summer internship report 2012 forbes and company ltd

8/13/2019 Summer Internship Report 2012 Forbes and Company Ltd

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SUMMER INTERNSHIP PROJECT

On

CORPORATE FINANCE DEPARTMENTIN

FORBES & COMPANY LIMITED

SUBMITTED BY

AMRITA FURTADO

ROLL NO. 11012

e-MBA FINANCE

BATCH 2011 2013

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AC NO!LED"EMENT

I am grateful to Mr. C.A. Karnik, Director HR of Forbes Com!an"#imite$ an$ Mr. A%it &os'i ( Manager HR #for gi)ing me t'is *on$erfulo!!ortunit" to $o m" summer interns'i! for a !erio$ of t*o mont's.

I am t'ankful to m" mentor Mr.+ina" Agra*al, Manager ( anking -reasur" an$ Mr. an%a" Als'i, enior Manager Finance Accountsfor t'eir continuous su!!ort an$ gui$ance *'ic' 'el!e$ me ine/ecuting m" $uties.

I *oul$ like to t'ank Mr. D 0'a$ge ( /ecuti)e ( Cor!orate Accountsan$ Mr. .0. Pe$nekar Com!uter for co(o!eration t'e" e/ten$e$ tome *'ile I *orke$ for t'e !ro%ect an$ use$ t'e facilities.

#ast but not t'e least2 I t'ank M - Institute of Management for its

career $efining gui$ance t'roug'out m" M A.

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CERTIFICATE

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INDE$

Sr. No. Topics Page No.

1. 5ee$ an$ &ustification 6

2. Intro$uction 7

3. Com!an" ackgroun$ an$ Information 8

4. tu$" an$ Anal"sis 19

5. Com!an" +isit 41

6. #earning 44

7. Conclusion 4:

8. Future 4:

9. ibliogra!'" 4:

Nee% n% J'()*+*, )* n + ) e P/ e,)

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o -o un$erstan$ t'e functioning cor!orate in t'e finance$e!artment of a com!an"

o -o un$erstan$ an$ anal";e t'e balance s'eet of t'e com!an"as !er t'eir Annual Re!ort 3911 (13

o -o stu$" t'e )arious !ro$ucts an$ in)estment o!tions in Forbes Com!an" #t$.

In)/ %',)* n

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-'e interns'i! *as carrie$ out at Forbes an$ Com!an" #t$ at itsfinance $e!artment in


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Forbes Com!an" #imite$ is one of t'e ol$est com!anies of t'e *orl$ t'at is still in business. -'e com!an" traces its origin to t'e "ear1878 *'en &o'n Forbes of Aber$eens'ire, cotlan$ starte$ 'isbusiness in In$ia. It=s t'e 3n$ ol$est registere$ com!an" in In$ia an$t'e >t' ol$est registere$ com!an" in t'e *orl$ *it' $i)erse interests inManufacturing, -ra$ing an$ 'i!!ing ser)ices.

?)er t'e "ears, t'e management of t'e com!an" mo)e$ from t'eForbes Famil" to t'e Cam!bells to t'e -ata 0rou! an$ no* finall" tot'e *ell kno*n 'a!oor%i Pallon%i 0rou!2 lea$ers in infrastructure,construction an$ real estate businesses, amongst man" ot'ers.

Forbes Co. #t$. is engage$ in t'e engineering, real estate, !ersonal *ear an$ s'i!!ing an$ logistics business. It o!erates t'roug' t'ree$i)isions@ ngineering, 'i!!ing an$ #ogistics, an$ -ransactionManagement olutions. -'e ngineering $i)ision manufacturest'rea$ing tools, carbi$e tools, s!ring locke$ *as'er an$ a range of!recision cutting tools un$er t'e bran$ name of -?- M. -'e 'i!!ing

an$ #ogistics $i)ision offers total integrate$ logistics solutions,inclu$ing freig't management, liner agenc", $oor to $oor logistics, an$multimo$al trans!ort o!erations. -'e -ransaction Managementolutions $i)ision !ro)i$es transaction !rocessing solutions, ser)icesan$ net*orks t'at 'el! organi;ations 'an$le large transaction )olumeseffecti)el" an$ efficientl" t'roug' t'e com!an" s *'oll" o*ne$subsi$iar" Forbes -ec'nos"s #t$. In all t'e com!an" 'as 39subsi$iar" com!anies $e!en$ing u!on t'e line of business.

Forbes Com!an" #imite$ 'as a tra$ition of e/cellence an$ totalcustomer $elig't as its singular aim.

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-'e com!an", liste$ on t'e omba" tock /c'ange, 'as an eminentoar$ of Directors an$ t'e $a" to $a" affairs of t'e com!an" aremanage$ b" a senate of e/!erience$ !ersons.

-'e &ourne" of Forbes Com!an" #t$.

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M *n A7en'e( + F /8e( & C . L)% ) "9 n,e.

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F?R A5D

C?MPA5 #-D.

50I5 RI50HIPPI50 A5D

#?0I -IC

-RA5 AC-I?5MA5A0 M 5-

?# -I?5


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S)'%4 n% An 94(*(

C n4 An 94(*( B (e% On ) e Ann' 9 Re /) 2011-12

For a com!arati)e anal"sis of t'e com!an" Income statement figuresof t'e com!an" 'a)e been acEuire$ ranging from financial "ears 399Bto 3913.

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ear o)er "ear, Forbes Com!an" #t$ 'as been able to gro*re)enues from 1:.8 to 18.8 . Most im!ressi)el", t'e com!an" 'asbeen able to re$uce t'e !ercentage of sales $e)ote$ to selling,general an$ a$ministrati)e costs from :3.94 to 4>.>> . -'is *as a$ri)er t'at le$ to a bottom line gro*t' from 49>.4M to 636.1M.

It also can be obser)e$ t'at on account of t'e merger an$restructuring t'at took !lace in t'e com!an" bet*een 399B (3919 t'eo!erating income of t'e com!an" *as affecte$ *'ic' s'o*s anegati)e figure of Rs.318.> million.

-'e com!an" follo*e$ t'e !rinci!le of concentrating on its coreacti)ities an$ setting of its non(core acti)ities. As a ste! to t'is

$irection certain assets 'a)e been sol$ *'ic' in turn 'a)e generate$re)enues t'at 'a)e been !loug'e$ back into t'e com!an" to beutili;e$ for its *orking ca!ital reEuirements.

It can be obser)e$ t'at in t'e "ear 399B t'e earnings from continuingo!erations are Rs. (61:.1 million. Post t'at, t'e com!an" 'asmanage$ to get !ositi)e earnings *'ic' 'a)e stea$il" rising "ear after

"ear. -'is 'as been accom!lis'e$ as t'e com!an" $eci$e$ to set offits acti)ities b" concentrating on its main acti)ities.

F*n n,e n% C / / )e D*7*(* n An 94(*(

-'e Com!an" 'a$ un$ertaken legal an$ financial restructuring of itsbusinesses, *'ic' 'as starte$ s'o*ing !ositi)e results. -'e losses ofG :7.:8crores in F 399>(399B 'a$, gra$uall", come $o*n to a small

!rofit of G 9.79crores in F 3919(3911 an$ t'is "ear it 'as im!ro)e$furt'er to G :.84crores. -'is 'as been ac'ie)e$ *it' im!ro)ement int'e o!erating !erformance of all t'e business segments in *'ic' t'eCom!an" is o!erating. It is also im!ortant to note t'at, unlike in t'e!ast "ears, t'e re!orte$ !rofit is *it'out e/tra(or$inar" income items11 | P a g e


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suc' as, $i)i$en$ from an" of t'e subsi$iar" com!anies or !rofit fromsale bu"back of s'ares or !rofit from sale of !ro!ert", an$ $es!itebearing t'e costs associate$ *it' t'e infusion of fun$s in )arious &+san$ subsi$iaries, *'ic' are making losses.

9 $a"s *it' a fi/e$maturit". -'e" are also kno*n as usance !romissor" notes.

Commercial !a!er is a mone" market securit" sol$ b" banks an$cor!orations. ou can in)est in t'ese s'ort(term unsecure$

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IS THERE ANY RATN" RE


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CP ma" be issue$ on a single $ate or in !arts on $ifferent $ates!ro)i$e$ t'at in t'e latter case, eac' CP s'all 'a)e t'e same maturit"$ate. Furt'er, e)er" issue of CP, inclu$ing rene*al, s'all be treate$ asa fres' issue.

?nl" a sc'e$ule$ bank can act as an IPA for issuance of CP.

CP is al*a"s issue$ at a $iscount to t'e face )alue as ma" be$etermine$ b" t'e issuer.

Rating fees is bet*een 9.96 (9.36 of t'e rating amount.

R 9e n% Re( n(*8*9*)*e( + ) e I(('e/>I(('*n6 n% P 4*n6 A6en)n% C/e%*) R )*n6 A6en,4.

Issuer@

a. )er" issuer must a!!oint an IPA for issuance of CP.

b. -'e issuer s'oul$ $isclose to t'e !otential in)estors its financial!osition as !er t'e stan$ar$ market !ractice.

c. After t'e e/c'ange of $eal confirmation bet*een t'e in)estor an$t'e issuer, issuing com!an" s'all issue !'"sical certificates to t'e

in)estor or arrange for cre$iting t'e CP to t'e in)estor s account *it' a$e!ositor".

In)estors s'all be gi)en a co!" of IPA certificate to t'e effect t'at t'eissuer 'as a )ali$ agreement *it' t'e IPA an$ $ocuments are in or$erJ c'e$ule II gi)en in t'e Master Circular(0ui$elines for Issue ofCommercial Pa!er $ate$ &ul" 1, 3911 an$ u!$ate$ from time to(time .

Issuing an$ Pa"ing Agenta. IPA *oul$ ensure t'at issuer 'as t'e minimum cre$it rating assti!ulate$ b" t'e R I an$ amount mobili;e$ t'roug' issuance of CP is

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*it'in t'e Euantum in$icate$ b" CRA for t'e s!ecifie$ rating or asa!!ro)e$ b" its oar$ of Directors, *'ic'e)er is lo*er.

b. IPA 'as to )erif" all t'e $ocuments submitte$ b" t'e issuer )i;.,

co!" of boar$ resolution, signatures of aut'ori;e$ e/ecutants J*'enCP in !'"sical form an$ issue a certificate t'at $ocuments are inor$er. It s'oul$ also certif" t'at it 'as a )ali$ agreement *it' t'e issuerJ c'e$ule II gi)en in t'e Master Circular(0ui$elines for Issue ofCommercial Pa!er $ate$ &ul" 1, 3911 an$ u!$ate$ from time to(time .

c. Certifie$ co!ies of original $ocuments )erifie$ b" t'e IPA s'oul$ be'el$ in t'e custo$" of IPA.

PR?C ?F I A5C

Cre$it rating is to be acEuire$ b" t'e com!an". -'is rating is acEuire$un$er an" of t'e belo* : categories.

a tan$alone CP rating J*it'out an" bank backu! .

b Against *orking ca!ital CP rating

c Against structure$ obligation CP rating.

$ 'ort term $ebt raising.

Com!an" a!!oints an IPA agent .IPA o!ens 3 accounts CP allotmentaccount an$ CP re$em!tion account *it' 5 D#.

R-A is a!!ointe$ b" t'e com!an". A tri !art" agreement is ma$ebet*een t'e com!an", R-A an$ $e!ositor" J5 D# or C D#

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CP is t'en issue$ eit'er $irectl" or b" a!!ointing an arranger. In caseof arranger a letter of offer on t'e com!an"=s letter 'ea$ is gi)en basison *'ic' t'e market "iel$ at *'ic' t'e CP *oul$ be !lace$.

Post negotiating t'e market "iel$, t'e arranger closes t'e $eal *it' t'ea!!ro)al of t'e com!an" an$ in)estor.

?nce t'e $eal is close$ $eal confirmation contract note is !re!are$on t'e com!an"=s letter'ea$.

Com!an"=s sen$ t'e letter of offer $eal confirmation to t'e in)estor *'o signs an$ ackno*le$ges confirmation of CP !lacement. ?nconfirmation of CP !lacement com!an" gets I I5 b" submitting letterof intent !rescribe$ b" 5 D#. I I5 is normall" create$ in 1(3 *orking$a"s.

A$)antages of Commercial Pa!ers@(

1 It is Euick an$ cost effecti)e *a" of raising *orking ca!ital.

3 est *a" to t'e com!an" to take t'e a$)antage of s'ort term

interest fluctuations in t'e market

4 It !ro)i$es t'e e/it o!tion to t'e in)estors to Euit t'e in)estment.

: -'e" are c'ea!er t'an a bank loan.

6 As commercial !a!ers are reEuire$ to be rate$, goo$ rating re$ucest'e cost of ca!ital for t'e com!an".

7 It is unsecure$ an$ t'us $oes not create an" liens on assets of t'e

com!an".8 It 'as a *i$e range of maturit"

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> It is e/em!t from fe$eral C an$ tate securities registrationreEuirements.

Disa$)antages of Commercial Pa!ers@(1 It Is A)ailable ?nl" -o A Fe* electe$ lue C'i! An$ ProfitableCom!anies.3 " Issuing Commercial Pa!er, -'e Cre$it A)ailable From -'eanks Ma" 0et Re$uce$.4 Issue ?f Commercial Pa!er Is +er" Closel" Regulate$ " -'e Rbi0ui$elines.

2: BAN "UARANTEES

Definition

A bank guarantee is a commercial instrument in t'e nature of acontract, inten$e$ bet*een t*o !arties, to secure com!liance *it' t'econtract. It is an off(s'oot of t'e main contract bet*een t*o !arties. Abank guarantee is a guarantee ma$e b" a bank on be'alf of a

customer Jusuall" an establis'e$ cor!orate customer s'oul$ it fail to$eli)er t'e !a"ment, essentiall" making t'e bank a co(signer for oneof its customer s !urc'ases.

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Ho* $o bank guarantees 'el! in commercial contractsL

0uarantees are im!ortant instruments use$ to minimi;e t'e risks t'at

are in)ol)e$ in commercial contracts. For t'e enforcement of or$inar"guarantees, as construe$ $e!en$ence of t'e guarantee on t'e maincontract ma" lea$ to unnecessar" $is!utes an$ litigation, arising fromt'e main contract. -'ese $is!utes ma" 'a)e a material effect on t'eguarantee, t'ereb" blocking fun$s in litigation. Hence, t'ere *as anee$ for an inno)ati)e instrument *'ic' *oul$ enable t'e guaranteeto ser)e its original !ur!ose2 namel", !ro)i$ing a form of securit". -'ebank guarantee is one suc' inno)ati)e financial instrument *'ereb", ift'e beneficiar" !ercei)es t'at t'ere 'as been a breac' of contract b"t'e ot'er !art", 'e can encas' t'e guarantee an$ a)ail of t'e amountimme$iatel", *it'out 'a)ing to un$ergo t'e 'assles of litigation. -'us,t'e rele)ance of a bank guarantee ac'ie)es rele)ance.

Ho* can a beneficiar" restrain t'e in)ocation of a bank guaranteeL

-'e in)ocation of a bank guarantee b" t'e beneficiar" can berestraine$ b" an in%unction un$er t'e Ci)il Proce$ure Co$e, 1B9>, ort'e !ecific Relief Act, 1B74. Ho*e)er, t'e normal consi$erations,

*'ic' a!!l" in granting an in%unction, *ill not a!!l" in cases of a bankguarantee. Courts are usuall" reluctant to grant an in%unction against abank guarantee. If a bank guarantee 'as to be restraine$, it 'as tosatisf" t'e follo*ing con$itions@ Frau$2 Irretrie)able in%ustice orin%ur"

Risk Mitigants to be follo*e$ in case of bank guaranteesL

Car)e out 0 limits out of total 0 limits for issuing abo)e t"!e of 0s

Percentage of limits to be car)e$ out base$ on client ratings

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I$entifie$ in t'e s"stem as D?


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3. An or$inar" guarantee is a tri(!artite J4 !arties agreement in)ol)ingt'e suret", t'e $ebtor an$ t'e cre$itor. ut a bank guarantee is acontract in)ol)ing t*o !arties i.e. t'e bank an$ t'e beneficiar".

4. In an or$inar" guarantee, t'e contract bet*een t'e suret" an$ t'ecre$itor arises as a subsi$iar" to t'e contract bet*een t'e cre$itor an$t'e !rinci!al $ebtor. -'e bank guarantee is in$e!en$ent of t'e maincontract.

:. In an or$inar" guarantee, t'e inter se $is!utes bet*een t'e $ebtoran$ t'e cre$itor 'a)e a material effect u!on t'e suret" s liabilit".Ho*e)er, t'e bank guarantee is in$e!en$ent of t'e $is!utes, arisinge/ contract Jarising out of t'e contract .

6. An or$inar" guarantee $oes not 'a)e an" time limit before *'ic't'e $ebt 'as to be claime$. ank guarantees generall" 'a)e a s!ecifictime *it'in *'ic' t'e" are functional.

B n5 "' / n)ee( P/ ,e((*n6

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3: Le))e/ + C/e%*) / LC=(

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Definition

#C is a !a"ment mec'anism *'ereb" a ank acting at t'e reEuest oft'e customer, un$ertakes to !a" a beneficiar" b" a gi)en $ate on

!resentation of cre$it com!liance $ocumentsA #etter of Cre$it !romises !a"ment to "our com!an"=s su!!lier, solong as "our su!!lier !erforms accor$ing to "our or$er as s!ecifie$ ont'e #etter of Cre$it. A #etter of Cre$it essentiall" substitutes t'e cre$itof a t'ir$ !art", usuall" a bank or finance institution, for t'at of aborro*er.

-'is ser)es t'ree !ur!oses@Cre$itour su!!lier gains assurance t'at it can no* s'i! to "ou on an o!enaccount, instea$ of $eman$ing - - !a"ments !rior to s'i!ment. !ons'i!ment, t'e su!!lier *ill !resent s'i!!ing $ocuments an$ reEuest!a"ment $irectl" from International -ra$e Finance, not "our com!an".

0uarantee$ Performance-'e #etter of Cre$it guarantees "ou t'at t'e su!!lier must !erform,an$ !erform on time, before it can ask to be !ai$. If t'e or$er isincom!lete or late or 'as an" number of )arious $iscre!ancies, "ourcom!an" 'as t'e o!tion to re%ect t'e s'i!ment an$ refuse to !a".

0ro*t'#etters of Cre$it allo* "ou to buil$ relations'i!s *it' ne* su!!liersan$ obtain t'e cre$it nee$e$ to allo* "our com!an" to kee! u! *it't'e gro*ing $eman$ for "our !ro$uct.

! 4 Le))e/ O+ C/e%*);

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Le))e/ O+ C/e%*) P/ ,e(( F9 ?

A$)antages of #etter of Cre$it

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A$)antage to u"er

o nsure t'at bu"er recei)es goo$s *it'in $eli)er" time

o u"er assure$ of goo$s are s'i!!e$ before !a"ment

o Assures timelines to !lan t'e business !rocess

o Pro)i$es clarit" on terms an$ con$itions

A$)antage to eller

o ecure$ !a"ments in case of cre$it com!liant $ocuments

o ?!ening ank cannot refuse !a"ment if cre$it terms arecom!lie$

o /!orter can $etermine t'e $ate of recei!t of !a"ment

o Facilitates !ost s'i!ment finance t'roug' negotiation

o Pa"ment res!onsibilit" is on t'e bank rat'er t'an bu"er

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En)*)*e( In7 97e% In Le))e/ O+ C/e%*)

Documents ReEuire$ For #C

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#etter of Cre$it ?!erations

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@: B'4e/( C/e%*)

Cre$it e/ten$e$ b" ank FI situate$ outsi$e In$ia to im!orter or toim!orter=s bank. It can also be calle$ a loan arrange$ b" Im!orter.

?nl" for !a"ment of im!orts into In$ia

?nl" after im!ort 'as taken !lace an$ ill of ntr" is !ro$uce$ as!roof

Maturit" of #oan u! to one "ear for Ra* Material an$ less t'an 4 "earsfor Ca!ital 0oo$s

Ma/imum Amount@ D.39 millio997 !er transaction

/!orter gets !a"ments imme$iatel"

Pricing@ Ma/imum 7m # 399 b!s

/!ort Finance

o Pre(s'i!ment Finance

o Post(s'i!ment Finance

o Pre( 'i!ment Finance also kno*n as /!ort Packing Cre$it

o Can be a$)ance$ in Ru!ee or Foreign Currenc"

o !ecial *orking ca!ital facilit" for e/!orters

o !ecific Cre$it #imits sanctione$ to facilitate tra$e transactions

o Co)ers *orking ca!ital reEuire$ for !urc'ase, !rocessing,manufacturing !acking of goo$s

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o A)ailable for a !erio$ u!to 1>9 $a"s but can be e/ten$e$ u!to ama/imum !erio$ of 389 $a"s *it' !enal interest, $e!en$ingu!on t'e genuiness to banks satisfactor"

o 0ets con)erte$ into Post 'i!ment Finance on $is!atc' of0oo$s

o Interest rate ca! as fi/e$ b" R I@

o For I5R@ 5o ca!

o For PCFC@ 7m # 399 b!s

o Pre s'i!ment cre$it can be eit'er or$er base$ or a running

account base$

o Running account facilit" can be gi)en to e/!orters 'a)ing goo$track recor$ onl" an$ to be mentione$ in CA#

o /!orters ma" take t'e C0C !olic" for insurance co)erage

Post 'i!ment Finance

o !ecial *orking ca!ital facilit" for /!orters

o Finance in t'e form /!ort ills

o Purc'ase Discounting 5egotiation

o A$)ance Against ill ent on Collection

o Kee!s t'e business c"cle running till t'e reali;ation of e/!ort

!rocee$so A)ailable for a !erio$ 1>9 $a"s for eac' transaction from t'e

$ate of s'i!ment

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o Interest c'arge$ till t'e /!ort ills are reali;e$

o If Pre 'i!ment cre$it is taken on or$er base$ t'en afters'i!ment, it s'oul$ be con)erte$ into Post s'i!ment finance

o In case of a running a c ,!re s'i!ment cre$it is liEui$ate$ on aFirst(In(First(?ut basis

P/ ,e(( F9 ? + P/e n% P () S * en)

F*n n,e

All t'e abo)e in)estment o!tions *ere carrie$ out *it' t'e belo* set ofbanks formerl" kno*n as Consortium anks. In eac' bank a fun$base$ an$ non(fin$ base$ limit *as fi/e$.

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Consortium banks

anks

tan$ar$ C'artere$ ank

ID I ank

Pun%ab 5ational ank

HDFC bank

es bank

D bank

-otal fun$ base$@ 48lacs a!!ro/

5on fun$ base$@ 69lacs a!!ro/

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F /8e( F ,) /4 *(*)

-'e factor" of Forbes Com!an" #t$ t'at *as )isite$ b" me *aslocate$ in C'an$i)ali, Mumbai. -'e factor" in com!arison to ot'erfactories *as )er" green *'ic' s'o*e$ t'at t'e" lai$ em!'asis ongreener". -'e infrastructure *as goo$ *it' some of t'e latestmac'ines from iemens for instance.

-'e factor" *orkers *ere all men from t'e mec'anical engineeringbackgroun$. -'e staff *as Euite frien$l" *it' immense kno*le$ge oft'e !rocesses an$ t'e tools an$ mac'ines use$. ?nce t'e finis'e$!ro$uct *as ma$e, t'e" *ere manuall" c'ecke$ an$ t'e $efecte$

!ieces *ere later $iscar$e$ an$ rec"cle$. -'e accounting !racticefollo*e$ in case of in)entor" management *as FIF? basis.

-'e factor" 'a$ t'e belo* $e!artments as un$er@(

Precision -ools Di)ision

Precision -ools, a $i)ision of Forbes, began its %ourne" *it' t'emanufacturing of !ring #ock


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-'rea$ing -ools

o Hig' !ee$ teel -a!s Hig'Performance -a!s

o Carbon teel -a!s

o Hig' !ee$ teel Dies an$ Die 5uts

o Carbon teel Dies an$ Die 5uts

Carbi$e -ools

o Euare an$ all 5ose n$ Mills

o Drills

o -ungsten Carbi$e Rotar" urrs

!ring #ocke$


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-o conclu$e t'e factor" *as a )er" *ell eEui!!e$ *it' a!!ro!riatesafet" measures an$ *ell Eualifie$ e/!erience$ *orkmen *'o *orke$at t'e factor" for more t'an 16 "ears.

MY LEARNIN"

o For running an" business *e nee$ to concentrate on t'e firms=core business or acti)ities.

o ubsi$iar" businesses t'at are non(!rofit making s'oul$ be setoff or sol$ off, t'e !rofit of *'ic' coul$ be utili;e$ for t'e firms

*orking ca!ital reEuirements.

o In)est in assets an$ !ro%ects t'at "iel$ a return greater t'an t'e

minimum acce!table 'ur$le rate. -'e 'ur$le rate s'oul$be 'ig'er for riskier !ro%ects an$ s'oul$ reflect t'e financingmi/ use$Oo*ners= fun$s JeEuit" or borro*e$ mone" J$ebt .Returns on !ro%ects s'oul$ be measure$ base$ on cas'flo*s generate$ an$ t'e timing of t'ese cas' flo*s2 t'e" s'oul$also consi$er bot' !ositi)e an$ negati)e si$e effects of t'ese!ro%ects.

o


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C n,9'(* n

Alt'oug' t'e e/!erience is Euantitati)e in its focus, t'ere is asignificant com!onent of creati)e t'inking in)ol)e$ in coming u! *it'solutions to t'e financial !roblems businesses to encounter. It is nocoinci$ence t'at financial markets remain bree$ing groun$s forinno)ation an$ c'ange.

A Pee In) ) e F')'/e

Ha)ing been in t'e in)estment, retail an$ cor!orate banking fiel$, I *oul$ lo)e to e/!lore t'e com!liance an$ risk management section inbanking. As *e 'a)e seen no*, banks are use$ as an effecti)e)e'icle for illegal mone". Kee!ing a c'eck on suc' anti( mone"laun$ering acti)ities is t'e nee$ of t'e 'our an$ one of t'e *a"s in

*'ic' I as a citi;en of In$ia coul$ contribute in minimi;ing blackmone".

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Hence *oul$ like to be em!lo"e$ in a Com!liance $e!artment of aank or Financial Insitution.

BIBLIO"RAPHY

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Ann' 9 Re /) + F /8e( & C n4 L* *)e% 2011-12

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