Report on Cp

8/2/2019 Report on Cp

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CAPSTONE PROJECT

CORPORATE BORROWINGS AND GROWTH

OPPORTUNITIES of FMCG SECTOR IN INDIA

SUBMITTED TO - SUBMITTED BY

MS JATINDER KAUR HARPREET SINGH

(Q1002B23)

RAHUL MITTAL

(Q1002B26)

YOGESH SINGH

(Q1002B28)

RAMANPREET KAUR

(Q1002B30)


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Table of Contents

1. Introduction

2. Definition

3. Objectives

4. Need of study

5. Scope of study.

6. Research methodology.

7. Review of Literature.

8. Growth opportunities.


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INTRODUCTION

Borrowings from banks are an important source of finance to companies.Bank lending is still mainly short term, although medium-term lending is

quite common these days.

Short term lending may be in the form of:

a) an overdraft, which a company should keep within a limit set by the

bank. Interest is charged (at a variable rate) on the amount by which the

company is overdrawn from day to day;

b) a short-term loan, for up to three years.

Medium-term loans are loans for a period of from three to ten years. The

rate of interest charged on medium-term bank lending to large companies

will be a set margin, with the size of the margin depending on the credit

standing and riskiness of the borrower. A loan may have a fixed rate of

interest or a variable interest rate, so that the rate of interest charged will

be adjusted every three, six, nine or twelve months in line with recent

movements in the Base Lending Rate.

Lending to smaller companies will be at a margin above the bank's base

rate and at either a variable or fixed rate of interest. Lending on overdraft

is always at a variable rate. A loan at a variable rate of interest is

sometimes referred to as afloating rate loan. Longer-term bank loans

will sometimes be available, usually for the purchase of property, where

the loan takes the form of a mortgage.


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Corporate lending is essentially the same thing as a personal loan, except

instead of being made from a bank to an individual, it is made from a

bank to a corporation. As a result, the amounts of money being dealt with

tend to be substantially larger, and some of the protections are a bit

different.

Corporate lending can take any number of forms, including asset-based

lending, structured finance, and cash flow corporate lending. Asset-based

lending is when the loan given is secured by means of some sort of asset.

In personal loans, mortgages are probably the most well-known form of

asset-based lending. In corporate lending an asset-based loan may use

real-estate, intellectual property, or expensive equipment. Asset-based

lending is one of the more secured forms of corporate lending, since the

bank lending the money has protected itself by balancing the value of the

assets with the amount of the loan.

Structured finance includes a number of different forms of loans, which

have various structures in place to try to transfer risk. Structured finance

in corporate lending includes various elements, including tranching, in

which different securities are classed into different groups, allowing

various investment groups to know the risk rating of the loans they are

going to buy. Structured corporate lending uses different sorts of

securities, including asset-based securities backed by government notes,

credit derivatives, collateralized fund organizations, and collateralized

debt obligations. Each of these have their own sub-classes as well, and it


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can get rather complex, but at its core is the idea of lowering risk for the

lenders and the people who buy the loans.

Corporate lending can also take the form of straight cash flow investment

to keep the business liquid. This can take place on the commercial paper

market, where large institutions lend money in an unsecured fashion to

established corporations for them to meet immediate cash needs, such as

payroll or infrastructure investment. This is probably the most dangerous

form of corporate lending, as it is unsecured by any sort of real

guarantee. As a result, paper market corporate lending tends to take place

only with very stable, well-known corporations, who have incredibly

high credit ratings.

Even then, however, it is possible for this sort of corporate lending to go

wrong, and when it does, it tends to go horribly wrong. It happened once

in 1970, when Penn Central defaulted on $82 million US Dollars (USD),

and again in 1997 when Mercury Finance defaulted on $17 million USD

and an eventual $315 million USD. In the first case, the Federal

government intervened, and in the second case the effects were

diminished by the strong economy. In 2008, however, Lehman Brothers

defaulted on their corporate lending, and it helped lead to a massive

economic downturn.

The world of corporate lending is arguably one of the most complex in

the world of economics, and even relatively minor events can have

massive effects. In spite of its dangers, however, corporate lending is


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absolutely necessary for modern capitalism to survive, and so there is a

constant discussion about how to best manage the risk inherent in the

system

Companies issue bonds to finance operations. Most companies can

borrow from banks, but view direct borrowing from a bank as more

restrictive and expensive than selling debt on the open market through a

bond issue.

The costs involved in borrowing money directly from a bank are

prohibitive to a number of companies. In the world of corporate finance,

many chief financial officers (CFOs) view banks as lenders of last resort

because of the restrictive debt covenants that banks place on directcorporate loans. Covenants are rules placed on debt that are designed to

stabilize corporate performance and reduce the risk to which a bank is

exposed when it gives a large loan to a company. In other words,

restrictive covenants protect the bank's interests; they're written by

securities lawyers and are based on what analysts have determined to be

risks to that company's performance.

Here are a few examples of the restrictive covenants faced by companies:

they can't issue any more debt until the bank loan is completely paid off;
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they can't participate in any share offerings until the bank loan is paid

off; they can't acquire any companies until the bank loan is paid off, and

so on. Relatively speaking, these are straightforward, unrestrictive

covenants that may be placed on corporate borrowing. However, debt

covenants are often much more convoluted and carefully tailored to fit

the borrower's business risks. Some of the more restrictive covenants

may state that the interest rate on the debt increases substantially should

the chief executive officer(CEO) quit, or should earnings per share drop

in a given time period. Covenants are a way for banks to mitigate the riskof holding debt, but for borrowing companies they are seen as an

increased risk.

Simply put, banks place greater restrictions on what a company can do

with a loan and are more concerned about debt repayment than

bondholders. Bond markets tend to be more forgiving than banks and are

often seen as being easier to deal with. As a result, companies are more

likely to finance operations by issuing bonds than by borrowing from a

bank.

Finance is often defined simply as the management of money or funds

management. Modern finance, however, is a family of business activity

that includes the origination, marketing, and management of cash andmoney surrogates through a variety of capital accounts, instruments, and

markets created for transacting and trading assets, liabilities, and risks.

Finance is conceptualized, structured, and regulated by a complex system
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of power relations within political economies across state and global

markets. Finance is both art (e.g. product development) and science (e.g.

measurement), although these activities increasingly converge through

the intense technical and institutional focus on measuring and hedging

risk-return relationships that underlie shareholder value. Networks of

financial businesses exist to create, negotiate, market, and trade in

evermore-complex financial products and services for their own as well

as their clients accounts. Financial performance measures assess the

efficiency and profitability of investments, the safety of debtors claimsagainst assets, and the likelihood that derivative instruments will protect

investors against a variety of market risks.

The financial system consists of public and private interests and the

markets that serve them. It provides capital from individual and

institutional investors who transfer money directly and through

intermediaries (e.g. banks, insurance companies, brokerage and fundmanagement firms) to other individuals, firms, and governments that

acquire resources and transact business. With the expectation of reaping

profits, investors fund credit in the forms of debt capital (e.g. corporate

and government notes and bonds, mortgage securities and other credit

instruments), equity capital (e.g. listed and unlisted company shares), and

the derivative products of a wide variety of capital investments including

debt and equity securities, property, commodities, and insurance

products. Although closely related, the disciplines of economics and

finance are distinctive. The economy is a social institution that


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organizes a societys production, distribution, and consumption of goods

and services, all of which must be financed. Economists make a number

of abstract assumptions for purposes of their analyses and predictions.

They generally regard financial markets that function for the financial

system as an efficient mechanism. In practice, however, emerging

research is demonstrating that such assumptions are unreliable. Instead,

financial markets are subject to human error and emotion. New research

discloses the mischaracterization of investment safety and measures of

financial products and markets so complex that their effects, especiallyunder conditions of uncertainty, are impossible to predict. The study of

finance is subsumed under economics as financial economics, but the

scope, speed, power relations and practices of the financial system can

uplift or cripple whole economies and the well-being of households,

businesses and governing bodies within themsometimes in a single

day.

Three overarching divisions exist within the academic discipline of

finance and its related practices: 1) personal finance: the finances of

individuals and families concerning household income and expenses,

credit and debt management, saving and investing, and income security

in later life, 2) corporate finance: the finances of for-profit organizations

including corporations, trusts, partnerships and other entities, and 3)

public finance: the financial affairs of domestic and international

governments and other public entities. Areas of study within (and the

interactions among) these three levels affect all dimensions of social life:


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politics, taxes, art, religion, housing, health care, poverty and wealth,

consumption, sports, transportation, labor force participation, media, and

education. While each has a vast accumulated literature of its own, the

effects of macro and micro level financing that mold and impact these

and other domains of human and societal life typically have been treated

by researchers as policy, welfare, work, stratification, and so

forth, or have been largely unexplored. Recent research in "behavioral

finance" is promising, albeit a relative newcomer, to the existing body of

financial research that focuses primarily on measurement.

Loans have become increasingly packaged for resale, meaning that an

investorbuys the loan (debt) from a bank or directly from a corporation.

Bonds are debt instruments sold to investors for organizations such as

companies, governments or charities. The investor can then hold the debt

and collect the interest or sell the debt on a secondary market. Banks are

the main facilitators of funding through the provision ofcredit, althoughprivate equity, mutual funds, hedge funds, and other organizations have

become important as they invest in various forms of debt. Financial

assets, known as investments, are financially managed with careful

attention to financial risk management to control financial risk. Financial

instruments allow many forms ofsecuritized assets to be traded on

securities exchanges such as stock exchanges, including debt such as

bonds as well as equity inpublicly traded corporations.

Central banks, such as the Federal Reserve System banks in the United

States and Bank of England in the United Kingdom, are strong players in
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public finance, acting as lenders of last resort as well as strong influences

on monetary and credit conditions in the economy

DEFINITION OF CORPORATE BORROWINGS

Borrowings: receiving something of value in exchange for an obligation

to pay back.

Corporate borrowings: borrowing by businesses corporations rather

than individuals.
http://en.wikipedia.org/wiki/Lender_of_last_resorthttp://en.wikipedia.org/wiki/Lender_of_last_resort


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OBJECTIVES

1. To analyze the relation between the corporate borrowings of

FMCG sector (India) and growth opportunities.

2. To study the behavior of Indian FMCG sector firms towards

corporate borrowings.

3. To study the relationship between firms size and corporate

borrowings.

4. To study the relationship between the borrowings and past

profitability.

5. To study the relationship between corporate borrowings and

tangibility.


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NEED OF THE STUDY

1. This study will help the FMCG sector firms while taking major

decisions of corporate borrowings.

2. This also helps in the decisions of appropriate capital structure of

firms.

3. This study will be useful to the company to know the adequate

borrowings needed in the context to their firm size, profitability

etc; for growth opportunities.


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SCOPE OF THE STUDY

The population for our study includes the listed FMCG companies

at NSE. The financial data that would be necessary for the research

would information on long term borrowings, short term borrowing,total assets, net fixed asset, sales revenue, cash flow from

operations.


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We have taken 15 Indian FMCG companies registered at NSE.

The data is collected from 2007 to 2011.

Research methodology

The research methodology is based on primary and secondary data about

the sample for the research. We have adopted the secondary data method


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for our research methodology. The secondary data for our sample

companies would be

Total assets

Net fixed assets

Sales turnover

Long term borrowings

Short term borrowings

Cash flow from operating activities.

The data would be taken from moneycontrol.com, because we have taken

the fmcg companies registered in nse.


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Review of Literatures

Kakani and Reddy (1998) analysed capital structure determinants

for a sample of 100 manufacturing firms, using stepwise

regression. Their study concluded that long-term debt ratio is

inversely related to capital intensity, net exports and profitability

of a firm. Total debt ratio, the study reported , was inversely

related to non-debt tax shield and earning volatility, in addition to

the factor stated above.

Bhaduri (2002a) employed a factor analytic framework to study

the determinants of corporate borrowing. The study based on a

sample of 363 manufacturing firms over a period 1990-1995,

revealed that long-term borrowing is positively related to size and

company growth, while uniqueness and long-term borrowing are

inversely related. Bhaduri (2002b) observed profitability as an

additional variable having a direct relation with long-term

borrowing. This finding, while contrary to pecking order

hypothesis, is in line with the static trade-off theory that predicts a

positive relation between profitability and leverage.

Mahakud and Bhole (2003) employed the General Method of

Moments (GMM) model for analyzing the effects of adjustment

and flotation costs in the borrowing decision. Using financial


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information of a sample of 330 public limited companies over the

period 1987-88 to the target leverage ratio relatively fast. The

speed of adjustment, however, was different for long-term and

short-term borrowing. On the determinants of capital structure

choice, the study concluded that leverage is inversely related to

cost of borrowing, profitability, liquidity, non-debt tax shield and

positively related to cost of equity and firm size.

The study of Raju Majumdar in Corporate borrowings and growth

opportunities in Indian manufacturing sector analyzes the relation

between growth opportunities and corporate and corporate

borrowing using a panel data regression model, on a sample of 317

indian firms covering the period 2004-2008. Isolating the

components of growth in terms of growth of assets already-in-

place and the present value of future growth opportunities has

yielded statistically significant results that point to the possibility

of misspecification of independent variable as a possible reason

behind the earlier finding. Study finding confirm to the theoretical

explanation that firms with high market-to-book ratios have higher

costs of financial distress and hence long-term borrowing and

growth opportunities are inversely related even in the Indian

content.

The aim of Bhupal Singh in study of corporate choice for

overseas borrowings is to examines the macroeconomic factors


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that drive the Indian corporates preference for overseas

borrowings. Foreign borrowings by Indian corporates are

characterised by a large number of companies accessing

international capital markets for small size loans. The policy

framework on foreign commercial borrowings has been effective

in achieving a balanced maturity profile as also in channelising

funds to productive sectors. It is observed that foreign borrowings

by the corporates and import of capital goods display a close

positive relationship. Since capital goods import is closely relatedto growth in industrial production, it implies that the demand for

foreign borrowings by the corporates is generated by the

underlying pace of real activity. The estimated error correction

model revealed that Indian corporates long-run demand for

overseas commercial borrowings is predominantly influenced by

the pace of domestic real activity, followed by the interest rate

differentials between the domestic and international markets

(indicating arbitrage) and the credit conditions. The real variable

dominates the price variable in driving the demand for overseas

commercial borrowings.

Bhole and mahakud(2004) used panel data on the sample of public

limited 330 companies over the period of 1984-85 to 1999-2000

and found that in addition to above mentioned factors, leverage is

also positively related to collateral value of assets. They found a


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positive coefficient associated with the variable company growth,

even though the variables were statistically insignificant.

Manos et al(2001), in their study on business groups and capital

structure in the Indian context, used market to book ratio as a

proxy for growth, and contrary to the other findings, they observed

an inverse relationship between growth opportunities and

borrowings.

Bradley et al(1984) and Harris and Raviv (1991) have observed

that profitability, tangibility, size and growth are the factors that

are most consistently correlated with leverage. This conclusion

finds further support in Rajan and Zingales(1995). Consequently,

this research incorporates the same independent variables for the

purpose of analysis.

This article of ownership structure and the cost f corporate

borrowings identifies an important channel through which excess

control rights affect firm value. Using a new, hand-collected data

set on corporate ownership and control of 3,468 firms in 22

countries during the 1996-2008 period, we find that the cost of

debt financing is significantly higher for companies with a wider

divergence between the largest ultimate owner's control rights and


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cash-flow rights and investigate factors that affect this relation.

Our results suggest that potential tunneling and other moral hazard

activities by large shareholders are facilitated by their excess

control rights. These activities increase the monitoring costs and

the credit risk faced by banks and, in turn, raise the cost of debt for

the borrower.

GROWTH OPPURTUNITIES


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Size: size of firm is measured by logarithm of sales revenue

Profitability: measured by the cash flow from operations to total

assets.

Tangibility: measured by ratio of net fixed assets to total assets.


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BIBLIOGRAPHY

1. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=957087

2. http://kakani.net/journal-articles.aspx

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df

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2/2/9472fde6ffb427df46b76d0f3713a57c
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=957087http://kakani.net/journal-articles.aspxhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1628013http://papers.ssrn.com/sol3/papers.cfm?abstract_id=957087http://kakani.net/journal-articles.aspxhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1120911&http://www.google.co.in/url?sa=t&rct=j&q=mahakud+and+bhole(2003)&source=web&cd=3&ved=0CCkQFjAC&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm%3Fabstractid%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfDKwdOp43E96xwdoKVgv9j5xNhghttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1628013

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