The concept of 'home' in Henry James' The Ambassadors and Theodore Essay

The idea of 'home' in Henry James' The Ambassadors and Theodore Dreiser's Sister Carrie - Essay Example Being a powerful minister additionally implies holding one's dedication to the country, in spite of the fact that consuming a distinction space. In Henry James' Envoys (1903), the hero, Lewis Strether is an American picked to go about as Mrs. Newsome's intermediary in some privately-run company. For reasons unknown, Chadwick loses the will to come back to America and to his mom, Mrs. Newsome. He needs to utilize his forces of influence to ask the American-conceived Chadwick Newsome traveling in Europe to get back. The idea of home is key in The Ambassadors and Sister Carrie since each character upholds an alternate view on home. Home can either be one's place of nativity, a fixed home, or a position of rest and solace. Due to the procedure of development, love of movement, and the craving to settle with one's own family, individuals decided to move and in the end live in another spot than some time ago. Home is a spot wherein one's feels quiet and glad. This perspective on home turns out to be increasingly more mainstream among characters who move and settle in another territory. Strether himself, the delegated American minister to Europe certifies that he feels increasingly comfortable (James 34). Bliss shared is additionally an indispensable segment of what makes a home climate. Chadwick was despondent at his unique home in America. As Strather watches Chadwick, he sees a man changed by close to home satisfaction and bliss, much more joyful than he. Before long, The Ambassador is burning of participating in the bliss of the American emigre. The American Dream is likewise a guaranteed place where there is work and difficulty, yet hold out the expectation of an improved way of life. The United States is the place that is known for opportunity and opportunity where all are in the quest for satisfaction. All Americans are the forerunners of migrants, bragging a glad country predecessors which constructed a country through their challenging to investigate another land. As an American, Chadwick sends out the legacy of Americanness to Europe-the journey for satisfaction and love of experience. Strether finds soon that America isn't the main land established on the quest for joy since in Europe, Chadwick seeks after and discovers joy in culture and in the lady, Madame Marie de Vionnet. The incongruity is that Americans rediscover joy in another land, even The Ambassador, Strether. While in Paris, Strather and Ms. Gosfrey who are Americans, feel comfortable. James depicts clearly that the hover in which they stood together was warm with life, and each question between them would live as no place else (James 81). Home brings out pictures of a universe of residential rapture and even an ideal world. Renewed with numerous solaces and luxuries, homes can either be elegantly sumptuous or save - in any case the genuine pith of a home falsehoods not with the apparatuses or appearance yet in the individuals who live with each other. Similarly, Theodore Dreiser in his book, Sister Carrie, authenticates that a stunning home environment is one of the blossoms of the world, than which there is nothing progressively delicate, nothing increasingly sensitive (Dreiser 81). Carrie, the hero is in journey of a home since she can't fine evident joy in the country region where she was conceived. Here, Carries starts the understand the fortune of that spot called home. Home is a spot for family. The interminable distinction between a house and a house is family. What gives a home character is the individuals who li

Seismic Activity Essays - Inland Empire, San Jacinto Fault Zone

Seismic Activity California has at least 200 flaws fit for creating huge seismic tremors. A few of the deficiencies are covered up and some noticeable at the surface. The greatest grouping of issues are in the San Adreas issue zone and the San Jacinto issue zone. On account of California's huge measure of Fault lines the United States Geological Survey, the California division of mines and Geology, the California Institute and different offices have built up the Southern California Tremor Center and TriNet Seismic system. This association screens the tremor movement. The seismographs are connected to a PC utilizing a blend of GPS and Landlines . The seismography records are sent to a PC inside a couple minutes. The data is an accessible to the open by means of the Internet. Information at this site is spared to a list that are accessible by different boundaries. After making the undertaking utilizing ArcView GIS or Arc View 3D investigator, the subsequent stage was to decide the undertaking's target and degree. When the information was gotten and changed over, maps could be made and investigation performed. The undertakings objective was to discover whether there was an example to the seismic tremors in Southern California. The territory picked extends roughly 67 miles by 50 miles. The time spans was a half year. The SCEC Data focus Earthquake and Hypocenter and Stage database was questioned for information. Accessible pursuit boundaries were information about sizes, start and end date, least and most extreme profundities and Longitude and Scope. A second site from Cal Tech and the USGS was likewise utilized. Time estimations from the SCEC site were changed over to Pacific standard time for use with Cal Tech/USGS information. Latittude and longitude estimation in degrees from Cal Tech site were changed over to decimal degrees. The interstate and road information (from arcview) were utilized. The interstates around the zone was chosen. Information from the web was utilized to figure out where the issues were found. Utilizing the line device, as each line was drawn the name of the deficiency was added to the table. Once the guide was finished, a 3d topic could be made. The 3d subject was made to show the profundity of the deficiencies (z hub). So as to make a TIN topic the subjects from the first view was stuck into the second view. A breakline topic was made corresponding to and on each side of a watched example of tremors opposite to the San Jacinto flaw. Utilizing the seismic tremor point subject and breakline topic, a backwards separation weighting form was made. The shape subject was utilized to make the TIN subject. The expansion of this TIN made the scene pivot gradually and afterward the examples got obvious. There has all the earmarks of being an example of shudders corresponding to the San Jose and Cucamunga issues and opposite to the San Andreas and San Jacinto shortcomings. This article was a magnificent source to show the capacities of Arc View GiS and Arc View 3D expert. It likewise showed me a ton pretty much all the brilliant uses and purposes for GIS. GIS will be utilized significantly more for stuff like volcanoes and quakes.

Analysis of proposed legislation Essay Example | Topics and Well Written Essays - 500 words

Investigation of proposed enactment - Essay Example he charge asserts that an individual naturally perpetrates a wrongdoing of unlawful utilization of guns on the off chance that the person has a weapon while possessing a particular measure of a controlled substance in the nation. The bill is straight out and proper since it makes suitable recommendations that will oversee the utilization of guns while fortifying other existing laws that control explicit substances (Webster and Jon 32). Medication maltreatment for instance is another firmly related legitimate perspective the bill tries to check. The legislature has sorted various kinds of medications as controlled substances. Such medications as cocaine, pot and heroin among others are case of controlled substances. Other than the hard medications, the legislature directs the utilization of other restorative medications frequently proposing for remedy before any structure if over the counter acquisition of such medications. Such rigid enactments are liable for the developing illicit exchange on various sorts of medications in the nation. Medication selling is a significant social threat liable for the increasing crime percentage and extrajudicial killings in the nation. Medication sellers work in viably organized organizations described by uplifted clashes the vast majority of which bring about savage utilization of both lawful and illicit firearms in the nation. This approves the one of a kind highlights of the law that tries to control the utilization of guns by partner weapons to drugs among different sorts of controlled substances in the nation. The bill will condemn being in control of a lawful gun while possessing a predetermined measure of a sort of controlled substance. Such is a proper provision that will help check the rising number of weapon viciousness in the nation since a portion of the individuals ensnared in both medication business and weapon savagery are consistently trustworthy representatives with legitimate guns. Without the bill, such people may promptly utilize their weapons to settle clashes emerging from the deal and utilization of mats in the nation. Defenders of the bill frequently refer to the

Native American Culture Essay

The Native American culture is various in various viewpoints, for example, music, moves, exhibitions and even expressions. They have an assortment of instruments and moving styles. Each move is performed during various events or exercises. The Native Americans had various clothing types which were worn during various services, for example, strict capacities, customs and network get-togethers (Leco Para 9). A case of the local services is the gathering. This is a social occasion which is basically made out of various Indian clans. It includes various exercises, for example, moving rivalries, describing stories and different challenges. These are exercises which for the most part happen throughout the end of the week in various zones and everybody is welcome to go to this capacity (Leco Para 10). There are various kinds of moves, for example, jingle move, war moves and other mutual moves. The jingle move is for the most part a challenge for ladies and the moving clothing is enriched with metallic material. Different moves incorporate scarf move which is acted in a fledgling like way. The dress for this sort of move is painted and encircled with globules (Leco Para15). There are distinctive war moves which are chiefly performed by the men. These incorporate extravagant move and grass move. The clothing types are beautified in various shades of dots, hides and quills. The other sort of move is the Kiowa gourd move which is performed essentially to recall incredible seniors and warriors from various clans. The Kiowa move is for everybody including the observers. This sort of move unites individuals and it serves to upgrade harmony and solidarity. The majority of the Native American music includes moving, reciting and various styles of moving (Leco, Para 18). Local American Flute The Native American woodwind was a wooden sort of woodwind. It has a whistle like mouth piece and was a significant instrument in many events and services. The manner in which it was bended is altogether different contrasted with the flutes found in Asia, Europe and Africa. The various kinds of woodwinds were produced using various materials, for example, cedar, sweet grass and stream stick. These woodwinds incorporate dark bolt woodwinds and Turtle Island woodwinds. The flutes were conveyed in sacks produced using deer skin (Native Languages of the Americans, Para 7). Woodwind sack Source: Native Languages of the Americans site Local American Drums The Native Americans had various sorts of drums, for example, Hoops drums, Shamanic drums, Foot drums, Powwow drums, Tom drums and water drums. The circle drums were utilized in various types of customs and different functions. They differ in width and are held in the hands. They produce various types of tunes relying upon the widths. Those that are large produce a profound voice contrasted with the littler ones. These drums are typically comprised of various types of materials, for example, skin and stows away. They are painted in designs utilizing various hues (Godbole, Para 3). Shamanic drums are generally utilized as devices used to associate with spirits. This training is known as shamanism and it is a particular sort of custom. There are various clans that rehearsed shamanism, for example, Lakota clan which is found in the North America. It helps in interfacing these individuals to a totally unique world when they are in a decent perspective. These drums are utilized during various exhibitions and customs (Godbole, Para 4). Shamanic drum Source: Native Languages of the Americans site The gathering drum is an exceptional sort of drum utilized for a particular kind of custom known as the council. The conference is a notable occasion among the Native Americans. This occasion includes a gathering of individuals who are associated with drumming. It is a drum which is greater in size and requires a gathering of individuals to play it (normally 8 men) (Godbole Para 5). Council Drum Source: Native Languages of the Americans site The foot drum was utilized by clans, for example, Hopi, Aztec, Miwok and Maidu. It’s a one of a kind sort of drum among the Native Americans in that it is played utilizing the foot. They were produced using empty logs of wood which were struck utilizing shafts and this was trailed by reverberation from these drums. The Tom drums were little drums which were handily held by the hands. They are longer and smaller in plan. In opposition to different kinds of drums, the hands are utilized to play the Tom drums (Godbole Para 6). Then again, water drums are made of wood and loaded up with water. The water drums happen in two distinct sorts specifically; Iroqusi and Yaqui. There are different kinds of drums, for example, Tarahumara, apache drums and Lakota. These are, in any case, less mainstream than those referenced previously. Each music in the Native American culture must be went with a drum. This is because of the way that the individuals accepted this was the best way to arrive at the spirits consequently the best way to speak with the divine beings (Godbole, Para 7). Water drum Source: Native Languages of the Americans site Tribes and Traditions The Native Americans comprised of various clans each with interesting sorts of conventions and societies. A portion of these clans incorporate Sarasi, Ute, Kiowa, Hidutsa among others. Every clan had its own type of customs and exercises. They were associated with a few functions the greater part of which were strict social events and ceremonies. A case of such functions is the Sun move which was gone to by huge gatherings of individuals. Penances were made during this service to guarantee that harmony wins in the network. This service was completed by a minister who was notable in the network. The Native Americans had various types of conventions, for example, mending customs (Desy Para. 4). The greater part of the cutting edge types of mending have their underlying foundations in the Native American culture. Each clan had its own senior who was a healer. Notwithstanding being cultivators, these older folks were likewise assigned the obligation of interfacing the individuals with the spirits. The clans had confidence in dreams which were made an interpretation of to know the importance. The individuals had a one of a kind method of completion squabbles by utilizing the â€Å"Talking Sticks† These were passed starting with one individual then onto the next during gatherings. It was a method of demonstrating admiration to other people. Different conventions incorporate purging ceremonies and the utilization of creatures as aides. The last infers that when a creature was seen either, all things considered, or in a fantasy, it was accepted that they were a type of aides from the divine beings (Desy Para. 6). Works Cited Desy, Phylameana L. Local American Healing Traditions, Tools and Healing Practices, 2010. Recovered on May 14, 2010 from: http://mending. about. com/od/instruments/a/nativetools. htm Godbole, Medha. Local American Drum Music, 2010. Recovered on May 14, 2010 from: http://www. buzzle. com/articles/local american-drum-music. html Leco, Mike. Local American Indian Culture, 2010. Recovered on May 14, 2010 from: http://www. usatourist. com/english/inside/indians2. html Native Languages of the Americans. Local America Indian Flutes, 2007. Recovered on May 14, 2010 from: http://www. local dialects. organization/woodwinds. htm

Medieval European Sports

Sports in the Middle Ages The games of medieval Europe were less-efficient than those of old style vestige. Fairs and regular celebrations were events for men to lift stones or sacks of grain and for ladies to run frock races (for a coverall, not in one). The most loved game of the lower class was society football, a wild no hints of nonsense unbounded game that set wedded men in opposition to lone wolves or one town against another.The brutality of the game, which made due in Britain and in France until the late nineteenth century, incited Renaissance humanists, for example, Sir Thomas Elyot, to sentence it as bound to injure than to profit the members. The beginning bourgeoisie of the Middle Ages and the Renaissance delighted itself with bows and arrows coordinates, some of which were masterminded a long time ahead of time and organized with significant pomp. At the point when town met town in a test of expertise, the organizations of crossbowmen and longbowmen walked behind the im ages of St.George, St. Sebastian, and different benefactors of the game. It was not unordinary for challenges in running, hopping, beating, and wrestling to be offered for the lower classes who went to the match as observers. Excellent galas were a piece of the program, and inebriation normally added to the celebration. In Germanic zones a Pritschenkoenig should at the same time maintain control and engage the group with smart stanzas. The burghers of medieval towns were free to watch the privileged influencing everything, except they were not permitted to partake in competitions or even, in many pieces of Europe, to contend in imitative competitions of their own. Competitions were the enviously monitored right of the medieval knight and were, alongside chasing and selling, his preferred leisure activity. At the tilt, wherein mounted knights with spears attempted to unhorse each other, the knight was rehearsing the specialty of war, his raison d’etre.He showed his ability bef ore rulers, women, and plebeians and benefitted from important prizes as well as from ransoms claimed from the failures. Between the twelfth and the sixteenth century, the hazardously wild out of control situation of the early competition advanced into sensational introductions of dignified life in which expound pomp and metaphorical presentation very eclipsed the oftentimes uncouth jousting. Some peril stayed even in the midst of the presentation. At one of the last extraordinary competitions, in 1559, Henry II of France was mortally injured by a fragmented lance.Peasant ladies took an interest unreservedly in the ball games and footraces of medieval occasions, and noble women chased and kept hawks, yet white collar class ladies mollified themselves with spectatorship. All things considered, they were more dynamic than their peers in Heian Japan during the eighth to twelfth hundreds of years. Hampered by many-layered robes and sequestered in their homes, the Japanese women couldn't accomplish more than peep from behind their screens at the courtiers’ mounted arrow based weaponry challenges

Opening doors

Opening doors A few entries back, I was asked by amino21 how I got hooked up with my internship at the National Institutes of Health the summer after freshman year. Its sort of another how to do everything wrong story apparently Im not very good at applying for stuff, a deficiency I am trying to remedy for graduate school applications. So I had known about the NIH internship program since my sophomore year of high school. I had always wanted to do it in high school, but I was afraid Id get homesick and wasnt ready to live on my own; plus I had marching band commitments, which is what I spent my high school summers mostly doing. So at the end of my first semester at MIT, I decided that it was the perfect time to apply to the internship program. I filled out my application on time (just barely). I got recommendations from two of my high school teachers, since I was too scared to ask any MIT profs for favors (I am a huge chicken, which Im sure youve realized if youve read the rest of my blog). Youre supposed to write a little cover letter/essay about your qualifications. Since I hadnt taken any lab classes or worked in any labs, I wrote about being a cheerleader, and how it had taught me responsibility. (Reading back over the essay right now, its a little cringe-worthy. But its sort of cute, in an eager beaver sort of way.) The NIH website encouraged applicants to email principal investigators whose labs were doing the sort of work the applicants wanted to do, so I emailed probably five or ten NIH PIs telling them I was interested in what they were doing. Its actually really lucky I did, because I didnt get a job offer until two days before the deadline (anyone who didnt get a job offer by the deadline didnt get a job; about 4000 people apply annually for 1000 spots). The NIH postdoc who called to offer me a job, and for whom I worked for ten wonderful weeks that summer, was the procrastinating sort and had put off finding a summer student until rather late in the game. His PI had forwarded a list of a few students who had emailed, and my name was on the list. The postdoc told me later that he had picked me because he wanted to see what an MIT cheerleader was like. He also said that my recommendations were great, and that he knew that previous MIT students who had worked at the NIH worked very hard. But I prefer to believe I got my first job because I wrote a cheesy little essay about being an MIT cheerleader. The summer was great; I lived with my (and Mitras) friend Rose 05 in Francis Scott Key Hall at George Washington University, which is only two blocks away from the White House. Rose, who is a fantastic cook, cooked awesome food for me all summer, teaching me all I know about cooking in the process. I commuted about half an hour each day on the Metro to Rockville, MD to work at the NIAAA. I had a great time, and I developed a love for DC that wont go away. So I guess the moral of the story is that going to MIT can open a lot of doors when it comes to summer internships. And that the MIT cheerleading squad can help you get a job.

Hire Purchase Evolution Of Credit Finance Essay - Free Essay Example

Business has evolved since the ancient times from barter, business, commercial venture, general manufacturing to specialized manufacturing today. Initially, only the seller and buyer were parties to a business transaction. The title to the asset is given by bill or invoice. Bill is used for consumables or low value assets that are usually purchased in cash. Invoice is used to specify durables or high value assets that are purchased on credit. Sales can be in either cash or credit. The two tasks for the seller are to sell and to monitor credit. Credit/ loan were evolved to bridge the gap between the purchasing power and demand. Over time credit organizations differentiated into sales and finance organizations. Today, three parties are involved in business transactions: seller, buyer and financier. Advantages of credit Higher purchasing power Working capital is retained, increasing liquidity levels in the business Tax shield on interest expense Credit sales can be differentiated into Loan/Hypothecation Hire Purchase Leasing HISTORY OF HIRE PURCHASE Hire purchase originated in England and is now unique to former British colonies. The financier purchases the asset and lets it on hire to the user. The user exercises an option to purchase the asset at the end of the contract after paying all the dues. HP is a transaction in which the purchaser of goods pays an initial deposit and takes possession. Subsequent installments are made over a specified time after which ownership passes to the purchaser. The parties to the contract are Owner (financier) and Hirer (purchaser / user). The installments are called Hire Money. If there is a default in the payment of any installment, the financier retains the right to repossess the asset from the purchaser without any refund. Sundaram Finance is one of the first hire purchase companies in India. In fact, they were instrumental in the creation of the Hire Purchase Act of 1972. ELEMENTS OF HIRE PURCHASE AGREEMENT To be a valid hire purchase agreement, the following elements must be clearly specified in writing and signed by the hirer as well as the financier: Identifying attributes of the asset, such as chassis number, engine number etc. Cash price of the goods i.e. price at which the goods may be purchased Hire purchase price, which is the amount payable by the hirer under the agreement Down payment or initial hire payable by the hirer Number, amount and date of each installment payable by the hirer Date of commencement of hire purchase agreement Rate of interest charged by financier COMPARISON OF LOAN, HIRE PURCHASE AND LEASE Table 2.1 Comparison of Loan, Hire Purchase and Lease Criteria Hypothecation Hire Purchase Lease Sale of asset Sold to borrower, hypothecated to financier Sold to financier, financier hires to buyer (hirer) Sold to financier (lessor), financier leases to lessee Initial payment Margin money Initial hire Lease deposit Ownership Title is with borrower from the beginning At the end of the contract, title transfer to buyer is done Title remains with lessor throughout the life of the asset Cash flow to seller Loan value of the asset is paid by financier, balance amount by borrower 100% of asset cost is paid by financier 100% of asset cost is paid by lessor In case of default Money is the consideration Court intervention is necessary POA* is obtained to bypass court intervention Asset can be taken away by financier Court intervention is not necessary since the financier is the owner of the asset Asset can be taken away by lessee Court intervention is not necessary since the lessee is the owner of the asset *- POA is Power of Attorney. The lender/financier reserves the right to repossess the asset without court intervention, to save time and resources. PROCESS OF A HIRE PURCHASE TRANSACTION Eligibility to avail hire purchase The field officers approach a prospective client and explain the terms of the hire purchase deal. Generally, assets with a high rate of depreciation are financed through hire purchase. The following entities can avail finance: Persons of contractual capacity i.e. of age greater than 18 years (as verified by birth certificate), sound mind Partnership firms Proprietary organizations Companies Public limited companies Quasi- Governments Governments POA holders Natural Guardians Under Hindu Law, the partys father is preferred as natural guardian. Only by way of practice/ convenience the mother is accepted as guardian. Under Christian Law, either father or mother can be accepted as guardian. Under Muslim Law, there is no guardianship. Further, ladies behind purdah cannot be signatories to a hire-purchase agreement. Proposal Analysis Before entering into a contract with an applicant for a hire-purchase financing, field investigation is a must. The following aspects of a client are verified through field analysis: Place of residence (applicant should have resided in the place for a minimum of 2 years) Standard of life Character of applicant (determining willingness to pay) Income details Source of income Property owned by applicant Expenses Credit rating of the individual This is a strictly subjective judgment performed by the branch office and sent to the head office for verification. At Sundaram Finance, the applicants income and monthly commitment alone are considered. In case of salaried professionals, latest salary slip and annual tax returns or Form 16 have to be submitted. This is used to determine the gross salary, from which statutory deductions and total borrowings are reduced, arriving at net salary. This is the basis for capacity determination. In case of businesspeople, the companys balance sheet and PL account are scrutinized to determine the cash profit i.e. net profit after tax plus depreciation from PL account. Net annual income should be equal to or greater than twice the annual commitment of the contract. This is called cash flow cover. Amount Commitment is the sum of all the Equal Monthly Installments paid in a year i.e. [EMI] x 12. Calculation of EMI The total amount repayable is the sum of the principal (cost price of the asset) and interest (cost of funds). EMI = Amount repayable / Number of installments The interest component is given by Interest = Principal * Flat rate of interest * Number of years Flat Rate of Interest Simple Rate of Interest This is generally used for computing the EMI manually, easily and easy understanding of a monthly commitment. This rate of interest is used for the purpose of accounting and banking. The EMI is initially fixed and the hirer has to pay this fixed amount for all the installments. The EMI charges payable by the consumers vary for every installment when calculated using simple rate of interest and hence it is confusing. The amount contributed towards the interest and principle varies with installments. Interest amount is calculated for every month with respect to the principal remaining. At Sundaram Finance, hire purchase contracts normally exist for a period of between 12 months and 60 months, in multiples of 6 months. Operations The asset is purchased according to the hirers specifications. The engine number and chassis number specified in the invoice are noted in the contract. These details should be identical in the RC book, contract and invoice for the agreement to be legal. The date of the agreement and the invoice should be identical in a hire purchase contract, since the asset comes into existence on that date. However, this is not mandatory in hypothecation. The following documents are collected to process a hire purchase application: 1. Income proof Salary slip Form 16 Latest IT return PL A/C, balance sheet (audited) 2. Identity proof Passport Photo credit card Pan card Driving license Voter id Ration card Partnership deed Trust deed Certificate of incorporation 3. Location proof Ration card Telephone bill House tax challan Driving license Electricity bill 4. Asset proof House tax challan Copy of sale deed Wealth tax assessment Housing cooperation society bill 5. Signature verification Passport Photo credit card Pan card Driving license Voter ID card Signature verification from bank 6. Bank statement 7. Photograph Serving debt In hire purchase, debt need not be served in full. The buyer or renter is free to return the asset at any period in the agreement, and no further installments need to be paid. This is why 100% financing is never performed in a hire purchase transaction. At Sundaram Finance, the dates of payment are fixed as 3rd, 10th, 17th and 22nd of every month. Post dated cheques are collected. In event of default Default or non-payment of installments is defined as For car 2 months lapse in payment. For commercial vehicle 90 days lapse in payment. The following procedure is followed by the financier for repossession of asset in the event of payment default: Figure 2.1 Procedure to deal with payment default Contract termination At the end of the hire purchase contract Re. 1 is collected as option money to terminate the contract. Form 35 is issued. Financier endorses the RC book with no dues enabling title transfer to the hirer / purchaser. In a hypothecation, Form 35 is issued to terminate the contract. OTHER ASPECTS PERTAINING TO HIRE PURCHASE Motor Vehicles Act Any vehicle plying on a public road must be registered. Form 20 application to register a new vehicle Form 34 to register a new vehicle Form 29 30 transfer of ownership (If there is an endorsement in the RC book by a financier, title cannot be transferred unless a NOC No Objection Certificate is gained.) Form 35 termination or extension of contract Insurance Insurance can be defined as a lot of people sharing the burden of one deprived man. Motor Vehicle insurance does not specify a limit on the value of claims that can be made. It can be differentiated into comprehensive and third-party insurance. Third-party insurance merely compensates damages caused to third party by the actions of the vehicle user provided valid drivers license is present. Any vehicle plying on the road must have third party insurance. Comprehensive insurance also compensates for damage to the vehicle and owner, in addition to third party damage. Any vehicle under finance must compulsorily have comprehensive insurance. Insurance does not cover war war-like activities, nuclear reactions and acts of terrorism. CREDIT POLICY Credit policy aids the financier in preparing the terms of a hire purchase contract. It is merely a guideline for conducting the business. At Sundaram Finance the first written credit policy was established in 2000 when the volume of business crossed Rs. 2 crore. It is now reviewed every year, and is subject to change based on economic and other market conditions. Credit policy has an effect on three main variables: Percentage of funding Repayment period Interest rate Percentage of funding In hire purchase, 100% of asset value is never financed. The loan to value ratio varies according to the type of asset and the credit risk. The ratio is always calculated on the ex-invoice price less discount. Loan to Value ratio, or LTV, can increase if market expands or delinquencies decrease. Higher LTV means that a higher portion of the asset price is funded by the financier, with lesser initial hire amount. This is fixed according to the company policy and reviewed periodically. Interest rate The interest rate is inclusive of the internal return rate or profit margin for the financier. This is variable based on Return on Investment RBI regulations Economic reforms Market conditions Presently, the IRR cannot vary during the term of a contract. It has to be fixed at the time of drawing up the contract. Repayment Period This is almost always constant for a given type of asset and class of customer, owing to the depreciation of asset with time. ASSETS FINANCED THROUGH HIRE PURCHASE Sundaram Finance extends finance through hire purchase for Cars Commercial vehicles Cars are an expense, while commercial vehicles are an income generating asset. For financing a car, past income is considered, while for commercial vehicle, predicted future income flows are considered. Presently the market share of Sundaram Finance in hire purchase finance of cars is about 7 16%, with up to 24% in some pockets such as Vellore district. Credit Classification of Cars Table 2.2 Classification of Cars CLASSIFICATION NAME VALUE OF ASSET (in Rs. lakhs) A Small Car 3-4 B Medium Car 4-7.5 C Large Car 7.5-15 D Luxury Car 15 Table 2.3 LTV Funded for Cars and Jeeps SALARIED BUSINESS Small 90% 85% Medium 85% 85% luxury 80% 75% Repayment period for A B class cars, for salaried class, is 60 months. For others, it is 48 months. In the event of gifting a car acquired through hire purchase, third party guarantee with evidence must be present. Credit Classification of Commercial Vehicle Any vehicle that runs on the road for remuneration is a Commercial Vehicle. They can be classified as load carrying or passenger carrying vehicles stage carriage or contract carriage vehicles LCV, MCV, HCV or multi-axle vehicles Stage carriage is on a fixed route, with fixed timings and fixed fare. Ex. Public buses. Contract carriage is where every aspect route, timings and fare is customized according to individual customer needs. Ex. Autorickshaw. Table 2.4 Classification of Commercial Vehicles ABBREVIATION CLASSIFICATION GROSS LOAD WEIGHT (in tons) LCV Light Commercial Vehicle 5 MCV Medium Commercial Vehicle 5-10 HCV Heavy Commercial Vehicle 10-15 Multi Axle Vehicle 15 Table 2.5 LTV Funded for Commercial Vehicles TRUCK BUS LCV Experience (in years) 3 3 3 Tenure (in months) 48 48 36 LTV of total chassis cost 95% 90% 85% LTV of total body cost 90% 90% 85% Repayment period for LCVs alone is 36 months as they depreciate faster and earn less revenue. For other classes the period is 60 months. For used commercial vehicles, the following are the credit norms applicable at Sundaram Finance: Table 2.6 Credit Policy for Hire Purchase Finance of Used Commercial Vehicles CREDIT POLICY NEW CUSTOMER EXISTING CUSTOMER Age of vehicle at closure of contract = 8 years = 8 years Maximum tenure (in months) 36 36 LTV (on basis of market value) 60% 60% Paper cash cover (times net income) 1.5 1.5 Assessed cash cover (times net income) 2.0 2.0 Exposure limit (in Rs. Lakhs) 10 10(if not fixed by HO/RO) Age (in years) at the closure of contract 65 65 Years in business 2 2 Years in location 3 3 Eligibility criteria Should own one free and road-worthy vehicle Previous closed contract to be not greater than 12 months ago