Aim and objectives of different type of businesses Essay

At the point when a business first beginnings exchanging it has barely any dependable clients and no notoriety. The most probable goal for a new company is essentially endurance. As the business develops and starts to win piece of the overall industry, the point may move towards extension and expanding benefits. Without points and goals there is no importance to the business. The goal of the two things to make business work far and away superior to what it would regularly do. A point †Where the business needs to go later on and its objectives. It is an announcement reason. Like need to develop the business in to Europe Objectives-give the business a plainly characterized target. Plans would then be able to be made to accomplish these objectives. This can persuade the representatives. It’s likewise empower the business to gauge the advancement towards its began points The best business destinations meet the accompanying standards: Specific - clear and straightforward. Quantifiable †for example ready to be measured. Feasible †conceivable to be reached. Reasonable †not ‘pie in the sky’. Time bound †related with a particular timespan. A case of a SMART target is to expand benefits 10% inside the following a year. Savvy goals permit the presentation of business to be recognized. Reason the motivation behind having point and destinations is to design a route forward which will assist them with establishing the future condition of works in other word, how their business will be in a couple year’s time some portion of this handle is arranging. So they have a dubious idea that how they will accomplish that specific objective and status in the business in not many years time Another motivation behind setting points and goals is to gauge the presentation, for instance, how much benefit they have made in the most recent year, so they realize that they are improving or more awful than a year ago. They will give data to the individuals who are intrigued, which will prompt urge them to improve. Earn back the original investment is where cost or costs and income are equivalent. For instance, if a business sells less than 200 tables every month, it will make a misfortune, on the off chance that it sells more, it will be a benefit. With this data, the business directors will at that point need to check whether they hope to have the option to make and sell 200 tables for each month. Endurance Broadening expand your business by characteristic movement. For example, in the event that you sell men’s shirts, adding ties and sleeve fasteners to the range are a conspicuous following stage. All the more drastically, you broaden the brand by offering an a lot more extensive scope of items that will regardless interest similar clients. Then again, you can utilize the quality of brand to move into new markets. Cost slicing here is noteworthy approaches to set aside cash without bargain: Don’t sit around As an entrepreneur, you put in a great deal of hours, yet time is as yet a constrained asset. Sitting around can cut into your deals and hurt your primary concern. When in doubt, whatever you can actualize to spare time will likewise set aside you cash over the long haul. Slice Out Paper-According to investigate by Xerox, about 40% of office paper is disposed of inside 24 hours of anybody imprinting on it. In the event that you include the amount you spend on printing supplies, paper, and work, you’ll rapidly observe that utilizing electronic document stockpiling can set aside you heaps of cash. Look for Insurance †There are a ton of extraordinary approaches to bring down your protection costs, yet the most significant advance is to discover and analyze protection strategies. You ought to consistently be searching for the best rates out there, particularly at reestablishment time. http://www.slideshare.net/tariqmehsud/nikes-introduction http://education.cambridge.org/media/576464/business_and_management_for_the_ib_diploma___cambridge_education___cambridge_university_press_samples.pdf

Origins of the Arab Spring The WritePass Journal

Causes of the Arab Spring Theoretical Causes of the Arab Spring ), the Middle East was controlled by despots who had taken up responsibility for nations. Numerous Arabs had an inclination that they had been reviled and that the running of undertakings in their nations was a wellspring of good humiliation. All the occasions in the Arab Spring started from a demonstration of dissent by Bouazizi, a 26-year-elderly person from Tunisia on seventeenth December, 2010. He set himself ablaze after a brush with police forces.â As revealed by The Telegraph (2011), â€Å"his truck was seized by a police officer who slapped him and spat in his face†. This adds police ruthlessness to the hazards that Arabs were experiencing in systems preceding the spring. This report plans to introduce an inside and out investigate occasions previously, during and after the ongoing Arab spring. 2.Events During the Arab Spring Bouazizi surrendered to wounds supported in the wake of burning himself in fight. Be that as it may, the occasions that followed changed Tunisia’s political scene. Mass fights were sorted out over persecution, joblessness and the wide hole in salary between the rich and poor people. A definitive objective of the fights was to guarantee that Zine El Abidine Ben Ali, the then leader of the nation, is expelled from office. Marginally not exactly a month after the fights began, Ben Ali fled Tunisia on fourteenth January, 2011 in the wake of administering for twenty four years (Willis, 2012). This triumph of Tunisian reformists roused protestors in neighboring Egypt, who accepted that they needed to end Hosni Mubarak’s thirty-year rule of the nation. Egypt fights were severely opposed by security powers. In February 2011, the steady protestors prevailing with regards to making Mubarak to leave office (Abou-El-Fadl, 2012). The third setback was Libya, whose fights were activa ted by the captures of human rights legal advisors in February, 2011. These fights took a savage turn, with the restriction being helped by NATO in destabilizing the Libyan armed force. In October 2011, following eight months of furious trades between the military and protestors, Gaddafi’s rule was ruthlessly finished when he was caught executed (Prashad, 2012). In the Middle East, nations that accomplished Arab spring fights were Syria, Yemen and Bahrain. Much the same as it was knowledgeable about North Africa, dissents in these nations were savage and gotten ruthless opposition from police and other security powers. In the wake of enduring an execution endeavor, Ali Abdullah Saleh, who had been Yemen’s president for more than 30 years, surrendered in 2012. In any case, Bashar Al-Assad, Syria’s president figured out how to stick to his administration in the midst of analysis from the global network (Weyland, 2012). 3.Characteristics of Arab Countries that set off the Arab Spring Springborg (2011) contends that the financial conditions in Arab nations are not helpful for popularity based administration. There is a high strength of governments in the private part, a reality that constrains the sources from which independent associations can draw capital. Thus, these nations score contrarily regarding work and different angles that add to prudent dependability. Strength of organizations by the administration gives it a monetary bit of leeway over its restriction. Except if changes are made to diminish the financial intensity of governments, fulfillment of vote based system is troublesome (Campante Chor, 2012; Stepan Linz, 2013). With no monetary capacity to coordinate that of the administration and negligible roads through which complaints can be made, mass fights were the main reasonable alternatives for the persecuted. Consequently, most of the populace worked together against the rare sorts of people who were in power. Nonetheless, there is no confirmation t hat expelling one individual from power and moving it to another can carry moment financial changes to a nation. As indicated by Springborg (2011), the accomplishment of majority rules system in the Middle East is tested by the reality the economies are excessively youthful, poor and rustic. For a vote based progress to viably happen in a nation, Cincotta and Doces (2011) set up that the middle age of the country’s populace must be roughly thirty. In any case, Arab nations have the second most reduced middle ages on the planet. Tunisia is the most established, with a middle age of 29. Such energetic ages, as indicated by Springborg (2011), are related with unpredictability, a trademark that was shown in the Arab spring. For majority rule government to be successfully continued, the per capita yearly pay for residents was approximated in 1997 to be $6,000 (Przeworski Limongi, 1997). Given this was 15 years back, the present figure is $12, 000. Aside from Tunisia, the per capita GDPs of Arab nations are as of now under $6,000. The achievement of vote based system is likewise firmly identified with how urbanized areas are (Davis Henderson, 2003). Despite the fact that there are fluctuating degrees of urbanization in the Arab world, the general degree of urbanization is lower than anticipated. This is even compounded by the way that Egypt has been currently de-urbanizing since 1986 (Springborg, 2011). Different components that represent a test to vote based system in the Arab world incorporate contracted white collar classes, high lack of education levels among populaces, weakness and overdependence on governments. Arabians from poor people, rich and white collar class vigorously depend on their administrations for their prosperity. This has expanded the governments’ spending plans on appropriations of vitality and food (Springborg, 2011). Therefore, governments are to a great extent tyrant. This leaves people with significant influence at freedom to do whatever they please with the assets of their nations, paying little heed to what impacts it will have on different residents. This likewise added to the anger among protestors who griped about the insufficient dispersion of assets. 4.Impacts of the Arab Spring There are a few effects that came about because of the Arab Spring on both nearby and global levels. For nations that effectively partook and removed their pioneers, the opening must be filled. This prompted the opposition of initiative among a few gatherings, each seeing itself as the correct beneficiary of authority (Brom, 2012). These included gatherings battling for majority rule government, Islamic associations, military gatherings and gatherings partnered to past systems. Notwithstanding, the present reality in these nations is that the capability of Islamic associations getting power is higher than that of different gatherings. In the whole Middle East, the Arab Spring achieved a move in light of a legitimate concern for every nation. Preceding the spring, nations in the Middle East had fragmented themselves into gatherings, each challenging to achieve provincial initiative. The two fundamental gatherings into which these nations were separated were the counter western camp and genius western camp. The counter western camp was against the belief systems of nations from the west and represented certain difficulties for the universal network. Then again, the genius western camp was moderate and bolstered a few goals of the west. After the spring, nations quit challenging for incomparability and focused on their own household issues. Connections between these nations have significantly diminished to a base (Yadlin, 2012). Vacuums that were left after the upheaval are being filled and quantifies are being taken to keep such uprisings from occurring in nations that didn't encounter them. On a worldwide scale, nations are vieing for an opportunity to partake in reshaping the Middle Eastern nations in the fallout of the transformation. The Russians and Chinese are contending with western nations to help these nations, each seeking after its own advantages in these nations. A few nations from the European district have likewise demonstrated enthusiasm for helping these countries to experience a fruitful equitable change (Perthers, 2011). Organizations have additionally observed an open door in putting resources into these nations. Much the same as the Spring of Nations, the Eastern European Spring and the Prague Spring in 1848, 1980s and 1968, individually (Susser, 2012), accomplishing a balance state after the Arab spring is relied upon to take a long while. Regardless of whether the systems that will assume control over administration will beat all difficulties and grasp popular government is a reality that is obscure at present. 5.Conclusion The Arab Spring was activated by political and social issues that are interchangeable with the greater part of the Arab nations. As it has been demonstrated in this report, the greater part of these issues have happened on account of the absence of vote based system. The key reason for this upset was the articulate disappointment of the individuals with their rulers, whose authority had been portrayed by colossal holes between the rich and poor people, infringement of the privileges of their residents, tyrannical principles, elevated levels of joblessness and destitution. It is additionally contended by certain scientists that the spring may have been motivated by the Kyrgyz unrest that occurred in 2010. Effects of the Arab Spring have been felt over the globe, with nations contending to take an interest in the progress of these nations while simultaneously seeking after their own advantages. Notwithstanding, tending to the difficulties that face Arab nations needs a great deal of as sets and time. 6.Bibliography Abou-El-Fadl, R., 2012. The Road to Jerusalem through Tahrir Square: Anti-Zionism and Palestine in the 2011 Egyptian Revolution. Diary of Palestine Studies, 41(2), pp.6-26. Ajami, F., 2012. The Arab Spring at One. Outside Affairs, 91(2). Brom, S., 2012. Provincial Implications of the Arab Spring. In Guzansky, Y., Heller, M.A. (ed) One Year of the Arab Spring: Global and Regional Implications. Tel Aviv: Institute for National Security Studies. pp.39-43. Campante, F.R. Chor, D., 2012. For what reason was the Arab World Poised for Revolution? Tutoring, Economic Opportunities, and the Arab Spring. The Journal of Economic Perspectives, 26(2), pp.167-87. Cincotta, R. Doces, J., 2011. The Age-auxiliary Maturity Thesis

Not in my own words.

Not in my own words. Between June 1st and today, I have: written 5 versions of my medical school personal statement completed two separate medical school primary applications (AMCAS, TMDSAS) finished 11 secondaries, each with an average of 3 short essays not to mention other random essays for programs/internships and so on. Through all this, Ive learned that writing for an admissions or selections committee is HARD. Its not like blogging where you can write whatever you want, however you want. No, personal statements are written differently than CVs which are written differently than cover letters, and so on. Its been an up and down roller coaster of editing, getting feedback, and editing some more. In the midst of all this, Chris sent me this article to read, and it cleared up my thoughts/helped me out immensely. And so, I thought Id share. I hope this article useful to all of you as you embark on college apps/scholarship apps, etc! It definitely helped me :) Credit: Vince Gotera, University of Northern Iowa (http://www.uni.edu/~gotera/gradapp/stmtpurpose.htm) How to Write a Great Statement of Purpose Vince Gotera English Language and Literature University of Northern Iowa January 2006 The Statement of Purpose required by grad schools is probably the hardest thing you will ever write. (Incidentally, the statement of purpose may also be called an Application Essay, Objectives for Graduate Study, Personal Background, Cover Letter, or some comparable title.) I would guess virtually all grad-school applicants, when they write their first draft of the statement of purpose, will get it wrong. Much of what you have learned about writing and also about how to present yourself will lead you astray. For example, heres an opening to a typical first draft: I am applying to the Master of Fine Arts program in creative writing at the University of Okoboji because I believe my writing will blossom at your program since it is a place where I will be challenged and I can hone my writing skills. Hows that? Its clear, its direct, and it strokes the MFA program, right? Wrong. All of it is obvious and extraneous. The admissions committee knows you are applying to their MFA program because everyone in the stacks of applications they are reading is applying for the same thing. The admissions committee will also know that your writing will blossom there since they feel they have a strong program. Of course you will be challenged â€" all undergrads going on to a grad program will be challenged, no matter how well-prepared they think they are. And of course the new grad student will hone [her] writing skills â€" isnt that the main purpose of the MFA program? Lets assume the required length of this particular programs statement of purpose is 300 words. Well, with this opening you will have used up 15% of your space saying virtually nothing. 15%! In fact, not only is this opening paragraph obvious, extraneous, and space-stealing, its boring! Imagine whos reading this and where: five professors locked in a room with 500 applications. Do you think this opening paragraph will command their attention? Will they read the rest of this statement of purpose with an open mind that this applicant is the kind of student they want? Will they remember this application later? You be the judge. Remember what you learned in first-year composition? You need a hook. A former student of mine applying to enter a masters program in library science had a great hook. I dont remember Susans exact words, but the opening paragraph of her statement of purpose went something like this: When I was eleven, my great-aunt Gretchen passed away and left me something that changed my life: a library of about five thousand books. Some of my best days were spent arranging and reading her books. Since then, I have wanted to be a librarian. Okay its clear, its direct, its 45 words, and, most important, it tells the admissions committee about Susans almost life-long passion not just for books but for taking care of books. When the committee starts to discuss their best picks, dont you think theyll remember her as the young woman who had her own library? Of course they will, because having had their own library when they were eleven would probably be a cherished fantasy for each of them! Suppose Susan had written this opening paragraph instead: I am honored to apply for the Master of Library Science program at the University of Okoboji because as long as I can remember I have had a love affair with books. Since I was eleven I have known I wanted to be a librarian. Thats 45 words too. Do you think the admissions committee will remember this application among the 500 applications they are wading through? Probably more than half of the applications, maybe a lot more than half, will open with something very similar. Many will say they have had a love affair with books â€" that phrase may sound passionate until youve read it a couple of hundred times. All of us have had some event, some experience, like my students personal library at eleven, which drives us toward the discipline(s) we inhabit. I was speaking to a group of students recently about this. One student â€" lets call her Jennifer â€" said she wanted to get a masters degree in speech therapy. When I asked her why, Jennifer said she had taken a class in it for fun and really loved it. But then I pressed her: was there some personal reason she found that field significant enough to spend her whole life doing it? At first Jennifer said no, but after more questioning she revealed that her brother had speech problems. This was a discovery to her; she had not entered the field with that connection in mind â€" at least not consciously. But there it was; Jennifer now had her hook. You have to really dig. Be introspective. Dont settle for I love this field. Why do you love this field? Why do you want to work in this field for the rest of your life? Why does it complete you? Cut through the bull you tell your parents and relatives and friends. What is your truth? Find it and then find a memorable way to say it. Grad schools require the statement of purpose not only because they want to find about you as an applicant, they want you to really think about why you are taking such a life-changing step â€" truly and profoundly why. Okay, back to the scene of the five professors surrounded by stacks of applications, maybe more than 500. Do you know who they are? What they want? What they like to eat? Obviously, no. Conversely, do they know you? Well, no. But the statement of purpose is your chance to help them get to know you! Your statement of purpose should portray you as a person, not just an application among hundreds of others. Not just paper and ink. Heres one way to do it. When I was an undergrad senior first applying for grad schools, I knew a grad student â€" Ill call him Nigel â€" who told me he had written a three-sentence statement of purpose to get into Stanford: I want to teach English at the university level. To do this, I need a PhD. That is why I am applying. That was the whole thing. Thats only half of 45 words. It certainly portrays Nigel as brash, risk-taking, no-nonsense, even arrogant. If this is how you want to portray yourself, then by all means do this. But you should also know that Nigels statement of purpose is an all-or-nothing proposition. You can bet there will be members of probably any admissions committee who will find Nigels statement of purpose offensive, even disrespectful. And they might not want such a student at their school. But then I suppose Nigel wouldnt want to be a student at that school, either. Try to make your paper-and-ink self come alive. Dont just say, I used to work on an assembly line in a television factory, and one day I decided that I had to get out of there, so I went to college to save my own life. How about this: One Thursday, I had soldered the 112th green wire on the same place on the 112th TV remote, and I realized the solder fumes were rotting my brain. I decided college would be my salvation. Both 35 words. Which narrative do you think will keep the admissions committee reading? Tell stories (briefly). Use vivid language. Be specific. Be dynamic. Liven up a moment in the lives of those five professors trapped with those 500 applications. Maybe 600. Maybe more. At the same time, be careful not to be glib. Dont be slick. Dont write your application in a sequence of haiku. Dont put in photos. Just be yourself, but a more heightened version of yourself in words (since face-to-face nuance and gestures wont be there to help). Remember your statement of purpose should portray you as (1) passionately interested in the field; (2) intelligent; (3) well-prepared academically and personally; (4) able to take on the challenges of grad school; (5) able to have rapport with professors and fellow grad students â€" in other words, collegial; (6) able to finish the graduate degree in a timely fashion; and (7) a potentially outstanding representative of that grad school in your future career. Thats a lot to cover in a few hundred words (the length of a statement purpose, as required by different schools, tends to be around 300 to 1000 words). Passionate interest in the field will be covered by the kind of hook I have described above. Intelligence will be conveyed by the overall writing, organization, expression, etc. of your statement. Being well-prepared can be demonstrated by using the lingo of the field (theory, craft, etc.), describing the specific kinds of coursework and other accomplishments you have in the field. Ability to take on the challenges of grad school can be shown by describing the rigor of the work you have done. Collegiality is not particularly important but is nevertheless a factor â€" if you can show yourself as a generally nice and cooperative person, that will do â€" just be true to your own style. Ability to finish the graduate program can be conveyed implicitly by your success thus far and more explicitly if you can tell some (brief) story about a dverse obstacles you have overcome. Being a future outstanding representative can be implied by your being an outstanding representative of your undergraduate school â€" for example, dont bad-mouth your current college or professors. Often, grad schools will ask you to address other or similar qualities as Ive listed above. Just use common sense in focusing on each. Dont address them in the same order as the grad school has listed. Combine them; rearrange them; do whatever you need to do to show yourself as an imaginative person, not a parrot following a line of Brazil nuts to crack. If you have some problematic academic background, address that as well to reassure the admissions committee. For example, lets say that you got all Cs one semester. Take a (brief) paragraph to explain that you had some emotional setback that semester but then demonstrate how your grades have been sterling since then, and that you now have a 3.83 grade-point average in the discipline. If you spin this well, your story will enhance the admissions committees image of you as someone with the abilities to take on challenges and to finish on time. Heres an organization I would recommend: (1) passionate hook; (2) segué to your background in the field; (3) specific classes by title and professors you have had (especially if well-known in the field); (4) related extracurricular activities (especially if they hint at some personal quality you want to convey); (5) any publications or other professional accomplishments in the field (perhaps conference presentations or public readings); (6) explanations about problems in your background (if needed); and (7) why you have chosen this grad school (name one or two professors and what you know of their specific areas or some feature of the program which specifically attracts you). I should probably expand on item 7. This is a practical issue as well. If you are applying to ten grad schools, its a mismanagement of time to write ten separate, tailored statements of purpose. Items 1 through 6 above can be exactly the same for all the statements. Then when you get to item 7, put in a different paragraph for each school. Remember this means the ten statements will all be as long, in terms of word count, as the shortest required length among the ten schools. If the shortest length is 300 words, probably that length will be okay for the 500-word school (in fact the admissions committee at the 500-word place may see you as savvy for not going on and on). But those 300 words will clearly not work for the 1200-word school, so youll need to expand that one. Dont pad. Find other engaging material in your background. About mentioning professors at each grad school: doing this will portray you as someone who has done her homework, as someone who is genuinely interested in the field, enough to have done some prefatory work in that area. Dont just mention their names (anyone who can browse a web site can do that). Say something of substance about each professor by name, something that reveals you know and appreciate that persons work. Dont necessarily pick the most famous professor at the grad school; chances are many other applicants will do the same, and the admissions committee members will soon be unconsciously filtering those mentions out. (Besides, the most famous professor doesnt always work with all graduate students or may be out of town half the year, and you may come off as naive if you say youre looking forward to working with her.) Find a lesser-known professor whose work truly intrigues you (and truly is the operational word here). Then say something about what you know of that profess ors work â€" remember that person may be on the admissions committee. Dont suck up â€" dont be a sycophant. Be fair and honest. Be sure to show your statement of purpose to several professors. Remember they will have different ideas about what constitutes an appropriate and effective statement of purpose. If one of your professors has a connection with a specific grad school, she may have some inside knowledge about what kind of statement of purpose will work best at that school. Make your final editing decisions based on what will convey you most accurately as you see it. Again, be specific, be dynamic, come alive on paper. Continue to get advice from your professors on later drafts. Proofread your statement of purpose. Copyedit for consistency, accuracy, and style. Ask your friends to copyedit and proofread your statement; perhaps you can do the same for them if they are also applying for grad school. Remember that style in writing can be parallel to style in dress: the second affects your image in person while the first affects your image when you may not be present. Leaving in typos and misplaced commas is like dressing in your grubbies for a coat-and-tie / cocktail dress event. Being too wordy is comparable to dressing in an evening gown or a tuxedo for a casual get-together. Being too glib, too mannered, may be like wearing a furry rabbit costume to a party which turns out not to be a Halloween bash. Be careful. Be a perfectionist. Keep working on your statement of purpose even after you have sent it to the school(s) with the earlier deadline(s). You might have a later epiphany about your personal and academic background, your motives for applying for grad school, your long-term plans, and this epiphany may be just the thing that gets you into the school(s) with the later deadline(s). To close, the statement of purpose, in the eyes of Department Heads, Program Chairs, and Admissions Committee members, can be the most important document in the application. Other parts of your graduate-school application â€" test scores, transcripts, letters of recommendation, writing samples â€" do not say as much about you as a person as the statement of purpose can: your proudest accomplishments alongside your fondest hopes and dreams.

Learning How to Learn - Free Essay Example

Sample details Pages: 2 Words: 611 Downloads: 2 Date added: 2017/09/11 Category Advertising Essay Did you like this example? Learning How to Learn Ashley McDowell, Vanessa Hanson, and Michael James American Intercontinental University ABSTRACT In this paper, you will see how types of learners are vastly different and yet very similar at their approach to learning. This will also cover how diverse individuals are at learning. It includes examples of approaches and how each learner completes the situation, why it’s important for students to know how they learn, and how a group with diverse learners can work together. Learning How to Learn To begin, learning is simply the process in which a person engages in the act of creating knowledge and as you have new concrete experiences you observe and reflect upon them. While in doing so people blend these experiences with existing concepts and in turn begin to form new concepts that they then apply. Throughout your daily life you test these new concepts as you use them in subsequent situations. (AIU Online, 2005) Everyone learns differently and doesn’t approach learning the same way. Prime example, in a group of three, two people has the convergers learning style while the other has the assimilator learning style. Don’t waste time! Our writers will create an original "Learning How to Learn" essay for you Create order Convergers and assimilators both have the same thinking, the abstract conceptualization. They are different in several ways. Convergers like doing (active experimentation, hands on), excel in areas such as laboratories, field work, and homework. They like to ask the question, how can I apply this in practice? While assimilators learn by watching (reflective observation), they usually excel in lectures, papers, and analogies. Assimilators like to ask the question, how does this relate to that? Betcher Esichaiku, 2008) After collecting information, doing research, and actively discussing the Kolb learning styles, our group found that it was made up of two of the four styles, Convergers and Assimilators. Although there are many differences in learning styles one thing is for certain. All learning styles fit the learner to optimize their learning. Topics discussed ranged in variety, in a common situation, planning a trip, we saw that the assimilator would begin planning as much in advan ce as possible. Where the converger could just hop on a plane, bus, car etc. and just go. Good thing for Assimilators they are likely to receive special discounts for buying tickets in advance, while the convergers may not. Convergers, have a practical approach. One member of our group was tasked with giving a class on countertop installation with the necessary materials and instructions, and five days to prepare. Her knowledge of her learning style was beneficial by eliminating the stress of not knowing if she could obtain all this information and present this class. Working well alone allowed her to capitalize on another trait associated with the Converger learning style. By understanding your individual learning style and developing the skills that help you learn in a variety of ways, you make the most of your learning potential. And because your better able to learn and gather information you’ll make better decisions, and choose better courses of action( mindtools LTD, 1995-2010) allowing you to be able to work effectively in groups and teams. In understanding that other people can have quite different learning preferences, you can learn to communicate your message effectively in a way that many more people understand. References Bechter, C Esichaikul, V. 2008). Using Kolb’s Learning Style Inventory for E-Learning Personalization. Retrieved from https://www. iadis. net/dl/final_uploads/200818L015. pdf AIU Online (2005, May 15). The Learning Process and Styles [text materials]. Retrieved from AIU Online Virtual Campus. Academic and Professional Success: UNIV103:23 website. Mindtools LTD (1995-2010). Using Kolb’s Learning Style I nventory for E- Learning Personalization. Retrieved from https://www. mindtools. com/mnemlsty. html

Analysis Of Nelly In Wuthering Heights - 1577 Words

Jessica walks into school to find two kids in a full fledged fight. Jessica did not know what to do, she was in shock, so she stood there and watched. Suddenly, a teacher arrives and demands everyone to go into her room; she then takes note of everyone involved in the situation. After school, Jessica is asked to meet the teacher and principal for a short meeting regarding the incident. They wanted her view because she was a witness she was able to retell the story exactly how it happened. In the teacher’s mind she was the most reliable source because she was a bystander, she was not involved in the fight, just someone who had a first hand experience. Would you agree with the teacher’s selection of her, would you agree she is the most†¦show more content†¦I’ll not promise to keep them† (Bronte 83). She is promising to not give her special treatment, to not favor her over Heathcliff or anyone else. In turn, she does not sway the reader to favor Heat hcliff over Catherine or vice versa. She allows the reader to decide on their own how they feel about the relationship. Nelly also allows the reader to interpret on their own about how they feel about Heathcliff and Catherine’s relationship. Heathcliff and Catherine both talk to Nelly directly about their feelings regarding their relationship, allowing her to reliably unveil to the reader the truth behind how they feel. Catherine talks about how â€Å"he’s more myself than I am. Whatever our souls are made of, his and mine are the same† (Bronte 81). And Heathcliff, referring to Catherine, says, â€Å"I cannot live without my life! I cannot live without my soul† (Bronte 169). With both of them directly coming to her and expressing their feelings she is able to transparently show the reader exactly how they feel. Whereas if Catherine or Heathcliff were to retell the story they would have their own assumptions about how the other one feels, in turn likely sw aying the reader’s viewpoint. But Nelly knows for a fact and tells it that way. She also knows for a fact how Edgar and Isabella feel about Heathcliff and Catherine’s relationship first hand. She hears Edgar tell Catherine, â€Å"It is impossible for you to be my friend, and his at the same time; and I absolutely require to know which youShow MoreRelatedWuthering Heights By Emily Bronte1555 Words   |  7 Pages2015 Wuthering Heights (1847) by Emily Brontà « Introduction The novel Wuthering Heights was written in 1847 by Emily Brontà «. The plot unravels with Lockwood visiting his landlord at Wuthering Heights; as Lockwood stays the night, he starts to discover items within the home and later a fatal vision appears, which causes him great curiosity. 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The Birthday Party Free Essays

â€Å"Birthday Party† Love can fade away or be lost by even the strongest of couples in the view of society. The â€Å"Birthday Party,† by Katharine Brush relates the relationship of two â€Å"unmistakably married† couple, out for a small celebration, which goes wrong as an example of love that can not always be sustained by age. As couples get older it is harder to sustain love in front of society, and Brush shows the idea by incorporating symbolism, tone, and point of view to the story. We will write a custom essay sample on The Birthday Party or any similar topic only for you Order Now Brush uses the tone to build up the audience’s emotions toward the married couple and also identify why the situation occurred. In the begging she mentions that they looked â€Å"unmistakably married† which emphasizes the bond of love that appears on the outside. The physical aspect of their relationship is good to show because it lets society know that there is a strong bond, making it easier for the audience to react in the shocked way that they did when the incident occurred. The contradicting choice of words of Brush when describing the incident also gives the confusion that something is not right. By using fadingly pretty, beamed with shy pride, unmistakably married, hotly embarrassed and not pleased you can see a foreshadowing of what may happen according to the mixed signals. In a way, it has the reader thinking back and fort whether this is love after a long period of time. What seems to be an ordinary day out, turns into a small celebration in which we can compare the minor events as symbolism to their love. The cake that was brought out showed the wife’s affection for her husband, therefore simply signified her love to him. When the cake was rejected by the husband, it meant that the husband had little interest in her love. This reveals that the strong physical relationship that the audience saw in the beginning is false now that they see the husband hotly mad. It shows that their love is slowly decaying in front of society. The fact that they are out in public illustrates the judgment of all to what love truly is, difficult to manage as time goes on. People will always be judgmental of couples and their relationship which is why Brush describes the wife as wearing a â€Å"big hat. The big hat that she wears, after she has been humiliated by her husband, represents what most girls do during emotional tolls. They use them to cover up their emotions so that they are not pitted on by others. This attempt to hide does not work very well because Brush describes the scene where the narrator shows a sign of pity for the lonely sobbing woman. In this short story love has shifted the couple’s relationshi p in a serious way which gives the audience an opinion of how they should react according to their point of view. There are many biased forms to interpret who is to blame for a fallen relationship. The way that Brush describes the story and from what point of view she portrayed the situation it seems as though there is a feminist background on who is to blame for this relationship. Describing the woman more dramatically, â€Å"fadingly pretty† and â€Å"in a big hat,† than the man, it implies that she finds the woman to be more presentable to society; therefore carrying more about how people see her. There is evidence of acting dramatically. When she cried inside the restaurant, it can most likely show that from the point of view of the audience she was the helpless one with a broken heart and the man was very rude. Throughout life the bond of love is seen in society in different ways than they are seen in the inside. Society can change the view of love as Brush shows that love is can’t be predicted and that hopeless love is possible. If there is no hope for love as an older couple that it shows us what couples of today’s generation will go through. How to cite The Birthday Party, Papers The Birthday Party Free Essays Have you ever been so afraid that you have felt that even your hair trembled? When a delightful day starts and you are full of life but suddenly you think you are not going to tell your friends and family how much you love them, and how much you miss them before you die. At 7 o’clock in the evening I went to the cinema with some friends to celebrate my birthday. I knew that something was going wrong. We will write a custom essay sample on The Birthday Party or any similar topic only for you Order Now I knew that, that night wasn’t an ordinary night. I knew I had to go home on foot and not by car. Everything and everyone was different. My friends arrived and we decided to watch a horror movie, â€Å"Gothika†. We entered the screen but something strange happened. There weren’t any other people! In the middle of the movie somebody was calling me. I did not know the number, so I did not answered but whoever it was, he kept calling. I answered. A creepy voice whispered, â€Å"It will rain tonight.† I told my friends about it, and they laughed. â€Å"Leoni don’t be crazy! It’s just a joke! This morning the sun was shining it will not rain! â€Å"Come on do not be afraid. Calm down Leoni!† Peter soothed. â€Å"The movie we have chosen is a bit scary and she is afraid. Calm down Leoni!† Epaminondas whispered. â€Å"She is just not in a good mood.† Maria said. â€Å"I am telling you there was something scary with those words, something strange.† I whispered. At about 11:25 everybody left and I started walking back home. There was a full moon. A terrifying wind made the trees rustle. The wind whistled through the leaves like a wining sound. I was so frightened. I felt like someone was coming after me. I saw a narrow road and I decided to go home from there. Suddenly, it started raining. I panicked. A howling voice whispered, â€Å"I told you, it will rain.† Blood boomed in my ears. I wanted to run away or close my eyes and be at home but it could not happen. While I was thinking about any ideas dealing with my scariness I saw an old lady. She was a short, fat lady and with grey hair. Was she behind this bad joke? She seemed like an ordinary woman with droopy eyes and short hair. I started walking towards her when a black figure appeared. Who was he? Was he someone she knew? Was he the one that phoned me? What was this night about? The man had long, black hair and almond eyes. He was carrying something. A knife! I wanted to warn her but I couldn’t move. I was stuck and I couldn’t move my legs. I called Maria she was sleeping. Jane was sleeping too. What shall I do? Who shall I phone to come and help me? What if it was all my imagination? I phoned Chris, I didn’t say much. I just told him to come to the narrow road, near the cinema. The woman was still there. She seemed to be looking for something. The man was still behind her. I told Chris to pull me just to try and move my legs. I could walk! I could run! But I couldn’t run for long until I stopped in front of the old lady. While trembling I asked, â€Å"What are you looking for?† â€Å"My umbrella, child, didn’t anyone tell you it would rain tonight? You are all wet. Come, take my jacket!† she said. I looked behind me and I saw the man walking away. The figure became one with the dark night. When I turned around I saw him. My heart was beating so fast and I could hardly breathe. It missed a beat! He opened his mouth to say something and I noticed that he was missing a tooth. He was very scary. He whispered, â€Å"Didn’t I tell you it would rain? You thought I was joking. You did not believe me! I will make you believe me!† â€Å"Chris! Chris! Where are you?† I shouted. I opened my eyes. Chris and my friends were next to me. They were all smiling but you knew they were upset. â€Å"†Was the film so boring that you slept while we were watching it?† Chris asked. â€Å"It was a nightmare! Thank God!† I called. â€Å"You have a missed call from an unknown number.† Epaminondas said. â€Å"Oh no!† I shouted. â€Å"What’s wrong?† Maria asked. â€Å"I saw a nightmare. Don’t tell me to explain it because I cannot. Please can somebody do me a favour?† I asked. â€Å"Whatever you want! We will always be there for you!† Joanna shouted. â€Å"Can you phone this number back?† I asked. â€Å"Sure.† Joanna said. She phoned. She waited. She phoned another time. Nobody answered. She phoned from her mobile. Again. No answer. â€Å"Leoni are you sure this is the right number?† She asked. â€Å"Yes. This was the number that phoned me.† I whispered. â€Å"But†¦Ã¢â‚¬ She mumbled. â€Å"But what? What is wrong? Tell me!† I cried. â€Å"This number is not in use.† She whispered. â€Å"It is! Look it is calling me again.†Ã¢â‚¬  I complained. â€Å"Answer it.† Maria suggested. â€Å"I t will rain tonight!† A creepy voice whispered. â€Å"Oh no! This cannot be happening! Can you take me home? Please?† I asked desperately. â€Å"Hello? Can you hear me? Maria? Joanna? Chris? Epaminondas?† I shouted. But nobody could hear me. It seemed that I was trapped somewhere and nobody could hear me or even see me. Yes†¦I was dreaming!!!!!!!! I opened my eyes and suddenly the lights went on, a chorus of happy voices yelled happily happy birthday to me! How to cite The Birthday Party, Papers

Marketing Strategy for Sony Free Samples †MyAssignmenthelp.com

Question: Discuss about the Marketing Strategy for Sony. Answer: Marketing Strategy for Sony involves steps to attain future competitive position for achievement of goals of the company(Samiee 2010). Marketing strategy allows for creation of sustainable competitive advantage. It involves analysis of the current position of the company and then determining future course of action. Demographic Target Penetration: Sony manufactures products that cater to varied types of demographic group. Its market segment comprises of retail category and it plans to expand it further for womens market. Sony has analysed that women sales can contribute to 80% of purchase decisions made and over half the sales made. Designing promotional strategies to attract women will help the Company broaden market scope. Differentiation: Another marketing strategy that has been used by Sony is related to differentiation strategy. Sony expends huge amounts towards research and development activities, which are bent on innovation. Its innovativeness in consumer electronic goods especially television has made the Company market leader in the segment. High quality picture and sound of its television has made it market leader. Its innovative endeavors are focused on building a brand with high quality, convenient and unique in nature. Pricing Strategy: While introducing its product in the market Sony, keeps price at higher levels and then generally lowers it later. Market skimming pricing method, product bundle pricing and product line pricing methods are used by Sony. Prices are set by the Company based on features of the product that are accompanied along with it. It offer discounts for various sales promotions during peak seasons to attract more customers. It provides discount during sports season, seasonal discounts, Christmas and during other period. Customer Relationship Management (CRM): Sony continuously communicates with customers by means of personal communication. The Company takes feedback from its customers that forms basis of market research. These feedbacks allow development of marketing strategy. The Company welcomes feedback, suggestions and ideas from customers, which are then sent across to the product development team(Berthon 2012). This has highly affected its marketing endeavors as the process of marketing is seen to be a continuous effort. Incorporation of E-business: Sony wants to communicate continuously with its customers; in order to achieve this it has adopted e-business. Through e-business it maintains steady communication with its resellers, corporate and retail customers and other businesses. This has allowed to maintain steady link with suppliers and stores. Customers can obtain any information related to Sonys product such as purchasing to downloading of drivers. This extended features of e-business has allowed Sony to market its products readily. Social Awareness Program: Sony has been participating in various social programs that has allowed effective management related to customer relationship management (CRM). Social awareness program of Sony has enhanced its brand name and increased brand loyalty, which is a crucial component of marketing strategy. References Berthon, P.R., Pitt, L.F., Plangger, K. and Shapiro, D., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy.Business horizons,55(3), pp.261-271. Samiee, S., 2010. Advancing the country image constructa commentary essay.Journal of Business Research,63(4), pp.442-445.

Sports Marketing Essays - Hoops, , Term Papers

Sports Marketing The Grand Rapids Hoops and their marketing team are obviously in some serious trouble. Let me start out by commenting and some of the game we saw last week. When I first walked into the arena I didnt know what to expect, I had never been to a hoops game before. I had gotten there a little bit early so I figured that was the reason for the low attendance. As I waited until the game started only a few hundred more people had shown up. It was at this point when I realized that the Hoops were in some serious trouble. One of the first things I did when I got into the arena was to take a look at all the advertisements that were posted. Some of the backlit signs are saw were for the following: Budweiser, Bank 1, Voice Stream, Comerica, and News 3, there were also a few others that I did not mention. There were also some removable signs as well, but not nearly as many. A couple of the removable signs that I saw were for Franklin Express, and WXSP. In addition to those there were also signs about the shot clock for enterprise rent a car. I had never seen an add on the shot clock before and I dont think I really liked it there; it was too much into the game. The Hoops didnt have a wide variety of advertisements, it seemed like two or three companies were doing all of the advertising. And those companies that were doing all the advertising were getting advertisements put everywhere. There were even adds running on the projection television throughout the National Anthem. I think the main problem with their lack of attendance, is what we have said in class already. That problem is the Hoops arena, Van Andel is just way to big of an arena for the Hoops to be using. From there it just gets worse, its like the trickle down effect. The arena is way to big to be filled, and since it isnt filled no one wants to pay to advertise there. This only hurts the way they market their product as well. In the Hoops brochures, they say there is a phenomenal atmosphere, combined with intense fan fun. When I was there it didnt seem like the atmosphere was too phenomenal. If you are going to put a motto on your brochures and ads, you better make sure that you can provide what you are promising. If you cant supply what you promise, people will be disappointed no matter what happens at the game. Im sure that the motto would have been great back at the old arena, but not at Van Andel. I think the only thing that can really help the Hoops, is a smaller arena. People visit Ho ops games because of the fun and excitement that is provided, and Van Andel arena cant supply the correct environment. The way I see it, a lot of the things that went on throughout the game were very good ideas. I particularly like the idea of letting the little kids shoot around on the court before the game, this builds tremendous fan interaction. Another thing I thought was interesting was the play area, this seems like a really good idea. One of the other idea I really liked, was how the players stay around after the game to sign autographs. This idea is great, it builds a kind of bond between the player and the kids. Hopefully the kids will really enjoy that experience and ask their parents to take them back. Besides that, the basketball itself is really pretty good. I thought it was entertaining just watching the game, but it felt kind of like I was at home watching it because of all the silence. I think if the Hoop can get a smaller arena, it will solve a large amount of their problems. By doing this, it will intensify the atmosphere in the arena by providing more of a packed arena. By doing this it will also make the Hoops tickets seem more valuable, because there wont be as many to go around. It seems like everyone

3 Types of Not Only . . . But Also Errors

3 Types of Not Only . . . But Also Errors 3 Types of â€Å"Not Only . . . But Also† Errors 3 Types of â€Å"Not Only . . . But Also† Errors By Mark Nichol Confusion about the proper arrangement of words in sentences in which the correlative conjunctions â€Å"not only† and â€Å"but also† appear is manifested in various forms of erroneous syntax. The following sentences, accompanied by discussion and corrected versions, demonstrate three categories of mistaken sentence construction. 1. â€Å"Digital cameras are not only changing photography, but our lives.† The placement of â€Å"not only† here implies that the sentence will refer both to changing and to some other action that will occur because of the existence of digital cameras. (For example, â€Å"Digital cameras are not only changing photography but also altering our culture’s norms about privacy.†) But because changing is the operative verb for both parts of the comparison, it should precede â€Å"not only† and should be shadowed by also after the conjunction: â€Å"Digital cameras are changing not only photography but also our lives.† 2. â€Å"His hard work in math class has not only helped him make the most of his abilities but also to gradually improve them.† The phrase â€Å"not only† is misplaced in this sentence it should follow the verb phrase â€Å"has helped,† rather than be inserted between the two words which is also complicated by an extraneous use of to before the phrase â€Å"gradually improve them.† That placement would be appropriate only if it matched a to inserted before â€Å"make the most of his abilities.† But to following a form of help and a noun or pronoun is unnecessary: â€Å"His hard work in math class has helped him not only make the most of his abilities but also gradually improve them.† 3. â€Å"I think of her both as an example of someone who does her work with care and pride but also as someone who treats others respectfully.† This sentence mixes two phrasing forms for making comparisons: â€Å"both . . . and† and â€Å"not only . . . but also.† For the sentence to make sense, use one or the other: â€Å"I think of her both as an example of someone who does her work with care and pride and as someone who treats others respectfully† or â€Å"I think of her not only as an example of someone who does her work with care and pride but also as someone who treats others respectfully.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:How to Punctuate References to Dates and TimesPeople versus Persons50 Plain-Language Substitutions for Wordy Phrases

Law Assignment Example | Topics and Well Written Essays - 2250 words

Law - Assignment Example Winston cannot be defined as a consumer and therefore cannot rely on the rights awarded under the Sale and Supply of Goods to Consumers Regulations. An express term of a contract is that which is expressly agreed by the parties, either orally or in writing. As a general rule, the courts hold the written document as a complete agreement so that the terms inscribed within form the total extent of the contract and no further terms may be added or varied later by external evidence (Jacobs v. Batavia & General Plantations Trust Ltd. [1924] 1 Ch 287). However, since this instance is concerned with misrepresentation and terms which are implied into the contract (Hutton v. Warrren [1836] 1 M & W 466), the courts are seen to cater to parole evidence wherever necessary and the rule is likely to be excluded. In this instance, the express agreement necessarily includes the requirements mentioned in the standard form contract stipulating inter alia the description of the vehicle: â€Å"White Tra nsit XL, 48072 miles† as well as the exclusion clause mentioned. Moreover, it would also include the express oral representations that pertain to the description of the vehicle, â€Å"†¦ just the vehicle for you†¦ 48,000 miles on the clock, barely run in for a van like this †¦ and all the storage space you’re likely to need †¦Ã¢â‚¬ . ... v. SS Turid (Owners) [1992] 1 AC 397), or it may be implied by common law, where the term must not just be reasonable but also equitably just and â€Å"necessary to give business efficacy† to the contract (Lord Simon in BP Refinery (Westernport) Pty Ltd v. Shire of Hastings (1978) ALJR 20, 26). The terms implied by Statute of the Sale of Goods Act 1979 are more applicable to Winston’s situation. Application of Sale of Goods Act 1979 Sale by Description Where the goods are described before they are sold, there is an implied condition that they correspond to that description (s. 13). It is arguable what the description of the van actually completely comprises, as Daly never expressly agreed that the maximum load of the van in question is 1 ton, even though it was later discovered by the registration documents to be 0.5 tons. It is accepted that a â€Å"White Ford Transit XL† with 48000 miles falls part of the description, but the maximum load and capacity was never stipulated, even though Winston mentioned the specifications of the earlier van with which the new one had to be replaced; the earlier van fitted the requirements at 200 feet capacity and 1 ton load, the new van had 150 feet capacity with 0.5 tons maximum load, which fell short of requirements. Thus, if this falls part of the description, Winston may be allowed to reject the van on the basis of a breach of s.13. This is further supported by the fact that Daly had special knowledge in dealing with vans, and reliance was placed by Winston on his word (Harlingdon and Leinster v Christopher Hull Fine Art Ltd (1990)). For the purposes of a breach of description, it is irrelevant that Winston examined the van before purchasing (s. 13(13)). The description

HR Planning at Qantas Essay Example | Topics and Well Written Essays - 1750 words

HR Planning at Qantas - Essay Example In this situation organizations have been increasingly trying to find out what employees think and want from them1. The question of trade union has an important role to play in this context. They are meant to ensure that employees desires are satisfied and that they get a proper working environment and culture for conducting their jobs conveniently and comfortably too. It is also crucial that the strategies that the management undertakes are willingly accepted by employees and unions in order to ensure to make them effective and successful. Employee’s acceptance of the organizational strategies accounts for a key factor for their effective implementation. The project seeks to present the present situation at Qantas Airways which Australia’s flag carrier and regarded as one of the most well known airlines in the world. The company’s maintenance and repair costs account for one of the most expensive in the world; however, they are the least efficient at the same ti me. The most important and prominent contingency faced by the company was to implement any plan as the staff were not willing to accept in change initiated by the management. As presented by Kavanagh and Ashkanasy, (2006), any change management strategy must strive to bring about a complete cultural change in the organization in order to be successful and the most important component in this change process is effective communication and transparency and must be led under proper and competent leadership .... Strategic contingencies affecting the strategic choices that Qantas has from theoretical and practical perspective and effect of the choices on human resource planning The most important and prominent contingency faced by the company was to implement any plan as the staff were not willing to accept in change initiated by the management. As presented by Kavanagh and Ashkanasy, (2006), any change management strategy must strive to bring about a complete cultural change in the organization in order to be successful and the most important component in this change process is effective communication and transparency and must be led under proper and competent leadership2. The various contingencies towards bringing out the changes can be discussed under the certain theories and models3. The primary change management principles are discussed as under. Figure 1: Primary Change Management Principle (Source: Hiatt & Creasey, 2003, P. 15) In this case the resistance towards change is primarily th e main focus of concern. The main aim was to reduce the maintenance costs for which new maintenance regulations were attempted to be implemented. The new maintenance regulations were issued by the Civil Aviation Safety Authority to align the functioning of the airline in accordance to that followed by the European airlines. It also tries to make further advancement in its technologies and services. He realized that the numerous people were responsible for maximizing the profitability of the aircraft in terms of fuel efficiencies and introduction of new products and services. However, it was also realized that the maintenance costs and repair costs were extremely high and this required a complete

SREI India Financial and SWOT Analysis

SREI India Financial and SWOT Analysis OBJECTIVE OF THE PROJECT: To develop and understanding of the Non-Banking Financial Institutions (NBFIs) and their business operations in India. To do a detailed research on SREI Equipment Finance Private Limited, its market share and the SWOT analysis. To thoroughly review SREIs credit appraisal and credit management process. To understand the risk management process of the company. To gain a detailed knowledge of the parameters that affects various risks. To determine weightages and scores for designing and developing risk assessment model based on market forces for assessing SREIs Customers. METHODOLOGY: In order to achieve the said objectives, will be to go through the entire NBFs history, thrust areas; growth opportunities, present scenario. This will be the ongoing process and will be done using internet, news and books. To understand the functioning of SREI pertaining to credit risk management and appraisal process followed for financing large corporates (risk exposures more than Rs.5 crores). Factual data, credit appraisal memorandum prepared by the company and the credit risk policy of the company will be referred in this regard. Then comes the technical part of conducting Balance Sheet Analysis, Ratio Analysis and Cash Flow Analysis. To propose a statistical credit rating model, data have been collected from credit officers and the relationship managers in the institution. Financial ratios were used to measure the strength of the customer. Score model for assessing risk to convert responses to scores. Weighted average method applied to assign appropriate importance to various parameters. LIMITATIONS OF THE STUDY: The study will only be focusing on the LARGE CORPORATES (risk exposure more than Rs.5 crores) not the retail and SME sectors of SREI. Study is on the basis of first-hand information collected from employees/head of the division of the company that might be incorrect or biased. Duration of the internship imparts the pressure of covering this vast spectrum in a limit period of 14 weeks. The accuracy of the Risk Assessing Model depends on the accuracy of information provided by the customer. The risk rating model doesnt take into the consideration where in the company doesnt follow the rules norms strictly. The relationships with the customers are given more importance. INDUSTRY ANALYSIS: Structure of Indias Financial Services Industry: The RBI, the central banking and monetary authority of India, is the central regulatory and supervisory authority for the Indian financial system. SEBI and IRDA regulate the capital markets and insurance sector, respectively. A variety offinancial intermediaries in the public and private sectors participate in Indias financial sector, including the following: Commercial banks; NBFCs; Specialised financial institutions like NABARD, EXIM Bank, SIDBI and TFCI; Securities brokers; Investment banks; Insurance companies; Mutual funds; and Venture capital. NON-BANKING FINANCIALCOMPANIES: Non-banking financial companies (NBFCs) are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions (other than commercial and co-operative banks) performing financial intermediation in a variety of ways, like accepting deposits, making loans and advances, leasing, hire purchase, etc. They raise funds from the public, directly or indirectly, and lend them to ultimate spenders. They advance loans to the various wholesale and retail traders, small-scale industries and self-employed persons. Thus, they have broadened and diversified the range of products and services offered by a financial sector. Gradually, they are being recognized as complementary to the banking sector due to their customer-oriented services; simplified procedures; attractive rates of return on deposits; flexibility and timeliness in meeting the credit needs of specified sectors; etc. The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the Reserve Bank of India Act, 1934 (Chapter III B) and the directions issued by it under the Act. As per the RBI Act, a non-banking financial company is defined as:- (i) a financial institution which is a company; (ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner; (iii) such other non-banking institution or class of such institutions, as the bank may, with the previous approval of the Central Government and by notification in the Official Gazette, specify. NBFCs VsBANKING SECTOR IN INDIA: Non-Banking Finance Companies (NBFCs) are an integral part of the countrys financial system complementing theservices of commercial banks. The main reason attributed to the growth of NBFCs is the comprehensive regulation of thebanking system. Other factors include higher level of customer orientation, lesser pre/post sanction requirements andhigher rates of interest on deposits being offered by NBFCs. NBFCs have traditionally been extending credit across various parts of the country through their geographical presence,with NBFCs being a supplier of credit to segments such as equipment leasing, hire purchase, and consumer finance. Theseare areas which warrant infusion of financing due to the existing demand-supply gap. NBFCs have been a more flexiblesource of financing and have been able to disburse funds to a gamut of client, from the local common man to a varietyof corporate client. NBFCs are also able to accelerate the pace of decision making to disburse funds, customise andtailor their products according to the client needs and take on excess risks on their portfolio. NBFCs can be divided intodeposit taking NBFCs, i.e., which accept deposits from public and non-deposit taking NBFCs being those which do notaccept deposits from public. The activities carried out by NBFCs in India can be grouped as under The types of NBFCs registered with the RBI are:-  § Equipment leasing Company: is any financial institution whose principal business is that of leasing equipment or financing of such an activity.  § Hire-purchase Company:is any financial intermediary whose principal business relates to hire purchase transactions or financing of such transactions.  § Loan Company: means any financial institution whose principal business is that of providing finance, whether by making loans or advances or otherwise for any activity other than its own (excluding any equipment leasing or hire-purchase finance activity).  § Investment Company: is any financial intermediary whose principal business is that of buying and selling of securities. Now, these NBFCs have been reclassified into three categories:-  § Asset Finance Company (AFC)  § Investment Company (IC) and  § Loan Company (LC). Under this classification, AFC is defined as a financial institution whose principal business is that of financing the physical assets which support various productive/economic activities in the country. GOVERNMENT ROLE IN PROMOTING INFRASTRUCTURE FINANCE: Infrastructure is expected to be a key area of growth in a developing country like India. The Government has been activelypromoting the countrys infrastructure through a sustained focus on area like power, roads, ports and urbantransportation. Private sector participation through public private partnerships as well as privately funded projects isbeing encouraged in order to enable quick scale up of governments efforts and better management. As per PlanningCommissions estimates the investments in infrastructure during the Tenth Plan aggregated to Rs. 4, 52,900 crores whichis expected to increase to Rs. 11, 25,000 crores in the Eleventh Plan. The chart below describes the anticipated andestimated investments under the two plans respectively. PROJECTED INVESTMENT IN INFRASTRUCTURE in the 11th FIVE YEAR PLAN: COMPANY PROFILE: A started operation in 1989, Srei is a leading infrastructure focused private sector Non-Banking Financial Company (NBFC) in India. It is currently the only institution in India offering holistic infrastructure solutions financing, advisory services development. Milestones Achieved: 1989 Started operations and identified the infrastructure sector as its core Business area. 1992 Initial Public Offering with listing on all major stock exchanges. 1997 IFC, FMO DEG invested as strategic equity partners Promoters stake. 2002 Conceived Quippo, Indias first equipment bank. 2004 All India presence, currently 63 offices. 2005 First Indian NBFC to be listed on the London Stock Exchange. 2006 Geographical expansion into Russia; equity partners EBRD, DEG, FMO. 2007 Joint venture with BNP Paribas Lease Group, 100% subsidiary of BNP Paribas. 2008 Holistic Infrastructure Institution, financing, advisory services Development. Services: Ø Infrastructure Equipment Financing Leasing Ø Infrastructure Project: Financing, Advisory services and development Ø Insurance Broking Ø Venture Capital Ø Capital market Ø Sahaj e-village Ø Quippo Equipment Bank GROUP STRUCTURE: About Srei Equipment Finance Private Limited: Srei BNP Paribas (Registered name: Srei Equipment Finance Private Limited) is a 50:50 joint-venture between Srei Infrastructure Finance Limited, Indias leading and only private sector Non-Banking Financial Institution in the infrastructure space and BNP Paribas Leasing Solutions(BPLS), a wholly owned subsidiary of BNP Paribas, France. Srei BNP Paribas started its operation from January 01, 2008 with the infrastructure and construction equipment financing and insurance businesses and has further plans to expand its business to new verticals. Industry leader in the infrastructure and construction equipment financing, Srei BNP Paribas is aptly benefitting from the Indian expertise and insight of Srei and global leasing insight in diverse product classes of BNP Paribas. Srei BNP Paribas has deep insight on diverse equipment used in the infrastructure and construction sector and acts a valuable advisor to its customers. It has tied up with all the leading equipment manufacturers. Over the years, Srei BNP Paribas has been innovating new marketing programs bringing together the manufacturers and customers on a single platform, creating immense value and sharing this value with all the stake holders. Paison Ki Nilami and Srei BNP Paribas Partnership Week are two such prominent programs. Srei BNP Paribas has already started financing Technology Solutions (financing of IT equipment, software and services) and has effectively partnered with leading global IT vendors for financing their customers. It has also forayed into financing of new Equipment classes: Agriculture Equipment, Healthcare Equipment, Office Automation, and Equipment in Education sector etc. With its foray into new equipment classes, Srei BNP Paribas has become probably the one and only Company to offer complete Equipment Solutions. With a customer base of over 20,000, Srei BNP Paribas has grown from strength to strength enjoying a strong national presence with a network of 86 offices across India. VISION: To be the most inspiring global holistic infrastructure institution. MISSION: To be an Indian multinational company providing innovative integrated infrastructure solutions. CORE VALUES: Customer Partnership: At Srei, customer satisfaction is the benchmark for success. Srei delights its customers through a comprehensive range of financial services that are personalized, fast, reliable, convenient, quality driven, and yet cost effective. Integrity: Business integrity is a way of life at Srei. The company strongly stands by integrity in all its dealings and ensures strict adherence to the highest standards of business ethics. Passion for Excellence: Sreis passion for excellence is instrumental in positioning the company as the most innovative infrastructure solution provider in India. Respect for People: Srei acknowledges the fact that its people are its most valuable assets and accordingly provides the best possible work environment and treats them like family members. The company rewards excellence and initiative. Stakeholder Value enhancement: Srei is committed to earning the trust and confidence of all its stake holders. Its growth focus, the ability to constantly enlarge its product basket while controlling risk and reducing the cost of its services have resulted in enhanced value for its stakeholders. Professional Entrepreneurship: Sreis in depth knowledge of infrastructure financing business in India, coupled with its spirit of entrepreneurship, and helps the company to overcome the obstacles and complexities with professional expertise. MANUFACTURING PARTNERS: MARKET SHARE OF SREI BNP PARIBAS: Source: Company. MAJOR COMPETITORS: 1. MAGMA FINCORP LIMITED: Magma Fincorp Ltd (Magma) is a Kolkata based asset financing company. The company is engaged in financingof commercial vehicles, cars, construction equipment, tractors and utility vehicles.The companys target customers are mostly first time users and small entrepreneurs. The Company provides construction equipment finance across retail and strategic customer segments. In the retail segment, it focuses on first-time buyers and small customers. The Company has established contracts with large value vendors addressing multiple projects. It finances a range of construction equipment like excavators, backhoe loaders, compactors, compressors, cranes, tippers and drillers of prominent brands like JCB, Telcon, LT, Ingersoll-Rand, Caterpillar, ECEL, Escorts and Atlas Copco etc. Magma provides unsecured EMI-based loans to SMEs for working capital, business expansion and business maintenance. It has developed proprietary financial analysis tools to make safe credit assessments. The share of this segment is increasing in the total disbursements (5% in FY10). Going forward the company intends to maintain the proportion of these loans at 5% and would adopt a cautious approach while lending. In Commercial Vehicle Finance Segment, Magma provides loans on used commercial vehicles and construction equipment. Magma refinanced popular models of Tata Motors and Ashok Leyland. Magma Fincorp predominantly was engaged in financing of construction equipment and passenger cars, utility vehicles and commercial vehicles (CVs). These business verticals accounted for 90% of the companys disbursements in FY10. Recently the company has ventured into high-yield segments, viz; financing of used CVs, tractors and SME loans. Most of the loans disbursed are retail loans and have small ticket size except in the construction equipment segment. MFL has a concentrated focus on the under tapped semi urban and rural market to finance first time users, Small Road Transport operators, small contractors etc. 2. TATA CAPITAL: The Company was incorporated on March 8, 1991 and actively commenced business operations since September, 2007. The Company is a wholly owned subsidiary of Tata Sons Limited, the apex holding company of the Tatas. Their fund based businesses comprise Corporate Finance, Infrastructure Finance and Retail Finance fee based businesses comprise investment banking, broking and distribution, wealth management, private equity, treasury advisory, services relating to travel, forex and infrastructure. With the wide array of products and customized service, the commercial finance business, helps small, medium and large corporates grow their business. The companys team of handpicked professionals offers in-depth expertise to help customers keep pace with the changing marketplace and offer them appropriate solutions to meet their ever-growing financial needs. The companys management structure enables them to leverage relationships across lines of our businesses. Their product knowledge and multi-channel delivery model enhances the ability to cross-sell the companys services. TATA Capital is in the advanced stages of setting up institutional broking, insurance broking and rural finance businesses which would supplement the aforementioned lines of business. TATA Capital believes that the following are the key strengths: Unified financial services platform; Diversified and balanced mix of businesses; Experienced management team; Innovative solutions model; Respected brand; Controls, processes and risk management systems; and Access to capital. 3. LT FINANCE LIMITED: LT Finance Limited (LTF) is a subsidiary of Larsen and Toubro. It was incorporated as a Non-Banking Finance Company in November 1994. Through LTF, LT aims at making a strong foray in the ever-expanding financial services sector.LT Finance understands the intricacies of your business. We at LT Finance offer financing for your Construction Equipment in the form of term loans, working capital loan and operating lease facilities. In 1996, LT Finance had made a foray in financing of commercial vehicles. LT Finance offers financing Commercial Vehicles of all makes and sizes. We also undertake funding of the body for the Commercial Vehicles. LT Finance has an extensive network from where you can easily avail financing for your Commercial Vehicle. Advantages of partnering with LT Finance Presence in more than 70 locations Flexible repayment option Competitive interest rates Finance for used vehicles available Faster loan approval and disbursement A brief Comparison between SREI EQUIPMENT FINSNCE its Competitors: REASON FOR THE JOINT VENTURE WITH BNP PARIBAS LEGAL SOLUTIONS: Mr.HemantKanoria, Vice Chairman and Managing Director of SREI, termed this joint venture as a very significant step in the Indian Financial Services Market. â€Å"We are the largest player in the financing of infrastructure equipment and collaborating with BPLG will help in increasing our market share further and also expanding the product line into financing of agriculture, information technology, medical and other equipment.† Speaking at the occasion Mr. Bertrand Gousset, member of the Executive Committee of BPLG, in charge of Corporate Development, said, â€Å"We are delighted to be associated with the SREI group, who are the leaders in the financing of infrastructure equipment and provide a wide range of equipment finance products to large strategic clients as well as to retail customers, with pan-India coverage. This joint venture is very significant for us and we look forward to a long and prosperous association with them.† Mr. Sunil Kanoria said, â€Å"This joint venture signifies the coming together of two companies with the same shared values. Both SREI and BPLG are convinced that they are well positioned to build on the already strong platform established by SREI and that this will enable in reduction in cost of funds resulting in higher profitability.† Mr.Amoudru, CEO of BNP Paribas India and Head of Territory, said The acquisition of a 50% stake in this joint-venture with SREI a highly recognised firm in equipment and infrastructure financing further evidences the willingness of the BNP Paribas Group to expand its presence in India in activities where it has a strong expertise. It represents another substantial capital commitment from the Group- the largest so far- in this country and testifies our confidence in the long term prospects of the Indian economy. SWOT ANALYSIS: LITERATURE REVIEW: FLOW OF THE PROCESS AT SREI: CREDIT APPRAISAL: Credit Appraisal is a process to ascertain the risks associated with the extension of the credit facility. It is generally carried by the financial institutions which are involved in providing financial funding to its customers.These financial institutions appraise the technical feasibility, economic viability and bankability including creditworthiness of the prospective borrower. Credit appraisal starts from the time a prospective borrower walks into the branch and culminates in credit delivery and monitoring with the objective of ensuring and maintaining the quality of lending and managing credit risk within acceptable limits. Credit appraisal involves analysis of liquidity position/ financial soundness of the company. Although, the analysis also covers understanding growth trends in revenues and earnings, and profit margins, more emphasis is required to be placed on liquidity-both long term and short term. There are basically two types of proposals that are received by the companies for funds. The first types of proposals are financing against new and first hand assets to be purchased (EQUIK) and the other proposals are financing against pre owned assets (REQUIK). Asset finance is generally divided into three departments depending upon the risk exposure*: Retail: Aggregate risk exposure not exceeding Rs.1 crore. SME (Small Medium Enterprises): Aggregate risk exposure between Rs.1 5 crores. Strategic: Aggregate exposure more than Rs.5 crores. *NOTE: Risk exposure to a client is determined by the summation of Net Finance Amount for the approval(s) being considered, together with all existing exposures to the client all related concerns in aggregate and residual Net Finance Amounts under all previous valid approvals for the Client pending part or full disbursement. SOME IMPORTANT TERMINOLOGIES: ASSET FINANCE: Asset Finance category includes secured business loan in which the borrower pledges as collateral an asset used in the conduct of its business. Asset finance also includes business in which a client takes an asset on lease for use in the conduct of his business for a defined period with or without right of onward sub lease the asset. ASSET COST: In case of Equik, the invoice values of the Asset including all duties and taxes which are not refundable or adjustable under drawback or otherwise any scheme. Spares, consumables, accessories auxiliaries, consultancy fees, installation and erection charges, etc. shall not be considered as part of asset cost. In case of Requik, Asset cost will be determined by the lowest of: Present Intrinsic Value of Asset as determined through a process by an expert approved by SREI. Actual purchase price to be paid by the consumer Current Insured Declared Value. MARGIN: Margin means the clients contribution on the Asset Cost payable upfront or any amount deposited with us as Security Deposit in relation to the transaction before the disbursement or release of facility. AIRR: Internal Rate of Return (IRR) by definition is the rate of return at which the Net Present Value of the stream of payments (repayment of installments and interest by the customer vis-à  -vis the actual disbursement made by the company) become equal to zero. FIRR: Financial IRR (FIRR) shall mean the transaction IRR without factoring any benefit available to Srei BNPP in terms of normal MOU entered into by srei BNPP with concerned manufacturer. Management fees/ RTE/ Commitment Charges collected upfront, an extra credit period, subvention or other cash incentives extracted from the manufacturer over and above those available workings. YIELD: Yield means the rate of return to Srei-BNPP from the transaction, factoring all the benefits available to Srei-BNPP under normal MOU and otherwise from the manufacturers/vendors. ETR (Excellent Track Record): ETR means peak delay of not more than 30 days and average delay of not more than 15 days for payment of dues in all existing and past accounts of the proposed customer. GTR (Good track Record): GTR means peak delay of not more than 45 days and average delay of not more than 30 days for payment of dues in all existing and past accounts of the proposed customer. PTR (Poor track Record): PTR means peak delay more than 45 days and average delay of more than 30 days for payment of dues in all existing and past accounts of the proposed customer. ANALYSIS OF CREDIT APPRAISAL MEMORANDUM: Credit risk of each individual transaction is studied and managed from the five different perspectives: Customer credit worthiness Asset quality Asset deployment Collateral security Facility type Background of the proponent/ management: The identification of the borrower is done properly through scrutiny of his antecedents, experience, competence, integrity, initiative etc. This may be done by obtaining status reports from previous bankers. In case of corporate, the management structure, the background of the top management needs to be scrutinized. KYC guidelines as framed by RBI are adopted by the company. Commercial Appraisal: The nature of the product, demand for the same, the existing and perceived competition in the segment, ability of the proponents to withstand the same, government policies governing the industry etc. need to be taken into consideration. Technical Appraisal: Technical appraisal of the project needs to be carried out for industrial activity proposals beyond the cut off limits prescribed from time to time. Such appraisal may be carried out in house by technical officers. Financial Appraisal: Apart from ascertaining the need based character of the limits requested for, the financial health of the proponents, ability to absorb unanticipated financial costs need to be looked into which would include scrutiny of the cost of the project, means of financing, financial projections etc. important performance indicators like profitability ratios, debt equity ratio, operating profit margin etc. need to be within acceptable parameters for that industries/ activities. INTRODUCTION TO RISK: The interpretation of the word risk will determine the approach to risk management. The word risk is interpreted in three distinct senses namely risk as hazard, risk as opportunity and risk as uncertainty. Risk as hazard is the most commonly used meaning of risk and it means likely financial losses arising from negative events such as control failures, bad publicity and loss of reputation. Risk management in this context would mean eliminating possibilities of losses from such negative events by putting in place adequate control systems. Risk as an opportunity means, taking risks and earning adequate returns on them. This implies the trade-off between risk and return. Here risk management, becomes risk optimization meaning maximizing the upside potential and minimizing the downside. Here capacity and ability to manage risk is used to increase shareholders value and achieve a competitive advantage. Risk, as uncertainty is basically a statistical concept, which assumes a normal distribution for future outcomes. Here risk management means narrowing the difference between the expected outcomes and actual results. Banks and other similar financial institutions need to manage the risk inherent in the entire portfolio as well as the risk in individual credits or transactions. The effective management of risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organization. In simple words, risk is the possibility of losses associated with decrease in the credit quality of borrowers. In a financial institution, loss may stem from default due to inability or unwillingness of a customer to meet his commitments in relation to lending, trading, settlement and other financial transactions. A default reduces the present value of the loan and consequently the value of the banks business. Thus, it is imperative that these institutions have a robust risk management. MODEL BUILDING: Need for Study: A Risk Assessment Model (RAM) is necessary to avoid the limitations associated with a simplistic and broad classification of applicants into a good or bad category The comapny currently uses a judgemental risk assessing model. Grading System for Standardization of Risk: The grades (symbols, numbers, alphabets, and descriptive terms) used in the internal credit-risk grading system represent, without any ambiguity, the default risks associated with an exposure. The grading system will enable comparisons of risks for purposes of analysis and top management decision-making. The grading system is therefore, be flexible and should accommodate the refinement SREI India Financial and SWOT Analysis SREI India Financial and SWOT Analysis OBJECTIVE OF THE PROJECT: To develop and understanding of the Non-Banking Financial Institutions (NBFIs) and their business operations in India. To do a detailed research on SREI Equipment Finance Private Limited, its market share and the SWOT analysis. To thoroughly review SREIs credit appraisal and credit management process. To understand the risk management process of the company. To gain a detailed knowledge of the parameters that affects various risks. To determine weightages and scores for designing and developing risk assessment model based on market forces for assessing SREIs Customers. METHODOLOGY: In order to achieve the said objectives, will be to go through the entire NBFs history, thrust areas; growth opportunities, present scenario. This will be the ongoing process and will be done using internet, news and books. To understand the functioning of SREI pertaining to credit risk management and appraisal process followed for financing large corporates (risk exposures more than Rs.5 crores). Factual data, credit appraisal memorandum prepared by the company and the credit risk policy of the company will be referred in this regard. Then comes the technical part of conducting Balance Sheet Analysis, Ratio Analysis and Cash Flow Analysis. To propose a statistical credit rating model, data have been collected from credit officers and the relationship managers in the institution. Financial ratios were used to measure the strength of the customer. Score model for assessing risk to convert responses to scores. Weighted average method applied to assign appropriate importance to various parameters. LIMITATIONS OF THE STUDY: The study will only be focusing on the LARGE CORPORATES (risk exposure more than Rs.5 crores) not the retail and SME sectors of SREI. Study is on the basis of first-hand information collected from employees/head of the division of the company that might be incorrect or biased. Duration of the internship imparts the pressure of covering this vast spectrum in a limit period of 14 weeks. The accuracy of the Risk Assessing Model depends on the accuracy of information provided by the customer. The risk rating model doesnt take into the consideration where in the company doesnt follow the rules norms strictly. The relationships with the customers are given more importance. INDUSTRY ANALYSIS: Structure of Indias Financial Services Industry: The RBI, the central banking and monetary authority of India, is the central regulatory and supervisory authority for the Indian financial system. SEBI and IRDA regulate the capital markets and insurance sector, respectively. A variety offinancial intermediaries in the public and private sectors participate in Indias financial sector, including the following: Commercial banks; NBFCs; Specialised financial institutions like NABARD, EXIM Bank, SIDBI and TFCI; Securities brokers; Investment banks; Insurance companies; Mutual funds; and Venture capital. NON-BANKING FINANCIALCOMPANIES: Non-banking financial companies (NBFCs) are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions (other than commercial and co-operative banks) performing financial intermediation in a variety of ways, like accepting deposits, making loans and advances, leasing, hire purchase, etc. They raise funds from the public, directly or indirectly, and lend them to ultimate spenders. They advance loans to the various wholesale and retail traders, small-scale industries and self-employed persons. Thus, they have broadened and diversified the range of products and services offered by a financial sector. Gradually, they are being recognized as complementary to the banking sector due to their customer-oriented services; simplified procedures; attractive rates of return on deposits; flexibility and timeliness in meeting the credit needs of specified sectors; etc. The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the Reserve Bank of India Act, 1934 (Chapter III B) and the directions issued by it under the Act. As per the RBI Act, a non-banking financial company is defined as:- (i) a financial institution which is a company; (ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner; (iii) such other non-banking institution or class of such institutions, as the bank may, with the previous approval of the Central Government and by notification in the Official Gazette, specify. NBFCs VsBANKING SECTOR IN INDIA: Non-Banking Finance Companies (NBFCs) are an integral part of the countrys financial system complementing theservices of commercial banks. The main reason attributed to the growth of NBFCs is the comprehensive regulation of thebanking system. Other factors include higher level of customer orientation, lesser pre/post sanction requirements andhigher rates of interest on deposits being offered by NBFCs. NBFCs have traditionally been extending credit across various parts of the country through their geographical presence,with NBFCs being a supplier of credit to segments such as equipment leasing, hire purchase, and consumer finance. Theseare areas which warrant infusion of financing due to the existing demand-supply gap. NBFCs have been a more flexiblesource of financing and have been able to disburse funds to a gamut of client, from the local common man to a varietyof corporate client. NBFCs are also able to accelerate the pace of decision making to disburse funds, customise andtailor their products according to the client needs and take on excess risks on their portfolio. NBFCs can be divided intodeposit taking NBFCs, i.e., which accept deposits from public and non-deposit taking NBFCs being those which do notaccept deposits from public. The activities carried out by NBFCs in India can be grouped as under The types of NBFCs registered with the RBI are:-  § Equipment leasing Company: is any financial institution whose principal business is that of leasing equipment or financing of such an activity.  § Hire-purchase Company:is any financial intermediary whose principal business relates to hire purchase transactions or financing of such transactions.  § Loan Company: means any financial institution whose principal business is that of providing finance, whether by making loans or advances or otherwise for any activity other than its own (excluding any equipment leasing or hire-purchase finance activity).  § Investment Company: is any financial intermediary whose principal business is that of buying and selling of securities. Now, these NBFCs have been reclassified into three categories:-  § Asset Finance Company (AFC)  § Investment Company (IC) and  § Loan Company (LC). Under this classification, AFC is defined as a financial institution whose principal business is that of financing the physical assets which support various productive/economic activities in the country. GOVERNMENT ROLE IN PROMOTING INFRASTRUCTURE FINANCE: Infrastructure is expected to be a key area of growth in a developing country like India. The Government has been activelypromoting the countrys infrastructure through a sustained focus on area like power, roads, ports and urbantransportation. Private sector participation through public private partnerships as well as privately funded projects isbeing encouraged in order to enable quick scale up of governments efforts and better management. As per PlanningCommissions estimates the investments in infrastructure during the Tenth Plan aggregated to Rs. 4, 52,900 crores whichis expected to increase to Rs. 11, 25,000 crores in the Eleventh Plan. The chart below describes the anticipated andestimated investments under the two plans respectively. PROJECTED INVESTMENT IN INFRASTRUCTURE in the 11th FIVE YEAR PLAN: COMPANY PROFILE: A started operation in 1989, Srei is a leading infrastructure focused private sector Non-Banking Financial Company (NBFC) in India. It is currently the only institution in India offering holistic infrastructure solutions financing, advisory services development. Milestones Achieved: 1989 Started operations and identified the infrastructure sector as its core Business area. 1992 Initial Public Offering with listing on all major stock exchanges. 1997 IFC, FMO DEG invested as strategic equity partners Promoters stake. 2002 Conceived Quippo, Indias first equipment bank. 2004 All India presence, currently 63 offices. 2005 First Indian NBFC to be listed on the London Stock Exchange. 2006 Geographical expansion into Russia; equity partners EBRD, DEG, FMO. 2007 Joint venture with BNP Paribas Lease Group, 100% subsidiary of BNP Paribas. 2008 Holistic Infrastructure Institution, financing, advisory services Development. Services: Ø Infrastructure Equipment Financing Leasing Ø Infrastructure Project: Financing, Advisory services and development Ø Insurance Broking Ø Venture Capital Ø Capital market Ø Sahaj e-village Ø Quippo Equipment Bank GROUP STRUCTURE: About Srei Equipment Finance Private Limited: Srei BNP Paribas (Registered name: Srei Equipment Finance Private Limited) is a 50:50 joint-venture between Srei Infrastructure Finance Limited, Indias leading and only private sector Non-Banking Financial Institution in the infrastructure space and BNP Paribas Leasing Solutions(BPLS), a wholly owned subsidiary of BNP Paribas, France. Srei BNP Paribas started its operation from January 01, 2008 with the infrastructure and construction equipment financing and insurance businesses and has further plans to expand its business to new verticals. Industry leader in the infrastructure and construction equipment financing, Srei BNP Paribas is aptly benefitting from the Indian expertise and insight of Srei and global leasing insight in diverse product classes of BNP Paribas. Srei BNP Paribas has deep insight on diverse equipment used in the infrastructure and construction sector and acts a valuable advisor to its customers. It has tied up with all the leading equipment manufacturers. Over the years, Srei BNP Paribas has been innovating new marketing programs bringing together the manufacturers and customers on a single platform, creating immense value and sharing this value with all the stake holders. Paison Ki Nilami and Srei BNP Paribas Partnership Week are two such prominent programs. Srei BNP Paribas has already started financing Technology Solutions (financing of IT equipment, software and services) and has effectively partnered with leading global IT vendors for financing their customers. It has also forayed into financing of new Equipment classes: Agriculture Equipment, Healthcare Equipment, Office Automation, and Equipment in Education sector etc. With its foray into new equipment classes, Srei BNP Paribas has become probably the one and only Company to offer complete Equipment Solutions. With a customer base of over 20,000, Srei BNP Paribas has grown from strength to strength enjoying a strong national presence with a network of 86 offices across India. VISION: To be the most inspiring global holistic infrastructure institution. MISSION: To be an Indian multinational company providing innovative integrated infrastructure solutions. CORE VALUES: Customer Partnership: At Srei, customer satisfaction is the benchmark for success. Srei delights its customers through a comprehensive range of financial services that are personalized, fast, reliable, convenient, quality driven, and yet cost effective. Integrity: Business integrity is a way of life at Srei. The company strongly stands by integrity in all its dealings and ensures strict adherence to the highest standards of business ethics. Passion for Excellence: Sreis passion for excellence is instrumental in positioning the company as the most innovative infrastructure solution provider in India. Respect for People: Srei acknowledges the fact that its people are its most valuable assets and accordingly provides the best possible work environment and treats them like family members. The company rewards excellence and initiative. Stakeholder Value enhancement: Srei is committed to earning the trust and confidence of all its stake holders. Its growth focus, the ability to constantly enlarge its product basket while controlling risk and reducing the cost of its services have resulted in enhanced value for its stakeholders. Professional Entrepreneurship: Sreis in depth knowledge of infrastructure financing business in India, coupled with its spirit of entrepreneurship, and helps the company to overcome the obstacles and complexities with professional expertise. MANUFACTURING PARTNERS: MARKET SHARE OF SREI BNP PARIBAS: Source: Company. MAJOR COMPETITORS: 1. MAGMA FINCORP LIMITED: Magma Fincorp Ltd (Magma) is a Kolkata based asset financing company. The company is engaged in financingof commercial vehicles, cars, construction equipment, tractors and utility vehicles.The companys target customers are mostly first time users and small entrepreneurs. The Company provides construction equipment finance across retail and strategic customer segments. In the retail segment, it focuses on first-time buyers and small customers. The Company has established contracts with large value vendors addressing multiple projects. It finances a range of construction equipment like excavators, backhoe loaders, compactors, compressors, cranes, tippers and drillers of prominent brands like JCB, Telcon, LT, Ingersoll-Rand, Caterpillar, ECEL, Escorts and Atlas Copco etc. Magma provides unsecured EMI-based loans to SMEs for working capital, business expansion and business maintenance. It has developed proprietary financial analysis tools to make safe credit assessments. The share of this segment is increasing in the total disbursements (5% in FY10). Going forward the company intends to maintain the proportion of these loans at 5% and would adopt a cautious approach while lending. In Commercial Vehicle Finance Segment, Magma provides loans on used commercial vehicles and construction equipment. Magma refinanced popular models of Tata Motors and Ashok Leyland. Magma Fincorp predominantly was engaged in financing of construction equipment and passenger cars, utility vehicles and commercial vehicles (CVs). These business verticals accounted for 90% of the companys disbursements in FY10. Recently the company has ventured into high-yield segments, viz; financing of used CVs, tractors and SME loans. Most of the loans disbursed are retail loans and have small ticket size except in the construction equipment segment. MFL has a concentrated focus on the under tapped semi urban and rural market to finance first time users, Small Road Transport operators, small contractors etc. 2. TATA CAPITAL: The Company was incorporated on March 8, 1991 and actively commenced business operations since September, 2007. The Company is a wholly owned subsidiary of Tata Sons Limited, the apex holding company of the Tatas. Their fund based businesses comprise Corporate Finance, Infrastructure Finance and Retail Finance fee based businesses comprise investment banking, broking and distribution, wealth management, private equity, treasury advisory, services relating to travel, forex and infrastructure. With the wide array of products and customized service, the commercial finance business, helps small, medium and large corporates grow their business. The companys team of handpicked professionals offers in-depth expertise to help customers keep pace with the changing marketplace and offer them appropriate solutions to meet their ever-growing financial needs. The companys management structure enables them to leverage relationships across lines of our businesses. Their product knowledge and multi-channel delivery model enhances the ability to cross-sell the companys services. TATA Capital is in the advanced stages of setting up institutional broking, insurance broking and rural finance businesses which would supplement the aforementioned lines of business. TATA Capital believes that the following are the key strengths: Unified financial services platform; Diversified and balanced mix of businesses; Experienced management team; Innovative solutions model; Respected brand; Controls, processes and risk management systems; and Access to capital. 3. LT FINANCE LIMITED: LT Finance Limited (LTF) is a subsidiary of Larsen and Toubro. It was incorporated as a Non-Banking Finance Company in November 1994. Through LTF, LT aims at making a strong foray in the ever-expanding financial services sector.LT Finance understands the intricacies of your business. We at LT Finance offer financing for your Construction Equipment in the form of term loans, working capital loan and operating lease facilities. In 1996, LT Finance had made a foray in financing of commercial vehicles. LT Finance offers financing Commercial Vehicles of all makes and sizes. We also undertake funding of the body for the Commercial Vehicles. LT Finance has an extensive network from where you can easily avail financing for your Commercial Vehicle. Advantages of partnering with LT Finance Presence in more than 70 locations Flexible repayment option Competitive interest rates Finance for used vehicles available Faster loan approval and disbursement A brief Comparison between SREI EQUIPMENT FINSNCE its Competitors: REASON FOR THE JOINT VENTURE WITH BNP PARIBAS LEGAL SOLUTIONS: Mr.HemantKanoria, Vice Chairman and Managing Director of SREI, termed this joint venture as a very significant step in the Indian Financial Services Market. â€Å"We are the largest player in the financing of infrastructure equipment and collaborating with BPLG will help in increasing our market share further and also expanding the product line into financing of agriculture, information technology, medical and other equipment.† Speaking at the occasion Mr. Bertrand Gousset, member of the Executive Committee of BPLG, in charge of Corporate Development, said, â€Å"We are delighted to be associated with the SREI group, who are the leaders in the financing of infrastructure equipment and provide a wide range of equipment finance products to large strategic clients as well as to retail customers, with pan-India coverage. This joint venture is very significant for us and we look forward to a long and prosperous association with them.† Mr. Sunil Kanoria said, â€Å"This joint venture signifies the coming together of two companies with the same shared values. Both SREI and BPLG are convinced that they are well positioned to build on the already strong platform established by SREI and that this will enable in reduction in cost of funds resulting in higher profitability.† Mr.Amoudru, CEO of BNP Paribas India and Head of Territory, said The acquisition of a 50% stake in this joint-venture with SREI a highly recognised firm in equipment and infrastructure financing further evidences the willingness of the BNP Paribas Group to expand its presence in India in activities where it has a strong expertise. It represents another substantial capital commitment from the Group- the largest so far- in this country and testifies our confidence in the long term prospects of the Indian economy. SWOT ANALYSIS: LITERATURE REVIEW: FLOW OF THE PROCESS AT SREI: CREDIT APPRAISAL: Credit Appraisal is a process to ascertain the risks associated with the extension of the credit facility. It is generally carried by the financial institutions which are involved in providing financial funding to its customers.These financial institutions appraise the technical feasibility, economic viability and bankability including creditworthiness of the prospective borrower. Credit appraisal starts from the time a prospective borrower walks into the branch and culminates in credit delivery and monitoring with the objective of ensuring and maintaining the quality of lending and managing credit risk within acceptable limits. Credit appraisal involves analysis of liquidity position/ financial soundness of the company. Although, the analysis also covers understanding growth trends in revenues and earnings, and profit margins, more emphasis is required to be placed on liquidity-both long term and short term. There are basically two types of proposals that are received by the companies for funds. The first types of proposals are financing against new and first hand assets to be purchased (EQUIK) and the other proposals are financing against pre owned assets (REQUIK). Asset finance is generally divided into three departments depending upon the risk exposure*: Retail: Aggregate risk exposure not exceeding Rs.1 crore. SME (Small Medium Enterprises): Aggregate risk exposure between Rs.1 5 crores. Strategic: Aggregate exposure more than Rs.5 crores. *NOTE: Risk exposure to a client is determined by the summation of Net Finance Amount for the approval(s) being considered, together with all existing exposures to the client all related concerns in aggregate and residual Net Finance Amounts under all previous valid approvals for the Client pending part or full disbursement. SOME IMPORTANT TERMINOLOGIES: ASSET FINANCE: Asset Finance category includes secured business loan in which the borrower pledges as collateral an asset used in the conduct of its business. Asset finance also includes business in which a client takes an asset on lease for use in the conduct of his business for a defined period with or without right of onward sub lease the asset. ASSET COST: In case of Equik, the invoice values of the Asset including all duties and taxes which are not refundable or adjustable under drawback or otherwise any scheme. Spares, consumables, accessories auxiliaries, consultancy fees, installation and erection charges, etc. shall not be considered as part of asset cost. In case of Requik, Asset cost will be determined by the lowest of: Present Intrinsic Value of Asset as determined through a process by an expert approved by SREI. Actual purchase price to be paid by the consumer Current Insured Declared Value. MARGIN: Margin means the clients contribution on the Asset Cost payable upfront or any amount deposited with us as Security Deposit in relation to the transaction before the disbursement or release of facility. AIRR: Internal Rate of Return (IRR) by definition is the rate of return at which the Net Present Value of the stream of payments (repayment of installments and interest by the customer vis-à  -vis the actual disbursement made by the company) become equal to zero. FIRR: Financial IRR (FIRR) shall mean the transaction IRR without factoring any benefit available to Srei BNPP in terms of normal MOU entered into by srei BNPP with concerned manufacturer. Management fees/ RTE/ Commitment Charges collected upfront, an extra credit period, subvention or other cash incentives extracted from the manufacturer over and above those available workings. YIELD: Yield means the rate of return to Srei-BNPP from the transaction, factoring all the benefits available to Srei-BNPP under normal MOU and otherwise from the manufacturers/vendors. ETR (Excellent Track Record): ETR means peak delay of not more than 30 days and average delay of not more than 15 days for payment of dues in all existing and past accounts of the proposed customer. GTR (Good track Record): GTR means peak delay of not more than 45 days and average delay of not more than 30 days for payment of dues in all existing and past accounts of the proposed customer. PTR (Poor track Record): PTR means peak delay more than 45 days and average delay of more than 30 days for payment of dues in all existing and past accounts of the proposed customer. ANALYSIS OF CREDIT APPRAISAL MEMORANDUM: Credit risk of each individual transaction is studied and managed from the five different perspectives: Customer credit worthiness Asset quality Asset deployment Collateral security Facility type Background of the proponent/ management: The identification of the borrower is done properly through scrutiny of his antecedents, experience, competence, integrity, initiative etc. This may be done by obtaining status reports from previous bankers. In case of corporate, the management structure, the background of the top management needs to be scrutinized. KYC guidelines as framed by RBI are adopted by the company. Commercial Appraisal: The nature of the product, demand for the same, the existing and perceived competition in the segment, ability of the proponents to withstand the same, government policies governing the industry etc. need to be taken into consideration. Technical Appraisal: Technical appraisal of the project needs to be carried out for industrial activity proposals beyond the cut off limits prescribed from time to time. Such appraisal may be carried out in house by technical officers. Financial Appraisal: Apart from ascertaining the need based character of the limits requested for, the financial health of the proponents, ability to absorb unanticipated financial costs need to be looked into which would include scrutiny of the cost of the project, means of financing, financial projections etc. important performance indicators like profitability ratios, debt equity ratio, operating profit margin etc. need to be within acceptable parameters for that industries/ activities. INTRODUCTION TO RISK: The interpretation of the word risk will determine the approach to risk management. The word risk is interpreted in three distinct senses namely risk as hazard, risk as opportunity and risk as uncertainty. Risk as hazard is the most commonly used meaning of risk and it means likely financial losses arising from negative events such as control failures, bad publicity and loss of reputation. Risk management in this context would mean eliminating possibilities of losses from such negative events by putting in place adequate control systems. Risk as an opportunity means, taking risks and earning adequate returns on them. This implies the trade-off between risk and return. Here risk management, becomes risk optimization meaning maximizing the upside potential and minimizing the downside. Here capacity and ability to manage risk is used to increase shareholders value and achieve a competitive advantage. Risk, as uncertainty is basically a statistical concept, which assumes a normal distribution for future outcomes. Here risk management means narrowing the difference between the expected outcomes and actual results. Banks and other similar financial institutions need to manage the risk inherent in the entire portfolio as well as the risk in individual credits or transactions. The effective management of risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organization. In simple words, risk is the possibility of losses associated with decrease in the credit quality of borrowers. In a financial institution, loss may stem from default due to inability or unwillingness of a customer to meet his commitments in relation to lending, trading, settlement and other financial transactions. A default reduces the present value of the loan and consequently the value of the banks business. Thus, it is imperative that these institutions have a robust risk management. MODEL BUILDING: Need for Study: A Risk Assessment Model (RAM) is necessary to avoid the limitations associated with a simplistic and broad classification of applicants into a good or bad category The comapny currently uses a judgemental risk assessing model. Grading System for Standardization of Risk: The grades (symbols, numbers, alphabets, and descriptive terms) used in the internal credit-risk grading system represent, without any ambiguity, the default risks associated with an exposure. The grading system will enable comparisons of risks for purposes of analysis and top management decision-making. The grading system is therefore, be flexible and should accommodate the refinement