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LEASING, HIRE PURCHASE AND
        VENTURE CAPITAL



SUBMITTED TO:      SUBMITTED BY :
                   BARSHA
Dr. SAMEER         DEEPAK RANA
GUPTA              DIVA SAMNOTRA
                   GAUTAM KUMAR
                   HARVINDER SINGH
                   IBADAT SINGH SETHI
Leasing
Meaning of Lease and Leasing
• A lease is a contractual arrangement calling for
  the lessee (user) to pay the lessor (owner) for use of
  an asset


• Leasing is a process by which a firm can obtain the
  use of a certain fixed assets for which it must pay a
  series of contractual, periodic, tax deductible
  payments.
Important Terms:

• Lessee is the receiver of the services or the assets
  under the lease contract.
• Lessor is the owner of the assets.
• Tenancy is the relationship between the tenant and
  the landlord.
• Term is the fixed or an indefinite period of time
  involved in the lease contract.
• Rent is the consideration for the lease.
Types of Lease:
Operating lease: Short term, cancellable lease
  agreements. The lessor is responsible for the
  maintaince and insurance of the asset. Example:
  Tourist renting a car, Hotel rooms, etc.
Financial Lease: Long term non cancellable lease
  contract. Example: Plant, Machinery, Building, Ships
  and aircraft.
Sale and Lease-back: Special financial agreement in
  which the user may sell an asset owned by him to the
  lessor and lease it back from him. Example: shipping
  Industry.
Financial evaluation of leasing
Two ways of evaluating…………………
1. Lessee’s point
of view



2. Lessor’s point
of view
Lessee’s point of view:
Lease or borrow decisions:
Steps:

Calculate present value of net-cash
  flow of the buying option-NPV(B)

Calculate present value of net cash
  flow of the leasing option-NPV(L)

Decide whether to buy or lease the
  asset or reject the proposal .
How to decide…………………………………….
If NPV(B) is positive and greater
   than NPV(L) then
• If NPV(L) is positive and greater
 than the NPV(B)
 then lease the asset.
• If NPV(B) as well as NPV(L)
are both negative,
 reject the proposal
From the lessor’s point of view




Present value          Internal rate
  method               of return
                        method
A. Present value method
• Determine cash outflows by deducting tax advantage
  of owing an asset.

• Determine cash inflows after tax.

• Determine the present value of cash outflows and after
  tax cash inflows by discounting at weighted average
  cost of capital of the lessor.

• Decide in favour of leasing out an asset if p.v. of cash
  inflows exceeds the p.v. of cash outflows i.e. if the NPV
  is positive
B. Internal rate of return method
• Rate of discount at which the present value of
  cash inflows is equal to the present value of
  cash outflows.

• Can be determined with the help of
  mathematical formula.

• Can also be determined with the help of
  present value tables.
Advantages of Leasing:
• Leasing is less capital-intensive than purchasing,
   so it is more suitable for a business
    which has constraints on its capital.




• Leasing shifts risk to the lessor in cases
  where Capital assets tend to fluctuate in value.
Advantages of Leasing:
• Lease payments are considered expenses rather
  than assets, which can be set off against revenue
  when calculating taxable profit at the end of the
  relevant tax accounting period.

• Leasing provides more flexibility to a business which
  expects to grow in the relatively short term because
  a lessee is not usually obliged to renew a lease at
  the end of its term.
Disadvantages of Leasing:
• Usually lease terms are rigid and
difficult to navigate in circumstances
where the business has to
change its operations substantially.




• Tactical legal considerations usually make it expedient for lessees to
  default on their leases
Disadvantages of Leasing:
• If the business is successful, lessors may
  demand higher rental payments when leases
  come up for renewal.




• A net lease may shift some or all of the
  maintenance costs onto the tenant.
Hire Purchase
Meaning
The hire purchase Act
of India 1972, defines
a hire purchase
agreement as an
agreement under
which goods are let on
hire and under which
the hirer has an
option to purchase
them in accordance
with the terms of
agreement.
It involves two parties:
Hirer: The party which receives the asset.
Hiree: The party which rents out the asset.
Features:
• Hire purchase is based on an agreement in writing.
• The buyer takes possession of the goods at the time of
  entering into contract.
• Each installment is treated as hire charges.
• Ownership transfer from the buyer to the seller on the
  payment of the last instalment.
• The purchaser has the right to terminate the
  agreement any time before the property passes.
Hire Purchase Agreement
• Hire purchase agreement has to be in writing
  and signed by both parties. The agreement
  must contain-
• Description of the goods.
• Hire purchase price of the goods.
• The date of commencement of the
  agreement.
• The number of installments ,amount, and due
  date.
Rights of the Hirer
• To buy the goods at any time by giving notice to the
  owner and paying the balance of the HP price less a
  rebate (each jurisdiction has a different formula for
  calculating the amount of this rebate)
• To return the goods to the owner — this is subject to
  the payment of a penalty to reflect the owner's loss of
  profit but subject to a maximum specified in each
  jurisdiction's law to strike a balance between the need
  for the buyer to minimize liability and the fact that the
  owner now has possession of an obsolescent asset of
  reduced value
• With the consent of the owner, to assign both
  the benefit and the burden of the contract to
  a third person. The owner cannot
  unreasonably refuse consent where the
  nominated third party has good credit rating
• Where the owner wrongfully repossesses the
  goods, either to recover the goods plus
  damages for loss of quiet possession or to
  damages representing the value of the goods
  lost.
Hirer’s obligations
• To pay the hire installments
• To take reasonable care of the goods (if the
  hirer damages the goods by using them in a
  non-standard way, he or she must continue to
  pay the installments and, if
  appropriate, compensate the owner for any
  loss in asset value)
• to inform the owner where the goods will be
  kept.
• A hirer can sell the products if, and only if, he
  has purchased the goods finally or else not to
  any other third party.
• it is pretty much similar to installment but the
  main difference is of ownership.
Rights of the Owner
• The owner usually has the right to terminate
  the agreement where the hirer defaults in
  paying the installments or breaches any of the
  other terms in the agreement. This entitles
  the owner:
• to forfeit the deposit
• to retain the installments already paid and
  recover the balance due
• to repossess the goods (which may have to be
  by application to a Court depending on the
  nature of the goods and the percentage of the
  total price paid)
• to claim damages for any loss suffered.
Advantages
• Expensive items such as machinery and plant can
  be acquired without huge financial investment.
• Interest charged and depreciation of the vehicle
  are tax deductible
• Terms can be flexible and fixed repayments make
  for easy future budgeting.
• After full payment of the hire purchase
  agreement, ownership of the goods is transferred
  to the hirer.
Disadvantages
1. Higher prices:
The buyer has to pay much higher prices than that payable on
cash purchase. The seller adds a margin to cover interest and
risk.
2. Transfer of Ownership:
The buyer does not get ownership of goods until last installment
paid. He cannot sell the goods before final payment.
3. Risk of bad debts:
When the buyer fails to pay installments, the seller may suffer
loss. He may have to spend money and time to recover goods
from the buyer.
4. Large investment:
The hire purchase seller has to invest considerable funds
because payments are received from buyers over a long period
of time.
Difference between Leasing and Hire-
               purchase
• Ownership of the Asset: In lease, ownership
  lies with the lessor. The lessee has the right to
  use the equipment and does not have an
  option to purchase. Whereas in hire
  purchase, the hirer has the option to
  purchase. The hirer becomes the owner of the
  asset/equipment immediately after the last
  installment is paid.
Difference between Leasing and Hire-
               purchase
• Duration: Generally lease agreements are done
  for longer duration and for bigger assets like
  land, property etc. Hire Purchase agreements are
  done mostly for shorter duration and cheaper
  assets like hiring a car, machinery etc.

• Tax Impact: In lease agreement, the total lease
  rentals are shown as expenditure by the lessee. In
  hire purchase, the hirer claims the depreciation
  of asset as an expense.
Difference between Leasing and Hire-
               purchase
• Extent of Finance: Lease financing can be
  called the complete financing option in which
  no down payments are required but in case of
  hire purchase, the normally 20 to 25 % margin
  money is required to be paid upfront by the
  hirer. Therefore, we call it a partial finance like
  loans etc.
Difference between Leasing and Hire-
               purchase
• Rental Payments: The lease rentals cover the
  cost of using an asset. Normally, it is derived
  with the cost of an asset over the asset life. In
  case of hire purchase, installment is inclusive
  of the principal amount and the interest for
  the time period the asset is utilized.
Difference between Leasing and Hire-
               purchase
• Repairs and Maintenance: Repairs and
  maintenance of the asset in financial lease is
  the responsibility of the lessee but in
  operating lease, it is the responsibility of the
  lessor. In hire purchase, the responsibility lies
  with the hirer.
Difference between Leasing and Hire-
               purchase
• Depreciation: In lease financing, the
  depreciation is claimed as an expense in the
  books of lessor. On the other hand, the
  depreciation claim is allowed to the hirer in
  case of hire purchase transaction.
VENTURE CAPITAL
VENTURE CAPITAL
Venture capital (VC) is financial capital provided to
early-stage, high-potential, high risk, growth startup
companies. In broad terms, venture capital is the
investment of long term
equity finance where the
venture capitalist earns
his return primarily In
the form of capital
gains.
CHARACTERISTICS OF VENTURE
               CAPITAL
• Illiquidity: Easy liquidity by cashing out in short-term is not an
  option for venture capital funding.
• Long-term commitment: Venture capital financing is a long
  term, illiquid investment, it is not repayable on demand.
• Equity participation: Venture capital is actual or potential
  equity participation through direct purchase of
  shares, options or convertible securities. The objective is to
  make capital gains by selling-off the investment, once the
  enterprise becomes profitable.
• Participation in management: Venture financing ensures
  continuing participation of the venture capitalist in the
  management of the entrepreneur’s business.
STAGES IN VENTURE FINANCING
       Early stage financing.


        Expansion financing


       Acquisition/ buyout.
EARLY STAGE FINANCING
• Seed finance for supporting a concept or idea.
• R&D financing for product development.
• Start up capital for initial production and
  marketing
• First stage financing for full-scale production
  and marketing
EXPANSION FINANCING
• Second stage financing for working capital and
  initial expansion.
• Development financing for facilitating public
  issues.
• Bridge financing for facilitating public issues.
ACQUISITION/BUYOUT
• Acquisition Financing For Acquiring Financing
  Or Another Firm For Further Growth.
• Management buyout financing for enabling
  operating group to acquire firm or part of its
  business.
• Turnaround financing for turning around a sick
  unit.
THE BUSINESS PLAN
• The B-Plan is to convince the venture capitalist that
  the company and the management team have the
  ability to achieve the stated goals within the
  specified time.
ESSENTIALS OF A BUSINESS PLAN
•   EXECUTIVE SUMMARY
•   BACKGROUND ON THE VENTURE
•   THE PRODUCT OR SERVICE
•   MARKET ANALYSIS
•   MARKETING
•   BUSINESS OPERATIONS
•   THE MANAGEMENT TEAM
•   FINANCIAL PROJECTIONS
•   AMOUNT & USE OF FINANCE REQD.
    AND EXIT OPPORTUNITIES
PROCESS OF VENTURE CAPITAL
              FINANCING
•   Deal Origination.
•   Screening.
•   Due diligence.
•   Preliminary evaluation
•   Detailed evaluation
•   Deal Structuring.
•   Post-investment Activity.
•   Exit plan.
PROCESS OF VENTURE CAPITAL
        FINANCING
              Referral
              System


           DEAL ORIGINATION



  Active
                         Intermediaries
  Search
PROCESS OF VENTURE CAPITAL
           FINANCING
• SCREENING
PROCESS OF VENTURE CAPITAL
        FINANCING
PROCESS OF VENTURE CAPITAL
           FINANCING

RISK
ANALYSIS
PROCESS OF VENTURE CAPITAL
             FINANCING

•   PRODUCT RISK
•   MARKET RISK
•   TECHNOLOGICAL RISK
•   ENTREPRENEURIAL RISK
PROCESS OF VENTURE CAPITAL
           FINANCING
• DEAL STRUCTURING
PROCESS OF VENTURE CAPITAL
            FINANCING
• POST INVESTMENT ACTIVITIES
EXIT PLAN
METHODS OF VENTURE FINANCING
• EQUITY

When a venture capitalist contributes equity
capital, he acquires the status of an owner and
becomes entitled to share in the firm’s profits as
much as he is liable for losses.
METHODS OF VENTURE FINANCING
• CONDITIONAL LOAN

A conditional loan is repayable in the form of a
  royalty after the venture is able to generate
  sales. In India VCF’s charge 2-15% royalty.
METHODS OF VENTURE FINANCING
• INCOME NOTE

It is a hybrid security which combines the
features of both conventional and conditional
loan. The entrepreneur has to pay both interest
and royalty on sales but at low rates.
REFERENCES
•   www.wikipedia.com
•   I M Pandey
•   www.investopedia.com
•   www.gaurdian.uk.co
•   www.amazon.com
•   www.scribd.com
•   www.managementparadise.com
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Lease presentation

  • 1. LEASING, HIRE PURCHASE AND VENTURE CAPITAL SUBMITTED TO: SUBMITTED BY : BARSHA Dr. SAMEER DEEPAK RANA GUPTA DIVA SAMNOTRA GAUTAM KUMAR HARVINDER SINGH IBADAT SINGH SETHI
  • 3. Meaning of Lease and Leasing • A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset • Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments.
  • 4. Important Terms: • Lessee is the receiver of the services or the assets under the lease contract. • Lessor is the owner of the assets. • Tenancy is the relationship between the tenant and the landlord. • Term is the fixed or an indefinite period of time involved in the lease contract. • Rent is the consideration for the lease.
  • 5. Types of Lease: Operating lease: Short term, cancellable lease agreements. The lessor is responsible for the maintaince and insurance of the asset. Example: Tourist renting a car, Hotel rooms, etc. Financial Lease: Long term non cancellable lease contract. Example: Plant, Machinery, Building, Ships and aircraft. Sale and Lease-back: Special financial agreement in which the user may sell an asset owned by him to the lessor and lease it back from him. Example: shipping Industry.
  • 7. Two ways of evaluating………………… 1. Lessee’s point of view 2. Lessor’s point of view
  • 8. Lessee’s point of view: Lease or borrow decisions: Steps: Calculate present value of net-cash flow of the buying option-NPV(B) Calculate present value of net cash flow of the leasing option-NPV(L) Decide whether to buy or lease the asset or reject the proposal .
  • 9. How to decide……………………………………. If NPV(B) is positive and greater than NPV(L) then
  • 10. • If NPV(L) is positive and greater than the NPV(B) then lease the asset.
  • 11. • If NPV(B) as well as NPV(L) are both negative, reject the proposal
  • 12. From the lessor’s point of view Present value Internal rate method of return method
  • 13. A. Present value method • Determine cash outflows by deducting tax advantage of owing an asset. • Determine cash inflows after tax. • Determine the present value of cash outflows and after tax cash inflows by discounting at weighted average cost of capital of the lessor. • Decide in favour of leasing out an asset if p.v. of cash inflows exceeds the p.v. of cash outflows i.e. if the NPV is positive
  • 14. B. Internal rate of return method • Rate of discount at which the present value of cash inflows is equal to the present value of cash outflows. • Can be determined with the help of mathematical formula. • Can also be determined with the help of present value tables.
  • 15. Advantages of Leasing: • Leasing is less capital-intensive than purchasing, so it is more suitable for a business which has constraints on its capital. • Leasing shifts risk to the lessor in cases where Capital assets tend to fluctuate in value.
  • 16. Advantages of Leasing: • Lease payments are considered expenses rather than assets, which can be set off against revenue when calculating taxable profit at the end of the relevant tax accounting period. • Leasing provides more flexibility to a business which expects to grow in the relatively short term because a lessee is not usually obliged to renew a lease at the end of its term.
  • 17. Disadvantages of Leasing: • Usually lease terms are rigid and difficult to navigate in circumstances where the business has to change its operations substantially. • Tactical legal considerations usually make it expedient for lessees to default on their leases
  • 18. Disadvantages of Leasing: • If the business is successful, lessors may demand higher rental payments when leases come up for renewal. • A net lease may shift some or all of the maintenance costs onto the tenant.
  • 20. Meaning The hire purchase Act of India 1972, defines a hire purchase agreement as an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of agreement.
  • 21. It involves two parties: Hirer: The party which receives the asset. Hiree: The party which rents out the asset.
  • 22. Features: • Hire purchase is based on an agreement in writing. • The buyer takes possession of the goods at the time of entering into contract. • Each installment is treated as hire charges. • Ownership transfer from the buyer to the seller on the payment of the last instalment. • The purchaser has the right to terminate the agreement any time before the property passes.
  • 23. Hire Purchase Agreement • Hire purchase agreement has to be in writing and signed by both parties. The agreement must contain- • Description of the goods. • Hire purchase price of the goods. • The date of commencement of the agreement. • The number of installments ,amount, and due date.
  • 24. Rights of the Hirer • To buy the goods at any time by giving notice to the owner and paying the balance of the HP price less a rebate (each jurisdiction has a different formula for calculating the amount of this rebate) • To return the goods to the owner — this is subject to the payment of a penalty to reflect the owner's loss of profit but subject to a maximum specified in each jurisdiction's law to strike a balance between the need for the buyer to minimize liability and the fact that the owner now has possession of an obsolescent asset of reduced value
  • 25. • With the consent of the owner, to assign both the benefit and the burden of the contract to a third person. The owner cannot unreasonably refuse consent where the nominated third party has good credit rating • Where the owner wrongfully repossesses the goods, either to recover the goods plus damages for loss of quiet possession or to damages representing the value of the goods lost.
  • 26. Hirer’s obligations • To pay the hire installments • To take reasonable care of the goods (if the hirer damages the goods by using them in a non-standard way, he or she must continue to pay the installments and, if appropriate, compensate the owner for any loss in asset value)
  • 27. • to inform the owner where the goods will be kept. • A hirer can sell the products if, and only if, he has purchased the goods finally or else not to any other third party. • it is pretty much similar to installment but the main difference is of ownership.
  • 28. Rights of the Owner • The owner usually has the right to terminate the agreement where the hirer defaults in paying the installments or breaches any of the other terms in the agreement. This entitles the owner: • to forfeit the deposit • to retain the installments already paid and recover the balance due
  • 29. • to repossess the goods (which may have to be by application to a Court depending on the nature of the goods and the percentage of the total price paid) • to claim damages for any loss suffered.
  • 30. Advantages • Expensive items such as machinery and plant can be acquired without huge financial investment. • Interest charged and depreciation of the vehicle are tax deductible • Terms can be flexible and fixed repayments make for easy future budgeting. • After full payment of the hire purchase agreement, ownership of the goods is transferred to the hirer.
  • 31. Disadvantages 1. Higher prices: The buyer has to pay much higher prices than that payable on cash purchase. The seller adds a margin to cover interest and risk. 2. Transfer of Ownership: The buyer does not get ownership of goods until last installment paid. He cannot sell the goods before final payment. 3. Risk of bad debts: When the buyer fails to pay installments, the seller may suffer loss. He may have to spend money and time to recover goods from the buyer. 4. Large investment: The hire purchase seller has to invest considerable funds because payments are received from buyers over a long period of time.
  • 32. Difference between Leasing and Hire- purchase • Ownership of the Asset: In lease, ownership lies with the lessor. The lessee has the right to use the equipment and does not have an option to purchase. Whereas in hire purchase, the hirer has the option to purchase. The hirer becomes the owner of the asset/equipment immediately after the last installment is paid.
  • 33. Difference between Leasing and Hire- purchase • Duration: Generally lease agreements are done for longer duration and for bigger assets like land, property etc. Hire Purchase agreements are done mostly for shorter duration and cheaper assets like hiring a car, machinery etc. • Tax Impact: In lease agreement, the total lease rentals are shown as expenditure by the lessee. In hire purchase, the hirer claims the depreciation of asset as an expense.
  • 34. Difference between Leasing and Hire- purchase • Extent of Finance: Lease financing can be called the complete financing option in which no down payments are required but in case of hire purchase, the normally 20 to 25 % margin money is required to be paid upfront by the hirer. Therefore, we call it a partial finance like loans etc.
  • 35. Difference between Leasing and Hire- purchase • Rental Payments: The lease rentals cover the cost of using an asset. Normally, it is derived with the cost of an asset over the asset life. In case of hire purchase, installment is inclusive of the principal amount and the interest for the time period the asset is utilized.
  • 36. Difference between Leasing and Hire- purchase • Repairs and Maintenance: Repairs and maintenance of the asset in financial lease is the responsibility of the lessee but in operating lease, it is the responsibility of the lessor. In hire purchase, the responsibility lies with the hirer.
  • 37. Difference between Leasing and Hire- purchase • Depreciation: In lease financing, the depreciation is claimed as an expense in the books of lessor. On the other hand, the depreciation claim is allowed to the hirer in case of hire purchase transaction.
  • 39. VENTURE CAPITAL Venture capital (VC) is financial capital provided to early-stage, high-potential, high risk, growth startup companies. In broad terms, venture capital is the investment of long term equity finance where the venture capitalist earns his return primarily In the form of capital gains.
  • 40.
  • 41. CHARACTERISTICS OF VENTURE CAPITAL • Illiquidity: Easy liquidity by cashing out in short-term is not an option for venture capital funding. • Long-term commitment: Venture capital financing is a long term, illiquid investment, it is not repayable on demand. • Equity participation: Venture capital is actual or potential equity participation through direct purchase of shares, options or convertible securities. The objective is to make capital gains by selling-off the investment, once the enterprise becomes profitable. • Participation in management: Venture financing ensures continuing participation of the venture capitalist in the management of the entrepreneur’s business.
  • 42. STAGES IN VENTURE FINANCING Early stage financing. Expansion financing Acquisition/ buyout.
  • 43. EARLY STAGE FINANCING • Seed finance for supporting a concept or idea. • R&D financing for product development. • Start up capital for initial production and marketing • First stage financing for full-scale production and marketing
  • 44. EXPANSION FINANCING • Second stage financing for working capital and initial expansion. • Development financing for facilitating public issues. • Bridge financing for facilitating public issues.
  • 45. ACQUISITION/BUYOUT • Acquisition Financing For Acquiring Financing Or Another Firm For Further Growth. • Management buyout financing for enabling operating group to acquire firm or part of its business. • Turnaround financing for turning around a sick unit.
  • 46. THE BUSINESS PLAN • The B-Plan is to convince the venture capitalist that the company and the management team have the ability to achieve the stated goals within the specified time.
  • 47. ESSENTIALS OF A BUSINESS PLAN • EXECUTIVE SUMMARY • BACKGROUND ON THE VENTURE • THE PRODUCT OR SERVICE • MARKET ANALYSIS • MARKETING • BUSINESS OPERATIONS • THE MANAGEMENT TEAM • FINANCIAL PROJECTIONS • AMOUNT & USE OF FINANCE REQD. AND EXIT OPPORTUNITIES
  • 48. PROCESS OF VENTURE CAPITAL FINANCING • Deal Origination. • Screening. • Due diligence. • Preliminary evaluation • Detailed evaluation • Deal Structuring. • Post-investment Activity. • Exit plan.
  • 49. PROCESS OF VENTURE CAPITAL FINANCING Referral System DEAL ORIGINATION Active Intermediaries Search
  • 50. PROCESS OF VENTURE CAPITAL FINANCING • SCREENING
  • 51. PROCESS OF VENTURE CAPITAL FINANCING
  • 52. PROCESS OF VENTURE CAPITAL FINANCING RISK ANALYSIS
  • 53. PROCESS OF VENTURE CAPITAL FINANCING • PRODUCT RISK • MARKET RISK • TECHNOLOGICAL RISK • ENTREPRENEURIAL RISK
  • 54. PROCESS OF VENTURE CAPITAL FINANCING • DEAL STRUCTURING
  • 55. PROCESS OF VENTURE CAPITAL FINANCING • POST INVESTMENT ACTIVITIES
  • 57. METHODS OF VENTURE FINANCING • EQUITY When a venture capitalist contributes equity capital, he acquires the status of an owner and becomes entitled to share in the firm’s profits as much as he is liable for losses.
  • 58. METHODS OF VENTURE FINANCING • CONDITIONAL LOAN A conditional loan is repayable in the form of a royalty after the venture is able to generate sales. In India VCF’s charge 2-15% royalty.
  • 59. METHODS OF VENTURE FINANCING • INCOME NOTE It is a hybrid security which combines the features of both conventional and conditional loan. The entrepreneur has to pay both interest and royalty on sales but at low rates.
  • 60. REFERENCES • www.wikipedia.com • I M Pandey • www.investopedia.com • www.gaurdian.uk.co • www.amazon.com • www.scribd.com • www.managementparadise.com