The document is a report on receivable management at Shapoorji Pallonji & Co. Ltd. in Kolkata. It discusses the company's billing process, types of taxes it pays, and reconciliation of payments received from clients. The report aims to understand Shapoorji Pallonji's receivable management practices and identify any areas for improvement. It examines factors like invoicing, revenue recognition, bank guarantees, and working capital management.

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A REPORT
ON
“RECEIVABLE MANAGEMENT OF SHAPOORJI
PALLONJI & CO. LTD, KOLKATA”
BY
MD. ABDUS SUBHAN
ENROLLMENT NO: SB12MB0057
Kaziranga University

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DECLARATION
I hereby declare that this summer project report titled “RECEIVABLE MANAGEMENT OF
SHAPOORJI PALLONJI & CO. LTD, KOLKATA” is the result of my own effort in the training
which I did as a part of the curriculum, for the fulfillments of MASTER OF BUSINESS
ADMINISTRATION (MBA). It has not been duplicated from any other earlier works and all
information provided in this report is genuine.
This report is submitted for the partial fulfillments of MBA program. It has not been submitted to
any other university or for any other degree.
Date:
ABDUS SUBHAN
MBA (FINANACE)
KAZIRANGA UNIVERSITY
ASSAM

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ACKNOWLEDGEMENT
I thank Professor JAHAR BAGCHI, Dean of KUSOB for providing facility to undertake this
project.
At the outset I would like to acknowledge with due regards and respects to my guide
SUSHANTA KUMAR NANDI, Asst. Professor, KUSOB, for being the source of inspiration for
the entire duration of the course.
I wish to thank Shapoorji Pallonji &Co. Ltd (Engineering & Construction Division), Kolkata
Regional Office for permitting me to do project work in their esteemed organization.
I would like to thank CA. PRADEEP SETHIA, DEPUTY GENERAL MANAGER (ACCOUNTS),
CA. SHRAVAN K. BHAGAT, DEPUTY MANAGER (ACCOUNTS)and MR. CHANDAN
DAS,HEAD HR of the company who gave me an opportunity to undertake this project and also
for their valuable and timely guidance. I would also like to thank the other employees of the
company who helped me with the information for doing the project.
And also my sincere thanks to my Parents, family members, friends and fellow students who
gave their moral support in completing this project.
MD ABDUS SUBHAN

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CERTIFICATE
This is to certify that this Project report titled “RECEIVABLE MANAGEMENT” is thebonafide
work of MD. ABDUS SUBHAN, who carried out the research under my supervision. Certified
further, that to the best of my knowledge the work reported hereindoes not form part of any
other project report of dissertation on the basis of which a degree or award was conferred on an
earlier occasion on this or any other candidate.
Faculty Guide
SUSHANTA KUMAR NANDI,
ASST. PROFESSOR, SOB
Dean of KUSOB
PROFESSOR JAHAR BAGCHI

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EXECUTIVE SUMMARY
The project deals in ― Receivable Management with reference to the study of SHAPOORJI
PALLONJI & CO. LTD, KOLKATA. Receivable management is one of the most important
aspects of the organization, as it deals with the management of the outstanding funds in the
market. The profit of the company mainly depends on the accounts receivables. Therefore it
needs a careful analysis and proper management.
Debtors occupy an important position in the structure of current assets of a firm. They are the
outcome of rapid growth of trade credit granted by the firms to their customers. Trade credit is
the most prominent force of modern business
The major objective of the study is to proper understanding the receivable management of
shapoorji pallonji & co. ltd and to suggest measures to overcome the shortfalls if
any.Receivables may refer to the amount due from individuals and companies. Receivables are
claims that are expected to be collected in cash. Project also discusses how the receivables are
monitored in the firm using the ageing technique. . In this project I have gone through all the
factors and steps which are part of a billing process. I have also studied how the company make
invoice to the client & make payment to the sub contractors. I have also understood the
penalties the company is liable for the wrong PAN card provided by the sub contractors at the
time of paying TDS to the government. I have also come to know that shapoorji pallonji & co. ltd
(Kolkata regional office) is a separate profit centre.
Another important thing is the bank guarantee which plays an important role in shapoorji
pallonji & co. ltd (Kolkata regional office). Having a bank guarantee simply means zero percent
risk. Another important thing that I have learn is the working capital management which enables
the company tocontinue its operation and that it has sufficient cash flow to satisfy both
maturingshort term debt and upcoming operational expenses.

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TABLE OF CONTENTS
CHAPTER NO.
PARTICULARS
Page no
1
1.1
1.2
1.3
1.4
1.5
1.6
INTRODUCTION :
- Introduction about the study
- company profile
- Importance of study
- Objective of study
- Research Methodology
- Limitations of the study
2
2.1
2.2
2.3
2.4
BILLING :
- Meaning
- importance of billing system for a company
- Process of billing undertaken by the company
- revenue recognition
15-16
16
16-18
18-19
3
3.1
3.2
3.3
3.4
BANK GUARANTEE :
- concept of bank guarantee
- features of bank guarantee
- types of bank guarantee
- risk associated with bank guarantee
20-21
21-22
22-23
23-24
4
4.1
4.3
TAXATION
- meaning
- Various types of taxation that the company is liable to pay to
the government
25-26
27-36
5
FINDINGS
37-38
6
RECOMMENDATION
39
7
CONCLUSION
40
8
REFERRENCE
41
7-9
9-13
13
13
13-14
14

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CHAPTER 1
INTRODUCTION
1.1 INTRODUCTION ABOUT THE STUDY
MANAGEMENT OF RECEIVABLES:
Accounts receivables (also properly termed as receivables) constitute a significant portion of the
total currents assets of the business next after inventories. They are direct consequences of
“trade credit” which has become an essential marketing tool in modern business.
When a firm sells goods for cash, payments are received immediately and, therefore,
no receivables are credited. However, when a firm sells goods or services on credit, the
payments are postponed to future dates and receivables are created. Usually, the credit sales
are made on open account, which means that, no, formal acknowledgements of debt obligations
are taken from the buyers. The only documents evidencing the same are a purchase order,
shipping invoice or even a billing statement. The policy of open account sales facilities business
transactions and reduces to a great extent the paper work required in connection with credit
sales.
Trade credit is considered as an essential marketing tool, acting as a bridge for the movement
of goods through production and distribution stages of customers.
A company grants trade credit to protect its sales from the competitors and to attract
the potential customers to buy its products at favorable and competitive terms. When the
company sells its products or services and does not receive cash for it immediately, the
company is said to have granted trade credit to customer.
Trade credit means receivable or book debts which the
company is expected to collect in the near future. The book debts or receivables arising out of
credit have three characteristics, first it involves an element of risk which should be carefully
analyzed. Cash sales are totally risk free, but not the credit sales as the cash payments is yet to
be received.

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Secondly it is based on economic value of the goods or services which passes immediately
at the time of sale, while the seller expects an equivalent value to the received later on.
Thirdly, it implies futurity. The payment for goods or services received by the buyer
will be made by him in a future period. The seller has to collect the payment from his customers
who are called trade debtors and the amount to be collected is known as receivables.
Receivable constitute a substantial portion of current assets of several firms. Construction is an
essential part of any country‟s infrastructure and industrial development. The Indian construction
sector is an integral part of the economy and a conduit for a substantial part of India‟s
development investment.
Forecasting working capital along with cash requirements is essential for all
construction contractors during the tendering stage since cash flow at the beginning of the
project is a major cause of construction companies‟ failure.Working capital management is the
central issue of all short-term financial concerns.
On a company's balance sheet, accounts receivable are the money owed to that company by
entities outside of the company. Account receivables are classified as current assets assuming
that they are due within one calendar year or fiscal year. To record a journal entry for a sale on
account, one must debit a receivable and credit a revenue account. When the customer pays off
their accounts, one debits cash and credits the receivable in the journal entry. The ending
balance on the trial balance sheet for accounts receivable is usually a debit.
Business organizations which have become too large to perform such tasks by hand (or small
ones that could but prefer not to do them by hand) will generally use accounting software on a
computer to perform this task.
Thus receivable management represents money owed by entities to the firm on the sale of
products or services on credit. In most business entities, accounts receivable is typically
executed by generating an invoice and either mailing or electronically delivering it to the
customer, who, in turn, must pay it within an established timeframe, called credit
terms or payment terms
SIGNIFICANCE AND PURPOSE OF RECEIVABLE MANAGEMENT
The basic purpose of firm's receivable management is to determine effective credit policy that
increases the efficiency of firm's credit and collection department and contributes to the

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maximization of value of the firm. The specific purposes of receivable management are as
follows:
1. To evaluate the creditworthiness of customers before granting or extending the credit.
2. To minimize the cost of investment in receivables.
3. To minimize the possible bad debt losses.
4. To formulate the credit terms in such a way that results into maximization of sales revenue
and still maintaining minimum investment in receivables.
5. To minimize the cost of running credit and collection department.
6. To maintain a tradeoff between costs and benefits associated to credit policy
1.2 COMPANY PROFILE
History:
Bombay (now Mumbai) was largely an uninhabited cluster of islands 147 years ago. To fulfill the
water supply needs of the city a reservoir was built, in the famous Malabar Hills. Not only did the
reservoir sustain the needs of Mumbai for the next 100 years, it also witnessed the growth of
Mumbai as the Commercial Capital of India. The reservoir was built by a company called
Littlewoods Pallonji & Co., which today is Shapoorji Pallonji Co. & Ltd. one of the leading
construction giants in India and abroad.
Over the next hundred years, the company‟s expertise has been repeatedly showcased
on projects which involved a major advance in construction technology or whose size was
beyond the capacity of most others. Blessed with a rich legacy and heritage, it has marched into
the new millennium with modern management skills, state-of-the-art technology and the ideals
of innovation and customer satisfaction.
Over time, Shapoorji Pallonji has built diverse civil and structural engineering
masterpieces like factories, nuclear research establishments, nuclear waste handling
establishments, scientific and research establishments, stadia and auditoria, airports, hotels,
hospitals, giant skyscrapers, housing complexes, townships, water treatment plants, roads,
expressways, power plants and biotech facilities.

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Shapoorji Pallonji & Co. Ltd. is just one of the jewels in the SP Group's
crown. It synergizes well with other group companies to be able to execute turnkey projects
swiftly and efficiently. These include SP Fabricators, AFCONS, Forbes, Sterling and Wilson, SP
Construction Materials Group, SP Real Estate and Samalpatti Power Company Private Limited.
Together, this conglomerate continues to strive towards safety, quality and commitment virtues.
Shapoorji Pallonji has emerged as one of the most safety and quality conscious construction
companies. With over 3000 dedicated and qualified engineers employed by the organization, it's
not hard to imagine why Shapoorji Pallonji is:
The oldest Indian construction company with a legacy of 147 years.
The first Indian construction company to enter the Middle East in the 1970‟s.
The first Indian construction company to have earned the ISO 9001 Certification across all projects.
The first Indian company to construct two, 60 storey residential towers in the heart of Mumbai.
Today, as Shapoorji Pallonji moves towards a new chapter of progress, it will continue to
undertake and accomplish projects that will stand as proud testimony to their times.
QUALITY POLICY:
Apart from this they are committed to meet the expectations of their customers, through their
well-designed and established service delivery system, that is sensitive and accommodative to
continuous technology up gradation and value analysis. They shall continuously strive to
improve the effectiveness of their quality system.
To achieve this goal, their impetus will be towards the following:
Optimal utilization of men, machine, finance and resources
Provision of safe working environment
Planning systems for effective implementation
Strong organizational support through human resource development
Development of reliable vendors for a higher degree of Quality Assurance
Adherence to project completion schedules

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HEALTH SAFETY & ENVIRONMENT POLICIES:
Shapoorji Pallonji & Co. Ltd., has been providing construction services since 147 years and
firmly believe that "SAFETY COMES FIRST" as an integral part of they operations.
Not only just as a corporate policy but more importantly as a practical culture, they at
SPCL believe in providing a safe and healthy working environment to all employees, workers
and the community at large; to enable every activity they perform in a manner that it reduces
and even eliminates risks
In order to achieve this they, at SPCL
Comply with all central, state and local statutory provisions pertaining to Safety, Health
and Environment;
Maintain all equipment, office and job site conditions in ways that eliminates risk
Provide such information, instruction, supervision and training to ensure the Health and
Safety at work of all employees;
Use relevant techniques and methods such as Safety Audits and risk assessment for
periodical assessments of the status of Health, Safety and Environment.
Correspondingly, it is the part of SPCL Culture that
Each employee of company will be responsible for Safety and Health;
All Safety equipment issued by the company must always be used as intended ;
Each employee must be familiar with and observe all safety rules, procedures and
policies, as may be in force from time to time;
Supervisors will see that rules, procedures are observed by their crews, and immediately
enforce appropriate corrective measures whenever violations are observed.
Shapoorji Pallonji is fully committed to maintain a safe working environment;
be it the safety of their employees, subcontractors, equipment, facilities or even the community
at large. Their untarnished and excellent safety record is best exemplified by the trust invested
in us by such safety-conscious clients like Shell, BP Solar etc. In fact, companies like Glaxo

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SmithKline even extended a special appreciation letter acknowledging their exemplary safety
standards.
CSR POLICY OF SPCL:
SPCL has always been a responsible corporate citizen, fulfilling its role towards society and
environment. The Company constantly undertakes various activities at its work sites to fulfill the
social objectives through its committed employees who go beyond call of duty to do these
activities. They strongly believe in safe work practices, protecting environment and have a
comprehensive system in place for Quality, Health, Safety and Environment.
CSR EFFORTS OF SPCL:
CSR activities are on-going at all times in various locations. A mix of some of these in the
recent past is highlighted below:
(a) CARING FOR ENVIRONMENT
(b) CAMPAIGN AGAINST ALCOHOLISM
(c) ORGAN DONATION DAY
(d) CONTRIBUTION DURING NATURAL CALAMITY
(e)FREE EYE TESTING CAMPS
(f) HELPING UNDERPRIVILEGED CHILDREN
SAFETY AWARD
National safety council of India
2009
1st level award (gold): sarvashreshtha surakshapuraskar
Project: general motors, talegaon.

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2010
3rd level award (bronze):suraksha puraskar
Project: in stadium, Delhi.
4th level award:
Prashansa patra
Project: emaar mgf, Hyderabad
1.3 IMPORTANCE OF STUDY
The receivable and credit management is vital tool of financial management. Receivable
Management provides a base and support to the liquidity and working capital requirements of a
company.
1.4 OBJECTIVE OF STUDY
1. To know the billing process
2. To have an idea of what type of taxes the company is liable to pay to the government
3. Reconciliation of the payment received from the client against bill
4. Knowing the reason for deduction by the client, whether statutory or other deduction as per
understanding with client
1.5 RESEARCH METHODOLOGY
(a) Sources of data:
Primary data:

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There are various methods of collecting the primary data: observation method etc. In this case it
is the study of a single organization; financial record is used for collecting the necessary
information & data. For this purpose, I have interacted with my company guide and other
accounts officers through which points like billing process, requirement of bank guarantee from
the client, history of the organization etc. are gathered.
Secondary data:
This study is based on facts & figures for which secondary sources are also used for collecting
the data and information for this project. The sources of data consist of:
(1) Published annual report of shapoorji pallonji & co. ltd
(2) Theoretical base regarding receivable management in various books available in library
(b) Scope of study:
For the sake of convenience of the study of the project is restricted as followed:
Temporal scope:
The scope of the study broadly covers the period from 2011-2013. However, while studying the
history of the organization the data of formation of the organization is also covered.
Functional scope:
There are various managerial aspects of Shapoorji Pallonji & co. ltd such as finance, human
resource management, receivable cycle flow, billing process etc. is available for study.
Considering the requirement of the course and significance of study only aspect of receivable
management of the organization is selected for the study
1.6 LIMITATIONS OF THE STUDY

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One of the greatest limitations that I have face in my study is of not having technical knowledge.
Apart from this one more limitation of my study is of not having taxation knowledge. In order to
have a clear idea of the billings one should have an idea on taxation
CHAPTER 2
BILLING
2.1 MEANING OF BILLING:
The process of sending a bill (also called an invoice or accounts receivable)
to customers for goods or services is called billing. The bill may be attached to the goods or
forwarded separately. In simple words billing means toinvoice customers for payment.
Having the right payment provisions will help a company hold on to the profits it earns. There
are three ways that a company can issue an invoice to his client.
1. Milestone billing
In this case, the completion of a certain event or milestone (such as placing a subcontract,
passing a critical design review, completing a set of tests or receiving a large amount of
material) is given a billing value. This authorizes the company to issue an invoice when the
event occurs--often long before completion of a deliverable item.
2. Progress billing
It allows the company to invoice costs, as incurred, on a routine or monthly basis. This way,
your customer finances your inventory, thereby reducing the need for working capital. In effect,
costs are recovered before delivering anything, even though the customer has a lien against the
inventory.
3. Sub-line-item billing
It is fairly common in the construction industry as it recognizes the times when an entire item
can't be completed but main elements of it are. Examples of sub-items are foundation,
plumbing, framing and roofing. The advantage here is that as each major supplement is
completed, an invoice can be issued, thus strengthening your cash flow.

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Generally most of the companies used to bill to his client on a daily basis or monthly basis but in
shapoorji pallonji & co. ltd as I have noticed that they used to bill to the client(tax invoice) on a
monthly basis depending on the work they have done. Actually they are maintaining a very
efficient system of billing process called as running account bill (RAB).
Running Account Bills:
It is a bill that has been raised for periodic payments for ongoing projects, example for
construction projects
2.2 IMPORTANCE OF BILLING SYSTEM FOR A COMPANY:
Billing process is very important for any company as it covers the work of many
employees in one hand. It provides many facilities to the people working through it. In the billing
process one simply have to add the information into the data base and all the calculations are
done by the billing services provider itself.
It handles all the data merging, copying from the
sources and application of different formulas on it to get the required results for the company. All
the functions in Greek billing systems are performed by the system itself. It helps to maintain the
system of the costumers, their records and helps to ensure the working f the entire system of
the company. It provides the online services to the people and handles the difficulties for the
people.
The invoice generated for the costumer by the billing system contains different data in it
such as the bill amount, date of the payment, description about the items, costumer‟s account
and the invoice sales tax. It provides the services to the targeted costumers of the company to
facilitate them.
If a customer is the permanent user of the company the entire record of
the costumer is present in the company‟s record by the name of profile of the costumer. All the
costumers usually have account by which they are able to make the payments to buy goods or
different items from the company. It helps the company by maintaining the balances of the
company and by giving the required output to the company.

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2.3 PROCESS OF BILLING UNDERTAKEN BY THE COMPANY
The first step of the accounts receivable management process is invoicing. It‟s hard to collect
an invoice that the customer does not have or which is inaccurate or incomplete so here are a
few simple suggestions to make your billing process more effective.
Send the invoice in a timely manner.
If the customer doesn‟t have the invoice it can‟t get paid. Further, invoices that come months
after the fact can cause confusion if the customer can‟t remember the transaction.
Be sure the invoice is clear and complete.
The invoice should state what the billing is for – what products or services were delivered and
when. Provide as much detail as practical so the customer knows they are paying for. This
should go without saying but make sure the invoice is readable and professional looking – not
handwritten or badly formatted. Standard accounting software like QuickBooks can help you
generate good looking and effective invoices.
Make sure you have the correct billing address.
Large organizations can be complicated and sending an invoice to the wrong address could
lead to it being lost or delayed. Be sure to ask the customer‟s representative where to mail the
invoice if it‟s not clear from a purchase order or other such document.
Understand the internal approval process for your large customers. Does the invoice shall sent
directly to Accounts Payable or should it first go to the person who made the purchase for
approval before it is forwarded to AP for processing.
Include clear payment terms and due date on the invoice.
Calculating the due date for the customer will help them focus on that date.
Include a Remit to address.
If appropriate, also include instructions to “make check payable to” the entity name you prefer.

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Include any information required by the customer to process the payment request.
This could be a purchase order or Job number or supporting documentation such as a signed
receiving document (proof of delivery) or approved timesheets. This will be different for every
customer so be sure to ask about their requirements before starting work.
Professional and timely invoicing is the first step of the process of getting paid for the work you
do.
2.4 REVENUE RECOGNITION:
Revenue
REVENUE is the gross inflow of cash, receivables or other consideration arising in the course of
the ordinary activities of an enterprise from the
Sale of goods
Rendering of services and
Use by others, of enterprise resources, yielding interest, royalties and dividends
Recognition–
Process of recording and reporting an item as an element of financial statement
The revenue recognition principle provides that revenue is recognized:
when it is earned, and
when it is realized or realizable
Revenue is earned when the earnings process is substantially complete. Revenue is realized
when goods and services are exchanged for cash or claims to cash. Revenue is realizable
when assets received are convertible into a known amount of cash
Revenue Recognition Before Delivery
Revenue may be recognized before delivery under certain circumstances

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Long-term construction contracts are a notable example
Two methods available are :
The percentage-of-completion method, and
The completed contract method
LONG TERM CONSTRUCTION ACCOUNTING
METHODS
PERCENTAGE –OF –
COMPLETION METHOD
(1) TERMS OF CONTRACT MUST BE
CERTAIN, ENFORCEABLE
(2) CERTAINTY OF PERFORMANCE BY
BOTH THE PARTIES
(3) ESTIMATES OF COMPLETION CAN BE
MADE RELIABLE
COMPLETED CONTRACT
METHOD
(1) TO BE USE ONLY WHEN THE
PERCENTAGE METHOD IS
INAPPLICABLE (UNCERTAIN)
(2) FOR SHORT TERM CONTRACTS

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CHAPTER 3
BANK GUARANTEE
3.1 CONCEPT OF BANK GUARANTEE
A bank guarantee is a financial instrument to ensure performance of the obligations of the party
undertaking agreeing to provide the guarantee.
It is a form of contractual security, with the bank (or any other financial institution or indeed third
party acceptable to the beneficiary) agreeing to be responsible for the obligations of the
principal party. In the event of default by the principal, the guarantor must honor the terms of the
guarantee - usually involving the payment of an amount to cover the breach.
In reality, a bank would not extend a guarantee unless the principal had, in return, the assets to
cover the bank's potential exposure. Thus, in this way it can be seen that the bank guarantee
has the effect of securing the existing assets of the principal for the benefit of the beneficiary,
but in a more liquid and accessible form - i.e. by relying upon the bank's existing cash resources
(liquidity).
Bank guarantees are important considerationsfor the investor. These products
provide a promise to the company or individual that if the individual making the purchase does
not hold up their end of the agreement, does not answer for their debt or defaults on it, that the
financial institution behind the product promises to pay for it. You can consider them in their
simplest of terms as being similar to a cosigner on a loan
Generally the company makes two orders:
(1) Purchase order
A purchase order (PO) is a commercial document issued by a contractor to a
supplier indicating types, quantities, and agreed prices for products or services the supplier will
provide to the contractor. Sending a purchase order to a supplier constitutes a legal offer to buy
products or services. Acceptance of a purchase order by a supplier usually forms
a contract between the contractor and supplier, so no contract exists until the purchase order is
accepted. It is used to control the purchasing of products and services from external suppliers

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(2) Work order
A work order is an order received by an organization from a customer or client, or an order
created internally within the organization. A work order may be for products or services.
Contractors may use a single job work order and invoice form that contains the customer
information, describes the work performed, lists charges for material and labor, and can be
given to the customer as an invoice.
As I have seen that at shapoorji pallonji, supplier (sub-contractor) and the contractor (client)
often face similar problems. A supplier might find it difficult to assess the contractor‟s willingness
and ability to pay, while the contractor might not be sure that the supplier genuinely intends to
perform its side of the contract or has the necessary financial and technical resources to do so.
Just as the contractor needs protection against non-performance, so the supplier will want to
minimize or insure against the risk of non-payment. In such a case bank guarantee is issued
which will minimize their risk. But in most of the projects at shapoorji pallonji I have seen that
bank guarantee is issued by the contractor only.
Bank guarantee are essentially like agreements to stand as a cosigner on a transaction; in the
event that the original party cannot follow through, the bank can be called upon to provide the
payment. There are three important things in a bank guarantee
(1) Issue date: It refers to the date on which a bank guarantee is issued
(2) Expiry date: Is the date on which bank guarantee expires
(3) Extension date: The Contract Extension Agreement is a document used to extend the term
of a contract beyond its original end date. This document is an alternative to preparing a new
contract. With the Contract Extension Agreement, you may also make changes to one or more
provisions of the original agreement without having to complete an additional contract
amendment document.
3.2 FEATURE OF BANK GUARANTEES
The Essential Feature of Bank Guarantees is that they are payable, in the case of simple
Guarantees on first demand and, in the case on conditional Guarantees on first demand
supported by such documents as may be specified in the terms of the Guarantee.

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The nature of the Bank's obligation does not involve the examination of the question whether
the respective contractual obligations of the Seller or the Buyer have or have not been
performed.
The Bank must pay according to the terms of its Guarantee, which is a legal undertaking quite
separate from the contract between the Buyer and Seller.
Apart from this, the following are some of the important characteristic of a bank guarantee:
Bank Guarantees are written specifically for a purpose; where an account holder will
instruct his bank to issue a guarantee to another bank on behalf of their account holder.
The bank will hold adequate assets of the account holder as security for the Bank
Guarantee.
Bank Guarantees cannot be transferred to third parties unknown to the banks.
They cannot be bought or sold.
They do not carry CUSIP or ISIN numbers and are not tradable securities.
They are issued for a specific time period.
Upon Expiry, Bank Guarantees are terminated, they are not traded.
A Bank Guarantee has no end value and does not accumulate any investment element
or maturity value.
They should not be considered as „investment notes‟.
They should not be „touted‟ on the open market as the issue of a Bank Guarantee is
between closed parties (the Issuer and Beneficiary only).
Banks do not issue them to raise money and should not be confused with Medium Term
Notes (MTNs).
The strength of a Bank Guarantee is limited to the financial standing (and rating) of the
Issuing Bank.
3.4 TYPES OF BANK GUARANTEE
(A) PERFORMANCE GUARANTEES
It usually issued for between 5% and 10% of the contract value and becoming effective on
expiry or release of the Tender Guarantee. Performance Guarantees, as their name suggests,
are an assurance that the Seller performs in accordance with his contractual obligations.

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A performance guarantee is a form of financial security provided by a person to secure the
performance of the contractual obligations of another. It usually provides for a monetary amount
that may be called upon by the beneficiary of the guarantee in the event of a contractor's failure
to perform its obligations under the contract.
Commercially, there are two major reasons why a party to a contract may require a performance
guarantee. These are:
to provide security when there is a proven claim under a contract and difficulties arise in
recovering from the party in default; and
to allow the beneficiary to make a call when it makes a bare claim, that is before any
determination as to the entitlement to claim. Such clauses allocate the risk of who will be out of
pocket pending the resolution of a dispute. In these circumstances, the beneficiary can call upon
the guarantee even if it later turns out that the other party was not in default. In those
circumstances the beneficiary will be required to pay the money back.
(B) Advance Guarantees
Usually issued for between 10% and 20% of the contract value when an Advance Payment has
been offered by the Buyer to the Seller to meet his mobilization or other initial costs. This type of
Guarantee is normally required as security for money released and therefore should be issued
in a form which renders it inoperative until receipt by the Seller of the agreed Advance Payment.
This advance payment guarantee is for use where a developer makes an advance payment to a
contractor and obtains a bank guarantee as security against that payment.
The guarantee is payable on demand and contains optional wording for the value of the
guarantee to reduce as interim payments are made under the contract.
3.3 RISK ASSOCIATED WITH A BANK GUARANTEE
Risk for the Issuer of a Bank Guarantee
The risks of issuing a Bank Guarantee are simple. If a condition is met and/or a demand for
payment is made against your Bank Guarantee by the Beneficiary, then the Issuing Bank will
settle the debt, in part or in full. If this happens the risk of the issuing party is that his pledge of

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assets made to the bank will be lost. The bank will take possession of pledged assets upon
settlement of the Guarantee.
Settlement of Bank Guarantees can be made in part or in full. This means that a sum of money
may be claimed under a Guarantee issued that is less than the amount of the Guarantee. In
these circumstances, the issuer will only lose that amount of the pledged assets, plus a small
bank charge. In the event that the full amount of the Guarantee is demanded, then all the
pledged assets will be lost.
Risk for Receiving a Bank Guarantee
The risks of receiving a Bank Guarantee are zero. The Issuing Bank carries all of the risk. Save
perhaps a few small bank charges, there is no risk of loss by receiving a Bank Guarantee.
Risk for Credit Lines Drawn Against Bank Guarantees Received
If you receive a Bank Guarantee and draw credit against it, the repayment of that credit or loan
is secured by the Guarantee. It is not common practice for a bank to ask for additional security
unless you exceed the face amount of the Guarantee.
However, it is not a common practice for a bank to lend credit that will certainly be defaulted
leading to a claim on the Guarantee. The lending bank would want some kind of assurance that
the credit can be repaid. Only as a last resort will the bank look to call the Guarantee. When
making applications to credit line Guarantees, a repayment structure should always be included
to demonstrate the ability to repay the credit without calling on the Guarantee.

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CHAPTER 4
TAXATION
4.1 MEANING
Taxes in India are levied by the Central Government and the state governments. Some minor
taxes are also levied by the local authorities such as the Municipality.
The authority to levy a tax is derived from the Constitution of India which allocates the power to
levy various taxes between the Centre and the State. An important restriction on this power is
Article 265 of the Constitution which states that "No tax shall be levied or collected except by the
authority of law. Therefore each tax levied or collected has to be backed by an accompanying
law, passed either by the Parliament or the State Legislature
One of the major problem is that of very high incidence of direct and indirect taxes for
construction and construction related activities, as compared to other sectors. High taxation is at
both the ends, the input stage (construction material, equipment and land and services) and at
the process stage (work contract tax) etc.
To meet stringent quality and productivity conditions and to adopt better technology, import of
construction
equipment
becomes
necessary
(as
domestic
construction
equipment
manufacturing capacity is extremely poor.) Import attracts heavy custom duties further loading
additional cost burden.
There is also a need to consider reduction in excise duty on manufacturing of construction
equipment required; in construction works particularly those needed for roads sector.
Interstate taxes, especially on the movement of materials and equipment.
In addition to the excise and sales tax the other taxes that are levied are octroi and entry tax,
further increases the cost of the project.
Works contract tax including fabrication and civil construction is also to be paid on the process
of construction, which is another 4-5%.
Further, stamp duty on land acquisition and registration has to be paid that, again increases the
cost of the project.

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Below is the structure of taxation:
Federal economy of Indian
Central government
1. Excise duty on manufacturer
state government
1. VAT – sale within state
12.36%
2. Service tax on service provider
2. CST – sale outside state
12.36%
3. Custom duty on import & export
3. Entry tax – entry into states
Around 27%
4. Direct taxation:
4. Octroi – entry into municipality area
(a) Wealth tax
(b) Income tax
indirect taxation

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4.2 FOLLOWING ARE SOME OF THE TYPES OF TAXES THAT HAS BEEN
ASSOCIATED IN A CONSTRUCTION COMPANY LIKE SHAPOORJI PALLONJI &
CORPORATION LTD
(A) VAT (VALUE ADDED TAX)
A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a
tax on the purchase price. From that of the seller, it is a tax only on the value added to a
product, material, or service, from an accounting point of view, by this stage of its manufacture
or distribution. The manufacturer remits to the government the difference between these two
amounts, and retains the rest for themselves to offset the taxes they had previously paid on the
inputs.
The purpose of VAT is to generate tax revenues to the government similar to the corporate
income tax or the personal income tax.
The value added to a product by or with a business is the sale price charged to its customer,
minus the cost of materials and other taxable inputs. A VAT is like a sales tax in that ultimately
only the end consumer is taxed. It differs from the sales tax in that, with the latter, the tax is
collected and remitted to the government only once, at the point of purchase by the end
consumer. With the VAT, collections, remittances to the government, and credits for taxes
already paid occur each time a business in the supply chain purchases products.
The rate of vat varies depending upon the states. The current rate of VAT in west Bengal is
14%. But it varies depending upon the material for example for steel the rate is 5%.
Most people will process VAT returns for you as part of their service - all you need to do is send
in your paperwork and they will work it all out, fill in the form, and you just check it and then sign
the cheque - very hassle free! Some don't though, and like all things in life you get what you pay
for. So one needs to check the following:
Contractor invoices – output tax
The VAT charged on goods and services is called output tax. When a contractor registered for
VAT prepares and issues an invoice, they must add VAT at the prevailing rate, which at the time
of writing is (say) 20%, to their invoice.

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So, for example, if invoicing their agency for five days work at Rs 300 per day, the invoice would
show:
5 days @ Rs 300 per day = Rs 1,500
VAT at 20% [the calculation is 1,500/100*20 =] Rs 300
Total including VAT [the calculation is 1,500 + 300] = Rs 1,800
There are other essential items that need to be included on a VAT invoice, including an invoice
number.
At the end of every quarter (or in some cases annually), the contractor must add up all the
output tax they have charged their clients, take away any input tax and pay the balance using
the VAT return that should be automatically sent to the contractor‟s registered office address.
Contractor purchases – input tax
Of course, whenever a contractor‟s contracting limited company buys goods and services, the
cost of these purchases include someone else‟s VAT, charged at 20%, which to the contractor
is called input tax.
So if the contractor buys a laptop for Rs 399, and the VAT has been charged by the computer
supplier at the prevailing rate, (say) 20%, then the contractor can offset the VAT on their
purchase, the input tax, against any VAT they have charged their clients, the output tax.
For example, the VAT element of the laptop is Rs 399/120*20 = Rs 66.50, which means the
price of the laptop excluding VAT, is Rs 332.50. Let‟s look at that VAT calculation again:
Price including VAT divided by 120 (that‟s the original price, 100/120, and the VAT, 20/120 to
give the price including VAT 120/120) multiplied by 20, which is the VAT percentage, equals the
VAT element of the price
As has been said by my company guide, they must keep the following VAT records:
Records of all the standard-rated, reduced-rated, zero-rated and exempt goods and
services that you buy or sell.

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Copies of all sales invoices you issue
All purchase invoices for items you buy.
All credit notes and debit notes you receive.
Copies of all credit notes and debit notes you issue.
Any self-billing agreements you make as a supplier.
Copies of self-billing agreements you make as a customer and name, address and VAT
registration number of the supplier.
Records of any goods you give away or take from stock for your private use including
rate and amount of VAT.
Records of any goods or services bought for which you cannot reclaim the VAT, such as
business entertainment.
Any documents dealing with special VAT treatment, such as reliefs or zero-rating by
certificate.
Records of any goods you export.
Records of any taxable self-supplies you make - for example if you sell cars and you use
one of your cars in stock for business purposes.
Any adjustments such as corrections to your accounts or amended VAT invoices.
Rule of VAT for Construction Company:
The charge for services by the subcontractor does not include VAT on the services.
The VAT registered sub-contractor issues an invoice to the principal, which shows all the
same information as appears on a VAT invoice, except the VAT rate and VAT amount.
The invoice should include the VAT registered number of the sub-contractor.
The invoice should also contain the statement “VAT ON THIS SUPPLY TO BE
ACCOUNTED FOR BY THE PRINCIPAL CONTRACTOR”1
The principal contractor pays the sub-contractor for the services. This payment should
not include VAT.
The principal contractor should include the VAT on the services received from the subcontractor in its VAT return for the period in which the supply is made as VAT on Sales
Where entitled to do so, the principal can claim a simultaneous input credit in its VAT
return for the period

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VAT HOLDS THE FOLLOWING ADVANTAGES:
• Easy to administer and transparent:
It is easy simple and easy to administer. Also reduces the cost of compliance by the dealer
and is transparent, as tax is charged in every bill and there will be no local statutory forms.
• Less litigation/Neutrality:
The greatest advantage of the system is that it does not interfere in the choice of decision of
purchase. He will also be allowed to purchase any item he requires as raw material for the
purpose of manufacturing or packing. As under VAT no items will be specified in the registration
certificate of the dealer. How much value is added and at what stage it is added in the system of
production/distribution is of no consequence. This system is neutral with regard to choice of
production technique, as well as business organization.
• Tax credit on purchase of capital goods:
In this system dealer will also get input credit of VAT paid by him on purchase of “Capital
Goods” for manufacturing purpose. {Note in the cases where capital goods are used for the
purchase of exempted goods}.
• Abolition of statutory forms:
All problems relating to forms automatically get resolved as there are no forms under VAT.
Dealers will not have to make visits to department to get these forms issued. It also saves the
time and cost of department. Now the time of assessing officers can be utilized for other useful
purposes like monitoring of tax collection instead of issuing forms.
• Self-assessment:
Dealers are not required to appear before the assessing authority for their yearly assessments,
as under VAT there is provision for self assessment. All the cases will be accepted by the
department as correct and only a few will be selected for audit as is being done by Income tax
department and Excise Department at present.
• Deterrent against tax avoidance:
Under the old sales tax system tax was charged either on first stage or last stage. Hence the
chances of tax evasion are high because the dealer can saves the whole amount of tax due on

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such transactions. Under the VAT dealer can only steal the amount of tax only to the extent that
he is liable to pay. Also the dealer has to register himself if he wants to get the benefit of input
VAT credit.
• No cascading effect:
It does not have cascading effect due to system of deduction or credit mechanism. Since VAT
does away with cascading, it avoids distorting business decisions.
• Effective enforcement and audit strategies:
Under this system details of invoices are kept which lead to effective audits.
• Minimum exemptions:
The system will be more effective because of minimum exemptions.
• Competitiveness of exports:
Exports can be freed from domestic trade taxes in real sense.
• Instrument to tax consignment of goods:
Instrument of taxing consignment of goods and services as in the case of consignment transfer
and stock transfer, the input tax credit is given after deducting 2 %. Such 2% tax is retained by
the state government.
• Certainty:
The VAT is a system based simply on transactions. Thus there is no need to go through
complicated definitions like sales, sales price, turnover of purchases and turnover of sales.
• Transparency:
Under this system the buyer knows that what he is paying as tax out of total consideration. This
transparency enables the state government to know as to what is the exact amount of tax
coming at each stage. It is a great aid to the Government while taking decisions with regard to
rate of tax etc.

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DISADVANTAGES OF VAT:
Inherently there are certain limitations of VAT due to which it being opposed by some of the
trade associations. Moreover VAT undoubtedly has many advantages but without taking note of
the limitation of VAT, one is just looking only at one side of the coin. The limitations of VAT are
discussed hereunder.
• Detailed Records:
Like any other system VAT is also not free from all evils. Though on record it is said to be the
simplest method, however, it is more complicated than a simple first point tax. Many small
dealers maintain only primitive accounts and it is very difficult for them to keep proper and
detailed records required for VAT purposes. It will also be difficult to administer the tax systems
at wholesale and retail stage as they usually deal in numerous products and commodities,
which carry different rate. Thus matching of input and output taxes is difficult. Ideally VAT
should have very few rates which do not seem to be possible in India due to varying and diverse
fiscal and social requirements.
• Causes Inflation:
It‟s impact will depend on various factors such as inventory holding period, demand supply
position of that product, number of intermediaries etc. investment in stock is bound is increase
as tax will be paid at the time of purchase, hence will have to carry tax paid stock.
• Refund of Tax:
VAT credit is not available if no tax is payable on final product being exempt or taxable at lower
rate. Hence a mechanism is needed for early refund of tax paid on inputs/capital goods in case
of dealers/manufacturers of exempted goods or exporters.
• Increase in Investment:
Dealer will be making purchases after paying tax , therefore investment in stock will go up the
extent of tax paid. Under old system the dealer was making purchases against statuory forms,
hence was not liable to pay tax on purchases.

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• No credit for tax paid on Inter State Purchase:
The biggest problem of introduction of VAT is the non-availability of credit of tax paid on interstate purchases in initial years. It will also result in some cascading effect, which goes against
the basic spirit of VAT.
• Composition Scheme:
Introduction of composition scheme will obstruct the flow of audit trail and this scheme can be
misutilised by unscrupulous dealer.
• The rate of VAT is not same for all the commodities.
• For complying with the VAT provisions the accounting costs will increase.
(B) SERVICE TAX
As per service tax rules, service tax 12.36% calculate on total bill of contractor means contract
workers salary and contractor's service charge. Company is reimbursing the salary to contract
by way of contractor's bill. Contractor‟s income is only their service. So, why we pay service tax
pay on total bill. Also, company is giving company share of PF to contractor and government
taking service tax on that. As per my opinion service tax should be on service charge of
contractor.
Generally shapoorji pallonji & corporation ltd follows two types of method for the payment of
taxes i.e. (service tax & value added tax). Since the service tax is required to pay to the central
government, they follow two methods
(1) Composite method
This method is basically used by those companies who do not maintained their books of
accounts. In this method, if the bill is for Rs 100 (say), then it was assumed that 40% is for the
service tax and the rest is for VAT. Generally the VAT is paid to the state government. Now, the
prevailing rate is 14% for VAT in west Bengal. Therefore VAT is paid on the rest amount i.e. Rs
60 after giving service tax to the central government.

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(2) Actual/Net method
In this method let say if the bill is for Rs 100, then at first we have to find the material used and
then after finding the material part the rest part is charge for the service tax at the required rate.
The rate of service tax is 12.36%. The basic equation to give service tax & VAT under this
method is that let say the bill is for Rs100 and if the material part is Rs 70 then Rs 30 will be for
VAT. Now again, for VAT if we consider Rs 70, then there is a condition for paying VAT also.
The steel or cement material has to be charge @ 5% for VAT purposes & the rest amount is to
be charge at the prevailing rate or it may be higher or less depending on the states.
One basis tax that has to be paid is the labor cess, which is paid on the total bill. The rate of
labor cess is 1%
Further, the Government has clarified in case of construction of residential complex that service
tax would be payable only on the gross amount charged by the service provider for the
construction service provided and it wouldnot include the cost of land and stamp duty paid
forregistration of land.
Services provided to United Nations or certain specified International Organizations are exempt
Construction service provided to a developer or units ofSpecial Economic Zone (SEZ), for
consumption of such services within such SEZ, are exempt from service tax.
Taxable service provided to an individual by a service provider and the said taxable services are
received and consumed outside India, by such individual and are notin the course or
furtherance of commerce or industry or any other business, are exempt from service tax.
(D)OCTROI DUTY
Octroi is a local tax collected on various articles brought into a district for consumption.
(C) CST (CENTRAL SALES TAX)
Central sales tax is charged by a dealer when goods are sold to other states i.e., inter-state
sales.CST is levied by the central government but collected and retained by state government
from where the movement of goods started.On Inter-state purchase CST is applicable but not
eligible for input tax credit as that CST has been received by government of other state.

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CST charged on inter-state sale can be deducted from input tax credit available as the goods
which are sold to other states are eligible for input tax credit and CST so charged is collected by
your state government.
RATE OF CST:
• If goods are sold to a registered dealer in some other sate then maximum rate of CST to be
charged is 2%.
• If goods are sold to any other person in some other state then CST equal to the rate of VAT in
the state from where the movement of goods started is applicable.
VAT
VAT Rate in the state
Sale to a registered dealer in
Sale to any other person in
another state
another state
1%
1%
1%
2%
2%
2%
4%
2%
4%
12.5%
2%
12.5%
(E) EXCISE DUTY
An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the
sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold,
within a country or licenses for specific activities. Excises are distinguished from customs duties,

36. P a g e | 36
which are taxes on importation. Excises are inland taxes, whereas customs duties
are border taxes.
An excise is considered an indirect tax, meaning that the producer or seller who pays the tax to
the government is expected to try to recover or shift the tax by raising the price paid by the
buyer. Excises are typically imposed in addition to another indirect tax such as a sales
tax or value added tax (VAT). In common terminology (but not necessarily in law), an excise is
distinguished from a sales tax or VAT in three ways: (i) an excise typically applies to a narrower
range of products; (ii) an excise is typically heavier, accounting for a higher fraction of the retail
price of the targeted products; and (iii) an excise is typically a per unit tax, costing a specific
amount for a volume or unit of the item purchased, whereas a sales tax or VAT is an ad valorem
tax and proportional to the price of the good.
Typical examples of excise duties are taxes on gasoline and other fuels, and taxes
on tobacco and alcohol (sometimes referred to as sin tax)
SOME IMPORTANT POINTS TO BE NOTED DOWN HERE:
• Union government shares a part of some taxes recovered from public with state government.
For example- Central Sales Tax [CST] is charged by central government but the amount
received from this tax will be kept by state governments.
• If goods are sold within the same state then VAT/Sales tax is applicable. But if the goods are
sold in other state then CST is applicable.
• If goods are exported to another country then no tax is applicable, in order to make goods
cheaper and able to compete in foreign markets.
• On wine, narcotics, etc. central excise duty is not applicable.
• Taxes are applicable on final price of goods means after including all expenses incurred and
profit as well.
• Every state has its own VAT rules
• Central sales tax= Inter State Sales Tax.
• Seller pays CST to the state government of the state from which seller is selling goods

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CHAPTER 5
FINDINGS
1. Shapoorji pallonji & co. ltd (Kolkata regional office) is a separate profit centre inspite of having
their main head office at Mumbai
2. Most of the time the company face the problem of wrong PAN number given by their sub
contractors which leads them to pay penalty to the government.
3.The engineering & construction division of shapoorji pallonji & co. ltd which is situated at
Kolkata include construction activities like Power plants, Industries, High-rise Buildings, Hotels,
Hospitals, Airport, Educational institutions, Data Center, Commercial & Residential buildings,
Malls & Multiplexes, Villas and Stadiums.
4. The turnover of shapoorji pallonji & co. ltd has risen from US$2 billion to US$2.5 billion in the
year 2012-2013
5. They used actual/net method for the calculation of VAT & service tax
6. The bill that shapoorji pallonji & co. ltd raised is not the final bill only after it has been
approved by the joint certified committee
7. The tax invoices that shapoorji pallonji & co. ltd (Kolkata regional office) send to their site
contains a unique number which enables them to identify on which site the invoice has drawn.
For example:
Invoice: RA 01 (IIT Patna) (kol-ro-fy 2012-2013/117)
Where RA 01 = running account bill number
Kol-ro = Kolkata regional office
117 = the unique number

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8. Some of the active project of shapoorji pallonji & co. ltd are as follows:
1. TISCO – LIME CALCINATION PLANT, JAMSHEDPUR
2. USHA MARTIN – COKE OVEN PLANT, JAMSHRDPUR
3. IIT PATNA
4. TATA HOUSING DEVELOPMENT, KOLKATA
5. TCS – KOLKATA MAINTENANCE, KOLKATA
6. JINDAL THERMAL POWER PLANT - ANGUL
7. TATA MOTORS LIMITED - JAMSHEDPUR
8. SAIL – NEW PLATE MILL ROURKELA
9. HINDALCO – CIVIL AND RCC STRUCTURAL WORK, SAMBALPUR
10. HINDALCO – SUPPLY AND FABRICATION WORK SAMBALPUR
11. THERMAX LTD – WATER TREATMENT PLANT, RAIGARH
12. KOLKATA HOTELS, KOLKATA
13. TRF LTD. RAGHUNATHPUR, PURULIA
14. NAZRUL TIRTHA, KOLKATA
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � �
� � � � � � � � � � �

39. P a g e | 39
CHAPTER 6
RECOMMENDATION
1. In the course of my study I have notice that the overdues that the company had are
sometimes more than the credit day that are in the terms and condition. So it will be better if
they interact or negotiate on a day to day basis with their client so as to overcome the problem
of overdues.
2. My suggestion is that they should introduce ERP (SAP) as far as possible instead of ERP
(oracle) since most of the corporate use ERP (sap)
3. Since most of the time the company faces the problem wrong PAN number provided by sub
contractors which leads them to pay penalty. My suggestion is that it will be better if they check
each and every pan number at the time of making contracts with them because at the time of
paying TDS to the government they will not face the problem of paying penalty. The penalty is
20%

40. P a g e | 40
CHAPTER 7
CONCLUSION
Construction industry is the backbone and a key driver for a developing economy. Construction
industry has always been one of the largest industries in India. In the last decade, with greater
emphasis being given on infrastructure development, the industry has grown by leaps and
bounds both in quantitative and qualitative terms. A better management of receivable plays an
important role in growth of a business. There are many factors influencing the volume of
receivables. But the level of enterprises turnover is the most important determinant in this
respect. Any increase or decrease in the level of turnover would bring about proportionate
increase or decrease in the magnitude of receivables. An efficient credit control, however,
prevents faster growth in receivables. While there has been an increase in sales volume as
compared to previous year and thereby improving the liquidity position of the company. Further
increase in sales volume and by increasing the network of the company could achieve
increased in the coming years and in turn increases in market share of the company in most
country in the world. At last I can say that shapoorji pallonji & co. ltd is no longer restricted to
construction of residential buildings or factories but has extended to a wide range of services
like construction of residential and commercial complexes, shopping and entertainment malls,
industrial and software parks / towns, regional and national highways, roads, bridges, sea ports,
airports, irrigation and water treatment projects, canals and so on.

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CHAPTER 8
REFERENCE
(A) ELECTRONIC REFERENCES:
www.google.com
www.openair.com
www.wikipedia
www.managementparadise.com
(B) BOOKS:
PANDAY. I.M , Financial Management, PUBLISHED BY KALYANI PUBLISHER , 2001
KHAN M.Y and JAIN S.P, Financial Management, PUBLISHED BY KALYANI
PUBLISHER , 1998
(C)ARTICLES:
COTIS .L , Automating Collection & Deduction Management, PUBLISHED BY THE
GETPAID CORPORATION, OCTOBER 12, 2006
OPHER R.Z , Good Collections Start with Good Documentation , PUBLISHED BY ALLBIZ, JUNE 7, 1992
DUN & BRADSTREET , Accounts Receivable: How to Tame the Beast , PUBLISHED
BY DUN & BRADSTREET AUTHOR, MAY11, 2009
WILSON MARK, Intelligent Receivables Management Can Improve Customer
Relationships , PUBLISHED BY ADVANTAGE BUSINESS MEDIA , APRIL 29, 2013
BOGI BIKASH ,TDS on real estate industry – pain or gain , PUBLISHED BY
BLOGSPOT.COM, AUGUST 25, 2013

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