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P a g e | 1
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;
http://www.investopedia.com/terms/c/cfo.asphttp://www.investopedia.com/terms/l/lenderoflastresort.asphttp://www.investopedia.com/terms/c/covenant.asphttp://www.investopedia.com/terms/l/lenderoflastresort.asphttp://www.investopedia.com/terms/c/covenant.asphttp://www.investopedia.com/terms/c/cfo.asp -
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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
http://www.investopedia.com/terms/i/interestrate.asphttp://www.investopedia.com/terms/c/ceo.asphttp://www.investopedia.com/terms/e/eps.asphttp://www.investopedia.com/terms/i/interestrate.asphttp://www.investopedia.com/terms/c/ceo.asphttp://www.investopedia.com/terms/e/eps.asp -
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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
http://en.wikipedia.org/wiki/Loanshttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Credit_(finance)http://en.wikipedia.org/wiki/Private_equityhttp://en.wikipedia.org/wiki/Mutual_fundshttp://en.wikipedia.org/wiki/Hedge_fundshttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Financial_risk_managementhttp://en.wikipedia.org/wiki/Financial_riskhttp://en.wikipedia.org/wiki/Financial_instrumenthttp://en.wikipedia.org/wiki/Financial_instrumenthttp://en.wikipedia.org/wiki/Securitizationhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Securities_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Debthttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Public_companyhttp://en.wikipedia.org/wiki/Federal_Reserve_Systemhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Bank_of_Englandhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Loanshttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Credit_(finance)http://en.wikipedia.org/wiki/Private_equityhttp://en.wikipedia.org/wiki/Mutual_fundshttp://en.wikipedia.org/wiki/Hedge_fundshttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Financial_risk_managementhttp://en.wikipedia.org/wiki/Financial_riskhttp://en.wikipedia.org/wiki/Financial_instrumenthttp://en.wikipedia.org/wiki/Financial_instrumenthttp://en.wikipedia.org/wiki/Securitizationhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Securities_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Debthttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Public_companyhttp://en.wikipedia.org/wiki/Federal_Reserve_Systemhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Bank_of_Englandhttp://en.wikipedia.org/wiki/United_Kingdom -
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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.
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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
3. http://papers.ssrn.com/sol3/papers.cfm?
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%3A%2F%2Fpapers.ssrn.com%2Fsol3%2FDelivery.cfm
%3Fabstractid
%3D1120911&ei=kBzjToqiOIjlrAfSsLmhCA&usg=AFQjCNFfD
KwdOp43E96xwdoKVgv9j5xNhg
4. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1628013
5. student.bus.olemiss.edu/files/jeggington/.../3/myersdeterminants.p
df
6. http://www.sciencedirect.com/science/article/B6VBX-518TYG0-
2/2/9472fde6ffb427df46b76d0f3713a57c
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