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Проект документов о лизинге учрежден 01-10-1999 ; редакция от 01-11-2001.

Лизинг - способ финансирования инвестиций, использующий арендные отношения для извлечения налоговых и иных выгод. Проект документов о лизинге учрежден 01-10-1999. Публикации о лизинге (документы) и другие страницы о лизинге (проекты документов). Об экономической эффективности лизинга. Формирование рейтингов кредитоспособности лизинговых компаний. Анализ методик лизинга. Российская и иностранная литература по лизингу. Списки с аннотациями по разделам: книги; научные публикации, диссертации, слушания в Конгрессе США по аренде и лизингу, периодические издания; информационные и рекламные материалы; избранные страницы в интернет (ссылки). Ваши рецензии на документы о лизинге, вопросы, замечания и предложения по развитию проекта оставляйте в этом разделе сайта. Краткие ответы автора проекта на заданные вопросы и новые комментарии читайте в настоящем лизинговом форуме. Вы можете посмотреть коммерческую информацию посетителей сайта и размесить свои объявления о лизинге (без комментариев автора проекта).
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Международная лизинговая энциклопедия.

The International Leasing Encyclopedia by Steven Gilyeart.

Энциклопедии не было в интернет последние полтора года, но это не означает, что ее нет вообще. я взял на себя смелость разместить на этом сайте всю подборку статей (собственно энциклопедию), с указанием адресов электронных почт авторов материалов и редактора. Материал на английском языке.


Silver Jubilee of Indian Leasing: any silver across?

by Vinod Kothari, Vinod Kothari Consultants (P) Ltd, Calcutta

[email protected]

Editor's Note: This article is being jointly published 10 September 1998 at The International Leasing Resource and Vinod Kothari's Indian Leasing website to celebrate both the 25th anniversry of Indian leasing and the opening of Vinod Kothari's website., which contains a wealth of information about leasing and hire-purchase in India--please visit.

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. Click here for details of the evolution and cycles in Indian leasing.

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.

Though it is currently passing through a testing time, leasing has had an undeniable role in Indian economy. From consumer finance to small industry, heavy industry to automobiles, from railways to electricity boards, almost every sector of the economy has utilized leasing as its source capital. Having attained an average over-30% growth rate over past 7 years, Indian leasing has reached the 14th largest place in the World, a fact which is least realized by most.

14th Largest place in the World: Wow!:

India at the 14th largest place in World leasing sounds incredible! But it is true, and true contrary to the internationally available statistics published by the London Financial Group. The Group's data, published every year in the World Leasing Yearbook would place India at some 36th place, but admittedly that data is only the estimate of the author thereof, and the author of the data might have ranked Indian leasing volume based on India's per capita income ! When it comes to size, India has the obvious advantage of being such a vast nation.

Center for Monitoring of Indian Economy compiles data about Indian leasing volumes, which is carried as a part of India Leasing Yearbook published by the Association of Leasing and Financial Services Cos. The data compiled by the Center shows aggregate balance sheet value of leased and hired assets (though for balance sheet purposes, lease and hire-purchase transactions are distinguished, there is no material difference between the two - hence the volumes have been clubbed here) at about Rs. 261 billion (End March 1997). This is based on reporting by 226 companies, whereas the business, particularly hire-purchase, is spread amongst some 3000 large and small companies. Estimated outstanding business done by these firms is about Rs. 15 billion (at Rs. 5 million per such firm).

That apart, the data also excludes the massive annual volume of business by the Indian Railway Finance Corporation (IRFC). IRFC is a hundred percent subsidiary of Indian Railways, and its leases are dedicated to the parent Railways only. Of late, almost entire floating stock acquisition by Railways is being acquired on lease from IRFC. The outstanding value of leases done by IRFC adds to about Rs. 120 billion.

Thus, the aggregate volume comes to about Rs. 396 billion, which is about USD 11 billion as per then-prevailing exchange rates.

USD 11 billion of outstanding volume cannot by itself give India a ranking in the London Financial Group data, since these rankings are based on incremental volume. However, a rough estimate of new business can be made from the above data (unfortunately, the Centre for Monitoring of Indian Economy data do not give any idea of new leasing and hire-purchase volume). Supposing 30% of the outstanding business of last year was paid, and there was a 20% growth in net business (as can be seen from the Chart above), there was a 50% new business, over the volume outstanding at the beginning of the year. Relative to the business at the end of the year, the incremental volume should have been about 33% (50/150).

Therefore the annual leasing volume in India is estimated at about USD 3.67 billion, on a rough and conservative estimate.

In London Financial Group data, this should put India at 12-13th place, close to Hong Kong. This would also be the third largest market in Asia, next only to Japan and Korea.

The only infirmity in the above ranking is that the London Financial Group data are not as of March 1997 - that, however, should not seriously disrupt the ranking of India, because other Asian markets in 1996-7 period have generally registered a negative growth.

Factors that contributed to growth of Indian leasing:

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:

Current Problems of Indian leasing:

In 1996-97, the profits of Indian leasing came down a bit -this was the year of the minimum alternative tax: so everyone thought, there was nothing serious to be concerned about.

However, 1997-98 proved to be a year of debacle. Several things combined to make this year one of worst years in history so far, including the sudden and serious breach in public confidence caused by the collapse of CRB Capital Markets (if this could be attributed to an organized fraud, how about ITC Classic, a company promoted and supervised by the tobacco giant ITC), generally bad economic environment due to political uncertainty, hesitation on part of banks to continue to finance leasing ventures, and closer to the end of the fiscal year, the Reserve Bank of India (RBI) came out with one of the least thought-about, most casually-drafted regulations on Non-banking finance companies (NBFCs). The RBI is still not sure of what it wants to regulate and how, and has changed in the regulations 3 times in 5 months, and there are still Committees and Task Forces on the reconstruction job. There could not have been a worse way of handling a sensitive sector of the economy, already in a crisis of public confidence!

The current problems of Indian leasing could be listed as follows, again without any order of listing:

From here on, where?

Having gone through a very bad 1997-98, there is currently nothing that points to a better time - the general business sentiment remains as depressed as before, if not more because of the post-nuke sanctions and continuing political uncertainty, business investments are not picking up, and more NBFCs may fail during the current year when most of them are supposed to tone down their dependence on public deposits very significantly. At the same time, fresh entry from foreign banks and financial institutions has not stopped - on the contrary, one sees a number of foreign players entering India. Perhaps they have found it to be a good time, particularly as vultures on the lookout for failing or falling NBFCs.

The question, therefore, is, what does the future hold?

Much of the following may be pure conjecture, but the author's views on what the future holds for NBFCs in India are as under:

Posted 10 September 1998


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