Tirta, H. Aming (2007) Analisis manajemen modal kerja perusahaan industri tekstil (studi kasus: pt. benang utama). Masters thesis, Institut Pertanian Bogor.
Analysis of Working Capital Management in Textile Industry (Case : PT Benang Utama) H. Aming Tirta After the quota system removed by January 2005 business textile competitition has become extremely tight, only company with competitives advantage can enter United State and Europians market. PT Benang Utama, one of the textile manufacturing companies in Indonesia had been impacted. Higher competitivenes can be reach by improving financial management. This research examined the working capital management of PT Benang Utama by analyzing the financial ratios (including a test of Altman's Z'Scores) of financial reports from 2001 to 2006. From analysis found that the financial distress in 2006 was caused by misallocation of cash in settlement of long term debts. Correlation and regression analysis were used in this study: Pearson's correlation indicated that there is a significant positive relationship between the working capital and the sales value and interest rate. Spearman's correlation indicated that there is a significant positive relationship between the working capital and investment/financing policies and technology. By comparing the regression equations against the 2007 company's forecast working capital found the variances 14.3% of current assets and 7.6% of current liabilities. The variance indicates overstated cash balances forecasted in 2007. This excess ideally be used to pay short term loan and or placed as short term deposit that will reduce the interest cost.
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