MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ FINSERV LIMITED |
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Registered
Office : |
Bajaj Auto Limited Complex, Mumbai – |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.04.2007 |
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|
Com. Reg. No.: |
11-130075 |
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Capital
Investment / Paid-up Capital : |
Rs.795.600 Millions |
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CIN No.: [Company Identification
No.] |
L65923PN2007PLC130075 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB05806D |
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PAN No.: [Permanent Account No.] |
AADCB2924N |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is
Primarily engaged in the Business of Promoting Financial Services such as
Finance, Insurance, Wealth Management etc. |
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No. of Employees
: |
Information declined by the management. |
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Bajaj Group. It is a well-established company having
fine track record. Financial position of the company seems to be strong. Over all
fundamentals of the company appears to be sound healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for 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.
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-20-27472851)
LOCATIONS
|
Registered Office : |
Bajaj Auto Limited Complex, Mumbai – |
|
Tel. No.: |
91-20-27472851 |
|
Fax No.: |
91-20-27477380 |
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E-Mail : |
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Website : |
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Corporate Office : |
Survey No.208/1-B, 6th Floor, Behind Weikfield IT Park, Off
Pune-Ahmednagar Road, Viman Nagar, Pune – 411 014, Maharashtra, India |
|
Tel. No.: |
91-20-27472851 |
|
Fax No.: |
91-20-30405700 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Rahul
Bajaj |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Sanjiv Bajaj |
|
Designation : |
Managing Director |
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|
Name : |
Nanoo
Pamnani |
|
Designation : |
Vice Chairman |
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|
Name : |
Sanjiv
Bajaj |
|
Designation : |
Managing Director |
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|
Name : |
Madhur
Bajaj |
|
Designation : |
Director |
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|
Name : |
Rajiv
Bajaj |
|
Designation : |
Director |
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|
Name : |
D J
Balaji Rao |
|
Designation : |
Director |
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|
Name : |
S H
Khan |
|
Designation : |
Director |
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|
Name : |
Naresh Chandra |
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Designation : |
Director |
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|
Name : |
Gita Piramal |
|
Designation : |
Director (w.e.f. 27.03.2014) |
KEY EXECUTIVES
|
Name : |
Ranjit
Gupta |
|
Designation : |
President
(Insurance) |
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|
|
|
Name : |
Kevin
D’sa |
|
Designation : |
CFO and President (Business Development) |
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Name : |
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Designation : |
President (Finance) |
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|
Name : |
V
Rajagopalan |
|
Designation : |
President (Legal) |
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|
Name : |
Rajeev
Jain |
|
Designation : |
CEO, Bajaj Finance Limited |
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|
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|
Name : |
Tapan
Singhel |
|
Designation : |
MD and CEO, Bajaj Allianz General Insurance Company
Limited |
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|
|
Name : |
Anuj Agarwal |
|
Designation : |
MD and CEO,
Bajaj Allianz Life Insurance Company Limited |
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|
|
Name : |
Sonal R Tiwari |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
8300905 |
5.22 |
|
|
85402354 |
53.68 |
|
|
93703259 |
58.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
93703259 |
58.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5085261 |
3.20 |
|
|
67115 |
0.04 |
|
|
5485380 |
3.45 |
|
|
14354490 |
9.02 |
|
|
24992246 |
15.71 |
|
|
|
|
|
|
14358626 |
9.03 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
11817469 |
7.43 |
|
Individual shareholders holding nominal share capital in
excess of Rs.0.100 Million |
13301244 |
8.36 |
|
|
911208 |
0.57 |
|
|
817 |
0.00 |
|
|
713311 |
0.45 |
|
|
675 |
0.00 |
|
|
2176 |
0.00 |
|
|
176058 |
0.11 |
|
|
18171 |
0.01 |
|
|
40388547 |
25.39 |
|
Total Public shareholding (B) |
65380793 |
41.10 |
|
Total (A)+(B) |
159084052 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
41132 |
0.00 |
|
|
41132 |
0.00 |
|
Total (A)+(B)+(C) |
159125184 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Anant Bajaj |
4,97,107 |
0.31 |
|
Deepa Bajaj |
11,675 |
0.01 |
|
Geetika Bajaj |
20,700 |
0.01 |
|
Kiran Bajaj |
4,24,725 |
0.27 |
|
Kriti Bajaj |
38,500 |
0.02 |
|
Kumud Bajaj |
5,33,434 |
0.34 |
|
Madhur Bajaj |
9,33,716 |
0.59 |
|
Minal Bajaj |
74,700 |
0.05 |
|
Neelima Bajaj Swamy |
3,05,519 |
0.19 |
|
Nimisha Jaipuria |
1,81,285 |
0.11 |
|
Niraj Bajaj |
13,90,938 |
0.87 |
|
Niravnayan Bajaj |
2,05,866 |
0.13 |
|
Rahulkumar Bajaj |
16,62,685 |
1.04 |
|
Rajivnayan Bajaj |
3,450 |
0.00 |
|
Rishabnayan Bajaj |
9,400 |
0.01 |
|
Sanjali Bajaj |
10,100 |
0.01 |
|
Sanjivnayan Bajaj |
4,65,024 |
0.29 |
|
Shefali Bajaj |
11,000 |
0.01 |
|
Shekhar Bajaj |
7,01,440 |
0.44 |
|
Siddhantnayan Bajaj |
8,300 |
0.01 |
|
Suman Jain |
5,75,904 |
0.36 |
|
Sunaina Kejriwal |
2,35,437 |
0.15 |
|
Bachhraj And Company Private Limited |
20,41,478 |
1.28 |
|
Bachhraj Factories Private Limited |
10,78,787 |
0.68 |
|
Bajaj Holdings And Investment Limited |
6,23,14,214 |
39.16 |
|
Bajaj Sevashram Private Limited |
23,55,606 |
1.48 |
|
Baroda Industries Private Limited |
9,19,001 |
0.58 |
|
Hercules Hoists Limited |
92,063 |
0.06 |
|
The Hindustan Housing Company Limited |
8,000 |
0.01 |
|
Jamnalal Sons Private Limited |
1,51,10,824 |
9.50 |
|
Kamalnayan Investment & Trading Private Limited |
61,200 |
0.04 |
|
Madhur Securities Private Limited |
40,700 |
0.03 |
|
Niraj Holdings Private Limited |
10,300 |
0.01 |
|
Rahul Securities Private Limited |
1,43,000 |
0.09 |
|
Rupa Equities Private Limited |
1,37,400 |
0.09 |
|
Shekhar Holdings Private Limited |
30,300 |
0.02 |
|
Bajaj Auto Employees Welfare Fund |
10,06,021 |
0.63 |
|
Bel Employees Welfare Fund |
53,460 |
0.03 |
|
Total |
9,37,03,259 |
58.89 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
M/S Jaya Hind Investments Private Limited |
6394663 |
4.02 |
|
Life Insurance Corporation Of India |
4912201 |
3.09 |
|
ICICI Prudential Focused Bluchip Equit Fund |
4657655 |
2.93 |
|
Maharashtra Scooters Limited |
3725740 |
2.34 |
|
Government Of Singapore |
1742887 |
1.10 |
|
Valiant Mauritius Partners Limited |
1876282 |
1.18 |
|
Valiant Mauritius Partners Offshore Limited |
1772362 |
1.11 |
|
Sikkim Jansewa Pratisthan Private Limited |
2012953 |
1.27 |
|
Ashoka Pte Limited |
1938247 |
1.22 |
|
Total |
29032990 |
18.25 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
Primarily engaged in the Business of Promoting Financial Services such as
Finance, Insurance, Wealth Management etc. |
|
|
|
|
Products : |
-- |
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|
|
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS
GENERAL INFORMATION
|
Suppliers : |
-- |
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|
|
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Customers : |
-- |
|
|
|
|
No. of Employees : |
Information declined by the management. |
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|
|
|
Bankers : |
·
Citi Bank N A ·
HDFC Bank |
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|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
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|
|
|
Membership : |
-- |
|
|
|
|
Holding company,
subsidiaries and fellow subsidiaries: |
·
Bajaj Allianz General Insurance Company Limited ·
Bajaj Allianz Life Insurance Company Limited ·
Bajaj Finance Limited · Bajaj Financial Holdings Limited ·
Bajaj Financial Solutions Limited ·
Bajaj Financial Securities Limited |
|
|
|
|
Associates,
joint ventures and investing parties: |
· Bajaj Holdings and Investment Limited · Bajaj Allianz Financial Distributors Limited · Allianz Cornhill Information Services Private Limited · Allianz SE · Allianz Insurance Management Asia Pacific Pte. · Allianz Investment Management Singapore Pte. Limited · AGCS Marine Insurance Company · Allianz Global Risks US Insurance Company · Allianz Global Corporate & Speciality AG, Canada · Allianz Global Corporate & Speciality AG, Spain · Allianz Global Corporate & Speciality AG, UK |
|
|
|
|
Enterprises over
which anyone in exercises significant influence: |
·
Bajaj Auto Limited ·
Bajaj Electricals Limited ·
Bajaj International Limited ·
Hind Musafir Agency Limited ·
Mukand Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 5/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159122352 |
Equity Shares |
Rs. 5/- each |
Rs.795.600 Millions |
|
|
|
|
|
a)
Of the above:-
- 101,183,510 equity shares were allotted as fully paid up pursuant
to the scheme of arrangement for demerger of erstwhile Bajaj Auto Limited
(now Bajaj Holdings and Investment Limited) by the Company on 3 April
2008.
- 1,805,071 equity shares thereof are deemed to be issued by way of
Euro Equity Issue represented by Global Depository Receipts (GDR)
evidencing Global Depository Shares outstanding on the record date.
Outstanding GDRs at the close of the year were 41,132 (47,869)
b)
Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.5 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors and approved by the shareholders in the annual general meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Details of shareholders holding more than
5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Bajaj Holdings and Investment Limited |
62314214 |
39.16% |
|
Jamnalal Sons Private limited |
15106424 |
9.49% |
d)
Shares
reserved for issue at a subsequent date
29,509 equity shares of Rs.5 each offered by way of right in an earlier year, have been held in abeyance pending adjudication of title and subscription thereafter.
e) Utilisation of funds raised on issue of equity
shares
|
Name of
Shareholder |
Number
of Shares |
|
Amount receivable from rights issue - as
per letter of offer |
9404.400 |
|
Less: Amount not received on shares kept
in abeyance |
19.200 |
|
Amount
received from rights issue - (A) |
9358.200 |
|
|
|
|
Deployment
of rights issue proceeds: |
|
|
Investment in Bajaj Finance Limited -
conversion of warrants |
639.600 |
|
Investment in Bajaj Finance Limited -
subscription to rights issue |
4786.700 |
|
Share issue expenses |
31.600 |
|
General corporate purposes - investment in
mutual funds |
1853.600 |
|
Total
deployment of rights issue proceeds - (B) |
7311.500 |
|
|
|
|
Balance
amount to be utilised (A-B) |
2073.700 |
|
|
|
|
Interim
utilisation of balance rights issue proceeds: |
|
|
Investment in debentures |
1010.200 |
|
Investment in money market instruments and
mutual funds |
1063.500 |
|
|
|
|
Total
|
2073.700 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
795.600 |
795.600 |
723.400 |
|
(b) Reserves & Surplus |
23834.900 |
23279.500 |
13726.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
24630.500 |
24075.100 |
14450.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
104.600 |
88.200 |
79.500 |
|
(c) Other long term
liabilities |
32.000 |
26.500 |
4.300 |
|
(d) long-term
provisions |
21.200 |
14.400 |
13.400 |
|
Total Non-current
Liabilities (3) |
157.800 |
129.100 |
97.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
15.200 |
23.700 |
13.000 |
|
(c) Other
current liabilities |
52.000 |
46.800 |
59.300 |
|
(d) Short-term
provisions |
515.400 |
539.800 |
425.300 |
|
Total Current
Liabilities (4) |
582.600 |
610.300 |
497.600 |
|
|
|
|
|
|
TOTAL |
25370.900 |
24814.500 |
15045.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
703.200 |
696.300 |
713.500 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
5.900 |
2.700 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
22003.600 |
22015.600 |
13488.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
269.300 |
242.100 |
188.200 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
22982.000 |
22956.700 |
14390.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2262.900 |
1651.600 |
521.400 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
7.000 |
16.300 |
19.400 |
|
(d) Cash
and cash equivalents |
75.900 |
21.100 |
25.400 |
|
(e)
Short-term loans and advances |
5.000 |
34.700 |
6.000 |
|
(f) Other
current assets |
38.100 |
134.100 |
82.400 |
|
Total
Current Assets |
2388.900 |
1857.800 |
654.600 |
|
|
|
|
|
|
TOTAL |
25370.900 |
24814.500 |
15045.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1444.900 |
1414.700 |
1357.700 |
|
|
|
Other Income |
128.100 |
107.800 |
84.100 |
|
|
|
TOTAL |
1573.000 |
1522.500 |
1441.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
151.900 |
129.500 |
107.900 |
|
|
|
Other expenses |
353.000 |
318.600 |
241.300 |
|
|
|
Exceptional Item |
0.000 |
270.000 |
0.000 |
|
|
|
TOTAL |
504.900 |
718.100 |
349.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1068.100 |
804.400 |
1092.600 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
13.000 |
12.800 |
15.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1055.100 |
791.600 |
1077.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
220.000 |
283.200 |
311.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
835.100 |
508.400 |
765.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1615.300 |
1498.100 |
1179.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Reserve Fund |
166.800 |
101.700 |
153.100 |
|
|
|
Transfer to General Reserve |
83.400 |
50.800 |
76.600 |
|
|
|
Proposed Dividend |
278.500 |
238.700 |
217.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1921.700 |
1615.300 |
1498.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
2.500 |
1.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.20 |
3.30 |
5.20 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
225.900 |
754.900 |
|
Total Expenditure |
|
121.100 |
129.600 |
|
PBIDT (Excluding Other Income) |
|
104.800 |
625.300 |
|
Other Income |
|
29.500 |
27.300 |
|
Operating Profit |
|
134.300 |
652.600 |
|
Interest |
|
0.000 |
0.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
134.300 |
652.600 |
|
Depreciation |
|
07.200 |
07.200 |
|
Profit Before Tax |
|
127.100 |
645.400 |
|
Tax |
|
47.400 |
45.100 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
79.700 |
600.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
57.80 |
35.94 |
56.40 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.39 |
28.31 |
69.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.03 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.10 |
3.04 |
1.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
723.400 |
795.600 |
795.600 |
|
Reserves & Surplus |
13726.900 |
23279.500 |
23834.900 |
|
Net
worth |
14450.300 |
24075.100 |
24630.500 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1357.700 |
1414.700 |
1444.900 |
|
|
|
4.198 |
2.135 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1357.700 |
1414.700 |
1444.900 |
|
Profit |
765.700 |
508.400 |
835.100 |
|
|
56.40% |
35.94% |
57.80% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
Subject is the financial services arm of the
Bajaj group. It is also the holding company under which various financial
services businesses reside. These are:
Lending
and Wealth Management
ü Under Bajaj Finance Ltd. (BFL), earlier Bajaj
Auto Finance, a company listed on the Bombay Stock Exchange and the National
Stock Exchange.
Protection
ü Life Insurance, under the Bajaj Allianz Life
Insurance Company (BALIC).
ü General Insurance, under the Bajaj Allianz
General Insurance Company (BAGIC).
In addition, subject has wind-farm assets,
comprising 138 windmills in Maharashtra with an installed capacity of 65.2 MW.
A brief overview of the economy is in order.
FY2014 has been yet another difficult year.
FY2013 ended with a real GDP growth of 4.5%.
FY2014 is not much better — and is expected to post 4.9% growth. Indeed, it may
be lower. In any case, this represents two consecutive years of sub-5% GDP
growth — something that cannot be good for the health of businesses that deal
with financial sector products and services.
That is not all. With serious political
uncertainties throughout FY2014 and overhang of many corruption scandals, the
government’s ability to take fair yet proactive and growth oriented decisions
went into the deep freeze. There was more. In an environment of rapidly
worsening investment climate, there were the twin dangers of high inflation and
a dangerously high current account deficit. The Reserve Bank of India (RBI)
responded swiftly by tightening monetary policy — which while taming the
current account problem and temporarily dampening inflation expectations,
increased the financial costs of doing business, which continues until the
present.
These factors taken together created
extremely challenging times for those businesses in the financial sector. The
fact that one business of subject has done exceptionally well (BFL) and the
other two (BALIC and BAGIC) have held their ground speaks volumes of the
managerial abilities across these enterprises. Having said so, it is time now to
move on to the main businesses of the Company.
BUSINESS
PERFORMANCE
In FY2014, BAGIC has continued its focus on
balancing growth with profitability, done so by
ü Strong and prudent underwriting practices.
ü Technological innovations, such as the Ezee
TAB platform for policy issuance and claim settlement.
ü Emphasising uniformly high quality customer
service.
ü Focused marketing efforts on retail channels
such as agency and bancassurance as well as improving presence in the online
segment.
ü Retention of customers.
ü Generation of cash flows through strong
policy retention and prudent investment thereof.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
754.900 |
225.900 |
980.800 |
|
2.Expenditure |
|
|
|
|
a) Employees benefit expenses |
37.600 |
38.000 |
75.600 |
|
b) Depreciation and amortization expenses |
7.200 |
7.200 |
14.400 |
|
c) Other expenditure |
92.000 |
83.100 |
175..100 |
|
Total expenses |
136.800 |
128.300 |
265.100 |
|
3. Profit from operations before other income and
financial costs |
618.100 |
97.600 |
715.700 |
|
4. Other income |
27.300 |
29.500 |
-- |
|
5. Profit from ordinary activities before finance costs |
645.400 |
127.100 |
715.700 |
|
6. Finance costs |
-- |
-- |
-- |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
645.400 |
127.100 |
715.700 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
645.400 |
127.100 |
715.700 |
|
10.Tax expenses |
45.100 |
47.400 |
92.500 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
600.300 |
79.700 |
680.000 |
|
12.Paid-up
equity share capital (Face value Rs.5/-) |
795.600 |
795.600 |
795.600 |
|
13. Reserve excluding
Revaluation Reserves |
|
|
|
|
14.Basic and Diluted Earnings per share (Rs.)
(before extraordinary items) (not annualised): |
3.80 |
0.50 |
4.30 |
|
|
30.09.2014 |
30.06.2014 |
|
1. Public Shareholding |
|
|
|
- Number of shares |
65421925 |
65419093 |
|
- Percentage of shareholding |
41.11 |
41.11 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
93703259 |
93703259 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
58.89 |
58.89 |
|
Investor
Complaints |
|
|
Pending at the beginning of the quarter |
-- |
|
Receiving during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unreserved at the end of the quarter |
-- |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
795.600 |
|
(b) Reserves & Surplus |
24506.400 |
|
Sub-total Shareholders’ |
25302.000 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
102.300 |
|
(c) Other long term liabilities |
16.900 |
|
(d) long-term provisions |
24.800 |
|
Sub-total of
Non-Current liabilities |
144.000 |
|
|
|
|
(3)
Current liabilities |
|
|
(a) Short
term borrowings |
0.000 |
|
(b) Trade
payables |
41.000 |
|
(c) Other
current liabilities |
59.500 |
|
(d) Short-term
provisions |
279.400 |
|
Sub-total of Current liabilities |
379.900 |
|
|
|
|
TOTAL |
25825.900 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
683.900 |
|
(b)
Non-Current investments |
20172.600 |
|
(c) Deferred
tax assets (net) |
0.000 |
|
(d) Long
term loans and advances |
275.500 |
|
(e) Other
non-current assets |
0.000 |
|
Sub-total of
Non-Current Assets |
21132.000 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
4401.900 |
|
(b)
Inventories |
0.000 |
|
(c) Trade
receivables |
61.800 |
|
(d) Cash
and cash equivalents |
6.500 |
|
(e)
Short-term loans and advances |
3.500 |
|
(f) Other
current assets |
220.200 |
|
Sub-total of
Current Assets |
4693.900 |
|
|
|
|
TOTAL |
25825.900 |
NOTES:
ü
Other
Expenses includes following:
|
Particulars |
Rs. In Millions |
|
Operation & Maintenance charges of windmill |
19.600 |
|
Energy Generation expenses |
42.500 |
ü
Utilisation
of rights issue proceeds:
|
Particulars |
Rs. In Millions |
|
Amount receivable from rights issue - as per letter of offer |
9404.400 |
|
Less: Amount not received on shares kept in abeyance |
17.300 |
|
Amount received
from rights issue - (A) |
9387.100 |
|
|
|
|
Deployment of
rights issue proceeds: |
|
|
(a) Investment in Bajaj Finance Limited - conversion of warrants |
639.600 |
|
(b) Investment in Bajaj Finance Limited - subscription to rights issue |
4786.700 |
|
(c) Share issue expenses |
31.600 |
|
(d) General corporate purposes - investment in mutual funds |
1855.500 |
|
Total deployment of
rights issue proceeds - (B) |
7313.400 |
|
Balance amount to
be utilised (A - B) |
2073.700 |
|
|
|
|
Interim utilisation
of balance rights issue proceeds |
|
|
(a) Investment in debentures |
1010.200 |
|
(b) Investment in money market instruments and mutual funds |
1063.500 |
|
|
|
|
Total |
2073.700 |
ü The Additional Energy Charges {AEC) entitled to be charged to customers on sale of power by the Company in the previous year in accordance with directives of Maharashtra State Electricity Distribution Company Ltd. (MSEDCL), has been challenged before the Appellate Tribunal for Electricity (ATE).The matter has been remanded to MERC to validate this recovery and hence pending adjudication Accordingly any claims on the Company in this regard are considered to be contingent in nature.
ü The Company intends to transfer by way of sale, at an arm's length price, its wholly-owned subsidiary viz. Bajaj Financial Solutions Ltd, together with its wholly-owned subsidiary, to Bajaj Finance Ltd., also a subsidiary of the Company, to carry on, through the former the business of Housing Finance. The said sale has been approved by the Board of Directors in their meeting held on October 14, 2014.
ü Figures for previous year / period have been regrouped wherever necessary.
ü Rs. 1 crore is equal to Rs. 10 million.
ü The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on October 14, 2014 and subjected to a limited review by the statutory auditors.
NO CHARGES EXIST
FOR COMPANY.
FIXED ASSETS:
·
Land freehold
·
Buildings
·
Lease hold improvements
·
Freehold improvements
·
Information technology equipment
·
Electric installations
·
Office equipment
·
Furniture and fixtures
·
Electric fittings
·
Vehicles
·
Wind energy generators
·
Plant and machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.63.07 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
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.