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Bajaj Finserv
BSE: 532978|NSE: BAJAJFINSV|ISIN: INE918I01018|SECTOR: Finance - Investments
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« Mar 13
Notes to Accounts Year End : Mar '14
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 vide its letter dated 3 October 2013 for one more
 year.
 
 2 Summary of significant accounting policies followed by the Company
 
 Basis of preparation
 
 These financial statements have been prepared in accordance with the
 generally accepted accounting principles in India under the historical
 cost convention on accrual basis. Consequent to the clarification from
 the Ministry of Corporate Affairs, vide General Circular 08/2014 dated
 4 April 2014, these financial statements have been prepared in
 accordance with the relevant provisions/Schedules/ Rules of the
 Companies Act, 1956. Accordingly, these financial statements have been
 prepared to comply in all material aspects with the accounting
 standards notified under section 211(3C) [Companies (Accounting
 Standards) Rules, 2006, as amended] and the other relevant provisions
 of the Companies Act, 1956 and the RBI guidelines/regulations to the
 extent applicable.
 
 All assets and liabilities have been classified as current or
 non-current as per the criteria set out in the Revised Schedule VI to
 the Companies Act, 1956.
 
 3 Contingent liabilities
 
                                                      (Rs. In Crore) 
 
                                                     As at 31 March
 
 Particulars                                          2014     2013
 
 a Claims against the Company not 
   acknowledged as debts                             12.23     7.67
 
 b Income Tax matters under dispute
 
   Appeal by Company                                 27.85     0.14
 
 c Value Added Tax (VAT) matters under dispute        0.61     0.29
 
 
 4 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.
 
 5 Previous year figures
 
 Previous year figures have been regrouped wherever necessary to make
 them comparable with those of the current year.
Source : Dion Global Solutions Limited
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