VIJAY POPAT

Hedge Funds Industries dynamics in simple language.

2011-11-27T19:39:00.000+05:30

The hedge fund industry has grown at a ferocious pace in the last decade, from as few as 300 funds in 1990 to more than 10,000 funds today. These funds have become highly visible in markets and the press, and are estimated to manage over $1.4 trillion in assets, both through onshore and offshore funds.

The very first hedge fund was started by Alfred W. Jones in 1949. By using leverage and short selling, he effectively "hedged" risk in the marketplace. Though his hedge fund greatly outperformed mutual funds of that time, hedge funds really didn't feign much interest until the 60's. Big names like Warren Buffet and George Soros took an interest in Jone's strategy, and over the next th years, 130 hedge funds were born.

Hedge funds, like other alternative investments such as real estate and private equity, are thought to provide returns that are uncorrelated with traditional investments. This attracted an increasing number of individual and institutional investors. However, while Alfred Jones' strategy employed short selling and leverage, there are a multitude of different strategies used by hedge fund managers today, and the term "hedge" doesn't always apply, since many of these funds are not hedged at all. In fact, many hedge funds attempt to capture absolute returns and take positions that are often highly speculative.

In 2008, the hedge fund industry faced one of its worse years in history as markets across the globe crumbled. Many of the best and brightest managers and investors faced losses of 30 percent or more, and assets under management decreased as investors opted into treasury bills and cash investments. Still, many of the strategies utilized by hedge fund managers capture greater returns in a volatile market, and some of the hedge funds found ways to make investors money despite the financial crisis.

In the first half of 2009, the industry as a whole has bounced back in dramatic fashion and seen its popularity rise among many investors. What does the future hold for this often misunderstood investment class? Only time will tell.

Employing vastly different investment strategies and approaches to risk-management, hedge funds are defined by their structural characteristics, rather than their "hedged" nature.

Hedge funds are primarily organized as private partnerships to provide maximum flexibility in constructing a portfolio. Hedge funds can take both long and short positions, make concentrated investments, use leverage or derivatives, and invest in many markets. This is in sharp contrast to mutual funds, which are highly regulated and cannot easily take advantage the same breadth of investment instruments. While mutual funds are mainly limited to stocks and bonds, hedge funds enjoy a wide variety of investments which may include futures, PIPEs, real estate, art, even website domain names.

Hedge funds typically use a different fee structure for investors than mutual funds as well. While both mutual funds and hedge funds charge a management fee or a fee based on a percentage of total assets under management, hedge funds typically charge a fee based on a percentage of profits, known as a performance fee. The performance fee helps to align the managers' and investors' interests. In addition, most hedge fund managers commit a portion of their wealth to the funds further aligning their interest with that of other investors. Thus, the objectives of managers and investors are the same, and the nature of the relationship is one of true partnership.

Another feature of hedge funds is you must be an accredited investor or a qualified client in order to invest your money. This is one of the very few regulations that hedge funds must abide by and is designed to protect the average middle-class investor from getting into investments they don't fully understand.

VIJAY POPAT

MY 1ST JOB EXPERIENCE

2011-05-30T22:17:00.000+05:30

Now this would be history for me:-

" VIJAY POPAT
Sales Development Manager
HDFC Life Insurance Co. Ltd.
3 Red Cross Place, Menaka Estate ;
Park Circus Branch ( ROB )
Kolkata - 700001
Email:- vpopat@hdfclife.in , vijaypopat88@gmail.com
Get connected:- www.hdfclife.com "

After passing out from IIPM kolkata, me along with all my close friends from IIPM were looking forward to kick start their career with a bang after coming out of Management school. We were very optimistic and happy about finally stepping into corporate life after a fun filled learning experience from safe walls of IIPM.

It took us 72 subjects to clear and become eligible wild and cruel corporate world. Me along with few of my close freinds i.e; NITA CHANGANI, ASIF ANSARI, RAHUL AGARWALLA, WASIM AHMED, RACHANA JAIN, MANINDER KARNANI , and others waited till last to get through our dream job profile which was related to " FINANCE " through campus placement. But sadly destiny had its own faith, we never got suitable opportunity from campus about pure finance profile. Most of the opportunities were marketing and sales job. After a long wait since October 2010 to January 2011, we all became frustrated with our destiny and were scared about our career path as it was really hazy and almost in darkness.

After a long struggle and wait for suitable opportunity we finally decided to jump on to sales and marketing job as well till we don't get our desired job profile. But again destiny ditched all of us... we realized this fact after almost 90% good companies have already gone from campus after their due placement visits. Companies like, ICICI DIRECT, STANDARD CHARTERED, DEUTSCHE BANK, CITI BANK, HSBC DIRECT, RBS and even many other good non financial marketing companies came and went and that opportunity was also lost from few of us unlucky people. So finally we lost hope to get good placement from campus.

Here started the tough fighting journey with couple of my friends for shaping our career. Me along with NITA & ASIF, we all took the bold decision of stepping ahead and taking our biggest step towards making the choice of our career through the most adventurous path. We consulted our summer internship boss i.e; Mr. Kaushik Majumdar, the ex- Business Development Manager of MAX NEW YORK LIFE, and current Branch Manager of L & T LIFE INSURANCE, to guide us from where to start our career at least until we get our dream job. As per his guidance all three of us joined HDFC - LIFE. Me on 17.01.2011, NITA ON 20.01.2011 and ASIF on 10.02.2011 as SALES DEVELOPMENT MANAGER.

We all were very happy to get through a job because it was our self achievement without any help from college placement leg. Though you people must be thinking it was a sales job in INSURANCE industry but still it was a catalyst for us as were determined to prove a point to all of them who didn't even thought the level " A" students to get better placements.

Before i start about my 1st job experience i would like to thank MR. ZULFIKAR HOSSAIN the TERRITORY MANAGER of HDFC- LIFE for providing all the three freshers including me and my friends the golden opportunity to learn and start our career as managers in AGENCY CHANNEL. I am grateful to him not only because he gave me job, as being an CA final student and MBA with major in FINANCE AND MARKETING, this job was not that hard to crack, but i am thanking him for all his patience to tolerate us and teach us all required skills, knowledge and required technique to survive in this industry.

Overall it was a short ie; (17.01.2011 to 11.05.2011) but learning and fun filled experience in HDFC. I had my summer internship from MAX NEW YORK LIFE in agency channel itself so the Job was not alien for me. My job was to identify potential Financial consultants and recruit them as advisors and get the business target done with the help of them. In this short period i recruited 8 FC, with a cumulative business of above 2 lacs. Its not a flattering figure but for a finance guy to enter into completely hardcore sales environment with the toughest financial product to sale was still satisfactory.

This job has taught me a lot of things... 1st of all it boosted my communication skill and also injected immense self confidence to deal with all crisis situation and tackle tricky people. This journey won't have been fun filled and memorable if my friends NITA & ASIF were not part of it. We three were like one unit in whole of Dalhousie branch of HDFC - LIFE. I don't know from where to start about our great journey together. I still remember one of the weirdest experience of visiting HOWRAH Fish market along with ASIF on a call with a client and staying there for more than 2 hours and even having lunch in mid of fishy smell all around. It sounds funny but that experience opened me up to all adverse experience. I still remember the day i closed a big deal on my own, and was successful in closing the deal positively... it was a amazing experience. All small funs that we used to have like going movies in mid of official timings, going shopping malls, watching ipl matches, etc will remain with me as a lifetime experience.

All of my colleagues like SARMISHTA DI, AMIT KUMAR DAS, AFROZA DI, DEBASHISH DA, RAJU, ANNUPAM, JOYONTO DA, ABHIK, SHAGUN, ZULFI SIR, NILANJANA MAM, DIBNENDU DA, ARUP DA, SAMBHU DA, ABHISHEK, RAJESH, ANIL, SANTOSH, YASH RAJ, etc.. and yes NITA & ASIF all were amazing and extremely supportive. I have learnt something or the other from everyone.

Being a management student, the three of us came with a unique idea of bring summer interns in HDFC- LIFE through B- SCHOOL to work in agency channel for sometime. We were successful to tap Scottish church college kolkata, and bring 4 interns to work for one month. I still remember the day when we went to give presentation for internship purpose in Scottish church. Parth, poonam , kashif and keerti where those four students, who were extremely dedicated and hard working. It was a very educating experience to enter in such a venture.

As it was a sales line it was never smooth journey. There were many moments when we got depressed and wanted to quit the job. There was huge pressures of targets and expectations from above which during Jan, Feb and mar reached its peak. Many times we were exhausted and completely drained but at that times, because of each others support we sailed through all tough times. I would really like to thank my friends for their support and advice

But as i started earlier, that this job was never a destination for us. We entered this job because we wanted to prove that we can make our own career. Luckily i got through a decent job in HSBC as a FUND ADMINISTRATOR on 12.05.2011 and have finally moved into my desired profile of " FINANCE " after many struggle, wait and extremely patience since Oct 2010 to may 2011. Finally i am into a job through which i can at least try to shape my future accordingly. I just hope with all good wishes of my friends and blessings of my elders i will make something better out of my career. I am proud because i have achieved a good job alone without any help from the people who thought we all don't deserve a better job or we cant get one.

Now currently i am ;

"VIJAY POPAT
HEDGE FUND ADMINISTRATOR;
HSS - A & V ASIA;
HSBC- HDPI
KOLKATA "

I hope things develop for better from now on. I wish and pray that my friends NITA & ASIF both get through a better job as fast as possible... because i know they are made for something big in their respective careers rather than just selling INSURANCE. And i am 100% sure that in next two months they would be also writing similar memory blog and missing our struggle period in INSURANCE INDUSTRY.

GOD BLESS all my friends for their prosperous future. Before ending i would like to add that " "never say die ".... there are many hurdles and many people will try to stop you but fight your way and have patience because God always supports hard work and dedication.

Thanks a lot for bearing with such a long letter

VIJAY POPAT

ULIP business down by 15% during 2010-11

2011-04-17T10:18:00.000+05:30

NEW DELHI: Amid a row between Sebi and insurance regulator IRDA over control of unit linked products, the ULIP business declined by 15 per cent during 2010-11.

"The proportion of sale of ULIP products has certainly come down. When compared to last year, ULIP business has gone down by about 15 per cent," IRDA Chairman J Harinarayan told reporters on the sidelines of FICCI National Conference on Insurance.

ULIPs -- which are hybrid insurance products in which a portion of the investor's premium is invested in equity -- became a subject of controversy after market regulator Sebi in April last year banned private life insurance companies from issuing such schemes. Soon after, IRDA issued a order asking insurers to ignore Sebi order.

After the government directed that IRDA would have jurisdiction over ULIPs, the insurance regulator came out with new guidelines for such equity-linked products in September last year.

ULIPs, which used to be around 60 per cent of life insurers business prior to the guidelines, saw a decline as agents shifted focus to traditional products.

As per the new IRDA guidelines, the commission paid to distributors and expenses charged by insurers will no longer be front-loaded and will be distributed over the lock-in period of the schemes, which has been raised to five years from three years earlier.

Though the new rules will benefit policy holders, reduce the first-year agent commission and help in curbing rampant mis-selling, insurance firms will be required to underwrite more losses, infuse more capital and cut costs to sustain ULIP sales.

Furthermore, IRDA has fixed the floor on guaranteed returns from ULIP pension plans at 4.5 per cent, which will greatly benefit policyholders saving up for retirement.

Along with these changes, the regulator has fixed stringent minimum disclosure guidelines for insurers.

Under the new disclosure norms, agents cannot take policyholders for a ride, as they can now see the financial position of the company over the website and do not need to depend on agents, said an industry expert.

The life insurance industry has grown 8-fold in the past decade--from a total premium income of Rs 34,892 crore in 2000-01 to about Rs three trillion in 2010-11. Over Rs one lakh crore of total premium is estimated to have come from ULIPs in 2010-11.

VIJAY POPAT

GST-It must be better late than never!!

2010-10-23T18:51:00.000+05:30

How truly it has been said. The change is the need of time, change is innovation, but it becomes arduous when it is not accepted by that people for whom it was made. Whenever any change is about to come in our country it hangs in the way cause of lack of cooperation. To change the system of Indirect taxation Government brought a new system for implementation called GST-The goods and services tax. It was heard that GST will bring a drastic revolution in Indian Indirect Taxation system but the real picture shows something else as it itself become a reason of struggle between Central and states.

Need:-

Indian entrepreneurs are loaded with a number of taxes. Almost every business transaction suffers a different tax. For services, it is service tax, for manufacture it is Excise Duty, for sale within state it is VAT, for inter-state sale it is CST, for income earned it is Income Tax, for wealth created it is wealth tax, etc. These are mere examples for the consultants, but for the businessmen, they mean a lot of compliances involving a significant number of man power and money. In order to relieve the businessman from some of the taxes, government has planned to bring a composite levy – The GST which is said to bring a tax-revolution in the country. It is said that the GST will simplify the complex tax structure of the country and will replace around 16 central and state taxes including the service tax, excise duty, VAT, etc. while maintaining a collaboration between the Centre and the State.

Benefits:-

The main beneficiaries will be the business personnel. At present, there are a no. of taxes governed by different Acts and rules. The separate records are to be kept, separate returns are to be filed, different dates are there for payment of taxes and filing of returns, etc. which require a significant amount of man power and money. However, the GST, when implemented, will replace many of the taxes and will obviously reduce the paper work, man power and money. Further, there are no. of ambiguities in certain cases which makes it difficult to ascertain as to which law is applicable. For eg. software and SIM cards are service or goods? The service tax department says it is a service while the sales tax department says it is sale of goods. The GST will resolve the issue. The Government too will be benefitted. It is anticipated that the GDP of the economy will be increased by $500 billion and exports will also increase by 15%.

Beginning of GST:-

The Thirteenth Finance Commission, as constituted by the President on November 13, 2007 to give recommendations regarding the Central-State Fiscal relations during the year 2010-15. The Commission recommended a model GST structure and also recommended a grant of Rs. 50000 crores for its implementation. The recommendations were accepted in principle and discussions were carried out between the Centre and State.

The Empowered committee of state finance ministers has released the First discussion paper on GST on 10.11.2009 and it was proposed that GST is going to be implemented on 01.04.2010 with its new developments regarding unvarying tax rates all over country, removing cascading effects of Cenvat and service tax with set off by making a chain of set-off for hierarchy of Producer/manufacturer/service provider to Retailer/End user level. For this purpose GST is to be introduced at state level. But as history repeats itself Government had faced and still facing intricacy of different opinions of states in the way of implementation of GST. It is not an easy task to combine all the provisions and demands of the states having different thoughts and opinions. When everyone was waiting to greet with GST it was recommended in Report of Task Force on GST that it will be postponed till 01.10.2010 due to oppositions raised by states which is again delayed by 01.04.2011.

In the middle:-

On oppositions made by states, Government presented a revised draft bill of GST in order to arriving at consensus with the states. In the revised bill Government has provided veto power to the Union Finance Minister relating to state subjects matters on taxation issues. Then after Finance minister had offered some concessions on major demands of states relating to simplification of tax administration and replacement of multiple levies of taxes like CST, VAT, Excise, Service tax into a single tax. Government also proposed dual rate system to be included in GST system but because of this new system states may have revenue loss in initial year of implementation of GST. For this it was cleared by the government for compensation to states for switchover to the new tax regime including special incentives to those states such as Punjab and Haryana for loss out of purchase tax. The Government also agreed to exclude crude oil, petrol, diesel and ATF from the GST structure on demand raised by states.

Present scenario:-

But as it was predicted this bill also comes in litigations between states and central. The Empowered Committee of State Finance Ministers on GST has rejected the constitutional amendment bill on 01.08.2010. The BJP-ruled states, including Gujarat, Madhya Pradesh, Chhattisgarh, Himachal Pradesh and few others had opposed the constitutional amendment saying that all powers of the states have been snatched through the constitutional amendment. Chairman of the Empowered Committee of State Finance Ministers commented on the constitutional amendment that states were against infringement on their financial autonomy and have certain reservation on the provision of draft bill for the GST council and the GST Disputes Authority hence this draft bill is not acceptable in this form to the states. However some states were in favour of this amendment.

On coming of oppositions from many states, Centre has given up on the matter of veto powers given to the Union Finance Minister. The veto power has been withdrawn from the constitutional amendment bill on GST with giving a statement that central FM had no any intention of becoming the Super Finance Minister to interfere with the State GST.

In the latest meeting of state finance ministers and centre for GST, held on 20.09.2010 many states has accepted the approach of new draft of GST bill except few mainly Gujarat and Madhya Pradesh who still have different viewpoint. In that meeting the Madhya Pradesh government given an idea of an alternative model of the GST and BJP rules states has supported to it. Also some other states have allotted one month time for consideration to make their opinion on revised bill. In the meeting the states has stressed on retention of their rights and wished some more changes in the proposed Act.

Next what?

Recently, while addressing an interactive session organized by the Merchants' Chamber of Commerce at Kolkata, the chairman of empowered Committee – Mr. Asim Dasgupta, who is also the finance minister of West Bengal; indicated that the ongoing conflicts between the states regarding GST are about to resolve. The matter will be on board once again on October 30, 2010; when the empowered Committee will meet again. The points of dispute – the Dispute settlement mechanism of GST and GST council constitution will be discussed therein.

Before Leaving:-

Government has to obtain categorical support of all the sates since two-third majority is required for ratification of GST. But some states ruled by BJP and other opposite parties are not happy on implementation of GST. So it becomes a necessity for both Centre and States to have consensus on GST very soon for bringing the GST in actuality in 2011. But after coming of statement of Revenue Secretary in this august that introduction of GST will miss the deadline of April, 2011 it becomes unambiguous that the matter of GST becomes political issue rather than an economical or legal one. It is ever called that “Better late than never” so we can hope that the delay in coming of GST will bring a fruitful result with it’s implication. Let we hope that GST bill will be presented in winter session and political differences will shut down.

************

VIJAY POPAT

SIMPLE TRICKS FOR PREPARING C.A. EXAMS

2010-09-21T15:20:00.000+05:30

NOTE:- This info can be applied to any competitive examinations.

Many a times student ask whether 3 or 4 months will be sufficient enough for the preparation of examination like CA final, not only this ,they will put certain conditions like they are average or dull student ,now will the time be sufficient for them to complete the syllabus. Someone will say we are smart worker , some one will say we are hard worker, now tell how much time will be sufficient for the exam preparation so that we can pass it with one go. These are the general queries come to ones mind when some one is facing the professional examination.

The solution to all the above queries will be given with the help of an algebraic equation.

Suppose for passing CA final a minimum of 10000 points is required, then this 10000 points can be achieved by multiplying two things i.e. 1.effective hours given for study and 2. points generated per hour

We can write the Points Required in the form of equation as:

Points Required(P) = effective hours given for study(H) X points generated per hour(G)

Assumptions behind the equation:

The views and thoughts behind the exams and the knowledge required is expressed with the help of this equation and points required is just a resemblance to the thought.

The Points Required(P) is complete in itself and it covers all the factors necessary for clearing the examination like smart work, hard work etc

Effective hours given for study (H) is the time when you feel that you have actually studied or learned something while studying

From the above equation following facts comes into picture

1.As we know ,points required is a constant figure ,hence if someone can generate higher points per hour ,then he/she has to contribute less effective hours of study compared to others and vice-versa

For E.g.: If “A” can generate 10 points per hour then he has to give only 10000/10 =1000 hours of effective studies. On the contrary if “B” can generate only 5 points per hour then he has to give 10000/5= 2000 hours of effective studies

2. We can say that, one who feel him/her self more knowledgeable and Intelligent compared to others will have to give less effort compared to those who feels themselves as ordinary and average student

3. CA Curriculum has provided sufficient time for studies i.e. 2 to 3 complete years for the preparation of final exams which is sufficient from the exam coverage point of view. But still under some circumstances one can say that the time is not sufficient for the preparation

For e.g. if ”C” can generate only 1 point per hour then he has to give 10000/1= 10000 hours of effective studies. If he manages to give on an average 8 hours of effective studies per day for all the time period of his studies then he has give 10000/8=1250 days i.e. 1250/30=41.67 months i.e.3.47 years which is exceeding 3 years of time. Hence time became the limitation or hurdle in this situation. So in that sense can we say that this course is not meant for “C”. No, “C” can also finish this course and its very much possible, and he can finish the same, very much within time. Now we will see how is that possible.

“C” will not take the time up to 3.47 years rather ”C” will try to generate more points per hour. Is increasing the points generation per hour possible? Yes it is very much possible. The below points are very much important for those who feel that they are below or average student:

1. Do Yoga and Meditation. Concentration to a particular thing or a particular number or symbol with closed eyes increases the efficiency and thinking power

2. Solve Quiz, Sudoku etc, on a regular basis. By playing with mathematical numbers , the brain becomes sharp and intelligent, and the analytical power of the person grows.

The above two points will not give the result after one or two days but definitely in the long run this will work a lot. And the points generating power per hour can increased to 3 or 4 from 1 within a period of six to eight months if one will follow it properly with complete dedication.

Thus now “C” will require only 3.47/3 i.e. 1.16 years of complete studies with 8 hours a day, which is much lower than the maximum time given for preparation by CA curriculum

Hope the above points will be very much helpful for those students who feel that CA is not there cup of tea.

Now one more question can be raised on this equation, whether it covers the luck factor also?

My personal opinion is that, there is nothing called luck as such, if I will tell you through my example then the points required to pass CA was 10000 ,which was made by covering all the aspects, that means a minimum prescribed level of knowledge is what expected by the Course Curriculum and if that level of knowledge is not there with the candidate then he/she is not supposed to pass. And if the same happens in the examination we call it as the luck. But according to me he fails due to one of the two reasons: 1.Either his/her level of knowledge was not matching with ,what was required by the course curriculum or 2.Though his knowledge was enough but he/she was lacking with the presentation skills. But I will say “Luck required or not” is a very subjective thing and will vary from person to person.

If I will insert luck factor into the equation then the new equation will look likes

Points Required(P) = effective hrs given for study(H ) X points generated per hr(G) X Luck Factor(L)

In my previous equation luck factor was by default 1,as L was 1 so it was not necessary to show L as the part of equation, as anything multiplied by 1 will remain that only.

Now here in the new equation , we will see how it works:

Suppose ”D” says he always have negative luck when he appears for the exam. He says his luck is only 50% of others luck, means assuming other things same his chances of passing examination is half compared to others chances of passing the exams. And “D” also says that he can generate 5 points per hour then we have only G is missing in the equation:

P = H X G X L i.e. 10000= 5 X G X .5 i.e. G=10000/(5 x .5) i.e. G = 4000 hours.

Without considering the Luck Factor D was supposed to give only 2000 hours for studies but now as his luck is negative then he has to give 4000 hours. From this example one good point comes into picture:

1. The luck factor can be compensated with the efficient and effective work. As the P is constant hence lower will be the L higher will be the G required

Conclusion:

This equation was there just to make you aware of your talent and potential. Nothing is impossible, and the success is achievable under worst to worst scenario.

The points generation per hour (G) is a subjective and relative term, and only one can understand his or her potential and generation capacity. After reading this article if you are going to ask me “how much points will I be able to generate per hour ,given the condition that I am average or dull student”, then I will not be able to answer your question, it is only you who can give answer to this question.

VIJAY POPAT

2010-08-12T17:27:00.000+05:30

Online or offline - which tax filing process should you follow

In the digital age, its now possible for individuals to e-file their tax returns online. However, the offline option of physical filing continues to be popular. Over time, it is expected that more people will try out e-filing. Here we do a quick review of the respective processes involved in online and offline filing of tax returns.
Online – e-filing of tax returns
If you want to file your returns electronically, you have 2 options:
Option 1 – You can use online tax filing portals for preparation and filing of your tax return
Option 2 – You can e-file your tax return on Income Tax Department’s website after preparing it on your own using the software utility provided on the department’s site.
In each of the above options, your return will be electronically sent to the tax department. However, you still need to sign your tax return. If you have a digital signature, you can use this to electronically sign your return.
However, if you don’t have a digital signature, you will need to print out your ITR-V form. An ITR-V is an acknowledgement generated on filing your return. Print this document and sign it. Then send this hard copy of your ITR-V to the Central Processing Cell of Income Tax Department in Bengaluru within 120 days through ordinary post.
Offline – physical filing of tax returns
There is no danger or bias in filing online returns. However, if you are still old fashioned and slow to join the digital age, then you can choose to file your returns in physical form.
For physical filing you will have to prepare your tax return using the relevant form either on your own or through the help of a Chartered Accountant. Once your return is ready and signed by you, you will need to submit this to the local Income Tax Office.
Some things to remember
Here are some things for you to keep in mind:
• Whether it is electronic filing or physical filing, under the new procedure, individuals do not have to attach any documents or enclosures with the return of income
• The medium of filing has no bearing on whether the tax authorities will scrutinize your tax return and tax affairs. It makes no difference to the tax department whether you e-file or file physically
• If you are due a refund, you are not going to get it any faster if you file in one way or another.

VIJAY POPAT

TAX SLAB

2010-08-12T17:14:00.000+05:30

Know the new income tax slabs

The new income tax slabs for this financial year would help the common man save up to approximately Rs 50,000 per annum.

Additionally, Budget 2010 also offered an annual deduction of Rs 20,000 towards an investment in long-term infrastructure bonds, on top of whatever 80C deduction a taxpayer might have taken.

If you earn up to Rs 3 lakhs per annum, then there will be no change in your tax liability. If you earn between Rs 3 lakhs to Rs 5 lakhs, you can now save up to Rs 20,000 per annum. And, if you earn between Rs 5 lakhs to Rs 8 lakhs, you can now save between Rs 20,000 to Rs 50,000.

The above amounts are substantial enough and are expected to help promote higher consumption which will further boost our economy. Whether these savings are used to buy big-ticket items such as electronics or white goods, or spent towards daily consumption, or used for investing towards meeting financial goals, the common man will find many ways to take advantage of this tax break.

The following are the new tax slabs according to your gender and age that might be applicable to you.

For Men

Up to Rs 1,60,000 - Nil

From Rs 1,60,001 to Rs 5,00,000 - 10%

From Rs 5,00,001 to Rs 8,00,000 - 20%

Above Rs 8,00,001 - 30%

For Women

Up to Rs 1,90,000 - Nil

From Rs 1,90,001 to Rs 5,00,000 - 10%

From Rs 5,00,001 to Rs 8,00,000 - 20%

Above Rs 8,00,001 - 30%

For Senior Citizens

Up to Rs 2,40,000 - Nil

From Rs 2,40,001 to Rs 5,00,000 - 10%

From Rs 5,00,001 to Rs 8,00,000 - 20%

Above Rs 8,00,001 - 30%

VIJAY POPAT

RISK AND RETURN

2010-08-12T17:10:00.002+05:30

What investors must understand about risk and reward

When it comes to investing your money, have the following thoughts ever come to your mind: "I want high returns but at low risk" or "I want to get 30% annualized returns, but must keep my principal safe". If so, then you are setting yourself up for disappointment.

Don’t blame the financial markets or your luck or your investment advisor. Rather take some time to understand that earning a high return at low risk is incompatible. If you want to create wealth for yourself and your family, you need to take some calculated risks and can’t be totally risk averse.

Here we will help you understand the trade-off between risk and reward, and also help you understand where on the risk-return spectrum some popular investment options fall.

The trade-off between risk and reward

Many a wise person has shared their wisdom to the effect that “if you want to achieve lofty goals, you have to take some risk.” Usually, the goal is compelling and rewarding enough for us to willingly take on the risk. However, we think of ways of mitigating the risk through some kind of damage control so that we don’t end up suffering if the risks were to materialize.

For instance, lets say our team is batting second in a one-day cricket match where the opponents have set us a very demanding target of scoring 400 runs in our allotted overs. If our team just scores singles and doubles, it might be safe, but we will fall dramatically short of achieving our target.

By taking no risk, we might conserve wickets, but we are almost sure to lose. To achieve this lofty goal of scoring 400 runs, our team will have to take risks. We will have to swing for the fences. Only then can we have some hope of reaching our target. In summary, scoring 400 runs (or earning a high return) while taking no risks is going to be almost impossible.

The same is true for investing. Earning a high return but while taking on very low risk is not possible. It’s a balance that even world-class investors struggle to achieve. Investment history has shown that you just cannot have it both ways - you generally get high returns only when you take higher than usual risk.

Take calculated risks – reward must be compelling

Exposing oneself to risk is not something one should do blindly. It must be done in the context of what the expected pay-off might be. If the reward is compelling enough, then it probably makes sense to take on the risk. Otherwise, it is not worth it.

Let’s take an example from everyday life. Wearing a seatbelt while driving is compulsory. Yet, many of us choose to drive without fastening our seatbelt. This exposes us to numerous risks. However, taking on these kind of risks has very little upside or payoff, but clearly disastrous consequences if the worst were to happen. This kind of a risk, which has no upside, is not worth taking.

Contrast this with the batsman chasing 400 runs who tries to hit every other ball to the boundary, with a degree of power and placement. Sure, there is a risk of getting caught but this risk is probably one that is worth taking because the payoff of scoring a six and chasing down the target is rewarding enough.

The big takeaway here for all of us here is that risks should only be taken when there is an upside and the expected payoff is rewarding enough. This is a lesson we must remember when investing our money.

Risk across the investment spectrum

Let’s take a look at common investment options and their risk reward trade-offs. The following will help illustrate how we as investors expect higher returns as the risk associated with the investment increases.

Let’s say I have Rs. 10,000 to invest into a fixed income instrument, an instrument that will give me a fixed return that is pre-set at the time of making the investment. I am considering 3 options: investing in a fixed income security issued by the government or a government backed entity, investing in an FD issued by a bank, or investing in an FD issued by a company.

The government security will pay the least amount of return (the reward) because it is least risky. It is backed by the government, and all things being equal the government ought to be a safe party to loan money to.

The bank FD will pay a slightly higher return because the government guarantees only part of the deposit so there is the risk of the bank failing, even if it is a very small risk. However, the company FD will pay the highest return because the risk perceived in lending to the company is the highest, so we expect a slightly higher reward for it.

What we are trying to demonstrate is that as the riskiness of the investment increases, so does our expectation of return. As a corollary, if we set out to earn a high return, please recognize that this will come at the cost of taking on a higher risk.

As one moves from holding cash in a bank savings account that earns only 3.5% return towards equities that are expected to earn up to 12% in the long-term, the riskiness of these different types of investments increases.

No pain, no gain

For those who frequently go to gyms, the idiom “no pain, no gain” is probably a familiar one. In the investment world as well, if we want gains, it’s going to be possible only when one takes some risks. Almost every investment option involves taking on some risks. Taking risks, albeit in a calculated manner, is something that is advisable, depending upon one’s personal situation.

Just like not every one has the capacity to lift weights of up to 40 kilos in the gym, not every one has the capacity to take on high risks. You must take on risks according to what your risk appetite allows you to do, and what you feel you comfortable about.

So next time you are looking to invest money, do keep in mind that there will be “no gain without pain”. Be realistic and don’t expect to get high returns unless you take on some risk.

VIJAY POPAT
www.vijaypopat.blogspot.com

iipm/pgp/ss/09-11/kolkata.wmv

2010-08-08T18:45:00.000+05:30

VIJAY POPAT

Claims Final (2)

2010-04-12T00:22:00.001+05:30

THIS IS A DETAILED PROJECT ON MANAGEMENT OF CLAIMS OF ALL DIFFERENT TYPES OF INSURANCE.

Claims Final (2)

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TECHNICAL ANALYSIS

2010-04-11T23:50:00.000+05:30

TECHNICAL ANALYSIS

PROPOSAL

Basic customs duty of 5% restored on crude petroleum, 7.50% on petrol and diesel and 10% on other refined products. Central excise duty on petrol and diesel hiked by Rs1 per litre each.

IMPACT

The revised duty structure will marginally increase the import duty differential for refineries, leading to a marginally higher refining margin, which is a positive for standalone refineries, including greenfield projects currently being set up. Higher import duty and excise duty is negative for oil marketing companies as gross under-recoveries will increase. But the post budget hike in fuel prices will largely negate the impact. Increase of MAT is marginally negative

for some large oil and gas companies and new refinery projects. Five percent import duty on crude oil is positive for upstream companies, as they will be benefited in an import parity based pricing regime.

ROADS

PROPOSALS

Budget allocation for road projects increased by 13.5% to Rs19,894 crore in 201011, incremental disbursement of Rs25,000 crore over the next three years by India Infrastructure Finance Company Ltd ( IIFCL) under its takeout financing scheme and import duty exemption for specified machinery used in construction.

IMPACT

The increased outlay will favorably affect companies involved in road construction. The takeout financing through IIFCL would facilitate the availability of long term capital. The increase in MAT rate from 15% to 18% will have an adverse impact. Excise duty hikes in cement, petrol/diesel will also push up costs for the sector. Import duty exemption for specific equipment will provide some respite.

TELECOM

PROPOSALS

MAT increased from 15% to 18%. Exemption from basic, countervailing duty (CVD), and special additional duty (SAD) to include battery chargers, headphones; Exemption of SAD extended to mobile phones not imported in prepackaged form.

IMPACT

The impact on the telecom services sector is negative. The increase in MAT will negatively impact the profitability of telecom services providers. The duty exemptions will result in further reduction in mobile handset prices. However, the impact will be marginal as mobile handsets and accessories are already very affordable.

TEXTILES

PROPOSALS

The exemption from basic, countervailing duty (CVD), and special additional duty (SAD) on components and accessories of mobile

handsets has been extended to include battery chargers and headphones. The government has also extended the exemption of SAD to mobile phones that have not been imported in prepackaged form. MAT increased from 15% to 18%.

IMPACT

The increase in MAT will negatively impact the profitability of telecom services providers. The duty exemptions will result in further reduction in mobile handset prices. However, the impact will be marginal as mobile handsets and accessories are already very affordable.

BY-

BENCHMARKERS

RACHANA JAIN

VIJAY POPAT

NITA CHANGANI

SONAM JAYASWAL

RAHUL AGARWAL

WASIM AHMED

VIJAY POPAT

Budget e book

2010-03-07T23:51:00.001+05:30

now u can download budget e book directly from www.vijaypopat.blogspot.com. It contains complete analysis of union budget 2010. so guyz dwnload it directly from my blog.

Budgetebook

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Max new york life insurance

2010-03-07T23:10:00.001+05:30

THIS IS MY SUMMER INTERNSHIP PROJECT IN MAX NEW YORK LIFE,FROM IIPM KOLKATA, powered by www.vijaypopat.blogspot.com. For more such updates on case studies, notes, handouts, projects do follow my blogs.

Max Sip

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AFTER AFFECTS OF BUDGET

2010-03-07T20:47:00.000+05:30

Inflation is the greatest danger to government’s growth estimates

Among industrial countries, India was the one country in Asia, which has a relatively high debt to GDP ratio, and the ratio has been going up in the last couple of years

The Budget is over and things look satisfactory on the fiscal front. But the greatest danger to the government’s economic growth estimates comes from inflation, which is now not restricted to food and commodities alone, says Michael Spencer, chief economist and head of global markets (Asia) at Deutsche Bank AG. Edited excerpts from an interview:How do you rate the Budget?
It hit most of the points we were expecting. Certainly, in terms of financial data it was bang in line with our expectations. We welcome the transparency the government has given to the medium-term fiscal consolidation strategy. This was needed particularly when you look at the broader perspective; when there is growing concern around the world about sustainability of government finances. Among industrial countries, India was the one country in Asia, which has a relatively high debt to GDP (gross domestic product) ratio, and the ratio has been going up in the last couple of years.

Graphic: Ahmed Raza Khan/Mint

Where we would have liked to see a little bit more discussion on was around the strategy for reducing fuel subsidies, for example, and food subsidies. There, I gather, it’s more a legislative process.Do you think the Budget is inflationary?
I don’t think the Budget is inflationary. You are raising taxes and increasing fuel prices. That gives you a temporary increase in prices. But the fact is that the government is scaling back its role as an economic agent.
(But) I think that there are real concerns about inflationary outlook in India. There is tremendous optimism (in India) about the demand side of the equation. And a lot of concern about whether supply can keep pace with demand, whether it be financial services or power generation. Not just in infrastructure, which most investors recognize as a sort of ongoing constraint, but in industry and services. That, to be honest, we do not hear anywhere else in world, certainly nowhere else in Asia. So, I do think there’s a little bit excess optimism that this is just about food prices, commodities…and by the end of the year, inflation will be clearly falling. But it is not clear to me that inflation is going to fall as fast as people expect.
Are you concerned about the government’s expenditure targets being a bit optimistic?
If we have concerns, it’s more on the revenue side. There’s generally a consensus of sorts in India (about growth), which we think is too optimistic. As we look through the last couple of quarters, inflation seems to have imposed more of a drag on consumption than people were expecting, even relative to our own expectation in the fourth quarter of the calendar year (2009). The numbers were a few tenths below our forecasts. On the expenditure side, what disappointed was consumption. In an environment where we think inflation is going to be 8.5% by the middle of the year and (is) probably not falling (as) quickly as people expect, there is going to be a bit more subdued consumption.
So, to the extent that India has suffered a pure supply shock to food for example, that hopefully will come off. But we have a real concern that core inflation is picking up.
Has the government done enough to curb inflation?
I expect the Reserve Bank (of India) will. There might be a couple of reserve requirement increases and we are looking at rates going up 125 basis points this year. There will be more rate hikes in 2011. So initially, real interest rates might be declining, but by the end of the year it’s clear (that) monetary policy will become measurably tighter.

VIJAY POPAT

CONTROVERSY OVER UNION BUDGET 2010

2010-03-02T17:59:00.000+05:30

Political storm brews over fuel price hikes

Here are some of the issues behind the storm...

The government faces strong political opposition over a hike in fuel prices announced in last week’s Budget.
Here are some of the issues behind the storm.
Why does the government want to raise fuel prices?
The government raised petrol prices about 6% and diesel by 7.75% in last week’s Budget to help increase revenues and cut a budget deficit at a 16-year high.
India sets retail prices for fuel below market rates to protect citizens from higher prices and manage inflation, a subsidy that adds to New Delhi’s fiscal burden.
A recent government panel report urged freeing controls over automotive fuels, although the government has not taken any action on this politically charged, wider issue.
State oil marketing firms, partially compensated for selling fuel at subsidised rates, said prices had to be increased for them to protect their profits.
Cooking gas and kerosene prices — far more politically sensitive than motor fuel — were not raised in Friday’s Budget.
The government says the hikes will boost inflation by around 0.4%. Inflation is already at nearly 9%, the highest in more than a year.
Who opposes the rise?
The main opposition has come from the government’s two most important coalition allies, the Trinamool Congress and DMK parties.
Their leaders say the rise will hurt the poor most. Both parties are due to face state elections next year.
The ruling Congress party depends on the two groups, both regional parties, to help it reach a parliamentary majority of 272 seats. The Congress party has 208 seats. Trinamool has 19 and the DMK 18.
The main opposition group, the Hindu-nationalist Bharatiya Janata Party, opposes the hike. There have also been protests in some Indian states.
Several key Congress members are also reported to be pressing for a roll back, worried about losing support among poor voters.
Who supports the rise?
Prime Minister Manmohan Singh, one of the architects of the pro-market reforms of the 1990s, has said he will not roll back the hikes. Finance minister Pranab Mukherjee supports him.
What will likely happen?
The government will likely hold on to power despite the controversy. Both Trinamool and DMK benefit too much from being government allies. Both control powerful ministries they would like to keep.
The controversy is a test of how far the government can push reforms to liberalise state-regulated sectors like fuel. Stronger and growing opposition to the move could make the government more cautious in moving ahead with further reforms, such as price liberalisation in other areas.
Key to the outcome may be what Sonia Gandhi, head of Congress and India’s most powerful politician, thinks. She has a history of supporting pro-populist policies aimed at benefiting the poor, the base of support for the Congress party.
While Singh and Gandhi are close, they do sometimes have opposing political views. Gandhi is focused on winning elections. Singh, 77, is more concerned with securing his legacy in India and probably will not run in the next general election.
It is unlikely Singh will give in. But there could be a messy solution, with a partial rollback that allows both sides to claim victory. Expect a lot of political noise in the coming days.

VIJAY POPAT

Retailindustryanalysis 091210114006 Phpapp01

2010-02-27T19:33:00.001+05:30

THIS WAS MY PORTFOLIO MANAGEMENT PROJECT ON INDUSTRY ANALYSIS OF RETAIL MARKET IN IIPM KOLKATA. POWERED BY www.vijaypopat.blogspot.com.

Retailindustryanalysis 091210114006 Phpapp01

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Ratio Analysis

2010-02-26T23:38:00.001+05:30

Ratio Analysis http://slidesha.re/culZrm, all formulas required for ratio analysis, powered by www.vijaypopat.blogspot.com. THIS WAS ONE OF MY FINANCIAL MANAGEMENT PROJECT IN IIPM KOLKATA.

Ratio Analysis

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UNION BUDGET 2010

2010-02-26T22:13:00.000+05:30

FM " Mr. Pranab Mukherjee" revises tax slabs. The complete review of budget with different reactions.

The finance minister proposed the following slabs for individual tax payers:

There will be no tax for income upto Rs 1.6 lakh. This was the same earlier.

For income between 1.6 lakh - 5 lakh, the tax liability will be 10%. The older slab was 1.6 - 3 lakh.

For income between 5 lakh - 8 lakh, the tax liability will be 20%. Earlier 20% tax was deducted on Rs 3-5 lakh income.

Individuals with income of above Rs 8 lakh will have tax liability of 30%. Earlier 30% was deducted on income of Rs 5 lakh and above.

The government would allow a deduction of up to Rs 20,000 for investments in long-term infrastructure bonds. The deduction would be in addition to Rs 100,000 allowed under Section 80C of India's Income Tax Act.

"The proposal to reduce the tax slab will benefit 60 percent of all tax payers," he said and added that he wished to hike the minimum alternate tax (MAT) to 18 percent of book profits from the present 15 percent.

Mukherjee said 46 percent of the plan allocation will be set aside for infrastructure, while hiking the outlays for rural and urban development, as also for education and healthcare. He also promised to implement the direct tax code from April next year, assured a simplified foreign investment policy soon.

At the same time, he budgeted a lower fiscal deficit of 5.5 percent of gross domestic product for the next fiscal, against the budget estimates of 6.8 percent for this fiscal, and promised to lower it further to 4.8 percent and 4.1 percent over the next two years.

The finance minister said three challenges he had listed last year remained today -- those of quickly reverting to a high growth path of 9 percent and cross over to double-digit expansion; making growth more inclusive and developing infrastructure; and strengthening food security.

"We hope to breach the 10 percent growth mark in not too distant future," he said, adding that the government will also review the fiscal stimuli to make the country's growth more broad based.

He also said Rs 35,000 crore ($7 billion) was raised by the government by way of divesting stake in public sector enterprises and that more will be accrue to the exchequer during the upcoming fiscal. The minister also promised more banking licenses for the private sector.

Mukherjee said in 2009, when he presented the interim budget in February and the regular budget in July, the Indian economy was facing grave uncertainties, the economy had slowed down and business sentiment was low.

This year, however, the budget has come against the backdrop of the Economic Survey for 2009-10, saying India's growth can go up to double digit levels in four years, with the country emerging as the fastest growing economy in the world.

The market reaction, as the finance minister read his speech was positive, with the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ruling at 16,360.90 points, against the previous day's close at 16,254.2 points, with a gain of 106.7 points, or 0.65 percent.

Those in the packed house presided over by Speaker Meira Kumar, included Prime Minister Manmohan Singh, United Progressive Alliance (UPA) chairperson Sonia Gandhi and Leader of Opposition Sushma Swaraj.

This was Mukherjee's fourth budget of his career as finance minister and the second for the United Progressive Alliance (UPA) government in its second straight term after being voted back to office in May last year.

Although the budget speech also contained some policy pronouncements and other steps directed at reforms, it is basically an annual statement of accounts for the upcoming fiscal in terms of receipts and expenditure, along with direct and indirect tax proposals.

The budget was presented after a quick meeting of the federal cabinet inside the parliament house presided over by the prime minister for a customary approval for the proposals.
VIJAY POPAT

2010-02-26T21:23:00.000+05:30

Indian companies laud FM for good Budget; regrets MAT hike

Reactions from Bharti, Infosys, Kotak Mahindra, ASSOCHAM, PwC, Samsung India, Religare, Fortis, Sharekhan Ltd, CLP India and Firstsource Solutions

New Delhi: Indian industry on Friday welcomed the Union Budget for 2010-11 saying it was a balanced approach though it expressed disappointment over the hike in minimum alternate tax (MAT) from 15% to 18%.

The captains of the industry lauded the concessions given to individual and corporate tax payers, saying Mukherjee had done a “good” job.

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“The Finance Minister has done a good in balancing job... He has been able to contain the fiscal deficit at 6.9%, which is very good,” said Harshpati Singhania, President of apex chamber Ficci.

“However, there is a big surprise and disappointment on MAT. Decrease in surcharge would be eaten by increase in the MAT rate,” Singhania added.

CII President Venu Srinivasan said: “It is a very balanced and responsible budget. The growth will continue with this Budget. The changes in Income Tax slabs are a welcome step.” He also complimented the Finance Minister for calibrated roll back of stimulus measures, which is how the industry had wanted it.

“The only dark spot is increase in MAT.”

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Bharti Enterprises Vice Chairman Rajan Mittal and president elect FICCI said, “We would have been much happier if the MAT have not been increased. While reduction on surcharge is welcome, increase in MAT is a disappointment,” Mittal, however, said the Budget is growth oriented and “good part is that he has shown the road map for the implementation of GST (Goods and Services Tax).”

FIEO President A Sakthivel welcomed the extension of concessional export finance regime till 31 March 2011, but expressed disappointment on exclusion of some of the labour intensive sectors.

“Exclusion of textiles, leather, marine and gems and jewellery will add to the woes of these sectors as some are still showing decline while other exhibited growth on very low base,” Sakthivel said.

Infosys Human Resource director Mohandas Pai said hike in MAT will not impact large companies, though smaller IT companies will be hit. “The country has lost thousands of jobs in IT industry. So, it’s disappointing for IT industry.” Meanwhile, Infosys CEO Kris Gopalkrishanan said that the move will not impact the company.

Kotak Mahindra Bank vice chairman Uday Kotak said the Finance Minister had played a balancing act of trying to get all the concerned actors on board for the GST. “It will be credible if the GST could be brought in by April 2011.”

ASSOCHAM president Swati Piramal called the Budget pragmatic, positive and development oriented aimed at inclusive growth.

She said Mukherjee has sufficiently incentivised renewable energy, infrastructure, research and development and equipped these sectors with reasonably higher allocations. “Giving tax credits on R&D is a major welcome step, which will encourage innovation and reduce manufacturing cost.”

L&T Chief Financial Officer YM Deosthali said, “This is not a surprise Budget ... The thrust on infrastructure is continuing ... The only surprise was MAT ... as 15% was in any case a very high.”

Consultancy firm PwC managing director Deepak Kapoor said that the finance minister’s emphasis on reducing the combined debt-GDP ratio and fiscal deficit is a good sign of fiscal consolidation.

Samsung India MD R Zutshi said, “I would term the budget as a good budget since it seeks to make economic growth more inclusive.”

“The changes in tax slabs will put more money in the hands of the common man, which should spur the overall economic growth,” he said.

Religare and Fortis group chairman Malvinder Mohan Singh said that Mukherjee has focussed on growth and talked about bringing down deficit.

Gaurav Dua, head research, Sharekhan Ltd said, “the Budget addresses fiscal concerns with no apparent negatives. Finance minister has addressed the key issues of containing fiscal slippage and outlined a clear roadmap for the next three years. The net government borrowing program for 2010-11 is also well under control and allays fears of crowding out of bank credit for private sector. Tax proposals related to corporate and capital markets were benign and in line with expectation with no negative surprises. The thrust t on reforms and announcement like banking licenses for private sector non-banking companies were unexpected positive moves.”

Rajiv Ranjan Mishra, managin director of CLP India, said, “Overall, the budget is good news for the infrastructure sector with a welcome thrust on super-critical technology for large scale thermal power projects.”

“Building a balanced energy generation portfolio, with equitable allocation between thermal and renewable energy projects is now important for the government to focus on; the setting up of a National Clean Energy Fund and encouraging competitive bidding for coal blocks are the progressive proposals coming from the Union Budget 2010-11.”

“With the establishment of a regulatory authority, we hope to witness speedier execution of projects that are announced; for CLP India, it is clear that our continued emphasis on triple bottom line will remain - meeting environmental, social and economical objectives are integral to sustainable growth. At the same time, the increase in Minimum Alternate Tax rates is a negative for the establishment of new generation facilities. In a scenario of tariff-based bidding for thermal projects and fixed, regulated tariffs for renewable projects, increase in these taxes affect the economics of these projects negatively and have an adverse effect on investor sentiments”

Ananda Mukerji, MD & CEO, Firstsource Solutions, said “It’s a balanced and overall positive budget. Given fiscal constraints, the continued investment in infrastructure, education and health is a good sign. However 14 -16% growth in investment in historically hugely underinvested areas like primary education and healthcare is not going to be enough for sustained development in the long run and it would have been good to see bolder steps in this area. Commitment to a clear target of fiscal reduction and a roadmap of getting there is a laudable effort.”

“While the fine print will have to be examined the Government’s stated intention to ease the refund of service tax credits to BPO units is also good to hear.”

“A clear disappointment is the lack of extention of STPI benefits given the huge role mid-sized IT and BPO companies play in employment generation in the country. This clearly has the risk of reducing India’s attraction as a a global outsourcing destination. Another retrograde step is increase in MAT. Though for Firstsource specifically this has very little cashflow impact since part of our revenues in any case attract deduction at source.”

VIJAY POPAT

Nirma

2010-02-23T16:20:00.001+05:30

Check out this SlideShare Presentation: this was my marketing project on rebranding NIRMA in current fmcg segment. www.vijaypopat.blogspot.com

Nirma

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Nep

2010-02-23T14:31:00.001+05:30

Check out this SlideShare Presentation: PRESENTATION ON NATIONAL ECONOMIC PLANNING, IIPM'S MOST IMPORTANT PRESENTATION. www.vijaypopat.blogspot.com

Nep

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Shree Hazarilal Cold Storage Private

2010-02-23T14:23:00.001+05:30

Check out this SlideShare Presentation: THIS IS MY COMPANY LAW PRESENTATION IN IIPM KOLKATA. WE HAD TO INCORPORATE A NEW DUMMY COMPANY BY OURSELF AND STRUCTURE ITS ARTICLE OF ASSOCIATION, MEMORANDUM OF ASSOCIATION, ETC.

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Hsbc Corporate Banking , a complete overview

2010-02-23T14:08:00.001+05:30

Check out this SlideShare Presentation: THIS WAS ONE OF MY EX-COM PRESENTATION IN IIPM KOLKATA. for more of such presentations, case studies, notes and updates do follow my blogs on www.vijaypopat.blogspot.com

Hsbc Corporate Banking

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Kindness Vijaypopat.Pps

2010-02-23T13:17:00.001+05:30

Check out this SlideShare Presentation: THIS WAS ONE OF MY EXOM PRESENTATION IN IIPM KOLKATA

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