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MIRA INFORM REPORT
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Report No. : |
504077 |
|
Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ FINSERV LIMITED |
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|
Registered
Office : |
Bajaj Auto Limited Complex, Mumbai-Pune Road, Akurdi,
Pune - 411035, Maharashtra |
|
Tel. No.: |
91-20-27472851 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 795.700 Million |
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CIN No.: [Company Identification
No.] |
L65923PN2007PLC130075 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
27475206892 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AADCB2924N1ZI |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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. through its investments in subsidiaries and joint ventures. The Company is
also engaged in the business of Generating power through wind turbines, a
renewable source of energy. [Registered Activity] |
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|
|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
“Bajaj Finserv Limited” was formed in April 2007 as a result of its demerger from Bajaj Auto Limited. It runs the core businesses of Lending, Insurance and Wealth Advisory. “Bajaj Finserv Limited” is the holding company for the businesses dealing with financial services of the “Bajaj Group”. For the financial year 2017, the company has reported a sharp decline in its revenue as compared to its previous year but has maintained a fair profit margin during the year. The company possesses a healthy financial profile marked by strong net worth base, good revenue base, impressive profit margin and robust liquidity. The ratings also take into consideration, an acceptable share price of INR 5332.60 recorded by the company as against a face value of INR 5.00 as on April 14, 2018. As per quarterly financials of December 2017, the company has achieved a sales turnover of INR 318.800 million and reported fair profit margin of approximately 36%. However, these rating gets partially offset by credit and concentration risks in wholesale lending segments, like structured collateralized credit to corporates and the exposure to volatility in capital markets. Trade relations are fair. Business is active. Payments seems to be regular and as per commitments. In view of aforesaid, the company can be considered for 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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 17.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON OPERATIVE [TEL. NO.: 91-20-27472851]
LOCATIONS
|
Registered Office/ Head Office : |
Bajaj Auto Limited Complex, Mumbai-Pune Road, Akurdi,
Pune-411 035, Maharashtra, India |
|
Tel. No.: |
91-20-27472851 |
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Fax No.: |
91-20-27477380 |
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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 |
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Tel. No.: |
91-20- 30405060 |
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Fax No.: |
91-20- 30405020 |
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|
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Branch Offices: |
Located at: · Andhra Pradesh · Arunachal Pradesh · Assam · Bihar · Chandigarh · Chhattisgarh · Dadra and Nagar Haveli · Delhi · Gujarat · Gao · Haryana · Himachal Pradesh · Jammu and Kashmir · Jharkhand · Karnataka · Karla · Madhya Pradesh · Maharashtra · Manipur · Meghalaya · Mizorum · Odisha · Pondicherry · Punjab · Rajasthan · Sikkim · Tamilnadu · Telangana · Tripura · Uttar Pradesh · Uttarakhand · West Bengal |
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DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sanjivnayan Rahulkumar Bajaj |
|
Designation : |
Managing Director |
|
Address : |
Bajaj Vihar, Mumbai Pune Road Akurdi, Pune-411035, Maharashtra, India |
|
Date of Appointment : |
02.05.2007 |
|
DIN No.: |
00014615 |
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Name : |
Mr. Rajivnayan Rahulkumar Bajaj |
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Designation : |
Director |
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Address : |
34/35, Yog, Lane No. 2 Koregaon Park, Pune-411001, Maharashtra, India |
|
Date of Appointment : |
02/05/2007 |
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DIN No.: |
00018262 |
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Name : |
Mr. Balaji Rao Jagannathrao Doveton |
|
Designation : |
Director |
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Address : |
D-103, Adarsh Residency, 47th Cross, 2nd Main, Jayanagar, 8th Block, Bangalore-560082, Karnataka, India |
|
Date of Appointment : |
30.01.2008 |
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DIN No.: |
00025254 |
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Name : |
Mr. Nanoo Gobindram Pamnani |
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Designation : |
Director |
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Address : |
Flat No. 21, Elcid, 13A, Ridge Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
30.01.2008 |
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DIN No.: |
00053673 |
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Name : |
Dr. Gita Piramal |
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Designation : |
Director |
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Address : |
61, 6th Floor, Piramal House, S Pochkhanawala Road, Worli Seaface, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
27.03.2014 |
|
DIN No.: |
01080602 |
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Name : |
Mr. Rahulkumar Kamalnayan Bajaj |
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Designation : |
Director |
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Address : |
Bajaj Vihar, Mumbai Pune Road Akurdi, Pune-411035, Maharashtra, India |
|
Date of Appointment : |
02.05.2007 |
|
DIN No.: |
00014529 |
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Name : |
Mr. Madhurkumar Ramkrishnaji Bajaj |
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Designation : |
Director |
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Address : |
Bajaj Vihar, Mumbai Pune Road Akurdi, Pune-411035, Maharashtra, India |
|
Date of Appointment : |
21.07.2010 |
|
DIN No.: |
00014593 |
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|
|
|
Name : |
Mr. Naushad Darius Forbes |
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Designation : |
Additional Director |
|
Address : |
74, Koregaon Park, Pune - 411001, Maharashtra, India |
|
Date of Appointment : |
13.09.2017 |
|
DIN No.: |
00630825 |
KEY EXECUTIVES
|
Name : |
Mrs. Sonal Ramanand Tiwari |
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Designation : |
Secretary |
|
Address : |
C/O Mrs. Chaya Salunke, Bunglow No 47 Shivaji Housing Society S B Road, Pune-411016, Maharashtra, India |
|
Date of Appointment
: |
20.02.2008 |
|
PAN No.: |
AFLPT9099L |
|
|
|
|
Name : |
Mr. Sreenivasan Sivasubramoniam |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No. 402 Building, Cosmos Prime Magarpatta City, Hadapsar, Pune-411013, Maharashtra, India |
|
Date of Appointment
: |
01.10.2014 |
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PAN No.: |
AXHPS3941E |
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|
Audit Committee |
·
Mr. Nanoo Pamnani - Chairman ·
Mr. D J Balaji Rao · Mr. Naresh Chandra |
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Stakeholders
Relationship Committee |
·
Dr. Gita Piramal - Chairperson ·
Mr. Nanoo Pamnani · Mr. Sanjiv Bajaj |
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|
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|
Nomination and
Remuneration Committee |
·
Mr. Naresh Chandra - Chairman ·
Mr. D J Balaji Rao ·
Mr. Nanoo Pamnani · Mr. Rahul Bajaj |
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|
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|
Corporate Social
Responsibility Committee |
·
Mr. Rahul Bajaj - Chairman ·
Mr. Nanoo Pamnani · Mr. Sanjiv Bajaj |
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|
|
|
Risk Management
Committee |
·
Mr. Nanoo Pamnani - Chairman ·
Mr. Sanjiv Bajaj · Mr. S Sreenivasan |
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|
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|
Duplicate Share
Certificate Issuance Committee |
·
Mr. Rahul Bajaj - Chairman ·
Mr. Sanjiv Bajaj · Mr. Rajiv Bajaj |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of Shareholders |
No. of Shares |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
(A) Promoter & Promoter Group |
92855208 |
58.35 |
|
(B) Public |
66275162 |
41.65 |
|
|
|
|
|
Total |
159130370 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
7518270 |
4.72 |
|
|
ANANT BAJAJ |
30107 |
0.02 |
|
|
DEEPA BAJAJ |
11675 |
0.01 |
|
|
GEETIKA BAJAJ |
191250 |
0.12 |
|
|
KIRAN BAJAJ (A/C
PERSONAL) |
991725 |
0.62 |
|
|
KRITI BAJAJ |
38500 |
0.02 |
|
|
KUMUD BAJAJ |
359934 |
0.23 |
|
|
MADHUR BAJAJ (A/C
PERSONAL) |
1086993 |
0.68 |
|
|
MINAL BAJAJ |
164200 |
0.10 |
|
|
NEELIMA BAJAJ
SWAMI |
305519 |
0.19 |
|
|
NIMISHA JAIPURIA |
181285 |
0.11 |
|
|
NIRAJ BAJAJ (A/C
PERSONAL) |
935815 |
0.59 |
|
|
NIRAVNAYAN BAJAJ |
205866 |
0.13 |
|
|
RAHULKUMAR BAJAJ |
1662685 |
1.04 |
|
|
RAJIVNAYAN BAJAJ
(A/C PERSONAL) |
2350 |
0.00 |
|
|
RISHABNAYAN BAJAJ |
9400 |
0.01 |
|
|
SANJALI BAJAJ |
10100 |
0.01 |
|
|
SANJIVNAYAN BAJAJ
(A/C PERSONAL) |
461724 |
0.29 |
|
|
SHEFALI BAJAJ |
11000 |
0.01 |
|
|
SHEKHAR BAJAJ (A/C
PERSONAL) |
36176 |
0.02 |
|
|
SIDDHANTNAYAN
BAJAJ |
8300 |
0.01 |
|
|
SUMAN JAIN |
578329 |
0.36 |
|
|
SUNAINA KEJRIWAL
(A/C PERSONAL) |
235337 |
0.15 |
|
|
Any Other
(specify) |
85336938 |
53.63 |
|
|
BACHHRAJ AND
COMPANY PRIVATE LIMITED |
1971478 |
1.24 |
|
|
BACHHRAJ FACTORIES
PRIVATE LIMITED |
1078787 |
0.68 |
|
|
BAJAJ AUTO
HOLDINGS LIMITED |
209005 |
0.13 |
|
|
BAJAJ HOLDINGS AND
INVESTMENT LIMITED |
62314214 |
39.16 |
|
|
BAJAJ SEVASHRAM
PRIVATE LIMITED |
2355606 |
1.48 |
|
|
BARODA INDUSTRIES
PRIVATE LIMITED |
919001 |
0.58 |
|
|
HERCULES HOISTS
LIMITED |
92063 |
0.06 |
|
|
JAMNALAL SONS
PRIVATE LIMITED |
15239784 |
9.58 |
|
|
KAMALNAYAN
INVESTMENT & TRADING PRIVATE LIMITED |
61200 |
0.04 |
|
|
MADHUR SECURITIES
PVT LTD |
40700 |
0.03 |
|
|
NIRAJ HOLDINGS PVT
LTD |
10300 |
0.01 |
|
|
RAHUL SECURITIES
PVT LTD |
143000 |
0.09 |
|
|
RUPA EQUITIES PVT
LTD |
137400 |
0.09 |
|
|
SHEKHAR HOLDINGS
PVT LTD |
30300 |
0.02 |
|
|
THE HINDUSTAN
HOUSING COMPANY LTD |
8000 |
0.01 |
|
|
KIRAN BAJAJ (A/C
TRUSTEE OF GEETIKA TRUST NO.2) |
246800 |
0.16 |
|
|
MADHUR BAJAJ(A/C
TRUSTEE OF NIMISHA TRUST) |
1400 |
0.00 |
|
|
NIRAJ BAJAJ (A/C
TRUSTEE OF DEEPA TRUST) |
1100 |
0.00 |
|
|
NIRAJ BAJAJ (A/C TRUSTEE
OF KRITI TRUST) |
35700 |
0.02 |
|
|
NIRAJ BAJAJ (A/C
TRUSTEE OF NIRAVNAYAN TRUST) |
435500 |
0.27 |
|
|
RAJIVNAYAN BAJAJ
(A/C TRUSTEE OF RISHAB TRUST) |
1100 |
0.00 |
|
|
SANJIVNAYAN BAJAJ
(A/C TRUSTEE OF SANJALI TRUST) |
1100 |
0.00 |
|
|
SANJIVNAYAN BAJAJ(A/C
TRUSTEE OF SIDDHANT TRUST) |
2200 |
0.00 |
|
|
SHEKHAR BAJAJ (A/C
TRUSTEE OF GEETIKA TRUST) |
1100 |
0.00 |
|
|
SUNAINA KEJRIWAL
(A/C TRUSTEE OF NIRVAAN TRUST) |
100 |
0.00 |
|
|
Sub Total A1 |
92855208 |
58.35 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
92855208 |
58.35 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
6014406 |
3.78 |
|
|
ICICI PRUDENTIAL
FOCUSED BLUECHIP EQUITY FUND |
2080029 |
1.31 |
|
|
Alternate
Investment Funds |
299109 |
0.19 |
|
|
Foreign Portfolio
Investors |
12451118 |
7.82 |
|
|
Financial Institutions/
Banks |
153691 |
0.10 |
|
|
Insurance
Companies |
4713271 |
2.96 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
4297935 |
2.70 |
|
|
Sub Total B1 |
23631595 |
14.85 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
15474322 |
9.72 |
|
|
Individual share
capital in excess of INR 0.200 Million |
12216293 |
7.68 |
|
|
NIRAJ BAJAJ (AS
TRUSTEE OF YAMUNA TRUST) |
1829958 |
1.15 |
|
|
NBFCs registered with
RBI |
20153 |
0.01 |
|
|
Any Other
(specify) |
14932799 |
9.39 |
|
|
Trusts |
1412635 |
0.89 |
|
|
Non-Resident
Indian (NRI) |
1076757 |
0.68 |
|
|
Clearing Members |
65219 |
0.04 |
|
|
Overseas Corporate
Bodies |
75 |
0.00 |
|
|
Foreign Nationals |
119 |
0.00 |
|
|
IEPF |
30143 |
0.02 |
|
|
Bodies Corporate |
12347851 |
7.76 |
|
|
M/S JAYA HIND
INVESTMENTS PRIVATE LIMITED |
6019663 |
3.78 |
|
|
MAHARASHTRA
SCOOTERS LIMITED |
3725740 |
2.34 |
|
|
Others |
0 |
0.00 |
|
|
Sub Total B3 |
42643567 |
26.80 |
|
|
B=B1+B2+B3 |
66275162 |
41.65 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the business of
promoting financial services such as finance, insurance, wealth management
etc. through its investments in subsidiaries and joint ventures. The Company
is also engaged in the business of generating power through wind turbines, a
renewable source of energy. [Registered Activity] |
|
|
|
|
Brand Names : |
“Bajaj Finserv” |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
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|
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|
||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
·
Citibank N A ·
HDFC Bank |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah LLP Chartered Accountants |
|
|
|
|
Cost Auditor: |
Dhananjay V Joshi and Associates Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company,
subsidiaries and fellow subsidiary: |
· Bajaj Allianz General Insurance Co. Limited (74% shares held by Bajaj Finserv Limited) · Bajaj Allianz Life Insurance Co. Limited (74% shares held by Bajaj Finserv Limited) · Bajaj Finance Limited (57.80% shares held by Bajaj Finserv Limited) |
|
|
|
|
Fully owned
subsidiary |
Bajaj Financial Holdings Limited |
|
|
|
|
Fellow Subsidiary |
· Bajaj Housing Finance Limited · Bajaj Financial Securities Limited |
|
|
|
|
Associates, joint
ventures and investing parties |
· Bajaj Holdings & Investment Limited (investing party) · Bajaj Allianz Financial Distributors Limited (a joint venture - 50% shares held by Bajaj Finserv Limited.) |
|
|
|
|
Enterprises over
which anyone in and exercises significant influence:: |
· Bajaj Auto Limited · Bajaj Electricals Limited · Bajaj Auto Holdings Limited · Hind Musafir Agency Limited · Mukand Limited · Maharashtra Scooters Limited. |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 5/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159131780 |
Equity Shares |
INR 5/- each |
INR 795.700 Million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the year
|
|
31.03.2017 |
|
|
Equity shares |
Nos. |
INR in Million |
|
At the beginning of the year |
159131453 |
795.700 |
|
Equity shares earlier held in abeyance, issued during the year |
327 |
-- |
|
Outstanding at the
end of the year |
159131780 |
795.700 |
Further, of the above
Euro Equity issue represented by Global Depository Receipts (GDR) evidencing Global Depository Shares issued in earlier years has been disbanded during the year 2016-17, hence there are no outstanding GDRs at the close of the year.
Terms/rights/restrictions attached to
equity shares
The
Company has only one class of equity shares having a par value of INR 5 per
share. Each holder of equity shares is entitled to one vote per share. The
interim dividend declared by the Board of Directors and 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.
Details of shareholders holding more than
5% shares in the Company
|
|
31.03.2017 |
|
|
Equity shares of
INR 5 each fully paid |
Nos. |
% Holding |
|
Bajaj Holdings & Investment Ltd. |
62,314,214 |
39.16% |
|
Jamnalal Sons Pvt. Ltd. |
15110824 |
9.50% |
Shares reserved for issue at a subsequent
date
20,081 (20,408) equity shares of INR 5 each offered by way of right in an earlier year, have been held in abeyance pending adjudication of title and subscription thereafter.
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
795.700 |
795.700 |
795.600 |
|
(b) Reserves & Surplus |
26864.500 |
26164.100 |
24807.300 |
|
(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) |
27660.200 |
26959.800 |
25602.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
94.900 |
107.400 |
113.600 |
|
(c)
Other long term liabilities |
18.700 |
18.700 |
0.000 |
|
(d)
long-term provisions |
76.400 |
67.400 |
59.800 |
|
Total
Non-current Liabilities (3) |
190.000 |
193.500 |
173.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
15.400 |
26.300 |
21.000 |
|
(c)
Other current liabilities |
83.200 |
76.900 |
85.200 |
|
(d)
Short-term provisions |
192.500 |
216.200 |
517.600 |
|
Total
Current Liabilities (4) |
291.100 |
319.400 |
623.800 |
|
|
|
|
|
|
TOTAL |
28141.300 |
27472.700 |
26400.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
739.500 |
751.500 |
751.100 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
11.900 |
9.700 |
7.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
24838.200 |
21028.800 |
18007.700 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
348.600 |
322.000 |
309.800 |
|
(e)
Other Non-current assets |
0.000 |
18.700 |
0.000 |
|
Total
Non-Current Assets |
25938.200 |
22130.700 |
19076.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1822.500 |
2760.000 |
7128.200 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
6.300 |
81.900 |
37.400 |
|
(d)
Cash and cash equivalents |
15.500 |
2252.500 |
33.700 |
|
(e)
Short-term loans and advances |
11.700 |
8.400 |
10.000 |
|
(f)
Other current assets |
347.100 |
239.200 |
114.600 |
|
Total
Current Assets |
2203.100 |
5342.000 |
7323.900 |
|
|
|
|
|
|
TOTAL |
28141.300 |
27472.700 |
26400.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1539.000 |
2423.200 |
2002.400 |
|
|
|
Other Income |
111.000 |
91.300 |
114.200 |
|
|
|
TOTAL |
1650.000 |
2514.500 |
2116.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
203.500 |
170.500 |
166.300 |
|
|
|
Other expenses |
391.900 |
382.100 |
343.900 |
|
|
|
TOTAL |
595.400 |
552.600 |
510.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION |
1054.600 |
1961.900 |
1606.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX DEPRECIATION AND AMORTISATION |
1054.600 |
1961.900 |
1606.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.600 |
13.800 |
25.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1040.000 |
1948.100 |
1581.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
339.800 |
316.800 |
321.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
700.200 |
1631.300 |
1259.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
4.40 |
10.30 |
7.90 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash from operating activities |
415.100 |
962.900 |
385.600 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
274.000 |
1507.600 |
318.800 |
|
Total Expenditure |
221.600 |
253.400 |
179.500 |
|
PBIDT (Excl OI) |
52.400 |
1254.200 |
139.300 |
|
Other Income |
30.000 |
33.100 |
30.800 |
|
Operating Profit |
82.400 |
1287.300 |
170.100 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
82.400 |
1287.300 |
170.100 |
|
Depreciation |
3.400 |
3.300 |
3.400 |
|
Profit Before Tax |
79.000 |
1284.000 |
166.700 |
|
Tax |
40.000 |
124.200 |
56.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
39.000 |
1159.800 |
110.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
39.000 |
1159.800 |
110.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
1.49 |
12.34 |
6.82 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
244.29 |
29.59 |
53.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.40 |
2.58 |
2.12 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.03 |
0.03 |
0.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
45.50 |
67.32 |
62.89 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.49 |
5.94 |
4.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.53 |
6.05 |
4.92 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
7.57 |
16.73 |
11.74 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
7.57 |
16.73 |
11.74 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.98 |
0.98 |
0.97 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
7.57 |
16.73 |
11.74 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
|
|
|
Market Value |
INR 5332.60/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
795.600 |
795.700 |
795.700 |
|
Reserves & Surplus |
24807.300 |
26164.100 |
26864.500 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
25602.900 |
26959.800 |
27660.200 |
|
|
|
|
|
|
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2002.400 |
2423.200 |
1539.000 |
|
|
|
21.015 |
-36.489 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2002.400 |
2423.200 |
1539.000 |
|
Profit |
1259.300 |
1631.300 |
700.200 |
|
|
62.89% |
67.32% |
45.50% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders if available |
Yes |
|
31 |
External Agency Rating if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
SHARE CAPITAL
The paid-up equity share capital as on 31 March 2017 was INR 795.700 million. During the Rights Issue of equity shares made by the Company in 2012, certain shares had been kept in abeyance as required by law. With resolution of a few cases during the year under review, the Company has allotted 327 equity shares of the face value of INR 5 each at the original Rights Issue price of INR 650 per share to the eligible shareholders.
There was no public issue, rights issue, bonus issue or preferential issue, etc. during the year under review. The Company has not issued shares with differential voting rights or sweat equity shares. It has not granted any stock options.
MANAGEMENT DISCUSSION
AND ANALYSIS
Bajaj Finserv Limited (‘Bajaj Finserv’ or ‘the Company’) is the holding company for the various financial services businesses under the Bajaj group. It serves millions of customers in the financial services space by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection and income protection in the form of life and health insurance and retirement and savings solutions.
More specifically, the areas are:
LENDING
l The Company participates in the financing business through Bajaj Finance Ltd. (BFL), a company listed on The Stock Exchange, Mumbai (the BSE) and the National Stock Exchange (NSE). During the year, BFL divided its equity shares of face value of INR 10 each to INR 2 each and also issued one fully paid bonus equity share of the face value of INR 2 against one equity share of the face value of INR 2. Further, the Company converted 9,250,000 warrants into equity shares, infusing INR 3060.000 million during the year. Consequently, Bajaj Finserv’s holding in BFL increased to 57.80%, versus 57.28% as on 31 March 2016.
PROTECTION AND SAVINGS
· l General insurance including health insurance through Bajaj Allianz General Insurance Company Ltd. (BAGIC).
· l Life insurance and retirement plans through Bajaj Allianz Life Insurance Company Ltd. (BALIC).
· BAGIC and BALIC are both joint ventures with Allianz SE, one of the world’s leading composite
· insurers. As on 31 March 2017, Bajaj Finserv held 74% of the equity capital in BAGIC and
· BALIC, the balance being held by Allianz.
Bajaj Finserv also has investments in renewable energy in the form of 138 windmills situated in Maharashtra with an aggregate installed capacity of 65.2 MW.
Bajaj Finserv is a Core Investment Company (CIC), not requiring registration, under the regulations of the Reserve Bank of India (RBI).
AWARDS
During the
year, the Company, its subsidiaries and key personnel received several
prestigious awards, some of which are:
·
Sanjiv Bajaj, Managing Director was awarded the
Young Business Leader of the Year by Hello! Magazine.
·
Sanjiv Bajaj, Managing Director, was awarded the
Entrepreneur of the Year 2015-16 by Bombay Management Association (BMA).
·
The Audit Committee of BFL was chosen as ‘The Best
Audit Committee’ by the Asian
·
Centre for Corporate Governance and Sustainability
at the 4th Asia Business Responsibility Summit in January 2017.
·
BAGIC won awards at the Insurance Asia Awards 2016
under the category of 'Domestic General Insurer of the Year', 'New Insurance
product of the Year' and Tapan Singhel, MD and CEO of BAGIC was awarded as 'CEO of the
Year'.
· BAGIC won the General Insurance Company of the Year (Private Sector) at the Indian Insurance Awards 2016 by Fintelekt.
· BALIC was awarded the ‘Best Life Insurance Company’ by the ABP News BFSI Awards Committee.
· BALIC won the SKOCH awards for Best Microinsurance and Best Customer Service.
· BAGIC and BALIC were recognised amongst the Best Brands by the Economic Times – Premium edition.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company not acknowledged as debts |
94.600 |
86.400 |
|
Income Tax matters under dispute Appeal by Company |
291.800 |
291.800 |
|
Value Added Tax (VAT) and service tax matters under dispute |
30.900 |
291.800 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Revenue
|
|
|
|
|
Revenue from operations |
318.800 |
1507.600 |
100.400 |
|
Other Income |
30.800 |
33.100 |
93.900 |
|
Total Income |
349.600 |
1540.700 |
2194.300 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Employees benefit expenses |
63.500 |
60.800 |
183.400 |
|
b) Depreciation and amortization expenses |
3.400 |
3.300 |
10.100 |
|
c) Other expenditure |
116.000 |
192.600 |
471.100 |
|
Total expenses |
182.900 |
256.700 |
664.600 |
|
|
|
|
|
|
Profit
before tax |
166.700 |
1284.000 |
1529.700 |
|
Tax expenses |
|
|
|
|
Current tax |
57.500 |
122.600 |
230.600 |
|
Deferred tax |
(1.100) |
1.600 |
(10.000) |
|
Total Tax Expenses |
56.400 |
124.200 |
220.600 |
|
Profit after tax |
110.300 |
|
|
|
Paid-up
equity share capital (Face value INR 5/-) |
795.700 |
795.700 |
795.700 |
|
Reserve excluding
Revaluation Reserves |
|
|
|
|
Basic and Diluted Earnings
per share (INR) (before extraordinary items) (not annualised): |
0.70 |
7.30 |
8.20 |
NOTE:
1. Other expenses includes following
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Operation and maintenance charges of windmill |
23.000 |
23.000 |
67.800 |
|
Energy generation expenses |
53.800 |
139.000 |
295.000 |
|
Legal and professional charges |
10.500 |
12.600 |
27.500 |
2. The Company has opted to publish Extracts of the Unaudited/Audited Consolidated Financial Results, pursuant to option made available as per Regulation 33 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, These standalone financial results.
3. Figures for previous year / period have been regrouped wherever necessary.
4. INR 1 Crore is equal to INR 10.000 million .
5. The above results have been reviewed by the Audit Committee, approved by the
Board of Directors in the meeting held on 1 February 2018 and subjected to a
limited review by the statutory auditors.
FIXED ASSETS:
Tangible 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
Intangible assets:
· Computer software’s
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 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
|
INR |
|
US Dollar |
1 |
INR 65.45 |
|
UK Pound |
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.