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INTRODUCTION:
Non-Banking Financial companies
A non-banking finance company may be defined as an instittion !"ic"
mobi#i$es t"e sa%ings of t"e commnity and di%e&ts t"em fo& financing
diffe&ent acti%ities' A bank a#so pe&fo&ms simi#a& type of acti%ities' T"en !"at
is t"e diffe&ence bet!een bank and non-banking finance company( T"e
diffe&ence can be seen f&om t!o points of %ie!s'
Fi&st#y) f&om t"e #ega# point of %ie!) bank may be defined as an instittion
!"ic" is go%e&ned by t"e Banking *eg#ation Act) +,,'
.econd#y) a mo&e p&actica# definition of a bank may be t"at it is an instittion
!"ic" accepts) s"o&t and #ong-te&m deposits p to an n#imited e/tent) and
money can be !it"d&a!n by d&a!ing a c"e0e on any acconts maintained
!it" it'
A non-banking financia# inte&media&y does not f#fi## any of t"ese t!o c&ite&ia'
T"e acti%ities of non-banking companies a&e simi#a& to t"ose of banks and t"ey
a&e often &efe&&ed to as 1a&a banking instittions' .c" inte&media&ies co%e& a
!ide &ange of instittion diffe&ing in t"ei& main acti%ities and t"e se&%ices t"ey
offe&) t"e one essentia# feat&e being t"e same) %i$') mobi#i$ation of t"e sa%ings
of t"e pb#ic and t"ei& ti#i$ation fo& financing %a&ios types of economic
acti%ities'
Non-banking financia# companies 2NBFCs3 a&e fast eme&ging as an impo&tant
segment of Indian financia# system' It is an "ete&ogeneos g&op of instittions
2ot"e& t"an comme&cia# and co-ope&ati%e banks3 pe&fo&ming financia#
inte&mediation in a %a&iety of !ays) #ike accepting deposits) making #oans and
.IE. COLLE4E 1age1
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ad%ances) #easing) "i&e p&c"ase) etc' T"ey &aise fnds f&om t"e pb#ic) di&ect#y
o& indi&ect#y) and #end t"em to #timate spende&s' T"ey ad%ance #oans to t"e
%a&ios !"o#esa#e and &etai# t&ade&s) sma##-sca#e indst&ies and se#f-emp#oyed
pe&sons' T"s) t"ey "a%e b&oadened and di%e&sified t"e &ange of p&odcts and
se&%ices offe&ed by a financia# secto&' 4&ada##y) t"ey a&e being &ecogni$ed as
comp#ementa&y to t"e banking secto& de to t"ei& cstome&-o&iented se&%ices5
simp#ified p&oced&es5 att&acti%e &ates of &et&n on deposits5 f#e/ibi#ity and
time#iness in meeting t"e c&edit needs of specified secto&s5 etc'
T"e !o&king and ope&ations of NBFCs a&e &eg#ated by t"e *ese&%e Bank of
India 2*BI3 !it"in t"e f&ame!o&k of t"e *ese&%e Bank of India Act) +,6
2C"apte& III B3 and t"e di&ections issed by it nde& t"e Act' As pe& t"e *BI
Act) a 7non-banking financia# company7 is defined as8- 2i3 a financia# instittion
!"ic" is a company5 2ii3 a non banking instittion !"ic" is a company and
!"ic" "as as its p&incipa# bsiness t"e &ecei%ing of deposits) nde& any sc"eme
of a&&angement o& in any ot"e& manne&) o& #ending in any manne&5 2iii3 sc"ot"e& non-banking instittion o& c#ass of sc" instittions) as t"e bank may)
!it" t"e p&e%ios app&o%a# of t"e Cent&a# 4o%e&nment and by notification in t"e
Officia# 4a$ette) specify'
Unde& t"e Act) it is mandato&y fo& a NBFC to get itse#f &egiste&ed !it" t"e *BI
as a deposit taking company' T"is &egist&ation at"o&ises it to condct its
bsiness as an NBFC' Fo& t"e &egist&ation !it" t"e *BI) a company
inco&po&ated nde& t"e Companies Act) +,9: and desi&os of commencing
bsiness of non-banking financia# instittion) s"o#d "a%e a minimm net
o!ned fnd 2NOF3 of *s ;9 #ak" 2&aised to *s ;
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ot"e& NBFCs5 and 2ii3 t"e book %a#e of debent&es=bonds= otstanding #oans
and ad%ances) inc#ding "i&e-p&c"ase and #ease finance made to) and deposits
!it") sbsidia&ies= companies in t"e same g&op) in e/cess of + of t"e o!ned
fnds'
T"e &egist&ation p&ocess in%o#%es sbmission of an app#ication by t"e company
in t"e p&esc&ibed fo&mat a#ong !it" t"e necessa&y docments fo& *BI7s
conside&ation' If t"e bank is satisfied t"at t"e conditions enme&ated in t"e *BI
Act) +,6 a&e f#fi##ed) it isses a 7Ce&tificate of *egist&ation7 to t"e company'
On#y t"ose NBFCs "o#ding a %a#id Ce&tificate of *egist&ation can accept="o#d
pb#ic deposits' T"e NBFCs accepting pb#ic deposits s"o#d comp#y !it" t"e
Non-Banking Financia# Companies Acceptance of 1b#ic Deposits 2*ese&%e
Bank3 Di&ections) +,,?) as issed by t"e bank' .ome of t"e impo&tant
&eg#ations &e#ating to acceptance of deposits by t"e NBFCs a&e8-
@ T"ey a&e a##o!ed to accept=&ene! pb#ic deposits fo& a minimm pe&iod of +;
mont"s and ma/imm pe&iod of :< mont"s'
T"ey cannot accept deposits &epayab#e on demand'
@ T"ey cannot offe& inte&est &ates "ig"e& t"an t"e cei#ing &ate p&esc&ibed by *BI
f&om time to time'
@ T"ey cannot offe& gifts=incenti%es o& any ot"e& additiona# benefit to t"e
deposito&s'
@ T"ey s"o#d "a%e minimm in%estment g&ade c&edit &ating'
@ T"ei& deposits a&e not ins&ed'
@ T"e &epayment of deposits by NBFCs is not ga&anteed by *BI'
.IE. COLLE4E 1age3
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In &ecent times) t"e non-banking financia# companies "a%e eme&ged as
sbstantia# cont&ibto&s to t"e Indian economic g&o!t" by "a%ing access to
ce&tain deposit segments and cate&ing to t"e specia#i$ed c&edit &e0i&ements of
ce&tain c#asses of bo&&o!e&s' In t"e st&ct&e of Indian financia# systems) t"ey
p#ay a key &o#e in t"e di&ection of sa%ings and in%estment' T"ey "e#p to b&idge
t"e c&edit gaps in se%e&a# secto&s !"ic" t"e t&aditiona# instittions #ike
comme&cia# banks a&e nab#e to f#fi##'
Depending on t"e nat&e of t"ei& mao& acti%ity) t"e non-banking financia#
inte&media&ies may be c#assified into t"e fo##o!ing fo& catego&ies8
1. Hire-purchase inance companies.
!. In"es#men# companies.
$. Chi# un% companies.
&. Ni%his or 'u#ual (enei# inance companies.
CO')*N+:
.IE. COLLE4E 1age4
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Da#e o ,s#a(lishmen# +,?
Re"enue < 2 U.D in i##ions 3
'arke# Cap 9;6'?,:6,: 2 *s' in i##ions 3
Corpora#e *%%ress C=o Baa Ato Limited)mbai 1ne
*oad)Ak&di1ne-++
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ending a& ;
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Origins-
T"e Baa 4&op !as fo&med in t"e fi&st days of India7s independence f&om
B&itain' Its fonde&) Jamna#a# Baa) "ad been a fo##o!e& of a"atma 4and"i)
!"o &epo&ted#y &efe&&ed to "im as a fift" son' 7G"ene%e& I spoke of !ea#t"y
men becoming t"e t&stees of t"ei& !ea#t" fo& t"e common good I a#!ays "ad
t"is me&c"ant p&ince p&incipa##y in mind)7 said t"e a"atma afte& Jamna#a#7s
deat"'
Jamna#a# Baa !as scceeded by "is e#dest son) ;-yea&-o#d Hama#nayan) in
+,;' Hama#nayan) "o!e%e&) !as p&eoccpied !it" India7s st&gg#e fo&
independence' Afte& t"is !as ac"ie%ed) in +,) Hama#nayan conso#idated and
di%e&sified t"e g&op) b&anc"ing into cement) ay&%edic medicines) e#ect&ica#
e0ipment) and app#iances) as !e## as scoote&s'
T"e p&ec&so& to Baa Ato "ad been fo&med on No%embe& ;,) +,9 as =s
Bac"&a T&ading Ltd' It began se##ing impo&ted t!o- and t"&ee-!"ee#ed %e"ic#es
in +,? and obtained a manfact&ing #icense f&om t"e go%e&nment ++ yea&s
#ate&' T"e ne/t yea&) +,:
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A nmbe& of ne! mode#s !e&e int&odced in t"e +,
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T"e +,?:-? fisca# yea& sa! t"e int&odction of t"e Baa -?< and t"e
Ha!asaki Baa HB+
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Japanese enginee&ing fi&ms) Hbota and Tokyo * D' Baa7s most pop#a&
mode#s cost abot *s ;
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Baa Ato "ad 0ad&p#ed its p&odct design staff to 9
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p#anned to #ay off anot"e& ;)
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*e%ene
.pecia# 1&pose
ac"ine Too#s
N'A'
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sbsidia&ies inc#de 1T' Baa Ato Indonesia and Baa Ato Inte&nationa#
o#dings B'
,8por# Incen#i"es:
4oing fo&!a&d) t"e&e is conside&ab#e nce&tainty !it" &ega&d to key &a!
mate&ia# costs) #ike non-fe&&os meta#s) stee# and &bbe& based' And !"i#e
commodity inpts "ad s"o!n signs of easing to!a&d t"e end of t"e fi&st 0a&te&)
bt t"e&e is no c#ea& patte&n eme&ging in t"e s"o&t te&m'
A#so) t"e .t&eet is conce&ned !"et"e& t"e go%e&nment e/po&t p&omotion sc"eme
DE1B !o#d be e/tended beyond .eptembe&' T"is comes at a time !"en
o%e&seas sa#es !e&e p&o%iding t"e g&o!t" momentm to Baa Ato' Baa Ato
is a#so p#anning to s"o&t#y #anc" Bo/e& +9< cc moto&cyc#e especia##y) fo& t"e
booming &&a# ma&kets and t"at s"o#d p&o%ide g&o!t" momentm in domestic
sa#es) going fo&!a&d' Baa Ato t&ades at a 1=E of +; times on a t&ai#ing fo&-0a&te& basis and !e a&e net&a# on t"e stock'
crap :
T"e&e a&e p#enty of open oppo&tnities fo& yo in t"e bsiness !od of
&ecyc#ing' T"e&e is p#enty of sc&ap a&ond to be g&abbed' India ma&t t"e pionee&
in tende&s and notifications se&%ice b&ings f&ee #ist of #atest sc&ap and disposab#e
tende&s fo& food !aste) medica# !aste) ga&bage) sc&ap stee#) sc&ap i&on)
c"emica# !aste) "ospita# !aste) comme&cia# ga&bage etc'
.c&ap meta# o&iginates st as f&e0ent#y bet!een bsinesses and "omes as !e##'
T"e p&ope& disposa# and &ecyc#ing of sc&ap meta# is typica##y done by a bsiness
o& se&%ice' Typica##y a sc&appe& !i## ad%e&tise "is se&%ices to con%enient#y
&emo%e sc&ap meta# fo& peop#e !"o don7t need it) o& need to get &id of it'
.IE. COLLE4E 1age14
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Roal# Income :
*oya#ty t&sts a&e att&acti%e to in%esto&s becase t"ey p&omise "ig" yie#ds
compa&ed to stocks and bonds' T"ey a&e att&acti%e to companies !is"ing to se##
cas"-f#o! p&odcing assets becase t"ey p&o%ide a mc" "ig"e& sa#e p&ice t"an
!"at is possib#e !it" con%entiona# financings'
Fo& e/amp#e) sppose t"at ABC Oi# Company "as mat&ing oi# !e##s !it" !e##-
kno!n &ates ofp&odction and &ese&%es' T"e company estimates t"at it !i##
p&odce and se## one mi##ion ba&&e#s pe& yea& fo& t"e ne/t ;< yea&s at a p&ice of
;< pe& ba&&e# 2t"s ;< mi##ion pe& yea&3' ABC !ants to se## t"e !e##s)
bt an in%estment bank sggests t"at ABC se a &oya#ty t&st) so ABC se##s a##
t"e oi# !e##s to a t&st) t"e PQ *oya#ty Fnd' ABC &ecei%es a payot f&om t"e
in%estment bank and !i## sti## manage t"e company fo& a fee'
O#her Opera#ing Re"enue:
T"e Ot"e& ope&ating &e%ene !o&ks"eet is intended to p#an fo& &e%ene t"at is
not &e#ated to &eg#a& sa#es of goods and se&%ices'
Ot"e& &e%ene is gene&ated in t"e co&se of non-&eg#a& bsiness ope&ations)
inc#ding pena#ties &ecei%ed and fines fo& de#ay) bt a#so g&antsinancing'
NBR Do not ente& sa#es &e%ene f&om goods) p&odcts o& se&%ices "e&e' T"at
be#ongs on t"e .a#es &e%ene !o&ks"eet'
T"is !o&ks"eet a##o!s a di&ect 2i'e' abso#te fig&es3 dec#a&ation of t"e &eceipt
of g&ant financing) on t"e assmption t"at t"e sppo&t &ecei%ed is not #isted
e#se!"e&e) inc#ding t"e E/penses o& Fi/ed assets !o&ks"eets 2t"e #atte&
a##o!s t"e ent&y of sppo&t %ia &e#ati%e Financing #e%e# 2>3 pa&amete&3'
pecial )urpose 'achine Tools:
.IE. COLLE4E 1age15
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Ge a&e engaged in design and manfact&e of specia# p&pose mac"ine too#s
&e0i&ed fo& "ig" p&odction &ates !it" consistent 0a#ity !"ic" is today7s need
in enginee&ing manfact&e' T"e mac"ines a&e designed de%e#oped fo&
a#most a## meta# ctting ope&ations #ike t&ning) mi##ing) bo&ing) d&i##ing)
tapping) g&inding etc' T"ese a&e t"e mac"ines !"ic" keep yo !ay a"ead of
ot"e&s if yo a&e in "ig" p&odction indst&y #ike atomobi#e component
manfact&e) e#ect&ica# comp' mfg') and %a#%e o& pmp mfg' Indst&y etc'
,R9IC,:
Baa Finse&% endea%o&s to become a f## f#edged financia# se&%ices company
and be t"e financia# pa&tne& to t"e Indian consme& and "e#p "im ac&oss "is
financia# needs t"&og"ot "is #ifecyc#e' Baa Finse&% is a consme& focsed
company !it" emp"asis on p&ofitab#e g&o!t" and ope&ationa# efficiency to
de#i%e& best &es#ts to a## its stake"o#de&s'
Baa Finse&% no! "as a ne! %isa# identity !"ic" comp#ete#y embodies itsg&o!t" and se&%ices' It ses t"e c&&ent Baa #ogotype to identify and stand on
t"e %e&y estab#is"ed and &espected Baa identity 'In addition it "as a 6
dimensiona# sea# !it" t"e B and f to make t"e ne! identity ni0e#y
&ecogni$ab#e' T"e co#o& b#e in t"e #ogo indicates confidence st&engt"' T"e
&ond ba## symbo#i$es t"e !od !it" focs on India'
4oing fo&!a&d) Baa Finse&% "as de%e#oped a f##-f#edged b&anding
p&og&amme fo& a## its g&op companies' Cstome&s of any of t"e g&op
companies !i## identify associate t"emse#%es !it" Baa Finse&%' T"is c&eates
a sing#e mono#it"ic financia# b&and in India !"ic" !i## toc" t"e #i%es of many
Indians in yea&s to come' T"e ne! identity !i## be &o##ed ot by eac" Baa
Finse&% company s"o&t#y'
.IE. COLLE4E 1age16
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A## ndeying bsinesses c&&ent#y ope&ate !it" t"ei& independent b&ands'
Git" t"e intention to bi#d a set of financia# se&%ices bsinesses in coming
yea&s t"at s"a&e t"e Baa Finse&% 4&op7s common %a#es of *e#iabi#ity)
Inno%ation and Efficiency and p&o%ide cstome&s !it" "ig" 0a#ity p&odcts
and se&%ices) Baa Finse&% "as nde&taken a &e%ie! of its b&and identity'
T"e ne! identity is easi#y identifiab#e and yet distinct' A## t"e bsinesses nde&
Baa Finse&% !o#d se t"e common identity in a co"e&ent manne& sc" t"at
consme&s e/pe&ience t"&og" eac" bsiness) t"e common Baa Finse&% %a#es
and identify t"e ne! b&and identity !it" t"e same'
Consumer inance:
Baa Finance Ltd' 2BFL3) an associate company !it"in Baa Finse&% 2Baa
Finse&% #imited "as a stake of 99'+> !it"in BFL3) "as p&esence in t"e enti&e
gamt of Consme& Financing &anging f&om Consme& D&ab#e Loans)
1e&sona# Loans) .ma## Bsiness Loans) Loan against 1&ope&ty) Loan against."a&es) Const&ction E0ipment Loans) T!o and T"&ee G"ee#e& Financing and
Ins&ance se&%ices' Baa Finance Limited !o#d cate& to t"e #ending needs of
e%e&y indi%ida#=instittion'
Baa Finance Limited ses t"e b&and name Baa Finse&% S Lending to
emp"asi$e t"e %a#es) capabi#ities and int&a company oppo&tnities of t"e
pa&ent' Baa Finance is one of t"e most di%e&sified NBFCs in t"e cont&y !it"
mo&e t"an 9 mi##ion cstome&s ac&oss t"e cont&y' Baa Finance a#so "as t"e
"ig"est c&edit &ating of FAAA=.tab#e fo& any NBFC in t"e cont&y'
In addition to t"e abo%e bsinesses) an Inf&ast&ct&e Finance bsiness "as been
sta&ted nde& Baa Finance Limited) add&essing t"e need of inf&ast&ct&e
financing in a g&o!ing economy !it" massi%e inf&ast&ct&e need' T"is
bsiness !i## #ook to p&o%ide a comp#ete &ange of so#tions #ike debt and
.IE. COLLE4E 1age17
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ad%iso&y se&%ices to inf&ast&ct&e companies= de%e#ope&s in
1o!e&=*oad=1o&t=Te#ecom=*ai#!ay secto&s'
Inras#ruc#ure inance:
Ge be#ie%e fo& Indian economy to contine on a sstainab#e "ig" g&o!t"t&aecto&y) it is impo&tant to enab#e Inf&ast&ct&e de%e#opment' Git" t"is %ie!)
!e "a%e commenced o& Inf&ast&ct&e Financing bsiness in t"e financia# yea&
;
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BA4IC ses t"e Baa Finse&% symbo# 2Baa Finse&% 4#obe3) !"ic"
symbo#i$es t"e !od !it" focs on India'
4oing fo&!a&d) Baa A##ian$ 4ene&a# Ins&ance Company !i## contine to
focs on p&ofitabi#ity by ca&ef# se#ection of &isk) st&ong nde&!&iting) and
ta&geting a "ea#t"y &et&n on e0ity t"at can ade0ate#y co%e& t"e cost of
capita#'
;ie insurance:
A Joint ent&e bet!een Baa Finse&% #imited 2>3 and A##ian$ .E 2;:>3)
one of t"e most sccessf# Life Ins&ance companies in India) Baa A##ian$
Life Ins&ance cate&s to t"e p&otection needs of indi%ida#s f&om "is eay
c"i#d"ood to &eti&ement'
Baa A##ian$ is among t"e top 6 p#aye&s in t"e p&i%ate #ife ins&ance ma&ket
!it" a 4&oss G&itten 1&emim fig&e of IN* ++'; bi##ion in ;
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Baa Finse&% p&omotes g&een ene&gy to sppo&t o& en%i&onment' O& !ind
fa&m assets comp&ise of +6? !indmi##s in a"a&as"t&a !it" an insta##ed
capacity of :9'; G' D&ing ;
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CONC;UION:
Baa Ato Finance 2BAFL3) inco&po&ated in +,?) is engaged in bsiness of
&etai# financing' Eaie& BAFL !as p&omoted by Baa Ato and Baa Ato
o#dings' Baa Ato is t"e second #a&gest manfact&e& of t!o- and t"&ee-
!"ee#e&s in t"e India' Baa Ato o#dings is an in%estment company'
As pe& t"e sc"eme of de-me&ge& of e&st!"i#e Baa Ato) t"e stakes "e#d by
Baa Ato in BAFL !e&e t&ansfe&&ed to Baa Finse&%' C&&ent#y Baa Ato
Finance is sbsidia&y of Baa Finse&%'
Today BAFL is a non-banking financia# company t"at is &egiste&ed !it" t"e
*ese&%e Bank of India 2*BI3 and is at"o&ised to accept pb#ic deposits'
BAFL is engaged in t"e bsiness of p&o%iding finance fo& t!o-!"ee#e&s)
consme& d&ab#es) pe&sona# compte&s) pe&sona# #oans) ins&ance se&%ices) etc'
In F ;
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Nagp&) iay!ada) Nasik) is"ak"apattanam) Ho#kata) 4oa) ad&ai and
1ne' T"e company "as se&%ed o%e& < #ak" satisfied cstome&s ac&oss t"e
cont&y'
Recogni#ions
BAFL is amongst %e&y fe! NBFCs in t"e India to &ecei%e FAAA &ating f&om
C&edit *ating and Info&mation .e&%ices India 2C*I.IL3 &ef#ecting t"e "ig"est
#e%e# of safety of deposito&s7 money'
T"e companys s"o&t-te&m debt p&og&amme "as been a!a&ded !it" 1+ &ating
f&om C*I.IL' Its #ong-te&m debt p&og&amme "as &ecei%ed AA=.tab#e f&om
C*I.IL and LAA f&om IC*A'
Fu#ure )lans
Baa Ato Finance p#ans to int&odce ne! p&odcts) t"s inc&easing its p&odct
po&tfo#io' T"e company a#so p#ans to !iden its p&esence in semi-&ban and &&a#
ma&kets'
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BALANCE SHEET OF THE
COMPANY:
BALANCE SHEET Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share caita! 289"37 289"37 144"68 144"68 144"68
Share a!icati#$ %#$ey & & & & &
're(ere$ce share caita! & & & & &
)eser*es + sur!us 5,751"70 4,620"85 2,783"66 1,725"01 1,442"91
Loan funds
Secure- !#a$s & 23"53 12"98 & 6"95
.$secure- !#a$s 97"48 301"62 1,325"60 1,570"00 1,327"39
T!a" #$1%8& $2%&%( )$2##&92 %$)%9 2$921&9%
Uses of funds
F*+ed asse!s
/r#ss !#c 3,425"94 3,395"16 3,379"25 3,350"20 2,994"68
Less re*a!uati#$ reser*e & & & & &
Less accu%u!ate- -ereciati#$ 1,914"33 1,912"45 1,899"66 1,807"91 1,726"07
Net !#c 1,511"61 1,482"71 1,479"59 1,542"29 1,268"61
Caita! #r&i$&r#ress 343"15 149"34 120"84 106"48 34"74
$*est%e$ts 4,882"81 4,795"20 4,021"52 1,808"52 1,857"14
Net current assets
Curre$t assets, !#a$s + a-*a$ces 4,501"40 5,358"19 3,111"75 2,401"45 1,780"67
Less curre$t !iai!i ties + r#*isi#$s 5,100"42 6,550"07 4,466"78 2,602"35 2,019"23
T#ta! $et curre$t assets &599"02 &1,191"88 &1,355"03 &200"90 &238"56
isce!!a$e#us ee$ses $#t ritte$ & & & 183"30 &
T!a" #$1%8& $2%&%( )$2##&92 %$)%9 2$921&9%
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)ROFIT < ;O *=C OF TH, CO'*)*N+:
Profit loss account Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
erati$ i$c#%e 19,516"65 16,451"80 11,813"25 8,700"17 8,827"15
Expenses
ateria! c#$su%e- 14,486"09 11,882"51 8,139"51 6,526"59 6,692"19
a$u(acturi$ ee$ses 175"61 148"38 127"89 117"97 122"92
'ers#$$e! ee$ses 541"04 494"33 411"76 366"67 350"09
Se!!i$ ee$ses 270"53 445"98 381"59 345"48 351"70
A-%i$istrati*e ee$ses 356"90 242"61 264"88 263"49 248"08
Ee$ses caita!ise- &49"43 &16"66 &15"67 &14"42 &23"04
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Profit loss account Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
C#st #( sa!es 15,780"74 13,197"15 9,309"96 7,605"78 7,741"94
erati$ r#(it 3,735"91 3,254"65 2,503"29 1,094"39 1,085"21
ther recurri$ i$c#%e 355"73 408"16 151"12 163"90 250"40
A-uste- 'B:T 4,091"64 3,662"81 2,654"41 1,258"29 1,335"61
;i$a$cia! ee$ses 22"24 1"69 5"98 21"01 5"16
:ereciati#$ 145"62 122"84 136"45 129"79 173"96
ther rite #((s 2"14 2"14 & & 1"12
A-uste- 'BT 3,921"64 3,536"14 2,511"98 1,107"49 1,155"37
Ta chares 1,022"12 1,011"02 710"12 301"61 378"78
A-uste- 'AT 2,899"52 2,525"12 1,801"86 805"88 776"59
N#$&recurri$ ite%s 57"93 767"84 &128"62 &170"10 &80"13
ther $#$ cash a-ust%e$ts 46"60 46"77 26"87 18"72 59"32
)e#rte- $et r#(it 3,004"05 3,339"73 1,700"11 654"50 755"78
Ear$i$s e(#re ar#riati#$ 5,519"53 4,194"72 1,700"11 654"50 755"78
Equity -i*i-e$- 1,302"15 1,157"47 578"73 318"30 289"37
're(ere$ce -i*i-e$- & & & & &
:i*i-e$- ta 211"24 187"77 96"12 54"10 49"18
)etai$e- ear$i$s 4,006"14 2,849"48 1,025"26 282"10 417"23
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