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Master of Management Studies

In: Business and Management

Submitted By Jayeshkambli
Words 2118
Pages 9



Submitted by

Payal Pasad A-22

Vaishali pise A-23

Rupalika Sarkar B-30

Asiya Shaikh B-32

For subject Banking and Insurance


Aruna Manharlal Shah Institute of Management and Research

Ghatkopar [W], Mumbai-86


|Chapter 1 |FACTORING | |
|1.1 |Overview: Factoring |3 |
|1.2 |Factoring Services |3 |
|1.3 |Factoring functions |3 |
|1.4 |Funding process |3 |
|1.5 |Types of Factoring services |4 |
|1.6 |Two factor system of factoring |4 |
|1.7 |Benefits of factoring |5 |
| | | |
|Chapter 2 |FORFEITING | |
|2.1 |Overview |6 |
|2.2 |Forfeiting steps |6 |
|2.3 |Benefits to exporters |7 |
|2.4 |Benefits to importer |7 |
|2.5 |Drawbacks of forfeiting |7 |
|2.6 |List of some Forfeiter |7 |
| | | |
| | | |
| | | |

Chapter no 1


1.1 Overview: Factoring

Why we need Factoring?

• For Smooth cash flow

• For meeting working capital needs

• Overcome the situation from high cost of capital and

• reduced profit

1.2 Factoring Services

• Definition: Factoring is defined as ‘a continuing legal relationship between a financial institution (the factor) and a business concern (the client), selling goods or providing services to trade customers (the customers) on open account basis whereby the Factor purchases the client’s book debts (accounts receivables) either with or without recourse to the client and in relation thereto controls the credit extended to customers and administers the sales ledgers’.

1.3 Factoring functions

• It is purchasing & collection the client’s a/c’s receivables (with or without recourse),

• Sales Ledger management

• Credit investigation & undertaking of risks

• Provision of finance against debts

• Rendering consultancy services

1.4 Funding Process

• Fax the copy of invoice to factor

• Factor processes the invoice

• Get up to 80% of the invoice in 24 hours

• 20% kept in reserve account

• Factor receives the payment from customer

• Factor deducts fee from reserve account

• Factor forwards the balance from reserve

1.5 Types of Factoring Services

1) Full Service factoring or w/o recourse factoring

• Standard Factoring

• Factor Assumes Credit Risk

2) With Recourse Factoring

• Factor does not assume credit risk

• If debtors not paid, clients have to take the work for collection

3) Maturity Factoring

• Collection Factoring

• Paid to clients only when factor gets money

4) Bulk Factoring

• Disclosed Factoring

• Provides Finance after disclosing the fact of assignments

5) Invoice Factoring

• Only provides finance against invoices

• All other works have to be done by clients

6) Agency Factoring

• Factor and Client share the work

• The Factor has to provide finance and assume risk

7) International Factoring

• Done with exporters

• Facilitated with the help of export factor and import factor

1.6 Two-Factor System of Factoring

There are usually four parties to a cross-border factoring transactions

• Exporter (client)

• Importer (customer)

• Export Factor

• Import Factor

Two factor system results in two separate but inter-linked agreements

• Between exporter and export factor

• Between export factor import factor

Two-Factor System of Factoring

• Functions of factors are divided between export factor and import factor

• Import factor provides a link between export factor and the importer and serves to solve the international barriers like language problem, legal formalities and so on. He also underwrites customer trade credit risks, collects receivables and transfers funds to the export factor in the currency of the invoice

1.7 Benefits of Factoring

• Financial Services

• Collection Service

• ‘ Credit Risk’ Service

• Provision of expertise ‘sales ledger management’ service

• Consultancy service

• Economy in Servicing

• Off-balance sheet financing

• Trade Benefits

• Miscellaneous service

Chapter no 2


2.1 Overview: What is Forfaiting ?

• “ Forfait ” is derived from French word “a forfait” which means forfeiting or surrender of rights

• It is a mechanism of financing exports: -

­ by discounting export receivables

­ evidenced by Bills of Exchange or Promissory Notes

­ without recourse to the seller (viz exporter)

­ carrying medium to long term maturities

­ on a fixed rate basis (discount)

­ upto 100 per cent of the contract value

• Forfaiting: It is a highly flexible technique that allows an Exporter to grant attractive credit terms to foreign Buyers, without tying up cash flow or assuming the risks of possible late payment or default. Simultaneously, the Exporter is fully protected against interest and/or currency rates moving unfavourably during the credit period Forfaiting is a highly effective sales tool, which simultaneously improves cash-flow and eliminates risk.

• Six Parties in Forfaiting

­ Exporter (India)

­ Importer (Abroad)

­ Exporter’s Bank (India)

­ Importer’s/ Avalising Bank (Abroad)

­ EXIM Bank (India )

­ Forfaiter (Abroad)

2. Forfaiting

1. Commercial contract : Exporter & Foreign Buyer

2. Commitment to Forfait BE , Pro Notes

3. Delivery of Goods by Exporter to Buyer

4. Delivery of BE / PN to Bank to EXIM Bk

5. Endorsement of BE / PN without recourse

6. Cash Payment/ thro’ a Nostro Account

7. Presentation of BE / PN to Buyer on maty

8. Payment of Debt Instrument on maturity

3. Benefits to Exporters

Converts a Deferred Payment export into a cash transaction, improves liquidity Frees Exporter from cross-border political or commercial risks associated Finances up to 100 per cent of export value It is a “ Without Recourse ” finance Hedges against Interest and Exchange Risks

4. Benefits to the importer

• The Importer can match repayments to projected revenues, allowing for grace periods. The Importer can obtain 100% financing, and avoid paying out cash in advance.

• The Importer can pay interest on a fixed rate basis for the life of the credit, which will make budgeting simpler and safer.

• The Importer can access medium to long term financing which may be prohibitively expensive or completely unavailable locally.

• The Importer may be able to take advantage of export subsidy schemes which are often available from the Exporter's government.

2.5 Drawbacks of forfaiting

• Non-availability for short Periods

• Non-availability for financially weak countries

• Dominance of western currencies

• Difficulty in procuring international bank’s guarantee

2.6 List of some Forfeiter’s

• Standard Bank,

• London Hong Kong Bank

• Indo Aval ABN AMRO Bank

• Meghraj Financial Services

• Triumph International Finance India Ltd.,

Chapter no 3


3.1 Difference between factoring and forfaiting

3.1.1 Factor

• Suitable for on-going open account sales, not backed by LC or accepted bills or exchange.

• Usually provides financing for short-term credit period of up to 180 days.

• Requires continuous arrangements between factor and client, whereby all sales are routed through the factor.

• Factor assumes responsibility for collection, helps client to reduce his own overheads.

• Separate charges are applied for — financing — collection — administration — credit protection and — provision of information.

• Service is available for domestic and export receivables.

• Financing can be with or without recourse; the credit protection collection and administration services may also be provided without financing.

3.1.2 Forfeiter

• Oriented towards single transactions backed by LC or bank guarantee.

• Financing is usually for medium to long-term credit periods from 180 days up to 7 years though shorterm credit of 30–180 days is also available for large transactions.

• Seller need not route or commit other business to the forfeiter. Deals are concluded transaction-wise.

• Forfeiter’s responsibility extends to collection of forfeited debt only. Existing financing lines remains unaffected.

• 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.

• Usually available for export receivables only denominated in any freely convertible currency.

• It is always ‘without recourse’ and essentially a financing product.

Chapter no 4


4.1 Factoring in India • Banks do provide non-banking financial services such as housing finance, leasing and hire-purchase, factoring and forfaiting. An amendment was made in the Banking Regulation Act in 1983, whereby banks were permitted to provide these services either through their own departments or divisions or through their subsidiaries. Direct and indirect lending services were provided by setting up merchant banking and mutual funds subsidiaries. Factoring and forfaiting services were of recent origin following the recommendation of the Kalyansundarm Committee, set up by the RBI in 1988. • The Committee was constituted to examine the feasibility of factoring services in India, their constitution, organisational setup and scope of activities. The group recommended setting up of specified agencies or subsidiaries for providing the factoring services in India. • While attempting to assess the potential demand for factoring services in India, the study group under the leadership of Mr. C. S. Kalyansundram estimated the value of outstanding open account credit sales available for financing during 1989-90 at Rs. 12,000 crores in respect of SSI and Rs. 4500 crores for medium and large scale sector. Assuming only 50% of the above business will be available for factoring, the aggregate potential demand for factoring was expected to be around Rs. 4000 crores per annum mainly emerging from the SSI and large and medium companies.

4.2 Major Players • The first factoring company was started by the SBI in 1991 namely Factors and Commercial Ltd. (SBI FACS) followed by Canara Bank and PNB, setting the subsidiaries for the purpose. While the SBI would provide such services in the Western region, the RBI has permitted the Canara Bank and PNB to concentrate on the Southern and Northern regions of the country, for providing such services for the customers. The major players since 1991 are Canbank Factors, SBI Factors and later Foremost Factors. The new entrants in the market include ICICI, HSBC and Global Trade Finance. Canback Factors leads in the domestic market with about .65%-70%of the share. • The Vaghul Committee Report on Money Market Reforms has stressed on the need for factoring services to be developed in India as part of the money market instruments. Many new instruments had already been introduced like Commercial Paper (CP), Pm1icipation Certificates (PC), Certificates of Deposits etc. but the factoring service has not developed to any significant extent in India. • The complete package of factoring services includes (1) sales ledger administration; (2) finance; and (3) risks control. • Sales ledger administration: For a service fee, the factor provides its client firm professional expertise in accounting and maintenance of sales ledger and for collection of receivables. • Finance: The factor advances up to a reasonable percentage of outstanding receivables that have been purchased, say, about 80 percent immediately, and the balance minus commission on maturity. Thus, the factor acts as a source of short-term funds. • Risk Control: The factor having developed a high level of expertise in credit appraisal, reduces the risk of loss through bad debts.

4.3 Financial Aspects • Factoring involves two types of costs: (a) factoring commission; and (b) interest on funds advances. • Factoring commission represents the compensation to the factor for the administrative services provided and the credit risk borne. The commission charged is usually 2-4 per cent of the face value of the receivables factored, the rate depending upon the various forms of service and whether it is with or without recourse. • The factor also charges interest on advances drawn by the firm against uncollected and non-due receivables. In the Ul(, it is the practice to advance up to 80 per cent of the value of such outstanding at a rate of interest which is 2-4 per cent above the base rate. This works out to near the interest rate for bank overdrafts. • The cost of factoring varies, from 15.2 to 16.20 per cent (Singh, 1988), 15.6 to 16.0 percent (SBI Monthly Review, 1989), and the margins in which the factors will have to operate would be extremely narrow. The strategy of factors, therefore, must be to carve out a niche in the services segment namely, receivables management and generate revenues by way of commission rather than concentrate on lending and financing activities where the margins are low.

4.4 Forfeiting in India-Regulatory aspects • Forfaiting as an export financing option in India has been approved by the Reserve Bank of India vide its circular A.D. (G.P. Series) No. 3 dated February 13, 1992. • The Forfaiting facility is to be provided by an international forfaiting agency through an Authorised Dealer (see RBI Circular No. 42 A. D. (M.A.) series. • Forfaiting proceeds, on a without recourse basis, are to be received in India as soon as possible after shipment but definitely within the 180 day period specified by RBI for all exports. A Forfaiting transaction is to be routed through an Authorised Dealer, who apart from handling documentation will also provide Customs Certification for GR Form purposes.

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