MAGMA FINCORP LTD

A Project Report on

CREDIT APPRAISAL SYSTEM OF COMMERCIAL

VEHICLE

LOCATION LUCKNOW
Submitted by Tushar jaiswal
Summer
Trainee

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CERTIFICATE
This is to certify that the project report entitled
CREDIT APPRAISAL SYSTEM OF COMMERCIAL VEHICLE
With special Reference
MAGMA FINCORP LTD (LUCKNOW)
SUBMITTED TO
HYDERABAD CENTRAL UNIVERSITY
For an award of post graduate Degree of master of business
administration is an independent research carried out by Mr. Tushar
Jaiswal under my guidance during his MBA course. To the best of my
knowledge and belief this project report has not been previously
submitted for the award of any degree or diploma of this or any other
university.

Dr. Mary Jessica

Professor V.sita
(Faculty- project Guide)
(Dean)

Mohd Moeiz Huda

(Organization project guide)

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DECLARATION OF THE
STUDENT
I, undersigned, hereby declare that the dissertation entitled credit
appraisal System of commercial vehicle in magma fincorp ltd in luck now
region is Genuine and bonafide work prepared by me and submitted to
Hyderabad Central University, for the partial fulfillment of The Master
degree in business Administration. The Present work is of original nature
and the conclusion drawn therein is based on the data collected by myself.
To the best of my knowledge the matter presented in this dissertation has
not been submitted for the award of any degree, diploma or membership
either to this or any other institute /university.

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ACKNOWLEDGEMENT
Journey is easier when we travel together. Independence is certainly more
important than independence. It will always be my pleasures to thanks
those who have helped me in making .This project a life time experience
for me. I would like to express my heartiest gratitude to Magma fincorp
.Ltd. Giving me and opportunity to work with its branch situated at
Hazratganj ,Lucknow , my college and important person associated with
this project as without their guidance and hard work I would have never
ever have got a chance to have real life experience Of working with a
non-banking financial institute of such a great repute and learn practically
about the credit appraisal process .

My heartiest Gratitude extends to my guide Dr. Mary Jessica who has

helped me in every aspect of my work. I would like to express my
profound sense of gratitude to the dean Dr. Prof Sita

The greatest credit goes to the blessing bestowed upon me by Almighty

god without whose yearning; I could not have even moved a step forward
and to my Parents who are always a constant source of inspiration in all
my endeavors.

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PREFACE
Summer training is an integral part of our academic curriculum. During
the training a Student get an opportunity to set the practical aspect of
theory makes the concept clear. I feel the great pleasure in submitting the
piece of work as my summer training project, taken from the Magma
Fincorp Ltd. I hope this work will provide me fruitful result in eyes result
in the eyes of Reader it is hence expected that creating of this shall
benefit the reader in all Aspect.

The project deals with nearly all aspect of NBFC and the essence of know
your Customer Norms .I have tried my best to cover nearly all aspect
related to credit Appraisal of Magma Fincorp . Ltd.

The working title of the project is CREDIT APPRAISAL PROCESS . It is

done in a Very coordinal manner. This research is an attempt to present a
report on Account of little
practical Knowledge .In my opinion, the
readers will be Satisfied with the project in all ways .I guarantee the
original work and Authenticity.

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TABLE OF CONTENTS

Particulars

Chapter
No.

Executive summary
Introduction to research Design

1
1.1 Credit appraisal
2.2 Importance of credit appraisal
3.3 scope of study
4.4 Research methodology
4.4.1 Data type (primary ,Secondary)
4.4.2 Method of data collection
4.4.3 technique of research
4.5 Limitation of research
4.6 Case study
Conceptual Frame work of topic

2
2.1 Introduction
2.2 Commercial vehicle classification
2.3 Customer categorization
2.4 policy Screen
2.5 Source of generating business
2.6 Competitors
2.7 Sales process
2.8 Major commercial vehicle manufacturers
Organizational profile

3
3.1 introduction to organization
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Page
No.
8
9
9
10
11
12
13
14
15
16
17
25
25
26
27
29
31
32
33
34
39
39

3.2 Brief history

3.3 competitors of magma
3.4 vision and mission
3.5 Branches
Analysis Of data

4
4.1 Loan appliers to defaulters
4.2 Parameters used for credit appraisal
4.3 5c s of credit
Findings

5
Summary and suggestion

EXECUTIVE SUMMARY

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40
41
42
43
45
45
46
48
50
51

The last year financial crises have become the main cause for recession
which was started in2006 from US and was spread across the world. The
world Economy has been majorly affected from the crisis. The securities in
stock Exchange have fallen down drastically which has become the root
cause of NBFs of many financial institutions and individuals. The root
cause of the Economic and financial crisis is credit default of big
companies and individuals which has badly impacted the world economy.
So in the present scenario analyzing ones credit worthiness has become
very important for any financial Institution before providing any form of
credit facility so that such situation doesnt arise in near future.

Analysis of the credit worthiness of the borrowers is known as Credit

Appraisal. In order to understand the credit appraisal system followed by
the NBFs this project has been conducted. The project has analyzed the
credit appraisal procedure with special reference to Magma fincorp which
includes knowing about the different credit facilities provide by the NBFs
to its customers, how a loan proposal is being made, what are the
formalities that is to be satisfied and most importantly knowing about the
various credit appraisal techniques which are different for each type of
credit facility.

Before going further it is necessary to understand the need and basic

framework of the Project. Therefore this chapter provides an introduction
to the topic, Objective of the project, Reasons for selecting the project and
the basic Structure and framework how the project Proceeds. In order to
understand the Importance of the topic selected an introduction to the
overview of the NBFs, its functions, and present trends and growth in
bank credit are required and it is covered in this chapter.

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INTRODUCTION TO RESEARCH
DESIGN
CREDIT APPRAISALThe process by which lender appraises the credit worthiness of the
prospective borrower. These normally involve appraising the borrowers
history and establishing the quality and Sustainability of the income. The
lender satisfies himself of good intensions of the borrower, usually through
and interview.
Financial institutions are intermediate between lenders and borrowers.
These financial intermediaries collect deposit and disburse it as loan and
advance to the individual people, business, commercial, industrial entity.
The loan and advance should be given to them who have the certain and
predicted cash flow to repay the credit. If the manager fails to analyze the
clients viability of repaying the loan, possibility of default may arise due
to the fact.
So the importance of APPRAISAL, in sanctioning the loan, is the key to
identify the borrowers ability, expertise, efficiency, industrial analysis &
business performance.

IMPORTANCE OF CREDIT APPRAISAL:

A loan proposal system is far by heart procedure, which is security given
While easily reflect the eligibility of loan procedure viz tenor eligibility
E.m.i (equated monthly installment)
The credit appraisal is done for different purpose they are as follow:
1. To know the market of business
2. To know the customer financial assistance and experience
3. To know that whether he is taking the loan from other bank or nonBanking financial institution and whether he is able to paying timely to
Pay installment to satisfy their loan amount taken by particular reason.

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In short the credit appraisal is important for the purpose of NBFs and it
would not be able to collect the money which is lending to their
customers.

Objective of Research
To study the credit appraisal system of commercial vehicle finance.

To study the documentation required for credit appraisal.

To know the terms and conditions used in commercial vehicles

financing.

To identify & suggest the scope for improvement in Credit Appraisal

System.

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Scope of study
The Credit Appraisal is a holistic exercise which starts from the time a
prospective borrower walks into the branch and credit delivery and
monitoring culminates in with the objective of Ensuring and maintaining
the quality of lending and managing credit risk. The proposal Appraisal is
multidimensional and includes
MANAGEMENT APPRAISAL
TECHNICAL APPRAISAL
COMME CIAL APPRAISAL
FINANCIAL APPRAISAL
ECONOMIC APPRAISAL
Management Appraisal has received lot of attention these days as it is one
of the long term factors affecting the business of the concern. Technical
Appraisal emphasizes on the technical feasibility of the venture and also
finds out the possible economic life period of the present technology.
Commercial Appraisal focuses on the commercial viability of the project .It
tries to find matters regarding demand in market, the acceptance of
product in market. It also focuses on the presence of other substitutes of
the product in the market. The scope of credit structure is incomplete
without examination of credit proposal.

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RESEARCH
METHODOLOGY
Basically research aims at expanding the depth of Knowledge and solution
for problem. It Addresses to fundamental questions and also provide s
specific Alternative solution for it. Thus the research is carried out for
solving the Problems and guiding specific decisions.
There are two possible viewpoints towards a subject of study.
-subjective
-objective
Objective viewpoints give importance to and lays emphasis on upon the
object of the study .It is the object oriented study. On the other hand, in
subjective Standpoint, the thought, feeling and prejudices of the
investigator are more important.
Objective
A study in which a subject matter is center of attention and prejudices are
given no place .This is known as objective study.
Need of Objectivity To make study scientific
In order to arrive

specific conclusion

To achieve representative facts

For verification of objective
For actual study of problem

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 It aims at discovery of unknown fact

Means of ResearchThe research is based on various types of information, which gives

knowledge concerning the Problem. Now in order to carry on research
successfully, information should be gathered from Proper source .The
more valid is the source of information the more reliable will be the
information received, which in turn, lead to correct , and reliable
conclusion.
Kinds of data
1. Primary data
Primary data are the actual
information, which are received by the
researcher for study from the actual field of research .These data are
obtained by means of questionnaires and schedules.
Such data are known as primary because the researcher attains them
from the field of research
Directly and first time. For this study I have asked queries to the seniors,
also Information by direct interacting with customer.
2. Secondary data
Secondary data are the information, which is attained indirectly. The
research Does not attain Himself or directly. Such data are attained
generally from Published and unpublished material.
Secondary data are gathered from information collected from individuals
and institutions through letters survey documents.

METHOD OF DATA COLLECTION:

1. Direct observation
The chief primary source of information concerning the problem is direct
observation. The method requires that the researcher should personally
and directly observe the Conditions of his field study. It is the most reliable
method for gathering information .In this observation, the observer should
be absolutely detached and objective in gathering the information
concerning with the problem.
2. QUESTIONNAIRE

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Question are includes question concerning different aspect of the

Subject of the study .Sometimes question are delivered by hand
and other times they are deliver by post . Questionnaires may be
the source of information only when the informers are well educated
and well prepared to corporate with research work.

3.SHEDULE
Schedule is a particular type of questionnaires .In schedules the
researcher records replies. He questions the informer and record the
replies in the proper places specified in the schedule. The main
advantage of the schedule is that it may be used even in the case of
undedicated informer .However it can be used in limited field, as
compared to the questionnaire method.
4.

Interview
In an interview researcher meets people and discusses problems
with them. It is Different from schedule. Schedule includes a
predetermined form of questions but the Interview has not any
definite form or order of questions .The researcher may ask any
questions of the basis of his insight into the problem.

Secondary or documentary sources

The source of information through documents concerning individuals
and institutions are known as secondary source. It represents
condition and system. It also provide Information of past which is
not possible from any other source. To facilitate the study,
Secondary data is important to know historical background of the
concerning problem.
1. RECORDS :
Record occupies the most important place among public document.
Most of the government and non-governmental departments
preserve so many types of records constituting keeps a record of
important Things.
2. Published data :

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Published data include data published by government and nongovernmental

Institution from time to time .such institutions conducts
periodically survey.

3. Journal and magazine:

Journal and magazine are important public documents include
a variety of
information, which can usefully utilized in research.
Most of the information is reliable. Letter to the editor is published in
various magazines and journals are important source of information

Technique of RESEARCH
1. Definition of problem under study:
Now the nature of the problem is defined. This will determine the
scope of the problem and also its nature and character.

2. Analysis of problem by making a schedule :

After the problem is defined, we have to analyze the various
elements, constituents or factor involved in the problem so that a
detailed and systematic list of these may be formulated. It is only
when the detailed list of problems is available that the relevant
information can be systematically gathered.
3. Determination of scope:
The study of problem is implies systematic investigation in to a
limited and well defined subject matter. Before the beginning is
imperative to determine the scope of problem.

4. Determination of time limits:

Research requires a considerable amount of money accordingly it is
essential to set a time limit for it. The validity of results may vary on
account of change of condition so we have to set time limit for it.
5. Determination of survey technique :

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Before stating, it should be clear what technique is to be used in

research. The choice of technique depends upon the scope and nature
of research.
6. Field work:
Having completed the above formalities field workers go to respective
Individual to gather information. They have to keep the conveniences of
person to be interviewed.
7. Organization of material ,classification and statically

analysis :
The collected material is organized, classified and statically analyzed..

Limitation of study

Difficulty in collection:
It is difficult to collect more important and confidential personal
documents. They are rarely recorded and more seldom
preserved .They are generally destroyed after a short time.
Reliability of data :
It is very difficult to access correctly the reliability of data.
There is almost .To
Judge their validity since they are written from subjective
view point.
Difficulty to reach definite conclusion:
It is not easily possible to arrive at same conclusion about a
problem on the
Basis Collected. The data do not present conditions
objectively. Therefore,
Not much reliable information can be secured through the
collected data.
Limitation of time sample size ,money:
There is limitation of time so we cant measure the trends which
are very

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Slow. Due to lack of money and sample size we cant have that
much
Quality data.
Inadequacy of sufficient material:
There is great dearth of journal and magazines in different areas
India to publish data concerning various aspect of problem.
Even The data is collected; it is seldom published in time. Thus
we cant Use it for our purpose of research.

i.

CASE STUDY

BasicDetails:Name of the
applicant

A.B.C

A.B.C

Fathers Name
:

Voter id :

Resident of:

GFB3456357
H.No. 706 Nagaliya
Azim Nagar
Rampur U.P.

Asset Asked:

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Eicher 11.10

Akil

Value of
Asset:

8.80 lacs.

Guarantor:

A.B.C

Co-applicant:

A.B.C

Case History:
Mohd. Ismail, the applicant, was asking for an asset Eicher11.10 costing
Rs.8.80lacs. The LTV asked was75%, amounting around Rs. 6.80 lacs for
the tenure of 4 years.
The asset comes under the category L1X.
The case was booked under FTB-0 Screen.
Mohd. Ismail, as said, was involved in the business of transportation from
last 5 Years. His father was an ETR customer of MFL. Vehicle financed to
his father was also an Eicher 11.10, 2009 model. His father was coapplicant in the case.

Guarantor in the case was Mohd. Sabir Ali, who also owns an Eicher 11.10,
2009
Model. He was also an ETR customer of MFL. He was a business friend of
proposed hirer.
Status:
Declined (by Credit).
Reason:

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Father of the applicant had expired. Vehicle in the name of the applicants
father needs to be transferred in the name of the applicant.

Although the case of Mohd. Ismail looks sound at first glance, as his father.
And guarantor being existing customers of Magma with excellent track
record. But when the case is being analyzed and processed further, it is
found that the father of applicant has been expired and the vehicle in the
name of the father is still running in his name.

We will not consider financing another vehicle to the applicant as FTB-0

customer, until and unless the vehicle in the name of his father is
transferred in the name of the applicant. Then only we can finance him
considering the total exposure.

ii.

Case study:
Basic detail:
Applicant name:

A.B.C

Vehicle required:

lpt 2518

Loan amount:

17.5 lacs

Assets cost:

17.5 lacs

L.t.v:

100%

Customer category:

cat B profile

Proposed guarantor:

A.B.C

Fleet detailFinance
name

model

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status

Tenor

e.m.i

PD

AD

Chola

Lpt16
13
Lpt25
15

Chola

closed 32

32

113

25.22

Live

12

2.67

30

Case history
Applicant is a cat b transporter profile having two assets lpt 1613
(2007 model) that was closed from chola from chola as PTR reason for ptr
is that vehicle met with an accident.

Second vehicle is lpt 2515 that (2009 model) that is running as ETR with
chola .Both existing and proposed vehicle deployed on the route Bazpur
to barely Carrying parchoon items/rice, paddy, wheat etc.

STATUSApproved (by credit)

REASONThe cases was approved on the basis of second vehicle which has finance
from chola and as an ETR record. And he earns a good amount of money
he make25 Trips in month from bazpur to barely so easily he can easily
pay the emi and the Case was approved on zonal level.

iii. Case Study:

Basic detail:
Applicant name:
Case type:
Vehicle:
Loan Requirement:
L.t.v:

A.B.C
Refinance
TATA ace
80000
49.05%

Assets cost-

154000 (as per rpm grid)

Proposed Guarantor-

A.B.C

CASE History:
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1. Applicant is a driver profile

2. Applicant has heavy transport DL since 01/04/2008
3. As per t.v.r applicant had been driving lpt 2515/2518. And
Also has a experienced of driving scv for about 5 months.
4.

Temporary for the proposed vehicle had been issued in jan-15

.hence this has been treated as refinance.

5. Proposed vehicle has been used in local

vegetable

mandi carrying

And grocery item

6. Two trips rs 300 per trip.
7. Vehicle operated within 40 km range
8. Customer is married wife roped as guarantor
9. Applicant has two sons and 3 daughter eldest son is a spray
painter
10.

As per t.v.r ph. has bought this vehicle for a cost of 2 lacs.

StatusRejected (by credit)

ReasonAt the night vehicle is used to transport animal livestock like

(cow, buffalo) which is illegal fine up to 1.50 lacs if caught by
R.T.O .

iv.

Case study:
Basic Detail:
Name of Applicant:
Vehicle:
Internal Guarantor:
Assets cost:
Funding loan:

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A.B.C
Tata Ace
A.B.C
3, 89,400
3, 19,308

Emi:

12661

Ltv:

82%

Case history:
1. Proposed hirer is a farmer by profession

2. As per t.v.r family has around 30 bheegha land -15 each in the
name
of the father and mother of proposed hirer.
3. Propose vehicle will be attached to milk diary.
4. Proposed hirer will monitor the vehicle with the help of driver.
5. Mother of proposed hirer in aanganwadi and father of proposed
Hirer works as a security guard in food grain storage facility.

Status:
APPROVED (by credit)
REASON:
The case was approved as the zonal level as his father was a
security guard which was a caution profile)

v.

Case study:
BASIC Detail:
Name of applicant:
Vehicle type:

A.B.C
TATA LPT

1109(Large
Commercial
vehicle)
External guarantor:
Customer category:
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A.B.C
cat b profile

Funding amount:

7, 50,000

E.M.I:

2, 80, 29

Tenure:

32 months

L.t.v:

60.42%

CASE HISTORY:
1.

Customer is originally a farmer family has around 40 acres of

agri land.
2.
Involved in distribution of vegetable and menthol oil.
3.

Proposed hirer has been in transportation business since

4 years has been associated with local transporter

Mahesh transport.
4.

Route rudrapur to Mumbai .Goods toffee, chocolate /agro

based product.

5.

As per reference and proposed guarantors proposed hirer

6.

Is financially very strong hold immense wealth and agri

land.

7.

Proposed hirer with is two younger brother, wifes and kids.

Status:
APPROVED (by credit)
REASON:
Experienced verified by his local transporter friend he said that
the proposed hirer is A level transporter which is good Profile and
he is financially strong and good reputation in the market on that
basis the case was approved.

vi.

Case study:
Basic detail:

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Applicant name:

A.B.C

Company name:

A.B.C

Proposed guarantor:

A.B.C

Assets required:

paver finish Apollo

Asset amount:

23, 16,406

Funding amount:

18, 65,000

E.M.I:

66,010

L.T.V:

77.33

CASE HISTORY:
1. Customer holds a proprietorship of firm under the name of
m/s Kumar trading company involved in contractual basis
road construction.
2. Customer is buying second paver for his fleet
3. Applicant is a grade A contractor
4. As per T.V.R customer has one paver and drum mix plant
/and buying the proposed assets to keep it saw reserve in
case of any breakdown occurs.
5. Place of business- Avas vikas colony rudrapur.
6. Road work near indo Nepal border- between kargilate to
duligad route 12 km stretches.
7. Customer has 2 j.c.b that are finance with tata capital
financial sevice.
8. Has one drum mix plant of Apollo DMSO and one semi
sensor paver.
9. Apart from this customer has 1 tandon roller, 6 static
roller, 1 compactor and 3 tractor all assets are free.
10.
Monthly payment he is getting is 1.25 crore from the
contract.
STATUS:
Approved (by credit)
REASON:
The reason to approve the case was that his income was
more than the e.m.i, so he can easily manage the e.m.i and
the assets which he has taken previously all are free. So he
has a good reputation in the market.

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CONCEPTUAL FRAMEWORK OF
TOPIC
INTRODUCTION TO COMMERCIAL VEHICLE
Magma, being a renowned name in finance industry in India, has started
CV finance in Northern India, so in Lucknow, around 1999-2000, when it
has acquired Consortium Finance, dealing mostly in CV, CAR and
CE.Commercial
Vehicle finance is an indispensable part of Magmas niche segment. With
its effective working style and capable work force, today Magma has
become a prominent player in Commercial Vehicle Finance.

Our prime focus, in Commercial Vehicle, is on financing first Time buyer

and first time users owing 0-5 vehicles. We also Finance big fleet owners
and other business under strategic Financing.
The target market of Magmas commercial vehicle finance constitutes the
entire Road Transport industry. The Road Transport industry is defined by
the usage of Commercial Vehicles i.e. mechanized movables assets
registered with R.T.O. and Utilized for transportation of goods, material,
people and for providing transportation services.
Magma has a wide geographical coverage financing the customers within
125k.m. from magma branch office.

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At SBU level, Magmas sales team comprises of State Product Head CV

(Mr. Sanjay Bhatnagar in Lucknow), Relationship Managers and
executives. Sales team in Commercial Vehicle Finance is very responsible,
effective, efficient and well trained (by the efforts of supervisors trying to
provide Training and information on every possible aspect). They Believe
in creating and maintaining healthy relationship with The customers on
the basis of trust and transparency.

COMMERCIAL VEHICLE
CLASSIFICATION
Magma finances almost all the commercial vehicles available in the
market. The Asset range includes SCV, LCV, M&HCV, Tractor Trailer, SCV
pickup etc. It is also Differentiated on the basis of the body of the vehicle,
whether it is a bus, car Carrier, container, goods, refrigerated container,
scooter carrier, tanker, tip Trailer, tripper etc.
Major manufacturers of commercial vehicle assets in India are:
. Tata.
. ASHOK Leyland.
. M&M.
.Force motors
. Volvo.

Magma has classified this wide range of commercial vehicles, for all the
zones, for facilitating the finance process to make differentiation easier.
The classification levels are defined as below:
L1X.
. L1X.
. L1Y.
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.L1Y.
. L2X
. L2Xy
.L2Y

CUSTOMER CATEGORIGATION

The customer type in commercial vehicle market ranges very wide. It

includes those who are buying commercial vehicle for the first time to
those who already owns fleet of vehicles. We have, in commercial vehicle
market, those customers also whose business not that are of
transportation, but purchasing the asset for servicing their own business.
Magma has Defined different stratum of customers, so as to make the
categorization and differentiation Easier. We have categorized basically
two groups of customers:
1. Retail Category.

a. FTB.

b. Cat B.

c. Cat C.

d. Bus Operators.

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2. Strategic Category.

a. Large fleet operators.

b. Freight Booking Companies.

c. CAPTIVE USER CATEGORY.

1.

Retail Category:
a. FTB (First Time Buyers):
These are those transport operators who have limited prior
experience in
Transportation asset usage. This segment includes
customers who do not own or own only one commercial vehicle.
b. CAT B or Small Fleet Operators:
This segment comprise of operators with ownership
between two to five
Vehicles having a couple of years of experience in operating and
maintaining vehicles.
c. CAT C or Medium Fleet Operators:
This segment comprise of operators with ownership between six to
nine vehicles with several years of experience in operating and
maintaining vehicles. These are established operators owing a few
assets in the fleet.
d. Bus Operators:
This target segment would comprise of owners and operators of
buses with several years experience with fleet ownership between
one to nine buses. This segment would address route bus operators,
stage carriers, contractor operators and tours and travels operators.

2. STRATEGIC CATEGORY

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a. Large Fleet Operators:

This target segment comprise of vehicle fleet owners who own ten
or more vehicles and are established and seasoned market
operators. These operators fleet would comprise of several free
vehicles.
b. Freight Booking Company (FBCs):
Freight Booking companies have transportation contracts with a
large number of principals and are involved in providing
transportation service.

c. CAPTIVE USER CATEGORY:

Captive Users could be buyers of vehicles who will service the debt
through cash flows of the existing business and not out of the earnings of
the vehicles being procured. Ex- Cement dealer using the asset for
distribution purpose.

POLICY SCREENS

Magma has defined policy screens for every customer segment.

Brief about different
policy screens is given as under:
1. RETAIL CATEGORY:
A. First Time Buyers Screen (FTB).
This screen explains the customer eligibility and funding norms for FTBs.
This screen
has further categorized this group as FTB-0 and FTB-1.
FTB-0 are the customers who own no CV asset.
FTB-1 are the customers who own one CV asset, with an ETR or GTR.
Tipper Financing Screen.

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These screens are applicable for FTB-0 and FTB-1 category of customers in
CV. It explains the requirements for tipper financing.
Funding of a tipper body on goods chassis (LPT1613, 1510, 1512, 2515
etc.) is not permissible in the screen.
C. CAT B Small fleet operators Screen.
This screen explains the documentation and requirements for Cat B
customers owing two to
Five vehicles, with a couple of years experience.

D. CAT C medium fleet operators screen

This is the screen for the customer group of CAT C, owing six to nine
vehicles, with at least three years of experience.
E.CAPTIVE USERS SCREEN.
This screen explains the requirements for financing CV asset to the
captive user customers. It further categorizes this segment as Captive 1,
Captive 2 and Captive 3 group of customers.

2. TATA ACE SCREEN

This screen defines the requirements for financing Tata Ace. It further
categorizes the customer segment as under:

Customer with prior vehicle ownership of either 3wheeler (goods

carrier) or any commercial vehicle.

Customers with prior experience of driving either 3wheeler (goods

carrier) or any commercial vehicle.

Agri Based (FTU) owing agricultural land/ asset based (FTU) owing
house property.

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Own use category / captive w/o financials.

3. TATA MAGIC AND WINGER SCREEN

This screen explains the requirements and parameter for Tata Magic
(4-7 seaters) and Tata Winger (7-14 seaters).
4. STRATEGIC CV POLICY SCREEN

This is a special screen for strategic commercial vehicle finance. Under

this we have

further categorized the customers as Grade Transporter 3, Grade Transporter 2 and Grade
Transporter 1.
Grade Transporter 3 are the customers who are having more than 10 years of experience in
the business and are owing a fleet of more than 50 vehicles. Grade Transporter 2 are the
customers who are having more than 8 years of experience in the business and are owing a
fleet of more than 25 vehicles. Grade Transporter 1 is the customers who are having more
than 5 years of experience in the business and owe a fleet of more than 10 vehicles.

SOURCES OF GENERATING BUSINESS:

Magmas sales personals are very efficient in their working. They use effective market
approaches at their own levels. They target almost all the possible sources for generating
business. They can be categorized as Non-Direct and Direct sources. Some of such sources of
business are given below:
1. Non-Direct:
a. D.S.A.s.
b. Dealers.
2. Direct:
a. Existing ETR customers.
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b. CV Body Maker.
c. Transporters.
d. Transport Union Leader.

COMPETITORS
Finance sector is one of the most competitive sectors in the business world. Magma also
Has to compete with n number of competitors in order to retain its market share. Major
Competitors of MFL in todays scenario, in our region are:
.TATA Finance.
.HDFC.
.L&T Finance.
.Sriram Finance.
.India Bulls.
.Citi corp. finance.
.IndusInd.
.Cholamandalam.
.Other small financers. (Unorganized).

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SALES PROCESS

There are various activities that are being performed by sales personals can be alienated

Recognizing the customer type.

The first most important thing is to recognize the customer as per the classification given in
the policy. At this stage we also need to see whether he fits in the policy of the company or
belongs to the caution or negative profile as defined by the company as under:

Understanding customer requirements.

A sales personal also needs to understand the requirements of the customer. We have to see
what the customer is asking for is possible to provide or not. We see, how much loan he is
asking for, what rate of interest he is expecting. Whether the vehicle he is asking is mentioned
in the list or not, etc.

Filling application, documentation and filing.

After we find that it is possible to provide the finance to the customer on the vehicle asked,
we ask the customer to fill up the application form. We also need to collect all the requisite
documents from the customer and have to file them properly for their further processing.

Login the case.

As soon as we get the application filled and collected & filed the documents, we need to get
the case login with the operation department for its further processing.

Completing discrepancies.

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If operations department find any discrepancies, regarding documents, etc., at the time of
login, we need to fulfill then as soon as possible.

Disbursal & Post disbursal activities.

Disbursal and post disbursal activities include: Releasing delivery order. Receiving margin
and insurance and RC (with hypothecation of Magma Fincorp Ltd.).Filling agreement, RTO
and PDCs/ ECS. Collecting or receiving invoice.
This process is followed in all the cases. Beyond this, special approval requests are been
taken like for waiver of interest rates etc. if required and the customer is of good profile or is
an ETR customer.

Major commercial vehicle Manufacturers

Introduction
Commercial Vehicles Industry in India has witnessed speedy growth post-independence and
at present is considered as one of the flourishing sector of Indian economy. As per statistics,
the expansion in commercial vehicles sales in 2009 stood at 92.6% besides witnessing decline
in product prices by 20% in the first quarter assisting the CV industry growth.
The steady development in Commercial Vehicles Industry has led to cut throat rivalry among
the various Commercial Vehicles Manufacturers in India. To survive in the competitive
market every CV manufacturer is coming up with something new yet affordable to meet the
Indian market requirement. A customer can now select among the various commercial vehicle
of the markets in reasonable rates.

Major Commercial vehicle Manufacturers in India

The key players in the heavy commercial vehicles sector in India are :
1. Tata motors:
Leading commercial vehicles manufacturer, Tata Motors offers an array of CVs
namely, Tata Se 1613, Tata Sk 1613, Tata LPT 1613, etc. The company provides an
assortment of other alternatives and modifications for the buyers. The player has an
industrial joint venture with the Russian based internationally acknowledged CV

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manufacture, Volvo. In associated with Volvo, Tata Motors has introduced Volvo
FH12-340 and Volvo FH12-420 for its Indian customers.

Tata Motors has the credit of being Indian foremost firm to indigenous automobile,
besides manufacturing Luxury Buses, Tractors and Trucks under Commercial vehicle
sector.
i. Vehicle - Tata Se 1613
model
Type
Max enguine
Max torque
Capacity
Emission norms

ii. Tata LPT 1613

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Cummins 6BTAA 5.9

Water cooled direct injection turbo charged diesel engine
125 HP at 2500 rpm
410 Nm (41.8 mkg) at 1400-1700 rpm
5883 cc
Euro II

2. Ashoak Leyland:
Ashok Leyland has always been associated with tie-ups with renowned
conglomerates. Since its initiation the sector has manufactured around
375,000 vehicles for its customers giving a tough competition to Tata Motors.
The firm has launched vehicles like Hippo Tipper, Cargo 1512, Comet Tipper,
Cargo 909, etc. in the market and is incessantly working on enhanced
versions and attributes on its commercial vehicles.

Viking BS - III (Bus)

Max. Power: 167 PS @ 2400 rpm

Max. Torque: 55 Mkg @ 1500 rpm
Max speed: 75 kmph

Lynx BS-II (Bus)

Max Power: 120 PS @ 2500 rpm

Max Torque: 40 kgm @ 1600 rpm
Max Speed: 83 Kmph

3516 H / AL (Tractor)

Max Power: 165HP @ 2400 rpm / 160HP @ 2400rpm

Max Torque: 550NM @ 1200 - 1600 rpm / 575NM @
1080 rpm

Beaver
Vehicle)

Haulage

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(Special Max. Power: 238 ps @ 2200 rpm

Max. Torque: 95 kgm @ 1300 - 1500 rpm
Max speed: 55.8 kmph

Hippo Tipper (Special Vehicle) Max. Power: 238 ps @ 2200 rpm

Max. Torque: 95 kgm @ 1300 - 1500 rpm
Max speed: 67 kmph

I.

Viking BS (bus)

ii. 3516 H / AL (Tractor)

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3. Eicher:
One of the major commercial vehicles manufacturers, Eicher boasts of its reasonably
priced range of trucks and buses. It has introduced a range of Eicher 10.90 and Eicher 10.70
for its domestic customers.
model

Specification

Eicher 10.50 (Truck)

Direct Injection
Max. Power (DIN) 90 PS / 3200 rpm
Max. Torque (DIN) 21.9 kgm / 2100 rpm
Max. Speed: 84 Kmph
Max. Torque: 41 Kgm @ 1400 rpm
Fuel Tank Capacity: 220 Ltr

Eicher 15.16 (Truck

Eicher Starline (School Bus)

Eicher Starline Route Permit

Bus

i.Eicher10.50

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Max Power: 70 KW(95 HP) @ 3200 rpm- BSII

Max Torque: 10.50--> 275 Nm (28 Mkg) @ 2100 rpm
Engine Displacement: 3298 cc
Max Power: 70 KW(95 HP) @ 3200 rpmMax Torque: 299.5 Nm (30Mkg) @ 1440 rpm

ii. Eicher Starline:

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ORGANISATIONAL PROFILE

INTRODUCTION TO ORGANISATION
Magma, being a renowned name in finance industry in India, , so in Lucknow, around 19992000, when it has acquired Consortium Finance, dealing mostly in CV, CAR and CE.
Commercial vehicle finance is an indispensable part of Magmas niche segment. With its
effective working style and capable work force, today Magma has become a prominent
player in Commercial Vehicle Finance.
The size of the customers in the industry depends on the revenues earned through deployment
of assets. The revenue earning capacity, and hence the repayment capability of the customers
in this segment, is directly dependent on the productive assets fleet owned by them.
Magma has a wide geographical coverage financing the customers within 125k.m. from
magma branch office.
At SBU level, Magmas sales team comprises of State Product Head C (Mr.
Sanjay Bhatnagar in Lucknow), Relationship Managers and executives.
Sales team in Commercial Vehicle finance is very responsible, effective,
efficient and well trained (by the efforts of supervisors trying to provide
training and information on every possible aspect). They believe in
creating and maintaining healthy relationship with the customers on the
basis of trust and transparency.

NON BANKING FINANCIAL COMPANIES

(NBFS)
A financial system, which give access to affordable credit to an extensive
section of society , is imperative for sustainable economic growth of
company. In India NBFS typically function is unorganized and under
serviced segments of the economy. The NBFcs business is highly centric
with a deep perception of customer needs. NBFS has stepped in a
supplemented the role of bank in selected Market for selected product
.NBFs have demonstrated that they can play a definite long term role in
the financial inclusion strategy country. They have succeeded in the
mobilization of inactive assets and user of credit because of their innate
capability to provide customized services according to the need of client.

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As on 31st march 2006, there were 13,049 NBFCs of which 434 are
permitted to Accept and hold public deposit. Among a sea players,
emerged as the Undisputed largest assets financing NBFs in the country,
with a total assets under management of close to rs 7500 crore. Focusing
on the new and pre owned transport vehicle .

Companys background:
1. Type -

public

2. Trade -

Bse:24000
NSE: magma

3. Industry-

non banking financial institution

4. Founded-

1988

5. Founder-

Sanjay Chamria

6. Head quarter

Kolkata ,India

7. Servicesloans ,

car loans/lease, vehicles loan, construction ,

Insurance

8. Number of employees 7000(2013)

9. Website :

magma .co.in

Brief History:
Magma fincorp limited is a Kolkata based non- banking financial
company registered with the reserve bank of India as an assets
finance company. The company operates 275 branches across 21
states and a union territory and
has a strong presence in a rural and semi- rural India .
Magma fincorp limited (formally known as magma leasing limited)
was
Incorporated in 1988 and commenced operation in 1989. in 1992 ,
the
company merged with arm group enterprise to straitened its
presence and
later in 1996 entered retail financing business for
vehicles and
Construction equipment in the year 2000, with the
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acquisition of Consortium finance limited, Magma expanded its

network across northern India. Infrastructure finance merged with
the magma increasing the companys foot print in southern and
western India. in the same year ,the Company formed a joint
venture with the international tractor limited to enter Tractor finance
business. in 2008 , magma re- banned and renamed itself as
Magma fincorp limited.

Competitors of magma

Bajaj finance

Shri ram transport

Sundarm finance

Mahindra and Mahindra finance

Shri ram city

Chola mandalam

Manappuram finance

Vls finance

Shakti finance

Motor and gen finance

Hb stock hold finance

Times Guaranty

Guj lease finance

Lloyds finance

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VISION AND MISSION

To be the most profitable global player with quality and technology leadership in the
vehicle finance. Offering the finance solutions to satisfy ultimate customer needs.
To become a market leader in light transport vehicle finance
segment, and achieve the status of world Class Company with
finance and markets a wide range of financial products to the total
satisfaction of customers in the state.
I) Highly returns.
AI) Business ethics.
BI) Thorough continuous improvement of
I) Total quality service
II) 100% collection
III) Resource productivity
IV) Cost effectivene

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Branches

Magma Office Address

401, Rustomjee

Aspree, 4th Floor, IMAX Dome Theatre Road, Off Eastern Express
Highway, Everad Nagar, SION (East)
Mumbai, MAHARASHTRA 400022
Phone:

011-46965763 /

022- 67284800

Magma Office Address

5 th Floor, Jaswanti Land mark, Asha Usha Compound, LBS MARG VIKROLI
(WEST)
Mumbai, Maharashtra 400079
Phone:
022-30227120

Magma Office Address

Shop No 16, 1st Floor, Mahavir center, Plot No. 77, Sector-17, Vashi
Mumbai, MAHARASHTRA 400703
Phone:
022-27880163

magma Office Address:

1st Floor, Shop No-108, Chandulal J Joshi Complex, Vasant Vihar, Opposite
Kalyan Railway Station, Kalyan West
Thane, Maharashtra 421301
Phone:
09819871409,
,

09819870967

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09819870927,

09819870803

 Magma Office Address

2nd floor, Shop No-9, Pruthvi Corner, Above Mahindra Showroom, GEB
Office, Old Jakat Naka, NH-8, Balitha,
Vapi, Gujrat 396191
Phone:
0260-2426844

Magma Office Address

2nd Floor, Plot Number 3, Road Number 3, Challa Estate, KPHB, Kukatpally,
Hyderabad, Andhra Pradesh 500072
Phone:

040-23158658

Magma Office Address

2nd Floor, 204,205 AND 207, Ridhi Siddhi Complex, Madhubani, Udaipur, Rajasthan
UDAIPUR, RAJASTHAN 313001
Phone:
0294-5103082

Magma Office Address

3rd Floor, T-5, "City Centre", Plot No-1, Press Complex, Zone-1, M.P.Nagar, Bhopal462 011, Madhya Pradesh
BHOPAL, MADHYA PRADESH 462011
Phone:
0755-4218623/4059321/ 4206940/4218625

Magma Office Address

Ground Floor, NH-12, Patan Road,
Jhalawar, Rajasthan 326001
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Phone:

07432 - 230140 / 190 / 490

Magma Office Address

1st Floor, Kuldevi Plaza, Near MPSEB,
Chindwara, Madhya Pradesh 480001
Phone:

07162-245253/63

Magma Office Address

Shop-9, Yenepoya Shopping Gallery, near Karnataka Bank, Kodiyal-Vail,
Mangalore, KARNATAKA 575003
Phone:
8244284284
Magma Office Address
Prestige Towers, Near Amoral Circle,
Vaishali Nagar,
Jaipur, 302021
Phone: 0141-5197400 430

Magma Office Address

Jodhpur Ward, Baster Road,
Dhantari, Chattisgarh 493773
Phone:

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07722-236513

ANALYSIS OF DATA
Loan applies to defaulter:
The following is data of loan appliers and defaulters. The 90% of the customers are
able to repay the loans but 10% failed to repay.

Year
Loan sanctioned
Defaulter

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2008
1236
123

2009
2150
215

2010
1614
161

Table 1

2500

2000

1500
Loans Sanctioned
Defaulters

1000

500

0
1

Parameter used for credit appraisal:

parameter

DOCUMENT

Technical feasibility
Economic viability
Bankability

Field investigation, Market value of assets

L.T.V (loan to value)
Past month bank statement ,Assets and liabilities of compliment

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Technical
Feasibilit
y

Econonic
Viability

Bankabili
ty

Credit
Apprasial
1. TECNIACAL FEASIBILITY:
Living standard

Decent living standard with some tangibles like T.V. & fridge
will provide assurance to bank regarding your residential
Status.

Locality

Telephonic
Verification

Presence of some undesirable elements like local goons or

controversial areas adversely affects your loan appraisal
Process.
At least one response is need from person to establish the
Identity of the person from contact point of view.

Educational
Qualification

Not an essential barrier but essential to understand the

complex terms & conditions of bank loan.

Political Influence

An interesting reference point in the sense that they are one

Of major category of loan defaulters.

References

To establish the residential identity of person from human

Contact point of view & cross check of their loans.

2.ECONOMIC FEASIBILTY:

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Installment to income ratio

-IIR for salaried cases would be capped at 60% of

Net income in general
-Pension Income cases IIR to be restricted to 40%a

Fixed obligation to
income ratio

FIOR kept at 55%

Loan to cost ratio

LTV amount to 80%

5CS OF CREDIT:
1. Character:
It refers to the honesty and integrity of the person. Borrowers are not necessarily reliable or
honest and the lender must look for evidence of good character, if it exists. Frequently, this
can be ascertained during an interview. The lender must, however, be sure to make his own
assessment and not rely on the decision of an existing lender, or similarly on a key individual
in the company so called name lendingd.

2. Capacity:
It refers to the actual ability of the borrower to enter into a contract with the lender. It relates
to the technical, managerial and financial means. It also refers to how the company monitors
and manages its risks and the suitability of the assets in the company to generate sufficient
levels of cash to repay the loan.

3. Capital:
Capital refers to the investment or the stake that the borrower has in the firm. This is
important to understand the capability of the individual. It is important for analysis as it
determines how well the firm is capitalized and does the borrower has reasonable stake or he
is willing to let it go down the tubes and walk away from the obligations.

4. Collateral:
It analysis other potential sources of repayment of the obligations if these are supported by
collateral security. Typically the amount of security required will depend on the type of
business enterprise and the circumstances.

5. Condition:
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It discusses the competitive environment of the firm and how well the firm fits in. It
also considers any economic event that will affect the repayment ability of the firm
and also the purpose for which the loan is required.

Findings
1. Magma fincorp company limited is one of the most trusted financial
Institution in NBFCs 500000 satisfied customer.
2. The interest rate is lower than other banks non-financial institution
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Like civic, cholamandalam, sundaram.

3. From the response of the customer is a staff of magma fincorop is cooperative.
4. The staff is well qualified and versed with loan system as per the policy of
the company
5. There is a flat rate system in the company which is mainly beneficial to company.
6. From the information customer are satisfied with magma fincorp, 35% are old
customer.
7. From the data loan procedure of the company is easy as compared to others.
8. 80% of the customer taken loan from magma only and 20% they have taken from
Other financial institution this shows the loyalty of customer to company.
9. The main competitor of Magma fincorp is cholamandalam.
10. In the company recovery rate is 90%.

SUGGESTION
1. The company should try for reducing the documentation required for loan.

2. Company should appoint customer relationship manager for better customer

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relations.
3. The company should provide door step service to the potential customer.
4. Company should provide special offerings to old customer
5. The loan processing time should be reduced
6. The NBFCs should be focused more on advertising to increase awareness among the
Public about the service.
7. The NBFCS should completely eliminate the file system and go computerization at
Every stage as this removes paper work and creates transparency.
8. The NBFCS should work on standardizing the process and system their follow
9. Care must be taken to ensure that judgment in appraisal process does not depend on
one single person and a single factor.
10. Need for improvised method that are on par with international

11. Revising the factor on which appraisal is done to face the ever increasing volatility

SUMMARY
The credit appraisal of retail assets means to measure all the risk that are covered by credit
officer as per the policy and mitigates are matching or not and it also helped me to understand
the credit appraisal system. Sometimes credit funded to wrong person then also it will not
affect the performance of the company because company gives loan against hypothecation
(HP) of vehicle. The loan systems start from verifying and checking the necessary
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documents, collection the actual cost in terms of monthly installment and ends with No
Objection Certificate (NOC).

In the company the credit manager is the only person who takes care of proposals. The credit
Manager should consult the recovery manager that a person is not a default list. If the
Customer taking loan twice then credit manager should check his previous record.

In case of NBFCS strictly follow its circular and fulfils all requirement of
necessary documents required for different types of NBFCS so that NBFCS do not
suffer any types of loss
NBFCS is very much particular about CIBIL report of borrowers in case of each
type of lending

NBFCS lending process in case of retail loan is very much fast after
compiling with all the criteria of NBFCS
The E.M.I is affordable

Pre sanctioned and post sanctioned inspection is essential.

Magma fincorp is the only NBFCs ,which is continuously upgraded to achieve the
Highest customer satisfaction.
In case of project financing NBFcs follow lengthy norms to check the feasibility of
After experiencing a volume growth of over 30% during 2009-10 and 2010-11, the rise
domestic CV industry has been on a growth . since then Slowing industrial growth and
weakening investment sentiment across sectors had a significant adverse impact on CV
demand since the second half of 2011-12. While in 2011-12, the domestic CV industry
volumes slowed down to 18.2%, industry volume growth entered into the negative territory in
11m 2012-13, also due to the high base of the last three years. Our interaction with a host of
dealers, transporters and financing institutions reflect at an overall pessimistic outlook for the
near term.
The current year has been marked by a market share loss for industry leader, Tata Motors,
especially in the M&HCV segment as some of the other OEMs have managed to offset the
impact of slowdown to an extent with expanding dealership network and wider model
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offerings. More, specifically, Volvo Eicher JV gained market share on back of increasing
acceptability in the heavy-duty trucks segment, while Mahindra also performed better than
the industry though on low volumes. Ashok Leylands expanding market coverage outside the
Southern region also helped in in the favors of the company the impact of slowdown to an
extent. Along expected lines, Ashok Leyland-Nissan JV made a good head start in the LCV
segment with its first product offering Dost. With more models planned for launch and
plans.to set-up a Greenfield facility, we expect the JV to build upon its 7-8% market share in
the LCV segment.

Having concluded capacity expansion plans over the past couple of years, CV OEMs are
currently investing in developing new products, engine technologies and even Pursuing
diversification plans in other sectors. Most of the investments plans at present are not
associated with capacity expansion and are continuing as per plans. For some of the OEMs,
the investment plans are sizeable and in view of weak cash flow generation would require
market value or external financing to maintain a stable credit profile. The profitability
indicators of industry participants have been under pressure on account of Rising discounts
and weak M&HCV sales. OEMs have resorted to production cuts in intervals and cost
rationalization measures to withstand the impact of slowdown. In our view, a meaningful
recovery in the margins however will be driven by gradual recovery in M&HCV sales
accompanied with better pricing power.

LCVs has continued to remain strong both in volume as well as capacity tonnage terms (up
12.5% in 11m 2012-13) during the current fiscal and has also provided some good material is
used to the cyclicality that the CV industry is currently witnessing. Our channel check
suggest that the demand for LCVs, which is Increasing driven by Small Commercial
Vehicles (SCVs) has largely been driven by non-urban markets as improving road network is
enabling better connectivity in tier III/IV cities. Notwithstanding the moderation in growth
over the past few months, we expect the demand for LCVs to remain rise over the mediumterm as it would need to match the extent of capacity added by M&HCVs trucks over the past
few years. The growth will be led by SCVs, which are increasingly being favored over their
three-wheeler counterparts and costlier LCVs on grounds of better power, maneuverability
and cost economics. With modest initial investment (~Rs. 1.0 lac is the estimated equity
contribution for entry-level trucks); such vehicles offer attractive pay-back and attractive
employment opportunities to first-time users (FTUs). Moreover, the demand for smaller
vehicles is also gaining preference on back stringent restrictions on entry of heavy-duty
trucks and expanding city limits. As these factors support demand for SCVs, we expect
growth momentum in the LCV sales to continue and forecast a 13-14% CAGR over FY1416.

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Magma Office Address

Prestige To
Jaipur, 302021
Phone: 0141-5197400 - 43

Magma Office Address

Prestige Towers, Near
Phone: 0141-5197400 Phone: 0141-5197400 - 430

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