CHAPTER1

INTRODUCTION
1.1 INTRODUCTION TO BANKING SECTOR

Banking industry is one of the most important sectors of an economy. It mobilizes the
resources of finance. Banks assist the organization from production level to the customer
service level. It also assists in developing the infrastructure as well as other financial
activities of the government owned corporations.

Fig: 1.1 banks in Nepal

The history of banking in Nepal is believed to be started from the time of Prime Minister
Ranoddip Singh in 1877 A.D. He introduced many financial and economic reforms. The
Tejaratha Adda was established at that time and its basic purpose was to provide credit
facilities to the general public at a very concessional interest rate. The Tejarath Adda

1
disbursed credit to the people on the basis of collateral of gold and silver. All employees of
government were also eligible for this type of loan, which was settled by deducting from their
salary. Tejaratha Adda extended credit only. It did not accept deposits from the public.
But the real banking started with the establishment of Nepal bank limited in 1937 A.D which
was founded by Judda Samsher. It was the first bank of Nepal. Its main function was to
provide loans and accept deposits. Later Nepal Rastra Bank was established as a central bank
in 1956 under Nepal Rastra Bank Act, 1955. The bank was completely government
ownership bank. In
1966, another commercial bank fully owned by the government named “Rastriya Banijya
Bank” was established under the Commercial Bank Act. 1964. Later with the purpose of
enhancing agriculture, “Agricultural Development Bank” was established under ADB act.
1967. This bank provides the banking service in some urban areas of Nepal as that of the
commercial banks.
Financial sector of Nepal is small but growing substantially. Financial system of the nation
constitutes two broad sectors viz., Banking sector and Non Banking Sector. Banking Sector
of
Nepal includes Central Bank (NRB), 31 „A‟ class Commercial banks, 87 „B‟ class
Development banks and more than 79 „C‟ class finance companies, almost 2 contractual
saving institutions, postal saving offices and Nepal Stock Exchange Limited (NEPSE).
Besides, some other institutions are also providing the financial services to the people.

Commercial banks in Nepal constitute the largest share of total banking system. Commercial
banks are registered under company act 2053 B.S. and commercial bank act 2031 B.S. after
obtaining permission from the NRB for financial operations.

1.1.1 NEPAL RASTRA BANK

The Nepal Rastra Bank (NRB), established in 1956, is the central bankof Nepal. It has seven
offices, located at Biratnagar,Janakpur,Birgunj,Pokhara,Siddharthanagar,Nepalgunj, and
Dhangadhi. It supervises the commercial banksin Nepal and guides monetary policy. Nepal
Rastra Bank also oversees foreign exchange rates and the country's foreign exchange
reserves. The bank is one of the principal owners of the Nepal Stock Exchange. fi

2
 Fig: 1.1.1 Nepal Rastra Bank

It is a member of the Asian Clearing Union. The Bank is engaged in the promotion of
financial inclusion and is also a member of the Alliance for Financial Inclusion. Nepal Rastra
Bank, was established in 1956 under the Nepal Rastra Bank Act, 1955, to discharge the
central banking responsibilities including guiding the development of the embryonic
domestic financial sector. Since inception, there has been a significant growth in both the
number and the activities of the domestic financial institutions. To reflect this dynamic
environment, the functions and objectives of the Bank have been recast by the new NRB Act
of 2002, the preamble of which lays down the primary functions of the Bank as:

• To formulate necessary monetary and foreign exchange policies to maintain the stability in
price and consolidate the balance of payments for sustainable development of the economy of
Nepal.

3
• To develop a secure, healthy and efficient system of payments.

• To make appropriate supervision of the banking and financial system in order to maintain its
stability and foster its healthy development.
• To further enhance the public confidence in Nepal's entire banking and financial system.

• To promote entire banking and financial system of the kingdom of Nepal system.

Fig: 1.1.1 logo of Nepal Rastra Bank

The Bank is eminently aware that, for the achievement of the above objectives in the present
dynamic environment, sustained progress and continued reform of the financial sector is of
utmost importance. NRB is seriously pursuing various policies, strategies and actions, all of
which are conveyed in the annual report on monetary policy.

1.1.2 TYPES OF BANK IN NEPAL

Nepal has many nationalized as well as private banking ventures. The highest authority on the
pyramid is The Central Bank of Nepal. This is the central bank of Nepal that decides and
makes various guidelines for the banking sector of the country. The following are the types of
bank in Nepal.

4
 BA CENTRAL BANK

NK COMMERCIAL
BANK
DEVELOPMENTAL
BANK

1. CENTRAL BANK

Nepal Rastra bank is the central bank of Nepal which was established in 1956. Central bank
holds the top most position in the banking sector and slowly energies the rights of issuing
notes, managing cash and credit system, controlling foreign exchange and formulating
banking policy for the development of banking sector in the interest and welfare of the
public.

Functions:-Issue of Note
 Working as the government bank

 Management of credit

 Management of foreign currency

 Development of banking system

 Development of industrial and agricultural sectors.

5
 2. COMMERCIAL BANK

Commercial bank refers to that bank which accepts deposits of the public and organization,
grants loan to them against securities, providing financial and technical assistance to the
traders and commercial parties.

Functions:-

 Accepting deposits

 Providing loan

 Transfer of Money

 Providing guarantee on the behalf of client Issuing capital

3. DEVELOPMENT BANK

The bank which is established for the development of various sectors like agriculture,
industrial etc. by providing financial, technical and administrative and other necessary
assistance is known as Development Bank.
Function:-

 It provides medium and long term loan to the industries, against securities.

 It helps industrial enterprises in collecting capital by selling their shares and debenture.

 It also performs general banking transaction with other national and foreign banks.

 It organizes industrial seminar, workshop, training etc. and assist the industrial and govt.

By providing necessary suggestion and advice for the betterment of industrial sector.

1.2 INTRODUCTION TO CENTURY BANK

Century Commercial Bank Ltd (CCBL) is a National Level Commercial bank established on
January 23, 2011 with the objective of providing simplified banking services by taking
advantage of innovations in information and communication technology. CCBL aims to
extend its reach to the unbanked population of the country and is driven by the mission of
“saral banking sabaiko lagi” (simplified banking for all).

6
 Fig: 1.2 century bank

The Bank has a network of 74 branches, 8 extension counter, 12 branchless banking and 36
ATMs across the country and offers a wide range of banking products in deposits, lending
and other value added services such as internet/ mobile banking, remittance and branchless
banking etc. The Bank’s team comprises of more than 300 staff and caters to more than
100,000 customers. The Bank has been taking up diverse Community Service. Initiatives
beyond the call of regular banking business, to establish itself as a responsible corporate
citizen of this great nation. Its aim is to provide “Simplified Banking for All”

The bank has been maintaining harmonious correspondent relationships with various
international banks from various countries to facilitate trade, remittance and other cross
border services. Through these correspondents the bank is able to provide services in any
major currencies in the world. Western Union, Reliable Remit, Samsara Money Transer,
Prabhu Money Transfer, Best Remit, Easy Link,IME, Himal Remit, Kumari Remit are the
Partner of the bank. The bank has partnered with the below organizations for the domestic
remittance of the income coming to Nepal.
• Al Ahalia Money Exchange Bureau, Abu Dhabi, UAE

• Islamic Exchange Company W.L.L, Qatar

• Index Exchange Company L.L.C, UAE

• Progoti Exchange, UAE

• Bexmoney Bahrain Express Exchange WLL, Bahrain

• City Exchange, Qatar

7
• Joyalukkas Money Exchange, UAE

• Al Mirqab Exchange Co. W.L.L., Qatar

• Al Zamil Exchange Co, Saudi Arabia

• International Trust Group for Exchange, Kuwait

• U Remit International Corporation, UAE

• Joyalukkas Money Exchange, Kuwait

• Arabian exchange, Qatar

• Al Ansari Exchange, UAE

In line with the progressive strategy, the Bank is focused on

implementing sustainable business practices and deliver
consistent growth that is sustainable and profitable to all its
stakeholders.

The Bank is focusing on the active acquisition and merger

strategy to improve its customer base, capital requirements
deficit as per the BASEL III Guidelines, increase coverage
area. The bank has acquired Araniko Development Bank,
Innovative Development Bank, Sagarmatha Finance and
Alpine Development Bank.

VISION AND MISSION

VISION

CCBL's vision statement is "saral banking ... sabaiko lagi"

(easy banking ... for all). We are committed to simplify
banking services taking advantage of innovations in
information and communication technology and to extend
our reach to the unbanked population of the country.
MISSION
8
• Provide best in class financial services to our marketplace.

• Achieve a superior return on equity for our shareholders.

• Utilize best practices to create a challenging and rewarding work environment for our

Associates and their families.

OUR ASPIRATION

"Saral Banking ... Sabaiko Lagi" (Easy Banking ... For All)

1.2.1 MANAGEMENT TEAM

CCBL has put in place high caliber professionals to lay a solid foundation upon which the
bank can provide exemplary services to its valued customers.

Fig: 1.2.1 Management team

Mr. Anuj Mani Timilsina Mr. Jeevan Bhattarai

Mr. Manish Timilsina

CEO Dy. CEO AGM

BOARD OF DIRECTORS

9
 Fig: 1.2.1 Board of Directors

BANK OBJECTIVES

The key elements of our overall strategic goal are to build an open and honest
corporate culture and to engage actively on mutual beneficial relationship with all our
stakeholders to create value for them. We aim to achieve our strategic goal by
achieving following six key objectives:

 To care for customers evolving needs and expectations by providing suitable products
and services.
 To create a great place to work.

 To practice exemplary governance and accountability.

 To work in harmony and in mutual satisfaction with our business partners.

 To provide returns on the investment of our stakeholders.

 To invest in local communities in which we operate for the benefit of the society at
large.

1.2.2 FINANCIAL PERFORMANCE

10
Profit/Loss Statement

Fig: 1.2.2 profit loss statement

BALANCE SHEET

11
 Fig: balance sheet

Fig: 1.2.3 capital structure

12
 CENTURY COMMERCIAL BANK LIMITED
Disclosure as per BASEL III (NEW Capital Adequacy Framework)
(For the Quarter ending on Chaitra 31, 2073)

13
1.2.3 PRODUCTS AND BUSINESS PERFORMANCE

Through a widespread branch network in almost all major cities, towns and sub-urban areas
coupled with alternative delivery channels, the bank aim to provide our customers with a
wide array of offerings catering to all their banking needs.

1) DEPOSIT AND ACCOUNT

The Bank offers various deposits schemes to its customer with different slabs for the
minimum balance requirement and features to accommodate and serve the clients belonging
to different social strata to reach maximum customer base and provide access to all people.
Below is the list of different account schemes of bank.

 Century Platinum Saving

 Fixed Deposit
 Century Sharedhani Bachat Khata
 Century Payroll Khata
 Century Jestha Nagarik Bachat Khata
 Century Nari Bachat Khata
 Century Supreme Saving
 Century Saral Bachat Khata
 Century Bal Bachat Khata
 Century Remit Bachat Khata
 Century Rastra Sewak Khata
 Century Mex Savings
 FCY Deposit Account
 Century 5 Savings Account
 Students Savings Account
 Kishan Bachat Khata
 Social Security Savings Account

14
 2) LOANS AND ADVANCES

CORPORATE AND BUSINESS LOANS: The bank offers loan to large corporate and
institutional customers including public sector entities and service them with offerings
ranging from loans to meet operational funding requirements to service related to strategic
expansions, syndications, project finance etc.

CONVENIENT LOANS: This is tailor-made loan product devised with special focus on the
needs of Small and Medium Sized Enterprises to meet their financing need in a very
convenient manner.

MORTGAGE LOAN: Mortgage loans are personal credit given to individuals purely on the
basis of their income level.

OTHER RETAIL LOANS: Retail loans largely comprise of auto finance, home loan and
credit for consumer durables. Credit card is not on offer yet.

3) REMITTANCE

Century Remit

Century Remit (CR) is an online remittance product developed and owned by Century
Commercial Bank Limited to ease the inward remittance from different countries. It is a web
based payment service, which is easily accessible throughhttps://centuryremit.comby
authorized agent.
CR can be received in ID payment and bank deposit mode. Beneficiary can received the
payment within 10 minutes of remittance process without any hassles. Bank has more than
2,500 agents network throughout the country and beneficiary can get the payment from the
nearest location.
Bank is always dedicated to provide best rate with prompt and reliable service to the
customers.

Features of Century Remit

 Web base payment technology
 Quick and efficient way of money transferring
 Secure and reliable remittance information

15
 Flexibility of receiving payment from any CCBL branch and agent
 Update and instant information about remittance to CCBL and its agents.
 Agents created and controlled by CCBL

Service Partners: Bank has entered into the agreement with reputed business partners in
different country for remittance handling. They are providing the tailor-made services to the
remitters and assisting to choose reliable services.

4) CARD

CCBL has partnered with VISA for its debit card offerings.

5) ALTERNATIVE DELIVERY CHANNELS

INTERNET BANKING

CCBL have launched Internet Banking Services free of Charge to all Account Holders.

We are providing following services free of Charge to our Customers using CCBL Internet
Banking Services.

 Balance Inquiry
 Account Statement
 Interest Statement
 Tax Statement
 Leave Message to Bank and Receive Message from bank
 Transfer funds to your own linked A/C
 Transfer funds to any other A/C in any branch of Century Commercial Bank Limited.

AUTOMATED TELLER MACHINE

Century Bank has one of the largest networks of ATM‟s. Presently, the bank has 38.

6) SAFE DEPOSIT LOCKER

This is one of the popular auxiliary services of the bank. Presently customers can avail the
service from 10 branches of the bank.

16
 Fig: 1.2.4 safe deposit locker

Working capital Management

1.3 INTRODUCTION TO WORKING CAPITAL MANAGEMENT

Financial Management is that managerial activity which is concerned with the
planning and controlling of the firm’s financial resources.
Financial management focuses on finance manager performing various tasks as
Budgeting, Financial Forecasting , Cash Management , Credit Administration,
Investment Analysis, Funds Management , etc. which help in the process of
decision making . The management of fixed and current assets, however, differs in
three important ways: Firstly, in managing fixed assets, Time, is very important
role in capital budgeting and a minor one in the management of current assets.
Secondly, the large holdings of currents assets especially cash strengthen firm’s
liquidity position but it also reduces its overall profitability. Thirdly, the level of
fixed as well as current assets depends upon the expected sales, but it is only the
current assets which can be adjusted with sales fluctuation in the short run.
Working capital is a financial metric which represents operating liquidity available
to a business, organization or other entity, including governmental entity. Along
with fixed assets such as plant and equipment, working capital is considered a part
17
 of operating capital. Gross working capital is equal to current assets. A company
can be endowed with assets and profitability but short of liquidity if its assets
cannot readily be converted in to cash. Positive working capital is required to
ensure that a firm is able to continue its operations and that it has sufficient funds
to satisfy both maturing short- term debt and upcoming operational expenses. The
management of working capital involves managing inventories, cash account, and
account receivable and payable. Net working capital is calculated as current assets
minus current liabilities. It is a derivation of working capital that is commonly used
in valuation techniques as such as DFCs (Discounting Cash Flow). If current assets
are less than current liabilities, an entity has a working capital deficiency, also
called a working capital deficit.
A company can be endowed with assets and profitability but short of liquidity if its
assets cannot readily be converted in to cash. Positive working managing inventories
and account payable and receivable. A manufacturing concern needs finance not for
only for acquisition of fixed assets but also for its day to day operation. It has to obtain
raw materials for processing, pay wages, bills and other manufacturing expenses, store
finished goods for marketing and grant credit to its customer. It may have to pass
through the following stage to complete its operating cycle:-
Conversion of cash into raw materials may be product either on payment of cash or on
credit. Even if product on credit, cash may have to be paid after a creation period.
Capital is required to ensure that a firm is able to continue is operation and that has
sufficient funds to satisfy both maturing short-term debt and upcoming operational
expenses. The management of working capital involves:
1. Conversion of raw material into stock in progress.
2. Conversion of stock into process in to finished goods.
3. Conversion of finished into receivables/debtors or cash.
4. Conversion of receivable/debtors in to cash.

A non –manufacturing trading concern may not require funds for purchase of raw material
and their process, but it also needs finance for sorting good and providing credit to its
customer. Similarly a concern engaged providing services may not have to keep
inventories, but it may have to provide credit facility to its customer. Thus all enterprises
engaged in manufacturing or trading or providing service require finance for their day to
day operation. The amount required to finance day to day operation is called working

18
capital and assets and liabilities created during the OPERATING CYCLE are called current
assets and current liabilities. The total of all current assets is called GROSS WORKING
CAPITAL and excess of current assets over current liabilities is called NET WORKING
CAPITAL.

While the study of working capital indicates the nature and extent of working capital
requirement, the analysis networking capital indicates liquidity position an
enterprises. It may be observed from the above that working management is essential
to carry on day to operation and to maintain the operation cycle of an enterprises.
Fixed assets cannot generate income unless they are used with the help of public
limited companies conducted by reserve Nepal Rastra Bank , current assets constitute
more than fifty percent (50%) of total assets of the companies covered by the study. It
indicate that current assets occupy an important place in total assets of an enterprises
and safety of the funds provided by the financial banks. When banks are approached
by entrepreneurs to financing working capital requirement, the banks have to examine
the viability of the project before agreeing to provide working capital to it. A detailed
viability study is done by financial institution and banks while providing term loan
finance to a unit for execution of fixed assets. They have to ensure that the project will
generate sufficient return on the resources invested in it. The viability of a project
depends on technical intimae and proper management of the unit. In brief a project
should satisfy the tests of technical commercial, financial and managerial feasibilities.

Proper co-ordination amongst banks and financial institutions is necessary to judge

the viability of a project and to provide working capital at appropriate time without
any delay. If a unit approaches banks only for working capital requirement and no
viability study has been done earlier which is generally done at the time of providing
term loans , like a detailed viability study is necessary before agreeing to provide
working capital finance . In scarcity of credit , its increasing demand from various
sectors of the economy and its importance in the development of the economy ,banks
should provide working capital finance according to production of requirements .
Therefore, it is necessary to make a proper assessment if total requirement of the
working capital which depends on the nature of the activates of an enterprises and the
duration of its operating cycle. After assessing the total requirement of working
capital, its sources of finance have to be decided. A part of the working capital
requirements should be financed by the long term sources. The task of banks does not

19
end worth proper assessment of working capital and fixation of credit limits .Close
supervision and follow up are essential to ensure end use of funds lent and also to
anticipate the problem relating to leasing and hire purchase concerns are different
than those of other in manufacturing / trade concerns. In case of certain agro – based
seasonal industries like tea and sugar , working capital requirements may be at the
peak during the season through sale proceeds are realized throughout the year .In
such case , working capital limits are decided on the basis of projected monthly cash
budgets.

OPERATING CYCLE CONCEPT:

Working capital refers to that part of firms of capital which is required for financing
short term or current assets such as cash, marketable securities, debtors and
inventories. Funds , thus invested in current assets keep revolving fast and are being
constantly converted in to cash and this cash flow out again in exchange for other
current assets . Hence, it is also known as revolving or circulating capital. The
circular flow concept of working capital is based upon this operating or working
capital cycle of a firm .The cycle starts with the purchase of raw material and other
resources and ends with realization of cash from the sale of finished goods it
involves purchase of raw material kind store ,its conversation of labor and services
costs, conversion of finished goods through work in progress wit progressive
incensement of labor and services costs conversion of finished stock in to sales
debtors and receivable and ultimate realization of cash and this cycle continues
again from cash to purchase of raw material and so on . The speed / time duration
required to complete one cycle dreaminess the requirements of working capital longer
the period of cycle large is the requirement of working capital.

20
 CASH

RAW
SALES MATERI
ALS

FINISHE
WORK IN
D PROGRESS
GOODS

FIG: 1.3.1 WORKING CAPITAL CYCLE/OPERATING CYCLE

The gross operating cycle of the firm is equal to length of the receivable and
inventories conversion period , Thus ,

Gross Operating Cycle = RMCP+WIPCP+FGCP+RCP

Where, RMCP = Raw material conversion period

WIPCP =Work in process conversion period

FGCP =Finished goods conversion period

RCP = Receivable conversion period

However, a firm may acquire some resources on credit and thus defer payments for
certain period in that case, net operating cycle can be calculated as

Net Operating Cycle Period =Gross Operating Cycle Period –payable Deferral period

average stock of raw maetrial

Raw material conversion period = Raw maeterial consumption period
¿
¿

21
 Average stock of work inprogress
Work in process conversion period =
Total cost of production per day

Average stock of finished goods

Finished goods conversion period =
Total cost of sales per day

Average account receivable

Receivable conversion period=
Net credit sales per day

Average payables
Payables deferral period =
Net credit Purchase day

IMPORTANCE OF WORKING CAPITAL:

Working capital is the measurement of the availability of liquid assets a company has
to build its business. Generally, companies that have a lot of working capital will be
more successful since the can expand and improve their operation. Companies without
working capital may lack the funds necessary for growth. Small businesses often use
working capital to pay short term obligation such as inventory or advertising but it can
also be utilized for long term project such as renovations or expansion. These are
elements in the business cycle that can quickly absorb cash. Even very profitable
businesses can run into trouble if they lose the ability to meet their short-term
obligation. Business financing or small business loans can be used as a fast cash
option to cushion the periods when the flow is not ideal or readily available.

Cash flow is the businesses life blood and every owner’s primary task is to help keep it
flowing and to use the cash to generate profits. If a business is operating profitably,
then it should in theory, generate a cash surplus. If it does not generate a surplus the
business could eventually run out of cash and expire. The faster a business expands the
more cash it will need for working capital. Proper management of working capital will
generate cash and will help improve profits and reduce risk.

Working Capital can be divided into two categories on the basis of time:-

1. Permanent Working Capital

22
 2. Temporary or Variable working capital

1. Permanent working capital :-

This refers to that minimum amount of investment in all current assets which
is required at all times to carry out minimum level of business activities . It
represents the current assets required on a continuing basis over the entire year.
Tandon committee has referred to this type of working capital as “core current
assets”
The following are the characteristics of this type of capital:-
1. Amount of permanent working capital remains in the business in one form or
another .This is particularly important from the point of view of financing. The
suppliers of such working capital should not expect its return during the life time
of the firm.
2. It also grows with the size of the business. Permanent working capital is
permanently needed for the business and therefore it should be financed out of
long term funds.
This is the reason why the current ratio has to be substantially more than ‘1’.

2. Temporary or variable working capital:-

The amount of such working capita keeps on fluctuating from time to time on the basis
of business activates. In other words, it represents additional current assets required at
different times during the operating year.

FACTORS INFLUESING WORKING CAPITALREQUIREMENT

All firms do not have the same WC needs .The following are the factors the factors
affect the WC needs:

1. Nature and size of business:

The WC requirement of a firm is closely related to the nature of the business
.We can say that trading and financial firms have very less investment in fixed
assets but require a large sum of money to invest in WC. On the other hand
Retail store for example, have to carry large stock of variety of goods little

23
 investment in the fixed assets. Also firm with a large scale of operation will
obviously require more working capital than smaller firms.
2. Manufacturing Cycle:
It starts with the purchase and use of raw materials and completes with the
production of finished goods. Longer the manufacturing cycle larger will be the
WC requirement; this is seen mostly in the industrial products.

3. Production Policy:
To maintain an efficient level of production the firms may resort to normal
production even during the slack season. This will lead to excess production and
hence the funds will be blocked in form of inventories for a long time, hence
provisions should be made accordingly. Since the cost and risk of maintaining a
constant production is high during the slack season some firm’s may resort to
producing various products to solve their capital problems. If they do not then
they require high WC.
4. Business Fluctuation:
When there is an upward swing in the economy, sales will increase also the
firm’s investment in inventories and book debts will also increase, it will
increase the WC requirement of the firm and vice-versa.
5. Firm’s Credit Policy:
If the firm has a liberal credit policy its funds will remain blocked for a long
time in form of debtors and vice-versa. Normally industrial goods manufacturing
will have a liberal credit policy, whereas dealers of consumer goods will a tight
credit policy.
6. Availability of Credit:
If the firm gets credit on liberal terms it will requires less WC since it can
always pay its creditors later and vice-versa.
7. Growth and Expansion Activities:
It is difficult precisely to determine the relationship between volume of sales
and need for WC. The need for WC does not follow the growth but precedes it.
Hence, if the firm’s is planning to increase its, business activities, it needs to
plan its WC requirements during the growth period.

24
 8. Conditions of Supply of Raw Material:
If the supply of RM is scarce the firm may need to stock it in advance and hence
need more WC and Vice-versa.
9. Profit Margin and Profit Appropriation:
A high net profit margin contributes towards the WC pool. Also, tax liability is
unavoidable and hence provision for its payments must be made in the WC plan,
otherwise it may impose a strain on the WC. Also if the firm’s policy is to retain
the profits it will increase their WC, and if they decided to pay their dividend it
will weaken their WC position, as the cash will flow out. However this can be
avoided by declaring bonus shares out of past profits. This will help the firm to
maintain a good image and also not part with the money immediately, thus not
affecting the WC position.
10. Depreciation policy of the firm:
Through its effect on tax liability and retained earnings, has an influence on the
WC. The firm may charge a high rate of depreciation, which will reduce the tax
payable and also retain more cash does not flow out. If the dividend policy is
linked with net profit, the firm can pay fewer dividends by providing more
deprecation. Thus deprecation is an indirect way of retaining profits and
preserving the firms WC position.

CREDIT POLICY OF BANK:

Objectives:

The main objectives of the credit policy of the bank are to have healthy credit portfolio
with consistent qualitative and quantitative growth and clear understanding of the risk
in involved in lending. The board objective of the policy is to:

 Create a framework to ensure smooth and timely flow of credit to the bank’s
customers, ensure prudent credit growth- both quantitative and qualitative and to
augment interest and non interest income within the statutory framework prescribed
by the Nepal Rastra Bank.

25
  Adhere to the lending norms prescribed by the bank, NRB and the government from
time to time.
 Ensure consistency in standardization of credit practices.
 Ensure balanced sect oral and diversified growth of credit so as to have proper risk
spectrum, with no credit concentration and within the prudential exposure norms.
 Evolve a well defined system to identify measure, monitor and control various risks
attached to risks reached to credit portfolio of the bank.
 Concentrate on growth of small and medium sized credit including lending under
agriculture, horticulture and ensuring dispersal of risk as well as improvement in yield
of advances.
 Ensure placement of well defined system to identify and manage problem loans
including recovery and ongoing review of norms and guidelines for effective
monitoring and follow-up.

CHAPTER 2
LITERATURE
REVIEW

REVIEW OF LITERATURE
The purpose of this chapter is to present a review of literature relating to the working
capital management. Although working capital is an important ingredient in the
26
smooth working of business entities, it has not attracted much attention of scholars.
Whatever studies have conducted, those have exercised profound influence on the
understanding of working capital management good number of these studies which
pioneered work in this area have been conducted abroad, following which, Indian
scholars have also conducted research studies exploring various aspects of working
capital. Special studies have been undertaken, mostly economists, to study the
dynamics of inventory investment which often represented largest component of total
working capital.

Studies adopting a new approach towards working capital management are reviewed
here.

 Sagan in this paper (1995), perhaps the first theoretical paper on the theory of
working capital management, emphasized the need for management of working
capital account and warned that it could vitally affect the health of the company. He
realized the need to build up a theory of working capital management. He discussed
mainly the role and function of money manager’s inefficient working capital
management. Sagan pointed out the money manager’s operation were primarily in the
area of cash flows generated in the course of business transaction. However, money
manager must be familiar with what is being done with the control of inventories,
receivables and payable because all these account affect cash position. Thus, Sagan
concentrates mainly on cash component of working capital. Sagan indicated that the
task of money manager was to provide funds as and when needed and to invest
temporarily surplus funds as profitable as possible in view of his particular
requirement of safety and liquidity of funds by examining the risk and return of
various investment opportunities.
 Walker in this study (1964) made pioneering effort to develop theory of working
capital management by empirical testing, though partially, there propositions based on
risk-return trade –off of working capital management. Walker studied the effect of the
change in the level of working capital on the rate in nine industries for the year 1961
and found the relationship between the level of working capital and the rate of return
to be negative.
 Chakra borty(1973) Approached working capital as segment of capital
employed rather than a mere cover for creditors. He emphasized that working capital

27
 is the pond to pay all the operating expenses of measure of overall efficiency in
running a business, would be adversely affected by excessive working capital.
Similarly, too little working capital might reduce the earning capacity of the fixed
capital employed over the succeeding periods. For knowing the appropriateness of
working capital amount, he applied Operating Cycle (OC) Concept. He calculated
required cash working capital by applying OC concept and compared it with cah from
balance sheet data to find out the adequacy of working capital in Union Carbide Ltd.
and Madura Mills Co.
 Misra(1975) Studied the problems of working capital with special reference to six
selected public sector undertaking in India over the period 1960-61 to 1967-68.
Analysis of financial ratios and responses to a questionnaire revealed somewhere the
same results as those of NCAER study with respect to composition and utilization of
working capital. In all the selected enterprises, inventory constituted the more
important element of working capital. The study further revealed the overstocking so
inventory in regard to its each component, very low receivables turnover and more
cash than warranted by operational requirements and thus total mismanagement of
working capital in public sector undertakings.
 Lambrix and singhvi (1979) Adopting the working capital cycle approach to
the working capital management, also suggested that investment in working capital
could be optimized and cash flows could be unproved by reducing the time frame of
the physical flow from receipt of raw material to shipment of finished goods, i.e
inventory management and by improving the terms on which firm sells goods as well
as receipt of cash.
 Aggarwal (1983) Studied working capital management on the basis of sample of
34 large manufacturing and trasing public limited companies in ten industries in
private sector for the periods 1966-67 to 1976-77. Applying the same techniques of
ratio analysis, responses to questionnaire and interview, the study concluded the
although the working capital per rupee of sales showed a declining trend over the
years but still there appeared a sufficient scope for reduction in investment in almost
all the segment of working capital.
 Vijaykumar and Venkatachalam(1995) Studied the impact of working
capital on profitability in sugar industry in Tamil Nadu by setting a sample of 13
companies: 6 companies in co-operative sector and 7 companies in private sector over

28
 the period 1982-83 to 1991-92. They applied simple correlation and multiple
regression analysis on working capital and profitability ratio.
 Jain p.k. and Yadav Surendra S.(2001) Study the corporate practices related
to management of working capital in India, Singapore and Thailand . In this paper the
authors have to true to understand the working capital management and current assets
and current liabilities and their inter-relationship. Further the authors have shown an
aggregative analysis of current assets and current liabilities in terms of major liquidity
ratios. It also states working capital position in terms of these ratios pertaining to
various industries. From the paper one can infer that the available data in respect of
the sample companies from the three counters confirm the wide inter-industry
variation in liquidity ratios. Towards the end the authors suggest that serious
consideration needs to be given by the respective government as well as industry
groups in these three countries in order to take corrective measures to take care of and
rectify the area of concern.
 Thappa Sankar(2007) Focus on the importance of proper working capital
management of sun pharmaceutical company. The paper throws light on the concepts
working capital, working capital policy, components of working capital and factors
affecting working capital in the Sun pharma Industries Ltd. during the last five years
and identifies certain factors which are responsible for the improvement of working
capital of the company. The article concludes with a warning to the Company that if
satisfactory level of working capital is not maintained, the company would become
bankrupt.
 Rahaman Mohammad M. (2011) focuses on the co-relation between working
capital and profitability. An effective working capital management has a positive
impact on profitability of firms. Form the study it is seen that in the textile industry
profitability and working capital management position are found to be up the mark.
 Joseph Jisha(2014) Closely examines the study of working capital management
in Ashok Leyland and points out the liquidity and profitability position of the
company is not satisfactory, and needed to be strength in order to be able to meets
obligation in time.
 Madhavi k.(2014) Makes an empirical study of the co-relation between liquidity
position and profitability of the paper mills in Andhra Pradesh. It has been observed

29
 that inefficient working capital management makes a negative impact on profitability
and liquidity position of the paper mills.

CHAPTER 3

RESEARCH
METHODOLODGY

3.1 RESEARCH METHODOLOGY

MEANING OF RESEARCH
Research in general refers to the search of knowledge. One can also define research as a
scientific & systematic collection of information.
In simple words, research is the careful investigation or enquiry of markets especially
through search for new facts in any branch of knowledge.
Research is Scientific and systematic search for gaining information and knowledge on a
specific topic or phenomena.
Research refers to the systematic method consisting of:
• Enunciating the problem
• Formulating a hypothesis
• Collecting the fact or data
• Analyzing the facts and
• Reaching certain conclusions either in the form of solutions towards the concerned
problem or in certain generals for some theoretical formulation.
Research methodology is a way to systematically solve the research problem. It may be
understood as the science of studying how research is done. Research in the common
parlance refers to a search for knowledge.

30
TITLE OF STUDY

A study on “Working Capital Management of Nepal Credit Commerce Bank Ltd”.

3.2 OBJECTIVES OF STUDY:

The study was conducted keeping in mind the following objectives:

 To study the different components of working capital and its impact on the
performance of the firm.
 To study how CC bank finances working capital requirements of the firms.
 To understand the financial position of selected companies.
 To study how bank assesses the requirements of the firm.
 To study debtors trend in past years

STATEMENT OF PROBLEM

Working capital risk refers to the possibility of a negative impact on the financial
situation of enterprises and financial results due to lack of working capital and other
reasons, resulting in economics losses. It is one of the major financial risks facing
enterprises. Management of working capital is important as it directly affects the
functioning of the business any disturbance here will not only affect the operation and
profits but also it affects the reputation of the business.

3.3 RESEARCH DESIGN

Descriptive research, also known as statistical research, describes data and

characteristics about the population or phenomenon being studied. Descriptive
research answers the questions who, what, where, when and how.

In this report, exploratory and descriptive research designs are used to fulfill the
objectives.

Source of data:

Two types of data were taken into consideration i.e. Primary and Secondary data. But
major emphasis was given on gathering secondary data as the project is based on
financial aspects. The primary data was used only on to supplement the secondary data
to make things clear.

31
 1. Primary: - The data observed and collected directly from first hand experience or
purpose for research project is called primary data.
2. Secondary: - The data collected by someone other than user.
 Previous Report
 Magazines
 Journals
 Website
 Balance sheet and Profit & Loss Account.

Statistical Tool:

The tool for obtaining the information was Interview. The interview was based on the
various aspects and trends that were shown on balance sheet and interview with the
related authorities of finance has fulfilled objective of study.

Sampling:-

I used convenient sampling for the collection of the data, where the sample is neither
selected by judgment nor by chance but by convenience.

3.4 SIGNIFICANCE OF STUDY:

Following are the significance of this research:

 Firm with an efficient supply chain will often be able to sell their product at discount
versus similar firms with inefficient sourcing.
 An efficient working capital management will help a firm to survive through a crisis
or ramp up production in case of unexpectedly large order.
 Firms with more efficient working capital management will generate more free cash
flow which will result in a higher business valuation and enterprises value.
 A firm paying its suppliers on time will also benefit from a regular flow of raw
materials, ensuing that the production remains uninterrupted and clients receive their
goods on time.
 The ability to meet short-term obligation is a pre-requisite to long-term solvency and
often a good indication of counterparty credit risk.

RESEARCH DESIGN

32
The research design constitutes the blueprint for the collection, measurement and analysis of
data. It aids the scientists in the allocation of his limited resources by posing actual choices.
“Research Design is the plan and structure of investigation so conceived as to obtain answer
to research questions.” So in brief research design must contain at least following points:
• Clear statement of research problem.
• Procedure and techniques to be used for gathering information.
• Methods used in processing and analyzing the data.

RESEARCH DESIGN USED

The research design used in this project report is descriptive research design. A Descriptive
research design is a scientific method, which involves observing and describing the behavior
of a subject without influencing it in any way.
The methods used in context of this research design
are: The survey of concerning literature
Experience Survey.
The important features of this research design are listed as follows
• The sampling design used is Non-Probability Sampling design and it is flexible in
nature.
• There is a no pre-planned design for the analysis.
• No fixed decisions about the logistics operational procedures.

WHY DESCRIPTIVE TYPE RESEARCH METHODOLOGY?

The purpose of descriptive research design is in descriptive state. The main characteristic is
that the research has no control over the variables; he can only report what has happened or
what is happening. In this project all primary data has been taken by researcher to know
about the financial services of retail banks for rural population. These primary data have
been collected through the questionnaire.
SAMPLING TECHNIQUE

Convenience sampling has been used in order to draw the sample from that part of
population. The reason behind convenience sampling is that it is available & convenient
for selecting the sample population. In statistics, stratified sampling75 is a method of
sampling from a population. When sub-populations vary considerably; it is
advantageous to sample each subpopulation (stratum) independently. Stratification is

33
the process of grouping members of the population into relatively homogeneous
subgroups before sampling. The strata should be mutually exclusive: every element in
the population must be assigned to only one stratum. The strata should also be
collectively exhaustive: no population element can be excluded. Then random or
systematic sampling is applied within each stratum. This often improves the
representative ness of the sample by reducing sampling error. It can produce a weighted
mean that has less variability than the arithmetic mean of a simple random sample of the
population.

SAMPLE SIZE
The sample size was restricted to 50 both national and international customer of the bank.

SAMPLE TYPE
Convenient sampling.

SOURCES OF COLLECTION DATA

Data collection is in fact, the most important aspect of a survey. While collecting data utmost
care must be exercised because data constitute the foundation on which the superstructure of
statistical analysis is built. If the data are inaccurate and inadequate, the entire analysis may
be faulty and the decision taken would be misleading.

Both Primary and Secondary mode of data collection has been used in the project. The
different sources for collecting data are as follows-

Primary Data
 Informal interviews with Branch Manager and other staff members and customers of
Century Commercial Bank Limited (CCBL)


Secondary Data

34
  Details regarding the Live Cases of applicant companies which are provided by the
Bank
 Books and magazines
 Database at Century Commercial Bank Limited (CCBL)
 Internal reports of the banks
 Library research Websites

MANAGERIAL USEFULNESS OF THE STUDY

• It will be very useful for the managers to know the position, marketing strategies and
the performance of the Bank.
• A strategy that combines global coordination to attain efficiency with flexibility to
meet specific needs in various countries.
• The standardization of product design and advertising strategies throughout the
world.
• The modification of product design and advertising strategies to suit the specific
needs of
Individual countries.
3.5 LIMITATION OF STUDY

The study was conducted with the following limitation:

1. The data used in this study is mostly based on secondary data.

2. The study is conduct within a short period. During the limited period the study may
not be detailed, full-fledged and utilized in all aspects.
3. The study is limited to CCBL , and its strategies for funding working capital needs.
4. The study is done only on the customers of CCBL.
5. Only the printed data about the company are available and not the back end details.

35
 CHAPTER 4
DATA ANALYSIS
AND
INTERPRETION

Proposed
Task Flow

Detailed Data Existing

Task Analysis Product
Definition Analysis
Method

Comparitive
Analysis

1. Current assets pattern of the CC Bank Ltd. of last 3 years.

36
 Year Current Assets in Rs. (Cr.)

2015 136,647,640.09

2016 120,576,041.64

2017 100,790,115.99

Current Assets Position

140,000,000.00
120,000,000.00
100,000,000.00
Current Assets Position
80,000,000.00
60,000,000.00
40,000,000.00
20,000,000.00
0.00
2015 2016 2017

INTERPRETATION

After the observation it clearly shows that the amount of current assets is much higher
in the year of 2015 and less in 2017.

2. Current Liabilities pattern of the CC Bank Ltd. of last 3 years but

the current liabilities in year 2016 are shown in provisional balance
sheet the amount of current liabilities will be audited in September
2016.

37
 Current Liabilities Amount Rs. (Cr.)
2015 131,148,039.44
2016 132,843,103.61
2017 38,843,103.61

Current Liabilities Position

140,000,000

120,000,000

100,000,000
Current Liabilities Position
80,000,000

60,000,000

40,000,000

20,000,000

0
2015 2016 2017

INTERPRETATION

After analyzing the amount of current liabilities of CC Bank Ltd. It shows that it has
less amount current liabilities in 2017 as compared to 2015 and 2016 it shows that the
company has decreased its current liabilities but the current liabilities in year 2017 are
shown in provisional balance sheet the amount of current liabilities will be audited in
September 201.

3. Profit of the NCC Bank Ltd. for the last 3 years.

Year Profits Rs. (Cr)

2015 85827260.69

2016 39222080.58

2017 26258420.13

38
 Chart Title

90000000
80000000
70000000
60000000 Column1
50000000
40000000
30000000
20000000
10000000
0
2015 2016 2017

INTERPRETATION

The profits of CC Bank Ltd. are too high in the year 2015 but with the passage of time
it decreased continuously for three years. The only reason for that is there were only 2
dealerships in the valley in year 2015 now in year 2017 there are more than 7, 8
dealership in the valley and a tough competition in the valley.

4. Inventory position of CC Bank Ltd. in the following years.

Years Inventory Position in Rs.

(Crores)
2015 46301978.00
2016 50981511.00
2017 63788709.00

39
 Inventory (In Crore)

70000000

60000000

50000000
Inventory (In Crore)
40000000

30000000

20000000

10000000

0
2015 2016 2017

INTERPRETATION

The inventory position of CC Bank Ltd. is good in year 2017 as compared to the year
2015 and 2016.

5. Sales analysis of CC Bank Ltd. for the following years.

Years Inventory Position (Rs/cr)

2015 481,961,775.58
2016 785,048,071.04
2017 815,924,654.73

40
 Sales Analysis

900,000,000.00
800,000,000.00
700,000,000.00
600,000,000.00
Sales Analysis
500,000,000.00
400,000,000.00
300,000,000.00
200,000,000.00
100,000,000.00
0.00
2015 2016 2017

INTERPRETATION
The sales of CC Bank Ltd. are too high in the year 2017 in the year 2016 as compared
to other 3 years that is 2015, 2016 and 2017

6. Working capital analysis of CC Bank Ltd. for the following years.

Year Working Capital (Rs/cr)

2015 24353247.09
2016 5499600.65
2017 61947012.38

41
 Working Capital Analysis

70000000

60000000

50000000
Working Capital Analysis
40000000

30000000

20000000

10000000

0
2015 2016 2017

INTERPRETATION

The working capital of CC bank ltd is too high in year as the current exceeds current
liabilities with the high margin as the current assets are valued in the provisional
balance sheet and this amount is not audited.

7. Sundry debtor’s analysis of CC Bank ltd for the following years.

Years Sundry Debtors (Rs/cr)

2014 6457503.06

2015 18955567.00

2016 16253786.14

2017 17598071.28

42
 Sundry Debtors
18000000
16000000
14000000
12000000
Sundry Debtors
10000000
8000000
6000000
4000000
2000000
0
2014 2015 2016 2017

INTERPRETATION

On analysis of sundry debtors of CC Bank ltd. as it is seen that the amount of sundry
debtors is much higher in the year 2017 and 2016 as compared to year 2014 and 2015.

8. Cash and bank balance analysis of CC Bank ltd. for the following
years.

Years Cash & Bank

2014 1714304.03
2015 14672856.43
2016 11662899.93
2017 19403355.71

43
 Cash & Bank Balance
20000000
18000000
16000000
14000000
12000000 Cash & Bank Balance
10000000
8000000
6000000
4000000
2000000
0
2014 2015 2016 2017

INTERPRETATION

Analysis of cash & bank balance of CC Bank ltd. it is clear that cash & bank balance is
high in year 2017 compared to other three year.

9. Investment by CC Bank ltd. for the following years.

Years Investment (Rs/lkhs)

2014 1625151.83
2015 2476142.98
2016 3155134.87
2017 3880526.74

44
 Investment

4000000

3500000

3000000

2500000 Investment

2000000

1500000

1000000

500000

0
2014 2015 2016 2017

INTERPRETATION

Investment made by CC Bank ltd. has been increased year by year that is good for the
bank as it is seen from the past years from the above graph.

10. Debtors Period

Particul Audited Audited Provisio Projecte

ars nal d
31.03.20 31.03.20 31.03.20 31.03.20
15 16 17 18
Debtors 810 100 93 136
Period

45
 No. of Days

900
800
700
600
No. of Days
500
400
300
200
100
0
2014 2015 2016 2017

INTERPRETAION

Debtor’s level stood at 100 days for the 2014-15 and 93 days for the year 2015-16 the
debtor’s level has been projected at 136 days for the year 2016-17.

11. Stock Holding Period

Particulars Audited Audited Provisiona Projected

l
31.03.201 31.03.201 31.03.2017 31.03.201
5 6 8
Stock Holding 636 35 107 107
Period

46
 Stock Holding Period
700

600

500
Stock Holding Period
400

300

200

100

0
2015 2016 2017 2018

INTERPRETATION

The inventory holding level in respect of raw materials, semi finished good and
finished goods show smooth trend. The inventory holding of the firm was at 133 days
in the year 2015-16 and 181 days in the year 2016-17. The inventory holding level has
increased owing to the increasing

12. Creditors Period

Particula Audited Audited Provision Projected

rs al
31.03.20 31.03.20 31.03.20 31.03.20
15 16 17 18
Creditor 451 101 83 18
s Period

47
 Creditors Period

500

450

400

350

300 Creditors Period

250

200

150

100

50

0
2015 2016 2017 2018

.INTERPRETAION

The creditor’s level was at 101 days for 2015 and 83 days for 2016 the creditors level
has been projected at 18 days for 2018. The matter was taken up with the party who
has informed that it intends to make cash purchases at preferred rates and as such the
level has been projected 18 days. As such the creditors level of 18 days has been
accepted for calculation if MPBF.

48
 CHAPTER 5
FINDINGS,
SUGGESTIONS AND
CONCLUSION
5.1 FINDINGS

Followings are the findings given as below:

 It appears from the analysis that the amount of current assets are decreased in year
2017 as the figures are shown in provisional balance sheet year ended 31 march 2016.
 It is observed that the amounts of current liabilities are very less the amount is Rs7
38843103.61 shown in provisional balance sheet 2017.
 It observed that the amount of profits has been decreased in year 2017 because the
dealerships have been increased in the valley so the completion has been increased.
 Inventory position is very high in year 2017 as compared to past year.
 Sales position is very high in year 2017 as compared to past year.
 The amount of working capital in the year 2015 the amount of working capital is very
high.
 We find that a total of 56% customers were in favor, but remaining 44%
customer believe that the service is not good. So, Century bank needs to
improve the service of to capture more market.

 About 63% of customers are satisfied with the performance of Century bank. Overall
good numbers of customer are satisfied, but there is a scope for improvement.

 79% of the customer are aware about the advertisement of, be it through T.V, internet
or newspaper or any other medium, remaining are unaware.

 Sundry debtor’s position of CCBL is high in year 2016 as compared to year 2016.
 Cash and bank balances position of CCBL are too high in year 2017 as compared to
past 3 years.

49
 Investment in CCBL has been increased in year 2017 as compared to past years.
 As per debtor’s of CCBL is high in the year 2015 as compared to 2016.
 Stock holding position of the CCBL is high in 2015 as compared to 2016 and 2017.
 The creditor’s level at project 18 days in 2018.

5.2 SUGGESTIONS
In the light of the findings of the study the following suggestions are made for
the improvement of the working capital management of Century Commercial
Bank Ltd.
1. Century Commercial Bank Ltd. should provide modern way of service to customers
in order to maintain goodwill in the area
2. There should be a proper service schedule to the customers in order to avoid
customers shifting to the other banks.
3. There is always overcrowding in the Century Commercial Bank Ltd. so it should
expand its existing capacity by establishing more branches in the districts.
4. There should be more demo sessions for customers and safety to the customers
5. Century Commercial Bank Ltd. need/ should start more installment schemes for the
increase of deposits
6. Century Commercial Bank should adopt more digital services to the customers in
order to increase profits
7. Overall good numbers of customer are satisfied, but there is a scope for
improvement
8. Advertisement resources must be increased to retain more customers i.e.
Newspaper pamphlets etc.
9. Interaction from customer service representatives must be improved
10. Products and services for various age groups must be introduced.
11. Century Bank must introduce modern looking equipment and hi-tech
equipment.
12. Physical facilities are visually appealing. There is a scope for improveme
13. Bank must insist on error free records.
14. Employees in the bank must tell the customer exactly when the services will
be performed.
15. Century Bank give prompt service, it can be improved much for the best results.

50
 16. Overall Bank has operating hours convenient to all its customers it can be
improved more. Bank must pay best interests at heart to its customer it also
provide cheap credit supply to its customer.
17. Employees in Bank should always respond to their customer’s request up to best
level.
18. The employees of the bank must be trustworthy they should maintain their trust
with customer.
19. The behavior of employees in bank must instill confidence in customer.
20. Bank should behave in the way that the customer feels safe their transaction with
the bank.
21. Employees of bank should have complete knowledge to answer the all type of
questions of customer related any banking transaction 2
22. Bank must give individual attention to its customer to maintain customer
relationship management.

CONCLUSION
From the survey regarding “Working Capital Management” I concluded that
major role is played by Century Commercial Bank Ltd., because of the better
sale and service of customers and better than their competitors in the area. More
than 75% of the respondents have supported Century Commercial Bank. But
still there are some loopholes, like the company have not yet opened pre-owned
branch.
The competitors like Everest Bank, Nepal SBI, Nepal Investment Bank etc. have
to do lot many things if they think of beating Century Commercial Bank in the
competition in that area.

BIBILIOGRAPHY
Websites

http://www.nrb.org.np/

51
 www.nccbank.com.np

www.google.com

www.yahoo.com

www.allprojectsreport.com

Books

1. Author: Dr. SN Maheshwari

Name of the book: Financial Management

Publisher name: SULTAN CHAND & SONS

Page no: D.290 onwards

52
53