Published on March 20, 2014
SUBMITTED BY:- KALAWATTI - 03 TARVEEN BINDRA – 06 ANKIT MALDE - 33 ANUSHRI MODI – 39 NAMRATA VIKAM – 64 1
ACKNOWLEDGEMENT It has been a sincere desire of every individual to get an opportunity to express her/his views ,skill ,attitude and talents in which she/he is proficient so as to give an satisfaction and confidence in her ability to do or produce something useful to mankind project is one such avenue through which a management student gives vent to his feelings and expressions . We take this opportunity to express our gratitude towards my guide Prof. Shubdha Joshi for her constant encouragement, support and guidance in our endeavor, without which we would have found it difficult to maintain our tempo and enthusiasm. 2
CONTENTS Sr. No TOPICS Pg No. 1. Objective of the Project 8 2. Introduction of Banking Sector 9 3. Introduction of Co-operative in India 10 4. Man Behind the Success of New India Co-operative Bank 11 5. Company Profile 12 6. Vision & Mission Statement 13 7. History of New India Co-operative Bank 14 8. Introduction of New India Co-operative Bank 15 9. Executive Summary 16 10. Board of Directors 17 11. Clearing Services offered by the Bank 18-19 12. Retail Banking 20-29 13. Corporate Banking 30-32 14. C.B.S. Services offered by the Bank 33-37 15. Loans provided by Bank 38-51 16. Loans Against Securities 52 HISTORY OF LEASING Over the centuries, leases have served many purposes and the nature of legal regulation has varied according to those purposes and the social and economic conditions of the times. Leases, for example, were mainly used for agricultural purposes until the late 18th century and early 19th century when the growth of 3
cities in industrialized countries had made leases an important form of landholding in urban areas. The modern law of landlord and tenant in common law jurisdictions retains the influence of the common law and, particularly, the laissez-faire philosophy that dominated the law of contract and property law in the 19th century. With the growth of consumerism, consumer protection legislation recognized that common law principles, which assume equal bargaining power between the contracting parties, create hardships when that assumption is inaccurate. Consequently reformers have emphasized the need to assess residential tenancy laws in terms of protection they provide to tenants. Legislation to protect tenants is now common. Lease financing denotes procurement of assets through lease. Leasing has grown as a big industry in the USA and UK and spread to other countries during the present century. In India, the concept was pioneered in 1973 when the First Leasing Company was set up in Madras and the eighties have seen a rapid growth of this business. Lease as a concept involves a contract whereby the ownership, financing and risk taking of any equipment or asset are separated and shared by two or more parties. Thus, the Lessor may finance and lessee may accept the risk through the use of it while a third party may own it. Alternatively the lessor may finance and own it while the Lessee enjoys the use of it and bears the risk. There are various combinations in which the above characteristics are shared by the lessor and lessee. LEASE FINANCING A lease transaction is a commercial arrangement whereby an equipment owner or manufacturer conveys to the equipment user the right to use the equipment in return for a rental. 4
In other words, lease is a contract between the owner of an asset (the lessor) and its user (the lessee) for the right to use the asset during a specified period in return for a mutually agreed periodic payment (the lease rentals). The important feature of a lease contract is separation of the ownership of the asset from its usage. Lease financing is based on the observation made by Donald B. Grant: “Why own a cow when the milk is so cheap? All you really need is milk and not the cow.” Leasing industry plays an important role in the economic development of a country by providing money incentives to lessee. The lessee does not have to pay the cost of asset at the time of signing the contract of leases. Leasing contracts are more flexible so Lessees can structure the leasing contracts according to their needs for finance. The Lessee can also pass on the risk of obsolescence to the lessor by acquiring those 229 Appliances, which have high technological obsolescence. Today, most of us are familiar with leases of houses, apartments, offices, etc TYPES OF LEASE AGREEMENTS Lease agreements are basically of types. They are (a) Financial lease (b) Operating lease (c) Sale and lease back 5
(d) Leveraged leasing (e) Direct leasing (f) Sub lease (g) Wet lease & Dry lease (A) FINANCIAL LEASE • Long-term, non-cancellable lease contracts are known as Financial Leases. • The essential point of financial lease agreement is that it contains a condition whereby the Lessor agrees to transfer the title for the asset at the end of the lease period at a nominal cost. • An option is given to the lessee to purchase the asset he has used at the expiry of the lease. • Under this lease, the Lessor recovers 90% of the fair value of the asset as lease rentals and the lease period is 75% of the economic life of the asset. • The lease agreement is irrevocable. • Practically all the risks incidental to the asset ownership and all the benefits arising there from are transferred to the Lessee who bears the cost of maintenance, insurance and repairs. • Only title deeds remain with the Lessor. • Financial lease is also known as ‘Capital Lease’. • In India, financial Leases are very popular with high-cost and high technology equipment. (B) OPERATING LEASE 6
• An Operating Lease stands in contrast to the Financial Lease in almost all aspects. • This Lease agreement gives to the lessee only a limited right to use the asset. • The Lessor is responsible for the upkeep and maintenance of the asset. • The lessee is not given any uplift to purchase the asset at the end of the lease period. • Normally the lease is for a short period and even otherwise is revocable at a short notice. • Mines, Computers hardware, trucks and automobiles are found suitable for Operating Lease because the rate of obsolescence is very high in this kind of assets. (C) SALE AND LEASE BACK • It is a sub-part of Finance Lease. • Under this, the owner of an asset sells the asset to a party (the buyer), who in turn leases back the same asset to the owner in consideration of lease rentals. • However, under this arrangement, the assets are not physically exchanged but it all happens in records only. This is nothing but a paper transaction. • Sale and lease back transaction is suitable for those assets, which are not subjected depreciation but appreciation, say land. • The advantage of this method is that the lessee can satisfy himself completely regarding the quality of the asset and after possession of the asset convert the sale into a lease arrangement. 7
• The sale and lease back transaction can be expressed with the help of the following figure. SALE TRANSACTION SELLER BUYER SALE TRANSACTION SALE VALUE LEASE TRANSACTION LESSEE LESSOR LEASE RENTALS Structure of a Sale and Leaseback Deal • Under this transaction, the seller assumes the role of a lessee and the buyer assumes the role of a Lessor. • The seller gets the agreed selling price and the buyer gets the lease rentals. • It is possible to structure the sale at agreed value (below or above the fair market price) and to adjust difference in the lease rentals. Thus the effect of profit /loss on sale of assets can be deferred. (D) LEVERAGED LEASING 8
• Under leveraged leasing arrangement, a third party is involved beside lessor and lessee. • The Lessor borrows a part of the purchase cost (say 80%) of the asset from the third party i.e., lender and the asset so purchased is held as security against the loan. • The lender is paid off from the lease rentals directly by the lessee and the surplus after meeting the claims of the lender goes to the lessor. • The Lessor, the owner of the asset is entitled to depreciation allowance associated with the asset. • The lease back transaction can be expressed with the help of the following figure. Sells Asset Leases Asset Manufacturer Lessor Lessee Lender Structure of a Leveraged Lease (E) DIRECT LEASING • Under direct leasing, a firm acquires the right to use an asset from the manufacturer directly. • The ownership of the asset leased out remains with the manufacturer itself. 9
• The major types of direct Lessor include manufacturers, finance companies, independent lease companies, special purpose leasing companies etc. (F)SUB-LEASE • A transaction in which leased property is released by the original lessee to a third party, and the lease agreement between the two original parties remains in effect. (G) WET LEASE AND DRY LEASE: • A wet lease is any leasing arrangement whereby a company agrees to provide an aircraft and at least one pilot to another company. • ‘Dry lease’ on the other hand, refers to leasing only the aircraft. 10
ADVANTAGES OF LEASING There are several advantages of acquiring capital assets on lease: SAVING OF CAPITAL Leasing covers the full cost of the equipment used in the business by providing 100% finance. The lessee does not has to provide or pay any margin to manufacturer. Lessor and there is no down payment. In this way the saving in capital or financial resources can be used for other productive purposes e.g. purchase of inventories. FLEXIBILITY AND CONVENIENCE The lease agreement can be tailor- made in respect of lease period and lease rentals according to the convenience and requirements of all lessees. PLANNING CASH FLOWS Leasing enables the lessee to plan its cash flows properly. The rentals can be paid out of the cash coming into the business from the use of the same assets. IMPROVEMENT IN LIQUIDITY Leasing enables the lessee to improve their liquidity position by adopting the sale and lease back technique. 100 % FINANCING In most cases, leasing allows you to finance 100% of the equipment cost – including installation and setup. With equipment leasing, there is no down 11
payment. The term of the lease can be matched with the useful life of the equipment. FIXED PAYMENTS Leasing provides fixed periodic payments for the equipment acquisitions. Payments are usually made on a monthly basis but can be structured as quarterly, semi-annual or annual depending on your needs. A fixed payment amount enhances the ability to forecast cash flow requirements. If any business experiences seasonal fluctuations in revenues, leasing can be structured to allow for lower payments during the off-peak season. TAX ADVANTAGES Under certain lease structures, business can lower its taxable income while enjoying a lower payment than that required under traditional financing methods. By converting a depreciable asset expense to a rent expense, the full payment can be expensed for tax purposes. BALANCE SHEET CONSIDERATIONS Leasing offers companies the ability to better manage their balance sheets and improve financial ratios by conserving operating capital and freeing up working capital and bank credit lines for inventory, expansion and emergencies. Each type of lease offers benefits unique to the company's financial conditions and objectives. 12
DISAVDVANTAGES OF LEASING EARLY TERMINATION The terms for early termination of most leases can be very unpleasant for the consumer, particularly if the termination is forced, i.e., the car is totaled in an accident or stolen. In such cases, insurance pay-outs often fall far short of the balance due on the lease. INSURANCE COST Leasing companies tend to require higher amounts of insurance coverage than one may normally carry. This could impact the insurance cost considerably. HIGHER CREDIT REQUIREMENTS Therefore, the credit worthiness standards tend to be higher for leases than conventional loans. In other words, If you have a troubled credit history you may have problems getting approved for a lease. For example, if the expensive car you will be driving for the next 2-6 years belongs to someone else (the leasing company), the owners want to be assured that you will make the payments on time and will not trash their car. NO OWNERSHIP The main disadvantage of leasing is that you never own the product. It remains the property of the leasing company during and after the lease. For example,when you 13
lease a car, you are renting it. The leasing company retains ownership of the car and you pay for the privilege of driving (and maintaining) it. The only exception being if you arrange for it to be sold to another company or person, in which case the leasing company would receive the money and a percentage would be passed back to you (depending on the amount, product type, age, and which leasing company you use). As you do not own the product, you are unable to sell it in the event it is no longer needed, and you cannot upgrade to a newer or better product without either paying off the remaining contract, or paying a large fee to cancel the contract. You also need to carry on paying a smaller lease cost, even after the cost of the equipment has been fully covered. LONG TERM EXPENSE Although leasing allows you to avoid paying a large lump sum, over a long period of time it often works out considerably more expensive. Over the course of a standard lease, you pay the cost of the equipment as well as the leasing companies charges. After the lease finishes you need to carry on paying rental to use the product (although after the initial lease the cost of rental goes down significantly). This means that over a number of years, you will pay considerably more than the actual cost of the equipment without ever actually owning it. 14
MAINTENANCE Although you do not own the equipment that you lease, you are still responsible for its maintenance and repair. Unless you have specifically trained employees to fix the equipment, then this could prove very costly in the event of a serious fault. Some leasing companies will allow you to cover the maintenance and repair costs for an extra sum (which is added to the monthly leasing cost). This will increase your monthly payments, but may save your money in the long run; particularly with manual or highly technical products that may go wrong frequently, and may cause severe disruption if out of action. Cover is normally through the leasing company itself, or through a separate insurance policy. EXPENSIVE TO GET OUT OF A LEASE Consider that your monthly payment is made up of two parts: depreciation and interest. The depreciation part of the payment is calculated by taking the difference between the capital cost and the residual (the total depreciation over the lease) and dividing it by the number of months. In effect, you are paying off the depreciation with equal payments each month. Graphically, the depreciation is being paid "in a straight line" (see figure). 15
But we all know that a car depreciates much more rapidly in the earlier years with the biggest hit occurring the day you drive the car off the lot. So when you terminate the lease before you have paid all of the depreciation, you will likely be required to pay the difference between what the car is worth and how much you have paid on the depreciation. This difference is often referred to as the "gap". 16
CONCLUSION Leasing has grown by leaps and bounds in the eighties but it is estimated that hardly1% of the industrial investment in India is covered by the lease finance, as against 40% in USA and 30% in UK and 10% in Japan. The prospects of leasing in India are good due to growing investment needs and scarcity of funds with public financial institutions. This type of lease finances is particularly suitable in India where a large number of small companies have emerged more recently. Leasing in the sphere ofland and building has been in existence in India for a long time, while equipment leasing has become very common in the recent times. EXAMPLE Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India's leading infrastructure development and finance companies. IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI). Over the 17
years, IL&FS has broad-based its shareholding and inducted Institutional shareholders including State Bank of India, Life Insurance Corporation of India, ORIX Corporation - Japan and Abu Dhabi Investment Authority INTRODUCTION TO HIRE PURCHASE Hire purchase (frequently abbreviated to HP) is the legal term for a contract developed in the United Kingdom, and now found in India, Australia and New Zealand. In the Republic of Ireland, HP most commonly refers to employment, with the comparable system being called closed-end leasing. In cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner. In Canada and the United States, a hire purchase is termed an installment plan; other analogous practices are described as closed-end leasing or rent to own. Hire purchase differs from a mortgage and similar forms of lien-secured credit in that the so-called buyer who has the use of the goods is not the legal owner during the term of the hire-purchase contract. If the buyer defaults in paying the 18
installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchase goods beneficial to their taxable income. MEANING Hire purchase is a type of installment credit under which the hire purchaser, called the hirer, agrees to take the goods on hire at a stated rental, which is inclusive of the repayment of principal as well as interest, with an option to purchase. Under this transaction, the hire purchaser acquires the property (goods) immediately on signing the hire purchase agreement but the ownership or title of the same is transferred only when the last installment is paid. The hire purchase system is regulated by the Hire Purchase Act 1972. This Act defines a hire purchase as “an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement and includes an agreement under which: • The owner delivers possession of goods thereof to a person on condition that such person pays the agreed amount in periodic installments. • The property in the goods is to pass to such person on the payment of the last of such installments, and 19
• Such person has a right to terminate the agreement at any time before the property so passes”. Hire purchase should be distinguished from installment sale wherein property passes to the purchaser with the payment of the first installment. But in case of Hire purchase (ownership remains with the seller until the last installment is paid) buyer gets ownership after paying the last installment. Hire purchase also differs from leasing. FEATURES OF HIRE PURCHASE AGREEMENT Under hire purchase system, the buyer takes possession of goods immediately and agrees to pay the total hire purchase price in installments. Each installment is treated as hire charges. The ownership of the goods passes from the seller to the buyer on the payment of the last installment. In case the buyer makes any default in the payment of any installment the seller has right to repossess the goods from the buyer and forfeit the amount already received treating it as hire charges. The hirer has the right to terminate the agreement any time before the property passes. That is, he has the option to return the goods in which case he need not pay installments falling due thereafter. However, he cannot recover the sums already paid as such sums legally represent hire charges on the goods in question. ADVANTAGES OF HIRE PURCHASE 20
Spread the cost of finance: Whilst choosing to pay in cash is preferable, this might not be possible for consumer on a tight budget. A hire purchase agreement allows a consumer to make monthly repayments over a pre-specified period of time. Interest-free credit: Some merchants offer customers the opportunity to pay for goods and services on interest-free credit. This is particularly common when making a new car purchase or on white goods during an economic downturn. Higher acceptance rates: The rate of acceptance on hire purchase agreements is higher than other forms of unsecured borrowing because the lenders have collateral. Sales: A hire purchase agreement allows a consumer to purchase sale items when they aren't in a position to pay in cash. The discounts secured will save many families money. Debt solutions: Consumers that buy on credit can pursue a debt solution, such as a debt management plan, should they experience money problems further down the line. DISADVANTAGES OF HIRE PURCHASE Personal debt: A hire purchase agreement is yet another form of personal debt. It is monthly repayment commitment that needs to be paid each month. Final payment: A consumer doesn't have legitimate title to the goods until the final monthly repayment has been made. 21
Bad credit:All hire purchase agreements will involve a credit check. Consumers that have a bad credit rating will either be turned down or will be asked to pay a high interest rate. Creditor harassment:Opting to buy on credit can create money problems should a family experience a change of personal circumstances. Repossession right:A seller is entitled to 'snatch back' any goods when less than a third of the amount has been paid back. Should more than a third of the amount have been paid back, the seller will need a court order or for the buyer to return the item voluntarily. STANDARD PROVISIONS To be valid, HP agreements must be in writing and signed by both parties. They must clearly set out the following information in a print that all can read without effort: 1. a clear description of the goods 2. the cash price for the goods 3. the HP price, i.e., the total sum that must be paid to hire and then purchase the goods 4. the deposit 22
5. the monthly installments (most states require that the applicable interest rate is disclosed and regulate the rates and charges that can be applied in HP transactions) and 6. a reasonably comprehensive statement of the parties' rights (sometimes including the right to cancel the agreement during a "cooling-off" period). 7. the right of the hirer to terminate the contract when he feels like doing so with a valid reason. IMPLIED WARRANTIES AND CONDITIONS TO PROTECT THE HIRER The extent to which buyers are protected varies from jurisdiction to jurisdiction, but the following are usually present: 1. The hirer will be allowed to enjoy quiet possession of the goods, i.e. no-one will interfere with the hirer's possession during the term of this contract 23
2. The owner will be able to pass title to, or ownership of, the goods when the contract requires it 3. That the goods are of merchantable quality and fit for their purpose, save that exclusion clauses may, to a greater or lesser extent, limit the Finance Company's liability 4. Where the goods are let by reference to a description or to a sample, what is actually supplied must correspond with the description and the sample. THE HIRER'S RIGHTS The hirer usually has the following rights: 1. To buy the goods at any time by giving notice to the owner and paying the balance of the HP price less a rebate (each jurisdiction has a different formula for calculating the amount of this rebate) 2. To return the goods to the owner — this is subject to the payment of a penalty to reflect the owner's loss of profit but subject to a maximum specified in each jurisdiction's law to strike a balance between the need for the buyer to minimize liability and the fact that the owner now has possession of an obsolescent asset of reduced value 3. With the consent of the owner, to assign both the benefit and the burden of the contract to a third person. The owner cannot unreasonably refuse consent where the nominated third party has good credit rating 4. Where the owner wrongfully repossesses the goods, either to recover the goods plus damages for loss of quiet possession or to damages representing the value of the goods lost 24
THE HIRER'S OBLIGATIONS The hirer usually has the following obligations: 1. To pay the hire installments 2. To take reasonable care of the goods (if the hirer damages the goods by using them in a non-standard way, he or she must continue to pay the installments and, if appropriate, compensate the owner for any loss in asset value) 3. To inform the owner where the goods will be kept. THE OWNER'S RIGHTS The owner usually has the right to terminate the agreement where the hirer defaults in paying the installments or breaches any of the other terms in the agreement. This entitles the owner: 1. To forfeit the deposit 2. To retain the installments already paid and recover the balance due 3. To repossess the goods (which may have to be by application to a Court depending on the nature of the goods and the percentage of the total price paid) 4. To claim damages for any loss suffered. FUNCTIONS OF HIRE PURCHASE 25
1. Hire purchases are used to acquire houses, automobiles, furniture, and other large items that generally cannot be paid in a lump sum. Hire purchases function as legal documents for which the lender can legally hold the title until the item is paid in full. 2. A hire purchase can be an installment or deferred payment plan. In the former, a set monthly payment is paid on a certain day each month for a specified length of time. After the last payment, the item becomes the purchaser's property. In the latter, the property immediately belongs to the purchaser while payments are regularly made. 3. A hire purchase can be for a few months up to many years. The interest rate can vary from low to high, depending on the institution granting the agreement. Usually, a more expensive item will be set up for 10, 15, or more years. Typically, a mortgage covers a span of 30 years. 4. To be valid, a hire purchase must be signed by both parties. It should contain a description of the item, the price paid, the deposit (if any), monthly amounts due, statement of each party's rights, and requirements, if any, for early termination. 5. A hire purchase allows a person to buy an item, such as a house, over a long period of time. With such an agreement, the buyer can enjoy his property while making payments. The buyer also has the right to sell the property and allow the new purchaser possession of his house. 6. If the purchaser fails to make the installments in a timely manner, the lender has the right to repossess the property or item. In severe cases, the purchaser may file for foreclosure or bankruptcy, at which time the item's ownership will be returned to the lender. 26
7. Generally, a person must be at least 18 years of age to enter into a valid hire purchase. There is no upper age limit to incurring such a purchase agreement. Each person should carefully consider his financial position before incurring any type of hire purchase. NSIC AND HIRE PURCHASE Small scale firms can acquire industrial machinery, office equipment, vehicles, etc. without making full payment through hire purchase. With the help of assets acquired through hire purchase they can produce and sell. From the earning payments can easily be made in installments. Ultimately the ownership of assets can be acquired. Now several agencies like National Small Industries Corporation (NSIC) provide machinery and equipment to small scale units on hire purchase basis and on lease basis. NSIC follows the following Hire Purchase procedure and Hire Purchase Scheme for financing plant and machinery to small scale un 27
DIFFERENCE BETWEEN LEASE FINANCING AND HIRE PURCHASE 28
29 LEASING HIRE PURCHASE BASIS A lease transaction is a commercial arrangement, whereby an equipment owner or manufacturer conveys to the equipment user the right to use the equipment in return for a Rental Hire purchase is a type of installment credit under which the hire purchaser agrees to take the goods on hire at a stated rental, which is inclusive of the repayment of principal as well as interest, with an option to purchase. Option No option is provided to the lessee (user) to purchase the goods. Option is provided to the Hirer (user). Nature of expenditure Lease rentals paid by the lessee are entirely revenue Expenditure of the lessee. Components Lease rentals comprise of 2 elements (1) finance charge (2) capital recovery Only interest element included in the HP installments is revenue expenditure by nature. HP installments comprise of 3 elements (1) normal trading profit (2) finance charge and (3) recovery of cost of goods/assets.
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