# Table 1.1 TOTAL FACTORING VOLUME BY COUNTRY IN THE LAST 10 YEARS (MILLIONS OF EUROS)

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1 INTRODUCTION Factoring is a financial option for the management of receivables. In simple word it is the conversion of credit sales into cash. In factoring, a financial institution (factor) buys the accounts receivable of a company (Client) and pays up to 80% (rarely up to 90%) of the amount immediately on agreement. Factoring company pays the remaining amount (Balance 20%- Finance cost-operating cost) to the client when the customer pays the debt. Collection of debt from the customer is done either by the factor or the client depending upon the type of factoring. We will see different types of factoring in this article. The account receivable in factoring can either be for a product or service. Examples are factoring against goods purchased, factoring for construction services (usually for government contracts where the government body is capable of paying back the debt in the stipulated period of factoring. Contractors submit invoices to get cash instantly), factoring against medical insurance etc. Table 1.1 TOTAL FACTORING VOLUME BY COUNTRY IN THE LAST 10 YEARS (MILLIONS OF EUROS) Years Countries Europe 468, , , , , , , , ,649 1,045,069 Americas 127, , , , , , , , , ,357 Africa 5,801 6,203 5,840 7,586 6,237 8,513 10,705 13,263 14,796 16,686 Asia 76,078 69,850 89, , , , , , , ,602 Australasia 8,320 9,992 13,979 18,417 23,380 27,853 33,780 33,246 40,110 45,515 Total World 685, , , ,215 1,016,547 1,134,288 1,299,127 1,325,111 1,283,559 1,648,229 Source: World Factoring Yearbook 2011-Published by BCR Publishing Ltd. 3 Cobden Court, Wimpole Close, Bromley, Kent, BR2 9JF, UK sponsored by Factors Chain International (FCI), an Umbrella Organisation of Factoring Companies. 0

4 would be possible only if the regulators of factoring finance frame appropriate policies for the development of the Small and Medium Enterprises and factoring companies. The factoring facilities could become a blessing to the Small and Medium Enterprises if the government pays suitable and appropriate attention for the development of the Small and Medium Enterprises. Perhaps the Small and Medium Enterprises / MSME are the most neglected sector by both the government as well as entrepreneurs. However, if we look at the performance in the country, this has become the leading contributory in the economy progress of the country. In fact, this has become the backbone of the large size industries. These units contribute approximately 95% of the industrial units in India. At the same time these units are scattered and fragmented throughout India. The Small and Medium Enterprises / MSME sector manufactures approximately 8000 products. Small and Medium Enterprises / MSMEs contribute about 8% of the GDP of the country. The contribution of Small and Medium Enterprises / MSME in the industrial development is approximately 45%. It also contributes approximately 40% of the exports of manufactured goods. It also contributes 45% of the industrial employment in India. Majority of the Small and Medium Enterprises / MSME are situated in rural areas and caters the need of 75% of the Indian population who lives in villages. Looking at the problems of factoring companies in India recently the government of India has passed The Factoring Regulation Act, 2011 (No. 12 of 2012) dated The enactment of this Act would certainly boost the factoring business in India. WHAT IS SME S? SME s stand for Small and Medium Enterprises. According to Micro, Small and Medium Enterprise Development Act, 2006 ( MSMED ) which came into force w.e.f. 2 nd October, 2006 which has repealed the provision of the old Act regarding SSI Undertakings. As per Micro, Small and Medium Enterprise Development Act, 2006 ( MSMED ) the suppliers of goods and services are to be classified into Micro, Small and Medium Enterprises. The MSMED Act applies irrespective of whether the supplier is a Company, Partnership Firm, Association of Person or HUF. The definition of Micro, Small and Medium Enterprises as given in the MSMED Act are as under: 3

5 CLASSIFICATION OF ENTERPRISES ENGAGED IN:- a) Manufacture or production of goods pertaining to any industry specified in the First Schedule to the IDRA as Nature of Enterprises Investment in Plant & Machinery (#) Micro Less than INR 25 Lacs Small More than INR 25 Lacs less than INR 5 Crores Medium More than INR 5 Crores but less than INR 10 Crores b) Providing or rendering services Nature of Enterprises Investment in Plant & Machinery Micro Less than INR 10 Lacs Small More than INR 10 Lacs less than INR 2 Crores Medium More than INR 2 Crores but less than INR 5 Crores (#) In calculating the investment in plant and machinery the cost of pollution control research and development, industrial safety devices will be excluded. This is to convey the rationale of your proposed work, and should give a background setting which has prompted / encouraged you to do this work. Some studies and data must support this. IMPORTANCE / ROLE / SIGNIFICANCE OF SME s Small-scale industries play an important role in process of country s industrial development. It accounts for 40% of the total value of industrial production and contributes directly about 33% of aggregate exports. In a developing country like India it is a small scale industry that constitutes the backbone of the industrial structure. Its development has created vast employment opportunities and has also brought about decentralization. 4

6 PROBLEMS OF SME S Though SME s are backbone of large scale industries, still it suffers from many problems. Some of these problems are includes lack of capital, inefficient man power, poor technology, poor quality production, power supply, problem of marketing, distribution problems, inefficient financial management and so on. If we analyses the above problems, majority of these problems (say upto 90%) are connected directly or indirectly with finance. 5

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