Bajaj Finance Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The Company has adopted Indian Accounting Standards ('lnd AS') notified under Section 133 of the Companies Act 2013 ('the Act') read with the Companies (Indian Accounting Standards) Rules. 2015 from 1 April 2018 and the effective date of such transition is 1 April 2017. Such transition has been carried out from the erstwhile Accounting Standards notified under the Act. read with relevant rules issued thereunder and guidelines issued by the Reserve Bank of India ('RBI') (collectively referred to as 'the Previous GAAP'). Accordingly, the impact of transition has been recorded in the opening reserves as at 1 April 2017 and the corresponding figures presented in these results have been restated f reclassified.
There is a possibility that these financial results for the current and previous periods may require adjustments due to changes in financial reporting requirements arising from new standards. modifications to the existing standards, guidelines issued by the Ministry of Corporate Affairs and RBI or changes in the use of one or more optional exemptions from full retrospective application of certain lnd AS paragraph under lnd AS-101.
2. As required by paragraph 32 of lnd AS 101, net profit reconciliation between the figures reported under Previous GAAP and lnd AS is as under : For Table, kindly refer Corporate Announcements on www.bseindia.com.
3. The Company has opted to publish Extracts of the Unaudited Consolidated Financial Results in addition to Standalone Financial Results, pursuant to option made available as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015. The standalone financial results are available on the website of the Company viz. www.bajajfinserv.inffinance and on the websites of BSE (www.bseindia.com) and NSE (wv.w-.nseindia.com).
4. On 19 September 2018, the Company has invested an amount of Rs. 1.000 crore in Bajaj Housing Finance Limited, a wholly owned housing finance subsidiary of the Company. by subscribing to 100 crore equity shares of face value of Rs. 10 for cash at par. offered on rights basis.
5. On 10 August 2018, the Company has acquired 100% shareholding 1n Bajaj Financial Securities limited from its wholly owned subsidiary, Bajaj Housing Finance Limited.
6. The secured non-convertible debentures issued by the Company are fully secured by first pari passu charge by mortgage of the Company and its subsidiary's 1m movable property at Chennai and by hypothecation of book debtsl1oan receivables to the extent as stated in the respective information memorandum.
7. The Company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per lnd AS 108 dealing with Operating Segment.
8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 29 January 2019 and subjected to a limited review by the statutory auditors as indicated above.
9. The Company has designated an exclusive email ID viz. firstname.lastname@example.org for investor grievance redressed.