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    A REPORT ON

    PROJECT APPRAISAL OF TERM LOAN A CASE

    STUDY ON PROJECT APPRAISAL OF A FRESH CREDITPROPOSAL OF EDUCATION PVT. LTD

    AT

    Jammu And Kashm! "an# L$d% CP "!an&h% N'( D')h.

    BY

    Dh!u* sa!#a!% En!+))m'n$ N+, C-/0123

    Jiwaji university, Gwalior (M.P.)

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    A REPORT ON

    PROJECT APPRAISAL OF TERM LOAN A CASE STUDY ONPROJECT APPRAISAL OF A FRESH CREDIT PROPOSAL

    OF EDUCATION PVT. LTD

    By

    Dh!u* sa!#a!% En!+))m'n$ N+, C-/0123

    A re$ort su%&itte' in $artial "ul"ill&ent o" te reuire&ents o" MBA(Business e*ono&i*s) Prora& o" Jiwaji university, Gwalior (M.P.)

    +istri%ution ist-

    Jammu And Kashm! "an# L$d.% CP "!an&h% N'( D')h

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    AUTHORI4ATION

    Tis is to *erti"y tat tis is a %ona"i'e $roje*t re$ort su%&itte' in $artial "ul"ill&ent o" tereuire&ents o" MBA(Business E*ono&i*s) $rora& o". Jiwaji university, Gwalior (M.P.)

    Tis re$ort 'o*u&ent title' 0Proje*t A$$raisal o" Ter& oan. A *ase stu'y on $roje*ta$$raisal o" a "res *re'it $ro$osal o" E'u*ation Pvt. t' .1 is a su%&ission o" wor2 'one %y+ruv 3ar2ar.

    Tis re$ort as %een "or&ally su%&itte' to Pro".Bavya &aeswari, 4a*ulty, 3*ool o"

    stu'ies in Business e*ono&i*s, Jiwaji university an' Mr. Ravin'er Gurtoo, 3eniorE5e*utive (A'van*es), J 6 7 %an2 t'.

    Tis re$ort as %een veri"ie' an' autenti*ate' %y-

    Pro". .Bhavya maheshwari4a*ulty Gui'e3*ool o" stu'ies in Business e*ono&i*s,Jiwaji university, Gwalior (M.P.)

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    ACKNO5LED6EMENTS

    9 woul' li2e to e5$ress &y $ro"oun' ratitu'e to all tose wo ave %een instru&ental in te$re$aration o" &y $roje*t re$ort. To start wit, 9 woul' li2e to tan2 Ja&&u An' 7as&ir Ban2t'. "or $rovi'in &e te *an*e to un'erta2e tis internsi$ stu'y an' allowin &e to e5$lorete area o" "inan*e wi* woul' $rove out to %e very %ene"i*ial to &e in &y "uture assin&ents,&y stu'ies an' &y *areer aea'.

    9 woul' li2e to tan2Mr. Jitender Sharma, Assistant V.P& Business Unit Head, JammuAnd Kashmir Bank Ltd. , to ive &e te o$$ortunity to wor2 wit te *o&$any on te$roje*t title' a$$raisal o" a "res *re'it $ro$osal o" E'u*ation Pvt. t'.(na&e *ane').

    9 wis to $la*e on re*or's, &y 'ee$ sense o" ratitu'e an' sin*ere a$$re*iation to &y *o&$anyui'e an' &entor, Mr. Ravinder Gurtoo, 3enior E5e*utive, (a'van*es) wo sueste' an'$re$are' te "ra&e wor2 o" te $roje*t. 9 woul' also li2e to tan2 i& "or is *ontinuoussu$$ort, a'vi*e an' en*ourae&ent, witout wi* tis re$ort *oul' never ave %een*o&$lete'.

    9 a& 'ee$ly rate"ul, to &y "a*ulty ui'e Pro.Bhav!a mahesh"ari "or is invalua%lesuestions,:o&&ents, "ee'%a*2 an' su$$ort trouout te internsi$.

    A tan2;you is also 'eserve' "or te sta o Jammu & Kashmir Bank Ltd, Advan#es$e%artmentes$e*ially toMr Mehra, Mr Saa'ir Hussain , Mr. A'du( A(eem and Mrs So'iaAshra.

    astly, 9 wis to tan2 &y "a&ily an' "rien's "or teir valua%le el$ an' su$$ort.

    $hruv sarkar

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    TA"LE OF CONTENTS Pa7' N+.

    I. AUTHORI4ATION 8

    II. ACKNO5LED6EMENT 9III. A"STRACT 2

    IV. LIST OF ILLUSTRATION 1

    Cha:$'! ; In$!+du&$+n ;-, Proje*t 0APPRA93A O4 A TERM OAN1 ;An Overview ;-

    !.! Proje*ts ?n'erta2en in te Ban2in in'ustry ;-

    !. Pur$ose o" te stu'y ;;

    !./ Meto'oloy ;;

    !.8 i&itations o" te 3tu'y ;8

    !.< iterature review ;9,

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    A"STRACTTe $roje*t 'eals wit te $roje*t a$$raisal o" a "res *re'it $ro$osal o" E'u*ation Pvt. t'.(na&e *ane') "or settin u$ an university *u& Enineerin *ollee at 7ara 'istri*t ,(na&e *ane') Caryana wit annual inta2e *a$a*ity o" =>>> stu'ents. 4res ter& loan"a*ility o" Rs. 8> *rore un'er *onsortiu& is reuire' to $art "inan*e te 'e%t reuire&ent o"Rs. D> *rore, out o" te total $roje*t *ost o" Rs.!> *rore.

    Te $roje*t a$$raisal o" a ter& loan wi* is a *o&$reensive an' syste&ati* review o" allte relate' as$e*ts o" a iven $roje*t wi* *an also %e ter&e' as n'loo2 at te $roje*t'etails %y a $erson wo is no way involve' in te $re$aration o" te sai' 'etails. Teo%je*tive o" tis a$$raisal is to i&$rove an' reva&$ te $roje*t wit te *o;o$eration o" te$ro&oters an' "or a 'etaile' an' &eanin"ul a$$raisal o" te $roje*t te stu'y is un'erta2enin "our as$e*ts. Broa'ly "our a$$raisals ave %een 'one in tis $roje*t %e"ore 'e*i'in toe5ten' te servi*es.

    4irstly te &anaerial a$$raisal as %een loo2e' into. Te *o&$eten*e o" te &anae&entto &anae te enter$rise is a very i&$ortant "a*tor .Te e5$erien*e, te %usiness a*u&eninterity an' resour*e"ulness o" te $ro&oters are te "a*tors, wi* ave 'eter&ine' owsu**ess"ully te *on*erne' %usiness *an %e run. Te $ro&oterFs rou$ "inan*ial stan'inan' %usiness re$utation as also %een "oun' out. :on"i'ential enuiries %y our tea&reveale' all tese "a*ts witout &u* assle an' tese a' a vital in"luen*e on te 'e*ision&a2in on a loan a$$li*ation. Tis was &ore i&$ortant wit rear's to E'u*ation Pvt. t'.as tey are new entre$reneurs sin*e in teir *ase te %an2s &ay not %e avin any 'ata orre*or'.

    3e*on'ly te "inan*ial a$$raisal is 'one. Te &ajor as$e*ts wi* reuire' attention in te"inan*ial a$$raisal were *o&$leteness an' a**ura*y o" te esti&ates o" "un's reuire' "orinvest&ent %y way o" *a$ital *ost an' wor2in *a$ital, sour*es "ro& wi* teses "un'swoul' %e o%taine', *ost o" $ro'u*tion, *as "low "ro& te $roje*t an' te $roje*te' %alan*eseet. Te various *ost o" lan', 'evelo$&ent *ares, *ivil wor2, *ontinen*ies et* [email protected]'. arious ratios are *al*ulate'. Te "inan*ial in'i*ators are *e*2e' an' [email protected]'so as to wat is te $ro&oterFs sta2e in te $roje*t.. Te re$resentation o" te in*o&e as to%e earne' trou te *ollee "ees, ostel "ees an' %an2 4+RFs. Te 4A:R is *al*ulate'an' i&$rove&ent in it is also stu'ie'. Te net $ro"it 'urin te 4Y >!8;!< is stu'ie'. Te'ownwar' tren' o" te 'e%tH euity ratio is also stu'ie'. 3ensitivity analysis as %een 'onere*2onin "ollowin 'e$artures i.e., wen total revenues re'u*e %y < I, e5$en'iture

    in*reases %y < I, rate o" interest in*reases %y ! I .+3:R is also *al*ulate'. Pro"ita%ilityesti&ates are also *al*ulate'. Tis as$e*t ta2es into a**ount te earnin *a$a*ity o" te$roje*t wi* ulti&ately 'eter&ines te via%ility. Earnins 'ire*tly 'e$en' u$on teuantu& o" turnover an' te *ost $attern o" a*ievin su* turnover. Te turnover is te"un*tion o" &ar2et (i.e., 'e&an' an' su$$ly a$ in "avour o" 'e&an') an' te $ro'u*tion"a*ilities. Te assess&ent o" e5istin 'e&an' as %een 'one wit a view to see te e5tent o"

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    a$ in te 'e&an' an' su$$ly $osition. Te $roje*tion "or te sales is very *o&$li*ate'issue an' as %een well loo2e' into.

    Tir'ly, te *o&&er*ial a$$raisal as %een 'one. 9n or'er to &a2e $ro$er a$$raisal o" te'e&an' "ore*asts &a'e %y te %orrowers, te a$$raisin tea& reuire' in"or&ation

    rear'in 'e&an', su$$ly, an' 'istri%ution, $ri*in an' e5ternal "or*es. Te &ar2et stu'yas ta2en into a**ount te $ossi%le "uture *anes in te volu&e an' $attern o" su$$ly an''e&an' will ave to %e esti&ate' in or'er to assess te lon ter& $ros$e*ts o" te in'ustryas well as te earnin *a$a*ity o" te unit. Te 'etails a%out te oter units in te in'ustrywit rear' to *a$a*ity, te*noloy a'o$te', $ro"ita%ility an' s*o$e o" e5$ansion ave also%een loo2e' into . Analysis o" &ar2et o$$ortunities an' s$e*i"yin &ar2etin o%je*tives,wi* involve a s*ienti"i* assess&ent o" total [email protected] o" te &ar2et "or te servi*e an' te saretat *oul' %e se*ure' %y te new *o&$any, as %een 'one.

    4ourtly, te te*ni*al a$$raisal is 'one in wi* various ins$e*tions are 'one $ersonally%y te %an2 e&$loyees trou site visit to assure tat wat te*noloy as %een use' in te

    venture. Te $resen*e o" various utilities as %een *e*2e' weter tey see& satis"a*toryor not. ater su$$ly, sewerae syste&, *onstru*tion $ower, ar*ite*t are so&e o" tei&$ortant as$e*ts 'ee$ly loo2e' into sin*e its an e'u*ational in"rastru*ture &an$owerreuire&ents is torouly [email protected]'. +etails o" &an$ower in*lu'in &anaerial,su$ervisory, s2ille' an' uns2ille' an' wat are te %asis o" &an$ower esti&ates. e evenloo2e' into wat is te $osition o" te availa%ility o" te &an$ower lo*ally (in te reion).Te i&$le&entation s*e'ule as %een as %een [email protected]' as to wat is te status o" various&ajor a*tivities, weter te a*uisition o" te lan' as %een *o&$lete', weter te'evelo$&ent wor2 as starte'. 9" so, ow &u* as %een *o&$lete'. eter ar*ite*ta$$ointe', *ontra*t "or *ivil wor2 awar'e', aree&ent "or 2now;ow sine' an' oter ovt;a$$rovals werever ne*essary, as %een o%taine'.

    Alon wit te a%ove a$$raisal te various leal reulations an' A:T3 o" law wi* as to%e &aintaine' wile e5ten'in te servi*e ave also %een ta2en *are o". arious leal'o*u&ents ave %een *e*2e' *on*ernin te venture na&ely, *ane o" lan' use*erti"i*ate, NO: "or esta%lis&ent, *onsent "or a""iliation, a$$li*ation wit A9:TE, %uil'in$lan a$$roval "ro& te 'ire*tor o" Town 6 *ountry $lannin, environ&ental *learan*e*erti"i*ate, a$$roval o" $ower *erti"i*ate, $ollution *erti"i*ate, "ire "itin et*. ave to %eo%taine' or a$$lie' in *ertain *ases to %e elii%le to enjoy te reueste' "a*ilities. Te$roje*t a$$raisal reuire' te e&$loyees to o trou te 'etaile' $ro*e'ure o"

    s*[email protected] ea* an' every "a*t an' "iure an' $resent a $ro$osal wi* woul' %e [email protected]'%y te senior o""i*ial at te *re'it 'e$art&ent o" te %ran* an' te sa&e woul' %e"orwar'e' to te @onal o""i*e "or teir san*tion i" satis"ie'.

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    ABO?T TCE JAMM? 6 7A3CM9R BAN7

    Te J62 Ban2 "oun'e' O*to%er!st ,!/D un'er letter $atent issue %y te &aaraja

    o" Ja&&u 6 7as&ir Cari sin,te &aaraja 9nvite' to %e*o&e "oun'in'ire*tors 6 sareol'er o" te %an2 nota%le o" wi* were A%'ul [email protected]@ &antoo,$esten jee , te Baat sin "a&ily all o" wo& a*uire' &ajor sareol'inK

    Te J67 %an2 *o&&en*e' Business on July 8t,!/

    Cea' uarter -; 3rinaar, Ja&&u 6 7as&ir, 9n'ia

    Pro'u*t -; !.:re'it *ar's. Mortae lan'

    3ervi*e -; !. :onsu&er, Ban2in. :or$orate

    /. 4inan*ial 3ervi*es 8. Private %an2in .!;!/)

    O$eratin in*o&e-; ,#.## *rore (?3L 8D>&ilion) (>!;!/)

    Net in*o&e -; !,> %illion) (>!;!/)

    Total assets -; #!,#8/ *rore (?3L ! %illion) on &ar* /!st,>!/

    Total euity -; 8,>=> *rore (?3L D8> &illion) E&$loyees -; 8>> as on &ar* /!,>!/

    e%site -; www.j2%an2.net

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    LIST OF ILLUSTRATIONSS). N+. T$)' Pa7'

    I. Ls$ +? 7!a:hs

    !. +istri%ution o" Ban2 :re'it (3e*tor ise) . :ross ta%ulation %etween ow lon ave &anaers %een asso*iate'an' i&$ortan*e o" ualitative 'ata

    39

    !!. :ross ta%ulation %etween ow lon ave &anaers %een asso*iate' an'i&$ortan*e o" uantitative 'ata

    33

    !. :ross ta%ulation o" Basi* 4inan*ial 7nowle'e A*uaintan*e witte Ban2 an' its $oli*ies

    !/. Proje*te' Pro"it 6 loss 3tate&ent 23

    !8. Proje*te' Balan*e 3eet 23

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    III. Ls$ +? F7u!'s

    !. 9&$ortan*e o" :or$orate 9ntera*tion 32

    . Res$onses sowin weter "reuent trans"ers a""e*t te e""i*ien*y o" te

    Ban2in $ro*ess30

    /. Res$onse rear'in %ur'en o" wor2 31

    8. Res$onse rear'in 2ee$in onesel" u$'ate'. 31

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    CHAPTER I

    In$!+du&$+n

    ;. PROJECT APPRAISAL OF A TERM LOAN > AN OVERVIE5

    )du#ation Pvt. Ltd.$ro$oses to set u$ a ?niversity "or ier e'u*ation in te "iel' o"Enineerin an' Manae&ent *ourses at illae 7ara1 (na&e *ane') state Caryana wit$roje*t *ost o" !> *rore.Te rou$ turnover is &ore tan !>> *rore 'urin 4Y>!>;!! an'PBT was &ore tan Rs !/ *rore. Te rou$ &anaes various s*ools He'u*ationalinstitutions 'etail o" wi* is iven in su%seuent $arara$s.

    :ivil wor2 "or te $roje*t as alrea'y starte'. Total *ost o" te $roje*t is *onsi'ere' at !>*rore wi* is $ro$ose' to %e &et wit +ER o" -!. :o&$any $ro$oses to raise ter& 'e%t o"

    Rs D> *rore an' te a&ount o" Rs 8> *rore is to %e *ontri%ute' %y te $ro&oters in te sa$eo" sare *a$ital an' unse*ure' loans. Te $roje*t woul' %e i&$le&ente' in a $erio' o" .>> stu'ents. :o&$any $ro$ose' to *onstru*t total area o"

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    j. Proje*t *ost esti&ates are realisti*, reasona%le an' are not un'uly e5aerate'2. :olla%orators ave a'euate e5$erien*e an' te units wi* tey ave %een

    asso*iate' earlier, ave %een "un*tionin satis"a*torilyl. Tere is *ertainty a%out te availa%ility o" a'euate raw &aterial on a stea'y %asis

    an' tat o" te utilities li2e $ower, water et*.

    PURPOSE OF THE STUDY

    4or &eetin its *or$orate o%je*tive o" len'in *or$orate loan, J6 7 %an2 reuire' tat a stu'y%e &a'e on te various in"or&ation availa%le ("a*ts an' "iures) "or "in'in out te elii%ility o"E'u*ation :o. t'. %e"ore e5ten'in te ter& loan. A re$ort o" te sa&e %e $re$are'ilitin te relative &erits an' 'e&erits o" ea* sour*e an' various oter as$e*ts. 3$e*iale&$asis was reuire' to %e $la*e' on te "inan*ial via%ility o" te $roje*t %y [email protected] te"inan*ial in'i*ators an' un'erstan'in te 'e%t re$ayin *a$a%ility o" E'u*ation :o. t'.Tere"ore, te &ain O%je*tive o" te a%ove sai' stu'y will %e to "o*us on te enuinity o"$roje*t *ost 6 &eans o" "inan*e. Te various $oints to %e ta2en *are wile te stu'yin an'$re$arin te re$ort iven in a nut sell is as "ollows-

    3tu'y an' analysis o" te "inan*ial via%ility o" te $roje*t.

    Analysis o" te te*ni*al "easi%ility o" te $roje*t.

    :riti*ally [email protected] te e*ono&i* via%ility o" te $roje*t an' te $resen*e o"*o&$etitors in te sa&e areas.

    4in'in out any 'is$arities in te "inan*ial state&ents an' te $ro"ile o" te $ro&oters.

    METHODOLO6Y

    Te *o&%ination o" te "ollowin &eto'oloy as %een a'o$te' wile $re$arin tis re$ort.

    iterature 3urvey

    +ata *olle*tion "ro& te insit re$ort su%&itte' %y te *onsultan*y.

    3tu'y o" te 'ata $rovi'e' %y te lea' %an2.

    +ata *olle*te' %y $ersonal intera*tions wit te %an2 e&$loyees.

    Online *olle*tion o" 'ata.

    RESEARCH DESI6N

    A resear* 'esin is a "ra&ewor2 or %lue$rint "or *on'u*tin te resear* $roje*t. 9t 'etails te$ro*e'ures ne*essary "or o%tainin te in"or&ation nee'e' to stru*ture or solve resear*$ro%le&s.4or te *ase stu'y-A *o&%ination o" onitu'inal +es*ri$tive resear* 'esin an' :ausal Resear* 'esin as%een e&$loye'.

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    +es*ri$tive resear* 'esin %e*ause in"or&ation in various "or&s li2e :MA 'ata an'istori*al re*or's was $rovi'e', wi* $rovi'e' te %asis "or te resear*. Moreover, te 'atawas *olle*te' "ro& su* availa%le sour*es "or te 'e"inite $ur$ose o" usin it in te $ro*ess o"$ro$osal &a2in. Te resear* 'esin as %een 'es*ri%e' as %ein onitu'inal, sin*e a "i5e'sa&$le o" $o$ulation ele&ents were &easure' re$eate'ly in te "or& o" istori* re*or's o" te

    *o&$any a**ounts &aintaine' %y te %an2 an' *ertain *o&$any 'etails wi* are not su%je*t to*ane over te years.

    :ausal Resear* 'esin as also %een use' in te resear* $ro*ess as tere were varia%les inte stu'y wi* *ause'H'eter&ine' te values o" oter varia%les. arious *on*lusions 'rawn onte %asis o" one varia%le, "or instan*e, *ertain ualitative as well as uantitative $ara&etersa""e*t te :RA ratins o" te *o&$any. Also, te *anes in :re'it li&its o" te Ban2 alsoa""e*ts te $ro$ose' *anes in te *o&$any *re'it li&its.

    R's'a!&h D's7n ?+! u's$+nna!'

    4or avin so&e $ri&ary 2nowle'e o" te :re'it A$$raisal $ro*ess in J67 %an2, a survey in

    te "or& a uestionnaire was un'erta2en witin te Bran*.Resear* +esin use' was E5$loratory Resear* an' Multi;*ross 3e*tional Resear* +esin.As tere was a nee' "or a $reli&inary resear* to %e *on'u*te' to in*rease un'erstan'in o" te*on*e$t an' alrea'y $revalent $ro*ess o" :re'it a$$raisal, in or'er to *lari"y te e5a*t nature o"te $ro%le& to %e solve', an' also i'enti"y i&$ortant varia%les to %e stu'ie'. Te stu'yinvolve' &ulti;*ross se*tional 'esin, as tis $ro*ess involve' te stu'y o" &ore tan twores$on'ents an' in"or&ation trou uestionnaires was *olle*te' "ro& ea* sa&$le only on*e.

    RESEARCH INSTRUMENTS

    ?se o" *o&$any in"or&ation as $rovi'e' %y te *o&$any, *o&$any intera*tion, istori*al 'atao" te *o&$any wit te %an2. An' a 3tru*ture' Non;'isuise' uestionnaire was also use' "orte sa&e. 4or statisti*al analysis o" te 'ata *olle*te' trou uestionnaires, *rossta%ulation

    as %een use'.

    SCALIN6 TECHNIUES USED

    No&inal , 9nterval an' Or'inal Pri&ary s*ales o" &easure&ent were use' in te uestionnaire&eto'. ?n'er te :o&$arative 3*alin te*niue; Paire' *o&$arison

    Ran2 or'er

    ?n'er te Non;:o&$arative 3*alin; :ontinuous Ratin 3*ale

    i2ert 3*ale un'er te 9te&[email protected]' Ratin 3*alin

    DATA SOURCES

    [email protected] S+u!&'s

    Tis resear* wor2 was %ase' on te analysis o" te res$onses o" te res$on'ents i.e. te Ban2&anaers.S'&[email protected] S+u!&'s

    4or te *ase stu'y $ur$ose, te se*on'ary 'ata was use' wi* was availa%le in te "or& o" -

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    :o&$any &anuals

    :o&$any a**ount in"or&ation availa%le in te Ban2 'ata%ase

    :o&$any we%site

    4inan*ial re*or's wit te Ban2

    Aen'a letter see2in te reuire' review or renewal.

    RESEARCH SAMPLE

    3a&$lin in e'u*ational resear* is enerally *on'u*te' in or'er to $er&it te 'etaile' stu'y o"$art, rater tan te wole, o" a $o$ulation. Te in"or&ation 'erive' "ro& te resultin sa&$leis *usto&arily e&$loye' to 'evelo$ use"ul [email protected] a%out te $o$ulation. [email protected] &ay %e in te "or& o" esti&ates o" one or &ore *ara*teristi*s asso*iate' witte $o$ulation, or tey &ay %e *on*erne' wit esti&ates o" te strent o" relationsi$s%etween *ara*teristi*s witin te $o$ulation. Provi'e' tat s*ienti"i* sa&$lin $ro*e'ures areuse', te sele*tion o" a sa&$le o"ten $rovi'es &any a'vantaes *o&$are' wit a *o&$lete

    *overae o" te $o$ulation. My resear* wor2 involve' a sa&$le stu'y o"

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    so&e 'ata is *onsi'ere' to %e too sensitive to %e 'is*lose %y te *o&$any.

    Ceavy relian*e on se*on'ary 'ata &eans tat te in"or&ation atere' is su%je*t to vali'ation.

    ;.3 LITERATURE REVIE5

    A. A Su!**a) Ana)@ss M+d') ?+! C!'d$ Rs# A::!asa) +? C+mm'!&a) "an#s% an

    Em:!&a) [email protected]

    0:re'it Ris2 Pre*aution Mo'el o" Reion Joint;3to*2 :o&&er*e Ban2s in :ina an' it sE&$iri*al 3tu'y, Journal o" Qiantan ?niversity (Piloso$y an' 3o*ial 3*ien*es)>>=;>#1

    Tis $a$er tal2s a%out te situation tat an enter$rise in "inan*ial *risis is una%le to re$ay te'ue loans *onstitutes te &ajor sour*e o" ris2s to *re'it assets o" *o&&er*ial %an2s. Tus it is o"$ara&ount i&$ortan*e "or *o&&er*ial %an2s to $re'i*t a *o&$anys "inan*ial *risis wit ana$$ro$riate *re'it ris2 a$$raisal &o'el as to 2ee$ su* *re'it ris2 at %ay. Tis $a$er stu'iesso&e o" te liste' *o&$anies in :ina an' esta%lises a *re'it ris2 a$$raisal %ase' on survivalanalysis usin +u Pont a$$roa*. Te &o'el $rovi'es D=I, #I an' =DI $re'i*tion*orre*tness res$e*tively "or !, an' / year ran'o&ly sele*te' sa&$les. By *o&$arin witAlt&an &o'el an' Olson &o'el an' trou ro%ustness test, it is "oun' tat tis &o'el wi**an use ti&e seuen*e an' 'e&an's no sa&$le &at* 'e&onstrates i &e'iu& an' lon ter&"ore*ast a%ility an' ro%ustness. Tese *ara*teristi*s $ut *o&&er*ial %an2s in oo' stea' inter&s o" &e'iu&;an';lon ter& *re'it ris2 &anae&ent.

    ". E*a)ua$+n +? d'&s+n su::+!$ [email protected]$'ms ?+! &!'d$ mana7'm'n$ d'&s+ns

    3. 7anuno, 3.3ar&a, P.7. Jain "ro& +e$art&ent o" stu'ies, 99T +eli

    A stu'y was *on'u*te' to evaluate te e""i*ien*y o" 'e*ision su$$ort syste& (+33) "or *re'it&anae&ent. Tis stu'y "or&e' a larer initiative to a**ess te e""e*tiveness o" te 9.T %ase'*re'it &anae&ent $ro*ess. 3u* a stu'y was ne*essitate' sin*e *re'it a$$raisal as %e*o&e aninteral su%;"un*tion o" te 9n'ian %an2s in view o" rowin in*i'en*e o" non; $er"or&inassets. Te +33 tey ave assesse' was a *re'it a$$raisal syste& 'evelo$e' %y uuattro $ro at3B9. Tis syste& el$s in analysis o" %alan*e seets, *al*ulation o" "inan*ial ratios, *as "lowanalysis, "uture $roje*tions, sensitivity analysis an' ris2 evaluation as $er 3B9 nor&s. Tey ave

    also use' a stron uassi e5$eri&ental 'esin *alle' 3olo&on s "our rou$ 'esin "or teassess&ent. 9n te e5$eri&ent te &anaers o" 3B9 wo atten'e' te trainin $rora&&e werete su%je*ts, an' te e5$eri&ent *onsiste' o" te &easure&ents tat were ta2en as $re an' $osttests. An e5$eri&ental intervention was a$$lie' %etween te $re;tests an' te $ro;tests. Teintervention or sti&ulus *onsiste' o" +33 trainin an' use. Tere were "our rou$s in tee5$eri&ent. Te sti&ulus re&aine' *onstant as tey too2 *are to ensure tat te *ourse *ontentas well as te instru*tors re&aine' te sa&e 'urin te *ourse o" te e5$eri&ent. Two weree5$eri&ental rou$s an' two were *ontrol rou$s. All "our rou$s un'erwent trainin in *re'it

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    &anae&ent %etween te $re an' te $ost tests. Results "ro& resear* sows tat wile te +33is e""e*tive, i&$rove&ent nee's to %e 'one in te &eto'oloy to assess su* i&$rove&ents.Moreover su* assess&ent "ra&ewor2s wile %ein a'euate "ro& a +33;*entri* view$oint 'onot res$on' to te assess&ent o" +33 in an [email protected] settin. 9n te *on*lu'in se*tion,tey ave 'is*usse' ow tis evaluative "ra&ewor2 *an %e strentene' to initiate an a*tivity

    tat will allow te lon ter& an' $ossi%ly te only &eanin"ul evaluation "ra&ewor2 "or su* asyste&.

    C. A::!asa) +n &+nsum'! &!'d$ Ban#n7 :!+du&$s ($h $h' ass'$ ua)[email protected]

    ?!am' A mu)$:)' &!$'!a a::)&a$+n

    "@Panaiotis Qi'onas, Ale5an'ros 4la&os, 3ortirios 7oussouris, +i&itrious As2ouins 69oannis Psarras "ro& National Te*ni*al ?niversity o" Atens in >>#

    9t says tat Asset uality re"ers to te li2elioo' tat te %an2s earnin assets will *ontinue to$er"or& an' reuires %ot a ualitative an' uantitative assess&ent. +e*ision $ro%le&s li2e teinternal a$$raisal o" %an2in $ro'u*ts, are $ro%le&s wit stron &ulti$le;*riteria *ara*ter

    an' it see&s tat te &eto'oloi*al "ra&ewor2 o" Multi$le :riteria +e*ision Ma2in *oul'$rovi'e a relia%le solution. 9n tis $a$er, te Asset uality %an2in in'i*ators are te, so *alle',*riteria, an' te value o" tese in'i*ators are te, so *alle', s*ores in ea* *riterion an' teP.R.O.METC.E.E. SPre"eren*e Ran2in [email protected] Meto' o" Enri*&ent Evaluations,Brans6in*2e (!D

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    9t 'is*usse' te su%je*t "inan*ial analysis "or %an2 len'in as assu&e' *onsi'era%lei&$ortan*e, $arti*ularly sin*e early !>s wen, li2e &ost o" te *ountries, 9n'ia o$te' "or te$oli*y o" li%eralisation an' lo%alisation a"ter !!.Te $resent volu&e is &eant to %e astan'ar' re"eren*e as well as te5t %oo2 on te varie' "a*ets o" "inan*ial analysis wit re"eren*eto *re'it &anae&ent %y Ban2s an' 4inan*ial 9nstitutions. Te %oo2 *onsists o" tree $arts. Part

    9 'is*usses te *on*e$ts an' tools o" 4inan*ial Analysis Part 99 e5$lains various *on*e$ts o"wor2in *a$ital in its istori*al *onte5t wile Part 999 'e&onstrates te a$$li*ation o" tesetools in te *anin *onte5t o" li%eralise' e*ono&y %y "o*usin on new *on*e$ts li2e :re'itortiness, Ris2;Analysis, :re'it Ratin, Pro'u*ts;+i""erentiation, Pri*in;+i""erentiation,Asset;ia%ility Manae&ent, et*. Te %oo2 *ontains; Ban2 en'in an' 9n'ustrial 4inan*e in9n'ia, Basi* E*ono&i*s "or Ban2ers an' Business Manaers, 9ntro'u*tion to 4un'a&entalA**ountin Prin*i$les, Pro"it an' oss A**ount (O$eratin 3tate&ent), Analysis o" Pro"it an'oss A**ount (O$eratin 3tate&ent), 3tru*ture an' Analysis o" Balan*e 3eet, Ratios as Toolso" 4inan*ial 3tate&ents Analysis, A**ountin 4lows- 9n*o&e, :as an' 4un's ,Brea2;evenAnalysis an' Marin o" 3a"ety, A$$raisal o" :a$ital Proje*ts ,New :on*e$tual 4ra&ewor2 "orAnalysis, i%[email protected]' Era an' New 4o*us o" Ban2 en'in ,Manain or2in :a$ital %y3tratei* :oi*e , 4inan*in or2in :a$ital - :on*e$tual an' Cistori*al E5$osition,

    :re'itwortiness an' :re'it Ratin - At :entre stae Nu*leus o" :re'it A$$raisal, or2in:a$ital Manae&ent;9 - MPB4 3yste& o" A$$raisal an' Bi"ur*ation o" 4un';Base' i&it inTwo :o&$onents or2in :a$ital Manae&ent;99 - Alternative Meto's o" A$$raisal,or2in :a$ital Manae&ent;999 - 4ollow;u$ an' 3u$ervision , A$$raisal o" a New Proje*t9nvolvin Ter& oan , Manae&ent o" Pro%le& A**ounts , Manae&ent o" Non;Per"or&inAssets (NPAs), Rea%ilitation o" 3i*2 9n'ustrial ?nits, or2in # :a$ital Manae&ent -:on*e$ts an' Te*niues , !st :o&&ittee on 4inan*ial 3e*tor Re"or& an' te n' :o&&itteeon Ban2in 3yste& Re"or& (7nown as Narasi&a& :o&&ittee Re$ort,!D).

    F. C+m:'$$*' ana)@ss n Ban#n7 A::!asa) +? $h' m'$h+d+)+7's

    By Ni*ola :etorelli, 3i&&ons an' 3tavins, !D

    Tis resear* $a$er as 'is*usse' a%out te ?.3. %an2in in'ustry as e5$erien*e' sini"i*antstru*tural *anes as te result o" an intense $ro*ess o" *onsoli'ation. 4ro& !#< to !#, tenu&%er o" *o&&er*ial %an2s 'e*rease' %y a%out /< $er*ent "ro&!8,/!D to ,!s, tere as %een an averae o" &ore tan 8>> &erers $er year. Te rela5ation o"intrastate %ran*in restri*tions, e""e*tive to 'i""erin 'erees in all states %y !, an' te$assae in !8 o" te 9nterstate Ban2in an' Bran*in E""i*ien*y A*t, wi* allows %an2ol'in *o&$anies to a*uire %an2s in any state an', sin*e June !, !#, to o$en interstate%ran*es, is *ertainly a**eleratin te $ro*ess o" *onsoli'ation. Tese sini"i*ant *anes raisei&$ortant $oli*y *on*erns. On te one an', one *oul' arue tat %an2s are &erin to "ullye5$loit $otential e*ono&ies o" s*ale an'Hor s*o$e. Te $ossi%le i&$rove&ents in e""i*ien*y &ay

    translate into wel"are ains "or te e*ono&y, to te e5tent tat *usto&ers $ay lower $ri*es "or%an2s servi*es or are a%le to o%tain ier uality servi*es or servi*es tat *oul' not ave %eeno""ere' %e"ore.On te oter an', "ro& te $oint o" view o" $u%li* $oli*y it is eually i&$ortant to "o*us on tee""e*t o" tis restru*turin $ro*ess on te *o&$etitive *on'itions o" te %an2in in'ustry. +o%an2s ain &ar2et $ower "ro& &erinU 9" so, tey will %e a%le to *are ier tan*o&$etitive $ri*es "or teir $ro'u*ts, tus in"li*tin wel"are *osts tat *oul' &ore tan o""setany $resu&e' %ene"it asso*iate' wit &erers. 9n tis arti*le, analysis o" *o&$etition in te

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    %an2in in'ustry is 'one ilitin a very "un'a&ental issue- Cow &ar2et $ower is &easure'an' ow 'o reulators rely on a**urate an' e""e*tive $ro*e'ures to evaluate te *o&$etitivee""e*ts o" a &erer.

    6. Pa!$a) &!'d$ 7ua!an$''s P!n&:)'s and :!a&$&'

    Journal O" 4inan*ial 3ta%ilityPatri*2 Conoan, Trinity :ollee +u%lin, 9relan'

    Partial *re'it uarantee s*e&es ave e5$erien*e' renewe' interest "ro& overn&ents 2een to$ro&ote "inan*ial a**ess "or s&all enter$rises, not least as a res$onse to te *re'it *run* ina'van*e' e*ono&ies. ile te &ar2et *an "in' uses "or $artial *re'it uarantees, teattra*tions "or $u%li* $oli*y *an %e illusory, in'ee' teir &ost attra*tive "eature "or &yo$i*$oliti*ians &ay %e te ease wit wi* te true *ost o" uarantees *an %e un'erstate', at least atte outset. 9n $ra*ti*e, te a*tual "is*al *ost o" e5istin s*e&es as varie' wi'ely a*ross*ountries an' as re$resente' a i $er 'ollar su%si'y in so&e *ases. +es$ite te re*enta$$li*ation o" so&e innovative te*niues, te so*ial %ene"it o" su* s*e&es as $rove'

    'i""i*ult to esti&ate, not %e*ause teir oals ave %een vaue. O$erational 'esin as in"luen*e'te *ost an' a$$arent e""e*tiveness o" 'i""erent s*e&es an' as also varie' wi'ely. :lear an'$re*ise oals, aainst wi* $er"or&an*e is reularly &onitore', realisti* $ri*in veri"ie' %y*onsistent an' trans$arent a**ountin, an' attention to te in*entive "eatures o" o$erational'esin, es$e*ially "or te inter&e'iaries, are a&on te $rereuisites "or su* s*e&es to ave aoo' *an*e o" truly a*ievin i&$rove&ents in so*ial wel"are.

    H. A::)&a$+n +? O:$+n n #nd n P!+='&$ C!'d$ A::!asa)

    Yan Cui Resear* o" te a&[email protected] 'e*ision; &a2in %ase' on o$tion $ri*in &o'el, Journalo" Ce%ei ?niversity o" Enineerin (Natural 3*ien*e E'ition) >>;>

    A lot o" resear* wor2 as %een 'one a%out o$tion in 2in' %y s*olars in te $ast > years witte *on*lusion tat "le5i%ility in 'e*ision &a2in 'oes a'' value to overall a$$raisal o" a$roje*t. Cowever, su* resear* is *on'u*te' %asi*ally "ro& te $oint o" view o" $roje*t&anae&ent. 9n tis $a$er, te %ul2 o" attention is lai' on te role o" o$tion in 2in' in *re'ita$$raisal. 4in'ins sow tat- wen o$tion in 2in' is in*or$orate' in te tra'itional $roje*ta$$raisal "eaturin 'is*ounte' *as "low, i;te* $roje*t a$$raisal will %e*o&e &ore "a*tual an'in*lusive. Analysis o" 'e*ision;&a2in o$tion in $roje*t invest&ent will el$ to i&$rove tea%ility o" loan o""i*ers to "oresee ris2 ten'en*ies, evaluate un*ertainties in "uture o$erations an'turn $roje*t rits into %an2in rits %y a''in %in'in *lauses in *ontra*ts to lower %an2in*re'it ris2s.

    I. C+!:+!a$' Fnan&n7 and n*'s$m'n$ d'&s+ns (h'n ?!ms ha*' n?+!ma$+n $ha$n*'s$+!s d+ n+$ ha*'.

    3tewart :.Myers , M9THNBER, :a&%ri'e, MA >!/,?3ANi*olas 3.Majlu", >>

    Tis $a$er 'raws on Majlu" (!#D) an' an earlier (!#D) joint wor2in $a$er, %ut it asun'erone several &ajor revisions an' e5$ansions. 9t *onsi'ers a "ir& tat &ust issue *o&&on

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    sto*2 to raise *as to un'erta2e a valua%le invest&ent o$$ortunity. Manae&ent is assu&e' to2now &ore a%out te "ir&s value tan $otential investors. 9nvestors inter$ret te "ir& s a*tionrationally. An euili%riu& &o'el o" te issue;invest 'e*ision is 'evelo$e' un'er teseassu&$tions. Te &o'el sows tat "ir&s &ay re"use to issue sto*2, an' tere"ore &ay $ass u$valua%le invest&ent o$$ortunities. Te &o'el suests e5$lanations "or several as$e*ts o"

    *or$orate "inan*in %eavior, in*lu'in te ten'en*y to rely on internal sour*es o" "un's, an' to$re"er 'e%t to euity i" e5ternal "inan*in is reuire'. E5tensions an' a$$li*ations o" te &o'elare 'is*usse'.

    J. "an#n7 S$!a$'[email protected]% C!'d$ A::!asa)% and L'ndn7 D'&s+ns

    A Ris2; Return 4ra&ewor2Batta*arya, Crisi2es

    Ban2s an' "inan*ial institutions are "a*e' wit two a$$arently *on"li*tin $eno&ena; interestrate 'ereulation on te one an' an' *a$ital a'eua*y reuire&ents an' $ru'ential nor&s onte oter. 9n su* a situation, tese institutions nee' to wor2 out a stratei* "ra&ewor2 wi*

    &ust evolve aroun' te $ro"it o%je*tive so as to %uil' u$ uality loan;assets $ort"olios an' toensure a'euate *a$ital rowt. Tis %oo2 as $rovi'e' a *o&$reensive analysis o" len'instrateies, *re'it a$$raisal, ris2 analysis, an' len'in 'e*isions witin te overall o%je*tives o" alen'in [email protected] 9t ta2es into a**ount re*ent lo%al 'evelo$&ents in te %an2in se*tor aswell as *anes in te notion o" %an2in. 9t in*lu'es *a$ters wi* 'is*uss to$i*al issues su*as te i&$a*t o" *a$ital reulation on te ris2 attitu'e an' $ro"ita%ility o" %an2s, strateies to$rote*t %an2s "ro& a liui'ity *risis, an' te nee' o" a $ort"olio a$$roa* in 'evelo$in &o'els"or *re'it e5$osure an' loan &anae&ent witin a ris2;return "ra&ewor2. 9t $rovi'es tene*essary 'etails to 'evelo$ te e5$ertise nee'e' to &anae "inan*e an' *re'it in %an2in an'elsewere in te "inan*ial se*tor.

    K. 0C!'d$ Rs# and C+mm'!&a) "an#:'!?+!man&' n N7'!a A :an') m+d') a::!+a&h

    By 7ola$o ,T.4onso an' O7E, M. Ojo, +e$art&ent o" Ban2in an' 4inan*e, 4a*ulty o"Manae&ent 3*ien*es, E2iti 3tate ?niversity, A'o;E2iti, NieriaAn' Ayeni R. 7ola'e (P.+), +e$art&ent o" E*ono&i*s, 4a*ulty o" 3o*ial 3*ien*es

    Te stu'y *arrie' out an e&$iri*al investiation into te uantitative e""e*t o" *re'it ris2 on te$er"or&an*e o" *o&&er*ial %an2s in Nieria over te $erio' o" !! years (>>>;>!>). 4ive*o&&er*ial %an2in "ir&s were sele*te' on a *ross se*tional %asis "or eleven years. Tetra'itional $ro"it teory was e&$loye' to "or&ulate $ro"it, &easure' %y Return on Asset (ROA),as a "un*tion o" te ratio o" Non;$er"or&in loan to loan 6 A'van*es (NPHA), ratio o" Totalloan 6 A'van*es to Total 'e$osit (AHT+) an' te ratio o" loan loss $rovision to *lassi"ie'

    loans (PH:) as &easures o" *re'it ris2. Panel &o'el analysis was use' to esti&ate te'eter&inants o" te $ro"it "un*tion. Te results sowe' tat te e""e*t o" *re'it ris2 on %an2$er"or&an*e &easure' %y te Return on Assets o" %an2s is *ross;se*tional invariant. Tat is tee""e*t is si&ilar a*ross %an2s in Nieria, tou te 'eree to wi* in'ivi'ual %an2s area""e*te' is not *a$ture' %y te &eto' o" analysis e&$loye' in te stu'y. A !>> $er*entin*rease in non;$er"or&in loan re'u*es $ro"ita%ility (ROA) %y a%out =. $er*ent, a !>> $er*entin*rease in loan loss $rovision also re'u*es $ro"ita%ility %y a%out >.=>$er*ent in*rease in total loan an' a'van*es in*rease $ro"ita%ility %y a%out .= $er*ent. Base' on

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    "in'ins, it was re*o&&en'e' tat %an2s in Nieria soul' enan*e teir *a$a*ity in *re'itanalysis an' loan a'&inistration wile te reulatory autority soul' $ay &ore attention to%an2s*o&$lian*e to relevant $rovisions o" te Ban2 an' oter 4inan*ial 9nstitutions A*t(!) an' $ru'ential ui'elines.

    L. An In*'s$7a$+n n$+ $h' P!a&$&' +? and E:'!'n&' n E$'ndn7 C!'d$ $+ Sma)) andM'dum,SG'd En$'!:!s's n H+n7 K+n7,,On Th'! Da$a $+ In)and "an#n7 [email protected]

    By :en Jian:re'it sortae in*urre' %y 3M3 enter$rises is a ar' nut aroun' te lo%e. at as %eena*ieve' %y %an2s in Con 7on in tis res$e*t $rovi'es oo' e5$erien*e to teir inlan'*ounter$arts. 4ro& &a*roe*ono&i* $ers$e*tive, oo' &ar2et environ&ent $lus a 'own;to;eartattitu'e is wat &a2es *re'it %usiness to 3M3 enter$rises in Con 7on a su**ess. At te sa&eti&e, teir "le5i%le %usiness stru*ture, s*ienti"i* *re'it a$$raisal syste&, es$e*ially wi'ely use'anti*i$atory 'e"ault rate, &o'erate e*ono&i* s*ale, stri*t syste& *ontrol, &a5i&u& *usto&ervalue, &ulti;&o'e uarantee a$$roa*es an' sustaina%le %usiness innovation are all areas wort

    learnin. 9nlan' %an2s will un'ero a lon an' ra'ual $ro*ess %e"ore tey are rea'y to o$en*re'it %usiness to 3M3 enter$rises. But now te "o*us soul' %e on &a2in %rea2trous insu* %asi* "iel's as [email protected] stru*ture 'esin, &ar2et se&entation, te*ni*al $re$arationan' in'ustrial analysis so as to ain e5$erien*e "or a &assive entry into te *re'it &ar2et "or3M3 enter$rises in "uture.

    M. Im:a&$ +? C!'d$ Rs# +n $h' P!+?$aB)[email protected] +? N7'!an "an#s

    By 7ari (>!!)

    4inan*ial ratios as &easures o" %an2 $er"or&an*e an' *re'it ris2 were *olle*te' "ro& te annual

    re$orts an' a**ounts o" sa&$le' %an2s "ro& >>8;>>D an' [email protected]' usin 'es*ri$tive,*orrelation an' reression te*niues. Te "in'ins reveale' tat *re'it ris2 &anae&ent as asini"i*ant i&$a*t on te $ro"ita%ility o" Nierian %an2s. 9t *on*lu'e' tat %an2s $ro"ita%ilityis inversely in"luen*e' %y te levels o" loans an' a'van*es, non;$er"or&in loans an' 'e$ositstere%y e5$osin te& to reat ris2 o" illiui'ity an' 'istress. E$ure an' a"uente (>!)e5a&ine' %an2 $er"or&an*e in te $resen*e o" ris2 "or :osta;Ri*an %an2in in'ustry 'urin!D;>>#. Te results sowe' tat $er"or&an*e i&$rove&ents "ollow reulatory *anes an'tat ris2 e5$lains 'i""eren*es in %an2s an' non;$er"or&in loans neatively a""e*t e""i*ien*yan' return on assets wile te *a$ital a'eua*y ratio as a $ositive i&$a*t on te net interest&arin.

    N. E*a)ua$+n +? $h' R')a$+nsh: B'$(''n "an# :'!?+!man&' and &!'d$ !s# mana7'm'n$

    By 4eli5 an' :lau'ine (>>D)

    9t *oul' %e in"erre' "ro& teir "in'ins tat return on euity (ROE) an' return on assets (ROA)%ot &easurin $ro"ita%ility were inversely relate' to te ratio o" non;$er"or&in loan to totalloan o" "inan*ial institutions tere%y lea'in to a 'e*line in $ro"ita%ility. A&a' an' Ari""(>>#) e5a&ine' te 2ey 'eter&inants o" *re'it ris2 o" *o&&er*ial %an2s on e&erin e*ono&y%an2in syste&s *o&$are' wit te 'evelo$e' e*ono&ies. Te stu'y "oun' tat reulation is

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    i&$ortant "or %an2in syste&s tat o""er &ulti;$ro'u*ts an' servi*es &anae&ent uality is*riti*al in te *ases o" loan;'o&inant %an2s in e&erin e*ono&ies. An in*rease in loan loss$rovision is also *onsi'ere' to %e a sini"i*ant 'eter&inant o" $otential *re'it ris2. Te stu'y"urter ilite' tat *re'it ris2 in e&erin e*ono&y %an2s is ier tan tat in 'evelo$e'e*ono&ies.

    O. Im:a&$ +? "an#s s:'&?& !s# &ha!a&$'!s$&s and $h' +*'!a)) "an#n7 En*!+nm'n$

    By Al;7ouri (>!!)

    Te i&$a*t o" %an2s s$e*i"i* ris2 *ara*teristi*s, an' te overall %an2in environ&ent on te$er"or&an*e o" 8/ *o&&er*ial %an2s o$eratin in = o" te Gul" :oo$eration :oun*il (G::)*ountries over te $erio' !D;>>D was assesse'. ?sin "i5e' e""e*t reression analysis,results sowe' tat *re'it ris2, liui'ity ris2 an' *a$ital ris2 are te &ajor "a*tors tat a""e*t%an2 $er"or&an*e wen $ro"ita%ility is &easure' %y return on assets wile te only ris2 tata""e*ts $ro"ita%ility wen &easure' %y return on euity is liui'ity ris2. Ben;Na*eur an' O&ran(>>D) in atte&$t to e5a&ine te in"luen*e o" %an2 reulations, *on*entration, "inan*ial an'

    institutional 'evelo$&ent on *o&&er*ial %an2Fs &arin an' $ro"ita%ility in Mi''le East an'Nort A"ri*a (MENA) *ountries "ro& !D;>>< "oun' tat %an2 *[email protected] an' *re'it ris2ave $ositive an' sini"i*ant i&$a*t on %an2Fs net interest &arin, *ost e""i*ien*y an'$ro"ita%ility.

    P. L+an L+ss :!+*s+n [email protected]

    A&e', Ta2e'a an' 3awn (!D)

    9t was *on*lu'e' in teir stu'y tat loan loss $rovision as a sini"i*ant $ositive in"luen*e onnon;$er"or&in loans. Tere"ore, an in*rease in loan loss $rovision in'i*ates an in*rease in*re'it ris2 an' 'eterioration in te uality o" loans *onseuently a""e*tin %an2 $er"or&an*ea'versely.

    ;.2 REPORT OR6ANISATION

    Te results o" te stu'y are $resente' in tis re$ort *o&&en*in wit a %rie" 'es*ri$tion o" testru*ture an' sini"i*an*e o" Proje*t A$$raisal in te ensuin :a$ter 99. Tis *a$ter alsoin*lu'es a 'etaile' stu'y o" te $roje*t wi* woul' serve as n'loo2 at te $roje*t 'etails %y a$erson wo is in no way involve' in te $re$aration o" te sai' 'etails. Analysis o" te %an2inin'ustry "ro& lo%al an' 9n'ian $ers$e*tives an' te :o&$any an' Proje*t $ro"iles is *arrie'out in :a$ter 999 wit a view to ju'in wat level o" *on"i'en*e *oul' %e atta*e' to teProje*t *as "lows an' via%ility. 9n te ensuin *a$ter 9, 'etaile' analysis on various "ronts

    li2e te "inan*ial analysis, ris2 analysis, $eer rou$ analysis an' te 3OT analysis as %een$resente' wit a view to ju'in te ro%ustness o" te $roje*t via%ility an' its *as "lows wi*investors an' len'ers woul' nor&ally loo2 to %e"ore $uttin in teir &oney. As it was reuire'to $la*e s$e*ial e&$asis on te leal re&e'ies "or te re*overy te loan, an overview an'*ertain s$e*ial "eatures asso*iate' wit tis sour*e o" Proje*t are %rout out in :a$ter .Base' on te a"oresai' $resentation an' analyses, *ertain "in'ins an' *on*lusions ave %een'rawn an' re*o&&en'ations &a'e "or sueste' "inan*ial stru*tures wi* are $resente' in:a$ter 9.

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    CHAPTER II

    PROJE:T APPRA93A; 3TR?:T?RE 6 39GN949:AN:E

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    "or %orrowers wo are enae' in &anu"a*turin, servi*es an' tra'in a*tivities an' woreuire "un' %ase' : "inan*e o" a%ove Rs.< *rores.

    :as %u'et &eto' is use' "or assessin : "inan*e "or seasonal in'ustries li2e suar, tea an'*onstru*tion a*tivity. Tis &eto' is use' "or san*tion o" a' o* : li&its. 9n tese *ases, te

    reuire' "inan*e is uanti"ie' "ro& te $roje*te' *as "lows an' not "ro& te $roje*te' valueso" *urrent assets an' *urrent lia%ilities. Oter as$e*ts o" assess&ent li2e e5a&ination o" "un's"low, $ro"ita%ility, "inan*ial $ara&eters, et*. are also *arrie' out.?n'er te turnover &eto', wor2in *a$ital reuire&ent is *o&$ute' at a &ini&u&

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    CHAPTER III

    ANALYSIS OF INDUSTRY COMPANY PROFILE

    8.; INDUSTRY ANALYSIS

    8.;.; 6LO"AL SCENARIO

    9n its &ost re*ent stu'y o" te lo%al %an2in in'ustry, u*intelFs resear* in'i*ates tat [email protected] soverein 'e%t *risis is li2ely to i&$a*t te rate o" sort;ter& rowt in telo%al %an2in in'ustry. Total in'ustry assets, owever, are "ore*ast to rea* an esti&ate'?3 L!=/,>!# wit a :AGR o" DI over te ne5t "ive years.

    u*intel, a lea'in lo%al Manae&ent :onsultinan' &ar2et resear* "ir&, as [email protected]'te lo%al %an2in in'ustry an' $resents its "in'ins in 6)+Ba) "an#n7 [email protected])@ss !! an' as e5*ellent $otential to row ra$i'ly 'urin te"ore*ast $erio'. Euro$e 'o&inates te lo%al %an2in in'ustry wit 8/I o" total &ar2etsare. Te Asia Pa*i"i* %an2in in'ustry, owever, rew &u* "aster tan %ot teEuro$ean an' Nort A&eri*an reions 'urin >>=;>!!. Asia Pa*i"i* *ontinues to $ossessue o$$ortunity "or in'ustry rowt. Risin $er *a$ita in*o&e in te reion is e5$e*te' to'rive *onsu&er savins an' invest&ent in %an2in se*tor. Te &assive un%an2e'$o$ulation in 9n'ia an' :ina o""ers i&&ense o$$ortunity "or %an2in *o&$anies. TeNort A&eri*an %an2in in'ustry is anti*i$ate' to row &o'estly in te near ter&. Te Rest

    o" orl'Fs in'ustry rowt traje*tory o""ers o$$ortunity "or *o&$anies to e5$an' teir%usiness in tose nations.

    Euro$eFs 'e%t *risis an' te lare overn&ent %u'et 'e"i*it in te ?3 are e5$e*te' tore'u*e overn&ent s$en'in, resultin in sluis sort;ter& e*ono&i* rowt in %otreions. Risin &i''le *lass $o$ulations an' es*alatin ouseol' in*o&es in e&erin&ar2ets $rovi'e su%stantial o$$ortunity "or lo%al %an2s. Ra$i' te*noloi*al a'van*es arelea'in to 'ra&ati* si"ts in te %an2in in'ustry as te $ro*essin *ost $er transa*tion is

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    http://www.lucintel.com/http://www.lucintel.com/
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    a$$roa*in @ero wile si&ultaneously i&$rovin e""i*ien*y. Tese a'vantaes are li2ely toin*rease tra'in volu&es at te institutional level.

    u*intelFs resear* in'i*ates tat 'es$ite te *o&%ination o" &arin $ressure, sluisrowt in new assets an' 'e*line in "ee in*o&e, retail %an2in revenue woul' re&ain

    relatively &ore sta%le. Peo$le will always nee' %asi* %an2in servi*es an' te retailse&ent is tra'itionally less volatile ten *or$orate an' invest&ent %an2in se&ent.

    Tis stu'y $rovi'es a *on*ise overview o" te lo%al %an2in in'ustry. Te re$ort tra*2stree in'ustry se&ents "or "our reions tus, it tra*2s ! se&ents o" te lo%al %an2inin'ustry. Te stu'yFs s*o$e is li&ite' to annual tren's "or te $ast "ive years an' "ore*asts"or te ne5t si5 years, el$in e5e*utives $lan "or teir inventory an' resour*es. Tis re$ortin*lu'es "ee in*o&e earne' %y %an2s "ro& %an2 assuran*e, %ut e5*lu'es te $re&iu&in*o&e "ro& insuran*e.

    8.;.< INDIAN SCENARIO

    K'@ P+n$s

    8.< COMPANY PROFILE

    Ja&&u An' 7as&ir Ban2 i&ite' (J 6 7) was in*or$orate' in !st O*to%er o" te year!/D an' *o&&en*e' its %usiness "ro& 8t July o" te year !/ at in 7as&ir (9n'ia). TeBan2 was te "irst in te *ountry as a state owne' %an2. 9t o""ers %an2in servi*es un'er tetree &ajor 'ivisions as 3u$$ort servi*es, +e$ository servi*es an' Tir' $arty servi*es.Presently, te %an2 as &ore tan %ran*es un'er its *ontrol to serve te *usto&ersa*ross te *ountry. A**or'in to te e5ten'e' :entral laws o" te state, Ja&&u 6 7as&irBan2 was 'e"ine' as a overn&ent o" *o&$any as $er te $rovision o" 9n'ian *o&$anies a*t!

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    te year >>8, J67 Ban2 aree' wit 9:9:9 Ban2 to sare te ATM networ2. 9n te sa&eyear te %an2 a' re*eive' te Asian Ban2in Awar' >>8 in Manila "or its *usto&er*onvenien*e $rora&&e. 3ine' Mo? wit Bajaj Te&$o in te year o" >>8. +urin teyear >>=, J67 o$ene' its %ran*es in :ennai, 7an$ur, Ara an' 7ol2ata. Also in tesa&e year intro'u*e' new $ro'u*t an' servi*es "or rural "inan*e. +urin te $erio' o" >>=;

    >>#, te %an2 intro'u*e' various i;te* an' *usto&er "rien'ly $ro'u*ts. Te Ban2 an'TATA :onsultan*y 3ervi*es (T:3), Asias larest 9T *o&$any sine' a Me&oran'u& o"?n'erstan'in (Mo?) to sinal teir intent to wor2 toeter to *reate an 9T %lue;$rint "orte %an2. Goin "orwar' wit its renewe' %usiness stratey, J 6 7 Ban2 a' o$ene' its

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    J67 Ban2Fs *ontinue' "o*us on all areas o" %an2in 'urin te $ast two years aswon te %an2 "our national awar's ; 0Te 3un'ay 3tan'ar' 49N9W;>! BestBan2ersF Awar's1.

    J67 Ban2 as %een awar'e' as te %est Ban2 in te $restiious Dun & Bradstreet

    (D&B) Polaris Software Bankin !wards "#$$. Te awar' was *on"erre' in te*ateory "or 0Rural Rea*; Private 3e*tor1.

    Te Ban2 was awar'e' Best Ban2er in 4inan*ial 9n*lusion an' :usto&er4rien'linessF an' 'e*lare' runner u$ "or Best Ban2er in Priority 3e*tor Growt an'Ari*ultural :re'itF.

    9n re*onition o" its $er"or&an*e an' initiatives, J67 Ban2 as e&ere' as te 0BestBan21 in te 0Ol' Private 3e*tor Ban21 *ateory at te :NB: T!D 9n'ia Best Ban2an' 4inan*ial 9nstitution Awar's "or 4Y!

    J67 Ban2Fs Annual Re$ort >>D;> as won tree awar's at te $restiious A:P>> ision Awar's X te worl'Fs larest awar' $rora&&e "or Annual Re$orts,[email protected]' %y :ali"ornia;%ase' eaue o" A&eri*an :o&&uni*ations Pro"essionals(A:P), ?3A.

    CHAPTER IV

    ANALYSIS OF THE PROJECT

    9. MAIN TET

    Te E'u*ation Grou$ was esta%lise' in !. E'u*ation Pvt. t'. was involve' intra'itional %usiness o" BesanHri*eHoil et*. Grou$ a' e5$ort %usiness o" ri*e 'urin te$erio' !;/ to !D;. Te rou$ *o&&en*e' e5$ort %usiness o" rea'y&a'e ar&ents

    'urin >>!;> an' "urter entere' in e'u*ational se&ent in >>8;>> *rore 'urin 4Y>!>;!! an' PBT was &ore tan Rs !/ *rore. Te rou$&anaes various s*ools He'u*ational institutions 'etail o" wi* is iven in su%seuent$arara$s.

    Now te rou$ $ro$oses to set u$ a ?niversity "or ier e'u*ation in te "iel' o"Enineerin an' Manae&ent *ourses at illae 7ara1 (na&e *ane') state Caryana wit$roje*t *ost o" !> *rore.

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    :ivil wor2 "or te $roje*t as alrea'y starte'. Total *ost o" te $roje*t is *onsi'ere' at !>*rore wi* is $ro$ose' to %e &et wit +ER o" -!. :o&$any $ro$oses to raise ter& 'e%t o"Rs D> *rore an' te a&ount o" Rs 8> *rore is to %e *ontri%ute' %y te $ro&oters in te sa$eo" sare *a$ital an' unse*ure' loans. Te $roje*t woul' %e i&$le&ente' in a $erio' o" .>> stu'ents. :o&$any $ro$ose' to *onstru*t total area o"

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    o" enineerin, s*ien*e, &e'i*al, *o&&er*e, arts, &anae&ent an' any "a*ulty o" e'u*ationto run &anae&ent 6 *o&$uter trainin institutions not wit te &otive o" $ro"it.

    9.>

    D 3e*urity +e$osits >.!>ran& To'a( )%**

    CONTINENCIES

    :ost o" *ontinen*y is *onsi'ere' at 8.=> :rs > I o" ar' *ost o" te $roje*t wi* is

    reasona%le.

    INTEREST DURIN CONSTRUCTION

    Te $roje*t woul' %e i&$le&ente' in a $erio' o" .< years an' *o&$any $ro$oses to raise'e%t o" Rs.D> *rore. 9nterest 'urin *onstru*tion as %een assu&e' at Rs.!8.#= *rore at rateo" interest o" !/.#.>> *rore as sare *a$ital an'

    Rs.>.>> *rore as unse*ure' loans "ro& $ro&oters. Pro&oters ave alrea'y *ontri%ute'a&ount o" Rs.!>.< *rore as sare *a$ital 6 Rs.!8.8 *rores as unse*ure' loan u$ to D t

    4e%ruary >!/ as $er :.A *erti"i*ate. Pro&oters ave interest in several rou$ *o&$anies an'annual turnover o" rou$ *o&$anies ave re&aine' at Rs.!8! *rore an' reistere' $ro"ita"ter ta5 o" Rs.!.# *rore in >!>;!!.

    ?nse*ure' loan will %e interest "ree an' will %e ta2en "ro& *o&$any 'ire*tors, sareol'ers,teir "a&ily &e&%ers, *lose relatives an' "rien's. 7ee$in in view te $ast tra*2 re*or', [email protected]

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    o" te rou$, net wort o" te $ro&otersH uarantors an' rou$ e5$ort turnover e5*ee'in Rs.!8! :rs. 'urin >!>;!!, te $ro&oters o" *o&$any will %e a%le to %rin its *ontri%ution inte $roje*t witout any 'i""i*ulty. Ban2 &ay "urter sti$ulate to %rin I u$"ront*ontri%ution %e"ore release o" ter& loan.

    T'!m L+an:o&$any as envisae' availin ter& loan o" Rs.D>.>> *rore wit +ER o" -! "ori&$le&entation o" te $roje*t.

    Nature o" te 4a*ility Ter& oan

    oan A&ount Rs.D>.>> *rore

    +e%t Euity Ratio -!

    Rate o" 9nterest Base Rate Z /I wit annual reset

    9&$le&entation $erio' . years

    Moratoriu& $erio' years

    Re$ay&ent $erio' D stru*ture' uarterly install&ents

    +oor;to;'oor tenor !!. years

    3e*urity O""ere' Euita%le Mortae o" lan' 6 Buil'in o" te $roje*t at illae7ara +istri*t an' y$ote*ation o" te entire "i5e' assets o" te*o&$any(&ova%le an' i&&ova%le) o" te $roje*t

    :entral Ban2 o" 9n'ia as un'erwritten entire ter& loan "a*ility o" Rs.D>.>> *rore, out o"wi* :B9 will %e retainin Rs.8>.>> *rore an' %alan*e to %e 'own sol' to Ban2s. As $erte last :.A. *erti"i*ate, :B9 as 'is%urse' an a&ount o" Rs./#.D *rore u$ to D.>.>!/

    ,%-%-%0 DSCR CALCULATION AND COMMENTS

    .Rs% Crore

    Year I Year II Year III Year IV Year V Year VI Year VII Year VIII Year IX

    2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

    PARTICULARS

    INTERNAL ACCRUAL

    0.23 13.72 24.66 34.11 36.63 37.73 37.66 38.04 38.56Equity infused by company to meet out cash losses

    INTEREST ON TERM LOAN11.00 11.00 10.73 9.90 8.53 6.88 5.23 3.30 1.10

    T!a" I#$"%11.23 24.72 35.38 44.01 45.15 44.60 42.88 41.34 39.66

    INTEREST ON TERM LOAN11.00 11.00 10.73 9.90 8.53 6.88 5.23 3.30 1.10

    INSTALMENT ON TERM LOAN 4.00 8.00 12.00 12.00 12.00 16.00 16.00

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    T!a" &!$"%11.00 11.00 14.73 17.90 20.53 18.88 17.23 19.30 17.10

    '( S( C( R(1.02 2.25 2.40 2.46 2.20 2.36 2.49 2.14 2.32

    A)era*e '( S( C( R( 2(11

    Te +e%t 3ervi*e :overae Ratio (+3:R) wor2s out to %e .!! (wit &ini&u& o" !.>)wi* is *onsi'ere' to %e reasona%le an' satis"a*tory. Cowever +3:R 'urin te "irst yearo" o$erations is low as inta2e o" stu'ents woul' %e "or te "irst year o" res$e*tive estee&only. Cen*e Ban2 sall sti$ulate tat $ro&otersH*o&$any to in'u*t "un's in *ase o" sort"all in revenues "ro& its resour*es.

    ,%-%-%, RATIOS

    S!.

    N+.

    Pa!$&u)a!s FY .# 8>.= 8.#D 8/.#>

    3 E"IDTA !!./ 8.# /! 8

    2 N'$ P!+?$

    B'?+!' Ta

    ;!!.D /.D8 !D =./8

    Cash A&&!ua)s >./ !/.# 8.== /8.!! /=.=/ /#.#/

    ;- 6!+ss P!+?$

    Ma!7n

    !>..DI #>.D< I

    ;; N'$ P!+?$

    Ma!7n

    ;#>.>! I !!.D8I /8.DI 8I .DI

    INTERPRETATION AND ANALYSIS

    COMMENTS ON FINANCIAL INDICATORS

    o Pro&oters sta2e in te $roje*t is 8> *rore out o" te total $roje*t *ost o" Rs !> *rore

    out o" wi* *o&$any sall %rin > *rore ( sare *a$ital ) > *rore ( unse*ure' loans"ro& $ro&oters).

    o :o&$any is $resently 'e%t "ree.

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    o 9n*o&e re$resents te in*o&e earne' trou *ollee "ees "ro& stu'ents, Costel 'ues

    Mis* "ees 6 in*o&e "ro& %an2 4+RFs.o 4A:R a"ter *o&$letion o" $roje*t *o&es out to !.8< %y ta2in %oo2 value o" lan'

    wi* is Rs /.= *rore. Cowever, te 4A:R i&$roves to .>8 %y *onsi'erin te$resent [email protected]%le value o" lan' at Rs .=# *rore as $er valuation %y MHs PR

    asso*iates.o Te net $ro"it 'urin 4Y >!8;!< is neative *onsi'erin tat it will %e "irst year o"

    o$eration an' less no. o" stu'ents a'&itte'. Te *as a**ruals owever are $ositive"ro& !styear o" o$erations 'ue to i 'e$re*iation. Te *o. esti&ates to earn te net$ro"it "ro& 4Y >!

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    ; A&&+un$n7 !a$' +? !'$u!n +n &a:$a) +! n*'s$m'n$X Tis is *al*ulate' as a $er*entaeo" o$eratin $ro"it on total invest&ent an' is a *ru'e &eto' o" esti&atin "inan*ialvia%ility o" te $roje*t an' su""ers "ro& "ollowin-

    A. Te $er*entae in'i*ator will vary "ro& year to year in view o" te variations ino$eratin $ro"it. 9t &ay %e 'i""i*ult to i'enti"y one "iure wi* *orre*tly re$resentste return on te total *a$ital e&$loye'.

    B. Te ter& *a$ital is vaue an' is su%je*t to &ore tan one inter$retation. 9t is not *learweter te return soul' %e *al*ulate' on te euity *a$ital or total e*ono&i* li"e o"te $roje*t in tis te*niue.

    :. 9t is not *lear as to wat soul' %e o$eratin $erio' o" te $roje*t on wi* te returnon *a$ital soul' %e *al*ulate'. Tere is no %asi* assu&$tion rear'in te totale*ono&i* li"e o" te $roje*t in tis te*niue.

    +. 9t inores te ti&e value o" &oney *on*e$t . a ru$ee earne' to&orrow is wort less

    tan a ru$ee in an' to'ay. Earlier we et te return, it *arries reater value to us.

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    ') An a**e$ta%le $ri*e earnins ratio "or euity sares an'e) Te in'ustrial rowt rate assu&$tion a**e$te' %y te overn&ent or

    $lannin autorities.

    9 In$'!na) Ra$' +? R'$u!n, IRR is te rate o" 'is*ount tat &a2es te 'is*ounte' value o"te net *as "low "ro& a $roje*t just eual to te a&ount wi* as to %e investe' too%tain tat net *as "low. 9t is also tat rate o" 'is*ount wi* ives te $roje*t an NPeual to @ero an' te *ost %ene"it ratio eual to one.

    Te "irst a$$ro5i&ation &ay %e o%taine' %y 'ivi'in te invest&ent %y te averae annual*as "low over te li"e o" $roje*t an' ten loo2in at te *o&$oun' interest ta%les to "in' wi**o&$oun' rate o" interest in te last year o" te $roje*t li"e euals te result o%taine' %y 'ivision.

    9.>=;>#. Caryana also to$$e'

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    te list in ter&s o" $er *a$ita invest&ent in te "is*al year >># wit an invest&ent o" rs.!, D=,>8>>>*rore , te $roje*t will %e 9n'iaFs larest3EW s$rea' over >> a*res. Te state as a 'evelo$e' %an2in syste& wit over 8> %an2

    %ran*es. Te two worl' *lass "inan*ial u%s o" Caryana, Guraon an' 4ari'a%a' lie on te soutwest o" te state Caryana.

    C+mmun&a$+n and M'da

    Caryana as a state;wi'e networ2 o" ily e""i*ient tele*o&&uni*ation "a*ilities. Barat 3an*arNia& i&ite' (B3N) an' &ost o" te lea'in $rivate se*tor $layers (su* as Relian*e 9n"o*o&,Tata Teleservi*es, Barti Tele*o&, 9'ea an' o'a"one Essar) ave o$erations in te state.9&$ortant areas aroun' +eli are also an interal $art o" te lo*al +eli Mo%ileTele*o&&uni*ation 3yste&. Tis networ2 syste& woul' easily *over &ajor towns li2e 4ari'a%a',Guraon, Baa'urar an' 7un'li.

    E&+n+m& R'?+!ms

    Te e*ono&i* re"or&s initiate' in te *ountry in !! %rout a%out a $ara'i& si"t in tea$$roa* to e*ono&i* rowt, in'[email protected] an' in*o&e 'istri%ution. Guraon %ein anu$*o&in u% o" %usiness *enter as a&$le s*o$e "or te 'evelo$&ent o" servi*e in'ustry,te*ni*al,trainin,resear*,event &anae&ent an' Retail Manae&ent, wi* reuires teservi*es o" well;traine' an' uali"ie' $ro"essionals in various "iel's. As state' earlier te rou$itsel" reuires tousan's o" "ully traine' Manae&ent an' oter $ro"essional witin te Grou$ inte ne5t two to tree years. Te overn&entFs li%[email protected] an' e*ono&i* re"or&s $rora& ai&sat ra$i' an' su%stantial e*ono&i* rowt an' a ar&[email protected]' interation wit te lo%al e*ono&y.Te *anin lo%al an' 'o&esti* environ&ent reuires reorientation o" te 'evelo$&ent vision

    in re*onition o" te new $ara'i&s tat $ut te in'ustrial $oli*y initiatives in te *onte5t o" anoverar*in e*ono&i* 'evelo$&ent $oli*y. Tis in'ustrial $oli*y initiative see2s to *onsoli'atete $ast $roress an' lay te "oun'ation o" a vi%rant e*ono&y tat "o*uses on i&$rovin teuality o" li"e o" its resi'ents . 9t ai&s at $ro&otin in'ustrial rowt in te *onte5t o" overalle*ono&i* 'evelo$&ent o" te 3tate %y *reatin an investor "rien'ly ena%lin environ&ent tat"a*ilities te in'ustry to &ove stronly to te "ront ran2s o" lo%al *o&$etition. Te $oli*y "urtersee2s to $ro&ote interation o" $rivate initiative in te 'evelo$&ental $ro*ess o" te 3tate. Te*urrents "o*us o" te 3tate Govern&ent as also %een tat "or e*ono&i* 'evelo$&ent, te*noloyis te vei*le.

    9.> enineerin *ollees o" 9n'ia *urn out 8.< la2 enineerin ra'uates everyyear. Not &ore tan < I o" tese are e&$loya%le . O" te !>.< &illion stu'ents in ier

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    e'u*ation, only >,>>> to 8>,>>> o" our enineers ave worl' *lass talent. O" te !>.< &illionstu'ents in ier e'u*ation , only !# I $ursue $ro"essional *ourses wile te %alan*e D/ I arein tra'itional 'eree $rora&&es. O" tis entire yout "or*e $ursuin 'eree $rora&&es only!>;!< I $ossess te a%ility to et sele*te' in suita%le jo%s. 9n a%solute nu&%ers, 9n'iaFswor2"or*e $ool &ay loo2 i&$ressive %ut only > I o" tis is oo' enou "or &a2in any

    *ontri%ution to te *ountryFs $roress. Tis soul' %e a &atter o" rave *on*ern to te entire$eo$le *onne*te' wit te 9n'ian E'u*ation 3yste&. Tere ia a serious an' ines*a$a%le nee' toreverse tese $er*entaes. Te e'u*ational stru*ture in 9n'ia nee's to %e inverte'.ile a''ressin te National :onvention o" i*e :an*ellors o" all te 9n'ian ?niversities inMu&%ai, Mr. 7arni2 sai', you are *reatin ra'uates %ut tey are not e&$loya%le. Peo$le investti&e an' &oney in e'u*ation e5$e*tin a return, te yout $assin out eiter nee' to et a jo% ortey &ust %e a%le to *reate jo%s.

    Ana)@ss

    7ee$in te a%ove reasons an' s*enario in &in' we *an *on*lu'e tat te *ollee as te$otential to sustain its %usiness in te $revalent e*ono&y. Moreover, te $ro&oters are runnin

    various s*ools an' so tey ave a$t nu&%er o" stu'ents wo woul' %e willin to join te *olleeun'er sa&e te %anner as teir s*ools.

    9.

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    3.NO.

    :erti"i*ate 3tatus

    ! :? O%taine'

    NO: "or esta%lis&ent A$$lie'

    / :onsent "or a""iliation Not a$$li*a%le

    8 A$$li*ation wit A9:TE NOT APP9:ABE

    < Buil'in Plan o" En. :ollee Wonin $lan a$$rove' %y te+ire*tor Town 6 :ountry Plannin.

    = A$$roval o" Power :onne*tion A$$lie' "or

    # Environ&ent *learan*e o%taine'

    D :erti"i*ate "ro& $ollution :ontrol%oar'

    Reuire' at *o&$letion stae

    4ire "itin To %e a$$rove'

    9.8 S5OT ANALYSIS OF THE PROJECT

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    9.9 SENSITIVITY ANALYSIS

    Sensitivity analysis is an e5a&ination o" te e""e*t on te $roje*t $ro"ita%ility esti&ates 'ueto variations or errors in te "ore*ast o" *as "low $re'i*tionsH$roje*tions. 9n oter wor's,te te*niue o" loo2in at te rane o" values witin wi* te esti&ates relatin to a$roje*t &ay vary or "all an' e5a&inin te e""e*t o" tese variations , on te via%ility o" te$roje*t , is *alle' sensitivity analysis.

    3ensitivity analysis enlitens te &anae&ent a%out te various ris2s involve' in tea*ieve&ent o" $roje*te' returns. Tou te analysis is not te ulti&ate &easure&ent o"ris2, it is a use"ul te*niue in te an's o" &anae&ent. 9t *an also ta2en u$ "or*o&$arison o" various $roje*ts, a$$arently wortwile in ter&s o" return in te %asi*wor2ins.

    Te esti&ates o" $ro"ita%ility o" a $roje*t 'e$en' u$ on te $re*ision o" te *as "low 'ata.Any *ane in sales [email protected], *onversion *osts, *a$ital *ost o" asset or in"lation, ave atellin i&$a*t on te $roje*t $ro"ita%ility in 'i""erent s*enario. To aue te e""e*t on te$ro"ita%ility in 'i""erent s*enarios, te sensitivity analysis is a use"ul te*niue.

    9.9.; PRESENTATION OF SENSITIVITY ANALYSIS

    Th'results o" a sensitivity analysis are o"ten $resente' in a ta%ular "or&. Te analysis is'one %y varyin one or oter i&$ortant $ara&eter, 2ee$in te re&ainin $ara&eters

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    3trents

    Goo' rou$ $ro&oters

    9nternational Air$ort witin one our.

    O$$ortunity

    Cue 'e&an' "or e'u*ational"a*ilities in te area.

    Govt o" Caryana stress on $ro&otion

    o" e'u*ational in"rastru*ture.

    ea2ness

    on i&$le&entation 6 estation$erio'.

    9n'ustry is su%je*t to so*io;$oliti*al*anes.

    No. o" $rivate *olleesHinstitutions*o&in wi* &ay i&$a*t on su$$ly.

    a*2 o" "ull "le'e' Pla*e&ent :ell

    Treat

    E*ono&i* slow'own 6 $oliti*alinsta%ility in te state are 'a&$eners"or te in'ustry. Altou tese

    "a*tors are a$$li*a%le "or entirein'ustry a well &anae' to i&$le&entte $roje*t 6 $la*e te a$$rovals inti&e.

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    *onstant an' ten to aue te i&$a*t o" su* *ane. Th' :+s$+n s &)a!?'d [email protected] $h'?+))+(n7 (+!#n7s +? Edu&a$+n P*$. L$d.

    S'ns$*[email protected] ana)@ss as %een *arrie' out re*2onin "ollowin 'e$artures-

    Total revenues re'u*e' %y < I

    E5$en'iture in*reases %y < I Bot o" te a%ove

    Rate o" interest in*reases %y ! I

    As seen %elow, te Proje*t is a%le to witstan' te o$erations at various levels an' its 'e%tservi*in *a$a*ity e5*e$t in "irst year o" o$erations. ile +3:R levels are &aintaine' at*o&"orta%le levels "or s*enarios outline' a%ove, it *an also %e seen tat +3:R is witina**e$ta%le li&its e5*e$t in "irst year o" o$erations in te worst;*ase s*enario were all te$ara&eters are *ane' a'versely, si&ultaneously. Tere is sort "all in te "irst year o"o$erations as inta2e o" stu'ents woul' %e "or te "irst year o" res$e*tive estee& only.

    9.9.< D'$a)'d S'ns$*[email protected] Ana)@ss

    S'ns$*[email protected]

    Ana)@ss , 3 R'du&$+n n

    F''s

    >!8;!< >!!=;!# >!#;!D >!D;! >!;> >>;! >!; >;/A**ruals Z 9nt onTer& oan As $er+3:R *art

    !!./ 8.# /! 8 8.DD 8!./8 /.==

    ess < I "ees (>.D8) (!.=) (.#) (.D#) (/.>!) (/.>D) (/.>D) (/.>D) (/.>D)Re*ei$ts a"ter < Ire'u*tion

    !>./D /.!> //.! 8!.!/ 8.!8 8!. /D.= /=..#/ .> D.

    9N3TAMENTON TERM OAN ; ; 8 D ! ! ! != !=

    Total !! !! !8.#/ !#.> >. !#.!>

    +3:R >.8 .!> .< ./> .>< .> ./! !.D .!8Av +3:R

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    ':'ns's

    >!8;!< >!!=;!# >!#;!D >!D;! >!;> >>;! >!; >;/

    A**ruals Z 9nton Ter& oanAs $er +3:R*art

    !!./ 8.# /! 8 8.DD 8!./8 /.==

    ess < Iin*rease ine5$enses

    (>.D/) (>.8) (!.>/) (!.!#) (!.!D) (!.>) (!.>) (!.!D) (!.!=)

    9NTERE3T ONTERM OAN

    !! !! !>.#/ .> D.

    9N3TAMENTON TERM OAN

    ; ; 8 D ! ! ! != !=

    Total !! !! !8.#/ !#.> >. !#.!>

    +3:R >.< .!= .// ./ .!8 ./> .8 .>D .88

    !!!>

    !

    !D

    >>>

    >

    >!!

    >>

    >!!

    >!/

    !DD

    I res$on'ents A7!'' tat stu'ents learn a lot "ro& su* trainins.

    #I res$on'ents A7!'' tat tey *reate "rien'ly wor2 environ&ent.

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    #=I "elt tat tey %rin;in "res i'eas an' 2nowle'e.

    88I "elt tat tey esta%lis oo' *or$orate relations.

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    FINDIN6S AND RECOMMENDATIONS

    FINDIN6S

    i2e every %an2, J62 Ban2 t' as in $la*e a well; "or&ulate' $ro*ess o" a$$raisin *re'it.

    :re'it Ris2 &itiation is a very i&$ortant as$e*t o" te wole *re'it a$$raisal $ro*ess.

    Te *ontents o" a $ro$osal "or loan san*tion &ust %e in*lu'e' very *are"ully an' not anyoneite& soul' %e &isse' out.

    ?n*over sour*es o" un*ertainty %y *o&$anies, i.e. te *o&$anies soul' ta2e &easures to%ein %y 'eter&inin wat new an' e5istin ris2s tey "a*e an' 'eter&ine ow tese ris2s willi&$a*t 'e&an's on wor2in *a$ital.

    Early i'enti"i*ation an' torou assess&ent o" a $ro%le& *o&%ine' wit ui*2 res$onse arene*essary "or %usiness survival an' rowt.

    :re'it ratins $lay a sini"i*ant role in 'eter&inin a %orrowerFs re$ayin *a$a%ility.

    Re*ent "inan*ial restate&ents or alleations o" "rau' *ause len'er "atiue, en*e a %orrowerFs%a*2roun' *e*2 is *onsi'ere' very essential %e"ore a loan is san*tione' in "avour o" te%orrower.

    Trainin an' 'evelo$&ent "or &anaers &ust %e *oor'inate' "ro& te start, as it is %etter toerr on te si'e o" too &u* rater ten too little in te %einnin.

    :o&$lete an' torou 'o*u&entation &ust %e &aintaine' to &eet te %an2Fs internal'o*u&entation stan'ar's as well as to a%i'e %y te reuire&ents o" te Anti;&oney laun'erin(AM) $rora& an' "ile sus$i*ious a*tivity re$orts (3ARs) on sus$i*ious or $otential illeal

    a*tivities.

    RECOMMENDATIONS

    J67 Ban2 soul' enan*e its*a$a*ity in *re'it analysis an' loan a'&inistration wile tereulatory autority soul' $ay &ore attention to %an2Fs *o&$lian*e to relevant $rovisions.

    Enan*e&ent o" te *re'it stratey, in*lu'in a*tive $ort"olio stratey &onitorin an'$roa*tive an' *onsistent *o&&uni*ation.

    Enan*e&ent o" *re'it *a$ital o$ti&[email protected] strateies an' analysis.

    3trentenin an' %uil';out o" te *re'it [email protected] stru*ture an' re$ortin lines.

    +evelo$&ent o" &ulti$le layers o" *on*ise an' "orwar';loo2in *re'it ris2 re$ortin tailore'to its au'ien*e.

    A ris2;%ase', "le5i%le, sustaina%le an' *ontinuous *re'it &onitorin "un*tion will not onlyel$ &itiate *re'it ris2s, %ut it will also $osition te [email protected] to [email protected] &ar2et$la*eo$$ortunities e""e*tively.

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    Man$ower $lannin an' 'evelo$&ent &ust %e in $a*e wit te rowt o" %ran*es, to avoi''eteriorate' *usto&er servi*e an' availa%ility o" s2ille' wor2"or*e at all %ran* levels.

    3i&$li"i*ation o" 'o*u&entation $ro*e'ures to &a2e te& &ore *usto&er;"rien'ly.

    J67 %an2 nee's to %uil' on its strents an' re*ti"y teir wea2nesses to $re$are an'

    a'a$t itsel" to te *allenes wi* &ay arise in "uture.

    E&erin e""e*tive te*noloy, in*lu'in ui*2 an' a'van*e' a**ess to 'ata wareouses willel$ in &a2in te $ro*ess in te Ban2 "ar &ore si&$ler.

    :ontinuous &onitorin o" newly oriinate' *re'its an' $ort"olio tren's $lay a 2ey role in*or$orate "inan*in.

    9n*reasin NPAs as %een a *ause "or *on*ern, en*e to *ur% tat &ore liui'ity in"usion %yte :entral %an2 will el$ te Ban2s.

    Te Ban2 &ust strive to re'u*e te a$ %etween san*tione' a&ount an' reueste' a&ount %y&aintainin a'euate liui'ity an' en*e esta%lis *usto&er "rien'liness

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    ATTACHMENTS

    I% Finan1ia( Pro2e1'ion

    3% PROJECTED PROFIT # LOSS STATEMENTYear I Year II Year III Year IV Year V Year VI Year VII Year VIII Year IX

    PARTICULARS 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

    Year+ 1 2 3 4 5 6 7 8 9

    STU'ENT STREN,T

    1 - EN,INEERIN, .TECNOLO,Y

    1/200 2/400 3/600 4/800 4/800 4/800 4/800 4/800 4/800

    2 MA 150 300 300 300 300 300 300 300 300

    3 - P,'M 150 300 300 300 300 300 300 300 300

    4 MCA 150 300 300 300 300 300 300 300 300

    5 - !e" Ma#a*ee#!MCT

    150 300 300 300 300 300 300 300 300

    TOTAL SEATS 1/800 3/600 4/800 6/000 6/000 6/000 6/000 6/000 6/000E$$e!)e S!re#*! 1/080 2/340 3/420 4/440 4/680 4/800 4/800 4/800 4/800

    C""e*e ee $r S!&e#!+ 11(37 24(64 35(61 45(89 48(28 49(48 49(48 49(48 49(48

    +!e" '&e+ 3(30 3(30 3(30 3(30 3(30 3(30 3(30 3(30 3(30

    M+ ee+ 1(94 4(21 6(16 7(99 8(42 8(64 8(64 8(64 8(64

    I#e $r a#: ('(R(;S9(00

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    C&&"a!)e Pr$! 11(82 7(98 7(84 34(04 63(59 94(98 126(96 159(91 193(91

    -% PROJECTED BALANCE S4EET

    PARTICULARS 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

    Sare Ca?!a" 20(00 20(00 20(00 20(00 20(00 20(00 20(00 20(00 20(00

    U#+e&re La#+> D&a+a?!a" 20(00 20(00 20(00 20(00 20(00 20(00 20(00 20(00 20(00

    P . L A! 11(82 7(98 7(84 34(04 63(59 94(98 126(96 159(91 193(91

    Ter La# $r a#: 80(00 80(00 76(00 68(00 56(00 44(00 32(00 16(00 -

    Se&r!= S!&e#! 0(54 1(17 1(71 2(22 2(34 2(40 2(40 2(40 2(40

    C&rre#! [email protected]"!e+ 0(05 0(15 0(25 0(35 0(45 0(55 0(65 0(75 0(85

    TOTAL 108(77 113(34 125(80 144(61 162(38 181(93 202(01 219(06 237(16

    ASSETS

    ,r++ ": 116(35 116(35 116(35 116(35 116(35 116(35 116(35 116(35 116(35

    Le++ 'e?rea!# 12(05 21(93 30(77 38(67 45(75 52(09 57(77 62(86 67(42

    Ne! ": 104(30 94(42 85(58 77(68 70(60 64(26 58(58 53(49 48(93

    Ca+ a# a#: a"a#e 1(26 15(71 37(01 63(73 88(57 114(46 140(22 162(36 185(02

    E#%e#! 3(00 3(00 3(00 3(00 3(00 3(00 3(00 3(00 3(00I#!ere+! Ar&e # 'R 0(05 0(05 0(05 0(05 0(05 0(05 0(05 0(05 0(05

    Se&r!= 'e?+! 0(15 0(15 0(15 0(15 0(15 0(15 0(15 0(15 0(15

    TOTAL 108(77 113(34 125(80 144(61 162(38 181(93 202(01 219(06 237(16

    0% PROJECTED CAS4 FLOW STATEMENT.Rs% Crore

    PARTICULARS I?"ee#!a!# ?er 1 2 3 4 5 6 7 8 9

    10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23

    SOURCES O UN'

    Sare Ca?!a" 3(03 3(97 5(00 8(00 - - - - - - - - -

    U#+e&re La#+ 2(61 4(03 5(00 8(36 - - - - - - -

    Ter La# $ra#:

    12(00 32(00 36(00 - -

    'e?rea!# - - 12(05 9(88 8(84 7(90 7(08 6(34 5(68 5(09 4(56

    I#!er#a" Ar&a"- - 11(82

    3(84 15(82 26(21 29(55 31(39 31(98 32(95 34(0

    0

    Se&r!= $rS!&e#!+

    - - 0(54 0(63 0(54 0(51 0(12 0(06 - - -

    I#!ere+! # TerLa#

    C&rre#! [email protected]"!e+ - - 0(05 0(10 0(10 0(10 0(10 0(10 0(10 0(10 0(10

    TOTAL5(64 20(00 42(00 52(36 0(82 14(45 25(30 34(72 36(85 37(89 37(76 38(14 38(6

    6

    APPLICATION OUN'S

    La# $r C""e*e

    O!er e A++e!+ 5(15 19(95 41(95 49(31 - - - - - - - - -

    I#!ere+! # 'R - - - 0(05 - - - - - - - -

    I#+!a""e#! $ TerLa#

    - - - - - 4(00 8(00 12(00 12(00 12(00 16(00 16(00

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    E#%e#! -'R

    3(00

    Se&r!= 'e?+! 0(05 0(05 0(05 - - - - - - - - -

    Fr:#* Ca?!a" 0(49 - - 0(01

    TOTAL5(64 20(00 42(00 52(37 0(05 - 4(00 8(00 12(00 12(00 12(00 16(00 16(0

    0

    O?e##* Ca+ a"a#e 0(49 0(49 0(50 0(49 1(26 15(71 37(01 63(72 88(57 114(46 140(21 162(36S&r?"&+ 0(00 0(00 0(01 0(77 14(45 21(30 26(72 24(85 25(89 25(76 22(14 22(66

    C"+#* Ca+ a"a#e 0(49 0(49 0(49 1(26 15(71 37(01 63(72 88(57 114(46 140(21 162(36 185(01

    II% Repa5men' S16e&7(eTerm loan is envisaged to be repaid in 28 quarterly structured installments starting from June2016. The detailed repayment schedule is as under: .Rs% 1rore

    Sr% No Perio& Amo7n' Sr% No Perio& Amo7n'

    1 Jun16 1.00 1! "ec1# $.00

    2 %ep16 1.00 16 &ar20 $.00

    $ "ec16 1.00 1' Jun20 $.00( &ar1' 1.00 18 %ep20 $.00

    ! Jun1' 2.00 1# "ec20 $.00

    6 %ep1' 2.00 20 &ar21 $.00

    ' "ec1' 2.00 21 Jun21 (.00

    8 &ar18 2.00 22 %ep21 (.00

    # Jun18 $.00 2$ "ec21 (.00

    10 %ep18 $.00 2( &ar22 (.00

    11 "ec18 $.00 2! Jun22 (.00

    12 &ar1# $.00 26 %ep22 (.00

    1$ Jun1# $.00 2' "ec22 (.00

    1( %ep1# $.00 28 &ar2$ (.00

    To'a( 8*%**

    Pae =# o" #!

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    III. UESTIONNAIRE

    +ear 3irH Ma&,Tis uestionnaire as %een 'esine' to ave so&e oo' 2nowle'e o" te :re'it A$$raisal$ro*ess an' te relate' 4As tat we as MBA ("inan*e) stu'ents ave in &in' rear'in tesa&e in a re$ute' %an2, li2e J67 Ban2 t'.Tese uestions ave %een "ra&e' 2ee$in in view te a"oresai' $ur$ose as $art o" &y 3u&&er9nternsi$ trainin Prora& wit te Ban2 an' tis in no &anner sall lea' to violation o" teBan2s res$e*tive $oli*ies in any &anner, watsoever.Your onesty an' *oo$eration will %e ily a$$re*iate'.

    Tan2 you,Paluni 3ina(9n"or&ation $rovi'e' to te res$on'ents ver%ally)

    .; F+! h+( )+n7 ha*' @+u B''n ass+&a$'d ($h $h' JK "an#

    a. ess tan ! year%. More tan ! year*. /;< years'. More tan < years

    .

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    .3 A::!asn7 a &!'d$ :!+:+sa) s a mana7'!a) $'&hnu' !'u!n7 &+nsd'!aB)' d'7!''

    +? mana7'!a) '??&'n&@. Ra$' $h' ?+))+(n7 :a!am'$'!s +n a s&a)' +? ; > 3 Bas'd +n $h'

    m:+!$an&' +? $h' 'a&h. ; B'n7 m+s$ m:. and 3 B'n7 $h' )'as$ m:

    Basi* 4inan*ial 2nowle'e

    :o&$uter 7nowle'e

    4inan*ial e5$ertise

    A*uaintan*e wit te Ban2 an' its $oli*ies

    Asso*iation o" te Ban2 wit te %orrower

    .2 H+( mu&h s $h' &+!:+!a$' n$'!a&$+n n'&'[email protected] (h)' a::!asn7 $h' :!+='&$ +? $h'

    B+!!+('!Ra$' +n a s&a)' +? ; $+ 3

    -6 'ein3 the most im%ortant and + (east im%ortant

    ; < 8 9 3

    .0 D+'s ?!'u'n$ $!ans?'!s +? mana7'!s ha::'n a$ $h' B!an&h

    a. Yes%. No

    .1 I? @'s% d+'s $ a??'&$ $h' '??&'n&@ +? $h' "an#n7 :!+&'ss

    a. Yes%. No

    :o&&ents, i" any -;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;

    . A!' $h' 'm:)[email protected]''s Bu!d'n'd $+ s+m' '$'n$ ($h a)) s+!$ +? $as#s !')a$n7 $+ $h'

    &+!:+!a$' ?nan&'

    a. 3tronly Aree%. Aree*. Neutral'. +isareee. 3tronly +isaree

    Pae = o" #!

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    .;- D+ @+u s$)) !'?'! $+ $'$ B++#s +! !'ad !')a$'d a!$&)'s $+ #'': @+u!s')? u:da$'d

    !'7a!dn7 $h' &+n&'!n'd =+B a$ $h' +!7ansa$+n

    a. 3tronly Aree%. Aree

    *. Neutral'. +isareee. 3tronly +isaree

    .;; Kn+(n7 $ha$ $h' "an# has $s +(n !'&!u$m'n$ :!+&'ss 'amna$+n :!+&'ss

    ?+))+('d [email protected] $h' "an#n7 [email protected] [email protected] (h&h $ !'&!u$s $s 'm:)[email protected]''s. D+ @+u ?'') $ha$

    JK "an# sh+u)d $a#' an n$a$*'% ? :+ssB)'% n s')'&$n7 s$ud'n$s $h!+u7h &am:us

    !'&!u$m'n$ +! :!+*dn7 PPOs P!' :)a&'m'n$ +??'!s $+ n$'!ns

    a. 3tronly Aree%. Aree

    *. Neutral'. +isareee. 3tronly +isaree

    .;

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    REFERENCES

    (a) 3TM 49NAN:9A :ON3?TAN:Y 3ER9:E3 PT T+. >!!. 'ehnoEonomi*easi+ility%eport for Eduation Pvt ,imitedNew +eli.

    (%) AB: 49NAN:9A 3ER9:E3.>!/.Pro-et .nformation /emorandum. Mu&%ai.

    (*) Boo2s

    , Yes*o&%e E.R., >>. Prinipals of Pro-et *inane. ?3A-

    A*a'e&i* Press

    , 7an M.Y. an' Jain, >!. *inanial /anaement0 te1t0

    pro+lems and ases. 3i5t E'ition. New +eli- Tata M*Graw Cill

    E'u*ation Private i&ite'.

    , TOOR N.3., >!. 2redit /anaement. New +eli- 32ylar2Pu%li*ations.

    , PATAR+CAN, >!. !dvaned Bank /anaement Guraon-

    Ma*&illan Pu%lisers

    (') 9nternet Re"eren*es

    !. Availa%le "ro& - tt$-HHwww.*a*lu%in'ia.*o&Harti*lesHvarious;&eto's;o";$roje*t;"inan*e;!/.as$S A**esse' !>t A$ril >!/

    . Availa%le "ro& - tt$-HHwww.ei%.orHe$e*HHanne5H!;$roje*t;"inan*eH S A**esse' !!tA$ril >!/

    /. tt$-HHwww.euity&aster.*o&Hresear*;itHse*tor;in"oH%an2HBan2in;3e*tor;Analysis;Re$ort.as$

    8. tt$-HHwww.lu*intel.*o&H$ressHlo%al]%an2in]in'ustry]analysis]>!]>!#.as$5

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