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compliance, the f raudulent excepti on and questions of liability if the doctrine of strictcompliance

was not carefully used. The thesis bases on German law, but tries, whenever useful, to compare with law of other countries and / or International law.

At the end of thethesis a critica l outlook will fol low. The analyse of problems con cerning the strict compliance lead to the result that still today, about 100

years after letters of credit became acommon method to pay, problems exist. One of these problems is the different interpretationof courts in different

countries. Especially the considerations of German courts that strictcompliance must be interpreted in the frontiers of good .

7. an important .faith and that letters of credit must beinterpreted as will declarations.She lton Fred (2002) studied that Working capi tal.

liquidity indicator . hashistorically been a major benchmark of the surety and creditgranting institutions. In today’senvironme nt. because of the .

both institutions are scrutinizingthe amount and quality of working capital more than ever. The fewer .tight bond and credit markets.

Visscher Sue .Weinraub Herbert. the better.8.resources that need to be invested in working capital. after recognizing liquidity risk.

(1998) studies that This study looked at ten diverseindustry groups over an extended time period to examine the relative relationship .

betweenaggressiv e and conservativ e working capital practices. Results strongly show th at theindustries had significantly different current asset management .

policies. therelative industry ranking of the aggressive/conserv ative asset policies exhibited remarkablestabilit . Additionally.

Industry policies concerning relative aggressive/conser vative liabilitymanageme nt were also significantly .y over time.

it is evident there is a high andsignificant negative correlation between industry asset and liability policies.different. Interesti ngly. .

.Relativelyaggressi ve working capital asset management seems balanced by relatively conservativeworki ng capital financial management.

Mills Geofrey (1996) analysis that the impact of inflation on the capital budgeting process. Ithas shown that it is reasonable to expect that the .9.

In . and that this increase will be a multiplicativerelat ionship.cost of capital will increase at the same rateas the rate of inflation on an ex ante basis.

the paper has shown that the capital budgeting process is not neutralwith respect to inflation.addition. even if output prices rise at the same rate .

Of criticalimportanc e is the degree of net working capital as a proportion of the overall financingrequired . the higher the .as costs.

Finally. it would appear that corporate financial behavior .net working capital the greater being the impact of inflation oncapital spending.

Inflation will cause the firm to reduce its capital budget. and to alter .is influenced byinflation. to attempt to reduce networking capital.

. thus driving up shortterm rates relative to long term rates.the debt/asset ratio using short term debt.

About Vardh man Group .

The Group was setup in 1965at Ludhiana. Northern India. the Group has .Vardhman is a major integrated textile producer in India. Since then.

expanded manifol d and is of the largest textile conglomerates in India. The Group portfolio includes Manufacturingand marketing of .

The group started itscorporate journey with an installed capacity of 6000 spindles . Fiber and Alloy Steel.Yarns. Fabrics. Sewing Threads.

in1965 under the flagship company Vardhman Spinning & General Mills Limited (now known asVardhman Holdings Limited .

Over the yearsthe group has expanded its spinning capacities besides adding new .and is an investment arm of the Group) in Ludhiana.

The group hasalso diversified into yarn processing. fabric processing.businesses. And Sewing Thread. weaving. acrylicfiber manu facturing and into .

Today. close to 20.special/ alloy ste els.000 people are theOrganizatio n is most important asset its human capital The Vardhman group comprises .

of three listed and two unlisted companies-Listed CompaniesListed companies ➢ Vardhman Textiles Limited (formerly .

Mahavir Spinning Mills Limited) ➢ Vardhman Acrylics Limited ➢ Vardhman Holdings Limited1 (formerly .

Vardhman Spinning & General MillsLimi ted) Unlisted Companies VMT Spinning Company Limited .

Vardhman Threads Limited FOR C OMPL ETE R .




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