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“AN ANALYTICAL REPORT ON CREDIT SERVICE OFFERED AND CREDIT
RECOVERY PROCEDURES FOLLOWED FOR SMALL AND MEDIUM ENTERPRISES AND CUTOMER SATISFACTION AT AXIS BANK RAJAHMUNDRY DURING THEPERIOD 2004-2008”
BY HARI-PRASAD VASAMSHETTI 8NBRJ022 (0801217131)
MANAGEMENT THESIS - I FINAL REPORT On “ AN ANALYTICAL REPORT ON CREDIT SERVICE OFFERED AND
CREDIT RECOVERY PROCEDURES FOLLOWED FOR SMALL AND MEDIUM ENTERPRISES AND CUTOMER SATISFACTION AT AXIS BANK RAJAHMUNDRY DURING THEPERIOD 2004-2008 ”
BY HARI-PRASAD VASAMSHETTI 8NBRJ022 (0801217131)
Under the Guidance Of MR. GOODWIN Faculty guide ICFAI National College Rajahmundry
A report submitted in partial fulfillment of the requirements of THE MBA PROGRAM
(The Class of 2010)
This is to certify that the Management Thesis titled “An Analytical Report on Credit Service Offered and Credit Recovery Procedures followed for Small and Medium Enterprises and Customer Satisfaction at Axis Bank Rajahmundry during the period 2004-2008.”Submitted during semester III of the MBA program (The Class of 2010) embodies original work done by me. Signature of the Student Name :
Enroll No.: University. Id Campus : :
Signature of the faculty supervisor Name Designation: Campus : :
I take a chance to thank managers of Asset Managers of all service providers for their valuable guidance and encouragement given to me for the research program carried out by me. I would like to express my sincere thanks to Mr. Goodwin, Principal, INC, Rajahmundry, for giving me this opportunity to do the Management thesis work in partial fulfillment of the requirement for the award of Degree of Masters of Business Administration. I express my sincere thanks to Mr. Goodwin i, Faculty guide, INC, Rajahmundry for giving his valuable assistance and guidance while doing my project work. I also express my sincere thanks to all our faculty members who rendered their valuable suggestions while doing the project. I also express my thanks to my team members who have been sources of encourage for me in doing my project work.
DATE: PLACE: RAJAHMUNDRY SIGNATURE OF STUDENT
I hereby declare that the report A final report on “An Analytical Report on Credit Service Offered and Credit Recovery Procedures followed for Small and Medium Enterprises and Customer Satisfaction at Axis Bank Rajahmundry During The period 2004-2008.” has been prepared by me in partial fulfillment of requirement for the award of degree in Master of Business Administration (ICFAI NATIONAL COLLEGE). I also declare that this project is the result of my own efforts and has not been submitted to any other universities and published at any time.
DATE: PLACE: RAJAHMUNDRY SIGNATURE OF STUDENT
TABLE OF CONTENTS 1. Acknowledgements 2. 3. 4. 5. 6. 7. 8. 9. Summary Introduction Objectives and Limitations Methodology Introduction to the SMEs Industry Profile Company Profile Review of Literature
10. Findings 11. Results and Analysis 12. Suggestions 13. Conclusions 14. References 15. Appendix 16. Glossary
SUMMARY OF THE PROGRESS TILL DATE
An Analytical Report on Credit Service Offered and Credit Recovery Procedures followed for Small and Medium Enterprises and Customer Satisfaction at Axis Bank Rajahmundry During The period 2004-2008. ABOUT THE PROJECT: SMEs have been playing a dominant role in most of the economies - developed and developing - in shaping their industrial destiny and path of economic growth. Innovation has been the unique and biggest strength of SMEs the world over. Most of the modern products have their origin in the small and medium sector. At present the SSI sector in India contributes about 35% of the total exports, over 40% of the manufactured output besides generating substantial employment of around 18 million persons. Small Scale Sector is provided working capital by commercial banks and in some cases by cooperative banks and regional rural banks. Technological empowerment is an important and critical factor for the growth of small and medium enterprises (SME). SMEs need to invest in sophisticated and state of the art office equipment to increase productivity and efficiency. Considering these varied requirements of our SME customers, we have created AXIS Bank’s office Equipment Financing product as a convenient and hassle free way to procure the equipment they need. Our simplified procedure and minimum documentation ensures fast and easy funds. To gain understanding of our target market, SME entrepreneurs, we conducted literature reviews, surveyed our target market, and interviewed entrepreneurial, 7
TNS and business experts. Research indicated that tools that facilitate the understanding and development towards the sustainability are predominantly focused on large businesses.
PROGRESS MADE W.R.T THE DESIGN OF THE RESEARCH:
So far the required information is gathered through internet by visiting various websites and by going through various news papers.
July 13 to 18
Commencement of MT-1 Title identification Validation of the MT Title with the help of Co. Guide n the Finalization Title validation Identification of the objectives, scope, preparation of synopsis Collection of Valid Reference pertaining to the Study from articles published in journals, magazines, newspapers. Identifying suitable methods to conduct d study, data sources. Identification of sample population for the study, Availability, Methods to Approach the sample, Sample Size. Data Collection- Phase-1 Identification of suitable statistical measures to conducts the study.
July 20th to 24th
July 27th to 31st
Aug 03rd to 07th
Aug 10th to 14th
6th & 7th
Aug 17th to 28th
Aug 31st to Sep 04th
Limitations observed in setting up the objectives, feasibility in conducting the research as defined in the scope. Data validation & preparation of Interim thesis. Interim thesis evaluation and Interim Presentations. Data Collection Phase-2 Data Analysis
Sep 07th to Sep 11th
Sep 28th to Oct 2nd Oct 05th to Oct 09th
Oct 12th to Oct 16th
Oct 19th to Oct 23rd
Formulation of Findings & making valid recommendation based on data from literature review Finalization of the study Preparation of the Final MT-1 Report Final Evaluation of MT-1 Thesis Final Evaluation of MT-1 presentation. Final presentation.
Oct 26th to Oct 30th
Nov 2nd to Nov 6th
SAMPLING TECHNIQUES: For carrying out the research work “Simple random sampling techniques” have to be followed .This can be done by the way of interviewing the personnel and the management of the respective organizations by administering questionnaires to them. For this two separate questionnaires have to be prepared. The objective of the present study can be accomplished by interviewing the personnel and the management in the different strategies adopted by AXIS Bank. The systematic design, collection, analysis and reporting of data and findings are relevant for the situation facing by the customer services. Collected data from customer satisfaction levels in AXIS Bank. The above sampling techniques mentioned, comparative analysis and report, findings and the suggestions given are relevant to the undergoing research.
BODY OF THE THESIS
To know the credit service offered by the AXIS Bank
To know the credit sanctioning procedures followed by AXIS Bank
To know the criteria of credit services offered to SMEs by AXIS Bank
To know the how thbank is encouraging SMEs
To discuss the credit facilitates offered to the SMEs
Bank Employees are very busy and unable to share their opinions on credit services of SMEs There were lots of difficulties in getting the data from the small and medium scale Survey demands more time but the survey is restricted to less time. Though there has been chance for basis, the investigator has taken all steps for the reduction of bias. Study is with respect to local market Rajahmundry.
The objective of the present study can be accomplished by interviewing the personnel and the management in the Axis Bank. The research design, collection of data, analysis and reporting of data and findings are relevant for the situation facing by what are the Credit Services provided to the SME’s The methodology for the present study involves the following stages
Developing the research plan: Once the problem is identified, the next step is to design a plan for getting the information needed to solve the problem. This study gives the adequate information for getting into the main research through exploratory approach which is to be used to precede further process of finding the influencing factors.
The data needed for carrying out the research work is divided into two parts:
It is gathered through the web sites of the retail outlets. The information regarding the company and its operations are known efficiently with this type of data. After collecting the data, it has to be analyzed, interpreted and sorted in order to refer for the basic knowledge of primary research.
• • • •
Business magazines Business news papers Books Internet
Primary Data: It is to be gathered by interviewing the store manager, sales persons and selected sample of customers. And different segments effects on generating Credit Services for SME’s by Axis Bank in Rajahmundry.
INTRODUCTION TO SMEs
• Small and Medium enterprises play
• an important role in the development of the country. However, these industries face difficulty in accessing adequate finance for their businesses. • Apart from the traditional modes of financing like banks and money lenders, newer sources of financing such as venture capital investment, can take care of their financing requirements. • In the case of India, the government has taken several initiatives both at the national and international levels to improve the availability of finance. But there are still certain impediments that the SMEs face that are required to be addressed by the government. • SMEs encourage entrepreneurial development and dispersal of the industries throughout the length and breadth of the country. • It also generates a lot of employment opportunities and the capital cost per employee is very minimum. • With the service sector contributing a major share to the GDP and as this sector relies on the SMEs, the scope for SME finance by the commercial banks has increased tremendously. • The government is also committed to give a fillip to the sector through infrastructural development, skill development effort, technological up gradation and by expending the role of small industries Development Bank of India in SME development. • SMEs contribute nearly 9% of India’s GDP and the Reserve Bank of India has advice all commercial banks to achieve 20% annual growth in SME lending till 2010, so that the SME Sector exposure to commercial banks is doubled. Public sector banks’ overall credit to SME sector grew by 26% in 2006-2007, which amounted to Rs. 1, 85000 cores. Among the large PSBs, state bank of India’s SMEs exposure grew by 24% and all banks are targeting SMEs credit growth of 25% • Prominent among them are the small industries development organization (SIDO), national small industries corporation (NSIC), export promotion authorities, SIDDBI, NABARD, state infrastructure corporation by the national
and state level agencies in fostering the overall growth of SME sector is phenomenal. • Apart from providing extension an economy develops and advisory services, these agencies play a significant role to channelize financing by various institutions and intermediaries and entrepreneurs in the contest of SMEs heading towards epitome in the market economy. • In order to see that Indian economy develops fast, planners and Economists advocated development of small and medium industry. • Accordingly several intuitional and non institutional strategies also have been developed to initiate and sustain the growth of small and medium industries in India. • A space program of instructional financing is one of the several strategies that government of India introduced to give a maximum fillip to small scale industries through the credit facilities offered by national banks, institutions and government subsidies. • A small scale industry / Ancillary industry is defined as a unit whose investment in fixed assets in plant and machinery does not exceed Rs.3 cores. (Subject to the condition that the unit is not owned, controlled or subsidiary of any other industrial undertaking). • The small scale sector has emerged as dynamic and vibrant sector of Indian economy and it has been making significant contribution to industrial production, export and employment generation. • In most developing counties, as also in India, Small Enterprises have been viewed as an engine of employment generation. SME sector in India creates largest employment opportunities for the Indian populace, next only to Agriculture. It has been estimated that a lakh rupees of investment in fixed assets in the small scale generates employment for four persons. Employment contribution by SMEs in Andhra Pradesh is 7.5% • The small and medium industries occupy a very important position in any economy. Traditionally they produce certain specialized items for which they enjoy virtual monopoly of skill and expertise developed over the years. 16
• Many items produced in the small scale sector are also used as raw materials in the large scale industry and thus small scale industries contribute to large scale production is no small measure. • In a free economy, the small and medium scale industrial sector is not insulated from competition from the large scale sector and for their survival and growth; they will have to face competition from the large scale sector out of their own ingenuity and resources. • Governments across the globe are increasingly leveraging variants of credit guarantee mechanisms to promote entrepreneurial growth in the Micro, small and medium enterprises (MSMEs) sector. The experience has been rewarding both for the financial system as well as the recipient sector of the economy…. • With the advent of planned economy from 1951 and the subsequent industrial policy followed by Government of India, both planners and Government earmarked a special role for small-scale industries and medium scale industries in the Indian economy. • Due protection was accorded to both sectors, and particularly for small-scale industries from 1951 to 1991, till the nation adopted a policy of liberalization and globalization. Certain products were reserved for small-scale units for a long time, though this list of products is decreasing due to change in industrial policies and climate. • SMEs always represented the model of socio-economic policies of Government of India which emphasized judicious use of foreign exchange for import of capital goods and inputs; labour intensive mode of production; employment generation; no concentration of diffusion of economic power in the hands of few (as in the case of big houses); discouraging monopolistic practices of production and marketing; and finally effective contribution to foreign exchange earning of the nation with low import-intensive operations. It was also coupled with the policy of de-concentration of industrial activities in few geographical centers.
BANKING IN INDIA 17
Banking in India originated in the first decade of 18th century. The first banks were both of The General Bank of India, which started in 1786, and Bank of Hindustan, which are now defunct.
The oldest bank in existence in India is the State Bank of India, which originated in the "The Bank of Bengal" in Calcutta in June 1806. This was one of the three presidency banks, the other two being the Bank of Bombay And the Bank of Madras. The presidency banks were established under charters from the British East India Company. They merged in 1925 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India. For many years the Presidency banks acted as quasi-central banks, as did their Successors. The Reserve Bank of India formally took on the responsibility of regulating the Indian banking sector from 1935. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. EARLY HISTORY The first fully Indian owned bank was the Allahabad Bank, established in 1865.However, at the end of late-18th century; there were hardly any banks in India in the modern sense of the term. The American Civil War stopped the supply of cotton to Lancashire from the Confederate States. Promoters opened banks banks to finance trading in Indian cotton. With large exposure to speculative ventures, most of the banks opened in India during that period failed. The depositors lost money and lost interest in keeping deposits with banks. Subsequently, banking in India remained the exclusive domain of Europeans for next several decades until the beginning of the 20th century. Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire d'Escompte de Paris opened a branch in Calcutta in 1860, and another 18
in Bombay in 1862; branches in Madras and Pondichery, then a French colony, followed. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking center. NATIONALIZED BANKS IN INDIA Banking System in India is dominated by nationalized banks. The nationalization of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. The major objective behind nationalization was to spread banking infrastructure in rural areas and make available cheap finance to Indian farmers. Fourteen banks were nationalized in 1969. Before 1969, State Bank of India (SBI) was the only public sector bank in India. SBI was nationalized in 1955 under the SBI Act of 1955. The second phase of nationalization of Indian banks took place in the year 1980. Seven more banks were nationalized with deposits over 200 crores. PRIVATE BANKS IN INDIA All the banks in India were earlier private banks. They were founded in the reindependence era to cater to the banking needs of the people. But after nationalization of banks in 1969 public sector banks came to occupy dominant role in the banking tructure. Private sector banking in India received a fillip in 1994 when Reserve Bank of India encouraged setting up of private banks as part of its policy of liberalization of the Indian Banking Industry. Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. Private Banks have played a major role in the development of Indian banking industry. They have made banking more efficient and customer friendly. In the process they have jolted public sector banks out of complacency and forced them to become more competitive.
COMPANY DESCRIPTION Axis Bank was the first new generation private sector bank to be established in India under the overall reform programme initiated by the Government of India in 1991, under which nine new banking licenses were granted. The Bank was promoted by Unit Trust of India, the largest mutual fund in India, holding 87% of the equity. Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd and its four subsidiaries who were the co-promoters held the balance 13%. The Bank started its operations in 1994. Axis Bank’s first capital raising post inception was in 1998 through a public offering of primary shares and in subsequent years through equity allotment to a few other investors like CDC. Citicorp Banking Corporation, Bahrain, Karur Vysya ank and Chrys Capital leading to a dilution in UTI’s shareholding in the Bank. Further dilution of Promoters’’ shareholding happened during Q4 ended of 2004, when the Bank raised US$ 239.30 Million of Capital through a GDR issue. The Bank today is capitalized to the extent of Rs. 358.56 crores with the public holding (other than promoters) at 57.60%. The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 701 branch offices and Extension Counters. The Bank has a network of over 834 Branches and 3500 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.
Axis Bank is one of the fastest growing banks in the country and has an extremely competitive and profitable banking franchise evidenced by: Comprehensive 20
portfolio of banking services including Corporate Credit, Retail Banking, Business Banking, Capital Markets, Treasury and International Banking. The Position as on 31st March 2008 was as under: - -Balance Sheet Size – Rs 1,095,778,487 (Rs. in Thousands) -Total Deposits – Rs 876,262,206 (Rs. in Thousands) -Net Advances – Rs 596,611,446 (Rs. in Thousands) -Investments – Rs 337,051,008 (Rs. in Thousands) -Network of Branches – 701 and Extension Counters -Number of cities and – 190 towns covered by network -Number of ATMs – 3500 -Net NPA – 0.42 % -Capital Adequacy Ratio – 13.73 %
Rajahmundry branch was started on January 2002 at T.nagar. The Bank uses Finacle software which was developed by Infosys Company with the help of using intranet connection. Branch consists of 30 employees and it was paying 6 to 8 lakhs per month. The branch turnover is 283 crores. Axis Bank stands in the second place in Rajahmundry. The following are the players with in Rajahmundry OUR MISSION AND VALUES ➢ Customer Service and Product Innovation tuned to diverse needs of individual and corporate clientele. ➢ Continuous technology up gradation while maintaining human values. ➢ Progressive globalization and achieving international standards. ➢ Efficiency and effectiveness built on ethical practices. ➢ Customer Satisfaction through ➢ providing quality service effectively and efficiently ➢ "Smile, it enhances your face value" is a service quality stressed on ➢ Periodic Customer Service Audits ➢ Maximization of Stakeholder value ➢ Success through Teamwork, Integrity and People
PRODUCT MIX CHART:
ABOUT THE TITLE
It can be observed that by and large, SMEs in India met the expectations of the Government in this respect. SMEs developed in a manner, which made it possible For them to achieve the following objectives: High contribution to domestic production Significant export earnings Low investment requirements Operational flexibility Location wise mobility Low intensive imports Capacities to develop appropriate indigenous technology Import substitution Contribution towards defense production Technology – oriented industries Competitiveness in domestic and export markets
At the same time one has to understand the limitations of SMEs, which are: Low Capital base Concentration of functions in one / two persons Inadequate exposure to international environment Inability to face impact of WTO regime Inadequate contribution towards R & D Lack of professionalism 24
THE SMALL-SCALE SECTOR, IN INDIA, COMPRISES OF: Type of Units • Small scale industrial undertakings Million • • • ncillary industrial undertakings Tiny enterprises Small Scale Service and Business (Industries Related) Enterprises -Upto Rs. 1 Million ---Investment / Other Criteria Upto Rs.10 Million ( Upto Rs.50 for certain specified Industries ) Upto Rs.10 Million Upto Rs.2.5 Million
Managed by one or more women Entrepreneurs in proprietary concerns, Or in which she/ they individually or Jointly have a share capital of not less Than 51% as Partners/ Shareholders/ Directors of Private Limits Company/ Members of Cooperative Society.
In spite of these limitations, the SMEs have made significant contribution towards technological development and exports. SMEs have been established in almost all-major sectors in the Indian industry such As: Food Processing Agricultural Inputs Chemicals & Pharmaceuticals Engineering; Electricals; Electronics Electro-medical equipment Textiles and Garments Leather and leather goods Meat products Bio-engineering Sports goods Plastics products Computer Software, etc. As a result of globalization and liberalization, coupled with WTO regime, Indian SMEs have been passing through a transitional period.
With slowing down of economy in India and abroad, particularly USA and European Union and enhanced competition from China and a few low cost centers of production from abroad many units have been facing a tough time. Those SMEs who have strong technological base, international business outlook, competitive spirit and willingness to restructure themselves shall withstand the 26
Present challenges and come out with shining colours to make their own contribution to the Indian economy.
SWOT Analysis: SMEs in India for Credit Facilities
Contribution to National Economic Growth Generating Employment and Vitalizing Indian brand to the world Regional Development Technological Innovation Export Market Expansion
Lack of Funds Lack of Marketing Skills Lack of Information Poor Adaptability to change trade trends Non-Availability of technically trained human resources Lack of Management Skills Lack of Technogical information and consultancy services 27
WTO regime Bilateral and Multilateral trade agreement Enhanced Credit support Support for technological up Gradation Comprehensive support for cluster development Marketing assistance and export promotion support Growing domestic and international markets
Dumping from developed countries Distrust between SMEs and Financial Institutions Poor incentive Structures for Entrepreneurs Virtual absence of Enterprise Education Non-tariff barriers from developed countries Slow improvement in quality to meet the international standards
RELATIONSHIP BUILDUP For SMEs
LIABILITY PRODUCTS FOR SMEs
SMEs BUSINESS SPACE
The credit services offer by AXIS Bank to SMEs
TERM LOAN WOKING CAPITAL BANK GUARANTY BILLS OF EXCHANGE
50% 25% 10% 5%
The credit services offer by AXIS Bank to SMEs
6% 0 5% 0 4% 0 3% 0 2% 0 1% 0 0 % TR L A EM ON W E IN OK G C PT LL A AIA ON BN AK GAE T U RN E BL SO IL F ECA G XH N E LAS ON
Credit offering for SMEs
10,000-10,00,000 10,00,000-50,00,000 50,00,000-ABOVE
60% 30% 10%
The credit services offer by AXIS Bank to SMEs
6% 0 5% 0 4% 0 3% 0 2% 0 1% 0 0 % 1 0 0,0 ,0 0 1 ,0 ,0 0 0 0 0 1 ,0 ,0 0 0 0 05 ,0 ,0 0 0 0 0 5 ,0 ,0 0 0 0 0AOE BV A ON MUT
Number of SMEs got loan sanction
RURAL SEGMENT SEMI RURAL URBAN SEGMENT GRAPH-1II
200 500 300
The credit services offer by AXIS Bank to SMEs
50 0 40 0 30 0 20 0 10 0 0 R R LS G E T UA E MN SM R R L E I UA U B NS G E T RA E MN MM ES E BR
Credit policy of AXIS Bank
ENCORAGE THE SMEs DISCOURAGE THE SMEs SUPPORT THE SMEs TRAINNING DEVELOPMENT GRAPH-1V
25% 25% 25% 25%
The credit services offer by AXIS Bank to SMEs
2% 5 2% 0 1% 5 1% 0 5 % 0 % ECRGTE NOA E H S E Ms D C UA EH IS O R G T E S E Ms S P O TT E UP R H S E Ms TA N G R IN IN DV L P E T E EO M N P L IE O IC S
Rate of Interest charged for SMEs
1MONTH-6MONTHS 6MONTHS-1YEAR 1YEAR-3YEARS 3YEARS-ABOVE GRAPH-V
12% 14% 16% 18%
The credit services offer by AXIS Bank to SMEs
2% 0 1% 5 1% 0 5 % 0 % 1 OT M N6 OTS M NH 6 OTS M NH1ER YA 1 E R3 E R YA - YA S 3 E R- B V Y A SA O E M NH OTS
It is observed during the survey that the SMEs are suffering from several problems which hamper their growth. The SMEs industry concerned is small but their problem seen to be many. It is observed that every unit is facing by one problem or their depending on its size and structure. The root cause for all the above problems are lack of availability of credit the entrepreneurs are lack of knowledge regarding the credit facilities available to them. Though the government and its agencies are providing all sorts of credit facilities in various forms, are unaware of the credit facilitates offered by AXIS Bank.
Sources of Finance:
For most of the owners of SMEs, shortages of finance or capital are considered to be the most important factor responsible for a host of problems faced by them. Small units generally depend on two kinds of capital, 1. Own capital and 2. Borrowed capital consisting of • • Long term capital for its investment in equipment and other capital assets (2) short term capital to meet current needs of the industry.
Own capital or equity capital is usually provided by the industrialists themselves. It is sometimes supplemented by the resource raised from friends and relatives either as partners or shareholders. Small entrepreneurs generally do not encourage equity capital from outside agencies as is involves sharing of management control. Much of this initial capital is required for the purchase of fixed assets like, land, building, plant equipment and the balance for working capital. Owned capital may not be sufficient to meet the long term needs. In such case, besides the own capital, long term capital is needed for expansion and renovation of plant and modernization of machinery. Short term credit is needed for working capital to by raw material and stores, to pay wages, to hold stocks of finished goods etc...
Financing small and medium units by AXIS Bank:
• The facilities available for financing small and tiny units in AXIS Bank are reflected in the analysis of the actual amount of loans granted to them by various organized and un organized agencies, besides their own funds invested by the industrialists in their in their respective units.
PROBLEMS OF SMEs:
• Some of the major problems are briefly as follows:
Financial problem of SMEs:
The financial problem of SMEs is of the root cause for all the other problems faced by the SME sector. The small and medium industrialists are generally poor and there are no facilities for cheap credit. They fall into the clutch of money lender who charges very high rates of interest, or else they borrow from the dealers of their goods, who exploit them by completing to sell their products at very low price.
Raw material problem of SMEs:
This difficulty is experienced in a very pronounced form. The quantity, quality and regularity of the supply of raw materials are not satisfactory. There are no quantity discounts, since they are purchased in small quantities and hence charged, higher prices by suppliers. Difficulty is also experienced in promoting semi- manufactured materials. Financial weakness stands in the way of securing raw materials in bulk in a competitive market.
Production problem of SMEs:
SME units suffer from inadequate work space, power, lending and ventilation, and safety measures etc... These short coming have tended to endanger the health of workmen and have adversely affected the rate of production. Many units are following primitive methods of production. Adoption of modern techniques is either disliked by the entrepreneurs or not feasible. Wage rates and service conditions of small industries are not attractive to skilled labor.
Marketing problem of SMEs:
As marketing is not properly organized, the helpless artisans are completely at the mercy of middle man. The potential demand for their goods remains under developed. The SMEs have to face the competitions from large scale units in marketing their products. It causes damage to the growth and stability of SMEs. SME cannot afford to spend lavishly for advertisement to promote their sales.
Managerial problem of SMEs:
Small scale industries in our country have suffered from the lack of entrepreneurial ability to develop initiative and undertake risks in the unexplored industrial fields. The efficiency in management comes first among managerial problems. The entrepreneurial ability of promotes of cottage industries and SMEs are handicapped by technical knowhow in the areas of production, finance, accounting and marketing management.
Sickness of SMEs:
A serious problem which is hampering small and medium sector has been sickness. Many small units have fallen sick due to one problem are the other. Sickness is caused by two sets of factors, internal and external factors. From among the various internal and external causes of sickness the important once are bad management, high rate of capital gearing, inadequacy of finance, short of raw materials, outdated plant and machinery, low labor productivity etc…
Credit Facilities Foe SMEs:
SME industries form a significant part of Andhra Pradesh economy. The sector contributes around 6 per cent of GSDP and employs close to 2.5 lakh people. Many of the growth engines selected for focused development, e.g., construction and pharmaceuticals, will give rise to many opportunities for SME industries. The state is going towards industrialization after green revolution through the small scale and tiny sectors.
Problems of SMEs
SMEs have inadequate accession to the monetary institutions due to the improper or absence of any financial information. They fail to reach to the private equity and venture capital and are confined only to the secondary financial instruments. SMEs are generally fragmented and are more prone to market fluctuations. Their area of business is limited only to the national territory. They fail to harness booming international trading opportunity. In the absence of any technical knowhow, SME's witness a major struck in their business. Small and medium enterprises counter to huge problems when it comes about settling monetary issues with big scales of buyers.
Marketing Assistance and Export Promotion in SMEs
Support to SME Entrepreneurs for participation in trade fairs and exhibitions – local as well as international. Training programmes on packaging for exports. Purchase preference to products in Government procurement. Market Development Assistance Scheme for publicity, market studies and adoption of modern market practices.
GUIDELINES FOR SMEs
• • • • In the Budget 2008-09 speech, finance minister Mr. P. Chidambaram has thrown light on the present status of small and medium enterprise. He said that there has been considerable rise in the number of registered units, unregistered units, production, export and employment. As per an estimate small scale industries produce more than 8000 products and have an industrial output of nearly 40%. After agriculture it is the major employment provider sector. Therefore, the sector opens up an avenue for the country to utilize the local advantages by keeping an eye open for the international arena. • • For fillip up the sector, finance minister has declared out the creation of a risk capital fund in the Small Industries and Development Bank of India (SIDBI). The SIDBI has shell out a scheme of reducing the guarantee fee from 1.5 per cent to 1 per cent and similarly annual service fee is also shell out from 0.75 per cent to 0.5 per cent for loans up to a maximum Rs.5 lakh. • • This year budget has also paved out the way for creating the two funds of each Rs.2000 core in the SIDBI. The one fund is decided to be set aside for risk capital financing and the other one has been declared for increasing the refinance capability to the micro, small and medium enterprises. • Furthermore by creating the Credit Linked Capital Subsidy Scheme the government has come up for assisting 15% of the bank credit with a motive of replacing old machinery and equipments. with technologically and high graded one. • The creation of the 'Outreach Programmed for Skill Development in Less Developed Areas' in 2006 is considered to be one of the important step taken in the direction of micro, small and micro enterprises (MSEs) progress. 44
The said programmed is directed towards developing skills and for imparting training to people.
RESERVE BANK GUIDELINES FOR SMES
Every Bank is required to set up its own policies for providing monetary assistance to the SME. Banks may start taking important steps for rationalizing the cost of loans granted to the SME sector. They should adopt a transparent rating system. SIDBI has its own Credit Appraisal & Rating Tool (CART) and Risk Assessment Model (RAM) along with a rating model. These have been developed for assessing risk involved in SMEs projects. The National Small Industries has their own Credit Rating Scheme, which in turns boost up the Small scale enterprises for getting them credit rated by the eminent credit rating agencies.
For making formal credit possibilities accessible to the small and medium enterprises, all banks including of regional and rural banks are required to take up concrete steps for providing credit facilities to an average of at least 5 micro, small and medium enterprises (MSME's).
Reserve Bank has issued a notification to all banks for detailing out their procedures of disposition of loan applications of MSME's including of the extent to which banks are permitted to grant collateral free loans etc.
Reserve Bank has made special arrangements in institution for analyzing credit requirements of such units. Like the Standing Advisory Committee in Reserve Bank and cells at head office and regional centers of the bank, check and review the credit flow to SME.
SEBI GUIDELINES FOR SMEs
• Indian financial markets regulator, the Securities and Exchange Board of India (SEBI) has decided to frame out plans and policies for developing small and medium enterprises. • For this purposes comments and discussion are invited by the SEBI from market players with the help of its discussion paper. The move of SEBI in progressing SMEs is considering as a concrete step taken in the direction of improving condition of the segment. • While discussing its plans, SEBI ruled out the concern areas of SMEs, which it has outlined during its regular interactions with the different market participants. High cost involved in raising of capital is doted out to be a major problem. • To facilitate more capital inflow into the small and medium enterprises, SEBI has come up with an idea of creating a separate stock exchange for the small & medium enterprises in India. • • • It was not the first attempt made in the direction of implementing policies for the small and medium scale enterprises. In 1989 OTCEI and in 2005 the INDO NEXT Platform of the BSE was launched. But both these experiments were failed to reach out their set objectives. The SEBI is all set to introduce new changes in the Indian capital market as the board is planning to introduce Indian depository receipts (IDRs) for benefiting small and medium enterprises. Besides solving monetary problems it will also deliver financial knowledge for educating investors.
All efforts were made by the researcher to make the study as scientific as possible.
It is offering working capital finance and term finance and rural and agriculture finance.
At present the AXIS Bank is not encouraging the SMEs, because they feel their repaying capacity is not up to the level.
The SMEs are not interested in taking loans from AXIS Bank, because of high documentation and higher rate of Interest.
The Loan procedure is cumbersome and it may not be able to fulfill all the documents required to submit for credit sanction.
The bank is not at all helping the loans sanctioning to the SMEs.
All the small industrial owners are illiterates and they like only public banks.
The Bank provides loans only to the well known customers only.
REVIEW OF LITERATURE
BRAHMANANDAM, G, N., RAI, H.L., DAKSHINA MURTHY, D, “Financing Small Scale Sector”. The Role of Banks” INDIAN BANKING TODAY AND TOMORROW, MAY 1981-the above article was prepared on the role of banks in financing the SMEs in the year 1981. At those times the Indian banking was not all interested in financing the SMEs, because of their credit worthiness. Later due to changes in the industrial policy of India, the commercial banks come forward made immense help to the growth of SMEs. This article was written before the economic reforms taken place. Here is a gap for more analysis about the role of the banks in the post economic reforms. My study on this topic totally focused on the credit facilities available to the SMEs in the wake of MSME act 2006. Due to the presence of the gap about the present to day activities are different to those of 1980’s. I made in depth study of the bankers role in providing the credit to promote the SMEs. CHOPRA, K.C., “Financing for the Decentralized sector –small and medium industries” THE BANKER, AUGEST, 2006 – The above article prepared on the thesis, reveals the financing for the SMEs in the decentralized sector. This article helped me in selecting the path for my study on credit facilities for SMEs. The 48
article vividly discussed about the possible ways to finance the SMEs in the decentralized sector like agricultural based and artisan based SMEs. Really there is a gap between the centralized and decentralized sectors in getting the finance from the banks. The banks are very much lenient in providing lone facilities to the centralized sector. Through my study I made an attempt to study the intricacies faced by the decentralized sector SMEs in Guntur District, well known for its agricultural based industries. JAILAL SAAW,”Growth of small scale industries in India” JOURNAL OF INDUSTRY AND TRADE, April -2005- The growth of small and medium industries in India was discussed in the above article. The expected growth was not there because of lot of root causes to sickness and under development in the SME sector. This article discussed about the slow growth rate of SMEs, dues to several problems. Through my study I focused on the one problem that is financial problems faced by the SME segment. I concentrated on the credit facilities offered by the governmental agencies as well as the commercial banks. JAYA PRAKASH REDDY, R., BRAHANANDAM G.N., “Small Scale Sector: problems and prospects” YOJANA 1-15, JAN, 1987- the above article deals with the various problems like marketing, raw material, labor, technical and financial problems. The focus on the finance related issue is very limited. They gave more importance to the procurement of raw material and marketing and labor problems in SME segment. But not discussed about the credit facilities for the SMEs. From study I focused more on the credit facilities available to the SMEs from the central Government and Commercial Banks. KAURA, M.V., SHARMA G.L.,”Financing Small Industries – institution should Change Their Attitudes, Procedures” “JOURNAL OF INDUSTRY AND TRADE, MARCH, 1999, - the above article discussed very vividly the attitudes of the financial institutions where belong to Central Government or State Government or the Governmental Agencies promoted for these propose. In the 49
wake of the MSME act 2006 passed in the interest of the small scale sector by the Government of India, the attitude of the financial institutions towards SME sector was totally changing The employees of above said financial institutions are very much helpful and friendly with the promoters of the SMEs. NAMBIAR P.C.D., “FINANCING FOR PRIORITY SECTORS” S.B.I MONYHLY REVIEW DEC16, 2007-The article on the above topic paved the way for the thinking strategy for the financing the small scale and medium scale industries by the bank offers. The Government of India through its industrial policy clearly stated that the commercial banks should give priority treatment to the SMEs. The nature of the banking officials also discussed in the article. But that is not sufficient to promote the SME sector because the sector was totally neglected for the last several decades due to invasion of the MNCs. By enacting the MSME act, 2006 the government of India clearly indicated the signal to the banking people to provide the credit facilities to the SMEs. This article is very much helpful in preparing the script for my thesis. PATNAIK,S.M., “COMPREHENSIVE LEGISTSTION NEEDED ECONOMIC TIMES DEC 2004- in the year 2004 the author was this article expressed his grief for an enactment to safe guard the SME sector. The Government of India in the year 2006 came with the special law for the protection of SME sector. Really it is a welcome gesture for the safekeeping the SMEs. In my thesis I discussed the intricacies and the implementation of the act by the nodal agencies for the promotion of the SMEs. RAMACHANDRA, K.S., REVIVING SICK UNITS, “FINANCIAL
EXPRESS” ACT 9, 2001 – the above article discussed the reviving the sick SMEs in various aspects, like providing technology, management training, skilled labor, export promotion and giving finance. The root cause for all the above problems is the financial problem. The financial institution should provide sufficient amount at the easy disbursal system to promote the SMEs. The topic
which I am preparing focused more on the credit facility awareness and availability of several schemes for SMEs.
SAHNEY, M., “BANKS ASKED TO STEM INDUSTRIAL SICKNESS” INDUSTRIAL INDIA VOL 36, 12 DEC 2005. Through this the author tires to express the need for banks intervention in the promotion of the SMEs. The officials of the banks in India are belong to middle class families and unaware of the industrial promotion and its need. Mere advice to the bankers is not helpful. So for that reason SRIMATY INDIRA GANDI nationalized all private banks for the development of agricultural sector in 1971. The MSME act 2006 instigates the banks to provide the credit facilities without any hesitation to the SMEs.
SOUNDARRAJA, INANCING SMALL SCALE INDUSTRIES, A REPORT, “RESERVEBANK OF INDIA BULLETIN 1980”APR –the reserve bank as a central bank and bankers bank and the prime lending bank to the government should take initiatives to promote the SME sector. The author is very interested in financing the small and medium scale industries in India, because it is providing more employment than any other sector. It arrests the migration to the cities from the villages in search of better jobs and better facilities. This topic has given me the encouragement to think in this way for the betterment of village and cottage industry development.
Jong Wook Ha, Soon-Gwon Choi and Sung woo Jung (2007) analyzed the Korean firms “on When, how and where do SMEs start global business”. This paper investigates whether traditional internationalization theory, especially Uppsala Internationalization Process (UIP) perspective, can be applicable to analyze new international phenomena of small and medium sized enterprises, such as International New Venture (INV). They recommend the development of a new concept to explain and analyze new internationalization phenomena, such as INV, Born-global, as 'Condensed Internationalization.' Kozan, Oksoy and Ozsoy (2006), in a study of Turkish Entrepreneurs found that business management training and financing are significantly related to an SME owner’s expansion plans. To be specific Turkish entrepreneurs need market information, technical assistance, information resources and training in finance and marketing to accumulate the resources necessary for expansion. Wheeler (2006), had studied on the urge to work by Micro – entrepreneurs in West Africa. He found that they were motivated by a desire to satisfy basic physiological needs – food and shelter. The Government should ensure provision of basic infrastructure and conducive environment for the survival and growth of the SME Sector in the country.Ratnam and Sengupta (2005) said that the banks are facing many hurdles in the new era of deregulation and ever increasing competition. To fight these problems efficiently, banks should focus on customer satisfaction, which can be achieved through providing customized products, innovative ways of delivery etc.
EIM (2005) in his study on technology upgradation observed that growing enthusiasm for internationalization by new technology based firms has led to a general perception that all Small and Medium Enterprises, irrespective of industrial activity, can enter foreign market through Foreign Direct Investment. 52
Shankar (2004) concluded that focus on customer is not to be viewed as just a business strategy but should become the corporate mission. The challenge for banks is in the areas of people changing their beliefs and attitudes, technology and competition. Santi (2004) concluded that for delivering quality service, it is imperative to have customer orientation as a culture in the bank. Customer orientation builds long term relationships resulting in customer satisfaction and cash flows to the banks. 1 Mukherjee et al (2003), presented the development of a theoretical framework for measuring the efficiency of banking services, taking into account physical and humanresources, service quality and performance. Expenditures on quality improvement efforts and the impact of service quality on financial outcomes have long intrigues researchers. A study by RBI on complaints received against commercial banks located in the jurisdiction of the concerned Regional Offices of RBI was carried out for the period January 1, 2003 to June 25, 2005. The complaints have been categorized into seven broad categories, including deposit account related activities of Direct Selling Agents, harassment of recovery of loans and general/others.
• The company should take the initiative of training the advisors about the new finance from time to time which also makes the advisors connected to the company. • Building awareness among small business people about the financial sources offering by AXIS Bank. Especially in the case of small and medium enterprises is must. So there is mutual benefits are possible • • While granting the loans the bank does not adhere the margin The company should emphasis on creating awareness about the loans to SME’S. • • They should extend the repayment period and decrease the installment amount To compete effectively in the SME financing sector, they also need to provide financial services that meet their specialized needs while coping with the high risks and costs associated with servicing them • The most efficient way to encourage lending to SMEs is to improve the ability of existing institutions to construct profitable and efficient lending programmers
• Proper training should be provided to the staff members for proper knowledge of the latest rules/direction of RBI, right attitude and professional approach towards customer service. • • • More Specialized branches be opened for SMEs Entrepreneurs. Loan Application forms/procedures be simplified. Higher Authorities should ensure that Reserve Bank of India/Government of India guidelines on SMEs Sector are being implemented by all the branches in letter and spirit. • Quick disposal of the Loan Application should be ensured.
• The main emphasis be laid on the Project/person rather than the collateral in SMEs Financing. • • • Soft loans be granted to SME Units for technology up gradations. Rehabilitation of sick SMEs units be considered timely in a professional way. Lower Interest Rate be charged from SMEs Industries.
• Technical staff be appointed in the branches to cater to the SMEs Customers • • The AXIS Bank is providing loans for SMEs The system of appraisal is very regarding in sanctioning the loans 55
• loan •
The SMEs are enable to submit proper documentation for approval of the
The Bank field officers occasionally provide guidance to business man
• The industrial owner feel the interest rate at AXIS when compare to other Banks
PURPOSE AND NATURE OF THE RESEARCH:
• The main objective behind the study is, to find out whether AXIS BANK
providing business loans to small & medium enterprises. • I had a prejudice that the banks are not providing loans to SME sector. Based
upon my observations I conduct study from the banker’s perceptive. • The AXIS BANK always focusing on loan segment for its revenue.
My study also focuses on the loan procedures followed at AXIS BANK.
• The research conducted throws light on the Credit Services Offered and Recovery Procedures that AXIS Bank has been trying to build through various strategies which includes various credit services for SMEs. • The study evaluates the effectiveness of Credit Services for SMEs and its Recovery Procedures followed by AXIS Bank . • Prepared well structured questionnaire to interview the selected customers in the Axis Bank for Credit Services offered for SMEs...
1. What are the credit services offered by AXIS Bank to SME’s?
How much credit are you offering for SME’s?
3 . Till now how many SME’s got lone sanctioned from your bank? 4. 5. 6. 7. What is the credit policy of the AXIS Bank? What is the rate of interest charged for SME’s? Is there any subsidy provided by the bank to the SME’s sector? There are any special considerations for SME’s segment?
8. Is there any special services counter allotted for SME segment?
9. Is the bank providing any consultancy service to the SME’s? 10. What are the advantages and benefits provided by the AXIS Bank?
Gadkari R.G. (1977), “Customer Service – Critical Success Factors” IBA Bulletin: Special Issue on Customer Service Vol XIX, No.3.
• • • • •
Talwar R.K. (1977), Customer Service in Banks, IBA Publication, Mumbai. Mishra S.N. Organizational Requirements of Village and Small Scale Industries, Mittal Publication, 1986. Goiporia (1990), Customer Service in Banks, IBA Publication, Mumbai. Narsimhan M (1991), The Committee on Financial System, Nabhi Publication, New delhi
Arora, A.K. (1992)Financing of Small Scale Industries, Deep and Deep Publication.
Bansal S.K. (1992), Financial Problems of Small Scale Industries, Anmol Publications, New Delhi.
Sharma J.P. “Small Scale Industry, Anmol Publisher, New Delhi. (1996).
Madhukar (1997), Customer Service in Banks – A New Sense of Urgency. IBA Bulletin. Special Issue on Customer Service, Vol XIX, No.3.
Ratnam Vijaya N and Suguna Kumari V (2005), Customer Service in Commercial Banks in the New era. Professional Banker, December 2005.
Shankar A. Gauri (2004), Customer Service in Banks, IBA Bulletin, Vol. XXVI,
• • • • • • •
Shanti Sarup K (2004), Customer Orientation in Banks for building long term Relationships. IBA Bullatin, Vol. XXVI. No.8. Rao Venkat Janardhan.(2006) K. “Working Capital Management in Small Scale Industrial Unit, Anmol Publication Pvt. Ltd., New Delhi. Sultan Singh (2008), A Study of the Quality of Services provided to SSI Customers by Public Sector Banks. http://www.investopedia.com/articles/03/073003.asp http://www.wri.org/climate/topic_content.cfm/cid=4220.
Office of the Development Commissioner M/O Micro & Small Enterprises
Account -- Money deposited with a financial institution for investment and/or safekeeping purposes.
Amortization -- A loan repayment plan, which enables the borrower to reduce his debt gradually through monthly payments of principal and interest.
APR (annual percentage rate) -- To make it easier for consumers to compare mortgage loan interest rates, the federal government developed a standard format called an "Annual Percentage Rate" or APR to provide an effective interest rate for comparison shopping purposes. Some of the costs that you pay at closing are factored into the APR for ease of comparison. Your actual monthly payments are based on the periodic interest rate, not the APR.
Balance-- An outstanding amount of money. In banking, balance refers to the amount of money in a particular account. In credit, balance refers to the amount owed.
Bank -- An establishment for lending, issuing, borrowing, exchanging, and safeguarding money.
Borrower -- A person who received funds in the form of a loan with an obligation to repay Principal with interest
Bridge financing – A loan spanning the gap between the termination of one loan (generally short-term) and the start of another (generally permanent long-term) loan. Also referred to as gap financing.
Bridge loan – Sometimes called a "swing loan", a bridge loan is generally a loan that is secured by a borrower's current residence to obtain the funds needed to
purchase a new home if the current residence will not be sold prior to the purchase of a new home.
Capital --1) The net worth of a business defined by the amount by which its assets exceed its liabilities. 2) Money used to create income. 3) The money or other assets comprising the wealth at the disposal of a person or business enterprise. 4) The accumulated wealth of a business or individual.
Cash—Currency, checks and other negotiable instruments acceptable for direct deposit by a bank.
Collateral -- Anything that a bank accepts as security against the debtor's not repaying a loan. If the debtor fails to repay the loan, the bank is allowed to keep the collateral. Collateral is most commonly in the form of real estate (e.g., a home).
Compound interest – Interest paid on the original principal balance, and on the accumulated and unpaid interest.
Co-signer -- Another person who signs your loan and assumes equal responsibility for it.
Credit rating -- A financial institution's evaluation of whether a person is suitable to receive credit. Credit ratings are based on an individual's character, capacity to repay, and capital.
Credit limit -- The maximum amount of money a borrower can access in a credit account.
Credit report -- A record of an individual's current and past debt repayment patterns. A credit history helps a lender to determine whether a borrower has a history of repaying debts in a timely manner. For our comparison purposes, the credit report fee is considered to be a third party fee.
Interest -- The cost of the use of money.
Late payment -- A payment made later than agreed upon in a credit contract and on which additional charges may be imposed. 64
Mortgage -- The legal document used by a borrower to pledge their property as security in order to obtain a loan. In some areas of the country, the mortgage is called a "deed of trust".
Overdraft -- A check written for more money than is currently in the account. If the bank refuses to cash the check, it is said to have "bounced."
Prime rate -- The interest rate that banks charge to their best customers for shortterm loans. Changes in the prime rate can influence changes in other interest rates
Secured loan – A loan that is backed by collateral
Term -- The loan term is the number of months that you will make monthly payments. If the loan term is the same as the payment calculation term, you will 65
pay the loan in full during the loan term and no balance will be due. If the payment calculation term is greater than the loan term, a balance or "balloon payment" may be due at the end of the loan term.
Unsecured debt -- A loan that is not backed by collateral
Bank credit: The borrowing capacity provided to an individual by the banking system, in the form of credit or alone. The total bank credit the individual has is the sum of the borrowing capacity each lender bank provides to the individual.
HUL P&G C&P TV FMCG : : : : : Hindustan UniLever Proctor and Gamble Colgate Palmolive Tele Vision Fast Moving Consuming Goods
Association of Mutual Funds India 66
AUM CBFI CCBI CRISIL FDI NAV NFO SEBI ASL SE Mf MF’S NASDAQ BSE NSE
: : : : : : : : : : : : : : :
Assets under Management Crisis Balanced Fund Index Crisis Composite Bond Index Credit Rating & Information Services of India Ltd. Foreign Direct Investment Net Asset Value New Fund Offer Securities Exchange Board of India Allianz Securities Limited Securities Mutual Fund Mutual Funds National Association of Securities Dealers Automated Quotation Bombay Stock Exchange National Stock Exchange.
SIP AMC NABARD
: : :
Systematic Investment Plan. Asset Management National Bank for Agricultural and Rural Development
BIBILOGRAPHY BOOKS:• Retail Banking
SME Entrepreneurs Challenges and Opportunities Edited by S Baskaran and I B Saravanan. ( Derivatives )
SMEs Key Driven for Growth Edited by Amit Singh Sisodiya and N Janardhan Rao. ( Derivatives ) 68
Marketing of Financial Services by Various Banks in India.
WEBSITES:• • • • •
www.axis bank.com www.google.com www.scribd.com www.wikipedia.com www.pdfoo.com
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