Working capital management on kotak mahindra group

SUMMER TRAINING REPORT SUBMITTED TOWARDS THE
PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN
INTERNATIONAL BUSINESS
WORKING CAPITAL
MANAGEMENT
On
Kotak Mahindra Group
INDUSTRY GUIDE FACULTY GUIDE
AMITY INTERNATIONAL BUSINESS SCHOOL,
NOIDA
AMITY UNIVERSITY – UTTAR
PRADESH
AMITY INTERNATIONAL BUSINESS SCHOOL 1

TABLE OF CONTENTS
Chapter No. Subject Page No.
Ch No.1 Executive Summary…………………. 6
Ch No.2 Research Methodology……………… 7
2.1 Primary Objective(s)………….
2.2 Hypothesis……………………
2.3 Research Design………………
2.4 Sample Design………………..
2.5 Scope of the Study…………….
2.6 Limitations…………………….
Ch No.3 Critical Review of Literature……….. 9
Ch No.4 Company Profile ……………………. 18
Ch No.5 Industry Profile……………….. 21
Ch No.6 SWOT Analysis…………………. 45
Ch No.7 Data………………………………….. 46
7.1 Collection………………………
7.2 Primary Data……………………
7.3 Secondary Data….……………..
Ch No.8 Working Capital- Overall View……… 53
Ch No.9 Findings & Analysis…………………. 100
Ch No.10 Recommendations…………………… 112
Ch No.11 Bibliography…………………………. 114
Ch No.12 Annexure…………………………….. 115
12.1 Tables………………………….
12.2 Graphs…………………………
Ch No.13 Case Study...…..................................... 117
Ch No.14 Synopsis of the Project………………. 122

CH NO.1: EXECUTIVE SUMMARY
The Indian Life Insurance Company has seen a remarkable shift since the time of
establishment of the first company, Oriental Life Insurance Company in 1823. At the
time of Independence and thereafter, there were more than 200 companies operating in India
and not all of them on sound ethical principles. Many factors combined together to prompt
the then Government to nationalize the life insurance industry in 1956 to form the Life
Insurance Corporation of India.
Insurance sector was once a monopoly, with LIC as the only company, a public sector
enterprise. But nowadays the market opened up and there are many private players
competing in the market. There are thirteen private life insurance companies who has
entered the industry.
The study in the first part gives detail information on the on-job training provided the
competitive analysis of product of Kotak Mahindra Old Mutual Life Insurance Ltd. with
ICICI Prudential Life Insurance. Also, analysis of financial statements.
In the second part, is a project on “How does the Indian mutual fund industry compare vis
- a - vis global standards and what should be our future expectations from it?”
The paper begins by analyzing the current scenario in the industry characterized by
problems with distribution, low investor awareness and concentration of corporate
investors. In the next section, a comparison of the Mutual Fund Industry with global
standards reveals that the industry still compares unfavorably with developed countries in
terms of penetration, investor awareness and diversity of products and the extent of use of
risk management techniques. Further comparison reveals that the attitude of regulator
towards investor protection and the governance of mutual funds are at par with global
standards. The paper then analysis the future expectations from the mutual fund industry
in terms of increased investor awareness, product diversity and improvement in
penetration and distribution. In the end I recommend certain steps that SEBI and AMCs
should take in order to build investor confidence and trust.

CH NO. 2: RESEARCH METHODOLOGY
Primary Objective(s)
The Basic objective of cash management is two fold:
• To meet the cash disbursement needs (payment schedule);
• To minimize funds committed to cash balances.
These are conflicting and mutually contradictory and the task of cash management is
to reconcile them.
Hypothesis:
1. Customers have basis of preference in selection of the final Kotak Mahindra Old
Mutual Life Insurance
2. The choice of the Kotak Mahindra Old Mutual Life Insurance might have an
effect either of the personal preference or the country of origin
3. The final decision is based on prior experience
Sample Size:
The size of the sample was around 70 people considering the time constraint.
Research Design:
Data Collection: Data has been collected through both primary and secondary approach.
Data Sources
The research involved gathering Secondary data as well as Primary data. For the purpose
two types of survey was conducted by me to collect the data -
• Customer survey and
• Consumer survey
Primary Data
Consumer survey was done to know their purchasing behaviour because they are the one
who constitute the market and are the target of the business . In Insurance Industry untill
and unless we have the knowledge of the consumer behaviour and factor which

influence them to buy a paticular brand ,companies cannot focus upon the target market.
Hence a consumer survey was done to know their wants, purchasing power, and buying
habits in order to segment the market , and based on this consumer profile was
identified.
Secondary Data
Secondary data regarding sales figures, promotional expenses and other related expenses
was collected from the company’s own record to analyse the impact on sales due to the
running schemes and make cost benefit analysis.
Scope of the Study
Both primary and Secondary data has been be used for the study. Primary data was
collected through direct interaction with the company’s finance and accounts
department. If needed schedule/questionnaires would be devised to get the information
on all the relevant areas of the study such as receivable management, inventory
management, management of cash etc.
And I collected the data from the secondary sources comprising Annual Reports of the
firm, other journals and peridocials.
Apart from the conducting this research work on the basis of these informations, various
techniques of financial management e.g., comparative statement, trend analysis and ratio
analysis etc. were used in the present study. To present a broad view so far the purpose
of the analysis and to make it easy to understand the problem/concept of a few graphs
and tables shall also be presented. In each chapter, the analysis has been compared with
actual management practices of the company under study.
Limitation of the Study
 The present study is limited to one Co., i.e. Kotak Mahindra Life Insurance Ltd., and
covers a period from 2005 and 2006 due to limitation of time and accessibility to
data base.
 The authenticity of the suggestions and recommendations depend upon the
rationality of the data provided to me.
 Have to rely upon the data supplied.
 Executives are not ready to part with the information beyond a limit.

CH NO. 3: CRITICAL REVIEW OF LITERATURE
WORKING CAPITAL - OVERALL VIEW
Working Capital management is the management of assets that are current in nature.
Current assets, by accounting definition are the assets normally converted in to cash in a
period of one year. Hence working capital management can be considered as the
management of cash, market securities receivable, inventories and current liabilities. In
fact, the management of current assets is similar to that of fixed assets the sense that is
both in cases the firm analyses their effect on its profitability and risk factors, hence they
differ on three major aspects:
1. In managing fixed assets, time is an important factor discounting and
compounding aspects of time play an important role in capital budgeting and a
minor part in the management of current assets.
2. The large holdings of current assets, especially cash, may strengthen the firm’s
liquidity position, but is bound to reduce profitability of the firm as ideal car
yield nothing.
3. The level of fixed assets as well as current assets depends upon the expected
sales, but it is only current assets that add fluctuation in the short run to a
business.
To understand working capital better we should have basic knowledge about the various
aspects of working capital. To start with, there are two concepts of working capital:
 Gross Working Capital
 Net working Capital
Gross Working Capital: Gross working capital, which is also simply known as
working capital, refers to the firm’s investment in current assets: Another aspect of gross
working capital points out the need of arranging funds to finance the current assets. The
gross working capital concept focuses attention on two aspects of current assets
management, firstly optimum investment in current assets and secondly in financing the
current assets. These two aspects will help in remaining away from the two danger
points of excessive or inadequate investment in current assets. Whenever a need of
working capital funds arises due to increase in level of business activity or for any other
reason the arrangement should be made quickly, and similarly if some surpluses are

available, they should not be allowed to lie ideal but should be put to some effective use.
Net Working Capital: The term net working capital refers to the difference between the
current assets and current liabilities. Net working capital can be positive as well as
negative. Positive working capital refers to the situation where current assets exceed
current liabilities and negative working capital refers to the situation where current
liabilities exceed current assets. The net working capital helps in comparing the liquidity
of the same firm over time. For purposes of the working capital management, therefore
Working Capital can be said to measure the liquidity of the firm. In other words, the goal
of working capital management is to manage the current assets and liabilities in such a
way that a acceptable level of net working capital is maintained.
Importance of working capital management:
Management of working capital is very much important for the success of the business.
It has been emphasized that a business should maintain sound working capital position
and also that there should not be an excessive level of investment in the working capital
components. As pointed out by Ralph Kennedy and Stewart MC Muller, “the
inadequacy or mis-management of working capital is one of a few leading causes of
business failure.
Current assets, in fact, account for a very large portion of the total investment of the
firm.
Table showing Current assets as percentage of Total assets
Year Percentage
2004 31%
2005 26%
2006 35%
0
5
10
15
20
25
30
35
40
2004 2005 2006

It can be visualized from the table that in the first year of our study i.e. 2004 it was 31%
which was reduced to 26% in the next year and in 2006 it is 35% shows fluctuating
trend.
Determinants of Working Capital:
There is no specific method to determine working capital requirement for a business.
There are a number of factors affecting the working capital requirement. These factors
have different importance in different businesses and at different times. So a thorough
analysis of all these factors should be made before trying to estimate the amount of
working capital needed. Some of the different factors are mentioned here below:-
1. Nature of business: Nature of business is an important factor in determining the
working capital requirements. There are some businesses which require a very
nominal amount to be invested in fixed assets but a large chunk of the total
investment is in the form of working capital. There businesses, for example, are
of the trading and financing type. There are businesses which require large
investment in fixed assets and normal investment in the form of working capital.
2. Size of business: It is another important factor in determining the working
capital requirements of a business. Size is usually measured in terms of scale of
operating cycle. The amount of working capital needed is directly proportional to
the scale of operating cycle i.e. the larger the scale of operating cycle the large
will be the amount working capital and vice versa.
3. Business Fluctuations: Most business experience cyclical and seasonal
fluctuations in demand for their goods and services. These fluctuations affect the
business with respect to working capital because during the time of boom, due to
an increase in business activity the amount of working capital requirement
increases and the reverse is true in the case of recession. Financial arrangement
for seasonal working capital requirements are to be made in advance.
4. Production Policy: As stated above, every business has to cope with different
types of fluctuations. Hence it is but obvious that production policy has to be
planned well in advance with respect to fluctuation. No two companies can have

similar production policy in all respects because it depends upon the
circumstances of an individual company.
5. Firm’s Credit Policy: The credit policy of a firm affects working capital by
influencing the level of book debts. The credit term is fairly constant in an
industry but individuals also have their role in framing their credit policy. A
liberal credit policy will lead to more amount being committed to working capital
requirements whereas a stern credit policy may decrease the amount of working
capital requirement appreciably but the repercussions of the two are not simple.
Hence a firm should always frame a rational credit policy based on the credit
worthiness of the customer.
6. Availability of Credit: The terms on which a company is able to avail credit
from its suppliers of goods and devices credit/also affects the working capital
requirement. If a company in a position to get credit on liberal terms and in a
short span of time then it will be in a position to work with less amount of
working capital. Hence the amount of working capital needed will depend upon
the terms a firm is granted credit by its creditors.
7. Growth and Expansion activities: The working capital needs of a firm
increases as it grows in term of sale or fixed assets. There is no precise way to
determine the relation between the amount of sales and working capital
requirement but one thing is sure that an increase in sales never precedes the
increase in working capital but it is always the other way round. So in case of
growth or expansion the aspect of working capital needs to be planned in
advance.
8. Price Level Changes: Generally increase in price level makes the commodities
dearer. Hence with increase in price level the working capital requirements also
increases. The companies which are in a position to alter the price of these
commodities in accordance with the price level changes will face fewer problems
as compared to others. The changes in price level may not affect all the firms in
same way. The reactions of all firms with regards to price level changes will be
different from one other.

CIRCULATION SYSTEM OF WORKING CAPITAL
In the beginning the funds are obtained by issuing shares, often supplemented by long
term borrowings. Much of these collected funds are used in purchasing fixed assets and
remaining funds are used for day to day operation as pay for raw material, wages
overhead expenses. After this finished goods are ready for sale and by selling the
finished goods either account receivable are created and cash is received. In this process
profit is earned. This account of profit is used for paying taxes, dividend and the balance
is ploughed in the business.
Working capital is considered to efficiently circulate when it turns over quickly. As
circulation increases, the investment in current assets will decrease. Current assets
turnover ratio speaks about the efficiency of Kotak Mahindra in the utilisation of current
assets. Fast turnover current assets results in a better rate on investment.
Table showing Current Assets Turnover Ratio
Year Ratio (in times)
2004 1.78
2005 2.98
2006 1.98
Average: 2.24
0.5
1
1.5
2
2.5
3
2004 2005 2006

The ratio average is 2.24 times in the study period of 3 years. In 2005 current assets
turnover ratio is highest one i.e. 2.98 during the 3 year study. Reasons being during this
year company has achieved sales growth 44.36% over the previous year and additional
activity needs more funds.
KOTAK MAHINDRA LIFE INSURANCE LTD.
Ratios useful to analyze working capital management
(A) Efficiency Ratios 2004 2005 2006 Ideal Ratio
1. Working Capital Turnover (times) 4.84 10.23 5.71 -
2. Current Assets Turnover (times) 1.78 2.98 1.97 -
3. Inventory turnover (times) 9.49 9.20 7.88 -
(B) Liquidity Ratio
1. Current Ratio 2.12 1.80 2.41 2.0
2.AcidTestRatio 1.15 0.98 1.03 1.0
3. Cash Ratio 0.57 0.08 0.05 0.5

Interpretation (Ratio Analysis)
 The utilization rate of net working capital as depicted by working capital
turnover ratio is fluctuating during the period. It shows that working capital has
not been effectively used over the period of years except in the year 2005.
 As shown by current assets turnover ratio, the utilisation of current assets in
terms of sales has shown a decreasing trend which shows that current assets has
been effectively used to achieve sales.
 Again if we look at the efficiency with which individual elements of working
capital have been utilized, the picture of inventory turnover is not very bright.
 Receivables turnover also shows a declining trend. Generally such a situation
does not suit the company.
 As we look at the extent of liquidity of working capital, we notice that the ratio
shows an increasing trend. This indicates improvement on the liquidity front.
 If we analyze the structural health of working capital, the proportion of current
assets to total assets has been appropriate during this period.
Such a higher proportion of current asset in the assets portfolio of Kotak
Mahindra Life Insurance Ltd. is quite acceptable.
(C) Structural Health of Working Capital
Ratio/Year 2004 2005 2006
1. CA 0.31 0.26 0.35
2. CL 0.15 0.14 0.14
3. Cash to CA 0.27 .04 0.02
4. Receivables to CA 0.27 0.50 0.40
5. Loans and Advances to CA 0.15 0.19 0.15
6. Inventory to CA 0.42 0.38 0.50
7. RM to Inventory 0.44 0.46 0.30
8. Stock spares to inventory 0.12 0.14 0.11
9. WIP to inventory 0.06 0.08 0.03
10. Finished Goods to Inventory 0.38 0.32 0.56

Our analysis above indicates the areas of concern to management in making best
possible use of resources. Decreasing efficiency in the use of current assets hints of the
possibility of problems in working capital management.
On further analysis, inventory constitutes a major proportion of total current assets.
Among its various components, raw materials, stocks, spared and finished goods in
particular need further analysis as here stand out to the problem areas.
Cash Flow Statement (2005-06)
Sources Amount A
( in Lacs)
Application Amount B
(in Lacs)
Proceeds from
borrowings
162.37 Loss from operation 185.27
Sale of assets 27.34 Change in cash 5.01
Total 190.28 190.28
Summary of Cash Flow Analysis
a) Cash from operation to total cash available
= 185.31/190.28 = 97.38%
b) Cash from long term sources to total cash available
= 162.37/190.28 = 85.33%
c) Proceeds from sale of non-current assets to total cash
= 17 14/19028 = 0.90%
Schedule of Changes in Working Capital
Particulars Amount
(in lacs)
Changes in Working
Capital
Dec’2005 Dec’2006 Increase
(Debit)
Decrease
(Credit)
Current Assets
Inventories 93.87 146.36 52.48 -
Sundry Debtors 123.22 114.71 - 8.51

Cash and Bank
balances
10.64 5.63 - 5.01
Other current assets 20.14
247.87
21.66
288.36
1.52 -
Current Liabilities 137.02 116.07 20.95 -
Working capital (CA-CL) 110.85 172.29
Increase in Working Capital 61.44 - 61.44
172.29 172.29
74.96 74.96
Fund Flow Statement (2005-06)
Sources Amount A
(in lacs)
Application Amount B
(in Lacs)
Increase in loan 162.37 Increase in working capital 61.44
Sale of asset 22.94 Loss from operation 123.87
Total 185.31 185.31
Summary of Fund Flow Analysis
1. Increase in net working capital — 61.44
2. Funds from operations to finance permanent address (123.87)
3. Ratio of fund flow from operations to total funds in the business (-) 123.87/85.31
= (66.85)
Interpretation (Fund Flow Statement)
1. Networking capital has been increased over the years, which has increased
liquidity

2. Company should take corrective actions to covert loss from operation to funds
from operation.

CH NO. 4: COMPANY PROFILE
CREATING BANKING HISTORY
Established in 1985, The Kotak Mahindra group has long been one of India's most
reputed financial organizations. In February 2006, Kotak Mahindra Finance Ltd, the
group's flagship company was given the license to carry on banking business by the
Reserve Bank of India (RBI). This approval creates banking history since Kotak
Mahindra Finance Ltd. is the first company in India to convert to a bank.
The Complete Bank
At Kotak Mahindra Bank, we address the entire spectrum of financial needs for
individuals and corporates. We have the products, the experience, the infrastructure and
most importantly the commitment to deliver pragmatic, end-to-end solutions that really
work.
* A license authorizing the bank to carry on banking business has been obtained from
the Reserve Bank of India in terms of Section 22 if the Banking Regulation Act, 1949. It
must be distinctly understood, however, that in issuing the license, the Reserve Bank of
India does not undertake any responsibility for the financial soundness of the bank or the
correctness of any of the statements made or opinion expressed in this connection.
The Kotak Mahindra Group
Kotak Mahindra is one of India's leading financial conglomerates, offering complete
financial solutions that encompass every sphere of life. From commercial banking, to
stock broking, to mutual funds, to life insurance, to investment banking, the group caters
to the financial needs of individuals and corporates.
The group has a net worth of over Rs. 3,200 crore, employs around 10,800 people in its
various businesses and has a distribution network of branches, franchisees,
representative offices and satellite offices across 300 cities and towns in India and
offices in New York, London, Dubai, Mauritius and Singapore. The Group services
around 2.6 million customer accounts.

Our Story
The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance
Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak &
Company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986, and
that's when the company changed its name to Kotak Mahindra Finance Limited.
Since then it's been a steady and confident journey to growth and success.
1986 Kotak Mahindra Finance Limited starts the activity of Bill Discounting
1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market
1990 The Auto Finance division is started
1991
The Investment Banking Division is started. Takes over FICOM, one of India's
largest financial retail marketing networks
1992 Enters the Funds Syndication sector
1995
Brokerage and Distribution businesses incorporated into a separate company -
Kotak Securities. Investment Banking division incorporated into a separate
company - Kotak Mahindra Capital Company
1996
The Auto Finance Business is hived off into a separate company - Kotak
Mahindra Prime Limited (formerly known as Kotak Mahindra Primus Limited).
Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra
Limited, for financing Ford vehicles. The launch of Matrix Information Services
Limited marks the Group's entry into information distribution.
1998
Enters the mutual fund market with the launch of Kotak Mahindra Asset
Management Company.
2000
Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business.
Kotak Securities launches its on-line broking site (now
www.kotaksecurities.com). Commencement of private equity activity through
setting up of Kotak Mahindra Venture Capital Fund.
2004 Matrix sold to Friday Corporation Launches Insurance Services.
2006
Kotak Mahindra Finance Ltd. converts to a commercial bank - the first Indian
company to do so.

2004 Launches India Growth Fund, a private equity fund.
2005
Kotak Group realigns joint venture in Ford Credit; Buys Kotak Mahindra Prime
(formerly known as Kotak Mahindra Primus Limited) and sells Ford credit
Kotak Mahindra.
Launches a real estate fund
2006
Bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital
Company and Kotak Securities

CH NO. 5: INDUSTRY PROFILE
Our Corporate Identity
Kotak Mahindra Bank
At Kotak Mahindra Bank, we address the entire spectrum of financial needs for
individuals and corporates. We have the products, the experience, the infrastructure and
most importantly the commitment to deliver pragmatic, end-to-end solutions that really
work.
Kotak Mahindra Old Mutual Life Insurance Ltd.
Kotak Mahindra Old Mutual Life Insurance is a 76:24 joint venture between Kotak
Mahindra Bank Ltd. and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance is
one of the fastest growing insurance companies in India and has shown remarkable
growth since its inception in 2004.
Old Mutual, a company with 160 years experience in life insurance, is an international
financial services group listed on the London Stock Exchange and included in the FTSE
100 list of companies, with assets under management worth $ 400 Billion as on 30th
June, 2006. For customers, this joint venture translates into a company that combines
international expertise with the understanding of the local market.
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 KOTAK PRIVILEGED ASSURANCE PLAN
“In this policy, the investment risk in the investment portfolio is borne by the
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"Why should you invest in the Kotak Privileged Assurance Plan?"
This plan is ideal if you want
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 KOTAK TERM PLAN
Kotak Term Plan is a pure risk product that aims to cover your life at a nominal cost.
You may want to take this plan to cover your outstanding debts like a mortgage, a home
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• HOW OLD DO YOU HAVE TO BE TO AVAIL OF THIS PLAN?
Minimum age - 18 years
Maximum age - 60 years
• FOR WHAT TERM CAN I AVAIL OF THIS PLAN?
10 - 30 years for regular premium
5 - 30 years for single premium

• WHAT IS THE MINIMUM PREMIUM THAT I NEED TO PAY AND AT
WHAT INTERVALS CAN I PAY THEM?
Quarterly Rs.540
Half Yearly Rs.1055
Annually Rs.2000
Single Premium Rs.10000
• WHAT IS THE MAXIMUM AGE THAT THE PLAN CAN COVER YOU
TILL?
70 years
"What are the advantages of this plan?"
1. It is a low-cost insurance plan.
2 You can choose between a regular premium payment option or a single premium
payment option.
3 In case you opt for the regular premium payment option, you may pay your
premiums either annually, or in half yearly or quarterly installments.
4 Your Kotak Term Plan can be converted into any other plan offered by Kotak
Life Insurance (except for another Term plan) provided there are at least 5 years
before cover ceases*.
5 In case you forget to pay your premium by the due date, you are entitled to a
grace period of 30 days from the date of unpaid premiums.
6 In case of a financial emergency, you have the option to surrender the policy
provided you have taken the single premium payment option*.
"What value-adds can you opt for?"
You may avail of the following non-participating value-adds for a nominal premium at
the time of taking your policy, subject to aggregate premium on all value-adds (except
Critical Illness Benefit) not exceeding 30% of the basic Kotak Term Plan premium.
 Accidental Death Benefit: This benefit provides an additional amount (over and
above the basic sum assured) to the beneficiary in the event of the accidental
death of the life insured. The maximum cover available under this rider is equal
to the basic sum assured (subject to a maximum of Rs.10 lakhs).

 Permanent Disability Benefit: This benefit can be added to your basic life
insurance policy to provide financial support in case of disability due to an
accident. The amount payable under this benefit would be paid out as an annuity.
The maximum permanent disability benefit that you can avail of is equal to the
basic sum assured (subject to a maximum of Rs.10 lakhs).
 Critical Illness Benefit: This benefit can be added to your basic life insurance
policy to provide financial support in the event of a medical emergency. On the
first occurrence of critical illness during the term of the policy, you would
receive a portion of the sum assured to reduce your financial burden in this
emergency.
"What do you receive on maturity of the policy?"
Since this is a pure risk cover plan, there are no maturity benefits.
"What happens in the event of death of the life insured?"
In the event of death during the term of the policy, the beneficiary would receive the
sum assured.
"Are there any Tax Benefits?"
Section 80C, 10(10D) of Income Tax Act would apply. Premiums paid for Critical
Illness Benefit qualify for benefits under Section 80D. These benefits are as per the
currently prevailing tax regulations and you are advised to consult your tax advisor for
details.
"How does this plan work?"
To explain, how his plan works….
Mr. Sanjay Gupta, a 30-year-old male, decides to buy the Kotak Term Plan for a sum
assured of Rs.10, 00,000 for a 10 year term. The annual premium that Mr.Gupta pays is
Rs.3, 747 annually. In the event of his unfortunate death during the next ten years, his
family would receive Rs.10, 00,000.
In the illustration, some benefits are guaranteed and some are variable. Guaranteed
Returns are marked "guaranteed" in the illustration. Variable returns are shown at two
different rates of assumed future returns. These assumed rates of return are not
guaranteed and they are not the upper or lower limits of what you might get back .The
actual return may be different depending on a number of factors including future
investment performance.

"What do you do next?"
To find out more about this plan, you can call us at any Kotak Life Insurance Branch
Offices or send us an e-mail at lifeexpert@kotak.com.
"Exclusions"
In case the life insured commits suicide within 1 (one) year of the plan, no benefits
outlined in the plan would be payable.
Exclusions for Accidental Death Benefit, Permanent Disability Benefit & Critical
Illness Benefit:
he Accidental Death Benefit, Permanent Disability Benefit & Critical Illness Benefit
would not be paid out in the following circumstances:
a) Self inflicted injuries, suicide, insanity, immorality, committing any breach of law or
being under the influence of drugs, liquor etc.
b) When the life insured is engaged in aviation or aeronautics other than as a passenger
on a licensed commercial aircraft operating on a scheduled route.
c) Due to injuries from war (whether war is declared or not), invasion, hunting, other
dangerous hobbies or activities, or having been on duty in military, para-military,
security or police organization.
Additional Exclusions for Critical Illness:
a) Unreasonable failure to seek or follow medical advice.
b) Any pre-existing medical conditions not disclosed at inception.
c) Infection with Human Immunodeficiency Virus (HIV) or conditions due to acquired
Immune Deficiency Syndrome (AIDS).
In addition, no benefit would be paid in respect of the exclusions specific to each critical
illness.
"Prohibition of Rebates"
Section 41 of the Insurance Act, 1938 states: -
(1) No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate of
the whole or part of the commission payable or any rebate of the premium

shown on the policy, nor shall any person taking out or renewing or
continuing a policy accept any rebate, except such rebate as may be allowed
in accordance with the published prospectuses or tables of the insurer.
(2) Any person making default in complying with the provision of this section
shall be punishable with fine, which may extend to five hundred rupees.
The product leaflet gives only the salient features of the plan. The policy
document is the conclusive document, and provides in detail all the
conditions relating to the Kotak Term Plan.
 KOTAK PREFFERED TERM PLAN
The Kotak Preferred Term Plan is designed to provide you with reduced premium rates
for a sum assured of Rs.10 lakhs and above.
"Who is eligible for Kotak Preferred Term Plan?"
1) Males over the age of 18 years, who do not use tobacco in any form.
2) Females over the age of 18 years.
• It is a low-cost insurance plan.
• You can choose between a regular premium payment option or a single premium
payment option. In case you opt for the regular premium payment option, you
may pay your premiums either annually, or in half yearly or quarterly
installments.
• Your Kotak Term Plan can be converted into any other plan offered by Kotak
Life Insurance (except for another Term plan) provided there are at least 5 years
before cover ceases*.
• In case you forget to pay your premium by the due date, you are entitled to a
grace period of 30 days from the date of unpaid premiums.
• In case of a financial emergency, you have the option to surrender the policy
provided you have taken the single premium payment option*.
You may avail of the following non-participating value-adds for a nominal premium at
the time of taking your policy, subject to aggregate premium on all value-adds (except
Critical Illness Benefit) not exceeding 30% of the basic Kotak Term Plan premium.

death of the life insured. The maximum cover available under this rider is equal
to the basic sum assured (subject to a maximum of Rs.10 lakhs).
 Permanent Disability Benefit: This benefit can be added to your basic life
insurance policy to provide financial support in case of disability due to an
accident. The amount payable under this benefit would be paid out as an annuity.
The maximum permanent disability benefit that you can avail of is equal to the
basic sum assured (subject to a maximum of Rs.10 lakhs).
Permanent disability is defined as permanent and immediate inability to work or
permanent loss of use of two limbs or total and permanent loss of sight.
 Critical Illness Benefit: This benefit can be added to your basic life insurance
policy to provide financial support in the event of a medical emergency. On the
emergency.
"What do you receive on maturity of the policy?"
Since this is a pure risk cover plan, there are no maturity benefits.
In the event of death during the term of the policy, the beneficiary would receive the
sum assured.
details.
* Please consult your tax advisor for details
Mr.Rajiv Sharma, 30 years old, is eligible for the Kotak Preferred Term Plan. He
decides to take up this policy for a sum assured of Rs.10, 00,000 for a term of 10 years.

His annual premium would be Rs.2, 645. In case of Mr. Sharma’s unfortunate death
during the next ten years, his family would receive Rs.10, 00,000.
Offices or send us an e-mail at lifeexpert@kotak.com.
"Exclusions"
Illness Benefit:
The Accidental Death Benefit, Permanent Disability Benefit & Critical Illness Benefit
a) Self inflicted injuries, suicide, insanity, immortality, committing any breach
of law or being under the influence of drugs, liquor etc.
b) When the life insured is engaged in aviation or aeronautics other than as a
passenger on a licensed commercial aircraft operating on a scheduled route.
c) Due to injuries from war (whether war is declared or not), invasion, hunting,
other dangerous hobbies or activities, or having been on duty in military,
para-military, security or police organization.
a) Unreasonable failure to seek or follow medical advice.
b) Any pre-existing medical conditions not disclosed at inception.
c) Infection with Human Immunodeficiency Virus (HIV) or conditions due to
acquired Immune Deficiency Syndrome (AIDS).
illness.

How to live for today and plan for an independent tomorrow.
 KOTAK MONEY BACK PLAN
The Kotak Money Back Plan not only covers your life, it also assures you a certain
percent of the sum assured as cash payment at regular intervals of every 5 years. It is a
savings plan with the added advantage of life cover and regular cash inflow. This plan is
ideal for planning special moments like a wedding, your child's education or purchase of
an asset etc. This is a participating plan (with profits).
"Who can avail of this Plan?"
• HOW OLD DO YOU HAVE TO BE TO AVAIL OF THIS PLAN?
Minimum age- 18 years
Maximum age- 60 years
15, 20 & 25 years
• WHAT IS THE MAXIMUM AGE THAT THE PLAN CAN COVER YOU
TILL?
75 years

1. The plan not only covers your life but also provides you with a survival benefit
payout every 5 years.
2. In the unfortunate event of death of life insured, the beneficiary would receive
the death benefit. The death benefit keeps increases by 7% of the sum assured
every year.
3. On maturity, you would receive the sum of the Survival Benefit, Bonus addition*
and Guaranteed addition**.
*Bonus addition is the amount in the Accumulation Account, in excess of the
sum assured.
Accumulation Account is your personal account in which the premiums that you
pay are deposited, the return declared every year is added and the survival benefit
payouts, risk and expense charges are deducted.
Guaranteed addition is the guaranteed amount payable on maturity,
over and above the Survival Benefit.
4. The amount available in the Accumulation Account is invested in various
financial instruments (as per IRDA regulations) so your money works hard for
you.
5. The Automatic Cover Maintenance facility ensures the policy remains in force
even if you miss premium payments. This facility is available after the first three
years of the term.
6. You have the benefit of a 15-day free look period.
7. You have the option of paying premiums quarterly, half yearly or yearly.
You may avail of the following value-adds for a nominal premium at the time of taking
the plan, subject to the aggregate premium on all value-adds not exceeding 30% of the
basic Kotak Money Back Plan premium.

 Term Benefit/ Preferred Term Benefit: In the event of death during the term
of this benefit, the beneficiary would receive an additional death benefit amount,
which is over and above the sum assured. The maximum Term Benefit you can
avail of is equal to the basic sum assured. Where the term benefit cover applied
for is more than Rs 10 lakhs, better rates may apply, subject to meeting
eligibility requirements.
above the sum assured) to the beneficiary in the event accidental death of the life
insured. The maximum cover available under this benefit is equal to the basic
sum assured (subject to a maximum of Rs.10 lakhs).
 Permanent Disability Benefit: This benefit can be added to the basic life
insurance plan to provide financial support in case of permanent disability due to
an accident. The amount payable under this benefit would be paid out as an
annuity. The maximum permanent disability benefit that you can avail of is
equal to the basic sum assured (subject to a maximum of Rs.10 lakhs).
Permanent disability is defined as permanent and immediate inability to
work or permanent loss of use of two limbs or total and permanent loss of
sight.
 Critical Illness Benefit: This benefit can be added to the basic life insurance
plan to provide financial support in the event of medical emergencies. On the
emergency.
*Please contact our Life Advisor for the list of critical illnesses
 Life Guardian Benefit: This benefit can be availed of, only in case where the
life insured and the proposer are two different individuals. In case of the
unfortunate death of the proposer, this benefit keeps the policy alive by waiving
all future premiums on the policy.
 Accidental Disability Guardian Benefit: In case the proposer is permanently
disabled as a result of an accident, this benefit keeps the policy alive by waiving
"What do you receive on maturity of this plan?"

On maturity, you would receive the sum of the Survival benefit, Guaranteed addition
and Bonus addition. The table below illustrates the survival benefit pay out for every
Rs.1000 of sum assured.
Survival Benefit
Payout for every Rs. 1000 Sum Assured
Payouts (in Rs.)
5th year 10th year 15th year 20th year 25th year 15-YEAR PLAN
Survival Benefit
250 250 500
Guaranteed Addition
- - 200* 20-YEAR PLAN
Survival Benefit
200 200 200 400
Guaranteed Addition
- - - 300* 25-YEAR PLAN
Survival benefit
150 150 150 150 400
Guaranteed Addition
- - - - 400*
*The Bonus Addition, if any, is payable over and above these benefits.
In the unfortunate event of the death during the term of the plan, the beneficiary would
receive the death benefit. The death benefit increases by 7% of the sum assured each
year. This increasing amount has been designed keeping in mind the rising inflation.
Death Benefit payout for every Rs. 1000 Sum Assured
Payouts (in Rs.)
Term
1st
year
2nd
year
3rd
year
5th
year
7th
year
10th
year
15th
year
20th
year
25th
year
15
YEARS
1000 1070 1140 1280 1420 1630 1980 20
YEARS
1000 1070
1140 1280 1420 1630 1980 2330 25 1000 1070 1140

YEARS
1280 1420 1630 1980 2330 2380
details.
* Please consult your tax advisor for details.
Mr. Sanjay Gupta, 30 years old, decides to buy a Kotak Money Back Plan for a sum
assured of Rs.5,00,000 and for a term of 20 years.
His annual premium and the payouts are outlined below.
Annual Premium
Rs.34,124
Survival Benefit:
After 5 years
Rs.100,000
After 10 years
Rs.100,000
After 15 years
Rs.100,000
At the end of the 20 years
Balance sum assured
Rs.200,000
Guaranteed addition
Rs.150,000
Bonus addition
Variable

i) What would Mr.Gupta receive on maturity of the plans?
Mr.Gupta would get cash flows in year 5, 10 and 15 as mentioned above. Assuming that
the Accumulation Account grows at a rate of 6%, the payout on maturity would be
Rs.510,900. At a growth rate of 10%, the maturity amount payable would be
Rs.872,600.
The table below shows the details of the payout.
@6%
@10%
BALANCE SUM ASSURED
Rs.200,000
Rs.200,000
GUARANTEED ADDITION
Rs.150,000
Rs.150,000
BONUS ADDITION
Rs.160,900
Rs.522,000
Final payout at the end of 20 years
Rs.510,900
Rs.872,600
ii) What would Mr.Gupta receive on death of Mr.Gupta at the end of 11 th year?
On Mr.Gupta’s death, his family would receive a sum of Rs.850,000
In the past, Mr.Gupta has already received 2 installments of Rs.100,000 each as survival
benefit payouts in the 5th and 10 year.

To find out more about our plans, you can call us at any of our branch offices or e-mail
us at lifeexpert@kotak.com.
"General exclusion"
Illness Benefit:
The Accidental Death Benefit, Permanent Disability Benefit & Critical illness Benefit
a. Self inflicted injuries, suicide, insanity, immorality, committing any breach of
law or being under the influence of drugs, liquor etc.
b. When the life insured is engaged in aviation or aeronautics other than as a
c. Due to injuries from war (whether war is declared or not), invasion, hunting,
other dangerous hobbies or activities, or having been on duty in military, para-
military, security or police organization.
a. Unreasonable failure to seek or follow medical advice.
b. Any pre-existing medical conditions not disclosed at inception.
c. Infection with Human Immunodeficiency Virus (HIV) or conditions due to
acquired Immune Deficiency Syndrome (AIDS).
illness.
No claim under the Kotak Life Guardian Benefit would be admitted if, within one year
of the date of issue of this policy, the premium payer commits suicide, whether being
sane or insane at the time of committing suicide.

No claim under the Kotak Accidental Disability Guardian Benefit would be admissible
in the following circumstances:
a. The premium payer suffers from self-inflicted injuries, suicide, insanity,
immorality, committing any breach of law or being under the influence of drugs,
liquor etc.
b. Where the premium payer is engaged in aviation or aeronautics other than as a
c. The premium payer suffers injuries from war (whether war is declared or not),
invasion, hunting, mountaineering, motor racing of any kind, other dangerous
hobbies or activities, or having been on duty in military, para-military, security or
police organization.
 KOTAK CHILD ADVNTAGE PLAN
The Kotak Child Advantage Plan is an investment plan designed to meet your child's
future financial needs. It's a plan that gives your child the "azaadi" to realize his dreams.
The plan is a participating plan with a 15-day free look period.
• HOW OLD DOES THE CHILD HAVE TO BE TO AVAIL OF THIS PLAN?

Maximum age -17 years
10 - 30 years
• WHAT IS THE MAXIMUM SUM ASSURED ALLOWED UNDER THIS
PLAN?
Rs.25,00,000
1. On Maturity, you would receive the sum assured plus the bonus addition. Bonus
addition is the amount in the Accumulation Account*, in excess of the sum
assured.
2. The balance available in the Accumulation Account is invested in various
financial instruments (as per IRDA regulations) so your money works hard to
earn more for your child.
years of the Term.
4. You can take a loan against this plan, after the policy has been in force for at
least three years.
5. You have the option of paying premiums quarterly, half yearly or yearly.
*Accumulation Account is your personal account in which the premiums
that you pay are deposited,
the return declared every year is added and risk and expense charges are
deducted.
6. You have the benefit of a 15 day free look period.
You may avail of these value adds for a nominal premium at the time of taking the plan.
The aggregate premium of the value-adds should not exceed 30% of the basic policy
premium.
 Life Guardian Benefit: In case of the unfortunate death of the premium payer,

this benefit keeps the policy alive by waiving all future premiums on the policy.
 Accidental Disability Guardian Benefit: In case the premium payer is
permanently disabled as a result of accident, this benefit keeps the policy alive
by waiving all future premiums on the policy.
Section 80C, 10(10D) of Income Tax Act, 1961 would apply. You are advised to consult
your tax advisor for details.
Please consult your tax advisor for details
Mr.Sanjay Gupta is a 30-year-old professional and has a 6-year-old son. To secure his
child's future, Mr.Gupta decides to buy the Kotak Child Advantage Plan. He wants to
buy a plan with a sum assured of 5 lakh, term of 15 years, so that when the child is 21
years old, he has at least Rs.5 lakh to invest in his education/ career etc.
Mr. Gupta buys the Kotak Child Advantage Plan along with both the value-adds offered
with the basic plan.
Description
Premium
Kotak child advantage plan premium
Rs.31,857/-
Life guardian benefit premium
Rs.1,225/-
Accidental disability guardian benefit premium
Rs.155/-
Total Annual Premium Paid
Rs.33,237/-
i) What would be the payout on maturity of the plan?
Assuming that the Accumulation Account grows at 6%p.a., the maturity amount would
be Rs.6, 34,800/- at the end of 15 years. At a growth rate of 10%, the maturity amount
payable would be Rs. 8, 82,100/-.
ii) In the unfortunate event of the death/ disability of the parent (premium payer),
what would the beneficiary receive?

Mr.Gupta has taken the benefit of waiver of premium by paying a minimal additional
amount of Rs.1, 380/- per year. In the event of Mr.Gupta’s death or accidental disability,
future premiums payable on his son’s policy will be waived and the policy will continue
to be in force. On maturity the beneficiary would get the sum assured of Rs.5,00,000
along with bonuses accrued during the term of the policy (as discussed in (i) above).
In the event of the unfortunate death of the insured during the term of the plan, the
following would become payable:
• If the policy has been in force for five years or if the life insured is at least 18
years old, the beneficiary will receive either the Sum Assured or Accumulation
Account whichever is higher, as on the date of death.
• If the death occurs within five years from commencement of policy and if the
insured is less than 18 years old, the death benefit would be either the total of all
premiums paid so far or the surrender value at that time, whichever is higher.
•
Offices or send us an e-mail at lifeexpert@kotak.com
"General exclusion"
No claim under the Kotak Life Guardian Benefit would be admitted if, within one year
of the date of issue of this policy, the premium payer commits suicide, whether being
sane or insane at the time of committing suicide.
No claim under the Kotak Accidental Disability Guardian Benefit would be admissible
in the following circumstances:
(1) The premium payer suffers from self-inflicted injuries, attempt to suicide, insanity,

immorality, committing any breach of law or being under the influence of drugs,
liquor etc.
(2) Where the premium payer is engaged in aviation or aeronautics other than as a
(3) The premium payer suffers injuries from war (whether war is declared or not),
invasion, hunting, mountaineering, motor racing of any kind, other dangerous
hobbies or activities, or having been on duty in military, para-military, security or
police organization.
 KOTAK ENDOWMENT PLAN
Kotak Endowment Plan is a protection plan that covers your life and at the same time
ensures that your money does not lie idle. It invests a portion of your premium in
financial instruments and ensures a considerable growth in savings. This is a
participating plan (with profits).
How old do you have to be to avail of this
plan?
Maximum age - 65 years
For what term can i avail of this plan? 10-30 years
What is the maximum age that the plan can
cover you till?
75 years

1. On maturity, you would receive the sum assured plus the bonus addition. Bonus
addition is the amount in the Accumulation Account*, in excess of the sum
assured. Accumulation Account is your personal account, in which the premiums
that you pay are deposited, the return declared every year is added and risk and
expense charges are deducted.
2. The amount available in the Accumulation Account is invested in various
financial instruments (as per IRDA regulations) so your money works harder for
you.
years of the term.
4. You can take a loan against your policy, after the policy has been in force for at
least three years.
5. You have the option of paying premiums quarterly, half yearly or yearly. You
also have the flexibility to pay premiums through the full term of the policy or
pay it for a fixed term of 3, 5, 7, 10 or 15 years.
6. You have the benefit of a 15-day free look period.
You may avail of the following value-adDs for a nominal premium at the time of taking
the plan, subject to the aggregate premium on all value-adds not exceeding 30% of the
basic plan premium.
 Term Benefit / Preferred Term Benefit: In the event of death during the term
of this benefit, the beneficiary would receive an additional death benefit amount,
which is over and above the sum assured. The maximum term benefit you can
avail of is equal to the basic sum assured. Where the Term Benefit cover applied
for is more than Rs.10 lakhs, better rates may apply, subject to meeting
eligibility requirements.
death of the life insured. The maximum cover available under this benefit is
equal to the basic sum assured (subject to a maximum of Rs.10 lakhs).
 Permanent Disability Benefit: This benefit provides financial support in case of
your permanent disability due to an accident. The amount payable is over and
above the basic sum assured and would be paid out as an annuity. The maximum

Permanent Disability Benefit that you can avail of is equal to the basic sum
assured (subject to a maximum of Rs.10 lakhs).
Permanent disability is defined as a permanent and immediate inability to
work, the permanent loss of use of two limbs or a total and permanent loss
of sight.
 Critical Illness Benefit: This benefit can be taken with the basic life insurance
policy to provide financial support in the event of medical emergencies. On the
emergency.
The maximum Critical Illness Benefit that you can avail of is equal to half the
basic sum assured subject to maximum of Rs. 20 lakhs.
 Life Guardian Benefit: This benefit can be availed of, only in a case where the
life insured and the proposer are two different individuals. In case of the
unfortunate death of the proposer, this benefit keeps the policy alive by waiving
 Accidental Disability Guardian Benefit: In case the proposer is permanently
disabled as a result of an accident, this benefit keeps the policy alive by waiving
all future premiums on the policy. This benefit is available also where the life
insured is the proposer.
In the event of death of the life insured during the term of the plan, the beneficiary
would receive the sum assured or the amount in the Accumulation Account, whichever
is higher.
details.
Mr. Sanjay Gupta, who is 30 years old, decides to buy a Kotak Endowment Plan for a
sum assured of Rs. 5,00,000 for a 20-year term for his wife, who is aged 28. Mr. Gupta

decides to take the Life Guardian Benefit as a rider to the plan. He does this to provide
enhanced security and protection to his wife.
The annual premiums paid by Mr. Gupta are as follows
Amount (Rs.)
KOTAK ENDOWMENT PLAN PREMIUM 22,552
LIFE GUARDIAN BENEFIT PREMIUM 1,106
TOTAL ANNUAL PREMIUM PAID 23,658
i) What would be the payout maturity?
On maturity Sanjay Gupta would receive the sum assured or Accumulation Account,
whichever is higher.
Assuming that the Accumulation Account grows at a rate of 6%, the payout on maturity
would be Rs. 6,93,800. At a growth rate of 10%, the maturity amount payable would be
Rs. 10,97,700.
ii) What would happen in the event of Mr.Gupta’s unfortunate death at the end of
10th year?
Since Mr. Gupta is the proposer on Mrs. Gupta’s policy and has availed of the Life
Guardian Benefit, all future premiums on Mrs. Gupta’s policy would be waived.
Thereafter the policy will continue as if the premiums are being paid regularly. On
maturity of her policy Mrs. Gupta would receive amounts as discussed above.*
* Assuming that the Accumulation Account grows at 6% and 10% respectively p.a.

CH NO. 6: SWOT ANALYSIS
STRENGTHS
• Market position is strong
• Aggressive foreign bank
• Shareholders return has grown more than 7 times
• Maintains a position as a leading Asian Cash Management provider
• Brand – Kotak Bank modern and dynamic look appeals to the growing middle
income earners
• Improved product proposition
• Better geographic balances
WEAKNESS
• HDFC, IDBI, ABN-AMBRO, Citibank and ICICI Bank are dominant players
• Has disadvantage due to last entry
• Fewer locations as compared to other MNC banks
• Service delivery perception is weak
OPPORTUNITIES
• Branch expansion for rapid growth
• Increase focus on value creation in whole banking
• Improve shareholders return
• Build market share in consumer banking as consumer banking continues to offer
highest potential for growth
• Broadening of the demographic base
• Tie ups with master card networks
• Integrated sales and service approach
• Can offer a complete corporate package under proposed corporate relationship
•

THREATS
• ICICI is pitching in quite aggressively
• Citibank is expanding in new markets
• Competitive products and offers from IDBI and HDFC
• Proposed networking of all branches in next 6 months

CH NO. 7: DATA COLLECTIONDATA COLLECTION
A semi-structured kind of questionnaire was designed which contain both open- ended
and multiple choice questions.
The questionnaire designed was to provide dual information sharing type, it is seriously
undertaken that anyone who in undergoing the process, should find his interest or else he
might show disinterest towards the programme. Actually, I have been dressing my
project as the awareness programme. This awareness programme provided all those
filling up of the questionnaire with enough information about the services of the Kotak
Mahindra Old Mutual Life Insurance. Thus the questionnaire was equally important both
ways to the customers as well as to the bank to draw out its prospects.
The questionnaire designed to know the potential of the customer and help as a
successful programme visiting the offices and small business enterprises without pre-
appointment also provided me with information about that they demand from a new
bank where they would prefer to open an account.
For those already holding a relationship with the Kotak Mahindra Old Mutual Life
Insurance, shared with me their opinion about the back and its services as well as
suggestions were also obtained from them of how to attract more potentiality for the
bank.
SAMPLING PLANSAMPLING PLAN
I have been assigned to visit the offices and small business firms in Delhi. I was free to
choose my area. Hence I choose areas near the Bank or places where I could feel greater
prospects, such a places where small shopping malls or new business firms have come
out and over the industrial belts where several offices could be found out.
The sample areas I choose was the following:
• Noida
• Punjabi Bagh
• Lawrence Road
• Gurgaon
I was advised not to visit the bigger companies because they were not our target
customers.

FIELD WORK PLANFIELD WORK PLAN
The field work was carried according the sampling plan formed. I visited the offices and
small business enterprises /firms under my own limitations and time constraint at the
following places.
(a) Noida
(b) Punjabi Bagh
(c) Lawrence Road
(d) Gurgaon
At some of the offices appointment were already made while at many places I visited,
without pre-appointments.
The main motive for these visits was to identify the potential customers or the potential
market. A two-way discussion was done through which the customers were made aware
of the services of Kotak Mahindra. The questionnaires are either directly filled up or
indirectly filled up by the people through this as well as the prospect of the areas as such
were these campaigns were put up.

FINANCIAL STATEMENTS
Kotak Mahindra Life Insurance Ltd...
Profit & Loss Account for the year ended 31St Dec, 2005
Current Year
31st
Dec. 05
(in lakhs)
Previous Year
31st
Dec 04
(in lakhs)
Income
Sales 1,134.22 785.65
Other Income 25.32 21.33
1159.54 806.98
Expenditure
Materials consumed 738.73 526.15
Personnel Expenses 87.3 70.36
Depreciation 30.01 29.93
Financial Charges 26.72 55.68
Excise duty 130.87 101.14
Misc. Expenditure 18.33 19.87
1198.26 953.49
Loss for the year before extra ordinary
items and prior period adjustments
(38.72) (146.51)
Extra-ordinary items
- Expenses on abandoned projects - (2.15)
Assets woff (6.64)
Pension liability (5.14) -
Prior period adjustments (0.30) (1.50)
Expenses of extraordinary items 44.16 156.80
Loss bought forward from previous years (324.23) (167.43)
Balance carried to the B/S (368.39) (324.23)

Balance Sheet as at 31 Dec 2005
As on 31st
Dec 05
(In Lacs)
As on 31st
Dec 04
(In Lacs)
Source of Funds
Shareholders funds
Share capital 734.20 834.20
Reserve and surplus 21.00
755.20 855.20
Loan Funds
Secured loans 198.09 217.96
Unsecured loans 0.04 2.95
198.13 220.91
953.33 976.11
Application of funds
Fixed Asset
Gross block 520.94 493.93
Less: Depreciation 125.09 95.21
395.85 398.72
Capital W.I.P. 1.58 2.69
Net book value 397.43 401.41
Investments 0.10 -
Current Assets, Loans and Advances
Inventories 93.87 129.57
Sundry Debtors 123.22 82.75
Cash& Bank Balances 10.64 82.20
Other current Assets 20.14 11.42
Loans and advances 47.06 45.68
294.93 351.62

Profit & Loss Account for the year ended 31st Dec, 2006
Current Year 31
Dec 06
(In Lacs)
Previous Year 31
Dec 05
(In Lacs)
Income
Sales 903.92 1134.22
Other Income 34.09 25.32
987.04 1159.54
Expenditure
Materials Consumed 621.23 738.73
Personnel Expenses 104.58 87.33
Mfg Other expenses 172.48 166.27
Dep / Amortisation 34.38 30.01
Financial Charges 30.57 26.72
Excise duty 120.04 130.87
Mis Expenditure W/off 20.28 18.33
1224.32 1198.26
Loss for the year before extra ordinary
items and prior period adjustments
(116.88) (38.72)
Extra ordinary items:
Expenses on abandoned project W/off -- --
Assets W/off -- --
As at Dec 31 2005 As at Dec 31.2004
Less: Current Liabilities Provisions
Current Liabilities 137.02 143.68
Provisions 15.73 8.56
152.75 152.24
Net current assets 142.18 199.38
Miscellaneous Expenditure (Total extent
not written off adjusted)
45.23 51.09
Profit and loss 368.39 324.23
953.33 1076.11

Pension liability -- 5.14
Prior period adjustments -- 0.30
Loss after prior pd. Exp. & extra-ord.
Items.
(116.88) (44.16)
Loss b/f from early years (368.39) (324.23)
Less: Amt. Adjusted against Cap.
Reduction300
(68.39) ---
Loss: c/f to B/S (185.27) (368.39)
Balance Sheet as at 31 Dec 2006
Sources Of Funds 31 Dec 06 (Lacs) 31 Dec 05 (Lacs)
Shareholders Fund
Capital 434.20 734.20
Reserves & Surplus 21.00 21.00
455.20 755.20
Loan Funds
Secured loans 360.46 198.09
Unsecured loans -- 0.04
Application of Funds
Fixed Assets
Gross Block 530.59 520.94
Less: Dep. 153.55 125.09
Net Block 377.04 395.85
Capital work in progress inc. capital
advances.
3.25 1.58
380.29 397.43
Investments 0.10 0.10
Current assets, Loans & Advances
Inventories 146.36 93.87
Sundry Debtors 114.71 123.22
Cash & Bank Balances 5.63 10.64
Other current Assets. 21.66 20.14

Loans & Advances 44.39 47.06
Less: Current liabilities & Provisions
Liabilities 116.07 137.02
Provisions 14.11 15.73
Net Current Assets 130.18 152.75
Misc. Expenditure
(To the extent not w/off)
47.43 45.23
Profit & Loss A/c 185.27 368.39
Total: 815.66 953.33

CH NO. 8: WORKING CAPITAL- OVERALL VIEW
CASH MANAGEMENT
Cash is the important current asset for the operations of the business. Cash is the basic
input needed 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. The firm should keep sufficient cash, neither more nor less. Cash shortage will
disrupt the firm’s operations while excessive cash will simply remain idle, without
contributing anything towards the firm’s profitability. Thus a major function of the
Financial Manager is to maintain a sound cash position.
Cash is the money which a firm can disburse immediately without any restriction The
term cash includes currency and cheques held by the firm and balances in its bank
accounts. Sometimes near cash items, such as marketable securities or bank time
deposits are also included in cash. The basic characteristics of near cash assets are that
they can readily be converted into cash. Cash management is concerned with managing
of:
i) Cash flows in and out of the firm
ii) Cash flows within the firm
iii) Cash balances held by the firm at a point of time by financing deficit or inverting
surplus cash.
Sales generate cash which has to be disbursed out. The surplus cash has to be invested
while deficit cash has to be borrowed. Cash management seeks to accomplish this cycle
at a minimum cost. At the same time it also seeks to achieve liquidity and control.
Therefore the aim of Cash Management is to maintain adequate control over cash
position to keep firm sufficiently liquid and to use excess cash in some profitable way.
The Cash Management is also important because it is difficult to predict cash flows
accurately. Particularly the inflows and that there is no perfect coincidence between the
inflows and outflows of the cash. During some periods cash outflows will exceed cash
inflows because payment for taxes, dividends or seasonal inventory build up etc. On the
other hand cash inflows will be more than cash payment because there may be large cash
sales and more debtors’ realization at any point of time. Cash Management is also
important because cash constitutes the smallest portion of the current assets, yet

management’s considerable time is devoted in managing it. An obvious aim of the firm
now-a-days is to manage its cash affairs in such a way as to keep cash balance at a
minimum level and to invest the surplus cash funds in profitable opportunities. In order
to resolve the uncertainty about cash flow prediction and lack of synchronization
between cash receipts and payments, the firm should develop appropriate strategies
regarding the following four facets of cash management.
1. Cash Planning: - Cash inflows and cash outflows should be planned to project cash
surplus or deficit for each period of the planning period. Cash budget should
prepared for this purpose.
2. Managing the cash flows: - The flow of cash should be properly managed. The cash
inflows should be accelerated while, as far as possible decelerating the cash
outflows.
3. Optimum cash level: - The firm should decide about the appropriate level of cash
balances. The cost of excess cash and danger of cash deficiency should be matched
to determine the optimum level of cash balances.
4. Investing surplus cash: - The surplus cash balance should be properly invested to
earn profits. The firm should decide about the division of such cash balance between
bank deposits, marketable securities and inter corporate lending.
The ideal Cash Management system will depend on the firm’s products, organisation
structure, competition, culture and options available. The task is complex and decision
taken can effect important areas of the firm.
Functions of Cash Management:
Cash Management functions are intimately, interrelated and intertwined Linkage among
different Cash Management functions have led to the adoption of the following methods
for efficient Cash Management:
 Use of techniques of cash mobilization to reduce operating requirement of cash
 Major efforts to increase the precision and reliability of cash forecasting.
 Maximum effort to define and quantify the liquidity reserve needs of the firm.
 Development of explicit alternative sources of liquidity
 Aggressive search for relatively more productive uses for surplus money assets.

The above approaches involve the following actions which a finance manager has to
perform.
1. To forecast cash inflows and outflows
2. To plan cash requirements
3. To determine the safety level for cash.
4. To monitor safety level for cash
5. To locate the needed funds
6. To regulate cash inflows
7. To regulate cash outflows
8. To determine criteria for investment of excess cash
9. To avail banking facilities and maintain good relations with bankers
Motives for holding cash:
There are four primary motives for maintaining cash balances:
1. Transaction motive
2 .Precautionary motive
3. Speculative motive
4. Compensating motive
1. Transaction motive: - The transaction motive refers to the holding of cash to
meet anticipated obligations whose timing is not perfectly synchronised with
cash receipts. If the receipts of cash and its disbursements could exactly coincide
in the normal course of operations, a firm would not need cash for transaction
purposes. Although a major part of transaction balances are held in cash, a part
may also be in such marketable securities whose maturity conforms to the timing
of the anticipated payments.
2. Precautionary motive: - Precautionary motive of holding cash implies the need
to hold cash to meet unpredictable obligations and the cash balance held in
reserve for such random and unforeseen fluctuations in cash flows are called as
precautionary balances. Thus, precautionary cash balance serves to provide a
cushion to meet unexpected contingencies. The unexpected cash needs at short

notice may be the result of various reasons as : unexpected slowdown in
collection of accounts receivable, cancellations of some purchase orders, sharp
increase in cost of raw materials etc. The more unpredictable the cash flows, the
larger the need for such balances. Another factor which has a bearing on the level
of precautionary balances is the availability of short term credit. Precautionary
cash balances are usually held in the form of marketable securities so that they
earn a return.
3. Speculative motive: - It refers to the desire of a firm to take advantage of
opportunities which present themselves at unexpected movements and which are
typically outside the normal course of business. The speculative motive
represents a positive and aggressive approach. Firms aim to exploit profitable
opportunities and keep cash in reserve to do so. The speculative motive helps to
take advantage of :In opportunity to purchase raw materials at a reduced price on
payment of immediate cash; A chance to speculate on interest rate movements by
buying securities when interest rates are expected to decline; delay purchases of
raw materials on the anticipation of decline in prices; etc.
4. Compensation motive: - Yet another motive to hold cash balances is to
compensate banks for providing certain services and loans. Banks provide a
variety of services to business firms , such as clearances of cheques, supply of
credit information, transfer of funds, etc. While for some of the services banks
charge a commission of fee for others they seek indirect compensation. Usually
clients are required to maintain a minimum balance of cash at the bank. Since
this balance can not be utilised by the firms for transaction purposes, the bank
themselves can use the amount for services rendered. To be compensated for
their services indirectly in this form, they require the clients to always keep a
bank balance sufficient to earn a return equal to the cost of services. Such
balances are compensating balances. Compensating balances are also required by
some loan agreements between a bank and its customer.

CASH MANAGEMENT: OBJECTIVES
The Basic objective of cash management is two fold:
(a) To meet the cash disbursement needs (payment schedule);
(b) To minimize funds committed to cash balances. These are conflicting and mutually
contradictory and the task of cash management is to reconcile them.
Meeting the payments schedule: - A basic objective of the cash management is to meet
the payment schedule, i.e. to have sufficient cash to meet the cash disbursement needs of
the firm. The importance of sufficient cash to meet the payment schedule can hardly be
over emphasized. The advantages of adequate cash are : (i) it prevents insolvency or
bankruptcy arising out of the inability of the firm to meet its obligations; (ii) the
relationship with the bank is not strained; (iii) it helps in fostering good relations with
trade creditors and suppliers of raw materials, as prompt payment may also help their
cash management; (v) it leads to a strong credit rating which enables the firm to
purchase goods on favorable terms and to maintain its line of credit with banks and other
sources of credit; (vi) to take advantage of favorable business opportunities that may be
available periodically; and (vi) finally the firm can meet unanticipated cash expenditure
with a minimum of strain during emergencies, such as strikes , fires or a new marketing
campaign by competitors.
Minimizing funds committed to cash balances: - The second objective of cash
management is to minimize cash balances. In minimizing cash balances two conflicting
aspects have to be reconciled. A high level of cash balance will, ensure prompt payment
together with all the advantages, but it also implies that large funds will remain idle
ultimately results less to the expected. A low level of cash balances, on the other hand,
may mean failure to meet the payment schedule that aim of cash management should be
to have an optimal amount of cash balances

CASH MANAGEMENT TECHNIQUES & PROCESSES
The following are the basic cash management techniques and process which are helpful
in better cash management:
Speedy cash collection: In managing cash efficiently the cash in flow process can be
accelerated through systematic planning and refined techniques. These are two broad
approaches to do this which are narrated as under:
Prompt payment by customer: One way to ensure prompt payment by customer is
prompt billing with clearly defined credit policy. Another and more important technique
to encourage prompt payment the by customer is the practice of offering trade
discount/cash discount.
Early conversion of payment into cash: Once the customer has makes the payment by
writing its cheques in favor of the firm, the collection can be expedited by prompt
encashment of the cheque. It will be recalled that there is a lack between the time and
cheque is prepared and mailed by the customer and the time funds are included in the
cash reservoir of the firm.
Concentration Banking: In this system of decentralised collection of accounts
receivable, large firms which have a large no. of branches at different places, select some
of these which are strategically located as collection centers for receiving payment for
customers. Instead of all the payments being collected at the head office of the firm, the
cheques for a certain geographical areas are collected at a specified local collection
centers. Under this arrangement the customers are required to send their payments at
local collection center covering the area in which they live and these are deposited in the
local account of concerned collection, after meeting local expenses, if any. Funds
beyond a predetermined minimum are transferred daily to a central or disbursing or
concentration bank or account. A concentration banking is one with which the firm has a
major account usually a disbursement account. Hence this arrangement is referred to as
concentration banking.
Lock-Box System: The concentration banking arrangement is instrumental in reducing
the time involve in mailing and collection. But with this system of collection of accounts
receivable, processing for purposes of internal accounting is involved i.e. sometime in
elapses before a cheque is deposited by the local collection center in its account. The

lock-box system takes care of these kind of problem, apart from effecting economy in
mailing and clearance times. Under this arrangement, firms hire a post office box at
important collection centers. The customers are required to remit payments to lock-box.
The local banks of the firm, at respective places, are authorized to open the box and pick
up the remittance received from the customers. Usually the authorised bank picks up the
cheques several times a day and deposits them in the firm’s account. After crediting the
account of the firm the banks send a deposit 4epo slip along with the list of payments
and other enclosures, if any, to the firm by way of proof and record of the collection.
Slowing disbursements: A basic strategy of cash management is to delay payments as
long as possible without impairing the credit rating/standing of the firm. In fact, slow
disbursement represents a source of funds requiring no interest payments. There are
several techniques to delay payment of accounts payable namely (1) avoidance of early
payments; (2) centralized disbursements; (3) floats; (4) accruals.
Avoidance of early payments: One way to delay payments is to avoid early payments.
According to the terms of credit, a firm is required to make a payment within a stipulated
period. It entitles a firm to cash discounts. If however payments are delayed beyond the
due date, the credit standing may be adversely affected so that the firms would find it
difficult to secure trade credit later. But if the firm pays its accounts payable before the
due date it has no special advantage. Thus a firm would be well advised not to make
payments early i.e. before the due date.
Centralized disbursements: Another method to slow down disbursements is to have
centralized disbursements. All the payments should be made by the head office from a
centralized disbursement account. Such an arrangement would enable a firm to delay
payments and conserve cash for several reasons. Firstly it involves increase in the transit
time. The remittances from the head office to the customers in distant places would
involve more mailing time than a decentralized payment by a local branch. The second
reason for reduction in operating cash requirement is that since the firm has a centralized
bank account, a relatively smaller total cash balance will be needed. In the case of a
decentralized arrangement, a minimum cash balance will have to be maintained at each
branch which will add to a large operating cash balance. Finally, schedules can be tightly
controlled and disbursements made exactly on the right day.
Float: A very important technique of slow disbursements is float. The term float refers
to amount of money tied up in the cheque that have been written, but have yet to be
collected and encashed. Alternatively, float represents the difference between the bank
balance and book balance of cash of a firm. The difference between the balance as

shown in the firm’s record and the actual bank balance is due to transit and processing
delays. There is time lag between the issue of a cheque by the firm and its presentation to
its bank by the customer’s bank for payment. The implication is that although a cheque
has been issued cash would be required later when the cheque resented for encashment.
Therefore, a firm can send remittance although it does not have cash in its bank at the
time of issuance of cheque. Meanwhile, funds can be arranged to make payments when
the cheque is presented for collection after a few days. Float used in this sense is called
cheque kitting.
Accruals: Finally, a potential tool for stretching accounts payable is accruals which are
defined as current liabilities that represent a service or goods received by a firm but not
yet paid for. For instance, payroll, i.e. remuneration to employees, who render services
in advance and receive payment later. In a way they extend credit to the firm for a period
at the end of which they are paid, say, a week or month. The longer the period after
which payment is made, the greater the amount of free financing and the smaller the
amount of cash balances required. Thus, less frequent payrolls, i.e. monthly as compared
to weekly, are important sources of accruals. They can be manipulated to slow down
disbursements.
DETERMINING THEOPTIMAL LEVEL OF CASH BALANCE:
Cash balance is maintained for the transaction purposes and additional amount may be
maintained as a buffer or safety stock.
The Finance manager should determine the appropriate amount of cash balance. Such a
decision is influenced by trade-off between risk and return. If the firm maintains a small
cash balance , its liquidity position becomes week and suffers from a paucity of cash to
make payments. But a higher profitability can be attained by investing released funds in
some profitable opportunities. When the firm runs out of cash it may have to sell its
marketable securities, if available, or borrow. This involves transaction cost.
On the other hand if the firm maintains a higher level of cash balance, it will have a
sound liquidity position but forego the opportunities to earn interests. The potential
interest lost on holding large cash balance involves opportunities cost to the firm.
Thus the firm should maintain an optimum cash balance, neither a large nor a small cash
balance.
To find out the optimum cash balance the transaction cost and risk of too small balance
should be matched with opportunity costs of too large a balance should be matched with
opportunity cost of too large a balance. Figure shows this trade-off graphically. If the

firm maintains larger cash balances its transaction cost would decline, but the
opportunity cost would increase. At point X the sum of two costs is minimum. This is
the point of optimum cash balance. Receipts and disbursement of cash are hardly in
perfect
synchronization.
Despite the absence of synchronization it is not difficult to determine the optimum level
of cash balance.
If cash flows are predictable it is simply a problem of minimizing the total costs - the
transaction cost and the opportunity cost.
The determination of optimum working cash balance under certainty can thus be viewed
as an inventory problem in which we balance the cost of too little cash ( transaction cost)
against the cost of too much cash( opportunity cash)
Cash flows, in practice, are not completely predictable. At times they may be completely
random. Under such a situation, a different model based on the technique of control
theory is needed to solve the problem of appropriate level of working cash balance.
With unpredictable variability of cash flows, we need information on transaction costs,
opportunity costs and degree of variability of net cash flows to determine the appropriate
cash balance. Given such data the minimum and maximum of cash balances should be
set. Greater the degree of variability, higher the minimum cash balance. Whenever the
cash balance reaches a maximum level, the differences between maximum and minimum
levels should be invested in marketable securities. When balance is falls to zero,
marketable securities should be sold and proceed should be transferred to the working
cash balances.
EVALUATION OF CASH MANAGEMENT PERFORMANCES
To assess the cash management performance this phase is divided as follows:
a) Size of Cash
b) Liquidity and Adequacy of cash
c) Control of cash
A) Size of cash: The quantum of cash held by KOTAK MAHINDRA during the study
period is presented in the table. The trend percentage also calculated and shown in
the table:

Size of cash balance (Rs. in Crores)
Year Cash (In Lacs) Trend
2004 82.20 100
2005 10.64 -87.83
2006 5.63 -93.15
Source : Annual report
-150
-100
-50
0
50
100
150
200
2004 2005 2006
Trend
Cash

Size of sales (Rs. in Lacs)
Year
Sales Trend
2004 785.65 100
2005 1134.23 44.36
2006 903.92 15.05
Source Annual Reports
0
200
400
600
800
1000
1200
1400
2004 2005 2006
Trend
Sales

(B) Liquidity and Adequacy of Cash:
One of the most important jobs of the Finance Manager is to maintain sufficient liquidity
to enable the firm to pay off its obligations when they fall due. To test a firm’s liquidity
and solvency we commonly use current and quick ratios. Traditionally 2:1 current ratio
and 1:1 quick ratio are taken as satisfactory standards for the purpose. The former
indicates the extent of the soundness of the current financial position of a firm and the
degree of safety provided to the creditors, the later signifies the ability of a firm to settle
all its current obligations on a particular date.
Current ratio and quick ratio
Year Current ratio Quick ratio
2004 2.12 1.51
2005 1.80 0.97
2006 2.41 1.03
Source: Annual Reports
0
0.5
1
1.5
2
2.5
3
3.5
4
2004 2005 2006
Quick Ratio
Current Ratio

Our analysis clearly shows that the company has very sound position regarding liquidity
and solvency. Further, all the ratios fluctuate throughout the period.
(C) Control of Cash:
One of the major objectives of cash management from the stand point of increasing
return on investment is to economize on the cash holding without impairing the overall
liquidity requirements of the firms. This is possible by effecting tighter controls over
cash flows. The following ratio has been applied to assess the efficiency of cash control:
 Cash to Current Assets ratio
 Cash turnover ratio
 Cash to current liabilities ratio
Cash to Current assets ratio
Year Cash to CA Ratio
2004 26.89
2005 4.29
2006 1.95
Average : 9.43
Source : Annual Reports
0
5
10
15
20
25
30
2004 2005 2006

Conclusion: It can be inferred from the above table that cash to current assets ratio is
decreasing which shows dark position of liquidity, which ultimately affect the
operational efficiency of the firm.
Cash to Current Liability Ratio (%)
Year Cash to CL ratio
2004 57.21
2005 7.76
2006 4.85
Average: 23.27
Source: Annual Reports
Conclusion:
Cash to current liability ratio shows the cash balance maintained by company at a certain
point of time for meeting its current liabilities. The lesser the ratio, proves the efficiency
of the company for maintaining liquidity at a minimum level of cash balance. It is
reducing during the study period and is at the minimum level of 4.85% in the year 2006.
Overall Conclusion: The analysis of financial data reveals that the company has very
sound position regarding liquidity and solvency as shown by the current and quick
ratios. The cash to current liabilities ratio is nearly on decreasing trend shows the
efficiency of operations.

Working capital management on kotak mahindra group

Working capital management on kotak mahindra group

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