Summer Project KPTL

7/28/2019 Summer Project KPTL

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A KALPATARU POWER TRANSMISSION LIMITED

report on summer project

KALPATARU POWER & TRANSMISSION

The power sector has witnessed several ups and downs over aperiod of time. The key issue has been power shortage due toinadequate capacity addition and T&D (Transmission & Distribution)losses. The patchy quality of power distributed resulted in lowertariff disbursals leading to huge losses for power producers in thecountry. The capacity addition targets for the Eighth and NinthPlans were 30358 mw and 40245 mw respectively. But the actualachievement was 16,422 mw i.e. 53.8% of the Eighth Plan target.The likely capacity addition at the end of Ninth Plan ( March 31,2002) is about 19,000 mw(47% of the target).The tenth planhowever pegs the capacity addition target to 46,185 mw and anaddition of 60,855 mw in the Eleventh Plan Period taking it to thetotal capacity addition of 1,00,000 mw by the end of 2012 .

The Accelerated Power Development Programme (APDP) is the keycentral instrument in the State Power Distribution Sector. The APDPis proposed to be restructured in the forthcoming budget as amechanism for supporting Power Reforms in the states linked tocertain fulfillment criteria by way of benchmarks.

The agreement in respect of this being possible only after the MOUhas been signed by the respective SEBs for the formation of StateElectricity Regulatory Commissions( SERCs).The APDP has been

duly rechristened as APDRP ( Accelerated Power Development andReform Programme).

P.G. RAO INSTITUTE OF MANAGEMENT 1

INTRODUCTION


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The incentive formula for corporatization of the distribution systemis also on the anvil. Recently ,the Naphtha-based Power Projectsgot a major boost with the waiver granted on total excise duty

( ruling at 16% ) on naphtha and has benefited seven projects viz;projects commissioned in different parts of the country by RelianceGroup,Tanir Bavi,Nagarjuna Group, BSES,Essar ,Paguthan ( JVbetween China Light & Power and PowerGen India ) and GPCL thusbringing down the effective tariffs.

The Centre has recently planned the formation of Rs.80, 000 cr.transmission grids across the country to enable easy transfer ofelectricity from surplus to deficient states. The actual executionwould be carried out by Power Grid Corporation and government is

exploring the possibility of setting up JVs with various companies toraise funds for the project.



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INDUSTRY DEMAND

The Udesh Kohli Committee set up to analyze the fundrequirements in power sector has envisaged the requirement ofRs.8, 00,000 cr. in next 10 years to achieve the estimated installedcapacity of 2, 07,266 MW and generation capacity of 1, 00,000 MWby 2012.The banks would be in a position to bring in Rs.3, 80,922

cr. over 10 years with the ceiling on the sector limited to 15%.

The Electricity Bill proposed by (CEA) envisages the freeing up ofdistribution of power which has been the major bottleneck in powersector reforms and suggests the removal of SEB monopoly in powerdistribution which is subjected to losses due to theft, technicalloopholes coupled with bureaucratic structures. The losses areslated to be brought down to 15% from current 50%.



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ALL ABOUT Kalpataru

1. ABOUT THE COMPANY

The company was established in 1981 is public limited companysituated in Gandhinagar. It was started with 5700 shareholders.USD 300 million diversified Kalpatru group, which holds more than76% of the equity.

It is engaged in the business of designing, fabricating/galvanizing &supplying Towers and construction and commissioning of extra highvoltage transmission lines (up to 800kv) on a Turnkey / EPC basis inIndia and overseas.

Fabrication plant at Gandhinagar, Gujarat spread over 48,000 sq.mts. With 5 Nos CNC Punching and Drilling M/cs (from Ficep,Italy) and an automatic temperature-control Galvanizing bath (8Mt*1 Mt*2.4 Mt) with an installed capacity of 54,000 Mt p.a.(second largest in India). It is one of the most sophisticated andcost-efficient Fabrication Plant for Steel Galvanized Towers.

The company has its own in-house sophisticated Tower TestingStation and R & D Centre(near Gandhinagar), which is a state-of-the art facility with a capacity to test square / rectangular basetowers(27Mt*27Mt) up to 800 kV D/C as well as Multi-CircuitTowers Max .height 80 mts and is one of the largest in Asia.

The company has latest Auto-CAD Design facilities and otherproprietary Design and drawing software packages.

The company has of 4,00,000 MTs (Metric Tons) and construction of6500+kms of EHV (extra High Voltage) lines over the years.

The company is the best performer among all Indian TransmissionLine (TL) players on almost every financial parameter.



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It is first company in 1994 to obtain ISO 9001 certification in theIndian Transmission Tower Industry. It is second company in Indiato get UNFCCC registration for its Certified Emission Reductions(CERs), under the CDM mechanism of Kyoto Protocol for itsBiomass Power Plant at Padampur, Ganganagar. The company isgenerating CERs by using agricultural residues like mustardhusk/cotton stalk to prevent environmental degradation, bygenerating electricity from them.

Established over 3 decades ago in 1969 by Mr. Mofatraj P. Munot, afirst generation entrepreneur. The Group employs over 4,000people. Kalpatru borrows its name from the ancient Indianmythological tree - the Kalpa-Vruksha -beneath which all wishes arefulfilled.

The group's flagship company, Kalpatru Ltd. is a leading real estatedeveloper with premium residential and commercial complexes inMumbai and Pune.

Pioneering the concept of creating lifestyle living, it has built morethan 75 landmark edifices in the last 39 years. With a team of 1,000dedicated, Kalpatru has created an incomparable brand and reputationfor itself in the Property Development and Real Estate industry.

We pride at being one of the largest Property Groups in India, withdevelopment of over 1.5 Million sq.ft at any point of time.

Every Kalpatru project reflects a "no compromise" attitude; one thatmanifests in the architecture, engineering and construction of everyproject; from towering structures to expansive complexes, Kalpatruhas proven its commitment and expertise in every segment of property



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International Partners:

ABB SAE (Italy) Downers (Australia) Grid Comm. (Australia) Areva/Alstom (France) Cegelec (France) Enel Power (Italy) Cobra (Spain) Sumitomo Electric (Japan) ETA (UAE)

Hindalco (Egypt) GYM (Peru), etc.

Contracts for power utilizing with:-

NPC (Philippines) EVN/CPPMB (Vietnam) PEEGT (Syria) TEAIS (Turkey) EEPCO (Ethopia)

ZESCO (Zambia) Sonelgar (Algeria) Kahramaa (Qatar)

Group Management Team

Mr. Mofatraj Munot - Group Promoter & ChairmanMr. Parag M. Munot - Exe. Dir., Kalpataru CorporationMr. Ajay A. Munot - Exe. Dir., Kalpataru Power & JMC



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Mr. Rajesh Golechha - Exe. Dir., International TradingMr. Anuj A. Munot - Exe. Dir., Kalpataru Corporation

Mr. Imtiaz Kanga - Exe. Dir., Kalpataru CorporationMr. Mahendra G. Punatar - Vice Chairman, KalpataruPowerMr. Hemant Modi - Vice Chairman, JMC ProjectsMr. K. V. Mani - Managing Dir., Kalpataru PowerMr. Suhas Johsi - Managing Dir., Factory & Bldg., JMCProjectsMr. M. D. Kjattar - Managing Dir.- InfrastructureBusiness, JMC ProjectsMr. S. R. Merchant - Dir., Kalpataru CorporationMr. S. V. Bhansali - Dir., Kalpataru CorporationMr. S. B. Tambe - Dir., Kalpataru Corporation

Executive Management Team

Mr. Dinesh B. PatelPresident (Operations)

Mr. Kamal K. JainPresident (Finance & Administration)

Mr. B.K. SatishPresident (Engineering & Marketing)

Company SecretaryMr. Bajarang Ramdharani

AuditorsMr. Kishan M. Mehta

BankersIndian BankOriental Bank of CommerceUnion Bank of India



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State Bank of IndiaExim BankICICI Bank Ltd.

HDFC Ltd.

Corporate Office111, Maker Chambers IV, Nariman PointMumbai 400 021. India.Tel No.: 91-22-2282 2888 / 2288 4780Fax No.: 91-22-2204 1548

Factory & Registered OfficePlot No. 101, Part III,G.I.D.C. Estate, Sector 28,Gandhinagar 382 028, Gujarat, IndiaTel No.: 91-79-2321 1951 / /2321 1955Fax No.: 91-79-2321 1966 / 68 / 71Email:[email protected]

Websitewww.kalpatarupower.com

Tower Design, Testing and Manufacturing

The key strength of any Transmission Line player lies in itscore capability of design, testing, manufacturing and construction.

The company employs latest 3D Design Software and theirEngineering Team has perfected the art to deliver cost effectivedesign solutions. Their state of art Tower Testing Station and R & Dcenter can handle up to 800 KV D/C towers with base width of 27Mtrs * 27 Mtrs and height of 80 Mtrs. They have successfullycompleted their 100th Tower Tests.

Their Fabrication plant with an annual installed capacity of54000 MTs has been running at 90 % of its capacity to deliver up to4000 MTs per month for over 36 months. Besides delivering towersto their own projects, they have been reliable supplier of choice to

http://www.kalpatarupower.com/http://www.kalpatarupower.com/


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reputed EPC Contractors like ABB, Areva, Sumitomo, Downer,Gridcom etc with exports to 15 countries. They are the first Indianmanufacturing unit to achieve the ISO 9001 Certification since

1994.

They are further expanding capacity by another 18000 MTsto exclusively cater to their export requirements and to retain theirposition as one of the largest tower fabricators across the world.

Property Development

The promoters of Kalpataru Power i.e. Kalpataru Group hasset benchmarks of quality, trust and reliability in the Real EstateIndustry since over 35 years. The Groups project covering over 2Million sq.ft. Of residential, commercials; mail developments are

spread over Mumbai, Thane and Pune.

The companys luxurious apartments at Kalpataru Habitat,Kalpatru Horizon, Kalpatru Residency, Kalpataru Royale andKalpataru Gardens etc are all about high quality and betterlifestyles. Aesthetics, functionality innovation and attention todetail are the hallmarks of various properties developed by theGroup.



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The Group also has division that offers Facility ManagementServices

Civil Construction (JMC Projects)

JMC projects (India) Ltd. is one of the leading civil contractingcompany and is a preferred name when it comes to industrial

Structures, factories, Commercial Buildings, InfoTech / Softwareparks. Besides this, it has done civil works for various Power Plants,Sub-stations, Sugar, Pharma and Automobile Factories.



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Some of its valued customersinclude Bajaj Auto, Coca Cola, Asian Paints, Power Grid, Infosys,Wipro, IIM Ahmadabad and many more.

The company has revenues of approx Rs.2.4 Billion (USD 55Million) and a manpower strength of over 875 people, besides afleet of plant & equipment.

JMCs edge has been its quality and commitment to timelyexecution. It has also entered into construction of Express Ways,

Roads & Bridges.

Kalpataru Power has become a dominant shareholder in JMCsince February 2005 and is committed to take JMC to greater heightof success.

Division of company



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Kalpataru Habitat the real estate residential projecthas been fully sold out except one flat. The project has generated

total revenue of Rs. 1448 Million over the last 3 years includingrevenue of Rs. 275 Million during the reporting year.

Looking to the booming real estate markets all over thecountry and the Kalpataru Groups core competence, the companywill further venture into real estate projects.

3 . Infrastructure Division

The Infrastructure division is executing the laying of a Crosscountry Product pipeline, for Bharat Petroleum Corporation Ltd. toexecute the subcontract of 16& 8- 442 Kms of the Mumbai-Manmad-Manliya Pipeline Extension Project worth Rs. 840 Million tobe completed within tight completion period.

4. Bio-mass Energy division

During the year the Padampur plant has exported 47Million units. The total revenue was Rs. 181 Million as againstrevenue of Rs.132 Million in the year 2004-2005. Further, thecompany is setting up second plan of 7 MW capacity in TonkDistrict of Rajasthan at a cost of Rs. 300 Million, expected t becommissioned by Auust,2006.

The company is second company in India to getUNFCCC registration for its Certified Emission Reductions (CERs),

under the CDM mechanism of Kyoto Protocol for its BiomassPower Plant at Padampur, Ganganagar. The company isgenerating CERs by using agricultural residues like mustardhusk / cotton stalk o prevent environmental degradation, bygenerating electricity from them.



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The importance of working capital in any industry needs nospecial emphasis. Working capital is considered to be life-giving

force to an economic entity. Management of working capital is one

of the most important functions of corporate management. Every

organization, whether profit oriented or not, irrespective of its size

and nature of business, needs requisite amount of working capital.

Capital to keep an entity working is working capital. The efficient

Working capital management is the most crucial factor inmaintaining survival, liquidity, solvency and profitability of the

concerned business organization. It needs sufficient finance to

carry out purchase of raw materials; payment of day-today

operational expenses including salaries and wages, repairs and

maintenance expenses etc. and funds to meet these expenses are

collectively known as working capital.

In simplicity, working capital refers to that portion of total

fund, which finances the day-to-day working expenses during the

operating cycle.

The term "working" here implies continuity of production and

distribution of want removing goods and services required by the

society. Working capital is necessary to finance current assets

which include inventories, debtors, marketable securities, bank,

cash, short term loans and advances, payment of advance tax and

so on.



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An inadequate working capital as both the phenomena of

over capitalization and under capitalization of working capital

generates adverse effects on the profitability and liquidity of theconcerned firm. The effective working capital necessitates careful

handling of current assets to ensure short-term liquidity and

solvency of the business. To be more specific, neither under

stocking nor overstocking of raw materials, careful maintenance

and trade off between credit receiving

KPTL meets its working capital needs by borrowing Fund

based loans and Non-fund based loans from different banks. Fundbased loans include loans like Cash credit, Working capital termloan, Working capital demand loan, Packing Credit, Advanceagainst retention money etc..Whereas Non-fund based loansinclude Letter of Credit and Bank Guarantee. Generally in anycompany the requirements of Non-fund based loans is more thanFund based loans.



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WORKING CAPITAL


Permanent Temporary

Initial workingcapital

Regularworking capital

Seasonalworking capital

Special workingcapital


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Business activity does not come to an end after the realization of

cash from customers. For a company, the process is continuous

and, hence, the need for a regular supply of working capital. For all

practical purposes, this requirement has to be met permanently as

with other fixed assets. This requirement is referred to as

permanent or fixed working capital.

Any amount over and above the permanent level of working capital

is temporary, fluctuating or variable working capital. This

portion of the required working capital is needed to meet

fluctuations in demand consequent upon changes in production and

sales as a result of seasonalchanges.


Temporary

Permanent

Time

Amount

Of

Working

capital


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Figure shows that the permanent level is fairly constant, while

temporary working capital is fluctuating-increasing and decreasing

in accordance with seasonal demands.

Initial working capital:

In the initial period of its operation, a company must have

enough money to pay certain expenses before the business yield a

cash receipt. In the initial years bank may not grant loans oroverdraft. Sales may be made in credit and may be necessary to

make payment to creditors. Hence the necessary fund will have to

be supplied by the owner in initial year.

Regular working capital:

It is the working capital required to continue the regular

business operation. It is required to maintain regular stock of raw

material and work in-progress, finished goods. Regular working

capital is the excess of current assets over current liabilities; it

ensures smooth operation of business.



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Seasonal working capital:

Some business enterprises require additional working capital

during the season. For ex: - sugar mill have to purchase sugarcane

in particular season and have to employ additional labor to

produce.

Special working capital:

In all enterprise some unforeseen events do occur, when

extra funds are needed to tide over such situation. Some of these

events are sudden increase in demand of final product, downwardmovement of price, and sales during depression.


ANALYSIS WORKING CAPITAL CYCLE


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Current assets are needed because sales do not convert into cash

instantaneously. There is always an operating cycle involved in

the conversion of sales into cash. There is a difference between

current and fixed assets in terms of their liquidity. A firm requires

many years to recover the initial investment in fixed assets such as

plant and machinery or land and buildings.

Working capital cycle is the time duration required to convert

sales, after the conversion of resources into inventories, into cash.

The cycle of a manufacturing company involves three phases:1. conversion of cash into inventory;

2. conversion of inventory into receivables;

Conversion of receivables into cash



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The two components of working capital are current assets and

current liabilities. They have a bearing on the cash operating cycle.

In order to calculate the working capital needs, what is required is

the holding period of various types of various inventories, the credit

collection period and the credit payment period. Working capital

also depends on the budgeted level of activity in terms of

production/sales. As the working capital requirement is related to

the cost excluding depreciation and not to the sale price, working

capital is computed with reference to cash cost.

Working capital: excess of current assets compared to current

liabilities, and indicates amount of excess current assets relative to

current liabilities available to conduct revenue generating

operations.

Total current assets minus current liabilities are value ofworking capital.

Current Assets: cash, marketable securities, notes

receivable, accounts receivable, inventories, supplies, and

prepaid expenses

Consumed in production of sales revenue



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Current Liabilities: accounts payable, accrued expenses,

(e.g. wages payable, interest payable, taxes payable)

Operating cost incurred on credit

Inflows- Sources of Working Capital:

Income from operations

a) Accrued income is sales revenue less all expense

incurred in producing sales revenue inflow

b) Sales revenue generated by cash sales or on credit

through receivables



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c) Expenses incurred by immediate payment of cash or

credit through

Payable

Accrual net income

a) Determined after deducting noncash expenses

b) To convert net income to increase working capital,

capitalized expenses added to net income

Sale of long term assets

a) Land, building, furniture, equipment, investment

b) Sale treated as flow which increases working capital

Increase in long term liability

a) Create or increase loan, mortgage, or bond achieves

this

b) Inflow that increases working capital

c) Borrowing long tern debt create increase in cash,current assets, or current receivable with no effect to

current liability



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Outflows - Uses of Working Capital:

Loss from operationsa) When loss occurs, expenses have exceeded sales

revenue

b) Decreases working capital

Purchase of long term asset

a) Land, building, furniture, equipment, investment

b) Outflow that decreases working capital

Payment of Long term liabilities

a) Payment reducing principal amount owed on long term

liability

Payment of cash dividends

a) Payable obligations

b) In partnership, current asset withdrawals by owner are

reductions to capital investments



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Working capital managementand Financing Activities at

KPTL.

As KPTL is mainly into export of power transmission, it needsto have huge amount of working capital so that it can run its day today activities and production smoothly without any interruption.

Further more, as KPTL. Is also engaged in export of powertransmission, it needs huge financial assistance for export purpose.KPTL has divided its working capital needs which can be satisfiedby two ways.In KPTL working capital financing is mainly divided into two parts:1) Fund based working capital financing2) Non-fund based working capital financing.These two pats are further divided into subparts.

Fund based financing can be classified into sub parts like1) Cash Credit2) Working capital demand loan

3) Working capital term loan4) Foreign currency term loan5) Packing credit6) Advance against retention money

Non-fund based working capital can be divided into sub partslike

1) Bank Guarantee or Letter of Guarantee2) Letter of Credit or Line of Credit

Difference between Fund based and Non-fund based loan



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Fund based loans are actually received in cash whereas Non-fundbased loans are not received in cash. Non-fund based loans aregiven by bank to other parties on the behalf of a company.

In Fund based loans there is no limit utilization whereas in Non-fundbased loans there is certain limit to which it can be utilized.

Non-FUND BASED WORKING CAPITAL SOURCES

For its export financing purposes as well as for supplying anderection of transmission it mainly uses non fund based workingcapital i.e. Letter of Credit and Bank Guarantee.BANK GURANTEE:For bid purposes, kptl uses BG as their transaction instrument.At KPTL. Two types of BG are opened:

1) International bank guarantee which is given to the internationalbidder and is always in dollar form.

2) Domestic bank guarantee which is used for domestic tradepurpose.

2007-08 2008-09 2009-10

Non fund based

W.C limit(in crores)

2000 2200 2700

Company has a maximum non fund based credit limit sanctionedin current year is 2700 crores which means company can borrow



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through bank guarantee and letter of credit maximum of 2700crores. Company credit limit is increased due to variousexpectation of tender in future which they have applied and on the

basis of successive ratio of company bank has increased its creditlimit.

(1) LETTRE OF CREDIT (L/C)

Introduction

A letter of credit, often abbreviated as an LOC or LC, andalso referred to as a documentary credit, is a document issuedby a financial institution which essentially acts as an irrevocableguarantee of payment to a beneficiary. This means, that once thebeneficiary has presented to the issuing or negotiating bankdocuments complying with the LC terms, the bank is obliged to payirrespective of any instructions of the applicant to the contrary.

In other words, the obligation to pay is shifted from the applicant tothe LC issuing bank. The LC can also be the source of payment for atransaction, meaning that an exporter will get paid by redeemingthe letter of credit. Letters of credit are used nowadays almostexclusively in international trade transactions of significant value,for deals between a supplier in one country and a wholesalecustomer in another.

http://en.wikipedia.org/wiki/Financial_institutionhttp://en.wikipedia.org/wiki/Beneficiaryhttp://en.wikipedia.org/wiki/International_tradehttp://en.wikipedia.org/wiki/Financial_institutionhttp://en.wikipedia.org/wiki/Beneficiaryhttp://en.wikipedia.org/wiki/International_trade


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The parties to a letter of credit are usually a beneficiary who is to

receive the money, the issuing bankof whom the applicant is aclient, and the advising bankof whom the beneficiary is a client.

1. Definition :-

Letter of Credit is a document issued by the importers bank infavour of the exporter giving him the authority to draw bill up to aparticular amount (as per the contract price) covering a specifiedshipment of goods and assuring him of payment against thedelivery of shipment documents. The operation of Letter of Credit

has been regulated and is governed by UCPDC 500 of ICC, Paris.

Letter of Credits are ideal instruments of settingInternational Trade Payment

Apart from trust between seller and buyer other factors likeTrade and Exchange Control Regulations etc. play a vital role fordeciding the method of settlement. Considering all the complexitiesof international trade and requirements of both seller and buyer themost ideal method of settling international trade payments isdocumentary credit method.

The seller would like to allow the goods to move to thebuyer, but he would like to have control over the goods by retainingdocuments of title to the goods with him, till the buyer makespayment. On the other hand, the buyer wishes to pay the seller forthe goods but not before the goods ordered by him are shipped,and evidence of these is produced or a document of title to goods istransferred to him.



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2. Parties to Letter of Credit :-

There may be three to four parties to a Letter of Credit.a) Applicant / Importer :

Importer is the opener* on whose behalf or account Letterof Credit issued by the bank.

b) Applicant Bank :The bank who issues or opens the Letter of Credit onbehalf of the customer / importer.

c) Exporter :Exporter is the Beneficiary of the Letter of Credit who is

entitled to receive the payment of his bills according to theterms of Letter of Credit.

d) Intermediary bank / Confirming bank :Intermediary bank is the bank usually a branch or thecorresponding of the opening bank in the exportingcountry through which the credit without any obligation onits parts, it is called the Advising or Notifying bank. Ifthe beneficiary bank adds its own undertaking to thecredit while advising it to the beneficiary, it becomes theconfirming bank.

e) Paying / Negotiating bank :The bank which negotiates the beneficiarys bills under

the credit and pays for it is known as Paying Negotiating bank.

6. Types of Letter of Credit:

a) Revocable Letter of Credit :A Revocable Letter of Credit can be amended or cancelled

by the issuing bank at any moment and prior notice to thebeneficiary. This credit is of limited in use and is not inmuch use.

b) Irrevocable Letter of Credit :



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An Irrevocable Letter of Credit constitute a definiteundertaking of the issuing bank for the payment of thebills drown under the credit, provided the beneficiary

presents the stipulated documents to the credit nominatedbank or to the issuing bank and complies with all theconditions of the credit.

c) Restricted and Unrestricted Letter of Credit :Credits which specify any particular bank that isauthorized to negotiate etc. are Unrestricted. If a bank isauthorized to pay accept or negotiate, the term is knownas Restricted.

d) Back to Back Letter of Credit :When the exporter uses his export Letter of Credit as acover for opening a credit in favour of three localsuppliers, the Letter of Credit is called as Back to BackLetter of Credit



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Documents Required Under Letter of Credit.

a)i) Commercial Invoice.ii) Consular Invoice.iii) Legalized Invoice.iv) Combined Certificate of Origin and Value.v)

b) Transport Documents:i) Bill of Lading.ii) Air way Bill.iii) Postal Receipt.iv)

c) Insurance Policy.

e) Financial Documents Bill of Exchange.

f) Certificate of Origin.

g) Other Documents.I) Packing List.

ii ii) Weight Certificate.iii) Certificate of Analysis & Quality.v) Certificate of Inspection.vi) Health Certificate.

(2) BANK GUARANTEE



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1. Definition :-

A Bank Guarantee is an irrevocable undertaking of aBank (Guarantor) to effect payment against presentation of awritten statement of the Guarantee holder (beneficiary) tothe effect that a given contractually agreed obligation has notbeen fulfilled.

The Guarantee is a unilateral agreement between theBank and the beneficiary, which is conducted on behalf of athird, party usually the beneficiarys business partner.

The Bank must effect payment within three working daysat the most since its reputation as an issuing Bank couldotherwise suffer. However, the payment can be refused ifthe claim is unlawful.

The Guarantee undertaking is abstract which means thatin any case, even if the underlying transaction is changedor cancelled, the undertaking remains in force until its

expiry date- unless of course the beneficiary duly releasesthe Bank from its liability.



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2. Legal Requirements :-

Guarantees are not governed by any particular legalregulations. Issuing Guarantees for foreign beneficiaries isnot subject to approval nor need these Guarantees bereported. Guarantees can be issued by authorized dealersunder their delegated authorities notified vide FEMA 8/2000dt 3rd May 2000. Only in case of revocation of Guaranteesinvolving US $ 5000/- or more to be reported to Reserve Bankof India along with the details of claim received or details ofclaim not honored by the mandatory on revocation.

3. Direct or Indirect Guarantee:-

Guarantee can be either direct one or Indirect one.

i) Direct Guarantee :A Direct Guarantee is one given directly to thebeneficiary abroad by the Bank, resulting in a directlegal relationship between the issuing Bank and the

beneficiary. The advantage of a direct Guarantee isnot only that it is less expensive but also that it issubject to the law of the country in which theGuarantee is issued unless otherwise specified in theGuarantee.

If the Guarantee indicates a specific calendar dateon which the Guarantee will expire, the Bank andconsequently the mandator will be released fromtheir liability even if the letter of Guarantee is not

returned.



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ii) Indirect Guarantee:

When a beneficiary insists that the Guarantee be issued by alocal bank then the Guarantee will be issued through a

correspondent of issuing Bank at the country of thebeneficiary. In such cases the Guarantee is known as IndirectGuarantee. Such Guarantees will be issued by thecorrespondent against the counter Guarantee of themandator. Issuing Indirect Guarantee is more time consumingand always more expensive, because of the cost in addition tothe Guarantee commission charged by the foreign Bank.Commission is charged till final validity of the Guarantee andusually it will be collected in advance.

4. Types of Guarantees:-

a) Tender Guarantees:

o This is also known as BID BOND Guarantee. Animporter invites tender in an international, to besure that the exporters who are competing for

the contract are willing and able to adhere to theterms of the offer, he demands a TenderGuarantee in the amount of 1% - 5% of the valueof contract. If an exporter is awarded a contractand withdraws his offer, for whatever reasons,the importer can obtain compensation for his lossby claiming payment under the tender



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Guarantee in order to cover the cost of a newinvitation to tender and also loss incurred, onaccount of delay in supply.

o A tender Guarantee usually runs from three to sixmonths from the tender closing dates, this beingthe time, the importer needs to examine theoffer received.

o Frequently, the tender Guarantee contains therequirement that, when the contract is awardedsubsequent Guarantees such as PerformanceGuarantee be provided.

b) Advance payment Guarantees:o Exporters customarily insist on an advance

payment from the buyer when the capital goodsare exported. The advance payment Guaranteein favour of the buyer serves to ensure that theadvance payment will be refunded if the sellerfails to meet his obligations. The amount of theAdvance Payment Guarantee is normally 15%-30% of the contract value.

o The validity of the Guarantee depends on theperiod of time expected for the delivery of thegoods. If no exact date can be specified, include

a clause stating that the Guarantee willautomatically expires when certain requirementshave been met (viz. Copies of Invoices, Shippingdocuments, etc.) or the respective acceptancecertificate have been submitted to the issuingbank.

c) Delivery Guarantees:o Delivery Guarantee ensures that the seller

meets his obligation promptly. Such Guaranteesare mainly required for long-term transactions.

(Deferred Exports) If seller does not ship thegoods in time or shipment is incomplete, thebuyer can revoke the Guarantee and obtaincompensation for his loss.

o If deliveries are to be made in several parts aclause concerning reduction in the guaranteeamount shall be incorporated. In some countries



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in case of delivery guarantees performanceguarantees are used.

d) Performance Guarantees:o There are two types of performance

guarantees. First type secures warrantyobligations viz. proper functioning of themachinery or system or the quality of the goodsshipped. The second type is intended to ensurethat all the contractual obligations are met viz.The delivery of the goods in time and servicesperformed as per schedule.

o Usually these guarantees are 5% - 10% of thecontract value and runs longer period thanadvanced payment, delivery guarantees sincethey cover obligations that exceeds the dead linefor taking delivery e.g. the expiration of technicalguarantee.

e) Payment Guarantees:

o These guarantees are intended to ensure that the

exporter will receive prompt payment from theimporter. As a rule the guarantee amount isequivalent to the invoiced amount for the goodspurchased and the guarantee extends somewhatbeyond the deadline for payment in order to havetime for mailing a claim.

f) Guarantees covering credit facilities:o These guarantees serve as securities for the

proper repayment of loan which customers willing to borrowfrom abroad (e.g. External Commercial Borrowing). The

guarantee amount is usually equal to the amount of the loanand either includes interest or charges of the lending bank.o The guarantee period depends on the time fixed

for repayment. Since guarantee amount isexpressed in foreign currency and expiry period islonger, there is risk of exchange fluctuations incase of revocation.



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g) Stand by Letter of Credit:o This form o obligation is a special form of the

letter of credit, which functions as a guarantee.The external appearance of the stand by letter ofcredit resembles that of a regular letter of credit.Payment is effected on first demand againstpresentation of a written declaration that certainconditions have not been met (viz. obligation todeliver goods, repay loan etc.). The presentationof further documents can be stipulated. TheInternational Chamber of Commerces UniformCustoms and Practice govern stand by letter ofcredit for documentary credits.

h) Customs Guarantee for temporary Imports:

o Banks issues a guarantee to pay customs in caseof the Goods, which are intended, only fortemporary imports into country (e.g. Goods forfair, Building, and Machinery etc.).In these casesindirect guarantees are usually required sincecustoms authority only accepts guarantees fromLocal Banks. The amount of the guarantee isprescribed by the custom authorities and the

guarantee is usually unlimited in time because ofregulation in the country in question.

FUND BASED WORKING CAPITAL

FINANCING

2007-08 2008-09 2009-10



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Fund based W.C

(in crores) 300 375 475

Company has get fund based credit sanction of maximum limit of475 crores in current year which it can be get from the followingborrowing options:

CASH CREDIT FACILITY:

A major part of working capital requirement of any unit would

consist of maintenance of inventory of raw materials, semi finishedgoods, finished goods, stores and spares etc. In trading concern therequirement of funds will be to maintain adequate stocks in trade.Finance against such inventories by banks is generally granted inthe shape of cash credit facility where drawings will be permittedagainst stocks of goods. It is a running account facility wheredeposits and withdrawals are permitted. Cash credit facility is oftwo types (depending upon the type of charge on goods taken assecurity by bank.)

(i) Cash credit- pledge: when the possession of the goods is with

the bank and drawings in the account are linked with actualmovement of goods from/to the possession of the bank. Thephysical control of the goods is exercised by the bank.

(ii) Cash credit- hypothecation: when the possession of the goodsremains with the borrower and a floating charge over the stocks iscreated in favour of the bank. The borrower has complete controlover the goods and the drawings in the account are permitted onthe basis of stock statements submitted by the borrower.

PACKING CREDIT



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Pre-shipment Credit (Packing Credit) is offered to the exporters, forfinancing purchase, processing, manufacturing or packing of goodsprior to Shipment.

You can avail any loan or advance on the basis of:(a) Letter of Credit opened in your favor or in favor of some otherperson, by an overseas buyer;(b) a confirmed and irrevocable order for the export of goods fromIndia;(c) any other evidence of an order or export from India having beenplaced on the exporter or some other person, unless lodgments ofexport order or Letter of Credit with the bank has been waived.

Packing Credit is granted for a period depending upon thecircumstances of the individual case, such as the time required forprocuring, manufacturing or processing (where necessary) andshipping the relative goods. Packing credit is released in one lumpsum or in stages, as per the requirement for executing theorders/LC.

The pre-shipment / packing credit granted has to be liquidated outof the proceeds of the bill dawn for the exported commodities, oncethe bill is purchased/discounted etc., thereby converting pre-shipment credit into post-shipment credit.



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Working Capital Demand Loan

A borrower may sometimes require ad hoc or temporary

accommodation in excess of sanctioned credit limit to meet

unforeseen contingencies. Banks provide such accommodation

through a demand loan account or a separate non-operable cash credit

account. The borrower is required to pay a higher rate of interest above the

normal rate of interest on such additional credit.



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NET SALES

Net Sales = Total Sales Excise Duty

Net Sales

Mar '04 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Rs (Crores) 342.24 541.32 839.72 1,524.35 1,737.58 1882.49

Change 100 158.17 245.36 445.40 507.71 550.05



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From above Chart, we can say that KPTL had successfully

take advantage of increase in a domestic demand as well

as in a international market

As we can see that, current sales of KPTL is 5.5 Times of a

year ended on March -04. A sale of KPTL was increased

from Rs 342.24 in 2003-04 Crores to 1882.49 Crores in

year 2008-09.

1. PBDIT

PBDIT= Net Sales Operating Expenses

PBDIT 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Rs Crores 34.17 71.29 146.53 311.75 307.99 175.36

Change 100 208.63 428.83 912.35 901.35 513.20



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From theabove chart, We can say that profit before depreciation,

interest and tax was growing till 2006-07 after it start declining.

The reason for it is increase in value of raw material which has

decrease the PBDIT of KPTL.

Current PBDIT is 5.13 times of the year ended March 04,it has

grown from 34.17 crores in 2003-04 to 311.75 crores in 2006-07

after it start decline 175.36 crores in 2008-09.



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3. PBDTPBDT= PBDIT- Interest

PBDT 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Rs Crores 22.15 49 103 233 223 148

Change 100 221.22 465.01 1051.9

2

1006.7

7

668.17

From the above graph we can say that KPTLS PBDT is decreasingfrom 2006-07 to 2008-09.the reason behind it is the cost of debt isincrease from 295.8507 crores as on 31/03/2008 to 485.4397



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crores as on 31/02/2009 as a result the interest increases from 40crores in 2007-08 to 68 crores in 2008-09.



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4. PAT

PAT= PBIT- Interest- tax

PAT 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Rs In Crores 14.05 28.72 66.54 159.5 149.95 94.41

Change 100 204.412

8

473.594

3

1135.23

1

1067.2

6

671.96



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From the above graph we can say that PAT is increases from 14.05crores in 2003-04 to 159.5 crores in 2006-07 and decreases to94.41 crores in 2008-09 there are two reasons behind it one is

increase in the value of raw material and other is increase of cost ofdebt.



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5. EQUITY DIVIDEND

EQUTITY DIVIDEND

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

Equity Dividend (%) 30 50 50 75 75 75



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From the above chart we can say that KPTL is providing 30%dividend in 2003-04 and it increases to 50 % and stable for twoyears 2004-05 and 2005-06. Company has a policy to declare a

steady rate of dividend of 75% onwards 2006-07 continue tocurrent year.

6.BOOK VALUE PER EQUITY SHARE

Book Value

2003-04 2004-05 2005-06 2006-07 2007-08 2008-09(Rs) 83.46 104.14 154.02 242.2 289.52 315

Change 100.00 124.78 184.54 290.20 346.90 377.43



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7. EARNING PER SHARE

EARNING PER SHARE 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Earnings Per Share (Rs) 12.94 26.44 61.26 60.19 56.59 35.63

Change 100 204.33 473.42 465.15 437.33 275.347758

9



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8. NET WORTHNET WORTH = SHARE CAPITAL + RESERVE & SURPLUS

NET WORTH 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Rs In Crores 91.38 113.8 167.93 642.44 767.77 836.95

Change 100 124.53 183.77 703.04 840.19 915.90



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9. ORDER BOOK

ORDER BOOKMar '05 Mar '06 Mar '07 Mar '08 Mar '09

Rs in

Crores

1100 2000 2300 3400 5000



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10. PRODUCTION CAPACITY

PRODUCTION CAPACITY2004-05 2005-06 2006-07 2007-08 2008-09

CAPACITY in MT 54000 84000 84000 84000 108000



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RATIO ANALISYS

A financial ratio is a relationship that indicates something about acompany's activities, such as the ratio between the company'scurrent assets, current liabilities or between its accounts receivableand its annual sales.

The basic source for these ratios are the company's financialstatements that contain figures on assets, liabilities, profits, orlosses. Financial ratios are only meaningful when compared withother information. Since they are most often compared withindustry data, ratios help an individual understand a company'sperformance relative to that of competitors; they are often used totrace performance over time



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1 LIQIDITY RATIOS

(a) CURRENT RATIO = Current Assets

Current Liabilities

Rs. In lacsCurrent Assets CurrentLiabilities

Ratio(Times)

2006-07 108476.25 45494.88 2.38:1

2007-08 133041.21 51309.59 2.04:1

2008-09 192570.91 72142.92 2.18:1



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Interpretation

The Current Ratio represents a margin of safety for creditors. Thehigher the current ratio, the greater the margin of safety. Thelarger the amount of current assets in relations to current liabilities,the more the firm's ability to meet its current obligations.

The Current Ratio of firm has decreased from 2.38:1 in 2006-07 to2.18:1 in 2008-09 which is the result of increase in creditors ascompare to current assets so firms ability to satisfy its short-termcreditors has decreased. But still it is good as it is near to ideal ratiowhich is 2:1.

(B) LIQUID RATIO = Current Assets - Inventories

Current Liabilities - BOD

Liquid asserts Liquid

liabilities

Ratios

2006-07 3951836819 45494.88 1.16

2007-08 80784.7 51309.59 1.57

2008-09 141668.69 72142.92 1.96

InterpretationThe liquidity ratio measures the ability of the firm to meet its short-term strength/solvency of a firm. Liquidity is a pre- requisite for thevery survival of a firm.



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Liquidity ratio of a firm has increased from 1.16 to 1.96 whichmeans that firm can easily meet its short-term obligations.



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2 PROFITABILITY RATIOS

a) NET PROFIT MARGIN = PAT *100

Net sales

PAT Net Sales Ratios (%)

2006-07 15949.52 152435.81 10.46

2007-08 14995.22 173758.39 8.63

2008-09 9441.09 188249.85 5.02

InterpretationThe Net Profit Margin is indicative management's ability to operatethe business with sufficient success not only to recover fromrevenues of the period, the cost of merchandise or service, theexpenses of operating the business (including depreciation) and the

cost of borrowed funds, but also to leave a margin of reasonablecomposition to the owner for providing their capital at risk. Theratio of net profit (after interest and taxes) to sales essentiallyexpresses the cost price effectiveness of the operation.

Profit margin of the firm has decreased from 10.46% in 2006-07 to5.02% in 2008-09 which means that margin of profit on sales hasdecreased. Profit is decreased because of increase in the value ofraw material as compared to last year.



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3 Working Capital Turnover Ratio

a) WORKING CAPITAL T R = NET SALES

NET WORKING

CAPITAL

Net Sales NWC Ratios

2006-07 152435.81 55864.59 2.73

2007-08 173758.39 73120.34 2.38

2008-09 188249.85 110923.57 1.70

InterpretationManagement is required to maintain an optimum level of workingCapital. Remember if an entity is having high inventory levels it willincur high storage costs, theft, insurance costs and stock losses.Like wise having low stock levels will disturb the production run ofthe company as it will regularly run out of inventories therebyloosing important business opportunities. The same can be said ofreceivables, having more receivable the company may run the riskof bad debts but also being too strict with debt repayment periodmay result in loss of customers.

Working Capital Turnover Ratio indicates the efficiency of the firmin utilizing the working capital in the business. Working CapitalTurnover Ratio has been found to be positive through out theperiod under study. It varies between 2.73 times and 1.70 times.This ratio signifies that on an average, a rupee of positive working



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capital succeed to generate Rs. 1.70 worth of business/sales of thefirm, which is obviously an honest situation for the management ofthe firm.



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3 Inventory turnover ratio

a) Inventory Turnover Ratio = NET SALES

Inventory

Net Sales Inventory Ratios

2006-07 152435.81 15826.99 9.63

2007-08 173758.39 15370.22 11.30

2008-09 188249.85 23688.60 7.95

InterpretationThis ratio measures the number of times, on average; the inventoryis sold during the period. Its purpose is to measure the liquidity ofthe inventory.The inventory turnover ratio is increase in 2007-08 from 9.63 to11.30. Which shows that inventory is replacing 11.30 times in a

year. But it decreases in 2008-09 to 7.95 times which shows firmhas to give attention towards inventory of a firm.



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3 Debtors turnover ratio

a) Debtors Turnover Ratio = NET SALES

Debtors

Net Sales Debtors Ratios

2006-07 152435.81 53705.10 2.84

2007-08 173758.39 65068.31 2.67

2008-09 188249.85 97715.66 1.93

InterpretationAccounts receivable turnover ratio or debtors turnover ratio

indicates the number of times the debtors are turned over a year.

The higher the value of debtors turnover the more efficient is the

management of debtors or more liquid the debtors are. Similarly,

low debtors turnover ratio implies inefficient management of

debtors or less liquid debtors. It is the reliable measure of the time

of cash flow from credit sales. There is no rule of thumb which may

be used as a norm to interpret the ratio as it may be different from

firm to firm.

Debtors turnover ratio decreases from 2.84 in 2006-07 to 1.93 in2008-09 because debtors outstanding for the period exceeding 6months are increased of current year. So it affects the liquidityposition of company.



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The company is the best performer among all IndianTransmission Line (TL) players on almost every financialparameter. The company has achieved a record level ofturnover of Rs. 8712 Million (USD 195 Million) as againstRs. 5668 Million (USD 128 Million) in the previous yearwhich shows a healthy growth of 54% for the year.

During the year the company has setup a 100% ExportOriented Unit (EOU) for design, fabrication andgalvanizing of a transmission line towers and structuresthere of at a cost of Rs. 160 Million at a capacity of 30000MTs per annum.

The division will cater to higher export demand in theinternational markets particularly in Sub Saharan African

countries and Middle East regions. In the first 7 months ofits working, the EOU has produced 9786 MTs and bookedexport revenue of Rs. 528 Million.

I have studied and analyzed the Balance Sheet of

the company for a period of five years viz. 2001-2002 to

2008-2009 and it has been observed that the company

has under its possession huge real estate including land

in the most posh locality in Mumbai and industrial belts

across the Gujarat .The firm holds legacy of culture and

heritage of more than 25 years of existence in industrial


CONCLUSION/SUGGESTION


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map of the country and as a consequence, it has built up

"Goodwill" to a remarkable extent.

It has a modern foundry works. Real estate and land is

shown in the Balance Sheet at nominal historical cost.

Moreover, it has huge idle assets in the form of plant and

machineries, material handling equipments and other

assets.

The management is finally advised to follow the

principles of "THREE Es" to manage liquidity,

solvency, profitability, survival and growth of the

business. Following are the messages of"THREE Es":

(i) E1 stands for Economy i. e. at what minimum cost it

can produce the goods. (ii) E2 stands for Efficiency i. e.

to do the thing right and finally (iii) E3 represents

Effectiveness i.e. to do the right thing only. Working

Capital Management should not be treated as an

isolated management function but it is the part and

parcel of overall corporate management functions andimpact of corporate management policy and strategy

effects working capital management practice of the

firm. It is thus necessary to work out and analyze



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cause-effect relationship of every function of the

management to assess its impact on the working

capital management.



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BALANCE SHEET AS AT MARCH 31,

2009



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KALPATARU POWER TRANSMISSION LIMITEDBALANCE SHEET AS ON 31st MARCH 2009

PARTICULARS AS AT 31/3/2009

(Rs in lacs)

AS AT 31/3/2008

(Rs in lacs)

SOURCES OF FUNDS :

Shareholder's Funds :

Share Capital

2,650.002,650.00

Reserves & Surplus 81,045.03 74,127.03

83695.03 76777.03

Loan Funds :

Secured Loans

48543.9729585.07

Unsecured Loans

16926.663000.00

65470.62 32585.07

Deferred Tax 1279.84 971.63

TOTAL 150445.49 110333.73

APPLICATION OF FUNDS :

Fixed Assets :

Gross Block

35909.2229597.34

Less :Depreciation

10069.327328.83

Net Block 25839.90 22268.50

Capital Work-in-Progress 999.50 193.40

26839.40 22461.90

Investments 12682.52 14751.48

Current Assets, Loans & Advances

Accrued value of work done35532.01 28567.92

Inventories : 23688.60 15370.22

Sundry Debtors97715.65 65068.31

Cash & Bank Balances4451.89 8917.16

Loans & Advances31182.77 15117.61

192570.91 133041.21

Less :Current Liabilities & Provisions


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PROFIT & LOSS ACCOUNT

KALPATARU POWER TRANSMISSION LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED ON 31ST MARCH 2009 (in Rs. In lacs)

FOR THE YEAR

ENDED

31/03/2009

FOR THE YEAR

ENDED

31/03/2008

INCOME :

Sales & Services Gross 191362.20 176820.3

Less : Excise Duty3112.35

3061.9

Sales & Services Net188249.85

173758.3

Other Income3075.63

2148.7

Increase(Decrease)in Stocks

a) Transmission Division5177.63

(1107.19

b) Real Estate Division (6-95

TOTAL196503.10

174793.03

EXPENDITURE :

Material Cost106946.78

85751.7

Employee' Emoluments10861.79

9058.4

Manufacturing & Operational Expenses42248.27

38302.5

Administrative, Selling & Other Expenses11097.16

14134.4

Financial Expenses10558.82

5210.1

Depreciation2736.46



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Less : Transferred to Revaluation Reserve 4.65

2731.81 2180.4TOTAL 184444.63 154637.80

PROFIT BEFORE TAX12058.47

20155.23

Provision for Taxation

Current Tax2190.00

4796.0

Fringe Benefit Tax119.17

102.4

Deferred Tax308.21

261.5

NET PROFIT FOR THE YEAR AFTERTAX 9441.09

14995.23

Balance brought forward31991.69

21328.9

Less : Prior Year's Adjustment(4.03)

(7.23

Less : Prior Year's Income Tax(10.94)

AMOUNT AVAILABLE FORAPROPRIATION 41417.82 36316.97Appropriations :

Proposed Dividend 1987.50 1987.50

Add : Corporate Tax On Dividend 337.78 337.78

2325.282325.2

Transfer to debentures RedemptionReserve 300.00

Transfer to General Reserve1200.00

2000.0

Balance carried over to Balance Sheet37592.54

31991.6

TOTAL41417.82

36316.57



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No. of Equity Shares at the end of

the year

26500000 26500000

Profit for calculation of EPS (Rs.) 9441.09 14995.23

Nominal value of Equity Shares(Rs.) 10.00 10.00

Basic/diluted earnings per Share(Rs.)

35.63 56.59



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CASH FLOW STATEMENT



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CASH FLOW STATEMENT OF KALPATARU FOR YEAR ENDED 31ST MARCH 2009

INFLOW/(OUTFLOW)-RS. In lacs

2008-09 2007-08

A. CASH FLOW FROM OPERATING ACTIVITIES:

Net profit before taxation, and extraordinary items 12058.47 20155.23

Adjustments for :

Depreciation 2731.81 2180.41

Interest Paid 6844.09 3971.51

Dividend Received (405.28) (744.97)

Interest Received (1831.86) (812.86)

Amortization of Preliminary and Share IssueExpenses - 5.01

Provision for Diminution in Investments 1.30 (0.16)

Loss/Profit(-) on sale of Assets 5.09 6.43

Foreign Currency Translation Difference (178.19) (20.39)

OPERATING PROFIT BEFORE WORKING

CAPITAL CHARGES 19225.43 24740.21

Adjustment for:

Trade and other Receivables (50594.50) (25605.42)

Inventories (8318.38) 456.77

Margin Deposits with Banks 368.88 134.00

Trade Payables 21740.65 7161.39

CASH GENERATED FROM/(USED IN)OPERATIONS

(17577.92)6886.96

Income Tax Paid(2309.17)

(4898.45)

Prior years Adjustment(14.97)

(7.23)

CASH FLOW BEFORE EXTRAORDINARY ITEMS (19902.06) (1981.27)

-


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CASH FLOW


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I have referred following Books& websites for the information aboutthe company.

Pandey, I. M. Financial Management: New Delhi: Ninth

Edition Vikas Publication, 2006, page. 577-600, 658-667.

Khan, M. Y. Financial Management: An Overview: New

Delhi: Seventh Edition Tata McGraw Hill, 2005, page. 26.1-

28.9.

Ram, Paras. Export: What-Where-How: New Delhi: 40th

Edition Anupam Publisher, 2006-07, page. 248-346.

Web References:

www.kalpatarupower.com

www.iba.org.in


BIBLIOGRAPHY
http://www.kalpatarupower.com/http://www.iba.org.in/http://www.kalpatarupower.com/http://www.iba.org.in/


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http://money.rediff.com/money/jsp/ratio.jsp?

companyCode=15150006

http://en.wikipedia.org/wiki/factoring-(finance)

http://en.wikipedia.org/wiki/cash_conversion_cycle

www.investopidia.com
http://money.rediff.com/money/jsp/ratio.jsp?companyCode=15150006http://money.rediff.com/money/jsp/ratio.jsp?companyCode=15150006http://en.wikipedia.org/wiki/factoring-(finance)http://en.wikipedia.org/wiki/cash_conversion_cyclehttp://money.rediff.com/money/jsp/ratio.jsp?companyCode=15150006http://money.rediff.com/money/jsp/ratio.jsp?companyCode=15150006http://en.wikipedia.org/wiki/factoring-(finance)http://en.wikipedia.org/wiki/cash_conversion_cycle