Monday, April 30, 2012

Strategic Managment Course Study Material Chartered Accountancy (CA) Course India

Strategic Managment Course Study Material Chartered Accountancy (CA) Course India

Strategic Managment Course Study Material Chartered Accountancy (CA) Course India

Important Points and Additional Material

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Indian Society - Sociology of Indian Subcontinent - Knol Book - Online Book

Indian Society - Sociology of Indian Subcontinent - Knol Book

Indian Society - Sociology of Indian Subcontinent - Knol Book

Authors

 
 
Indian Society - Foundations
 
Indian Society Studies - Sociologists
 
Family System in India
 
Marriage Systems in India
 
Social Stratification in India
 
Social Stratification through Caste System in Hindu Society
 
Social Mobility
 
Social Movements in India
 
Religion in India
 
Political System in India
 
Education System in India
 
Important Current Issues in Indian Society
 
Social Problems of the Current Time
 
Development and Welfare Measures for Disadvantaged Castes and Tribes
 
Indian Society and Sociology - Bibliography

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Narayana Rao - 06 Jan 2011
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Investment Banking - India - Knol Book - Online Book

Investment Banking - India - Knol Book

Investment Banking - India - Knol Book

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http://knol.google.com/k/-/-/2utb2lsm2k7a/3199

Narayana Rao - 05 Jan 2011
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Factories, Shops and Establishment Laws - India - Knol Book

Factories, Shops and Establishment Laws - India - Knol Book

Factories, Shops and Establishment Laws - India - Knol Book

Collected knols

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Narayana Rao - Jan 1, 2011
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Sunday, April 29, 2012

91 Day Treasury Bill Futures Trading in India

 
 
The amendment directions were issued by the Reserve Bank of India (RBI) on March 07, 2011, permitting trading of Interest Rate Futures (IRFs) on 91-Day Treasury Bills.
 
___________________________________________________________________________________________
 
Interest Rate Futures on 91-Day Treasury Bills - Methodology for computing the weighted average discount yield
 
 
___________________________________________________________________________________________
 
SEBI Circulars
 
 
___________________________________________________________________________________________
 
On National Stock Exchange of India (NSE) trading in 91 Day Treasury Bill Futures started on 4.7.2011 (4th July 2011).
 
Cash settled contract
 
 
NSE Market Watch
 
 
 
___________________________________________________________________________________________
 
Comments and Reviews
 
 
 
___________________________________________________________________________________________
 
 
Knol - 4951
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Section 81 - Companies Act India - Further Issue of Shares by a Company

81. Further issue of capital

(1) Where at any time after the expiry of two years the formation of a company or at any time after the expiry of one year from the allotment of shares in that company made for the first time after its formation, whichever is earlier, it is proposed to increase the subscribers capital of the company by allotment of further shares, then,
(a) such further shares shall be offered to the persons who, at the date of the offer, are holders of the equity shares of the company, in proportion, as nearly as circumstances admit, to the capital paid-up on those shares at that date;

(b) the offer aforesaid shall be made by notice specifying the number of shares offered and limiting a time not being less than fifteen days from the date of the offer within which the offer, if not accepted, will be deemed to have been declined;

(c) unless the articles of the company otherwise provide, the offer aforesaid shall be deemed to include a right exercisable by the person concerned to renounce the shares offered to him or any of them in favour of any other person; and the notice referred to in clause (b) shall contain a statement of this right;

(d) after the expiry of the time specified in the notice aforesaid, or on receipt of earlier intimation from the person to whom such notice is given that he declines to accept the shares offered, the Board of directors may dispose of them in such manner as they think most beneficial to the company.

Explanation.-In this sub-section, "equity share capital" and "equity shares" have the same meaning as in section 85.

(1A) Notwithstanding anything contained in sub-section (1), the further shares aforesaid may be offered to any persons whether or not those persons include the persons referred to in clause (a) of sub-section (1) in any manner whatsoever-
(a) if a special resolution to that effect is passed by the company in general meeting, or

(b) where no such special resolution is passed, if the votes cast (whether on a show of hands, or on a poll, as the case may be) in favour of the proposal contained in the resolution moved in that general meeting (including the casting vote, if any of the Chairman) by members who, being entitled so to do, vote in person, or where proxies are allowed, by proxy, exceed the votes, if any, cast against the proposal by members so entitled and voting and the Central Government is satisfied, on an application made by the Board of directors in this behalf, that the proposal is most beneficial to the company.

(2) Nothing in clause (c) of sub-section (1) shall be deemed-
(a) to extend the time within which the offer should be accepted, or

(b) to authorise any person to exercise the right of renunciation for a second time, on the ground that the person in whose favour the renunciation was first made has declined to take the shares comprised in the renunciation.

(3) Nothing in this section shall apply-
(a) to a private company; or

(b) to the increase of the subscribed capital of a public company caused by the exercise of an option attached to debentures issued or loans raised by the company-

(i) to convert such debentures or loans into shares in the company, or

(ii) to subscribe for shares in the company:

Provided that the terms of issue of such debentures or the terms of such loans include a term providing for such option and such term-
(a) either has been approved by the Central Government before the issue of debentures or the raising of the loans, or is in conformity with the rules, if any, made by that Government in this behalf; and

(b) in the case of debentures or loans other than debentures issued to, or loans obtained from, the Government or any institution specified by the Central Government in this behalf, has also been approved by a special resolution passed by the company in general meeting before the issue of the debentures or the raising of the loans.

(4) Notwithstanding anything contained in the foregoing provisions of this section, where any debentures have been issued to, or loans have been obtained from, the Government by a company, whether such debentures have been issued or loans have been obtained before or after the commencement of the Companies (Amendment) Act, 1963, the Central Government may, if in its opinion it is necessary in the public interest so to do, by order, direct that such debentures or loans or any part thereof shall be converted into shares in the company on such terms and conditions as appear to that Government to be reasonable in the circumstances of the case, even if the terms of issue of such debentures or the terms of such loans do not include a term providing for an option for such conversion.

(5) In determining the terms and conditions of such conversion, the Central Government shall have due regard to the following circumstances, that is to say, the financial position of the company, the terms of issue of the debentures or the terms of the loans, as the case may be, the rate of interest payable on the debentures or the loans, the capital of the company, its loan liabilities, its reserves, its profits during the preceding five years and the current market price of the shares in the company.

(6) A copy of every order proposed to be issued by the Central Government under sub-section (4) shall be laid in draft before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions.

(7) If the terms and conditions of such conversion are not acceptable to the company, the company may, within thirty days from the date of communication to it of such order or within such further time as may be granted by the Court, prefer an appeal to the Court in regard to such terms and conditions and the decision of the Court on such appeal and, subject only to such decision, the order of the Central Government under sub-section (4) shall be final and conclusive.
Original knol post 269
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INDUSTRY ANALYSIS AND VALUATION - Banking - INDIA - 2009

INDUSTRY ANALYSIS AND VALUATION - Banking - INDIA - 2009

INDUSTRY ANALYSIS AND VALUATION - Banking - INDIA - 2009

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Contributers



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Learning Assignment

Information on the industry is to be posted by Vidushi Aggarwal

 

 

 AIMR FORMAT

 
Assocation of Investment Management and Research (now CFA institute) gave  the following format some time back for providing industry analysis.
 
 

Industry Classification (HDFC Bank): Banking Industry

 
–Life cycle position:
The Indian banking sector is currently in a transition phase. While public sector banks are in the process of restructuring, private sector banks are busy consolidating through mergers and acquisitions (the sector has been recently opened up for foreign investments). With the Finance Minster’s announcement of introducing a Bill on Banking Reforms, law on foreclosure and plans to set up an asset reconstruction company (ARC), the sector is likely to witness a significant structural change the coming years.
 
–Business cycle:
Influenced by the global financial turmoil and repercussion of the subprime crisis, the global banking sector has been witness to some of the largest and best known names succumb to multi-billion dollar write-offs and face near bankruptcy. However, the Indian banking sector has been well shielded by the central bank and has managed to sail through most of the crisis with relative ease.  Further with the economic buoyancy the world over showing signs of cooling off, the investment cycle has also been wavering. Besides gearing up for the compliance with Basel II accord, the sector is also looking forward to consolidation and investments on the FDI front.
 
 

•External Factors

 
–Technology: Apart from streamlining their processes through technology initiatives such as ATMs, telephone banking, online banking and web based products, banks also resorted to cross selling of financial products such as credit cards, mutual funds and insurance policies to augment their fee based income.
 
–Government: Foreign banks have confined their operations to mostly metropolitan cities, as the RBI restricted their operations. However, off late, the RBI has granted approvals for expansions as well as entry of new foreign banks in order to liberalize the system.
 
–Social: Similarly, growth drivers for the retail segment are more or less similar to the corporate borrowers. However, the elasticity to a fall in interest rate is higher in the retail market as compared to corporates. Income levels and cost of financing also play a vital role. Availability of credit and increased awareness are other key growth stimulants, as demand will not be met if the distribution channel is inadequate.
 

–Foreign:  Accounting for a part of banking capital, non-resident Indian (NRI) deposits showed a net inflow of US $ 1.1 billion in April-September 2008, increasing from net outflow of US$ 78 million in April-September 2007.

–Demographic

 

•Demand Analysis

India is a growing economy and demand for credit is high though it could be cyclical.
 
–Real and Nominal Growth
Advances Growth: The advances of all scheduled commercial banks grew at a healthy 24 per cent till end of December 2008 compared to the year-ago numbers. In the same period, deposits grew by 21 per cent. The major contributor to the credit growth was corporate credit just as term deposits aided deposit growth.
 
Profit Growth: Consider the nine months of FY09 – net profit of 37 listed banks grew at 24 per cent. The robust net profit growth can be attributed to a 30 per cent growth in net interest income and a 17 per cent growth in other income. Profit of the banks would have been higher but for higher provisions and contingencies mainly on account of mark-to-market and asset quality provisions.  
 
-Bargaining Power of Customers:
 For good creditworthy borrowers bargaining power is high due to the availability of large number of banks.
 
–Trends and Cyclical variation around trends
–End users:
 
 

•Supply Analysis:

Despite the severe liquidity pressure post the repo and CRR (cash reserve ratio) hikes, the money supply remained buoyant during FY08, expanding by 20% YoY, thus outpacing RBI's projections of 17% YoY growth. Liquidity is controlled by Reserve Bank of India(RBI).
 
–Degree of Concentration &  Competition:
Concentration: Banks, especially the private sector ones, are likely to face penetration concerns. The lack of credit penetration and the geographic concentration of bank credit is evident from the fact that 5 states having the highest proportion of per capita credit enjoy 55% of the total credit disbursals in the country.
 
Competition: High- There are public sector banks, private sector and foreign banks along with non banking finance companies competing in similar business segments.
 
–Ease of entry: Licensing requirement, investment in technology and branch network.

-Bargaininging Power of Suppliers: High during periods of tight liquidity. Trade unions in public sector banks can be anti reforms. Depositors may invest elsewhere if interest rates fall.
 
–Industry capacity: Banking capital (net) amounted to US$ 4.8 billion in April-September 2008 as compared with US$ 5.7 billion in April-September 2007.
 
 
 

•Profitability

–Supply/Demand Analysis: The reserve money lying with the RBI as on November 21, 2008 as per the January 2009 bulletin, is a total amount of US$ 179.28 billion and RBI’s credit to the commercial sector stood at US$ 3.65 billion.
 
–Cost Factors: Short-term liquidity crunch led to banks scurrying for high cost bulk and term deposits in FY08, even at the cost of narrow margins (NIMs). Thus, while the savings bank interest remained unchanged, the interest rate on deposits of up to one year soared to as high as 9.0% and those for one to two years are fetched upto 10.5% per annum. However, on the liabilities side, with better penetration in the semi urban and rural areas the banks garnered a higher proportion of low cost deposits thereby economising on the cost of funds.
 
–Pricing: A bank derives revenues in the form of fees that it charges for the various services it provides (like processing fees for loans and forex transations). In developed economies, banks derive nearly 50% of revenues from this stream. This stream of revenues contributes a relatively lower 15% in the Indian context.
 
•International competition and markets
 
 
 
 
 

 

 

 

 

 

 

              Economic Times Sectoral  (Industry) Indices - December 2008

 
Index Days Close Days Close Days Close  
  5th Dec 08 12th Dec 08 19th Dec 08 P/E ratio
ET 100     3204.09 12.13
         
Sectoral Indices        
Auto-Ancillaries     4483.36 8.59
Automobiles     2424.13 8.51
Banks     5633.29 9.53
Capital goods     8653.69 17.44
Cement     4699.77 5.31
Chemicals     3968.69 5.32
Construction     9378.76 17.15
Consumer durables     3568.39 6.36
FMCG     3311.64 19.01
Fertiliser     3311.18 5.5
Hospitality     4267.23 10.3
Infotech     1948.15 9.36
Logistics     10875.04 10.8
Media     2412.8 19.71
Metals     6096.29 3.58
NBFC     10675.91 12.01
Oil & Gas     3186.18 15.86
Pharma     3119.78 13.34
Power     3612.03 19.36
Realty     3952.32 5.77
Retail     671.22 55.38
Shipping     5871.53 3.39
Sugar     8070.69 4.51
Teleservices     1655.4 15.11
Textiles     2922.81 17.97
Conglomerates     6600.24 8.25
         
Bollywood     784.71 9.76
 

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Narayana Rao - 13 May 2011
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Social Entrepreneurship - India - Nidan - An Example

Social Entrepreneurship - India - Nidan - An Example

Social Entrepreneurship - India - Nidan - An Example

Authors

 

Social Entrepreneurship - Definition

 
According to Don Mohanlal, president and CEO of the Nand & Jeet Khemka Foundation, India  "Social entrepreneurs embody excellence in creating disruptive technologies and ideas that empower the poor or the marginalized." 
 
 
 
__________________
Bill Drayton, CEO Ashoka Foundation
 
 
 
 
 
__________________
 
 
UnLtd India - Launch Pad for social entrepreneurs
 
Student Social Innovation and Entrepreneurs Meet 9-10 Julu 2011, Bangalore
 
 
___________________________________________________________________________________________
 
Social Entreprises - Funding Organizations in India - 2010 article
___________________ 
 

Social Entrepreneur of the Year for 2008 in India  

 
Arbind Singh, of Nidan was named Social Entrepreneur of the Year for 2008 in India  and Singh's non-government organization (NGO), Nidan’s activity was described  as building profitable businesses and people's organizations formed and  led by assetless, informal workers.
 
 

Nidan

 

In 12 years, Nidan has launched and promoted 20 independent businesses and organizations that are governed and owned through shares by 60,000 urban and rural poor members. The members are organized through 4,618 self-help groups, 75 market committees, 19 cooperatives, two societies and one company. The members include waste workers, rag-pickers, vegetable vendors, construction laborers, domestic helpers, micro-farmers, street traders and other marginalized occupation groups.

Nidan taps into the miniscule individual wealth of the poor, but uses their numerical strength  to aggregate it into economies of scale. This process of collectivizing generates social capital, representation and voice for the unorganized poor, which they then leverage to launch their own businesses and  become wealth creators.

Nidan Swachdhara Private Ltd. (NSPL) is  a Nidan enterprise. It is  an urban waste management company  formed with initial capital from 1,606 waste workers.  NSPL has won multi-crore contracts from the Patna and Jaipur Municipal Corporations.

In 2007-08, Nidan (NGO) earned Rs. 2.9 million (about US$60,000) from a program offering life, health, asset and property insurance to more than 35,250 members. It also received Rs. 45 million (US$925,000) in grants. Its own income was Rs. 8.6 million (US$175,000).

 

NSPL, the waste management company, had a profit of Rs. 4 million (US$80,000). One has to note that its initial capital base is made up of Rs. 100 (US$2) contributions from each of its 1,606 members -- a total of Rs. 160,600 (US$3,212). The Wama Mahila Swablambi Sakhari Samiti, a cooperative that runs retail outlets, earned Rs. 133,269 (US$2,700). It has 351 members who have put in Rs. 10 (20 cents) each as share capital. The Gharunda Housing Cooperative made Rs. 134,851 (US$2,700). Its shareholding: 103 members chipping in Rs. 103 (US$2) apiece.

 

American India Foundation supported Nidan for three years so far and is further extending cooperation as it is satisfied with Nidan’s achievements so far. Social entrepreneurs can look for support from AIF.
 

About American India Foundation

 

The American India Foundation (AIF, founded 2001) is a nonprofit American development organization that is devoted to accelerating social and economic change in India. The AIF has invested in over 100 Indian non-governmental organizations.

 

Mission

The American India Foundation is devoted to accelerating social and economic change in India.

Vision

To contribute to building an India where all people can gain access to education, healthcare, and employment opportunities and where every Indian can realize their full potential.

To build a trusted bridge between the dreams and aspirations of individuals who care about India and their realization.

To provide a secure channel for philanthropic funding in the US and its effective utilization in India in partnership with best-of-breed NGO’s, foundations and non-profit organizations

To build a professional organization that is secular, transparent, credible, and accountable for all of its activities.

 

 

AIF works with partners to implement programs in education, livelihood, and public health sectors in India - with emphases on elementary education, women's empowerment, and HIV/AIDS, respectively. It also implements the Service Corps Fellowship, which sends skilled young Americans to work with NGOs in India for a ten month period. The fellowship helps exchange technical skills, intellectual resources and helps increase the capacity of Indian NGOs to continue their work while giving American leaders a good understanding of India.


AIF works out of New York and Silicon Valley in the US, and New Delhi and Bangalore in India.

 

 

 

 

Sources:

http://knowledge.wharton.upenn.edu/india/article.cfm?articleid=4353

http://www.aifoundation.org/about/default.htm#

Comments

Good article ever

It is always welcome to see your knol article. Especially, this one is really nice and helpful for me. I think this article is beneficial for many other people as well. What do you think?

James S. Kim - 01 Jul 2011

Thank you for the comment.
Interaction with visitors and coauthors always motivates an author.

Now I feel there are at least 50,000 good knol article written by various authors from various countries. They have to be promoted through social media and I think around 250,000 page views per day can come for them.

Knol has 600,000 articles now. So if the rest get 350,000 page views in a day, Knol will get 600,000 page views per day. In some more time Knol will get one million page views per day and that will stabilize the platform. We need to good social media promotion of knol articles by around 100 authors now.

Regards

Narayana Rao - 01 Jul 2011

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Narayana Rao - 14 May 2011
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Coca - Cola India - Marketing Strategies and Practices



 
 
Links to articles and blog posts
 
 
 
 
 
 
Little drops joy campaign 2007
 
 
 
 
2007
 

Coca-Cola India announced it  '5-Pillar' growth strategy to further strengthen its bonds with India. The strategy focuses on People, Planet, Portfolio, Partners and Performance. The Company announced a range of initiatives under each of the 5 pillars and they are being  communicated through  its integrated communication initiative-"Little Drops of Joy" which aims to reinforce the Company's 'connect' with stakeholders in India using a single platform.
Knol - 1996
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Thursday, April 26, 2012

Income Tax - India - Knol Book - Online Book

Income Tax - India - Knol Book
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Central Excise - India - Knol Book - Online Book

Central Excise - India - Knol Book

Central Excise - India - Knol Book

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Narayana Rao - 29 Dec 2010
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Wednesday, April 18, 2012

India in 2050 - Forecasts, Plans and Visions

2012

19.4.2012

IMF data shows that India's GDP in purchasing power parity term stood at $4.46 trillion in 2011, marginally higher than Japan's $4.44 trillion, making it the third-biggest economy after the USA and China.

In terms of share of World GDP, India has 5.65%. In five year, India's share will grow to 8.09%.
(  http://nextbigfuture.com/2011/05/imf-gdp-and-ppp-forecasts-to-2016.html     )

In terms of per capita income the figures are USA; $48,387, Japan $34,740, China $8,382 and India $3,694.


More related Information:

Entrepreneurship in Asia Hitec industries
Competition Between China and USA in Economic Spheres




______________________________________________________________________________

2009

Dominic Wilson and Roopa Purushothaman of Goldman Sachs in their report dated 1st October 2003 titled Dreaming With BRICs: The Path to 2050 mapped out GDP growth, income per capita and currency movements in the BRICs economies until 2050.
They forecasted, growth for the BRICs is likely to slow significantly toward the end of the period, with only India seeing growth rates significantly above 3% by 2050.

They also predicted that India’s economy could be larger than Japan’s by 2032, and China’s larger than the US by 2041 and it will be second to US economy by as early as 2016.
The predicted that India has the potential to show the fastest growth over the next 30 and 50 years. Growth could be higher than 5% over the next 30 years and could remain close to 5% even up to 2050 if development process proceeds successfully.
_____________
2009

____________ 
2010

A PWC report predicts that India could move into third place in individual country GDP ranking in the purchasing power parity (PPP) catogory by getting ahead of Japan in 2012, in contrast to the Goldman projection that it will happen in  2032. The report is prepared by John Hawksworth, head of macroeconomics at PWC. The report also says that India is likely to grow faster than China after 2020. The report predicts that, by 2020, the G7 (US, Japan, Germany, UK, France, Italy and Canada) will be overtaken by new 7(China, India, Brazil, Russia, Mexico, Indonesia, and Turkey).

The report made the cautionary remark that India needs to continue its growth-friendly economic policies.

References

Dominic Wilson and Roopa Purushothaman, Goldman Sachs,  report dated 1st October 2003 titled Dreaming With BRICs: The Path to 2050, http://www2.goldmansachs.com/ideas/brics/book/99-dreaming.pdf
Jim O’Neill and Tushar Poddar, Goldman Sachs,  report dated June 16, 2008
Original Knol - http://knol.google.com/k/narayana-rao/india-in-2050-forecasts-plans-and/2utb2lsm2k7a/ 2125
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Piotroski's 9 Point Security Analysis Model

 
It is an Active Investment Method. Every year new shares are bought and old shares are sold based on the fresh analysis.
The method is  Easy to Understand, Simple to Apply.
 
Dr. Joseph Piotroksi, an accounting professor at Chicago University developed this unique Nine Measure Score Model
The stocks scoring a score of 8 and 9 are the best ‘BUY’ bets
 
Utility of the Method
 
AAII (American Association of Individual Investors)  studies have highlighted the superiority of this method
Highest return among value methods examined by AAII
Over the period    1998 - 2004  - 933.1%
Over the period    1998 - 2003  - 505.8%
 
 
BASIS OF PIOTROSKI MODEL
 
 
Improvement  of Profitability
Improvement  of Leverage
Improvement  of Liquidity
Improvement  of Operational Efficiency Over a period of a year
 
 
Improvement  of the profitability
1.   Positive Net Income
2.   Positive Cash Flow
3.   Cash from Operating Activities exceed the net Income
4.    Return on Assets
 
Improvement of liquidity
5.  Current Ratio

Improvement of leverage
6.  Debt-Asset Ratio
7.  No issue of Equity Capital
 
Improvement of Operational efficiency
8.  Gross Profit Margin
9.  Asset Turnover Ratio
 
 
______________________________________________________
 
Illustration: Maruti Udyog Limited Aprl 2004 to March 2005 Balance Sheet
 
Test
Parameter
March
03-04
March
04-05
Score
Comments
Test 1
(Fig in Rs. Core)

853.6
1
Positive
Test 2

 
789.2
1
Positive
Test 3
Earnings Quality
(Fig in Rs. Crore)
CFO>Net Income

 

 
0
The cash  flow
from operating
activity is less

 

 
729.4

 

 

 
853.6

 
Test 4
 Debt- Total Assets Ratio
0.07
0.06
1
Decreased by 0.01
 
 
 
Test
Parameter
March
03-04
March
04-05
Score
Comments
Test 5
 Increase in Working Capital (Current Ratio Fig in times)
2.28
2.67
1
Increased by 0.39
Test 6
 Increase in asset Turnover
1.7
1.8
1
Increased by 0.1
Test 7
 Growth in Profitability
9
13
1
Increased by 4%
Test 8
144.5
144.5
1
No issue of stock
Test 9
Gross Profit Margin
11.49
13.06
1
Increased by 1.57

 

 

 
TOTAL
SCORE
8

 
 
 
 
______________________________________________________
 
 
 
 
 
 
 
Original Knol - http://knol.google.com/k/narayana-rao/piotroski-s-9-point-security-analysis/2utb2lsm2k7a/ 2288
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