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Notes to Accounts of Bajaj Holdings & Investment Ltd.

Mar 31, 2015

A. Terms/rights/restrictions attached to equity shares

The Company has only one class of equity shares having a par value of B 10 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.

2 Lease

As a lessor:

The Company has given premises on operating leases. These lease arrangement range for a period between 1 to 5 years and include both cancellable and non cancellable leases. Most of the leases are renewable for further period on mutually agreeable terms and also include escalation clauses.

3 Schedule to Balance Sheet as at 31 March 2015

Balance Sheet of a Non Deposit taking Non-Banking Financial Company

(As required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007)

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 regulators.

c) Related party transactions:

Please refer note 25 for details of related party transactions.

d) Ratings assigned by credit rating agencies and migration of ratings during the year:

Not applicable

Note:

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 abroad)

8. Off-balance sheet SPVs sponsored

9. Disclosure of customer complaints

The Company has the following investment in jointly controlled entity:

4 a. 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

b. The Company''s business activity, including its subsidiaries and joint ventures, falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.

5 Previous year figures

Previous year figures have been regrouped wherever necessary to make them comparable with those of the current year.

6 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.


Mar 31, 2014

1 Bajaj Holdings & Investment Ltd. (the ''Company'') operates as an Investment Company and consequently is registered as a Non-Banking Financial Institution (Non-Deposit taking) with Reserve Bank of India (RBI).

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 0.02 –

b Income Tax matters under dispute

Appeal by Company 45.75 93.25

Appeal by the Department 311.80 195.72

4

a. 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

b. The Company''s business activity, including its subsidiaries and joint ventures, falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.

5 Previous year figures

Previous year figures have been regrouped wherever necessary to make them comparable with those of the current year.

6 Miscellaneous

Rs. 1 crore is equal to H 10 million.

Amounts less than H 50,000 have been shown at actual against respective line items statutorily required to be disclosed.


Mar 31, 2013

1 Bajaj Holdings & Investment Ltd. (the ''Company'') operates as an Investment Company and consequently is registered as a Non-Banking Financial Institution (Non-Deposit taking) with Reserve Bank of India (RBI).

2 Contingent liabilities

(Rs. In Crore)

2013 2012

Income Tax matters under dispute Appeal by the Company 93.25 93.25

Appeal by the Department 195.72 195.72

3 Employee benefits

Liability for employee benefits has been determined by an actuary, appointed for the purpose, in conformity with the principles set out in the accounting standard 15 (Revised) the details of which are as hereunder.

4 Schedule to Balance Sheet as on 31 March 2013

Balance sheet of a non deposit taking non-banking financial company

(As required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007)

5 a. 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.

b. The Company''s business activity, including its subsidiaries and joint ventures, falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.

6 Previous year figures

Previous year figures have been reclassified to conform to this year''s classification.

7 Miscellaneous

Rs. 1 crore is equal to Rs. 10 million.

Amounts less than Rs. 50,000 have been shown at actual against respective line items statutorily required to be disclosed.


Mar 31, 2012

1 Bajaj Holdings & Investment Limited (the 'Company') operates as an Investment Company and consequently is registered as a Non-Banking Financial Institution (non-deposit taking) with Reserve Bank of India (RBI).

2 Contingent liabilities

(Rs. In Crore)

2012 2011

Income Tax matters under dispute

Appeal by the Company 93.25 90.91

Appeal by the Department 195.72 195.72

3 a. 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.

b. The company's business activity, including its subsidiaries and joint ventures, falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.

4 Previous year figures

The financial statements for the year ended 31 March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

5 Miscellaneous

Rs. 1 crore is equal to Rs. 10 million.

Amounts less than Rs. 50,000 have been shown at actual against respective line items statutorily required to be disclosed.




Mar 31, 2010

1. In response to the application made by the company, the company has been registered on 29 October 2009 as a Non-Banking Financial Institution (non-deposit taking).The company has complied with Non- Banking Financial (non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, as applicable thereto, except in respect of concentration of investments prescribed in para 18(1) of the above mentioned directions, for which the company has obtained exemption dated 8 March 2010, subject to fulfillment / observance of certain terms and conditions and review by RBI at the end of one year.

2. Significant Accounting Policies followed by the Company are as stated in the Statement annexed to this schedule.

3. Contingent Liability, not provided for:

As at As at

31 March 2010 31 March 2009 (Rs. In Million) (Rs. In Million)

Income Tax Matters under dispute:

i. Appeal by the Company 909.1 909.1

ii. Appeal by the Department 1,957.2 2,004.9

2,866.3 2,914.0

In respect of Penalty on Stamp duty on Order of Demerger - 10.0

4. Investments:

a. Investments made by the Company other than those with a maturity of less than one year, are intended to be held for a long-term, hence diminution in the value of quoted Investments are not considered to be of a permanent nature. On an assessment of the non-performing investments (quoted and unquoted) and keeping in mind the relevant provisioning norms applicable to the company as a NBFC and as per guidelines adopted by the management, no further provision has been determined during the year ended 31 March 2010.

b. Disclosure of details of Investments in Investment Schedule-annexed to the Accounts is made in accordance with the approval of Department of Company Affairs, Ministry of Law, Justice & Company Affairs, Government of India, under Section 211 (4) of the Companies Act, 1956, vide its letter dated 19.03.2010.

5. Liability for employee benefits has been determined by an actuary, appointed for the purpose, in conformity with the principles set out in the accounting standard 15 (Revised) the details of which are as hereunder.

A provision for diminution in value of investments vested with company as a part of the remaining undertaking was made on 1 April 2007, by adjustment to general reserve. The corresponding deferred tax asset was also recognised by adjustment thereto at a short term gain tax rate of 33.99%. Since the remaining balance of such investments have been held for a long term, the deferred tax assets recognised on corresponding provision for diminution, as also the premium / discount amortised to date would henceforth reverse out at the long term capital gain tax rate of 22.145%. Consequently the deferred tax asset has been revalued at 22.145% and the difference has been adjusted to the balance in the Profit and Loss Account.

6. In absence of any information, on requests to the vendors with regards to their registration (filing of Memorandum) under "The Micro, Small and Medium Enterprises Development Act, 2006. (27 of 2006)" and in view of the terms of payments not exceeding 45 days, no liability exists at the close of the year and hence no disclosures have been made in this regard.

7. Future minimum lease rental in respect of assets

(i) given on operating lease in the form of office premises after April 1,2001 Minimum future lease payments as on March 31,2010:

Receivable within one year - Rs. 1.7 million (Rs. 1.9 million)

Receivable between one year and five years - Rs. 1.5 million (Rs. 3.2 million)

Receivable after five years - Rs. Nil (Rs. Nil) (ii) The company has not taken any asset under an operational lease arrangement.

8. As approved by shareholders on 16 July 2009 and after statutory approvals, the company has issued and allotted 10,110,000 preferential warrants to the promoters on 28 July 2009 at an exercise price of Rs. 449.58 per equity share, which was in accordance with SEBI (Disclosure & Investor Protection) Guidelines, 2000.The warrants have to be converted into equity shares within 18 months of issue date. In July 2009, an amount of Rs. 1,136.3 million was received on account of issuance of preferential warrants to promoter / promoter group. This amount represents 25% of the total proceeds receivable on account of the preferential issue.

In March 2010, out of 10,110,000 warrants, promoters have applied for conversion of 4,859,000 warrants into equity shares and have paid balance 75% i.e. Rs. 337.185 per equity share aggregating to Rs. 1,638.4 million. Accordingly, company has allotted 4,859,000 shares to promoters at an exercise price of Rs. 449.58 per equity share. Securities premium account appearing in the balance sheet represents premium of Rs. 439.58 per equity share received on these 4,859,000 shares.

The balance 5,251,000 warrants for which 25% of the issue price has been received have been shown as preferential warrant application money.

9. The disclosures required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 are given in the Annexure forming part of these Financial Statements.

10. Disclosure of transactions with Related Parties, as required by Accounting Standard 18Related Party Disclosureshas been set out in a separate statement annexed to this Schedule. Related parties as defined under clause 3 of the Accounting Standard have been identified on the basis of representations made by key managerial personnel and information available with the Company.

11. Computation of Earnings Per Share:

12. a) The consolidated financial information/ 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 No. 1 to the said consolidated financial statements.

b) The Companys business activity, including its subsidiaries and joint ventures, falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.

13. Amounts less than Rs. 50,000 have been shown at actuals against respective line items statutorily required to be disclosed.

14. Previous year figures have been regrouped in the balance sheet wherever necessary to make them comparable with those of the current year.

 
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