1. “A studyon TreasuryManagementin the corporate
environment with reference to Numaligarh
Refinery Limited”
Organizational Guide InstitutionalGuide
Nandan RajBaruah Madhu Khurana
Accounts Manager(Finance& Accounts)
NumaligarhRefineryLimited
Submitted by:
Krishnav Ray Baruah
Semester V (2013-2016)
Enrol. Number: A1833313043

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To Whom It May Concern
This is to certify that Mr Krishnav Ray Baruah, is a bona fide regular
student of this institute for the session 2013– 2016
He have completed the project report titled “ A study on Treasury
Managementin the corporate environment with reference to Numaligarh
Refinery Limited” under my supervision, as a part of summer internship
programme. His report is satisfactory and not copied from anywhere to the
best of my knowledge.
Date: 1.06.15
( Nandan Raj Barooah )
Accounts Officer(F&A)
Project Supervisor

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Acknowledgement
Sometimes words fall short to show gratitude, the same happened with me
during this project. The immense help and support received from
Numaligarh Refinery Limited overwhelmed me during the project.
At the very outset, I would like to thank my authorities at AIBS, Noida for
permitting me to undertake the summer project at Numaligarh Refinery
limited, Assam.
I am very much indebted to the management at Numaligarh Refinery
Limited for accepting my application to undergo the summer internship at
NRL.
I would like to offer my sincere gratitude to my organisational guide, Mr.
Nandan Raj Barooah, Accounts Officer (Finance & Accounts), for his
invaluable guidance and suggestions in spite of his busy schedule.
I would also like to thank Mr. A.K.Patra (F&A), for the constant guidance
and help.

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Table of Contents
Chapter I. Executive Summary………………………… ………….. 6-9
- Project Title …………………………………………………………...… 7
- Organisation ………………………………………………………........... 7
- Duration …………………………………………………………….......... 7
- Organizational Guide ……………………………………………….......... 7
- Institutional Guide ………………………………………………………... 7
Chapter 1. Numaligarh Refinery Limited –
An organizationalprofile……………………………..11-26
- About Numaligarh Refinery Limited ……………………………… 12
Chapter 2. TreasuryManagement………..……………………… 27-65
1. Definition …………………………………………………………… 28
2. Importance ………………………………………………………… 31
Chapter 4: Treasury Operations at
Numaligarh Refinery Limited ………………………66-102
1. Introduction………………………………………………………… 67
2. Objectives and Scope of Study…………………………………… 68
3. Use and Importance of Study……………………………………… 68
4. Research Methodology……………………………………………… 69
5. Findings……………………………………………………………… 69
6. Analysis of Findings………………………………………………… 99
7. Conclusions and Recommendations…………………………………101

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Project Title
“ A study on Treasury Management in the corporate environment
with reference to
Numaligarh Refinery Limited”
Organization
Numaligarh Refinery Limited
District: Golaghat, Assam
Duration
May-June, 2015 ( 6 weeeks)
Organizational Guide
Mr. Nandan Raj Barooah
Accounts Officer ( F& A)
Numaligarh Refinery Limited
Institutional Guide
Madhu Khurana

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Numaligarh Refinery Limited
An Organizational Profile
- About Numaligarh Refinery Limited

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About Numaligarh Refinery Limited
NRL which was set up at Numaligarh in the district of Golaghat (Assam) in
accordance with the Assam Accord signed on 15th August 1985, has been
conceived as a instrument for speedy industrial and economic development
of the region. NRL, a Govt. of India enterprise, is one of the most
sophisticated and hi-tech refineries in India.

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Scalar Chain
Director (Finance)
General Manager ( Finance)
Deputy General Manager Chief Manager
(Finance & Business Development) (Finance &Accounts)
Manager Asst. Manager Asst. Manager
(Fin. & Ac.) (Budget) (MIS)
Accounts Accounts
Officer Officer
(Main Acc.) (Payroll)
Staff Staff Staff
Manager( Marketing Acc.) Deputy Manager (Treasury& Manager (Excise &
Pricing) Service Tax)
Asst. Manager( Indirect Taxation) Staff
Accounts Officer Accounts Officer
( Pricing) (Treasury)
Staff

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Treasury Management
1. Definition
Treasury management (or treasury operations) includes management of
an enterprise' holdings in and trading in government and corporate bonds,
currencies, financial futures, options and derivatives, payment systems and the
associated financial risk management. It stands for planning, monitoring and
managing high liquidity assets. It is a group of products and services,
performance of which is focused on control of cash and money at the bank,
receivables and liabilities as well as short-term borrowing and investing.
Cash is the life blood of a business firm; it is needed to acquire
supplies, resources, equipment, and other assets used in generating the
products and services provided by the firm. It is also needed to pay wages
and salaries to workers and managers, taxes to governments, interest and
principal to creditors, and dividends to shareholders. More fundamentally,
the cash is the medium of exchange, which allows management to carry out
the activities of the business firm from day to day. As long as the firm has
the cash to meet these obligations, financial failure is impossible. In short,
cash is the basic input required to keep the business running on a continuous
basis. It is also the ultimate output expected to be realised by selling the
service or product manufactured by the firm.

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Business
Operation
Information &
Control
Cash Collection
Cash Payments
Surplus
Invest
Deficit
Borrow
Cash
Management
Cycle
Fig.1

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Treasury Operations at NRL
Introduction
1.Objectives and Scope of Study
2.Use and Importance of Study
3.Research Methodology
4.Findings
 Introduction
 Objective
 Effective Cash Management Techniques at
Numaligarh Refinery Limited
 Optimum Cash Balance
 Investment of Surplus Funds
5.Analysis of Findings
6.Conclusions and Recommendations

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1. Introduction
In the previous chapters we have come across the theoretical
aspects of our ambit of analysis. We’ve understood how and why the
management of cash and near cash items are so important for the financial
health of any firm. Nevertheless, to have an unambiguous comprehension of
the subject it is an imperative to be familiar with the applied aspects of the
subject in question. This chapter is an effort to substantiate the conceptual
pieces that we have already come across, through interface with the factual
environment. This study tries to corroborate the fundamentals of cash and
treasury management by taking the case of cash and treasury operations at
Numaligarh Refinery Limited.
By means of the information gathered through a six weeks long
internship at the refinery, the study tries to absorb the main functions of
treasury management practised in compliance with the industry-specific
demands and constraints.
The study is based on the facts and figures provided by the
employees of the finance department at Numaligarh Refinery limited
through questionnaires, one-one discussion and various published materials.

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2. Objective and Scope of Study
The overall objective of the study is to develop a clear understanding
of the facets of cash or treasury managements with reference to a corporate
environment. The study makes an effort to focus on a three-fold objective:
Objective 1 An ‘au fait’ with the cash management techniques practised
at Numaligarh Refinery Limited.
Objective 2 To have an understanding of the banking functions aiding
treasury operations.
Objective 3 A study of the pattern of surplus fund investment and the
regulations that shape these investment decisions
This study is built up on the findings about the treasury operations at
Numaligarh Refinery Limited. Numaligarh Refinery, a subsidiary of Bharat
Petroleum Corporation Limited is designed to process 3.0MMTPA of crude
oil. The refinery unit is at Pankarghat in Golaghat district of Assam. The
scope of this study includes the major treasury operations at the Finance and
Accounts Department at the refinery unit office.

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3. Use and Importance of the Study
The importance of this study lies in its usefulness in aiding a proper
understanding of the significance of treasury operations in a business
entity. It is a reflection of the cash conservation efforts made at a profit-
earning unit. Besides, this study guides through the industry-specific and
categorical regulations that influence the field of operation within our
ambit of analysis.
4. Research Methodology
The study was carried out in two phases:
Phase1: Exploratory Phase
In this phase, qualitative research was conducted through a series of
in-depth discussions with the Accounts Officer of treasury section of the
Finance & Accounts Department of Numaligarh Refinery Limited, who also
supervised this study. These discussions were conducted over a period of
month.
Phase2: Extended Exploratory Phase
A questionnaire was developed on the qualitative findings and the
theoretical knowledge base. The questionnaire consisted of descriptive
questions regarding the basic treasury operations at Numaligarh Refinery
Limited and was administered to the employees at the Finance and Accounts
Department of the organization. The basic objective of administering this
questionnaire was to collect the relevant basics from the employees who
where constrained by time limits. In this study the questionnaire was an aid
only to gather the qualitative information.

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5. Findings
1. Departments at Numaligarh Refinery and their Functions
Numaligarh Refinery Limited is an oil refining and marketing company.
It is engaged in the refining and marketing of light, medium and heavy
distillates through its retail stations. The company’s area of operation is
spread across the Northeast region of India. The company is
headquartered in New Delhi and employs 718 people.The operations at
the refinery are divided into six divisions, viz.
 Finance and Accounts
 Personnel and Administration
The following includes, in brief, the major functions of the above
mentioned departments at Numaligarh Refinery Limited.
1.1 Finance and Accounts Department:
The activities carried out under the different sections in the Finance &
Accounts department of NRL are as follows:
Pricing
 Fixing of price for different finished goods for the refinery at
different locations and issue price circulars to concerned
departments in this regard.
 Issue price circulars for the retail outlets at different locations
of the country.
 Issue circulars on crude price.

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Treasuryand Insurance Section
 Fund management (working capital management, investment
of surplus funds etc.)
 Payment to vendors.
 Liaison with bank for account opening.
 Optimize the sourcepattern of fund to minimize interest cost.
 Risk management of the company
 Selection of insurer
 Lodgements of claim
 Coordination activity for claim settlement
Main Accounts
 Preparation of monthly, quarterly, annual accounts.
 Maintenance of books of accounts.
 Ensure compliance of Accounting Standards and other
statutory compliances from the point of view of the books of
accounts.
MIS, Budgeting and Costing
 Generation of different MIS for management as well as outside
agencies.
 Preparation of revenue budget and necessary coordination
activity in this regard.
 Maintenance of costing records as per statutory

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Vendor Monitoring and Crude Accounting
 Monitoring vendor balances like advances, deposits etc.
 Handling the complete purchase cycle of crude from issuing
purchase order to raising goods receipt and valuation of crude
stock.
Payroll Section
 Payroll processing for all the employees at all the locations of
the company.
 Payment of tour and other advance and their settlement.
Marketing Finance
 OMC and other customer sales accounting, balanced monitoring
etc.
 Co-ordination with dealers in other states.
 Ensuring legal companies like Sales Tax etc.
Department of Finance and Accounts & Treasury operation
The Finance and Accounts department at Numaligarh Refinery is headed by
the Director (Finance). The responsibilities are subsequently split
throughout the hierarchy as
- Finance & Business Development
- Finance & Accounts
- Marketing Accounts
- Treasury
- Pricing
- Taxation
- Main Accounts
- Payroll

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- Budget
- MIS
1.2. Personnel& Administration:
Administration
 Providing transport facility which is required for performing
different activities of the company.
 Providing guest house facility to the guests.
 Providing hospital and school facilities to offer best services to
employees and their families.
 Security of the company is ensured through deployment of
Central Industrial Security Force (CISF)
Industrial Relation
 Canteen facilities are provided to the employees.
 Employees’ grievances are redressed without any delay.
 Closely monitoring whether the Industrial Disputes Act and
Factories Act are followed in proper manner.
Benefit Management
 Medical benefits are offered to the employees.
 Loans are arranged for purchasing computers, furniture and for
the house building.
Payroll
 Payment of salaries which includes bulks and allowances to the
employees.

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 Payment of performance linked incentives.
 Payment of productivity linked incentives.
Recruitment of Employees
1. Advertisements in newspapers.
2. Through employment exchange
3. Campus recruitment.
SelectionofEmployees
 The employees who are selected as trainee after they qualify
through a written examination and a personal interview.
 The mid-level employees are generally selected through the
personal interview only.
2. Objectives
The chief objectives of the Treasury Operations at Numaligarh Refinery
Ltd. are outlined below:
2.1. Managementof funds :
 To opt for the most favourable interest cost opportunity among
the alternatives. Out of all the available options the company
needs to weigh the benefits from debts and receivables to that
of costs of the external funds and subsequently resolve on the
best possible scheme.

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 Striking a right balance between Working Capital Demand
Loan (WCDL) & Cash Credit. The interest rates of cash credit
are higher than that of WCDL. So to save on the interest it
becomes imperative to strike the best permutation at any point
in time.
2.2. Ensuring timely payments related to different sections
The essential payments that the refinery needs to disburse are broadly of
three types, viz.,
 Raw materials
 Taxes/ Duties
 Salary
Essentially timely payments are ensured so as to avoid unnecessary
penalty on delayed payments and subsequently evade a veiled opportunity
cost.
2.3. Monitoring collections from Oil Marketing Companies and Direct
customers
Collections are equally important as payments. Collections come
from oil marketing companies like Essar Oil, Shell and Reliance,
other clients –BPCL, IOCL, HPCL, HINDALCO and NALCO and
retail outlets. A set a follow-up regime to adhered to, to keep track
of timely collections.
2.4. Repaymentof loans and interests, TDS deductionsand interest
payments
2.5. Monitoring workingcapitalrequirements
There are two facets to monitoring working capital requirements-
- Keep a watch on liquidation

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- Investment of surplus
2.6. Dailyphysical verification of cash
Cash is a component that is highly vulnerable to any kind of
misappropriation. For this reason, an iterative regulation of cash
becomes indispensable. At NRL, hard cash verification is carried out
for the closing balance by the cashier which is subsequently cross-
verified by the Accounts Officer at the treasury section.
2.7. Fund transfer management
All public sectorundertakings are required to make payments using
National Electronic Fund Transfer (NEFT) to eliminate anomalies
associated with manual handling. An important subprogram of the
treasury operation is to minimise the costs associated with any transfers
made throughout its localised offices. If projections suggest that a
particular division or local office need not or rather can do with a balance
lesser than the minimum balance, transfers are avoided. Therefore,
transfers are made as and when they are called for.
1.2. Managing the Payment-CollectionCycle
The essential payments that the refinery needs to disburse are broadly of
three types, viz.,
 Raw materials: The major payments incurred under raw
materials are made to ONGC and OIL for crude. The crude oil
that NRL consume is basically Assam Mix Crude, which is a
blend of OIL and ONGC Crude in weight ration of 40% OIL
and 60% of ONGC crude. In the accounting year 2007-08 raw
materials purchase amounted to Rs. 1853.06 million. Py-gas is
another input at NRL.

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 Taxes/ Duties: Payments also include duties and taxes like
- Excise Duty: Central excise duty or the “Kendriya Utpad
Sulka” is levied and collected by the Government of
India on production and manufacture.
- Entry tax and TDS: These are two other tax payments
made by NRL. Entry tax is levied and paid by the
importer of the goods into a local area from any place
outside.
 Salary: Salary payments are yet another monthly payments that
arise on the last day of each month.
1.3. Banking activities aiding TreasuryOperations
Banking facilities aid these operations in five major ways:
 Meeting the working capital requirements: The working capital
fund requirements are managed and controlled by the SBI
commercial branch at Guwahati (Ganeshguri). Limits are set
and sanctioned by the above-mentioned branch. This limit is
then sub-divided into all the other branches simultaneously. For
example if the limit is Rs. 50 (say), then it is sub divided to
allow Rs. 10 at SBI Golaghat branch, Rs 20 at SBI Numailgarh
and so on. This provides the refinery with a huge option of
economical liquidity.
 Fund transfer: Numaligarh Refinery Limited avails the
National Electronic Fund Transfer (NEFT) facility for
payments. NRL is tied up with HDFC for this facility. All
PSUs are compulsorily required to make use of these electronic
transfer facilities to prevent anomalies of manual intervention

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while issuing cheques. Electronic transfers have also wiped out
the transit time taken by cheques. All the cheques that are
deposited into NRL’s account have to be cleared by the day-
end. As a result both payment float and collection float are
generally rooted out.
 Value dated effect facility in transactions: Under this facility,
NRL gets the credit for any collection for the same date even if
the necessary bank advice for the same reaches the bank on a
future date. On the other hand, in case of any major payments
by NRL, it can advice the bank to debit its account and release
the payment on any future date. This helps NRL in optimizing
its cash conservation and also minimizing the interest cost.
 In receiving collections: To receive payment from retail outlets
throughout the country on the same day NRL has availed the
Cash Management Product (CMP) facility offered by State
Bank of India. The retail outlets can make their payments at the
convenient and designated CMP enabled branch.
 Foreign Transactions: The nature of activities that usually lead
to expenses having the foreign component are-
- Purchase of spares
- Maintenance
- Technical consulting
- Capital expenditure
- Foreign training expenses

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3. Optimum Cash Balance
 The preferred level of cash balance maintained at the cash
office does not exceed Rs. 2 lakhs
 Separate levels of cash are maintained at the different offices at
four different locations. These levels depend upon the scale of
administrative operations at the respective locations.
 Imprest requirements and tour advances are the factors taken
for ascertaining the cash balance level.
 Abolishing cash payments to vendors
(casual/regular/contractual) by adopting Cheque/NEFT as
preferred mode of payments has induced to revise the cash
balance level at locations.
4. Investment of Surplus Cash
Cash in excess of the requirement of operating balance may be held
for two reasons :
 To meet the fluctuating working capital requirements (owing to
seasonal and business cycles)
 As buffer to meet unpredictable financial needs( precautionary
balances)
In case of Numaligarh Refinery Limited, which is a public
sector undertaking, has to abide by certain restrictions issued by the state

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administration. The refinery has to stick to the guidelines issued by the
Department of Public Enterprises while parking its surplus funds.
6. Analysis of Findings
The following are the analysis of the findings made in the course of the
study:
 Thus, we observe that Numaligarh Refinery Limited adheres to
a combination of both long-term and short-term cash
projection. It is one of the mainstay techniques that are used in
estimation of investments and deficits and for control in
treasury operations as a whole. Various stages of the refinery
witnessed varied methods of cash planning. During the
construction period of the refinery cash planning differed from
what it is being followed 9 years after its commissioning.
Project period saw no inflows of cash but only outflows. So,
patterns of cash planning were tailored to suit that situation for
example, fixed deposits were planned to provide the regular
liquidity. In the first few years of the refinery, it had to repay
its loans- which demanded a different kind of cash planning
approach. Today, the refinery enjoys a no-term-loan-

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component position: and clearly a diverse approach of cash
scheduling suits its present form of operations. Therefore, cash
planning or forecasting needs and can be altered as per the
requirements of the firm.
 If the details of the payment and receipt cycle are considered
then one can make out that:
 Credit period given to clients by NRL is 15 days
 Credit period that NRL enjoys is that of 21days
This is done to accelerate the receipt cycle and decelerate the
payment cycle. This technique enables NRL to conserve cash and reduce its
requirements for cash balance.
 The bank aids the refinery to a huge extent in carrying out its
treasury operations. The various services like NEFT payments,
CMPs, cash credit and WCDL helps NRL to operate efficiently
and maximise its cash conservation and generation motives.
The recent advancements of electronic fund transfers have
totally wiped out the concept of collection float. Availing these
services has made management and control of treasury
operations more effective.
 Based on the above-mentioned facts about investment of
surplus funds it can be analysed that the following decisive
factors are taken into account at NRL, while considering
investment opportunities:

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(a) Safety: As per the guidelines the firm cannot expose its
funds to any speculative transactions. Therefore Fixed
Deposits ( for long term investments) or UTI debt
schemes (for short term investment) are the two
favourable investment avenues opted here at NRL.
(b) Liquidity: Though the guidelines suggest that PSUs, can
opt to deposit their surplus funds into term deposits for a
period of 3 years, NRL avoids such long term deposits.
The maturity of their deposits does not generally exceed
a period of 1 year. Besides, investing in UTI debt
schemes mutual funds are preferred for their daily
liquidity. Thus, at NRL liquidity is one factor that is
found to reign the decisions regarding parking of surplus
funds. The periods of the deposits are based on the
internal cash flow projections made by the company.
(c) Return: Until recently, NRL followed the procedure of
inviting quotations from banks for investing their surplus
funds. The placement of the Fixed Deposit was evaluated
based on the highest rate offered by the bank. Therefore
reasonable returns are another factor influencing
investment decisions.

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7. Conclusions and Recommendations
The main purpose of this study was to develop a clear understanding
of treasury functions in corporate settings. Three major areas were delved
into to achieve this objective.
1. Cash Management Techniques:
This section helped to get an overview of the workings of the treasury
section of a live business unit. Among the gamut of techniques employed,
some are traditional, having a widespread usage and concurrent to the
theoretical roots. While, some are tailor-made to suit the prevalent situation
of working capital requirement and these are purely based on savings
(interest cost) motive and liquidity positions.
2. Banking Activities
This section analysed the variety of advantages that a firm can enjoy
by availing the updated services and offers served by the banks. The de-
centralised banking services have enabled NRL to speed up collections and
thereby conserve cash. Faster electronic transfers have also eradicated the
collection float- the major obstruction in cash inflows at one point of time.
Its formidable repute also puts NRL in a position to negotiate the best offers
from its major banks in lieu of maintaining the much desired symbiosis.
3. Investment of surplus funds
An interesting aspect can be gathered through the analysis of this
section- that is the significance of striking the right balance while weighing

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the risk and return facets an investment opportunity for parking surplus
funds. Liquidity and return should be well-worked out to earn the desired
benefits to cover the projected working capital requirements.
However, the detailed exploratory discussions have revealed that –
 Numaligarh Refinery Limited is deficient a policy documented
solely for the treasury operations. A legal framework structured
to control the treasury operations would give a better direction,
clarity and control in this area.
 Numaligarh Refinery Limited may also consider the option of
analysing and evolving a credit list of all the investment
options available to it and update it from time to time. The
policy document as suggested above should guide the evolution
and evaluation of the list. Such a step would help NRL probe
more suitable and rewarding investment options efficiently.

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BIBLIOGRAPHY
 . Stephen A Ross, Randolph W Westerfield, Jefferey
Jaffe, Ram Kumar Kakani, Corporate Finance, Eight
edition, Tata McGraw Hill, New Delhi 2009.
 R Narayanaswamy, Financial Accounting, Third Edition,
AsokeGhoshPublication,NewDelhi2009
. Annual reports of Numaligarh Refinery Limited 2007-
2008, 2008-2009, 2009-2010
 . www.nrl.co.in
 . www.investopedia.com

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SUMMARY
After analyzing various aspects of Treasury Management at Numaligarh
Refinery, the facts found can be summarized as below:
It is clear that the Treasury Management of Numaligarh Refinery in
sound position.
Treasury Management is not measurable by only current assets &
current liabilities but there are some other factors also that have an
influence on the working capital.
In current assets also, there are two most important factors, which
are
Debtors and Inventory which affect working capital.
In Numaligarh Refinery Inventory and Debtors are efficiently
managed to strengthen the position of the organization both in
short term and long terms.
After analyzing and interpreting the financial data of NRL with the
help
of Ratio Analysis, the following suggestions were given to the
organization for further betterment & improvement in the working
capital
The present status and levels of current assets is extremely good
and therefore it requires proper maintenance.
 Current assets are increasing more than current liabilities.

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 Position of Debtors to Current Assets is average. This ratio
had increased showing a liberal credit policy followed by the
company.
 Large part of working capital is involved in maintaining
inventory.
 Inventory as a component of current assets is high as
compared to the other components.
 From current ratio, overall ratio was above the accepted
norms of 0.5. So the company has to reduce the overall ratio
avoid the unnecessary cash kept in ideal.
 The company has to make an effort to reduce the expenses
in order to increase profit.
 The current percentage of inventory is too high which is not
good for operational efficiency and sound working capital
and thus, it need to be controlled by using various inventory
management techniques such as JIT
 Cash balances have a lower percentage in current assets.
This requires some concern as cash and bank balances are
the most liquid of all current assets. To improve the cash
balances NRL needs to improve its average collection
period and also it should invest more money in marketable
securities.
 Some other concepts such as receivable management
should be

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adopted so that money can be collected more easily and the
working can be smoothening.
 Numaligarh Refinery may also opt to hedge the crude
costs and save suitably from the fluctuating prices.
This will help them to reduce the cost of inventory n
thus cost of overall production.
 The company has same credit period 21 days for its
creditors and debtors. Thus reducing the credit period
for debtors can result into more amounts of cash in
hand thus reducing their working capital requirement.
As the company has excellent investing opportunity
available in U.T.I debt funds.
It has been studied about the different items of Treasury
Management and how organizations can improve their
management of Treasury Management. IT was seen that the ideal
level of Treasury Management is difficult to calculate and will vary
from one organization to another depending upon the industry in
which they operate. What is essential is that a business avoids
both the situation of too little or too much working capital.

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THE END