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Bajaj Finserv

BSE: 532978|NSE: BAJAJFINSV|ISIN: INE918I01018|SECTOR: Finance - Investments
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« Mar 14
Notes to Accounts Year End : Mar '15
1 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. Since investments dominated 
 the composition of assets and revenue, the Company was registered on 30 
 October 2009 by RBI as a Non-Banking Financial Institution (Non-Deposit taking). However, the Company has
obtained an exemption from RBI vide 
 its letter dated 8 March 2010 on the compliance with the norms in respect ''concentration of investments''
prescribed in para 18(1) of the 
 Non Banking Financial (Non-Deposit Accepting or Holding) Companies 
 Prudential Norms (Reserve Bank) Directions, 2007.  The said exemption 
 has been renewed for one more year upto 31 March 2015 vide its letter 
 dated 8 July 2014.
 2 Share capital
 A. Further, of the above
 i. 101,183,510 equity shares were allotted as fully paid up pursuant to
 the scheme of arrangement for demerger of erstwhile Bajaj Auto Ltd.
 (now Bajaj Holdings & Investment Ltd.) by the Company on 3 April 2008.
 ii. 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 (41,132)
 B. Terms/rights attached to equity shares
 The Company has only one class of equity shares having a par value of B
 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. Shares reserved for issue at a subsequent date
 26,677 (29,509) equity shares of B 5 each offered by way of right in an
 earlier year, have been held in abeyance pending adjudication of title
 and subscription thereafter.
 3 Contingent liabilities
                                                   (Rs. In Crore) 
                                               As at 31 March
 Particulars                                  2015          2014
 a Claims against the Company not acknowledged 
 as debts                                     8.26         12.23
 b Income Tax matters under dispute
 Appeal by Company                           27.85         27.85
 c Value Added Tax (VAT) matters under 
   dispute                                    1.64          0.61
 4 Segment information
 Segment information based on consolidated financial statements is given
 in note 33 to consolidated financial statements.
 The Company has disclosed the business segments as primary reporting
 segment on the basis that risks and returns are primarily determined by
 the nature of products and services. Consequently, geographical segment
 has been considered as a secondary segment.
 The business segments have been identified on the basis of the nature
 of products and services, the risks and returns and internal
 performance reporting systems.
 The business segments comprise the following:
 i. Insurance 
 ii. Windmill
 iii. Retail financing
 iv. Investments and others
 5 Lease
 As a lessor:
 The Company has given a premise on operating leases. This lease
 arrangement is for a period of 3 years and is a cancellable lease.
 This lease agreement is renewable for further period on mutually
 agreeable terms and also include escalation clauses.
 (6) Miscellaneous disclosures
 a) Registration obtained from other financial sector regulators:
 Apart from RBI, Company is also governed by SEBI and MCA.
 b) Disclosure of penalties imposed by RBI and other regulators:
 During previous year, no penalty was imposed by RBI or other
 c) Related party transactions:
 Please refer note 26 for details of related party transactions.
 d) Ratings assigned by credit rating agencies and migration of ratings
 during the year:
 Not applicable
 Company is a non-deposit taking/accepting NBFC. It does not carry out
 lending/securitisation activity. Hence, there are ''Nil'' values in
 respect of following disclosures -
 1. Derivatives
 - Forward rate agreement/Interest rate swap
 - Exchange traded interest rate (IR) derivatives
 - Qualitative disclosures on risk exposure in derivatives
 - Quantitative disclosures on risk exposure in derivatives
 2. Securitisation
 - Disclosures relating to securitised assets etc.
 - Details of financial assets sold to securitisation/reconstruction
 company for asset reconstruction
 - Details of assignment transactions undertaken by NBFCs
 - Details of non-performing financial assets purchased/sold
 3. Details of financing of parent company products
 4. Details of Single Borrower Limit (SBL)/Group Borrower Limit (GBL)
 exceeded by the NBFC
 5. Unsecured advances
 6. Concentration of deposits, advances, exposures and NPAs
 - Concentration of deposits (for deposit taking NBFCs)
 - Concentration of advances
 - Concentration of exposures
 - Concentration of NPAs
 - Sector-wise NPAs
 - Movement of NPAs
 7. Overseas assets (for those with joint ventures and subsidiaries
 8. Off-balance sheet SPVs sponsored
 9. Disclosure of customer complaints
 7 The consolidated financial statements of the Company and its group
 are attached to these independent financial statements.
 The details of the group regarding the nature of relationship and the
 basis of consolidation can be referred to in note 1 to the said
 consolidated financial statements.
 8 Previous year figures
 Previous year figures have been regrouped wherever necessary to make
 them comparable with those of the current year.
 9 Miscellaneous
 a. Rs. 1 crore is equal to Rs. 10 million.
 b. Amounts less than Rs. 50,000 have been shown at actual against
 respective line items statutorily required to be disclosed.
Source : Dion Global Solutions Limited
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