MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ FINANCE LIMITED (w.e.f. 06.09.2010) |
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Formerly Known
As : |
BAJAJ AUTO FINANCE LIMITED |
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Registered
Office : |
Akurdi Pune-411035, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.03.1987 |
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Com. Reg. No.: |
042961 |
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Capital
Investment/ Paid-up Capital: |
Rs. 365.966
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65910MH1987PLC042961 |
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|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business
: |
Subject is engaged in providing finance for BAL’s two and three
wheeler vehicles, consumer durables, personal computers and consumer loans. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 46000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
position of the company appears to be sound. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are fair. Payments are reported to be regular and as per commitments. The company can be considered good or normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Akurdi Pune-411035, |
|
Tel. No.: |
91-20-30405060 |
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Fax No.: |
91-20-30405020 |
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E-Mail : |
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Website : |
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Corporate Office : |
4th Floor, Bajaj Finserv Corporate Office, Off Pune-
Ahmednagar Road, Viman Nagar, Pune-411014, Maharashtra, India |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Rahul Bajaj |
|
Designation : |
Chairman cum Managing Director |
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|
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|
Name : |
Mr. Nanoo Pamnani |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Director |
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|
Name : |
Mr. Rajiv Bajaj |
|
Designation : |
Director |
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Name : |
Mr. Sanjiv Bajaj |
|
Designation : |
Director |
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Name : |
Mr. D |
|
Designation : |
Director |
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Name : |
Mr. D J Balaji Rao |
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Designation : |
Director |
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Name : |
Mr. Dipak Poddar |
|
Designation : |
Director |
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|
Name : |
Mr. Ranjan Sanghi |
|
Designation : |
Director |
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|
Name : |
Mr. Rajendra Lakhotia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajee Jain |
|
Designation : |
Chief Executive Officer |
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|
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Name : |
Mr. Anant Damle |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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20,506,169 |
55.98 |
|
|
32,000 |
0.09 |
|
|
32,000 |
0.09 |
|
|
20,538,169 |
56.07 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
20,538,169 |
56.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4,581,317 |
12.51 |
|
|
22,051 |
0.06 |
|
|
2,021,423 |
5.52 |
|
|
6,624,791 |
18.09 |
|
|
|
|
|
|
2,566,969 |
7.01 |
|
|
|
|
|
|
3,086,400 |
8.43 |
|
|
1,665,123 |
4.55 |
|
|
2,147,624 |
5.86 |
|
|
1,656,000 |
4.52 |
|
|
92,334 |
0.25 |
|
|
318,106 |
0.87 |
|
|
81,184 |
0.22 |
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|
9,466,116 |
25.84 |
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Total Public shareholding (B) |
16,090,907 |
43.93 |
|
Total (A)+(B) |
36,629,076 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
36,629,076 |
100.00 |
(1) Indian
Bodies Corporate
Directors of Promoters CompaniesBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing finance for BAL’s two and three
wheeler vehicles, consumer durables, personal computers and consumer loans. |
GENERAL INFORMATION
|
Bankers : |
·
Central Bank of ·
State Bank of India, Industrial Finance Branch,
The Arcade, II Floor, World Trade Centre, Cuffe Parade, Colaba,
Mumbai-400005, Maharashtra, India ·
HDFC Bank Limited, 4th Floor, ·
IDBI Bank Limited ·
Sybndicate Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountant |
|
Address : |
East and |
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Tel. No.: |
91-22-22662110/ 22660115 |
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Fax No.: |
91-22-22661503 |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36597076 |
Equity Shares |
Rs. 10/-
each |
Rs. 365.971 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36596076 |
Equity Shares |
Rs. 10/-
each |
Rs. 365.961
Millions |
|
1000 |
Add: Forfeited Equity Shares |
|
Rs. 0.005
Million |
|
|
Total |
|
Rs. 365.966 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
365.966 |
365.966 |
365.966 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11159.439 |
10521.408 |
10267.891 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
11525.405 |
10887.374 |
10633.857 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20793.477 |
7901.247 |
9416.077 |
|
|
2] Unsecured Loans |
11474.114 |
8212.824 |
7218.991 |
|
|
TOTAL BORROWING |
32267.591 |
16114.071 |
16635.068 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
43792.996 |
27001.445 |
27268.925 |
|
|
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
504.515 |
202.000 |
137.604 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3018.269 |
2739.082 |
3268.799 |
|
|
DEFERREX TAX ASSETS |
692.253 |
505.821 |
274.042 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Receivable under financing activity |
40258.084
|
23704.203 |
0.000 |
|
|
Assets under finance |
0.000
|
0.000 |
28346.251 |
|
|
Cash & Bank Balances |
225.063
|
417.905 |
2101.089 |
|
|
Other Current Assets |
246.897
|
224.185 |
143.235 |
|
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Loans & Advances |
3280.607
|
2370.336 |
4186.628 |
|
Total
Current Assets |
44010.651
|
26716.629 |
34777.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
707.991
|
861.308 |
753.232 |
|
|
Other Current Liabilities |
1040.816
|
442.749 |
9045.513 |
|
|
Provisions |
2683.885
|
1858.030 |
1389.978 |
|
Total
Current Liabilities |
4432.692
|
3162.087 |
11188.723 |
|
|
Net Current Assets |
39577.959
|
23554.542 |
23588.480 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
43792.996 |
27001.445 |
27268.925 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Service and Administrative Charges |
8096.596 |
5095.150 |
3887.654 |
|
|
|
Other Operating Income |
1003.959 |
852.901 |
880.616 |
|
|
|
Other Non Operating Income |
0.000 |
0.000 |
50.237 |
|
|
|
Leasing Business |
0.000 |
0.000 |
6.258 |
|
|
|
Interest on Loan |
0.000 |
0.000 |
202.734 |
|
|
|
Other Income |
61.016 |
45.832 |
0.000 |
|
|
|
TOTAL (A) |
9161.571 |
5993.883 |
5027.499 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses |
5725.552 |
3784.357 |
2975.356 |
|
|
|
TOTAL (B) |
5725.552 |
3784.357 |
2975.356 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3436.019 |
2209.526 |
2052.143 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2016.652 |
1643.464 |
1703.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1419.367 |
566.062 |
348.343 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.408 |
55.693 |
48.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1342.959 |
510.369 |
299.815 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
448.882 |
171.221 |
94.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
894.077 |
339.148 |
205.810 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.010 |
31.494 |
0.000 |
|
|
|
Amount
transferred from Debentures Redemption |
480.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Reserve fund in terms of
Section 45IC (1) of the Reserve Bank of India Act, 1934 |
180.000 |
68.000 |
41.500 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
183.000 |
90.000 |
|
|
|
Transfer to General Reserve |
90.000 |
30.000 |
0.000 |
|
|
|
Proposed Dividend |
219.576 |
73.192 |
36.596 |
|
|
|
Provision for Dividend Tax on Dividend |
36.469 |
12.439 |
6.220 |
|
|
BALANCE CARRIED
TO THE B/S |
852.542 |
4.011 |
31.494 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
24.43 |
9.27 |
5.68 |
|
|
|
Diluted |
24.43 |
9.270 |
5.68 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2956.400 |
3203.200 |
3871.200 |
3892.500 |
|
Total Expenditure |
1513.100 |
1619.000 |
1666.700 |
1665.200 |
|
PBIDT (Excl OI) |
1443.300 |
1584.200 |
2204.500 |
2227.300 |
|
Other Income |
11.000 |
61.200 |
12.700 |
53.100 |
|
Operating Profit |
1454.300 |
1645.400 |
2217.200 |
2280.400 |
|
Interest |
727.400 |
832.900 |
1035.600 |
1183.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
726.900 |
812.500 |
1181.600 |
1096.800 |
|
Depreciation |
20.700 |
29.400 |
31.300 |
37.200 |
|
Profit Before Tax |
706.200 |
783.100 |
1150.300 |
1059.600 |
|
Tax |
238.400 |
255.400 |
386.400 |
349.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
467.800 |
527.700 |
763.900 |
710.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
467.800 |
527.700 |
763.900 |
710.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.76
|
0.65 |
4.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.59
|
10.02 |
7.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.02
|
1.90 |
0.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.18
|
1.77 |
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.93
|
8.45 |
3.11 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE
The gross deployment of the company for the year 2009-10 were Rs.45,851
million as against Rs. 24,509 million for the year 2008-09:
DIVIDEND
The directors recommend for the consideration of the Members at the
Annual General Meeting, payment of dividend of Rs. 6/- per share (60 per cent)
for the year ended 31 March 2010. The total dividend outgo including tax
thereon will be Rs. 256 million. Dividend paid for the year ended 31 March 2009
was Rs.2/- per share (20 per cent) and the total dividend outgo including tax
thereon was Rs.85.6 million.
WORKING RESULTS
The company, during the year 2009-10, deployed a total amount of Rs.
45,851 million under various products. As against this, during the previous
year 2008-09, the total amount deployed was Rs. 24,509 million.
The receivables under financing as on 31 March 2010 were Rs.40,258
million as compared to Rs. 25,389 million as on 31 March 2009, an increase of
59 per cent over the previous year. Total income during 2009-10 increased to
Rs. 9,162 million from Rs. 5,994 million during 2008-09, an increase of 53 per
cent over the previous year.
The profit before tax for the year was at Rs 1,343 million, as against
Rs. 510 million in the previous year, an increase of 163 percent over the
previous year. The profit after tax for the year was Rs. 894 million as
compared to Rs.339 million in the previous year, an increase of 164 percent
over the previous year. This has been due to improvement in net interest
margins across businesses, contribution from new lines of businesses, third
party fee products distribution and various re-engineering initiatives.
The company's current provisioning standards meet RBI prudential norms.
In line with its conservative approach, the company continues to review its
provisioning policy over and above RBI prudential norms. In the current year,
the company proactively took the decision to provide for a closed business line
resulting in increased provisioning to the tune of Rs. 210 million.
Additionally, the company also enhanced loan loss provisioning for its consumer
durable financing business and increased provisioning by Rs. 46.7 million.
MANAGEMENT
DISCUSSION AND ANALYSIS:
2009-10 started off amidst an uncertain economic environment driven by
fears of a global double-dip recession, low domestic industrial growth, the
failure of monsoons affecting the kharif crop and weak consumer demand.
Things changed for the better in the second half. Stabilisation of the
global financial system, three substantive government stimulus packages, an
accommodative monetary stance by the Reserve Bank of India (RBI) and the
emphasis on public sector expenditure in the first (mid-term) budget of the new
government saw a resurgence of growth in H2 2009-10, especially in
January-March 2010.
These measures resulted in improved business confidence and revival of
consumer demand. A relatively benign interest rate environment throughout the
second half of 2009-10 also helped. Even so, it needs stating that retail
lending in 2009-10 was weak compared to a couple of years ago. Having faced
rising delinquencies and higher credit risks in 2008-09 and most of 2009-10,
lending institutions remained cautious across all retail lending businesses.
Despite a muted market for all of 2008-09 and half of 2009-10, Bajaj
Auto Finance Limited ('BAFL' or 'the Company') sees significant growth
opportunities in the future. Given low penetration of retail lending to GDP, demographic
shifts in favour of a younger working population, higher incomes of a rapidly
growing middle class, and a preference for younger households to live with
greater gearing, BAFL sees major retail lending opportunities in India.
With receivables under financing of Rs.40.3 billion, BAFL is one of the
leading, diversified non-banking finance companies (NBFC) in the country. The
company's restructuring over the last two years has started to bear results in
2009-10. Additionally the company continued to invest in launching new product
lines, expanding its technology platform and strengthening its human resources
pool for higher growth in the coming years.
The loan book has improved qualitatively. The company increased its
write offs and provision for bad and doubtful debts arising out of weak loan
servicing performance in the past of certain customer segments . Instead of
going purely by RBI prudential norms, BAFL proactively took the decision to
increase provisioning by Rs. 210 million for a business line closed in early
2009. With this additional provisioning, the loan book looks healthier and
positions the company for faster and more focused growth in the future.
HIGHLIGHTS FOR
2009-10
Given below are BAFL's performance highlights for 2009-10.
- Total income
for 2009-10 was up by 53% to Rs.9.16 billion
- Profit after
tax was up 164% to 894 million.
- Deployment
during the year rose by 87% to Rs.45.85 billion.
- Receivables
under financing as on 31 March 2010 were up by 59% to Rs.40.3 billion,
- Loan losses
and provisions for the year increased by 59% to Rs.2.61 billion.
- Capital
adequacy ratio as on 31 March 2010 stood at 26%
BUSINESS SEGMENT
UPDATE
Two- Wheeler
Financing
Two wheeler deployments grew by 74% in 2009-10, thanks to strong growth
in two-wheeler demand throughout the country. The competitive environment was
benign with most competitors having exited the business in the last two years.
BAFL has leveraged this opportunity to consolidate its position in the
Bajaj two- wheeler financing business. Its penetration as a percentage of sales
of Bajaj two-wheelers was at 23% in 2009-10, versus 20% in the previous year.
The company acquired more than 378,000 new customers during the year. Today, it
is present in 375 dealerships, and accesses over 900 sub-dealers across
During 2009-10, the two-wheeler financing business launched a new
programme called the Direct Cash Collection Model to focus on semi-urban and
rural customers with no banking habits. The programme will integrate mobile
technology and Bajaj Auto Limited's sub-dealer network to create a unique
business model.
Consumer Durables
Financing
Consumer durable financing deployments grew by 58% in 2009-10, versus an
estimated industry growth of 30%. Competition remained limited, because few are
willing to invest in technology and processes to compete in this relatively low
ticket size, high volume business. The company acquired more than 470,000 new
customers and is currently present in over 2,000 dealerships across the
country. BAFL's strategy of focusing on 'mass affluent' customers and major
dealerships has begun to yield significant benefits through lower operating
costs and improved risk performance.
During the year, the company added a new tool to its current technology
platform to improve customer experience and target mass affluent customers. It
also invested in automation of the loan approval process at 100 top dealerships
throughout the country. This programme to provide a seamless financing
experience has set a new benchmark in the consumer durable financing business.
SMALL BUSINESS
LOANS
This business is present in the top 15 cities across
Recently, as an extension to its small business loan programme it has
launched financing of vendors to large manufacturers.
Personal Loan
Cross-Sell
This business targets customers with good repayment history for their
two-wheeler and/or consumer durables loans to cross-sell a personal loan. BAFL
continued to grow this business in a cautious manner. Given the economic
circumstances, it is not surprising that the personal loan cross sell
deployments contracted by 23% in 2009-10. Even so, BAFL financed some 46,000
new customers in the current year.
In 2009-10, the company implemented a new customer relationship
management (CRM) platform to improve its data mining, and thus offer better
business generation capabilities. This should stand BAFL in good stead for
2010-11 and the future.
Mortgage Business
This was the first full year of mortgage business. It targets affluent
and high net worth small business customers and offers loans against the
mortgage of retail, residential and commercial premises. Aided by strong
revival in the mortgage business in the second half 2009-10, the portfolio
increased in line with the industry's growth. This business is present in the
top 15 cities of
OUTLOOK
The economy is predicted to continue the strong performance seen in
2009-10 and the business outlook for BAFL is robust. In 2010-11, the company's
approach would be to continue to grow by focusing on returns while balancing
risk. It will launch new product lines, such as construction equipment finance
and retail loans against securities; further strengthen risk management
practices; maintain investments in technology and human resources to
consolidate its position as a leading NBFC in
Contingent
Liabilities Not provided for:
|
Particulars |
31.03.2010 Rs.
in Millions |
|
Disputed claims against the company not acknowledged as debts |
45.342 |
|
VAT matter under Appeal |
34.914 |
Fixed Assets:
- Plant and
Machinery
- Land
- Building
- Computer
- Furniture and
Fixture and Equipments
- Vehicles
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31.03.2011
(Rs. in Millions)
|
Particulars |
Quarter Ended 31.03.2011 (Unaudited) |
Accounting Year
Ended 31.03.2011 (Audited) |
|
Funds Deployed |
24869.400 |
94353.400 |
|
1. a) Income from Operations |
3543.200 |
12838.400 |
|
b) Other Operating Income |
349.300 |
1084.900 |
|
Total Income (a+b) |
3892.500 |
13923.300 |
|
|
|
|
|
2. Expenditure |
|
|
|
a) Employee Cost |
430.400 |
1447.200 |
|
b) Marketing and other Commissions |
333.700 |
1025.800 |
|
c) Recovery Commission |
121.000 |
495.200 |
|
d) Provision for doubtful debts, net and bad
debts written off |
376.500 |
2046.100 |
|
e) Depreciation |
37.200 |
118.600 |
|
f) Other Expenditure |
403.600 |
1449.900 |
|
Total Expenditure (a+b+c+d+e+f) |
1702.400 |
6582.600 |
|
|
|
|
|
3. Profit from operations before other
Income, Interest and Exceptional Item (1-2) |
2190.100 |
7340.700 |
|
|
|
|
|
4. Other Income |
53.100 |
138.000 |
|
|
|
|
|
5. Profit before Interest and Exceptional
Items (3+4) |
2243.200 |
7478.700 |
|
|
|
|
|
6. Interest and Other Finance Charges |
1183.600 |
3779.500 |
|
|
|
|
|
7. Profit after Interest but before
exceptional item (5-6) |
1059.600 |
3699.200 |
|
|
|
|
|
8. Exceptional Items |
-- |
-- |
|
|
|
|
|
9. Profit/ Loss from ordinary activities
before tax (7+8) |
1059.600 |
3699.200 |
|
|
|
|
|
10. Tax Expenses (Including Deferred Taxes) |
352.700 |
1232.900 |
|
|
|
|
|
11. Net Profit/ loss from ordinary
activities after tax (9-10) |
706.900 |
2466.300 |
|
|
|
|
|
12. Prior Period Adjustments Tax adjustments pertaining to earlier years |
3.300 |
3.300 |
|
|
|
|
|
13. Net profit / Loss for the period (11+12) |
710.200 |
2469.600 |
|
|
|
|
|
14. Paid-up Equity Share Capital (Face value : Rs. 10/- per share) |
366.300 |
366.300 |
|
|
|
|
|
15. Reserve excluding Revaluation Reserve as
per Balance Sheet of Previous accounting year. |
-- |
13214.800 |
|
|
|
|
|
16. Earning per share (not annualized) before
and after Extraordinary Items |
|
|
|
Basic |
19.40 |
67.47 |
|
Diluted |
19.40 |
67.47 |
|
|
|
|
|
17. Public shareholding |
|
|
|
Number of Shares |
16090907 |
16090907 |
|
Percentage of Shareholding |
43.93% |
43.93% |
|
|
|
|
|
18. Promoters and promoter Groupo
Shareholding |
|
|
|
a) Pledged/ encumbered |
|
|
|
Number of Shares |
Nil |
Nil |
|
Percentage of Shares (as a % of total
shareholding of promoters and promoter group) |
Nil |
Nil |
|
Percentage of shares (as a % of the total
share capital of the company) |
Nil |
Nil |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of Shares |
20538169 |
20538169 |
|
Percentage of Shares (as a % of total
shareholding of promoters and promoter group) |
100.00% |
100.00% |
|
Percentage of shares (as a % of the total
share capital of the company) |
56.07% |
56.07% |
Notes:
1. Disclosure of Balance Sheet items as per clause
41(i) (ea) of the listing agreement for the year Ended 31.03.2011
|
Particulars |
Year Ended 31.03.2011 (Audited) |
Year Ended 31.03.2010 (Audited) |
|
Shareholders’ Funds: |
|
|
|
a) Capital |
366.300 |
366.000 |
|
b) Reserves and Surplus |
13214.800 |
11159.400 |
|
Sub Total |
13581.100 |
11525.400 |
|
Loan Funds |
67086.000 |
32267.600 |
|
Total |
80667.100 |
43793.000 |
|
Fixed Assets |
1026.000 |
504.500 |
|
Investments |
4453.000 |
3018.300 |
|
Deferred Tax Assets, Net |
649.400 |
692.300 |
|
Current Assets, Loans and Advances |
|
|
|
a) Receivables under financing activity |
72701.000 |
40317.800 |
|
b) Cash and Bank Balance |
4319.800 |
223.700 |
|
c) Other Currenet Assets |
335.100 |
244.100 |
|
d) Loans and Advances |
1696.900 |
926.800 |
|
Less: Current Liabilities and Provisions |
|
|
|
a) Liabilities |
3862.200 |
1808.500 |
|
b) Provisions |
651.900 |
326.000 |
|
Miscellaneous Expenditure (Net written off
or adjustment) |
-- |
-- |
|
Profit and Loss Account |
-- |
-- |
|
Total |
80667.100 |
43793.000 |
2. The above results have been reviewed by the
Audit Committee and approved by the Board of Directors in their meeting held on
17.05.2011.
3. The Board of Directors have recommended a Dividend
of Rs. 10 per share (100%) for the year 2010-11 (Previous year : 60%).
4. Figures for the previous period have been
regrouped, wherever necessary, to make them comparable with the current period.
5. The allotment committee of the Board of
Directors at their meeting held on 29 December 2010 have allotted 33000 equity
share of BFL Welfare Trust under ESOS, 2009.
6. The company has, w.e.f. 5 July 2010, become
a subsidiary of Bajaj Finserv Limited
7. The name of the company has changed w.e.f.
6 September 2010 from “Bajaj Auto Finance Limited” to “Bajaj Finance Limited”
8. The company continues to strengthen its
provisioning norms beyond the Reserve Bank of
9. The company is engaged primarily in the
business of financing and accordance there are no separate reportable segments
as per Accounting Standards 17 dealing with Segment Reporting.
10. The company did not have investor
complaints pending as on 1 January 2011 and as on 31 March 2011. there were 3
investors’ complaints received and disposed off during the quarter ended 31
March 2011.
11. The company has designated an exclusive
e-mail id viz. investor.service@bajajfinserve.in
for investors grievance redressal.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.