dancing to the 1970s tune, “All Right Now” by the one – hit band free. Across the street a young man looks out of his apartment window and notices her. He moves closer to the window, taking interest. She cranks up the volume and continues dancing, looking out the window at the fellow, who smiles hopefully and waves meekly. He holds up a bottle of wine and waves it, apparently inviting her over for a drink. The lady waves back. He kisses the bottle and excitedly says, “Yesss.” Then, he gazes around his apartment and realizes that it is a mess. “No!” he exclaims in a worried tone of voice. Frantically, he does his best to quickly clean up the place, stuffing papers under the sofa and putting old food back in the refrigerator, He slips on a black shirt, slicks back his hair, sniffs his armpit, and lets out an excited , “Yeahhh!” in eager anticipation of entertaining the young lady. He goes back to the window and sees the woman still dancing away. He points to his watch, as if to say “Come on. It is getting late.” As she just continues dancing, he looks confused. Then a look of sudden insight appears on his face, “Five,” he says to himself. He turns on his radio, and it too is playing “All Right Now.” The man goes to his window and starts dancing as he watches his lady friend continue stepping. “Five, yeah,” he says as he makes the “okay” sign with his thumb and forefinger. He waves again. Everyone in the apartment building is dancing by their window to “All Right Now.” A super appears on the screen: “Are you on the right wavelength?” Questions: 1. What is non – verbal communication? Why do you suppose that this commercial relies primarily on non-verbal communication between a young man and a gorgeous woman? What types of non – verbal communication are being used in this case? 2. Would any of the non-verbal communications in this spot (ad) not work well in another culture? 3. What role does music play in this spot? Who is the target market? 4. Is the music at all distracting from the message? 5. How else are radio stations advertised on TV? CASE III EMPLOYMENT INTERVIEW OF R P SINHA Mr. R P Sinha is a MBA. He is being interviewed for the position of Management Trainee at a reputed company. The selection committee’s is chaired by a lady Vice – President. Mr. Sinha’s interview was as follows : Committee : Good morning ! Mr. Sinha : Good morning to Sirs and Madam ! Chairperson : Please, sit down. Mr. Sinha : Thank you (sits down at the edge of the chair, keeps his portfolio on the table) 1. Chairperson : You are Mr. R. P. Sinha A Sinha : Yes, Madam. This is how I am called. 1. Chairperson : You have passed MBA with 1st Division. 2. Sinha : Yes, Madam. 3. Chairperson : Why do you want to work in our organization ? A Sinha : It is just like that. Also, because it has good reputation. 1. Member A : This job is considered to be quite stressful. Do you think you can manage the stress involved. 2. Sinha : I think there is too much talk about stress these days. Sir, would you tell clearly what you mean by stress ? I am very strong for any stress. 3. Member B : What are your strengths ? 4. Sinha : Sir, who am I talk boastfully about my strengths. You should tell me my strengths. 5. Member C : What are your weaknesses ? 6. Sinha : I become angry very fast. 7. Member A : Do you want to ask us any questions ? A Sinha : Yes Sir ! What are the future chances for one who starts as a management trainee ? The member tells M. Sinha the typical career path for those starting as Management Trainee. The Chairperson thanks Mr. Sinha. Mr. Sinha promptly says in reply, “you are welcome,” and comes out. Questions: 1. Do you find Mr. Sinha’s responses to various questions effective? Give reasons for your view on each answer given by Mr. Sinha. 1. Rewrite the responses that you consider most effective to the above questions in a job interview. 1. Mr. Sinha has observed the norm of respectful behaviour and polite conversation. But, do you think there is something gone wrong in his case ? Account for your general impression of Mr. Sinha’s performance at the interview. Case IV Outsourcing Backlash Gets Abusive, Ugly I don’t want to speak to you. Connect to your boss in the US,” hissed the American on the phone. The young girl at a Bangalore call centre tried to be as polite as she could. At another call centre, another day, another yound girl had a Londoner unleashing himself on her, “ Yound lady do you know that because of you Indians we are losing jobs.” The outsourcing backlash is getting ugly. Handling irate callers is the new brief for the young men and women taking calls at these outsourced job centers. Supervisors tell them to be “cool”. Avinash Vashistha, managing partner of NEOIT, a leading US-based consultancy firm says,” Companies involved in outsourcing both in the US and India are already getting a lot of hate mail against outsourcing and it is hardly surprising that some people should behave like this on the telephone.” Vashistha says Indian call centers should train their operators how to handle such calls. Indeed, the furore raised by the western media over job losses because of outsourcing has made ordinary citizens there sensitive to the fact that their call are being taken not from their midst but in countries, such as India and the Philippines. The angry outbursts the operators face border on the racist and sexist, says the manager of a call center in Hyderabad. But operators and senior executives of call centers reguse to go on record for fear of kicking up a controversy that might result in their companies’ losing clients overseas. “It’s happening often enough and so let’s face it,” says a senior executive of a Gurgaon call centre, adding, “This doesn’t have any impact on business.” Questions: Assume you are working as an operator at a call centre in India and are receiving irate calls from Americans and Lodoners. How would you handle such calls? Conceive a short conversation between you and your client, and put it on paper. “Keep your cool.” What does this mean in term of conversation control? Do you agree with the view that such abusive happenings on the telephone do not have any impact on business? Justify. 1. IIBMS INTERNATIONAL FINANCIAL MANAGEMENT CASE – 1 You are the CFO of a large Indian pharmaceutical company. Over the last five years your company has grown, primarily through overseas acquisitions. You started acquiring companies in Europe and North America in 2000. Your balance sheet on March 2005 has assets equivalent of US$200 million, including those of your subsidiaries. In the last board meeting, a presentation made by your European subsidiary painted a worrisome picture. This bulk drug manufacturing facility sources its raw materials from a small South African country, which is facing political unrest. This means that the reliability of this source of raw material, in the days to come, is poor. Your subsidiary is keen to source this material from a small Taiwanese firm. This Taiwanese firm is willing to supply the raw material but wants payment in US dollars for the January to June 2006 period; in euros for the July to December 2006 period through its Cayman Island bank account. If this supply contract clicks, it could mean at least two things: one, getting a reliable supplier, and two, opening a link in the Far East market. You are preparing to present a case for this supply contract to the top management. You search the web to get some data on USD/INR and Europe/INR behaviour. Question: What are the issues that you will take into account and what is the likely response from the board members? CASE – 2 “Government of India closely watching rise in FOREX reserves”. “BOP situation for India worsens over last few months due to bird flu scare.” “RBI considering possible hike in CRR, thereby signaling possible tight monetary policy.” “Political parties demanding compensation in dollar terms, for farmers for chickens culled.” These were some of the headlines screaming for your attention before the annual board meeting. You the CEO of a mega-property developing corporation—call up the chief economist to take her views into consideration. Your company has heavily invested in many mega projects and you are planning to ride the retail boom. The organization has ambitious plans to make foray into airport and seaport privatisation process. This will mean handholding with international agencies and taking loans and, possibly, equity partnership. These inflows will have the usual condition of repayment of interest and minimum guaranteed dividends in dollar terms. Your phone rings and chief economist explains, “On one hand, India has a promising future in retail market, as it is evident from the shopping malls boom in all metros and mini-metros. Therefore, our investments are well protected. GDP is projected to grow at about 8% over next five years. This will mean a much larger foreign trade component, giving fillip to requirement of airport and seaport infrastructure. In such a scenario, we should be able to establish ourself in this sector as well. However, on the other hand, there is a definite possibility that in case this GDP growth is not achieved, unemployment will rear its head once again, causing supply side shortages and unabated demand in some sectors—thereby meaning inflation will soar, and, in turn, interest rates will go up; and finally this will put downward pressure on rupee against all major currencies. This will erode our credibility and profitability in the market. the signs of impact could be visible in six months from now and among the first indicators of this shift looming over the horizon will be change in India’s BOP account.” You listen to her silently on your intercom. You give a sigh of relief as soon as her prognosis is over. You call up your treasurer for a small chat. After all, he is the person who deals in foreign exchange market on minute-to-minute basis. He has a different story to tell, “Well, even if worst case scenario emerges, we stand to gain. See, hardening of interest rates with devaluation of currency will not have any material impact on us. In fact, with this India will become a preferred destination for further foreign investment. Our exports will become more competitive in the international market and it will give a boost for indigenous production of many things. This means more imports of plant and machinery, and of course, raw materials.” He signs off by saying, “I see no reason for worry even if BOP situation worsens, we are well covered in currency and interest rate futures market.” He adds further with smile, “We can actually make money on the basis of this forecast, subject to the permission from our board to take position in options market.” Questions: You sit back in your chair and try to figure out what your presentation is going to be in front of the board. CASE – 3 While you are making presentation to the top management a middle aged person enters the boardroom. All the board members exchange smiles with this person. At the end of your presentation, the new entrant speaks up, “Well, that was a very interesting presentation. It appears that you know about forex markets in India.” This person continues, “While, I was on flight today, I came across an interesting bit of information. There was a story in the newspaper mentioning that one can make a ‘killing’ in forex market, if one is smart enough. I feel that you should tell us about this ‘killing’ business as well.” And goes on to add with a smile and tinge of sarcasm, “I guess this will make our treasury a ‘profit center’”. All the board members nod in unison. The chairman takes out the day’s paper and hands it over to you to examine the possibility of making a ‘killing’ in the market. Sweat breaks on your eyebrows. You do not remember having seen newspaper quotes during your course work, since you devoted the majority of your time during MBA days to cultural activities and student exchange programmes. This is going to be your first real challenge in the industry. You ask for some time to examine the numbers. The chairman and CFO give you patronizing looks and ask you to come back after a working lunch and tell the board about your findings. As you come back to your desk, you feel sudden loss of appetite. After a while, the same person walks up to your desk and says, “I can understand your predicament. I know you are fresh from you MBA, and just one week young with our company. I hope these numbers help you to present your case”, while handing over a piece of paper to you. You do not like the patronizing tone. You thank this person for encouragement(!). You find following details staring at you. USD/CHF : 1.5963/1.5973. This is a quote from a bank in Zurich. At the same time, a bank in New York is offering the following spot quote : CHF/USD : 0.6265/0.6270 Further, a New York bank is currently offering these spot quotes: USD/JPY : 112.25/112.55 and USD/AUD : 1.6659/1.6672 At the same time, a bank in Sydney is quoting: AUD/JPY : 68.80/68.97 Additionally, the following pair of spot and forward quotes are also available : GBP/USD spot : 1.6531/1.6577 Hope this helps! Question: What will you do next? How will you present your analysis? CASE – 4 It is month of December, Christmas holidays are fast approaching, everyone is getting into a festive mood, but you —the Chief Investment Officer of a large corporate—are in a restive mood. You have had a somewhat dull year. It is close to bonus time. You have promised your teenaged daughter a new Porsche as the Christmas present. You are looking for making a killing on the forex front. Working on tips given by your economist friend about interest rate theorem, you are trying to build a contract that will help your company in counteracting the movement in exchange rate and interest rates will get you enough bonus to make that Christmas present. As you open your e-mail, there is a message saying: the spot USD/CHF rate is 1.5960, and 6-month forward is 1.5625, the 3-month deposit rates 4.50% p.a. for USD and 1.75% p.a. for CHF. Will you able to make that killing? It looks like your lucky day. The very message has the following news: USD/CHF spot: 1.5960/10; 3 months: 6 months: 550/500. The 3-month and 6-month outright forward rates are: 3 months: 1.5950; 6 months: 1.5700/20. Can you do something here? The last message from your banker gives some good information about the rates prevailing in the market. GBS/USD Spot: 1.7580/90; 1-month; 2-months: 30/20; 3-months: 45/35; 6-months: 25/20; 9-months: 35/30; 12months: 30/2o. US interest rates are somewhat above UK rates but less so at the far end. Your experience in these markets makes you feel confident that in nine months, UK rates are going to fall, and the sterling will go into a forward premium. Your gut feel is: 6-month swap points to become 150/250 in nine months time. Question: You have a Porsche in mind and 100 million dollar to play with. Will you make it this time? CASE – 5 You are back in Mumbai after a grueling day in New Delhi. You were called by the mandarins in the North Block to explain the cause of crash in the price of the stock of your company—a leading Indian software MNC. The investors were aghast at the stock price crash. The main charge was simple: your company used futures trading for speculation, instead of normal hedging. Before you can get out of your shining Merc (which might get auctioned soon) media-persons are already all over the place thrusting microphones in your face—waiting for a sound bite. You barely mumble ‘no comments’ to the gathering but promise to get back with a detailed description of events, to be transmitted live on the television, in a couple of hours. As you sit down at your office table, and call for a RT (room-temperature) glass of narial paanee (coconut water)— since your friends tell that it is good when you have hyper-acidity; you need a strong stomach lining to digest al the vitriol being offered to you. When you look at the documents spread in front of you, the following details emerge: 1. Since the exposure of your company is in USD, you chose to buy 6-month USD futures at a price that was above spot price for a long time, and you sold GBP futures for 9-months since pricing was very attractive, and you were expecting to receive payments for services rendered in about 8-months time. 2. As the maturity of USD futures approached, US of A attacked Iraq, leading to a jump in oil prices. 3. Sensing trouble you immediately bought 3-month interest rate futures which were trading below spot. 4. Within a week of your futures purchase, markets started stabilizing and returned to normal behaviour. 5. But your board was uncomfortable with your position, and margin calls. They ask you to settle your position and face the jury, charging you for speculation in the markets with the company money. 6. What additional information will you need? How will you defend your case? 7. Question: 8. IIBMS FINANCIAL ACCOUNTING N.B.: 1) Attempt any Four Questions 2) All questions carry equal marks. NO. 1 COOKING LPG LTD DETERMINATION OF WORKING CAPTIAL Introduction Cooking LPG Ltd, Gurgaon, is a private sector firm dealing in the bottling and supply of domestic LPG for household consumption since 1995. The firm has a network of distributors in the districts of Gurgaon and Faridabad. The bottling plant of the firm is located on National Highway – 8 (New Delhi – Jaipur), approx. 12 kms from Gurgaon. The firm has been consistently performing we.” and plans to expand its market to include the whole National Capital Region. The production process of the plant consists of receipt of the bulk LPG through tank trucks, storage in tanks, bottling operations and distribution to dealers. During the bottling process, the cylinders are subjected to pressurized filling of LPG followed by quality control and safety checks such as weight, leakage and other defects. The cylinders passing through this process are sealed and dispatched to dealers through trucks. The supply and distribution section of the plant prepares the invoice which goes along with the truck to the distributor. Statement of the Problem : Mr. I. M. Smart, DGM(Finance) of the company, was analyzing the financial performance of the company during the current year. The various profitability ratios and parameters of the company indicated a very satisfactory performance. Still, Mr. Smart was not fully content-specially with the management of the working capital by the company. He could recall that during the past year, in spite of stable demand pattern, they had to, time and again, resort to bank overdrafts due to non-availability of cash for making various payments. He is aware that such aberrations in the finances have a cost and adversely affects the performance of the company. However, he was unable to pinpoint the cause of the problem. He discussed the problem with Mr. U.R. Keenkumar, the new manager (Finance). After critically examining the details, Mr. Keenkumar realized that the working capital was hitherto estimated only as approximation by some rule of thumb without any proper computation based on sound financial policies and, therefore, suggested a reworking of the working capital (WC) requirement. Mr. Smart assigned the task of determination of WC to him. Profile o Share ad
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