Comparing Poetry Essay

Looking at Poetry Essay Looking at Poetry Essay The sonnets Esther’s Tomcat by Ted Hughes and Cats by Steve Evans share numerous likenesses and differentiations. The primary shared quality is that of the subject of the sonnets, they are both about felines. Notwithstanding, the felines in the two sonnets have many differentiating characteristics. Both of the sonnets are written in first individual account, which makes the peruser experience the story as though it were being advised legitimately to them, which includes them inwardly. The subject of the sonnet Esther’s Tomcat is of a dangerous old feline that is depicted as evil and un-killable. The title of the sonnet educates us that the feline has a proprietor who it remains with during the day. In the third refrain, it recounts the tomcat murdering a man upon his pony by locking around his neck while gnawing and scratching. The knight tumbles from his pony, hitting his head upon an enormous stone, which years late, remains the stain of blood from the felines doing. The forward verse portrays the felines hunger for homicide as it eviscerates hounds and guillotines chooks. While the feline has experienced the injuries of its fights with hounds and being shot at from man attempting to free the universe of this malicious character, it has just left scars like the tomcat is strong which gives the possibility of the feline having nine lives. In spite of the fact that he has a proprietor, the feline strolls the rooftops around evening time hollering of his dis dain of others. The poem’s utilization of rhyming is found in the primary line of the principal verse, â€Å"Daylong, this tomcat lies extended level, As an old unpleasant mat,† the rhyme being the words ‘flat’ and ‘mat’. The line, â€Å"As an old harsh mat,† is likewise an analogy, which recounts the feline resembling an old unpleasant tangle. Different sillies in the sonnet are â€Å"Like a heap of old rope and iron,† â€Å"His eyes, green as ringstones,† and â€Å"Fangs fine as a lady’s needle and bright.† These metaphors are portraying the feline utilizing symbolism and by contrasting certain highlights with another item. The metaphor in the third refrain â€Å"Locked round his neck like a snare of hooks† thinks about the cat’s arms around the knight’s neck to resemble an unbreakable lock. The lines, ‘wars and wives,’ ‘tattered and battered,’ and ‘leaps and lightly,’ are all similar sounding word usage. The state of mind of the sonnet starts of very quieted as it depicts the presence of the feline, however before long turns very dull with the demise of the knight. The sonnet causes the peruser to have a sentiment of repugnance towards the tomcat. There case of enjambment in this sonnet in the third and fourth verses; they stream on as though they were in a similar refrain. The sonnet Cats recounts an enthusiastic gathering of felines. The felines are depicted as sluggish little divine beings, who accept the world exclusively rotates around themselves. The felines hold no important perpose, other than dancing around the nursery of an Australian man’s home. The felines go through their day running along the top of the verandah, lying in the sun as though it were their realm. Around evening time the devilish gathering of felines make loathsome clamors by the room window of the man’s house. Be that as it may, in the first part of the day, the felines, go about as though it was

An Ethical Review Essay Example

An Ethical Review Essay Example An Ethical Review Essay An Ethical Review Essay Summation In the creative mind of â€Å"the not very distant† fate of our reality, the film Gattaca by Andrew Niccol rotates around the mechanical progression of hereditary qualities that permits society to wipe out practically all prospects of deformities in the infants. In any case, Vincent Freeman, the hero, is a result of the out of date technique for imagining and was brought into the world with various dysfunctions. He is resolved to be a space traveler yet with his â€Å"imperfections†, he has zero possibility. Solid willed and tenacious, he expect the character of Jerome Morrow, injured by a mishap and is eager to help Vincent. Furnished with DNA tests from Jerome, Vincent is in the speedy run towards accomplishing his objective. In an abrupt new development, the Mission Director is killed and Vincent carelessly departs an eyelash at the scene. He needs to make sense of an approach to abstain from mixing any doubts, breeze through all DNA assessments and expectation that he can in any case follow his fantasies. Partners One of the partners is Vincent Freeman. He needs to take extraordinary measures so as to seek after his fantasy. Any slight missteps would endanger his crucial. Chief Josef is additionally a partner on the grounds that after the homicide of the Mission Director, he deceives the examination held to abstain from being a speculate himself. Another partner is Jerome Morrow. As he â€Å"lends† his personality to Vincent, he could be sentenced for being an accessory of Vincent if the specialists ever find his demonstration. CHARACTERS AND THEIR ETHICAL DILEMMA The fundamental scalawag in the story is Director Josef on the grounds that he submitted a homicide for personal circumstance. Chief Josef was in a moral problem as he was going to kill the Mission Director. The Mission Director was going to prematurely end the mission to Saturn’s fourteenth moon, Titan. To guarantee that the strategic proceed, Director Josef tested his own morals since he was likewise hereditarily built, asserted of not having any strains of viciousness in his genome. Vincent Freeman, the legend, was in a moral quandary when he mentioned the assistance from German, the man that acquainted him with the first Jerome Morrow. He realized that he was violating the law by doing as such however he did what he needed to do so as to seek after his aspiration. ________________ Moral ISSUES There are various issues that can be brought up in the film Gattaca. The fundamental issue is the separation of an individual by just the judgment of the hereditary data in one’s DNA. Individuals that are conceived normally are viewed as second rate compared to the ones that are hereditarily built. This can be plainly found in the life of the principle hero of this story, Vincent Freeman. Vincent was brought into the world after the alleged obsolete method of considering by his mom. With deformities, for example, exceptionally plausible cardiovascular breakdown, among different confusions, even his dad felt that Vincent was not deserving of his name, Antonio. Truth be told, the name was given to Vincent’s sibling, Anton, who was hereditarily better than Vincent. Vincent’s prior piece of life was not very lovely on the grounds that even his own folks didn't give any help when he demonstrated an incredible enthusiasm for space odyssey. During the prospective employ ee meet-up, however he was completely arranged with all his insight into space route and physical abilities, he was dismissed due to his hereditary mediocrity. At Gattaca, the individuals who are viewed as lesser in rank are just utilized as janitors to clean up the spot while the rest are allowed the chance to work in Gattaca itself. Another issue follows when Director Josef killed the Mission Director. He perpetrated the wrongdoing so as to guarantee that the crucial Titan would at present proceed and he would live to see it. The examination on the homicide was driven by as a matter of fact Vincent’s own sibling, Anton. At the point when an eyelash that had a place with Vincent was trapped in the DNA clear done by the police, he moved toward his sibling and offered him security before he was found, maybe as a demonstration of kindness. The issue emerges as this happens on the grounds that it shows that even an official of the law could influence from his own obligation. As indicated by John Rawl’s Veil of Ignorance, Anton ought to be reasonable by capturing Vincent despite the fact that they were siblings. Another issue to be called attention to depends on the character of Irene Cassini. She was the one that at first had a doubt on Vincent about his actual personality, particularly when the Mission Director was killed. At the point when she found that Vincent was just acting like Jerome Morrow, it was at that point past the point of no return as she was at that point beginning to look all starry eyed at him. As a decent resident she ought to have gone to the police on her disclosure. Rather, she stayed quiet about it and she even encouraged Vincent to hide his actual personality. Despite the fact that there are parcel of legitimate issues that can really be seen however the most significant one to be explained is when Vincent went to find support from German. He knew that by expecting the character of Jerome Morrow, he was in an undeniable penetrate of the law. In any case, he despite everything continued with the arrangement and experienced the confused systems so as to cheat through the DNA tests that are continually led in Gattaca. ________________ CONSEQUENTIALISM Consequentialism is a way of thinking underscoring that a demonstration is viewed as moral if the great results bests the negative outcomes. The miscreant, Director Josef perpetrated a genuine wrongdoing when he killed the Mission Director. As indicated by the consequentialist perspective, his activity is moral in light of the fact that because of it, the strategic Titan had the option to be continued. The legend, Vincent was likewise ready to go on the mission and finally satisfy his fantasy. The activity of Director Josef can be considered as a demonstration of selfishness at the end of the day it purchased sufficient opportunity to guarantee that the mission would continue as it ought to be. By giving up his own freedom, he had the option to give a bigger number of advantages than weights to other people. At the end of the day, his demonstration of as far as anyone knows in personal circumstance was really a demonstration of selflessness, however it was as yet a wrongdoing. Indeed , retributive equity was served toward the finish of the story as the police at last discovered that Director Josef is the genuine guilty party behind the homicide of the Mission Director. DEONTOLOGY Deontology varies from the way of thinking of consequentialism. Deontology concentrates more on the rights or obligations that persuade the choice or activity as opposed to its outcomes. The saint, Vincent Freeman accept the character of Jerome Morrow so as to invade Gattaca and turn into a worker there as a guide. He opposed the law that obviously precluded a man of his position to be on the rundown for the strategic Titan. From a deontologist perspective, Vincent is viewed as unscrupulous on the grounds that his privileges or obligations didn't permit him to do such things only for his fantasies. Despite the fact that his activity did no damage to other people, from a deontologist perspective, it is viewed as untrustworthy. The law just permitted him to go similarly as being a janitor at Gattaca. His activity was distinctly to clean the floors of Gattaca as he should, in light of his DNA inadequacy. In spite of the fact that he had known nearly everything on space route by heart an d had improved his physical aptitudes, he reserved no options to join the space program, not to mention be a guide for the outing to Titan. It was not in his alleged expected set of responsibilities. Plainly, his aspiration doesn't legitimize his activities at all. Brilliant RULE The Golden Rule can qualify as an all inclusive rule that expects us to treat others the manner in which we need others to treat us. If I somehow happened to be in Director Josef’s position, I would not have killed the Mission Director. I would have had a legitimate gathering with the Mission Director to sift through things expertly about proceeding with the strategic Titan. I would reason him out and attempt to converse with him without falling back on brutality. I would have felt that the Mission Director may have a spouse and children of his own and I would not have their significant other and father to leave them simply like that. Besides, in the event that I was the scoundrel, regardless of whether I committed the homicide, I would promptly give up myself to the police. The blame of doing such brutal thing would wreck me in the event that I simply hush up about it just. I had taken another person’s life it is really unpardonable. Just by recalling the substance of the individual that I killed would keep me up the entire night for an incredible remainder. Consider the possibility that he had his own family. How might they react to such an unpleasant setback, that I was answerable for? Who might be mindful to deal with them? Suppose another person would do likewise to me. My family would be left with nobody to deal with them. Because I committed a repulsive error, many individuals will endure. In addition, the demonstration of taking another person’s life is up to God, the god-like Creator. Moreover, I would be generally embarrassed towards my associates that I have been working with for a long time. They would believe that there perhaps another person simply like me that would carry out such wrongdoing to them. They would be dubious of everybody around them. The working environment will appear to be risky for them. Other than that, I am embarrassed to all individuals from the conceivable team to Titan particularly Vincent in light of the fact that I realize the amount he needed to fly into space land on Saturn’s moon. My activity probably won't result to the continuation of the mission yet rather to a prompt end by and large as the Mission Director should lead the entire undertaking. As the Golden Rule would propose, on the off chance that I need others to listen to me and do as I state, I would need to hear and do as what they may state. Perhaps none of the tedious occasions would even need to occur and with much karma the excursion to Titan can be proceeded without turning to viciousness. ________________ Exercises From what I have seen from the film, individuals can go to particularly outrageous measures so as to accomplish their objective. Howeve

SWOT Analysis Essay Example | Topics and Well Written Essays - 2000 words

SWOT Analysis - Essay Example Valley National Bank (VNB), as one of the main territorial banks, offers better open doors for experts in banking for building their vocation. With regards to circumstances accessible in Valley National Bank, there are differing openings for work, for example, Benefit Specialists, Branch Sales Manager, Consumer Loans Quality Analyst, Loan Review Manager, Secondary Marketing Manager and Senior Attorney. Valley National Bank directly utilizes more than 56 staff individuals in an assortment of positions. The bank likewise gives pay rates and bundle advantages to perpetual workers. It can likewise be seen that Valley National Bank gives certain lasting and wide extending work positions. Valley National Bank is considered as one of the perceived pioneers in money related administrations because of its extraordinary exhibitions, upgraded client benefits and differentiated items. The bank offers wide extending items having a benefit of over US$16 billion and 211 branches alongside a various arrangement of clients. There are various advantages offered by the bank in the segment of wellbeing and government assistance. In addition, Valley National Bank gives high need on client offering administrations through business and riches the board (CareerBuilder, LLC, â€Å"Overview†). ... A relationship with the bank in a wide scope of functionalities and positions would push a person to development his/her future by a significant degree (CareerBuilder LLC, â€Å"Overview†) With these contemplations, the paper means to set up a SWOT investigation of the association and appreciate the common work open doors for a person inside the premises. SWOT ANALYSIS OF VALLEY NATIONAL BANK Valley National Bank is a relationship of banking that has been contracted in 1927, inside the laws fused in the United States. It is headquartered in New Jersey. The bank is working in around 198 full help workplaces all over focal and northern alongside focal piece of New Jersey and city of New York in Brooklyn, Manhattan and Queens. The bank encourages an assortment of business, retail and riches the board administrations. Different administrations that are offered by the bank are web banking, phones, programmed teller machines offices of safe and night stores, letter of credit, outsid e trade and remote financial record support. The bank offers different princely types of assistance to the clients for 24 hours in a day and for 7 days in seven days (Form 10-K, â€Å"Business†) with respect to qualities of the association for example Valley National Bank, it very well may be expressed that the staff and administrators in the association are able and the operational exercises are dealt with as indicated by the rules of the association. The administrative abilities that are convinced by the board encourage in keeping up proficiency in the exercises acted in the bank. In addition, it very well may be seen that the workers who are utilized in the bank have an incredible learning experience as significant

Essay On Client Threaten His Lawyer If He Lose The Case Example For Students

Paper On Client Threaten His Lawyer If He Lose The Case THE CLIENT by John Grisham is an activity, anticipation novel about kid who figured out how to much from a Mafia attorney. Imprint is a multi year old kid who is experiencing childhood in a trailer home with his mother Diane, and his multi year old sibling Ricky. The occurrence all started when Ricky faltered over a pack of cigarettes Mark was covering up under his bed, promptly Ricky was trinkets about smoking and needed to give it attempt. So he extorted Mark to show him how. Imprint was hesitant however concurred and they set out for the forested areas where Mark had invested the greater part of his energy. This time was extraordinary however for reasons unknown a vehicle pulled in the thick woods a spot where Mark had never observed another spirit aside from secondary school kids who came to smoke dope. The vehicle was a major dark Lincoln Town vehicle and it quickly got Marks consideration. Considerably additionally upsetting was the point at which a pudgy man came out of the vehicle and set a water hose in his fumes pipe, Mark knew by then the keeps an eye deliberately was self destruction. Imprint took it upon himself not to let this man murder himself since he felt it was his commitment. After Mark liberated the hose from the vehicles fumes pipe a few times he was gotten by the man and hauled into the vehicle to kick the bucket with him. In the vehicle Mark took in the keeps an eye on story. He was a Mafia layer who spoke to the greatest and meanest Mafia man in the nation Barry the Blade Mulando. His customer had executed a congressperson and covered the body so no proof would be discovered, just this legal counselor and his customer and now Mark knew where it was covered. After an extended period of time of being caught in the man vehicle Mark got away and ran from the man who winds up shooting him self in the head when both Ricky and Mark where viewing. Days after the fact back in New Orleans Barry knows about the child and about his dead attorney and infers that the child must know the area of the body, and afterward concludes that for safe being the child ought to be killed, and whenever was not for Marks legal counselor this may have been the situation. Be that as it may, both of them were persevering and had a solid will to do what they thought was correct and to endure. In The Client Mark speaks to numerous children who have intense lives and issues. Clearly Marks case is an outrageous however on a similar line its not totally different. Despite the fact that Mark battles significantly he never surrenders he was tenacious. This is the stuff for some, small children growing up with terrible environmental factors and no safe house, and this is a solid point in the book. Grisham works admirably of representing a significant point. This was one of the most elegantly composed books I have ever perused. I feel it merits enormous credit. There was never a dull sentence our a section that delayed. It was one of those books that you cannot put down. It was completely finished with an amazing closure that nobody could have speculated. Grisham made an amazing showing of building up the characters and integrating them similarly as he did with the plot, and on account of his huge composing abilities it made for an inside and out dumbfounding book!

Child Labour in the Global Economy Dissertation

Kid Labor in the Global Economy - Dissertation Example Kids had been verifiably engaged with an assortment of employments running from rural and cultivating to mechanical and producing occupations. Be that as it may, this traditional thought utilizing youngsters in the previously mentioned fields is quickly changing as regularly it is their folks who power their posterity into difficult exercises. A review directed by ILO across 36 less created economies detailed a small amount of the 25 percent kids utilized in financially dynamic employments to be working for other people. Likewise, the greater part of them work without pay with strength of such type of misuse more pervasive in urban than in rustic zones. UNICEF detailed this figure at 4.2 percent if there should arise an occurrence of provincial locales and 5.2 percent for urban zones, for LDCs. Besides, out of the couple of kids who work for other people, almost 6 percent don't gain any wage; such circumstance regularly emerges in situations when guardians hold their youngsters as in surances while tolerating advances and default installments on the equivalent attributable to destitution (Edmonds and Pavcnik, 2005, p. 202). Figure 1 close by sums up the result of a study led by ILO in 2006 to understand the adjustment in event of kid work over the world through 2000-2004. It shows the most elevated centralization of kid work in Sub-Saharan Africa followed by Asia-Pacific zones. Kid work is found to have dropped radically in Latin America and Caribbean with a decrease of in excess of 10 percent of the absolute kid populace over the district. In general, the situation has improved for youngster work all through the world inside a range of four years.... Be that as it may, this traditional thought utilizing youngsters in the previously mentioned fields is quickly changing as regularly it is their folks who power their posterity into relentless exercises. An overview directed by ILO across 36 less created economies announced a small amount of the 25 percent youngsters utilized in financially dynamic employments to be working for other people. What's more, the majority of them work without pay with strength of such type of abuse more pervasive in urban than in provincial regions. UNICEF announced this figure at 4.2 percent if there should be an occurrence of country districts and 5.2 percent for urban territories, for LDCs. Moreover, out of the couple of youngsters who work for other people, about 6 percent don't gain any wage; such circumstance ordinarily emerges in situations when guardians hold their kids as insurances while tolerating advances and default installments on the equivalent inferable from neediness (Edmonds and Pavcnik, 2005, p. 202). Figure 1 close by sums up the result of an overview directed by ILO in 2006 to appreciate the adjustment in event of kid work over the world through 2000-2004. It shows the most elevated convergence of kid work in Sub-Saharan Africa followed by Asia-Pacific zones. Youngster work is found to have dropped definitely in Latin America and Caribbean with a decrease of in excess of 10 percent of the absolute kid populace over the locale. All in all, the situation has improved for youngster work all through the world inside a range of four years. This reality has a conspicuous ramifications that the world is for sure creating at a quick pace and in a homogeneous example. Figure 2 then again, accentuates upon the sorts of occupations that kids somewhere in the range of 5 and 14 years old, are utilized in. It demonstrates a greater part of them to be utilized in rural and cultivating

Mind and Hand

Mind and Hand Ive already mentioned how busy I am this semester and have gone over my schedule, but now its time to show just what Ive been busy with! One of my classes, 2.008, focuses on manufacturing and machining, meaning that we learn to *gasp* manufacture and machine things. MIT has always bragged about its motto, Mens et Manus, or Mind and Hand, because were constantly creating, building, and getting dirty. Ive done my fair share of building since Ive gotten here (plastic bottle pirate ship, 4 robots, an Olmec, etc) but all of that used skills that I really already had. This last week, however, I learned something new. I learned how to use a CNC lathe and a CNC mill. For those of you who are unacquainted, a lathe and a mill are tools used to machine metal/plastic/anything that needs to be shaped into a part. A lathe is for radially symmetric features and spins your part really fast, letting you touch it with sharp tools to cut grooves, pockets, round edges, so on and so forth. A mill is essentially the lovechild of an etch-a-sketch and a drill press. Using two dials you can move your part around on a table (like an etch-a-sketch) and then when you pull a lever you can lower a drill bit into it (like a drill press). The main difference is that you can move the part around while the drill bit (actually called an end mill) is in the part, cutting grooves, notches, and all sorts of neat shapes into it. The CNC means that these tools are computer controllable. Come on, you know how hard it is to make a circle on an etch-a-sketch! CNC lets you design parts in SolidWorks, import them into a program called MasterCAM, and then load them onto the mills/lat hes. Then the tool does all the work for you, spitting out a finished part in just a few minutes. Neat, huh? Later in the semester well be using these to create aluminum molds to injection mold yo-yos with. Until then, we were assigned a Learn to use the equipment project of machining a paper weight. Each of us was given a piece of aluminum stock, 1.5R with a height of .625. We were allowed to do pretty much anything possible, but we had to use both the lathe and the mill. We designed our paper weights in SolidWorks first, the easiest way to bust out a 3D part. I didnt want my paper weight to suck. This had the potential to be a really nice product, something that I could keep forever, so I got a kind of intricate with my design. I decided to machine the great dome, with some special features. Heres what my finished SolidWorks file looked like As you can see, I added some footsteps to the top of the dome, because Im pretty sure there are some. I also put the Inscription Hack around the perimeter of the dome. Awesome, looks good in SolidWorks, hows it going to look in real life? The first thing to do was to turn the part. Never say lathe the part, its called turning. We put my aluminum stock in the machine, closed the doors, and checked through my code using the control panel on the outside. If there is anything more intimidating I have yet to encounter it. It was the scariest thing ever, but luckily shop guys are VERY good at what they do. Please note that that hand is certainly not mine. Once it was all set we hit GO and off it went! The part spun and the tools cut into it. There was a lot of coolant splashing everywhere so it was hard to get really good pictures, but here are a few I managed to get. I made a video of the final run of the paper weight so you can see the lathe in action. Without a CNC I dare you to get that kind of curve. Consider yourself dared. So, I had a perfectly shaped little dome, next it was time for the mill. The mill was programmed to etch the writing and the footsteps into my paper weight, one at a time, using an engraving tool with a tip only .02 in diameter (TINY!). I popped the part into the vice, set my zero at the top of my part, and pushed GO! ~20 minutes later (lots of etching) it was all finished, but while it was being etched it looked like this Finally it was all done! Well, sort of. I cleaned it up with a rag and some hot water, then I took it over to a normal lathe (not CNC) and let it spin while I touched it with some fine grit sandpaper to polish it. When everything was all said and done I had this lovely before and after picture to take Isnt that awesome!? But, there was an issue. Well, there were two issues. I realized shortly after polishing it up that there was a u missing Industry. The space was there, just no letter, so it looked like Ind stry. Not good. Then I noticed that I spelled science as sceince. Those of you who know me know that I am WAY too obsessive compulsive to be ok with this, so I ended up re-machining the whole thing after making the changes on the computer. When everything was all said and done, I had a beautiful paper weight that I was really proud of. Will I make another? Potentially, the code is all there. Will I make many awesome things in the future with my newly learned skills? Absolutely. Mind and hand As some of you probably know, MITs motto is Mens et manus, which is Latin for Mind and hand. Now, in most cases, a school motto isnt particularly meaningful. Its a slogan that sounds cute. In the case of MIT, I feel that its still a slogan that sounds cute, but its also meaningful. It reflects something I consider to be an important component of MIT culture. At some point in the past, someone on this blog asked me whether, as a science major, I felt overshadowed by MITs engineers. And I answered that question at that time, but this is sort of a more extensive answer. Most MIT students come in with a strong bias towards either science or engineering. Then you get some who dont care so much about either and are primarily interested in business, or architecture, or political science, or whatever, but for purposes of this post lets assume theres a science/engineering dichotomy among frosh. And there are extremes. At the science extreme, you get brillant people who live in the theoretical worlds in their heads, and love to know why things work the way they do, but couldnt build anything if their life depended on it. They dont really know how to apply knowledge. At the engineering extreme, you get the kids who have been writing code or machining parts or building circuits in their spare time since they were in middle school. They dont really care about the theory behind anything; they want to know how things work. They get frustrated in theoretical classes because they feel like the material is not useful. Notice that I talked about a frosh dichotomy. This is because, as these students go through MIT, most of the scientists become more like engineers, and the engineers like scientists. When I came here, I was pretty far along the science extreme. Id done plenty of sports, but never done anything physical, other than lab experiments, that involved the application of academic knowledge. I was thought of as a klutzy person and nobody would have ever entrusted me with anything more dangerous or complicated than a screwdriver, so I didnt know how to use power tools or anything like that. The most engineering-like thing Id ever done was AP Computer Science. Two and a half years later, Im still a scientist, but Im also something of an engineer, and Ive learned to be one both in and out of the classroom. In addition to all my neuroscience and bio classes, Ive taken 18.03 (Differential Equations), 6.001 (Structure and Interpretation of Computer Programs), 6.004 (Computation Structures) and 6.186 (Mobile Autonomous Systems Laboratory, the robotics competition from my last entry). Next term, Ill be taking 6.002 (Circuits and Electronics) and maybe another engineering class. But more important than the classes Ive taken, is what I can do. I can code, if not terribly well, in Scheme, Java, C, or Assembly. I can wire some simple circuits (I bet Ill be better at that after 6.002) and solder. I can use a drill press, a hacksaw, a bandsaw, a scroll saw, and a lathe, and perform minor repairs on some of them. I can use wood and metal files. I can re-key the pins in a lock, and take measurements for a new key. I can tie knots. I can design a large-i sh engineering project. I can machine parts, and put things together. I helped build a robot. The competitions today, and well see how it does. For some people, this is old hat. For me, its really exciting, because its so new. Last term there was a group of students trying to get a bladesmithing club together. They wanted to use a blacksmiths forge to make knife and sword blades, and do metalworking in general. I eagerly joined with them. Unfortunately, there wasnt enough funding for the club to get off the ground, but maybe in the future So I am a scientist who has also become an engineer. As the engineers become scienists. We all stretch our comfort zones a little, under the influence of the people surrounding us. I feel more competent and confidence as a result of what I can do. The engineers slowly come to realize that theoretical knowledge isnt such a dumb idea after all. The boundaries collapse, and everyone wins. That, my friends, is Mind and hand.

A Profile of the Leasing Business in India - Free Essay Example

25 years ago, Farouk Irani quit his high profile job in Citibank to launch his dream project: a leasing company in India. On 10th  Sept., 1973, Irani was able to convince Dr A C Muthia, Industrialist, to have the First Leasing Company of India incorporated. For several years, First Lesing Company remained the Only Leasing Company. Ever since IFC, Washington decided to support Indian leasing with investment in companies in 4 metros, Indian leasing has never looked back. This was about 1980. Early eighties capital market boom found many young entrepreneurs riding the leasing wave. As it celebrates its 25th  Birthday, Indian leasing is today a central part of the financial system. On its way, it has passed through several twists and turns. Financial industry World-over has a very high beta factor: it is hyper-sensitive to changes in economic scenario. Periods of general prosperity are extremely good for the leasing industry; downturns in economic cycle cost is extremely high. That apart, financial system is invariably affected by the contagion effect: failures of a few players affect even the healthy ones. Evolution of Indian Leasing Industry Leasing activity was initiated in India in 1973. The first leasing company of India, named First Leasing Company of India Ltd. was set up in that year by Farouk Irani, with industrialist A C Muthia. For several years, this company remained the only company in the country until 20th  Century Finance Corporation was set up this was around 1980. By 1981, the trickle started and Shetty Investment and Finance, Jaybharat Credit and Investment, Motor and General Finance, and  Sundaram Finance  etc. joined the leasing game. The last three names, already involved with hire-purchase of commercial vehicles, were looking for a tax break and leasing seemed to be the ideal choice. The industry entered the third stage in the growth phase in late 1982, when numerous financial institutions and commercial banks either started leasing or announced plans to do so.  ICICI, prominent among financial institutions, entered the industry in 1983 giving a boost to the conce pt of leasing. Thereafter, the trickle soon developed into flood, and leasing became the new gold mine. This was also the time when the profit-performance of the two doyen companies, First Leasing and 20th Century had been made public, which contained all the fascination for many more companies to join the industry. In the meantime,  International Finance Corporation  announced its decision to open four leasing joint ventures in India. To add to the leasing boom, the Finance Ministry announced strict measures for enlistment of investment companies on stock-exchanges, which made many investment companies to turn overnight into leasing companies. As per RBIs records by 31st March, 1986, there were 339 equipment leasing companies in India whose assets leased totaled Rs. 2395.5 million. One can notice the surge in number from merely 2 in 1980 to 339 in 6 years. Subsequent swings in the leasing cycle have always been associated with the capital market whenever the c apital markets were more permissive, leasing companies have flocked the market. There has been appreciable entry of first generation entrepreneurs into leasing, and in retrospect it is possible to say that specialized leasing firms have done better than diversified industrial groups opening a leasing division. Another significant phase in the development of Indian leasing was the Dahotre Committees recommendations based on which the RBI formed guidelines on commercial bank funding to leasing companies. The growth of leasing in India has distinctively been assisted by funding from banks and financial institutions. Banks themselves were allowed to offer leasing facilities much later in 1994. However, even to date, commercial banking machinery has not been able to gear up to make any remarkable difference to the leasing scenario. The post-liberalization era has been witnessing the slow but sure increase in foreign investment into Indian leasing. Starting with GE Capitals entr y, an increasing number of foreign-owned financial firms and banks are currently engaged or interested in leasing in India. Pre 1970 1970-1995 1995-2004 Only HP companies  Automobile financing mainly for commercial vehicles  Fixed Deposit: main source of funds Entry into equipment finance through: * Leasing * Hire Purchase  Commencement of car finance  Access to Capital Markets  Funds from FDs and Banks Exit of large no. of companies: * Small Large * Indian Foreign Regulation by RBI Few companies diversified into related financial services Major Constituents of Indian Leasing Industry Lessors Specialized leasing companies: There are about 400-odd large companies which have an organizational focus on leasing, and hence, are known as leasing companies. Till recently, most of them were diversified financial houses, offering several fund-based and non-fund based financial services. However, recent SEBI rules on bifurcation of fund-based and non-fund based activities has resulted into hiving-off of merchant banking divisions of these entities. Banks and bank-subsidiaries: Till 1991, there were some ten bank subsidiaries active in leasing, and over-active in stock-investing. The latter variety was ravaged in the aftermath of the 1992 securities scam. In Feb., 1994, the RBI allowed banks to directly enter leasing. So long, only bank subsidiaries were allowed to engage in leasing operations, which was regarded by the RBI as a non-banking activity. However, the 1994 Notification saw an essential thread of similarity between financial leasing and traditional lending. Though St ate Bank of India, Canara Bank etc have set up leasing activity, it is not currently at a scale to make any difference on the leasing scenario. This is different from the rest of the World, where banks are front-runners in leasing markets. Specialized Financial institutions: There is a wide variety of financial institutions at the Central as well as the State level in India. Apart from the apex financial institutions, viz., the Industrial Development Bank of India, the Industrial Finance Corporation of India, and the ICICI, there are several financing agencies devoted to specific causes, such as sick-industries, tourism, agriculture, small industries, housing, shipping, railways, roads, power, etc. In most States too, there are multiple financing agencies for generic or focussed cause.Most of these institutions are using the lease instrument along with traditional financing instruments. Significantly, the ICICI was one of the pioneers in Indian leasing. At State level also, finan cial institutions are active in leasing business. One-off lessors : Some of the companies engaged in some other business which gives them huge taxable profits, have resorted to one-off leasing on a casual basis to defer their taxes. These people are interested only in leasing of high-depreciation items, preferably those entitled to 100% depreciation. Manufacturer-lessors: This part of the lessor-industry is in highly under-grown form in India, for simple reasons. Vendor leasing is a product of competition in the product market. As competition forces the manufacturer to add value to his sales, he finds the best way to sell the product is to sell it without the buyer having to pay for it instantly. Product markets so far for most durables were oligopolistic, and good products used to sell even otherwise at a premium. With the economy decisively moving towards market orientation, competition has become inevitable, and competition brings in its wake sales-aid tools. Hence, the pot ential for vendor leasing is truly great. The Lessees Corporate customers with very high credit ratings:  These essentially look at leasing to leverage against assets which are otherwise not bankable, or for pure junk financing. Public sector undertakings:  This market has witnessed a very rate of growth in the past. With budgetary grants to the PSUs coming to a virtual halt, there is an increasing number of both centrally as well as State-owned entities which have resorted to lease financing. Mid-market companies: The mid-market companies, that is, companies with reasonably good creditworthiness but with lower public profile have resorted to lease financing basically as an alternative to bank/institutional financing, which to them is time-consuming and tedious. Consumers:  Retail funding for consumer durables was frowned-upon at one point of time, but recent bad experience with corporate financing has focused attention towards consumer durables which incidentally, is all the all-time favorite of financie rs World-over. Most of the larger companies have expressed interest in consumer funding, with ticket size going as low as Rs. 5000. Car customers:  Car leasing World-over is a very big market, and the same is true for India. So long, most car leases were plain-vanilla financial leases but one now finds few instances of value-added car lease services also being offered. Commercial vehicles:  Commercial vehicles customers have always relied upon funding by hire-purchase companies. The customer profile ranges from large fleet owners to individual truckers. Earth-moving machinery customers:  These customers have also traditionally relied upon lease financing. Their requirements are generally large each excavator costs more than Rs. 25 lacks. The income-stream is based on contracts they have at times, the income generation may be sporadic, or the need might itself be temporary. In fact, operating leases would have been ideal in this market, but they are ye t to be launched to any serious degree. Govt. depts. and authorities: One of the latest entrants in leasing markets is the Govt. itself. The Dept. of Telecommunications of the Central Govt. took the lead by floating tenders for lease finance worth about Rs. 1000 crores. In its reforms, India has limits to the extent to which it can resort to deficit financing, and leasing is easily going to appeal to the Govt. , if not for cost reasons, at least for the fact that it will not feature in national accounts as a commercial financing. As a spin-off, it might even help reducing the reported deficit, as the Govt. resorts to what is loved World-over as a tool of off-balance-sheet financing. Factors that contributed to the growth of Indian Leasing Industry With the exception of 1996-97 and 1997-98, the 1990s have generally been a good decade for Indian leasing. The average rate of growth   on compounding basis works out to 24% from 1991-92 to 1996-97. Broadly, the following factors have been responsible for the growth of Indian leasing, in no particular order: No entry barriers   any one could float a leasing entity, and even an existing company not in leasing business can write a lease purely for tax shelters. Buoyant growth in capital expenditure by companies   The post -liberalization era saw a spate of new ventures and fresh investments by existing venturers. Though primarily funded by the capital markets, these ventures relied upon leasing as a source of additional or stand-by funding. Most leasing companies, who were also merchant bankers, would have funded their clients who hired them for issue management services. Fast growth in car market:  Needless to state with facts, the growth in car leasing volume has been the highest over these years the spurt in car sales with the entry of several new models was funded largely by leasing plans. Tax motivations:  India continues to have unclear distinction between a lease that will qualify for tax purposes, and one which would not. In retrospect, this is being realized as an unfortunate legislative mistake, but the absence of any clear rules to distinguish between true leases and financing transactions, and no bars placed on deduction of lease tax breaks against non-leasing income, propelled tax-motivated lease transactions. There was a growing market in sale and leaseback transactions, which, if tested on principles of technical perfection or financial prudence, would appear to be a shame on everyones face. Optimistic capital markets:  Data would establish a clear connection between bullish stock markets and the growth in both number of leasing entities and lease volumes. Year 1994-1995 saw the peak of pr imary market activity where a company, even if a new entrant in business, could price itself on unexplainable premium and walk out with pride. Access to public deposits:  Most leasing companies in India have relied, some heavily, on retail public funds in the form of deposits. Most of these deposits were raised for a 1 year tenure, and on promise of high rates of interest, at times even more than the regulated rate (which was lifted in 1996 to be reintroduced in 1998). A generally go-go business environment: At the backdrop of all this was a general euphoria created by liberalisation and the economic policies of Dr. Manmohan Singh. Present industry order Only few major players exist SREI International Finance Sundaram Finance Cholamandalam Finance Mahindra Mahindra GE Capital Shriram Finance Tata Finance Countrywide Finance Citicorp NBFCs on strong turf NBFCs are today an Integral Part of Indian Financial System showing improving health: Increase in resource profile Significant decline in NPA Substantial improvement in brand image Improvement in profitability margins Maturing industry in which financially managerially weak companies already weeded out . Surviving companies are large corporate with good brand image. NBFCs enjoys a Niche position in the financial sector due to: Better Customer service Innovative flexible financing options Continuously reducing NPAs Healthy Capitalisation Innovative resource mobilisation Focused Operation Products/Customers/Geography Formation of Finance Industry Development Council a Self Regulatory Organisation for NBFCs. Challenges before the Industry The current problems of Indian leasing could be listed as follows, again without any order of listing: Asset-liability mismatch:  Most non-banking finance companies in India had relied extensively on public deposits -this was not a new development, as the RBI itself was constantly encouraging and supporting the deposit-raising activities of NBFCs. If the resulting asset-liability mismatch, to everybodys agreement, is the surest culprit of all NBFC woes today, it must have been a sudden realization, because over all these years, each Governor of the RBI has passed laudatory remarks on the deposit-mobilization by NBFCs knowing fully well that most of these deposits were 1-year deposits while the deployment of funds was mostly for longer tenures. It is only the contagion created by the CRB-effect that most NBFCs have realized that they were sitting on gun-powder all these years. The sudden brakes put by the RBI have only worsened the mismatch. Generally-bad economic envir onment:  Over past couple of years, the economy itself has done pretty badly. The demand for capital equipment has been at one of the lowest ebbs. Automobile sales have come down, corporates have found themselves in a general cash crunch resulting into sticky loans. Poor and premature credit decisions in the past:  Most NBFCs have learnt a very hard way to distinguish between a good credit prospect and a bad credit prospect. When a credit decision goes wrong, it is trite that in retrospect, it invariably seems to be the silliest mistake that ever could have been made, but what Indian leasing companies have suffered are certainly problems of infancy. Credit decisions were based on a pure financial view, with asset quality taking a back-seat. Tax-based credits:  In most of the cases of frauds or hopelessly-wrong credit decisions, there has been a tax motive responsible for the transaction. India has something which many other countries do not- a 100% first y ear depreciation on several assets. Apparently, the list of such assets is limited and the underlying fiscal rationale quite holy and sound certain energy saving devices, pollution control devices etc qualify for such allowance. But that being the law, it is left to the ingenuity of our extremely competent tax consultants to widen the range with innovative ideas of exploiting these entries in the depreciation schedule. Thus, there have been cases where domestic electric meters have been claimed as energy saving devices, and the captive water softenizer in a hotel has been claimed as water pollution control device ! As leasing companies were trying to exploit these entries, a series of fraudsters was successful in exploiting, to the hilt, the propensity of leasing companies to surpass all caution and all lending prudence to do one such transaction to manage its taxes, and thus, false papers for non-existing wind mills and never-existing bio-gas plants were fabricated to lure leasing companies into losing the whole of their money, to save the part that would have gone as government taxes ! Extraneous problems frauds, closures and regulation:  As they say, it does not rain, it pours. Several problems joined together for leasing companies the public antipathy created by the CRB episode and subsequent failures of some good and several bad NBFCs, regulation by the RBI requiring massive amount of provisions to be created for assets that were non-performing, etc. It certainly was not a good year to face all these problems together. Opportunities for the Industry Huge leasing opportunity Large Potential Outstanding lease hire purchase assets around Rs 20,000 crores Large variety of user segment High growth potential in Vehicle Finance Commercial Transportation Govt. support, Diverse products Personal Transportation Wide Variety, Low finance costs, Increasing Propensity for credit purchase, Huge used car finance market New Products Dealer Finance, Working Capital Finance, Personal Loans Low lease penetration ratio Around 1.5% as a % of Gross Domestic Capital Formation Very low in sectors like equipment infrastructure Substantial upside possible Expansion Opportunity Huge infrastructure spending in next 5yrs (apprx Rs 3,60,000 crores) Steadily rising disposable income Generating huge demand for consumer goods With growth ingredients in place Global opportunities Cross-Border Leases allowed Substantially reduced dependence on public deposits as a source of fund Out of a total asset base of Rs 40,050 crores, public deposits account for Rs 5,850 crores as against NOF Rs 4,500 crores . Comparatively Low Default Rate Particularly in consumer loans and vehicles financing as compared to many other markets Future Strategy Segmentation and positioning: Firms try to attain growth in numbers by unfocused diversification, but soon realise that diversified presence creates organisational pressures which are difficult to cope with. This leads to a trend towards consolidation and focused growth. Leasing firms of yesteryears were everything: money market players, merchant bankers and discount houses. Gradually, both regulators and industry participants have realised that clearer roles are necessary for stability. Cross-border competition: Cross-border competition will come in two forms: direct cross-border transactions, and cross-border investments in lease transactions. It is estimated that the second variety of transactions will gain momentum before the first. A number of global leasing giants have already occupied their positions in India. Capital account convertibility measures will precipitate the process. The impact of foreign investments will be greater consolidation activity at home. Emergence of vendor leasing: There are so many merits in vendor-based leasing that it is surprising that it has not made its debut in India still. For the asset vendor, a leasing plan is a sales-aid, and for the lessor, it is easy access to a vast market, with equipment support from the vendor. In 1997-98 and after, many lessors will be forced to leave general equipment leasing market and line up with suppliers of equipment. Vendor leasing in time to come will be a very significant part of the leasing market. Asset-based funding: True asset-based funding is an extension of the vendor lease market. The two generally go together to develop into operating leasing. Full scale operating leasing, that is, leases will in-built cancellation options, will take quite some time to develop in India, but features of operating leases will be introduced once vendor tie-ups take place End of tax-based leasing: This author has consistently opined against tax-based leasing, and that advice has so far fa llen flat because most of the leasing in the past was triggered by tax motives, sometimes greedy tax motives. Spate of income-tax problems in the past has made some leasing companies wiser, but there will be more of such problems when the disputed questions reach appellate levels. In the opinion of the author,  the leasing industry must take the matter across to the Central Board of Direct Taxes and get a set of guidelines on true leases.  Not having any guidelines leaves too many things to the discretion of the tax officer which does not provide a safe harbor to the transactions. A Profile of Factoring Services: A Concept Note Introduction Factoring service in India is of recent origin. It owes its genesis to the recommendations of the Kalyanasundaram Study Group appointed by the RBI in 1989. Pursuant to the acceptance of these recommendations, the RBI issued guidelines for factoring services in 1990. The first factoring company SBI Factors and Commercial Ltd (SBI FACS) started operation in April 1991. How old is the concept of factor? Factoring has been in existence long before ago during the reign   of Mesopotamian King Hammurabi . Then it gets extended to 14th  century during British Rule specially in textiles industries ,but it gained its importance in 1905 from Canada ,especially in American colonies .Now it is no more concentrated in America but have widespread to other countries also .  At that time factoring was used as a mode of advancing funds to the seller, before they  received the payment from the buyer for the raw materials they sold.   But with industrial revolution factoring concept have changed as a  mode of giving credit .The concept got revolutionized during 80s with the growth of banking sector .And now the concept is gaining importance day by day because of the added advantages the corporate gained from factoring. It is generally a well defined arrangement where financial institution engaged in factoring business provides an array of services like rec ording, collecting, controlling and protecting the book debts for its clients including the purchase of his bills receivable. Why account receivable is an important part to handle with? Company  generally give credit to customers for payment in order to increase sales .If customers pays in time then the company tries to provide more and more services to that customers .But if any customers dont make payment even after the end of credit period then this is a matter of concern for the company .More and more delay causes account receivable to increase further and so the debtors list also increases. This becomes a very hard situation to handle with. Especially if the corporate is a huge one, then to maintain accounts receivable becomes a headache for the company .So to avoid this, factoring is an ideal solution. Seller sell all its accounts receivable to factor and obtain cash in turn which it would have received after . So firm dont have to experience unnecessarily cash crunch situation. So in brief in process of factoring 3 parties are involved viz Seller Factor Buyer .But in return seller has to pay factor charges to factor for the services rende red to seller by factor. Types of Factoring 1. Recourse Factoring Client bear all the risk, factor is not liable for any debts .Factor is not responsible for collecting debts from customers. So, recourse factoring is cheaper than non recourse. 2.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Non Recourse Factoring Factor bear all the risk besides providing services of collection of bad debts. 3.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Advance Factoring Factor advances to the client for the amount of receivable purchased. 4.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Maturity Factoring Factor provides dual services collection as well as insurance against debts. 5.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Bank Participation Factoring Bank provides advances not against the full receivables purchased but against a part of the receivable. 6.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Disclosed Factoring Name of the factor is disclosed in the invoices raised by the supplier. 7.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  International Factoring -  Factoring services against export sales. Factoring Mechanism  Steps involved in Domestic factoring: There are 3 parties involved viz seller (client), buyer (customers) and the intermediary -factor . 1.  The customers buys goods from client and in return client gives invoice to customers. 2.  The client now assigns/send invoice to factor. 3.  Checking the invoice, the factor make prepayment advance of 80 %/90 % to client. 4.  Factor sends statement of payment to customers. 5.  Customers make full payment to factor. 6.  Finally upon receipt of full payment from customers, factors make the balance payment to client.  In International factoring 4 parties are involved -client ,customers, overseas correspondent and factor Steps: Customers places orders to client. Client fixes prepayment limit with factor. Client delivers goods to customers . Client sends a copy of invoices to factor . Factors sends another copy of invoice to the overseas correspondent Based on the invoice, factor makes prepayment advances upto 80 %/90 % to client. Customer make payment to overseas correspondent.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   8.Overseas Correspondant make this payment to factor.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   9 Finally after receiving the full amount factor make the balance 20 % payment to client . FORFAITING Under this mode of export finance, then exporter forfaits his rights to the future receivables and the forfaiter loses recourse to the exporter in the event of non-payment by the importer. Difference between Factoring and Forfaiting Factoring Forfaiting Suitable for ongoing open account sales, not backed by LC or accepted bills or exchange. Oriented towards single transactions backed by LC or bank guarantee. Usually provides financing for short-term credit period of upto 180 days. 2. Financing is usually for medium to long-term credit periods from 180 days upto 7 years though shorterm credit of 30-180 days is also available for large transactions. Requires a continuous arrangements between factor and client, whereby all sales are routed through the factor. 3. Seller need not route or commit other business to the forfaiter. Deals are concluded transaction-wise. Factor assumes responsibility for collection, helps client to reduce his own overheads. 4. Forfaiters responsibility extends to collection of forfeited debt only. Existing financing lines remains unaffected. 5. Separate charges are applied for financing collection administration credit protection and provision of information. Single discount charges is applied which depend on guaranteeing bank and country risk, credit period involved and currency of debt. Only additional charges is commitment fee, if firm commitment is required prior to draw down during delivery period. Service is available for domestic and export receivables. 6. Usually available for export receivables only denominated in any freely convertible currency. Financing can be with or without recourse; the credit protection collection and administration services may also be provided without financing. 7. It is always without recourse and essentially a financing product. Changing Scenario of Factoring Business in India SBI Factors purchases the 91 % stake in   Global Trade Finance to gain a market share of around 75 % in factoring business by April 2008. HSBC is going to provide factoring business for SMEs Specially in Mumbai, New Delhi, Kolkata, Pune, Bangalore and Chennai.SME with turnover of more than 5 crore can avail the facility of factoring from HSBC.   HSBC ties up with New India Assurance for credit risk insurance.   With  the increasing demand for factoring services, foreign players such as Development Bank of Singapore (DBS) and GE Capital have shown their keen interst to   getting into the factoring business in India. Both DBS and GE Capital have global exposure in the factoring business.   Many global players in the field of banking(Standard Chartered Bank, Citi Bank ,etc ) are coming forward to India to carry on factoring business in SME segment since the scope for financing large corporates is reaching saturation point.Âà ‚  SME sector plays a major role in Indias present export performance, contributing to 45-50% of the Indian exports. Global Trade Finance has dedicated most of its facilities to the SME sector.   With the growth of factoring business ,credit insurance is also getting edge day by day today specially for the global factors who are operating in India .   According to Factors Chain International, the observer of all factoring companies, India with just eight companies clocked a total turnover of  Rs.  19,860.5 crore in 2006 way below Japans  Rs.  4,15,789.1 crore Taiwans  Rs.  2,23,152. 6 crore and Chinas  Rs.  7,97,77.1 crore in Asia. The Indian factoring market has grown by 176 per cent from  Rs.7,196.7 crore to  Rs.  19,860.5 crore between 2002 and 2006. Global leaders are the UK, France and Italy Challenges faced by global   factors operating in India Indian Market is attractive ,but to get into it is not so easy for foreign markets There are various reasons for this: Factoring is a new concept which is not widely known among Indian business community .  Because of the banks failure to educate potential customers on its benefits. Debt recovery is very slow in India as compared to other developed countries .Comparision of duration of debt recovery case resolution in (calendar days).India 1420 days where as on Average OECD 351 days.   Huge competition from Indian banks in this field . Increased interest rates  impact sales either through increased financing costs or through reduced sales. Foreign  factors faces lot of risk through a higher cost of capital and increased business risk as the credit risk of customers increases. And   the ideal solution is credit insurance .(  Because of credit insurance with Atradius   ,Global Trade Finances turnover grew 121% in its 2007 fiscal year and its total market share grew to 25% from 20% including a 70.4% share of export factoring and a 62.7% share of import factoring.) But   credit insurance is a newer concept in India .Where as ECGC started only   export credit insurance in 1957 . In India assignment of debt is a very complicated process and involves stamp duty .Stamp duty varies from state to state  in India . As a result the process becomes expensive by nature. No clear laws exist in India regarding transfer/assignment of debt,bankruptcy ,debt recovery etc  as in other countries ,so foreign operators have to face lots of problems . Also proper information access is very slow in India. NBFC operating as factors is a difficult proposition in India as compared to banking sector as there is no protection under Debt Recovery Tribunal or securitization act . Conclusion  At the end it is to be concluded that factoring is now gaining its importance in India slowly with the increase in customers access to benefits of factoring. Indias future in factoring business seems to be luring on the facts obtained regarding the fast growth of 174 % in only 4 years .So for factoring to be successful in India government regulation/ policies need to be modified further   so that more and more private players can come forward to start up their factoring business in India .Customer awareness about benefits of factoring is to be increased further to fight back the global leaders in factoring business .