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Kota Fibers

In: Business and Management

Submitted By hermione2103
Words 1769
Pages 8
Problema

Kota Fibers es una compañía de textil sintético ubicado en India. El principal producto de Kota Fibers es hilo de fibra utilizado para crear Siras, vestidos típicos de las mujeres hindús. La empresa con casi 40 años en el mercado, a pesar de ser consistentemente rentable y con ventas crecientes en los últimos años, contaba con un problema grave de liquidez, ya que al momento de que el inspector de impuestos acudió a la compañía a reclamar los impuestos especiales (pagados cada trimestre en efectivo), la compañia no contaba con efectivo suficiente para liquidar dicho pago.

A pesar de estar dentro de una industria estable y el consumidor final tenía unas tentencias y temporalidades bien definidas, el mercado de fibra sintética estaba muy competitivo en India, ya que los comerciantes de los siras solamente trabajaban sobre pedido en épocas altas y los factores de decisión entre un proveedor y otro son el precio, el servicio y el crédito ofrecido.

Además de su poca liquidez, Kota Problems cuenta con problemas consiguientes: * A pesar de tener ventsa proyectadas crecientes, las utilidades netas se esperaban que tuvieran un decremento en los próximos períodos. * La compañía contaba con una línea de crédito con intereses altos a corto plazo. * Kota Fibers necesitaba pagar los préstamos realizados por el Banco. * Debido a que la empresa subcontrataba a los transportistas y el pago de impuestos especiales se realizaba antes de salir el tranporte de la planta, se creaban retrasos y problemas con clientes.

Aspectos críticos * La compañía tenía la costumbre de pagar diviendos cada trimestre a sus 11 miembros (INR 500,000) * El costo de ventas representaba el 73.7% de las ventas, esto debido a la guerra de precios entre competidores. * Los costos operativos representan el 6% de las ventas de la compañía. * La compañía buscaba contratar dos nuevos agentes de ventas y gente para el departamento de control. * Nuevas solicitudes de extensión de crédito para clientes estratégicos.(45 días de pago) * La compañía no contaba con mucho inventario, normalmente trabajaba a capacidad media, solo en temporadas altas aumentaban la producción.

Análisis

Realizando un análisis de la compañía mediante razones financieras, podemos diagnosticar lo siguiente: * Razones de líquidez 2000 | | | | 2001 | Razón de liquidez | 3.244747733 | veces | | | 1.506700 | Liquidez inmediata | 2.379443451 | | | | 1.0055 | Razon de efectivo | 0.52805739 | | | | 0.1689 |

La razon de liquidez actual de la compañía si cumple para pagar sus deudas, ya que es mayor a 1. Sin embargo, éste número a pesar de ser positivo puede indicar el uso ineficiente del efectivo y de activos a corto plazo. Así mismo, se ve que en pronóstico para el siguiente año esta razón disminuirá notablemente solamente capaz de cubrir sus deudas 1.5 veces.

La prueba del ácido demuestra que sin tomar los inventarios, los cuales suelen ser pocos dentro de la empresa, la compañía sigue siendo capaz de liquidar sus deudas.
La razón de efectivo, solamente tomando el efectivo disponible en el momento da un valor muy bajo. En el 2000 ésta razón es capaz de cubrir solamente la mitad de sus deudas (.5280), mientras que se pronostica que para el 2001 esta razón disminuya a .168 veces. Aquí podemos ver que la compañía cuenta con muy poco efectivo disponible ya que la mayor parte de sus ventas son a crédito, lo que hace que no tenga dinero en el plazo inmediato para cubrir sus deudas.

* Razones de solvencia

SOLVENCIA | | | | Times interest earned | | 3.938595511 | Cash coverage | | | 4.671304865 | Total debt ratio | 0.108580024 |

La razón de deuda total es .108 veces,, lo que quiere decir que Kota utiliza 10.8% de su deuda. Las veces que Kota gano intereses fue de 3.93 veces al año, lo que se entiende que Kota no debería tener problema en pagar sus intereses.
Se observa que a pesar de sus razones positivas, el problema viene desde la administración del efectivo y las ventas a crédito, por lo que a continuación se realiza el análisis de razones de administración de activos:

2000 Rotacion CxP | | | 54.93773604 | Rotacion CXP en dias | | 6.643884993 | Rotación CxC | | | 24.12790956 | Rotación CxC en dias | | 15.12770922 | Rotacion de inventarios | | 43.12084442 | Rotacion de inventarios en dias | 8.464583773 |

Kota Fibers cuenta con un problema en su política de venta a crédito, esto debido a que paga aproximadamente cada 6 días, mientras que recibe efectivo cada 15, lo que le ocasiona problemas de efectivo. La rotación de inventarios de Kota es de cada 8 días, siendo a pesar de sus políticas de producción temporal, es un número alto.

Razones de rentabilidad

Margen de contribucion | | 3.96% | Retorno sobre activos | | 19.19% | Retorno sobre capital | | 21.52% |

En el 2000, la compañía contaba con un margen de contribución muy pequeño, de 3.96% esto debido principalmente a sus altos costos de ventas. Así mismo, en el 2001 la compañía espera tener nuevos gastos operativos lo que harán que este margen disminuya a 1.72%.
El retorno sobre activos en el 2000 es de 19.19%, es decir, por cada INR invertido en activos, se recupera 19%.
El retorno sobre capital podría decirse que es bastante atractivo, sería tomar en cuenta comparaciones contra sus competidores, pero aún así por cada INR invertido, los accionistas recuperan un 21.5%. Esto además de los dividendos pagados por la compañía cada trimestre, haciéndola una compañía muy atractiva para los inversionistas.

El director de la compañía menciona que le gustaría mantener como mínimo efectivo de $750,000, por lo que necesitaría solicitar un nuevo préstamo de INR $199,163 si desea alcanzar dicha política:

Dividendos pagados cada 3 meses= $500,000.
Dividendos anuales= $2,000,000
Utilidad Neta (2000)= $2,550,837
Efectivo restante para 2001= ($2,550,837- $2,000,000) = $550,837
Préstamo necesario= $199,163

Propuestas de solución

Las propuestas por el equipo para la compañía Kota son las siguientes: * Reducir la deuda de la compañía * La compañía podría disminuir su nivel de deuda, buscando de tal manera disminuir sus pagos por intereses. La compañía cuenta con ventas estables, por lo que debe buscar disminuir la mayor cantidad de gastos posibles y tener un mayor margen de contribución. Si se busca solicitar otro préstamo, la compañía tendría un margen de contribución mucho más bajo y si se continua con dicha política de gastos, las utilidades comenzaran a disminuir en futuros períodos. * Recortar costos innecesarios * La compañía actualmente cuenta con planes de contratación de personal lo que haría que sus costos de administración incrementen. Teniendo un margen de contribución muy pequeño, Kota no debería pensar en aumentar sus costos actuales, sino buscar tener políticas nuevas para recortar costos. La propuesta del gerente de operaciones debería ser aceptada ya que menciona que habrá mayor eficiencia productiva y los costos de sueldos y salarios disminuirán al evitar la contratación temporal de personal, teniendo un efecto positivo en el margen de contribución y en las utilidades de la compañía. * Reducir pago de dividendos * Otra de las formas de buscar aumentar el efectivo disponible sería el disminuir el pago de dividendos. La compañía actualmente cuenta con un retorno sobre capital muy atractivo, por lo que puede darse el lujo de disminuir su política de dividendos. Además se menciona que los accionistas de Kota Fiber son miembros de la familia, por lo que probablemente no exista posibles conflictos internos ni disminución de capital. * Nuevas políticas de ventas a crédito y negociación con proveedores de materia prima * La compañía actualmente cuenta con una política de crédito muy flexible, debido a la creciente competencia en el mercado. La compañía debe saber negociar con sus clientes actuales, buscando de la mejor manera disminuir lo más que se pueda su política de crédito. Así mismo, la compañía paga sus materias primas más seguido de lo que consigue dinero, por lo que podría buscar negociar con sus proveedores actuales y teniendo ya cierto poder sobre ellos aumentar su límite de pago a crédito. Con esto, el flujo de efectivo será positivo y se evitará la necesidad de solicitar préstamos a corto plazo para cubrir dichas deudas.
Propuesta del equipo
Consideramos que el problema de liquidez de la compañía viene de tiempo atrás proveniente de mala administración de los activos, así como mala negociación con proveedores y clientes. La compañía primero deberá intentar renegociar su política de pago con sus proveedores tratándola aplazar lo más que se pueda, de tal manera que sus días de cuentas por pagar sea mayor que su rotación de días por cobrar. Teniendo esto, también intentar re-negociar políticas de crédito con sus clientes estratégicos o con mayor confianza.
También recomendamos aceptar las solicitudes del gerente de operaciones y del encargado de transporte, ya que la compañía debe de cortar la mayor cantidad de costos posibles, buscando tener mayores márgenes.
Así mismo, limitar la política de dividendos: Pagar semestralmente o anualmente dividendos, lo que evitaría salidas de flujo de efectivo de la compañía por tiempo, siendo esto que aún así los inversionistas recibirán dividendos aunque con menos periodicidad.

Limitaciones de la propuesta de solución.
La principal limitación o problema que pudiera tener la compañía será el posibles conflictos o dañar su relación con clientes y/o proveedores. Mr. Pundir debe tener cuidado con esto, teniendo quizá que buscar nuevos descuentos o formas de recompensar los créditos.
Así mismo, el recortar gastos puede ocasionar que la compañía deba adaptarse a nuevos estándares de trabajo, por lo que pueda ocasionar trastornos internos y la administración debe de saber como manejarlos.. El recorte de la política de dividendos también puede ocasionar el descontento por parte de sus accionistas, sin embargo Mr. Pundir debe saber manejarlo mostrándole información tal como el ROE y las necesidades de la compañía.

Conclusiones

La propuesta realizada por Bajpai es buena viéndola a un largo plazo, sin embargo no arreglará los problemas de liquidez de la compañía. Consideramos que además de las soluciones anteriores, Mr. Pundir debería aceptar las propuestas de parte del Gerente de operaciones y del encargado de transporte, lo que le ayudaría a mantener un flujo de efectivo positivo y aumentar su margen de contribución recortando costos.

La compañía a pesar de ser atractiva para los inversionistas y con crecientes ventas, cuenta con una mala administración de su efectivo y poca eficiencia operativa. Consideramos que si Mr. Pundir no hace acciones al respecto, en el largo plazo las ventas traerán utilidades negativas para la compañía. Así mismo, debe de cuidar sus relaciones con sus clientes actuales y proveedores, ya que dichas relaciones son las que puede ayudarle a renegociar sus políticas y buscar tener mejores prácticas de administración de efectivo y mayor liquidez.

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...Summer Mall is the place of pleasure that focus on people around Kota Samarahan. The number of consumers that usually go to Summer Mall is teenagers and working people. If I work as the management of Summer Mall, Kota Samarahan, I would suggest to increase the number of games and arcade in the Summer Mall that would be age appropriate for teenagers around 15-25 years old. The current arcade at Summer Mall is focus for children. This is so that children can stay there while the guardian can shop without worries. If the arcade would focus on teenagers too this evokes pleasure in teenage consumers. Therefore they would prefer to stay and enjoy more of the shopping experience when at the Summer Mall. Moreover, I would suggest to create a health club inside the Summer Mall, inside the health club will include spa, massage, manicure and pedicure and gym. This is focus for the working people. They would be busy during their hard days of work, therefore, whenever they come to Summer Mall, they can relax and reduce their stress of work and more enjoy their shopping experience in Summer Mall without feeling tired from everyday work. Summer Mall building is itself shown for a place of fun and excitement. The colors of the buildings are full of bright color to invoke feelings of enjoyment. I would also suggest every week would hold a weekly event of fun and enjoyment for people of any kind of age. This would be family oriented thus promote families to come to Summer Mall and enjoy the event...

Words: 276 - Pages: 2