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ESTD 1948

A training report submitted in partial fulfillment of the requirement for the award of
degree of Bachelor Business Administration (Industry Integrated), Gauhati University
Account Mana!" HIMS
Sat#$% Ku&a" M#tta' ()o&.
P"!*a"!+ an+ Su,&#tt!+ -./
P#n0.G.U. R!#$t"at#on No. 11.. o2 341453416

his is to certify that !in"y Aggarwal, a student of the Gauhati university has
prepared her raining report entitled #)ASH F7O8 ANA7YSIS AND 8ORKING
)APITA7 OF YARN DIVISION$ under my guidance% she has fulfilled all
requirements under the regulations of the &BA (II!) and BBA (II!) Gauhati
University, leading to the BBA (II!) degree% his wor" is the result or his own
investigation and the pro'ect( neither as a whole nor any part of it was submitted to
any other University or )ducational Institution for any research or diploma%
I wish her all success in life%
HIMS9 D!'%#

I hereby declare that the raining *eport conducted at
+AI+, -U&A* &IA. / 01&%
2)3 4).,I
Under the supervision of
M". A:a.
+ubmitted in !artial fulfillment of the requirements for the
4egree of
BA0,).1* 15 BU+I2)++ A4&I2I+*AI12
(Industry Integrated)
Is my original wor" and the same has not been submitted
for the award of any other 4egree6diploma6fellowship
or other similar titles or pri7es%
!lace8 !in"y%
4ate8 *eg% 2o%8999%%

5irstly, I would li"e to than" MR. AJAY (Accou!"! M""#$%& and a sincere than"s
to all other staff members of . SATISH KUMAR MITTA7 ()O. who have helped
me directly or indirectly in my difficulties%
I wish to e:press my deepest and most sincere than"s to my 5aculty Guide, P%o'. S.
Moo()$%*$$ for their invaluable guidance / support throughout the completion of my
.ast but not least, I am than"ful to all my family for cooperating with me at every
stage of the pro'ect% hey acted as a continuous source of inspiration and motivated
me throughout the duration of the pro'ect helping me a lot in completing this pro'ect%

;%; General Introduction about the sector
;%< Industry profile
a) 1rigin and development of the industry
b) Growth and present status of the industry
c) 5uture of industry
<%; 1rigin of the 1rgani7ation
<%<Growth and development of the 1rgani7ation
<%= !resent status of the 1rgani7ation
<%> 5unctional 4epartments of the 1rgani7ation
)%a*t!" 6 D#$cu$$#on on T"a#n#n
=%; +tudent?s wor" profile (*ole and responsibilities), tools and echniques
=%< -ey learning?s
)%a*t!" 4 Stu+. o2 S!'!ct!+ R!$!a"c% P"o,'!&
>%; +tatement of research problem
>%< +tatement of research ob'ectives
>%= *esearch design and &ethodology
)%a*t!" < Ana'.$#$

@%; Analysis of data
)%a*t!" = Su&&a". an+ )onc'u$#on
A%; +ummary of .earning ):perience
A%< 0onclusions and *ecommendations
c%a*t!" 1 Int"o+uct#on
8%at I$ A )a$% F'o> Stat!&!nt?
0omplementing the balance sheet and income statement, the cash flow statement
(05+), a mandatory part of a company?s financial reports since ;BCD, records the
amounts of cash and cash equivalents entering and leaving a company% he 05+
allows investors to understand how a company?s operations are running, where its
money is coming from, and how it is being spent% ,ere you will learn how the 05+ is
structured and how to use it as part of your analysis of a company
T%! St"uctu"! o2 t%! )FS
he cash flow statement is distinct from the income statement and balance sheet
because it does not include the amount of future incoming and outgoing cash that has
been recorded on credit% herefore, cash is not the same as net income, which, on the
income statement and balance sheet, includes cash sales A24 sales made on credit%
0ash flow is determined by loo"ing at three components by which cash enters and
leaves a company8 core operations, investing and financing,
&easuring the cash inflows and outflows caused by core business operations, the
operations component of cash flow reflects how much cash is generated from a
company?s products or services% Generally, changes made in cash, accounts
receivable, depreciation, inventory and accounts payable are reflected in cash from

0ash flow is calculated by ma"ing certain ad'ustments to net income by adding or
subtracting differences in revenue, e:penses and credit transactions (appearing on the
balance sheet and income statement) resulting from transactions that occur from one
period to the ne:t% hese ad'ustments are made because nonEcash items are calculated
into net income (income statement) and total assets and liabilities (balance sheet)% +o,
because not all transactions involve actual cash items, many items have to be reE
evaluated when calculating cash flow from operations%
5or e:ample, depreciation is not really a cash e:pense( it is an amount that is deducted
from the total value of an asset that has previously been accounted for% hat is why it
is added bac" into U for calculating cash flow% he only time income from an asset is
accounted for in 05+ calculations is when the asset is sold%
0hanges in accounts receivable on the balance sheet from one accounting period to
the ne:t must also be reflected in cash flow% If accounts receivable decreases, this
implies that more cash has entered the company from customers paying off their
credit accounts E the amount by which A* has decreased is then added to net sales% If
accounts receivable increase from one accounting period to the ne:t, the amount of
the increase must be deducted from net sales because, although the amounts
represented in A* are revenue, they are not cash%
An increase in inventory, on the other hand, signals that a company has spent more
money to purchase more raw materials% If the inventory was paid with cash, the
increase in the value of inventory is deducted from net sales% A decrease in inventory
would be added to net sales% If inventory was purchased on credit, an increase in
accounts payable would occur on the balance sheet, and the amount of the increase
from one year to the other would be added to net sales%
he same logic holds true for ta:es payable, salaries payable and prepaid insurance% If
something has been paid off, then the difference in the value owed from one year to
the ne:t has to be subtracted from net income% If there is an amount that is still owed,
then any differences will have to be added to net earnings%
0hanges in equipment, assets or investments relate to cash from investing% Usually

cash changes from investing are a Fcash outF item, because cash is used to buy new
equipment, buildings or shortEterm assets such as mar"etable securities% ,owever,
when a company divests of an asset, the transaction is considered Fcash inF for
calculating cash from investing%
0hanges in debt, loans or dividends are accounted for in cash from financing%
0hanges in cash from financing are Fcash inF when capital is raised, and they?re Fcash
outF when dividends are paid% hus, if a company issues a bond to the public, the
company receives cash financing( however, when interest is paid to bondholders, the
company is reducing its cash%
Ana'.@#n an EAa&*'! o2 a )FS
.et?s ta"e a loo" at this 05+ sample8
5rom this 05+, we can see that the cash flow for 5G <HH= was I;,@<<,HHH% he bul"
of the positive cash flow stems from cash earned from operations, which is a good

sign for investors% It means that core operations are generating business and that there
is enough money to buy new inventory% he purchasing of new equipment shows that
the company has cash to invest in inventory for growth% 5inally, the amount of cash
available to the company should ease investors? minds regarding the notes payable, as
cash is plentiful to cover that future loan e:pense%
1f course, not all cash flow statements loo" this healthy, or e:hibit a positive cash
flow% But a negative cash flow should not automatically raise a red flag without some
further analysis% +ometimes, a negative cash flow is a result of a company?s decision
to e:pand its business at a certain point in time, which would be a good thing for the
future% his is why analy7ing changes in cash flow from one period to the ne:t gives
the investor a better idea of how the company is performing, and whether or not a
company may be on the brin" of ban"ruptcy or success%
T.#n t%! )FS >#t% t%! -a'anc! S%!!t an+ Inco&! Stat!&!nt
As we have already discussed, the cash flow statement is derived from the income
statement and the balance sheet% 2et earnings from the income statement is the figure
from which the information on the 05+ is deduced% As for the balance sheet, the net
cash flow in the 05+ from one year to the ne:t should equal the increase or decrease
of cash between the two consecutive balance sheets that apply to the period that the
cash flow statement covers%
A company can use a cash flow statement to predict future cash flow, which helps
with matters in budgeting% 5or investors, the cash flow reflects a company?s financial
health8 basically, the more cash available for business operations, the better% ,owever,
this is not a hard and fast rule% +ometimes a negative cash flow results from a
company?s growth strategy in the form of e:panding its operations%
By ad'usting earnings, revenues, assets and liabilities, the investor can get a very clear
picture of what some people consider the most important aspect of a company8 how
much cash it generates and, particularly, how much of that cash stems from core

aB D#"!ct &!t%o+
,B In+#"!ct &!t%o+ CAS56B
D#"!ct &!t%o+
1B P"o2#t an+ 'o$$ a**"o*"#at#on$ account C2o"&atB
4ate !articulars Amount 4ate !articu
To ,a'anc! ,D+ (last years
debit balance if any)
o transfer to
;% general reserve
<% sin"ing fund
=% capital redemption
>% debenture
@% dividend
equali7ation fund
to interim dividend paid
to proposed dividend
to provision for income ta:
-. ,a'anc!
,D+ (last years
credit balance
if any)
-. a#n on
$a'! o2 2#A!+
-. FFO
Cfunds 2"o&

to bonus to equity
shareholders a6c
to loss on sale of fi:ed assets
to goodwill written off
to depreciation
to preliminary e:penses
written off
to .51 ('o$$ from
8o"0#n '!+!"$ "!Eu#"!+
1B P'ant an+ &ac%#n!". aDc
3B P"oF#$#on 2o" +!*"!c#at#on aDc
6B P"oF#$#on 2o" taA aDc
Fo"&at$ o2 >o"0#n '!+!"$
1B P'ant an+ &ac%#n!". aDc
4ate !articulars amount 4ate particulars amount
o balance b6d By depreciation

o !6. a6c ( profit
on sale)
o ban" (purchase)
By !6. a6c (loss on
By ban" a6c (sale)
By balance c6d
3B P"oF#$#on 2o" +!*"!c#at#on aDc
4ate !articulars amount 4ate particulars amount
o plant a6c
o balance c6d
By balance b6d
By profit and loss
6B P"oF#$#on 2o" taA aDc
4ate !articulars amount 4ate particulars amount
o ban" a6c(ta:
o balance c6d
By balance b6d
By profit and loss

<) 0alculation of cash from operations (051)
5unds from operations
J 4ecrease in current assets (e:cept cash and ban")
J Increase in current liability
E Increase in current assets (e:cept cash and ban")
E 4ecrease in current liability
K 0ash from operations
6B )a$% 2'o> $tat!&!nt C2o"&atB
+ources of funds Amounts Applications of funds Amounts

Issue of shares
*eceipts of loans
+ale of assets
051 ( 0A+, 5*1&
!urchase of assets
!ayment of loans
!ayment of ta:
!ayment of dividend
!urchase of goodwill
*edemption of preference
In+#"!ct &!t%o+ CAS56B
his includes three activities namely
;% 1perating activities
<% Investment activities
=% 5inancing activities
+tatement under this can be shown as follows8
O*!"at#n act#F#t./
!rofit after ta:es
J proposed dividend

J provision for ta:
J goodwill written off
J preliminary e:penses written off
J premium paid on redmption of preference shares
J transfer to general reserve
J depreciation
J interim dividends
J loss on sale of fi:ed assets
E profit on sale of fi:ed assets
K profit before wor"ing capital change
J decrease in current assets
J increase in current liability
E increase in current assets
E decrease in current liability
K operating profit
E payment of ta:es
K cash flow from (used) operating activity GAH
InF!$t&!nt act#F#t#!$
+ale of fi:ed assets
+ale of investments
(!urchase of fi:ed assets)

(!urchase of investments)
K cash flow from (used) investing activity G-H
F#nanc#n act#F#t#!$
Issue of equity shares
(*edemption of debentures)
(*edemption of preference shares)
issue of debentures
issue of preference shares
receipt of term loans
repayment of term loans
payment of dividends
payment of interim dividends
K cash flow from (used) financing activity G)H
GAI-I)H J n!t #nc"!a$! o" +!c"!a$! #n ca$% an+ ca$%
I o*!n#n ca$% an+ ca$% !Eu#Fa'!nt$
J c'o$#n ca$% an+ ca$% !Eu#Fa'!nt$


3or"ing 0apital is life blood and nerve centre of a business% Lust as circulation of
blood is essential for the survival of the human being similarly wor"ing capital is
necessary for the survival of every business organi7ation, whether it is a small
organi7ation or a big organi7ation%
)very business needs funds for two purposesEfor the establishment and to carry out its
day to day operations% .ong terms funds are required to create production facilities
through purchase of fi:ed assets such as plant / machinery, land / building, furniture
/ fi:tures etc% Investments in these assets the present that part of the firmMs capital,
which is bloc"ed on a permanent or fi:ed basis and is called fi:ed capital% 5unds are
also needed for shortEterm purposes as for the purchase of raw material, payment of
wages / other day to day e:penses etc% these funds are "nown as wor"ing capital%
Before discussing about the wor"ing capital management of NA*4,&A2
)OI.)+ .I&I)4, we should "now the meaning, definition and different
concepts of wor"ing capital%
In simple words, wor"ing capital refers to that part of the firmMs capital which is
required for financing short term or current assets such as, cash, mar"etable securities,
debtors, and inventories or in other words the wor"ing capital is the e:cess of current
assets over current liabilities%
3or"ing capital may be classified in two ways8
a) On the basis of concept
b) On the basis of time

On T%! -a$#$ O2 )onc!*t
1n the basis of concept, wor"ing capital is classified as gross wor"ing capital and net
wor"ing capital% his classification is important from the point of view of the
financial manager%
G"o$$ >o"0#n ca*#ta'8 E
1. Cash in hand and Bank
2. Bill Receivables
3. Sundry ebtors
!. Short "erm #oan $ %dvances
&. 'nventory of Stock
(. )repaid e*penses
)ermanent or fi*ed +orkin, capital
"emporary or variable +orkin, capital
-ature and character of business.
Si.e of business/scale of operation.
)roduction policy.
Gross Working Capital = Total Current

0anufacturin, process/len,th of production cycle.
Seasonal variation.
1orkin, capital cycle.
Rate of stock turnover.
Credit policy
Business cycle.
Rate of ,ro+th of business.
2arnin, capacity and dividend policy.
)rice level chan,es.
3or"ing 0apital is the blood and the nerve centre of business% Lust as the blood
circulation is essential in the human bodies for maintaining life, wor"ing capital is
very important to maintain the running of business% 2o business can run successfully
without an adequate amount of wor"ing capital%
T%! a+Fanta!$ a"! a$ 2o''o>$/
So-.$c/ o' !)$ 0u12$11. Adequate wor"ing capital helps in maintaining
solvency of the business by providing uninterrupted flow of production%
Goo342--. +ufficient wor"ing capital enables a business concern to ma"e
prompt payments%
E"1/ -o". A concern having adequate wor"ing capital high solvency and
good credit standing can arrange loans from ban"s and others on easy terms%
C"1) 321cou!1% Adequate wor"ing capital also enables a concern to avail cash
discounts on the purchase and hence it reduces costs%

R$#u-"% 5"/6$!1 o' 1"-"%2$1, 4"#$1 "3 o!)$% 3"/ !o 3"/ co662!6$!1. A
company which has adequate wor"ing capital can ma"e regular payments of
salaries, wages and other day to day commitments with raises the morale of its
employees, increases their efficiency, reduces wastages and enhances
production and profits%
E75-o2!"!2o o' '".o%"0-$ 6"%($! co32!2o1% 1nly concerns with adequate
wor"ing capital can e:ploit favorable mar"et conditions such as purchasing its
requirement in bul" when the prices are lower and holding its inventory for
higher prices%
A02-2!/ !o '"c$ c%21$1% Adequate wor"ing capital enables the concern face
business crises in emergencies such as depression because during such
periods, generally, there is much pressure on wor"ing capital
>o"0#n ca*#ta' #$ n!!+!+ 2o" t%! 2o''o>#n *u"*o$!$/
3or the purchase of ra+ materials4 components and spares.
"o pay +a,es and salaries.
"o incur day5to5day e*penses and overhead costs such as fuel4 po+er and
office e*penses etc.
"o meet the sellin, costs as packin,4 advertisin,4 etc.
"o maintain the inventories of ra+ material4 +ork5in5pro,ress4 stores and
spares and finish stock.
"o provide credit facilities to the customers.
he operating cycle refers to the length of the length of time between the firms paying
the cash for the material, entering into the production processPstoc" and the inflow of
cash from debtors% here is a complete cycle from cash to cash where in cash gets

converted into raw material, wor"EinEprogress, finished goods debtors and finally in
cash% +hortEterm funds are required to meet the requirements of the funds during this
time period this time period depends on the length of time within which the original
cash gets converted into cash again% he determination of wor"ing capital cycle helps
in the forecast, control and management of wor"ing capital% It indicates the total time
lag and the relative significance of constituent parts%

0onversion of cash to raw material%
0onversion of raw material to wor" in progress%
0onversion of wor" in progress into finished goods%
0onversion of finished goods into accounts receivable%
0onversion of accounts receivable into cash%

he ban" credit is the primary institutional source of wor"ing capital finance% he
ban" provides finance through loan agreements, overdrafts, cash credit, purchasing of
bills, and term loans% Ban"s have been certain norms in granting wor"ing capital
finance to companies% hese norms have been greatly influenced by the
recommendation of various committee appointed by *)+)*N) BA2- 15 I24IA
from time to time%
+AI+, -U&A* &IA./ 01&% finance his wor"ing capital from the different
-ANK9PUNJA- NATIONA7 -ANK% 0ompany finances the amount according to
its need according to its need of wor"ing capital requirement%
2et wor"ing capital is the difference between the current assets and the current
liabilities% herefore it is called net wor"ing capital% 3hen current assets e:ceed
current liabilities then the wor"ing capital is positive otherwise negative% ):amples of
current liabilities%
Bill )ayable
Sundry creditors
Outstandin, e*penses
Short term loans
ividend payable
Bank overdraft

+atish "umar mittal / comis a ma'or integrated te:tile producer in India% he Group
was setup in ;BA@ at .udhiana, 2orthern India% +ince then, the Group has e:panded
manifold and is today, one of the largest te:tile conglomerates in India% he Group
portfolio includes &anufacturing and mar"eting of Garns, 5abrics, +ewing hreads,
5iber and Alloy +teel% he group started its corporate 'ourney with an installed
capacity of AHHH spindles in ;BA@ under the flagship company +atish "umar mittal /
com+pinning / General &ills .imited (now "nown as +atish "umar mittal /
com,oldings .imited and is an investment arm of the Group) in .udhiana% 1ver the
years the group has e:panded its spinning capacities besides adding new businesses%
he group has also diversified into yarn processing, weaving, And +ewing hread,
fabric processing, acrylic fiber manufacturing and into special6 alloy steels% oday,
close to <H,HHH people are the 1rgani7ation is most important asset its human capital
T%! Sat#$% 0u&a" &#tta' ( co&"ou* co&*"#$!$ o2 t%"!! '#$t!+ an+ t>o un'#$t!+
7#$t!+ co&*an#!$
+atish "umar mittal / come:tiles .imited (formerly &ahavir +pinning &ills
+atish "umar mittal / comAcrylics .imited
+atish "umar mittal / com,oldings .imited; (formerly +atish "umar mittal /
com+pinning / General &ills .imited)

Unlisted 0ompanies
N& +pinning 0ompany .imited
+atish "umar mittal / comhreads .imited
.1G1 15 +AI+, -U&A* &IA. / 01&G*1U!
he #5lame$ signifies growth i%e% growth of the company along with the growth of
each and every individual associated with it whether he6she is a wor"er , a white
collar employee, a shareholder or a customer%
he #+tic"$ symboli7es cotton that is the basic raw material of the core product of
Nardhman% he #N$ stands for the +atish "umar mittal / comGroup

he industrial city of .udhiana, located in fertile &alwa region of central !un'ab is
"nown as the #&A20,)+)* 15 I24IA$% 3ithin the precincts of the city is
he corporate head quarters of +atish "umar mittal / comgroup, A household name in
northern India% he +atish "umar mittal / comgroup , born in ;BA@ under the
entrepreneurship of late .ala *attan 0hand 1swal has today blossoms into the one of
the larger te:tile business houses in India %
At its inception, satish "umar mittal / comhas installed capacity of ;>HHH spindles%
oday8 its capacity has increase multifold to over @%@ lacs spindles% In ;BC< the group
enters sewing threads mar"et in company, which was the forward integration of
business% In ;BBH, it undertoo" yet another diversification Q this time into the weaving
business% he grey fabric weaving unit at Baddi, commissioned in ;BBH with a
capacity of <H,HHH meters per day , has already made its mar" as a quality producer of
grey poplin, sheeting, shirting in the domestic as well as foreign mar"et % his was
followed by entry into fabric processing by setting up of AU*1 )OI.)+ at
BA44I, which currently has a processing of ;,HH,HHH meters per day% In the year
;BBB, the group has added yet another feather to its cap with a setting of +AI+,
-U&A* &IA. / 01&A0*G.I0+ .4 in% he company also has a strong
presence in the mar"ets of LA!A2, ,12G -12G, -1*)A, and U- / )U*1!) in
addition to the domestic mar"et% Adherence to systems / true dedication to quality
has resulted in obtaining the coveted I+1 BHH<6I+1 ;>HH< quality awards which is the
first in te:tileindustry%

5aith in bright future of Indian te:tile industry / hence continues e:pansion
areas #which we "now best$%
otal customer focus in all operational areas
!roducts to be of best available quality for premium mar"et segments through
R& / S)*1 4)5)0 implementation in all functional areas%
Global orientation targetingE at least <HT production for e:ports%
Integrated diversification6 product range e:pansion
3orld class manufacturing facilities with most modern */4 / process
5aith in individual potential respect for human values

)ncouraging innovation for constant improvements to achieve e:cellence in
all functional areas
Appreciating our role as a responsible corporate citi7en%
+AI+, -U&A* &IA. / 01&aims to be a 31*.4 0.A++ )OI.)
organi7ation producing diverse range of products for the global te:tile mar"et%
+AI+, -U&A* &IA. / 01&see"s to achieve customer delight through
e:cellence in manufacturing / customer service based on creative combination
of stateE of Q theE art technology / human resources% +AI+, -U&A*
&IA. / 01&is committed to be responsible corporate citi7en

Sat#$% 0u&a" &#tta' ( co&T!At#'!$ 7#&#t!+
+,% +,*I !AU. 1+3A. U 0hairman / &anaging 4irector
+&% A&IA 2A*AI2 U (2ominee of I4BI)
+,% A*U2 -U&A* !U*3A*
+,% !*A5U.. A2UB,AI
+,% +UBA+, -,A20,A24 BIL.A2I
+,% A+,1- -U&A* -U24*A
+,% 4A*+,A2 .A. +,A*&A
+,% +,*ANA2 A.3A*
+,% +A0,I LAI2 U ):ecutive 4irector
+&% +U0,IA LAI2 U ):ecutive 4irector
+,% 2))*AL LAI2 U ):ecutive 4irector
0G& (5I2A20), A001U2+ / AOAI12)

+,% *AL))N ,A!A*
01&!A2G +)0*)A*G
+,% NI!I2 GU!A
+A) BA2- 15 !AIA.A,
A..A,ABA4 BA2-,
I0I0I BA2- .4%,
!U2LAB 2AI12A. BA2-,
+A) BA2- 15 I24IA,
BA2- 15 BA*14A
01*!1*AI12 BA2-,
U2I12 BA2- 15 I24IA
0A2A*A BA2-,
+A24A*4 0,A*)*)4 BA2-
BA2RU) 2AI12A.) 4) !A*I+
O"an#$at#ona' %#!"a"c%. c%a"t


+atish "umar mittal / com+pinning and General &ills .td% was the ;st te:tile
company to be awarded I+1EBHH< and I+1E;>HH< certificate in 1996.
't is the lar,est manufacturer and e*porter of cotton yarn from 'ndia.
't is the second lar,est producer of se+in, threads in 'ndi
't is a lar,er producer of acrylic fiber and finished fabrics
T!At#'! EA*o"t P"o&ot#on )ounc#' 3446544
6old trophy in 2O782)9 for e*port of cotton yarn
T!At#'! EA*o"t P"o&ot#on )ounc#' 3446544
Bron.e trophy in mill fabric e*porter cate,ory
T!At#'! EA*o"t P"o&ot#on )ounc#' 3443546
6old "rophy in 2O782)9 for e*port of cotton yarn
T!At#'! EA*o"t P"o&ot#on )ounc#' 1998599
Silver "rophy
T!At#'! EA*o"t P"o&ot#on )ounc#' 199N598
Bron.e "rophy
T!At#'! EA*o"t P"o&ot#on )ounc#' 199=59N
Silver "rophy

GoFt. o2 In+#a A>a"+ 19945<9 199<59=
%+ard of 0erit
T!At#'! EA*o"t P"o&ot#on )ounc#' 1996594
CM!"c%ant EA*o"t )at!o". 2o" Fa,"#c$B
Bron.e "rophy
T!At#'! EA*o"t P"o&ot#on )ounc#' 1996594
CM!"c%ant EA*o"t )at!o". 2o" Fa,"#c$B
6old "rophy


+atish "umar mittal / comGroup consists of @ +BUs spread across B
manufacturing locations
+ +teel
G Garn
0 0otton Garn
5 5abric

S*#nn#n -u$#n!$$ CYB
Sat#$% 0u&a" &#tta' ( co&S*#nn#n ( G!n!"a' M#''$ 7u+%#ana9 Pun:a,
Au"o S*#nn#n -a++#9 HP
A"#%ant S*#nn#n Ma'!"0ot'a9 Pun:a,
A"#$%t S*#nn#n -a++#9 HP

Ga$ M!"c!"#$!+ Ya"n -u$#n!$$ Ho$%#a"*u"9 Pun:a,
Au"o D.!#n -a++#9 HP
Anant S*#nn#n Man+#+!!*9 MP
Sat#$% 0u&a" &#tta' ( co&S*#nn#n ( G!n!"a' M#''$ CEA*o"t O"#!nt!+
Un#tB -a++#9 HP
VMT -a++#9 HP
Sat#$% 0u&a" &#tta' ( co&Ya"n$ Sat'a*u"9 MP
Fa,"#c -u$#n!$$ C)B
Au"o 8!aF#n -a++#9 HP
MSM7 T!At#'!$ D#F#$#on -a++#9 HP
Au"o T!At#'!$ -a++#9 HP
Sat#$% 0u&a" &#tta' ( co&Fa,"#c$ -u+%n#9 MP
S!>#n T%"!a+ -u$#n!$$ CSTB
ST5I Ho$%#a"*u"9 Pun:a,
ST5II 7u+%#ana9 Pun:a,
ST5III P!"un+u"a#9 TN
Sat#$% 0u&a" &#tta' ( co&T%"!a+$ 7#&#t!+ -a++#9 HP
Sat#$% 0u&a" &#tta' ( co&S*!c#a' St!!'$ CSB 7u+%#ana9 Pun:a,

Sat#$% 0u&a" &#tta' ( co&Ac".'#c$ 7#&#t!+ CFB -%a"uc%9 Gu:a"at
he group is one of the largest spinning group of the country with a spindlier
of over
@, @H,HHH% he group has ;< production plants located in the states of !un'ab,
,imachal !radesh and &adhya !radesh% In many of the yarn mar"et segments,

+atish "umar mittal / comholds the position of mar"et leader besides being a
large and reliable supplier in the country%
+atish "umar mittal / comis also the largest e:porter of yarn from India% he
group yarn e:ports amount to over U+I ;HH million covering the most quality
conscious mar"ets in theworld% he total e:port of 0otton yarn of the group is
about AT of total e:port of cotton yarn from the country%
S$42# T)%$"31
+atish "umar mittal / comentered the +ewing thread business in ;BC< as a
forward integration to its yarn business% he group had to struggle for survival
being pitted against a large multinational organi7ation% oday with
appro:imately <@ metric tonne6per day of sewing thread manufacturing
capacity in its plant at ,oshiarpur, .udhiana, Baddi / !erundurai%

+atish "umar mittal / comthreads have emerged as second largest sewing
thread brand in the country%
P%oc$11$3 F"0%2c
In its quest for further value addition +atish "umar mittal / comstarted fabric
processing in ;BBB%
+atish "umar mittal / comestablished a modern fabric process house in ;BBB
with a capacity of =H million meters per annum% his capacity has been
e:panded to >< meters per annum in
5G <HH@EHA% A +atish "umar mittal / comfabric is dedicated to meet customer
demand for top quality finished fabric through product innovation, world class
quality, stateEofEart technology and e:cellence in service%
In ;BBB the group set up an Acrylic staple fibre plant at Bharuch in Gu'arat in
collaboration with &arubeni and Lapan ):lan of Lapan% he plant has annual
capacity of ;C@HH metric tonnes per annum%

he steel business was setup in ;BD= as diversification with a capacity of
=@HHH million tones per annum% .ater on group acquired a steel plant from
&ohta Group of Industries in ;BCC and converted this loss ma"ing unit into a
profitable business in first year of operation with the Group% +ubsequently the
steel mill has been moderni7ed and e:panded to a capacity of ;HHHHH million
tonnes per annum% 0atering to high technology Ruality conscious alloy steel
segment, the unit has a reputation of being a dependable source of supply of
special and alloy steel to Indian6International standards%

he +AI+, -U&A* &IA. / 01&range of yarn was a humble
beginning% ree decades of hard wor", commitment and constant innovation
have resulted in well earn trust and goodwill of our customers across the

At +AI+, -U&A* &IA. / 01&we move with a notion that customer
serves is a way of life% 3e strive to provide our customers delight with =!
service Q!*1&!, !1.I) /!)*+12A.IS)4
It today have a capacity of over half a million spindles along with two dyeing
plants bearing a capacity of more than <D tones yarn / << tones fibers per day%
1ur goal, therefore calls for serving our customers with multiple of products
meeting the most diverse of requirement% his, infect has position +AI+,
-U&A* &IA. / 01&as a$ +U!)* &A*-) of high quality yarn$%
+AI+, -U&A* &IA. / 01&G*1U! has installed capacity of more
than half a million spindles / out of it about ;,D>,HHH spindles are fully
dedicated to e:ports only%
,aving built GIA2 capacity in term of more than half million spindles
spanned over ;@ units out of > units are dedicated to e:ports only ()1U) ,
state Q of QtheE art technology% 4e:trose hands capable of plain rhythm with

machines sourced from best available around the world has made +AI+,
-U&A* &IA. / 01&a gallery of variety of world 0.A++ yarns%
)1UE;HHT dedicated to e:port only
212 )1U Q produce for domestic as well as for e:port mar"et%
he unique combination of man / machine, competing / supplementing each
other with continuos increase in productivity has enable +AI+, -U&A*
&IA. / 01&to de:terously ripe the fruit of economies of scale / process
variety of raw material required for variety of end products to te:tiles%
)venness results falls in @T to ;@T of user standards achieved through

P"o*!" $!'!ct#on o2 "a> &at!"#a'$
8o"'+ c'a$$ P"! $*#nn#n an+ S*#nn#n Fac#'#t#!$
T!c%#nca' Kno> Ho>
Hu&an S0#''$
144O Lua'#t. A$$u"anc! S.$t!&
A001U2I2G !*)0U4U*) 51* 0U+1&)* 01..)0I12 (GA*2+)
here are three types of collections
omestic collections
Collection under C0S
Collection throu,h letter of credit #8C

4omestic collection means collection, which are collected by .udhiana branch
and corporate centrali7ed mar"et yarns department% in this system they collect
the cheque or demand draft from the yarns customers and handed over it over
to the centrali7ed accounting cell for the depositing the same in to the ban" on
daily basis% After receiving all cheque on a particular day the e centrali7ed
accounting cell deposit the instruments in to the ban" for clearing%
After depositing the collections into the ban", the A0* section account for the
same in respective customerMs accounts on basis of advise sent to ban" on day
Eto Eday basis%
0ash management means the proper use of an entityMs cash resources % it
serves as a means to "eep an organi7ation functioning by ma"ing th best use of
cash or liquid resources of the organi7ation % at the same time the organi7ation
have the responsibility to use timely , reliable and comprehensive financial
information system %

Cash mana,ement helps the or,ani.ation in:
2liminatin, idle cash balances
0onitorin, e*posure and reducin, the e risk
2nsurin, timely deposit of collections
)roperly timely the disbursements
A letter of credit is a document issued mostly by financial institutions which
usually provides an irrevocable payment underta"ing to a beneficiary against
complying documents as stated in the credit%
)%a*t!" 6 D#$cu$$#on on T"a#n#n
Stu+!ntP$ 8o"0 P"o2#'!
&y wor" profile is in +AI+, &IA./ 01&%
% as Internal Auditor and 0onsultant with 0orporate Account !roblems%
8%at t%! an Int!"na' Au+#to" can +o
3ith the enlarged mandate and given the scope, ob'ectives and functions of
IA3 under the 0GAMs organi7ation internal audit in Government today is of
critical value for several reasons all of which are well "nown to us8
It is potentially of ma'or importance as an effective internal audit
system leads to improved accountability, ethical and professional practices%

It can improve the quality of output, support decision ma"ing and
performance trac"ing%
It has the potential to act as an independent and ob'ective appraisal
mechanism within the organi7ation whose findings and recommendations can
act as a tool enabling the ministry or department within which it functions, to
ta"e suitable corrective action with respect to service delivery and also
It can be used to e:amine and evaluate activities, as a service to the
organi7ation promoting effective control at a reasonable cost%
If internal audit can become an inherent part of management reporting
by suggesting remedies for the problem areas identified, it can truly fit into the
fundamental and critical area of financial reform which focuses on outcomes,
of ob'ectives being achieved at a reasonable cost% It will integrate internal
auditing with the ongoing public financial management reforms%

8%at $!t$ GoF!"n&!nt Au+#t A*a"t?
It is necessary to bring out the differences that e:ist between auditing in the
government sector, and auditing in the private sector%
he environment of the audited government organi7ation is vastly
different from what e:ists in the private sector, and is a significant reason for
the difference between the two% he government audit is carried out in an
environment determined by legal rules and a great deal of importance is
attached to lawful and rightful conduct within the governments flowing from
the need for governments to act in accordance with laws and regulations laid
down by the government itself
In the public sector moreover, the auditorMs opinion serves the interest
of the public in general and is not confined to only providing a full and fair
view to the sta"eholders as is the case with the private sector audit%
By e:tension therefore, the primary purpose of an auditorMs opinion is
to serve in the formal discharging procedure in the democratic process%
)ffectively then, the sta"eholders are many in case of the government audit
It is also a fact that the decision ma"ing process in government is much
more comple: when compared to the private sector where decisions are
predominantly determined by technical and scientific factors concerning the
primary processes of the entity and the economically limiting conditions %
In the government arena, success cannot be translated in terms of the
bottom line of income and e:penditure account but rather needs other criteria
as a measure of performance%
he auditing of the accounting system of a government organi7ation is
important not only as a trac" to the financial report but also because the
accounts contain important information which is vital for the process of
decision ma"ing which in the government sector, by its very nature, has wider
Auditing in the government sector therefore has a substantive

importance% Attention for the processes li"e acquisition of resources
(economy), use of resources (efficiency), satisfaction of needs of society
(effectiveness) which implies that audit of financial management as such,
including compliance of laws and regulations in the rightfulness audit, is often
defined as a substantive ob'ect of audit in the audit assignment%
5inancial reporting in the public sector is also different from that in the
private sector because the laws and regulations regarding financial reporting in
the public sector are different on account of the need for transparency on part
of the government regarding the governmentMs plans and the resource
allocations% herefore the laws and regulations on financial reporting in the
public sector start with regulating the procedure of the budgeting process and
the structure of the presentation of information in the budget documents%
5urthermore, as far as the government is concerned, its primary goal is
not to earn a profit over and above the cost of production as is the case with
private entities% *ather the goal of government is to reali7e the ma:imal
possible usefulness for society from a limited amount of resources and the
performance indicators are also different since the success of government
entities is not e:pressed only in financial terms%
Too'$ An+ T!c%n#Eu!$
Lournal voucher%
+ubsidiary Boo"s (sales boo", purchase boo", cash boo", and many
rial Balance%
5inancial +tatement (rading and !/l A6c, Balance +heet)
*atio Analysis
0ash 5low and 5und 5low Analysis
3or"ing 0apital +tatement%
0ost Analysis
And &any &ore

K!. 7!a"n#n/
1rgani7ational independence%
A formal mandate%
Unrestricted access%
+ufficient funding%
0ompetent leadership%
0ompetent staff%
+ta"eholder support%
!rofessional audit standards

)%a*t!" 4 Stu+. o2 S!'!ct!+ R!$!a"c% P"o,'!&
o study the wor"ing of yarn division%
)fficient use of resources%
o study of inflow and outflow of cash%
3hat factors that considers their wor"ing capital requirement%
3or"ing 0apital !olicies%
o operate the wor"ing capital cycle of the management%
*esearch comprises of defining / redefining problems, formulating
hypothesis or suggested solutions, collecting, organi7ing / evaluating data,
ma"ing deductions / reaching conclusions% In research design we decide
ype of data
5rom whom to get data
About sample si7e
,ow to analy7e data
,ow to ma"e report
4ata collected was both !rimary and +econdary in nature

he sample si7e for the study of the pro'ect was yarn division of
NA*4,&A2 G*1U! .4%
STEP 1E o study the balance sheet of yarn division
STEP 3 Q understanding various methods used for analysis cash flow
statement to study procedure followed for cash flow statement in Nardhman
STEP 6 Q 4ata Analysis of wor"ing capital through *atios
he information is collected through the PRIMARY SOUR)ES li"e8
al"ing with the employees of the department%
Getting information by observations e%g% in manufacturing processes%
4iscussion with the head of the department%
4ata was collected from following SE)ONDARY SOUR)ES li"e
;% 0orporate department
a) &ar"eting department
b) 5inance department
<% A0* reports
=% &I+ 4epartment
"he collected information +as edited $ tabulated for the purpose of analysis.

3hile ma"ing the pro'ect file various tools were used% hese tools helped in
doing the wor"% hese are8E
&icrosoft ):cel
&icrosoft 3ord
Narious analysis tools li"e Bar Graphs, !ie Graphs, tables
In the due course time, the main limitation was with searching the data% he
data was not completed in the main files of +AI+, &IA./ 01&% he
training period of si: wee"s was to short to study the organi7ation in detail% In
some cases budgets are available but actual figures are not available for

)%a*t!" < Ana'.$#$
;% 5I2A20IA. *)+U.+8
he 5inancial *esults for the year are as under 8E (*s% in 0rore)
urnover <,DAD%<< <>B@%=C
!B4I @B>%A= =D;%=D
Interest and 5inancial e:penses CA%D= ;H<%=>
!rofit before 4epreciation and a: @HD%CB <AB%H=
4epreciation <<H%CD <HD%=<
!rofit before a: (!B) <CD%H< A;%D;
!rovision for a: E 0urrent @A%D@ H%;D
E 5ringe Benefit a: E H%B;
E 4eferred a:
(2et of Ad'ustment) ;A%@; ==%<C
!rofit after a: <;=%DA <D%=@
!rofit on sale of discontinued operations E E ;;=%><
Add8 4ebenture *edemption *eserve E E
0orporate 4ividend a: written bac" ;%B@ ;%<@
Balance brought forward AH%C@ @D%=>

Balance available for appropriation <DA%@A
!roposed 4ividend on8
E )quity shares ;D%== ;;%@@
E 0orporate 4ividend a: <%CC ;%BA
<H%<; ;=%@;
;<@%HH ;<@%HH
ransfer to General *eserve ;=;%=@ AH%C@
+urplus carried to Balance +heet <DA%@A ;BB%=A
)arnings per share (*s%)
E Basic =D%HH <>%=D
E 4iluted =;%C= ;C%>C
4ividend per share (*s%) =%HH <%HH
&A2AG)&)2 4I+0U++I12 A24 A2A.G+I+ *)!1*8
A) e:tile Business8

3orld economy has shown initial indications of recovery after a severe spell
of recession% he world economy is e:pected to grow by >%< percent in <H;H
and pro'ected to maintain the growth momentum in the ne:t @ years% ,owever,
the consumer confidence in ma'or importing countries li"e U+A and )U has
been lagging behind economic growth pro'ections and may
ta"e some more time before showing any convincing revival% hough some
growth has been seen in the world trade of te:tile and clothing especially post
+ept% <HHB% he U+A te:tile and clothing imports, which declined by ;=
percent in <HHB over <HHC has increased by ; percent during LanE5eb <H;H%
he partial
e:planation of increase in te:tile and clothing imports may be attributed to the
pressure on retailers caused by very low inventory levels% It has resulted into
creation of demand for te:tile and clothing products in international mar"et%
he domestic mar"et is also showing some signs of improvement leading to
overall increase in te:tile manufacturing in the country% he industry has
attracted investment to the tune of *s% < lacs crore under U5 for capacity
e:pansion and moderni7ation, which has started paying yield% It is evident
from the increased te:tile manufacturing in the country in the form of
increased spun yarn production% he spun yarn production is e:pected to
increase at about ><HH mn "g in <HHBE;H and e:pected to grow by about CT
to >@HH mn "g in <H;HE;;% he domestic deliveries of spun yarn has also been
growing consistently showing increased activities in the entire te:tile value
B) +teel business8
1ur steel business is dependent on demand for auto and other related users%
he demand in auto industry which was suppressed because of global
economic slow down has now revived since third quarter of <HHBE;H%
+imultaneously, their has been a steep rise in raw material cost li"e shredded
scrap, sponge iron etc% because of which there is more mar"et driven

pressure on pricing of finished steel% ,owever, the auto industry is pro'ecting
healthy growth during <H;HE;; and it is e:pected that the demand shall remain
firm enabling steel plants in India to utili7e their installed capacity in full% he
0ompany is also considering to structure this business and have appointed the
e:ternal advisors to help e:amine various options to restructure the same%
0) 5inancial Analysis and *eview of 1perations8
V !*14U0I12 / +A.)+ *)NI)38
4uring the year under review, your company has registered a turnover of *s%
<,DAD%<< crore as compared to *s% <,>B@%=C crore showing an increase of
;H%CBT over the previous year turnover% he e:port of the 0ompany increased
from *s% A<D%H> crore to *s% DH>%HH crore, showing an increase of ;<%<DT
over the previous year owing to enhanced production and better
product6mar"et penetration% he business wise performance is as under8E
a)% Garn8
he production of Garn increased from ;;@,CCC & to ;<A,;>A & during
<HHBE<H;H%he sales revenue of yarn increased from *s% ;,=<>%D< crore to *s%
;,>DA%BB crore during the year under review%
b)% +teel8
4uring the year, the production of steel ingots6billets has been A<,;;H &
compared to @=,HDC & of the previous year and that of *olled products has
been @A,@C; & compared to @;,>D; & of the previous year% he sales
revenue of the division has been *s% <DA%=C crore (!revious Gear *s% =<;%D>
c)% 5abric8
4uring the year, the production of processed fabric increased from @;%=@
million meter to AH%DC million meter, showing an increase of ;C%=AT over the

previous year% he sales revenue of the processed fabric also increased from
*s% >C<%;D crore to *s% @@A%@< crore showing an increase of ;@%><T over the
previous year%
V !*15IABI.IG8
he 0ompany earned profit before depreciation, interest and ta: of *s% @B>%A=
crore as against *s% =D;%=D crore in the previous year% After providing for
depreciation of *s% <<H%CD crore, (!revious year *s% <HD%=< crore), interest of
*s% CA%D= (!revious Gear ;H<%=> crore), provision for current ta: *s% @A%D@
crore (!revious year *s% H%;D crore), provision for deferred ta: (net of
ad'ustments), *s% ;A%@; crore (previous year *s% ==%<C crore), and provision
for 5ringe Benefit a: of *s 2I. (!revious Gear *s% H%B; crore) the net profit
from operations wor"ed out to *s% <;=%DA crore as compared to *s% <D%=@
crore in the previous year%
V *)+1U*0)+ UI.I+AI128
a)% 5i:ed Assets8
he gross fi:ed assets (including wor"EinEprogress) as at =;
&arch, <H;H
were *s% =,A;;%A@ crore as compared to *s% =,>;>%<D crore in the previous
b)% 0urrent Assets8
4ebtors outstanding for more than si: months were *s% ;=%HH crore as
compared to *s% <<%CD crore in the previous year% he net current assets as on
&arch, <H;H were *s% ;,DAB%@< crore as against *s% ;=DH%=H crore in the
previous year% Inventory
level was at *s% ;,;HD%>A crore as compared to the previous year level of *s%
A<H%;H crore%
V 5I2A20IA. 0124II12+ / .IRUI4IG8
he 0ompany en'oys a rating of FAAEF with stable outloo" and F!;JF from
0redit *ating Information +ervices of India (0*I+I.) for long term and short

term borrowings respectively% &anagement believes that the 0ompany?s
liquidity and capital resources should be sufficient to meet its e:pected
wor"ing capital needs and other anticipated cash requirements%
he position of liquidity and capital resources of the 0ompany is given
(*s% in crore)
0ash and 0ash equivalents8
Beginning of the year =@D%<;
)nd of the year <<<%HD
2et cash provided (used) by8
1perating Activities (DB%D<)
Investing Activities (BD%HA)
5inancial Activities >;%A>
Nardhman Garns / hreads .imited (NG.)
his subsidiary of the 0ompany which is a Loint Nenture with American /
)ffird Inc% (A/)) which is second largest global player in hreads
&anufacturing and 4istribution with a partnership of @;8>B is engaged in the
business of hreads &anufacturing and 4istribution% 4uring the year under

review, the gross sales of this 0ompany were *s% =DD%;A crore and the !rofit
after ta: was *s% >;%=D crore%
he Board of 4irectors of your 0ompany has recommended a dividend of *s%
=6E per share on the 5ully !aidEup )quity +hares of the 0ompany%
3or"ing capital is powerful tool of determining companyMs strength and
wea"ness% But the analysis is based on the information available in the
financial statements, which are as follows8
't is only a study of interim report.
1orkin, capital study is only based upon monetary information and
non5monetary factors are i,nored.
't does not consider chan,e in price level.
%s +orkin, capital is prepared on the basis of ,oin, concern4 it does
not ,ive e*tract position. "hus accountin, concept and conventions
causes a serious limitation to financial analysis.
%nalysis is only a mean and not an end in itself. "he analyst has to
make interpretation and dra+ his8her conclusion. ifferent people may
interpret the same analysis in different +ays.


)%a*t!" = Su&&a". an+ )onc'u$#on
he sale of +AI+, -U&A* &IA./01&%Group is more in .udhiana
mar"et in comparison to other mills% he customers are giving faith in its
quality% 1swal, &alwa / +harman respectively stand in close competition
with Nardhman% he price of Nardhman for all yarns are the highest because of
its high quality standards and their e:pense on e:tensive sales promotion% he
other factors that contribute for its ma:imum sales are its timely supply
without much problems and its cordial relations with dealers%
In this pro'ect we have discussed what is 0A+, 5.13 and wor"ing capital
and help in analysis short term financial position of company
0omplementing the balance sheet and income statement, the cash flow
statement (05+), a mandatory part of a company?s financial reports since
;BCD, records the amounts of cash and cash equivalents entering and leaving a
company% he 05+ allows investors to understand how a company?s
operations are running, where its money is coming from, and how it is being
spent% ,ere you will learn how the 05+ is structured and how to use it as part
of your analysis of a company
8o"0#n )a*#ta' is the lifeline of every industry, irrespective of whether itMs a
manufacturing industry, services industry% 3or"ing 0apital is the prime and
most important requirement for carrying out the day to day operations of the
business% 3or"ing 0apital gives the muchEneeded liquidity to the business%
3or"ing 0apital 5inance reduces the overall fund requirement, required to
build up the 0urrent Assets, which in turn help you improve your urn 1ver
In the end I would say that it was great wor"ing with +AI+, -U&A*
&IA./ 01&%

he prices should be less to reEestablish the mar"et for Garn%
+ince the customer is very specific in terms of value so the company can
introduce new and alternative products whenever possible by ad'usting
the rawEmaterial mi:ing as a result achieve better profitability%
As far as accounting is concerned, although the entire system is
computeri7ed, but there still involves lots of paperwor"% +o this should
be minimi7ed b acquiring more advanced accounting software
2ot only for yarn customers but for other product customer dealing
under letter of credit should done
.60 period should also increased
0ompany should put more efforts to improve its liquidity position
0ompany should stretch the credit period given by the suppliers%
0ompany should improve the inflow and outflow of cash%
0ompany should use the capital in efficient manner%

!ositive Attitude
,ard wor" with smartness%
Good in 0omputer wor"%
-nowledge of Accouts and 5inance%
)motional Behaviour%
.a"e of 0oncentrate%
0hange of place%
Growing +ector
.earning 1pportunities%
Improve -nowledge of 5inance%
.a"e in "nowledge of 5inance
Nery Big 5inance +ector

Gupta - +hashi , +harma *%- (< HH=), 0ana,ement %ccountin, %nd
business 3inance , -alyani !ublishers ,2ew 4elhi
;% Bergami *obert, (<HHB), #3ill the U0! AHH !rovide +olutions to
.etter of 0redit ransactionsWQ 'nternational Revie+ of Business
Research )apers9Nol%= 2o%<, Lune <HHD, !p% >; E @=

<% 4olan Lohn, (<HHB),$ ,) .A3 15 .))*+ 15 0*)4I$
"he 1ayne State 7niversity #a+ School #e,al Studies Research4
Nol ;, April <HHD, p;>B
=% !adachi -esseven, (<HHC), #rends in 3or"ing 0apital
&anagement and its Impact on 5irms !erformance8 An Analysis
of &auritian +mall &anufacturing 5irms$, 'nternational Revie+
of Business Research )apersNol%< 2o% <% 1ctober <HHA, !p% >@
>% -lien 0arter, (<HHA), RUsing .etters of 0redit to +ecure .ease
1bligations$, #a+ ;ournal -e+sletter ,Nol ;C, 2o > , +eptember
<HH@, p% @C@

@% .a7aridis 4r Ioannis, ryfonidis 4imitrios, (<HHA), #he
relationship between wor"ing capital management and
profitability of listed companies in the Athens +toc" ):change$4
7niversity of 0acedonia 46reece4 Nol <C, 2oDC,1ctober ,
A% +chelin Lohan (<HH@), R.etter of credit and doctrine of strict
compliance$, University of Uppsala, Nol% >, 2o% =,, Lanuary, pp
<D Q =>
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