industrial firms used Aggressive Investment Policies. Aggressive Investment policy results to keep current assets at minimum level taking the advantage from current debt, by implementing risk strategy decisions and managing the companies in this way. If manager is using this risk policy, he tries to generate the cash from the short term loans and provide the cash to the current assets from these loans. Mehmet and Eda (2009) analyzed the relationship between the efficiency levels of WCM to ROTA of Istanbul stock exchange. The data was collected from the 49 production firms that were traded in ISE and the year started from 1993 to 2007. There were two models used to find the relationship between the WCM and ROTA (return on total asset). In 1st model, they used ROTA, CCC, CR and NWC as a percentage of total assets. In 2nd model, they dealt with ARP, APP, and inventory payable. The results showed that there is negative relation between them. Gill et al (2010) analyzed the relationship of the working capital management of the firms and the profitability of the firms. A positive and significant relationship was analyzed among the cash conversion cycle and the profitability of the firms. Charitou et al (2010) had analyzed the relationship between the profitability of the firms and the working capital management. For this purpose, they made a hypothesis i.e. working capital management has the positive and the significant impact on the financial performance of the firms. They used the multivariate regression analysis in case of the firms listed on the Cyprus Stock Exchange. They showed that creditor’s payment period, sales outstanding and the days in inventory have a significant relationship with the profitability of the firms. Baños-Caballero et al (2012) examined the relationship between the working capital management and profitability of the firm with the small and medium enterprise of the Spanish companies. Their study finds that the working capital level can maximize the profitability of small and medium enterprise. Uchenna et al (2012) have analyzed the impact of the Cash Conversion Cycle on the profitability of the top 5 beer manufacturing firms. Multiple regression Model was used and the data was in the form of cross-sections. The empirical results of their research had showed that in the manufacturing firms, CCC and sales growth are positively related to the profitability of the manufacturing firms. Mary et al (2012) have researched upon those factors that influence the profitability of the brewing firms in Nigeria. They took the data from their financial statements and multiple regression analysis was run. Their research showed that the ratios like Account receivables to sales, inventory to CGS and general expenses to sales have the significant relationship with the profitability of the brewing firms. Knauer and Wöhrmann (2013) suggested that the efficient management of the current assets and current liabilities strengthen the firm’s financial condition. They analyzed that there was a positive relationship between the working capital management and the firm’s profitability. Moreover they also suggested that the working capital management also plays a vital role for the liquidation of the firm. Bhatia and Srivastava (2016) have analyzed the impact of the working capital management on the profitability of the firms in the merging market. For this purpose, they had used Ordinary Least Square method. They used the panel data of 179 firms listed on the Bombay Stock exchange. They concluded that the firms must have to manage the working capital in an efficient and effective way.