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M.com(part 1)sem-1 Roll no. 27

MASTER OF COMMERCE

ADVANCED ACCOUNTANCY

Semester: 1

Academic Year: 2015-16

S!mitted i" #artia$ F$%i$me"t &% t'e

Re(ireme"t %&r t'e A)ard &% t'e De*ree &%

MASTER OF COMMERCE

SU+M,TTED +YV,#U .ES/AN,

Mc&m Ad3 Acc&"ta"c4

SEMESTER-1

ACADEM,C YEAR 2015-16

F,NANC,A ACCOUNTANCY

SU+M,TTED T/ROU/

#r&% Sa"t&s' 'a*

1

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F,NA

STATEMENT

OF A7,S+AN.

2

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DECARAT,ON

I hereby declare that project entitled “F,NA STATEMENT OF A7,S

+AN.8 .Submitted or the M.!"M (#d$anced #ccountancy) %e&ree is my

ori&inal 'or and the project has not ormed the basis or the a'ard o any %e&ree#ssociateship *ello'ship or any other similar titles.

I urther declare that the inormation has been tapped rom the primary and

secondary sources o inormation 'hich ha$e been properly accorded.

#$ace: Mumbai +ipul ,esh'ani

Date: MCOM STUDENT

3

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AC.NOEDEMENT

I 'ish to than roessor S#/"S0 0# or his encoura&ement and support

throu&hout the project it is due to his best eorts and continuous &uidance and that

I 'as able to prepare this project.

I 'ould lie to than coordinator proessor S#/"S0 0# or his constant

support in the process o main& the project.

I 'ould lie to than our rincipal MR..#S0", #%I# or &i$in& me the

opportunity to 'or on this project.

I 'ould also lie to than the 3ni$ersity o Mumbai to &i$e me this opportunity to

e4plore the $aluable inormation related to this project.

4

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CERT,F,CATE OF OR,,NA,TY

/his is to certiy that the project titled “F,NA STATEMENTS OF A7,S +AN.8. Is an

ori&inal 'or o the student and is bein& submitted in partial ulillment or the a'ard o the

Master5s %e&ree in #d$anced #ccountancy (M.!"M) o M3M6#I 3I+RSI/8.

/his report has not been submitted earlier either to the uni$ersity or to any other

3ni$ersity9Institution or the ulillment o the re:uirement o a course o study.

%r. #S0", #%I# ro. S#/"S0 0#0

Si&nature o rincipal Si&nature o !oordinator

%ate; %ate;

lace; M3M6#I lace; M3M6#I

Si&nature o 4ternal 4aminer !"

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6

SRNO T,TE #NOE9ecti3e smmar4 07

C'1

1.1

1.21.=

1.>

1.?

1.@

1.7

1.A

1.B

1.1C

,NTRODUCT,ON A7,S +AN.

/ist&r4

Ser3ices#r&m&ters

S!sidiaries

ESO#

C&r&rate &3er"a"ce

Direct&r Res&"si!i$it4 Stateme"t

Statt&r4 Disc$&sre

Adit&rs

isti"* a"d S'ari"* /&$ders

8

9

10-11 12-

13

14-

15

15-

16

16

16-

17

17-18

19

19-20

C'2

2.1

2.2

2.=

2.>

2.?

2.@

2.7

2.A

2.B

2.1C

2.11

F,NANC,A STATEMENTS

Mea"i"* &% Fi"a"cia$ Stateme"ts

#rearati&" &% Fi"a"cia$ Stateme"ts

#r&3isi&" &% C&"ti"*e"t ia!i$ities

Fi9ed Assets i"c$di"* &&d)i$$; ,"ta"*i!$e Assets a"d ,#

Dereciati&" a"d Am&rti

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E7ECUT,VE SUMMARY

#4is 6an 'as the irst o the ne' pri$ate bans to ha$e be&un operations in 1BB>

ater theo$ernment o India allo'ed ne' pri$ate bans to be established. /he

6an 'as promoted jointly by the #dministrator o the speciied undertain& o the

3nit /rust o India (3/I - I)

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C/A#TER 1:-

,NTRODUCT,ON:-

'at is a !a"@

*inance is the lie blood o trade commerce and industry. o'-a-days banin&

sector acts as the "system.

/he term ban is either deri$ed rom the ancient Italian 'ord “bancaG or rom a

*rench 'ord “ban:ueG both mean a 6ench or money e4chan&e table. In olden

days uropean money lenders or money chan&ers used to display (sho') coins o

dierent countries in bi& heaps (:uantity) on benches or tables or the purpose o

lendin& or e4chan&in&.

Mea"i"* &% a !a"@i"* c&ma"4

#s per Section ?(b) o 6anin& Re&ulation #ct 1B>B banin& means the

acceptin& or the purpose o lendin& or in$estment o deposits o money rom the

public repayable on demand or other'ise and 'ithdra'able by che:ue drat

order or other'ise.

4planation; #ny company 'hich is en&a&ed in the manuacture o &oods or

carries on any trade and 'hich accepts the deposits o money rom public merely

or the purpose o inancin& its business as such manuacturer or trader shall not bedeemed to transact the business o banin& 'ithin the meanin& o this clause.D

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11/,STORY

3/I 6an opened its re&istered oice in #hmedabad and corporate oice in

Mumbai in %ecember 1BB=. /he irst branch 'as inau&urated on 2 #pril 1BB>

in #hmedabad by %r .Manmohan Sin&h then *inance Minister o India. 3/I 6an

be&an its operations in 1BB> ater the o$ernment o India allo'ed ne' pri$ate

bans to be established. /he 6an 'as promoted in 1BB= jointly by the

#dministrator o the 3nit /rust o India (3/I-I)

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In 2C1= #4is 6anHs subsidiary #4is 6an 3, commenced banin& operations.

#4is 6an 3, has a branch in #4is 6an up&raded its representati$e oice in Shan&hai to a branch.

12SERV,CES

#4is 6an operates in our se&ments; /reasury operations Retail

banin& !orporate9holesale banin& and other banin& business.

Treasr4 &erati&"s; /he 6an5s treasury operation ser$ices include in$estments

in so$erei&n and corporate debt e:uity and mutual unds tradin& operations

deri$ati$e tradin& and orei&n e4chan&e operations on the account and or

customers and central undin&.

Retai$ !a"@i"*; In the retail banin& cate&ory the ban oers ser$ices such as

lendin& to indi$iduals9small businesses subject to the orientation product and

&ranularity criterion alon& 'ith liability products card ser$ices Internet

banin& automated teller machines (#/M) ser$ices depository inancial ad$isory

ser$ices and on-resident Indian (RI) ser$ices. #4is ban is a participant in

R6IHs */ enabled participatin& bans list.

C&r&rateB)'&$esa$e !a"@i"*; /he 6an oers to corporate and other

or&anisations ser$ices includin& corporate relationship not included under retail

banin& corporate ad$isory ser$ices placements and syndication mana&ement o

10

https://en.wikipedia.org/wiki/Treasuryhttps://en.wikipedia.org/wiki/Retail_bankinghttps://en.wikipedia.org/wiki/Retail_bankinghttps://en.wikipedia.org/wiki/Commercial_bankhttps://en.wikipedia.org/wiki/Wholesale_bankinghttps://en.wikipedia.org/wiki/Automated_teller_machinehttps://en.wikipedia.org/wiki/Non-resident_Indian_and_person_of_Indian_originhttps://en.wikipedia.org/wiki/Treasuryhttps://en.wikipedia.org/wiki/Retail_bankinghttps://en.wikipedia.org/wiki/Retail_bankinghttps://en.wikipedia.org/wiki/Commercial_bankhttps://en.wikipedia.org/wiki/Wholesale_bankinghttps://en.wikipedia.org/wiki/Automated_teller_machinehttps://en.wikipedia.org/wiki/Non-resident_Indian_and_person_of_Indian_origin

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public issues project appraisals capital maret related ser$ices and cash

mana&ement ser$ices.

NR, ser3ices; roducts and ser$ices or RIs that acilitate in$estments in India.

+si"ess !a"@i"*; /he 6an accepts income and other direct ta4es throu&h its 21>

authorised branches at 1=7 locations and central e4cise and ser$ice ta4es (includin&

e-ayments) throu&h ?@ authorised branches at 1> locations.

,"3estme"t !a"@i"*; 6an5s In$estment 6anin& business comprises acti$ities

related to :uity !apital Marets Mer&ers and #c:uisitions and ri$ate :uity

#d$isory. /he ban is a S6I-re&istered !ate&ory I Merchant 6aner and has been

acti$e in ad$isin& Indian companies in raisin& e:uity throu&h I"s Is

and Ri&hts issues etc. %urin& the inancial year ended =1 March 2C12 #4is 6an

undertoo B transactions includin& ? I"s and 2 "pen "ers.

e"di"* t& sma$$ a"d medim e"terrises; #4is 6an SM business is

se&mented in three &roups; Small nterprises Medium nterprises and Supply

!hain *inance. 3nder the Small 6usiness roup a sub&roup or inancin& micro

enterprises is also set up. #4is ban is the irst Indian 6an ha$in& /!%! cards in

11 currencies.

A*ric$tre !a"@i"*; 7?B branches o the 6an pro$ide banin& ser$icesincludin& a&ricultural loans to armers. #s on =1 March 2C1= the 6an5s

outstandin& loans in the a&ricultural sector 'as IR 1>A billion constitutin& 7.?J

o its total ad$ances.

11

https://en.wikipedia.org/wiki/Project_appraisalhttps://en.wikipedia.org/wiki/Capital_markethttps://en.wikipedia.org/wiki/Cash_managementhttps://en.wikipedia.org/wiki/Cash_managementhttps://en.wikipedia.org/wiki/Investment_Bankinghttps://en.wikipedia.org/wiki/Equity_Capital_Marketshttps://en.wikipedia.org/wiki/Mergers_and_Acquisitionshttps://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttps://en.wikipedia.org/wiki/Merchant_bankhttps://en.wikipedia.org/wiki/Initial_public_offeringhttps://en.wikipedia.org/wiki/Qualified_institutional_placementhttps://en.wikipedia.org/wiki/Rights_issuehttps://en.wikipedia.org/wiki/Small_and_medium_enterpriseshttps://en.wikipedia.org/wiki/Reverse_factoringhttps://en.wikipedia.org/wiki/Reverse_factoringhttps://en.wikipedia.org/wiki/Micro-enterprisehttps://en.wikipedia.org/wiki/Micro-enterprisehttps://en.wikipedia.org/wiki/Project_appraisalhttps://en.wikipedia.org/wiki/Capital_markethttps://en.wikipedia.org/wiki/Cash_managementhttps://en.wikipedia.org/wiki/Cash_managementhttps://en.wikipedia.org/wiki/Investment_Bankinghttps://en.wikipedia.org/wiki/Equity_Capital_Marketshttps://en.wikipedia.org/wiki/Mergers_and_Acquisitionshttps://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttps://en.wikipedia.org/wiki/Merchant_bankhttps://en.wikipedia.org/wiki/Initial_public_offeringhttps://en.wikipedia.org/wiki/Qualified_institutional_placementhttps://en.wikipedia.org/wiki/Rights_issuehttps://en.wikipedia.org/wiki/Small_and_medium_enterpriseshttps://en.wikipedia.org/wiki/Reverse_factoringhttps://en.wikipedia.org/wiki/Reverse_factoringhttps://en.wikipedia.org/wiki/Micro-enterprisehttps://en.wikipedia.org/wiki/Micro-enterprise

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Ad3is&r4 Ser3ices ha$e been de$eloped to ad$ise public and pri$ate sector clients

on capital structurin& and undin& options 'ith a $ie' to help the clients to help

them reduce the cost o unds. /he roup has also been acti$e in ad$isin& the

central and $arious state &o$ernments or their a&encies in pri$atiKation and bid

process mana&ement. /he roup has successully 'ored on some o the benchmar transactions in inrastructure de$elopment L manuacturin& sector

co$erin& an entire ran&e o projects across roads rail'ays airports urban

inrastructure maritime po'er oil and &as petrochemicals cement su&ar te4tiles

steel L allied sectors auto ancillaries paper Inormation /echnolo&y (I/) etc.

#i"* #a4 'as un$eiled bet'een 21st May - 2?th May 2C1? 'hich is a multi-social

payment solution that let customers to transer unds usin& their smart phones to

both #4is 6an accounts and other bansH account holders.

1=#ROMOTERS:-

+OARD OF D,RECTORS

%urin& the year some chan&es in the composition o the 6oard o %irectors ha$e

taen place. Shri R. . 6hattacharyya nominee o Speciied 3ndertain& o the3nit /rust o India (S33/I) resi&ned as %irector o the 6an 'ith eect rom

2Ath Eune 2C1>. Shri Somnath Sen&upta 4ecuti$e %irector o the 6an had opted

or early retirement and accordin&ly retired as such 'ith eect rom 1st September

2C1>. Shri Sanjee$ ,. upta resident L !hie *inancial "icer 'as inducted on

the 6oard and too char&e as the 4ecuti$e %irector (!orporate !entre) L !*" o

the 6an 'ith eect rom >th September 2C1>. Shri S. 6. Mathur attained the

12

https://en.wikipedia.org/wiki/IThttps://en.wikipedia.org/wiki/IT

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upper a&e limit o 7C years as prescribed under R6I &uidelines and accordin&ly

resi&ned as %irector o the 6an 'ith eect rom =Cth September 2C1>. Shri S.

+ish$anathan 'as appointed as an #dditional Independent %irector o the 6an

'ith eect rom 11th *ebruary 2C1?. /he 6oard places on record its appreciation

or the $aluable ser$ices rendered by Shri R. . 6hattacharyya Shri Somnath

Sen&upta and Shri S. 6. Mathur durin& their tenure as %irector o the 6an.

%urin& the inancial year 2C1>1? the appro$al o shareholders by 'ay o ostal

6allot 'as taen on 1Cth March 2C1? or appointment o the e4istin& Independent

%irectors o the 6an.

/he said Independent %irectors ha$e &i$en their declaration statin& that they meet

the criteria o independence as laid do'n under Section 1>B (@) o the !ompanies

#ct 2C1= and re$ised !lause >B o the

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Smt. Shiha Sharma M% L !" Shri +. Srini$asan 4ecuti$e %irector L 0ead

(!orporate 6anin&) Shri Sanjee$ ,. upta 4ecuti$e %irector (!orporate

!entre) L !hie *inancial "icer and Shri Sanjee$ ,apoor !ompany Secretary o

the 6an are deemed to be ,ey Man&erial ersonnel o the 6an as per the

pro$isions o the !ompanies #ct 2C1= and Rules made thereunder and that they

'ere already in oice beore the commencement o the !ompanies #ct 2C1=.

+&ard E3a$ati&"

ursuant to the pro$isions o the !ompanies #ct 2C1= and re$ised !lause >B o

the

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/,STE +OER #O,CY AND V,, MEC/AN,SM

/he details o the histle 6lo'er olicy and +i&il Mechanism ha$e been

e4plained in the Report on !orporate o$ernance 'hich is ormin& a part o this

report and hosted on the 'ebsite o the 6an.

1>SU+S,D,AR,ES

#s on =1st March 2C1? the 6an has ei&ht unlisted subsidiaries; #4is #sset

Mana&ement !ompany

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$ii) #4is Securities the 6an has prepared its

consolidated inancial statement includin& all o its subsidiaries 'hich is ormin&

part o this report. /he inancial position and perormance o its subsidiaries are

&i$en in the statement containin& salient eatures o the inancial statements o the

said subsidiaries 'hich orms part o the consolidated inancial statements.

In accordance 'ith third pro$iso to Section 1=@(1) o the !ompanies #ct 2C1= the

#nnual Report o the 6an containin& therein its standalone and the consolidatedinancial statements has been hosted on its 'ebsite'''.a4isban.com *urther as

per ourth pro$iso to the said section the audited annual accounts o each o the

said subsidiary companies o the 6an ha$e also been hosted on the 6anHs

'ebsite '''.a4isban.com. #ny shareholder 'ho may be interested in obtainin& a

copy o the aoresaid documents may 'rite to the !ompany Secretary at the 6anHs

Re&istered "ice. *urther please note that the said documents 'ill be a$ailable or

e4amination by the shareholders o the 6an at its Re&istered "ice durin&

business hours. /he said documents ha$e been hosted on the 'ebsite o the

concerned subsidiary companies o the 6an in compliance 'ith the said section.

%urin& the year the 6an has di$ested its entire stae in its Eoint +enture 6ussan

#uto *inance India ri$ate

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business as an acti$e staeholder to usher in an Ho'nermana&erH culture. 3nder the

Scheme 2>CCA7CCC (adjusted or subdi$ision) options can be &ranted to the

eli&ible %irectors9employees o the 6an and its subsidiaries includin& its ,ey

Mana&erial ersonnel. /he mployee Stoc "ption Scheme has been ormulated

in accordance 'ith the Securities and 4chan&e 6oard o India (mployee Stoc

"ption Scheme and mployee Stoc urchase Scheme) uidelines

1BBB9Securities and 4chan&e 6oard o India (Share 6ased mployee 6eneits)

Re&ulations 2C1>. /he eli&ibility and number o options to be &ranted to eli&ible

%irectors9employees is determined on the basis o their 'or perormance and is

appro$ed by the 6oard o %irectors.

%urin& the period *ebruary 2CC1 to Euly 2C1= the 6anHs shareholders appro$ed

plans or the issuance o stoc options to employees on si4 occasions. 3nder the

irst t'o plans and upto the &rants made on 2Bth #pril 2CC> the option con$ersion

price 'as set at the a$era&e daily hi&hlo' price o the 6anHs e:uity shares tradeddurin& the ?2 'ees precedin& the date o &rant at the Stoc 4chan&e 'hich had

the ma4imum tradin& $olume o the 6anHs e:uity share durin& that period. 3nder

the third plan and subse:uent plans and 'ith eect rom the &rants made by the

6an on 1Cth Eune 2CC? and thereater the pricin& ormula has been chan&ed to

the latest a$ailable closin& price o the e:uity shares o the 6an pre$ailin& on the

S (as the S recorded more tradin& $olume than 6S) on the day prior to the

&rant date. #lon& 'ith appro$in& the subdi$ision o the 6anHs e:uity shares the

shareholders at the #M held on 27th Eune 2C1> also appro$ed the conse:uent

adjustments to the stoc options &ranted to its eli&ible %irectors9employees under

its $arious schemes such that all stoc options a$ailable or &rant (includin& lapsed

and oreited options a$ailable or reissue) and those already &ranted but not

e4ercised as on record date i4ed or the purpose o subdi$ision 'ere

proportionately con$erted into options or shares o ace $alue o Rs.29 each and

the &rant price o all the outstandin& stoc options ($ested un$ested and

une4ercised) on the said record date 'ere proportionately adjusted by di$idin& the

e4istin& &rant price by ?. /he record date or this purpose 'as =Cth Euly 2C1>.

#ll the numbers &i$en herein and in the #nne4ure I to this report pertainin& to

stoc options are post subdi$ision o shares as stated abo$e.

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/he omination and Remuneration !ommittee o the 6oard o %irectors and

erst'hile 0R and Remuneration !ommittee o the 6oard o %irectors &ranted

options under these plans on ourteen occasions a&&re&atin& to 2=1B7?>?C

options. /he options &ranted 'hich are nontranserable $est at rates o =CJ

=CJ and >CJ on each o three successi$e anni$ersaries ollo'in& the respecti$e

&rant subject to standard $estin& conditions and must be e4ercised 'ithin

three9i$e years o the date o respecti$e $estin& as the case may be. #s o =1st

March 2C1? 1@@7C=1>B options had been e4ercised and >1A2B7B1 options 'ere

still in orce.

"ther statutory disclosures as re:uired under the S6I (mployee Stoc "ptions L

mployee Share urchase Scheme) uidelines 1BBB has been &i$en in the

#nne4ure I to this report.

16COR#ORATE OVERNANCE

/he 6an is committed to achie$e the hi&hest standards o !orporate o$ernance

and it aspires to benchmar itsel 'ith international best practices in this re&ard./he !orporate o$ernance practices ollo'ed by the 6an are enclosed as an

#nne4ure to this report. /he !orporate o$ernance rame'or o the 6an

incorporates all the recommendations as set out in re$ised !lause >B o the

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a. /hat in the preparation o the annual accounts or the year ended =1st March

2C1? the applicable accountin& standards had been ollo'ed alon& 'ith proper

e4planation relatin& to material departures.

b. /hat such accountin& policies as mentioned in ote 17 o the otes to the

*inancial Statements ha$e been selected and applied consistently and jud&ement

and estimates ha$e been made that are reasonable and prudent so as to &i$e a true

and air $ie' o the state o aairs o the 6an as at =1st March 2C1? and o the

proit o the 6an or the year ended on that date.

c. /hat proper and suicient care has been taen or the maintenance o ade:uate

accountin& records in accordance 'ith the pro$isions o the !ompanies #ct 2C1=

or sae&uardin& the assets o the 6an and or pre$entin& and detectin& raud and

other irre&ularities.

d. /hat the annual accounts ha$e been prepared on a &oin& concern basis.

e. /hat internal inancial controls to be ollo'ed by the 6an 'ere in place and

that the same 'ere ade:uate and 'ere operatin& eecti$ely.

. /hat proper system to ensure compliance 'ith the pro$isions o all applicablela's 'as in place and the same 'ere ade:uate and operatin& eecti$ely.

1STATUTORY D,SCOSURE

!onsiderin& the nature o acti$ities o the 6an the pro$isions o Section 1=>(m)

o the !ompanies #ct 2C1= read 'ith Rule A o the !ompanies (#ccounts) Rules

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2C1> relatin& to conser$ation o ener&y and technolo&ical absorption do not apply

to the 6an. /he 6an is ho'e$er constantly pursuin& its &oal o technolo&ical

up&radation in a costeecti$e manner or deli$erin& :uality customer ser$ice.

/he inormation re:uired pursuant to Section 1B7 read 'ith Rule ? o the

!ompanies (#ppointment and Remuneration o Mana&erial ersonnel) Rules 2C1>

in respect o employees o the 6an orms part o #nne4ure III to this Report. /he

6an had 1=B employees 'ho 'ere employed throu&hout the year and 'ere in

receipt o remuneration more than Rs.@C lahs per annum and 2= employees 'ere

employed or part o the year and 'ere in receipt o remuneration o more than

Rs.? lah per month. In terms o Section 1=@ o the !ompanies #ct 2C1= the copy

o the inancial statements o the 6an includin& the consolidated inancial

statements the auditorHs report and rele$ant anne4ures to the said inancial

statements and reports are bein& sent to the Members and other persons entitled

thereto e4cludin& the inormation in respect o the said employees containin& the particulars as speciied in Rule ?(2) o the said Rules 'hich is a$ailable or

inspection by the Members at its Re&istered "ice durin& business hours on

'orin& days o the 6an up to the date o the ensuin& #nnual eneral Meetin&. I

any Member is interested in obtainin& a copy thereo he may 'rite to the

!ompany Secretary o the 6an at its Re&istered "ice. /he inancial statements

reports etc. o the 6an ha$e been hosted on the 'ebsite o the

6an '''.a4isban.com

MANAEMENTS D,SCUSS,ON AND ANAYS,S RE#ORT

/he Mana&ementHs %iscussion and #nalysis Report or the year under re$ie' as

stipulated under re$ised !lause >B o the

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6usiness Responsibility (6R) Report as part o the #nnual Report or /op 1CC

listed entities based on maret capitalisation at 6S and S as on =1st March

2C12. /he 6anHs 6usiness Responsibility Report has been hosted on the 6anHs

'ebsite '''.a4isban.com. #ny shareholder interested in obtainin& a physical

copy o the same may 'rite to the !ompany Secretary at the Re&istered "ice o

the 6an.

R,S. MANAEMENT #O,CY

ursuant to re$ised !lause >B o the

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6oard o %irectors has proposed the ratiication o reappointment o M9s S. R.

6atliboi L !o. o the !ompanies #ct 2C1= and the

!ompanies (#ppointment and Remuneration o Mana&erial ersonnel) Rules

2C1> the 6an has appointed M9s Mehta L Mehta !ompany Secretaries in

ractice (Membership o. 1BB@M0CC7?CC) to conduct Secretarial #udit o the

6an. /he Secretarial #udit Report is &i$en in #nne4ure +I to this report.

/here are no :ualiications reser$ations or ad$erse remars made by M9s S. R.6atliboi L !o.

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As on () #ecember *+)(, the romoters -TI, &I and "I held arox. (/0 of the shares in Axis

Bank. 1oreign Institutional in2estors !1II% held arox. /(0 of the shares. $emaining *(0 of the

shares are held by others.

The bank aims to increase its share in the financial ser2ices sector by continuing to build a strong

retail franchise. The segment continues to be one of the key dri2ers of the Bank3s gro4th strategy,

encomassing a 4ide range of roducts deli2ered through multile channels to customers. It offers a

comlete suite of roducts across deosits, loans, in2estment solutions, ayments and cards.

Shareholders (as on 31-Dec-2013) Shareholdn!

5romoter "rou ((.660

1oreign Institutional In2estors !1II% /(.)60

Indi2idual shareholders +7.7)0

Bodies ororate +7.+(0

utual funds +/./80

"#$ +(.9+0

1inancial institutions : Banks ++.6;0

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"HA#TER 2$-

21Mea"i"* &% Fi"a"cia$ Stateme"ts:-

*inancial statements reer to such statements 'hich contains inancial inormation

about an enterprise. /hey report proitability and the inancial position o the

business at the end o accountin& period. /he team inancial statement includes at

least t'o statements 'hich the accountant prepares at the end o an accountin&

period. /he t'o statements are;

1) 6alance Sheet

2) roit and

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statements as laid do'n under the #ccountin& Standard (#S) 21 “!onsolidated

*inancial StatementsG . /he consolidated inancial statements are prepared by

applyin& uniorm accountin& policies. Minority interests ha$e been e4cluded.

Minority interests represent that part o the net proit or loss and net assets o

subsidiaries that are not directly or indirectly o'ned or controlled by the

company.

/he preparation o the inancial statements in conormity 'ith ## re:uires the

mana&ement to mae estimates and assumptions that aect the reported balances

o assets and liabilities and disclosures relatin& to contin&ent liabilities as at the

date o the inancial statements and reported amounts o income and e4penses

durin& the period.

#ccountin& estimates could chan&e rom period to period. #ctual results could

dier rom those estimates. #ppropriate chan&es in estimates are made as

mana&ement becomes a'are o chan&es in circumstances surroundin& the

estimates.

!han&es in estimates are relected in the consolidated inancial statements in the

period in 'hich chan&es are made and i material their eects are disclosed in the

notes to the consolidated inancial statements. /he Mana&ement periodically

assesses usin& e4ternal and internal sources 'hether there is an indication that an

asset may be impaired. #n impairment loss is reco&nised 'here$er the carryin&

$alue o an asset e4ceeds its reco$erable amount. /he reco$erable amount is hi&her

o the asset5s net sellin& price and $alue in use 'hich means the present $alue o

uture cash lo's e4pected to arise rom the continuin& use o the asset and its

e$entual disposal. #n impairment loss or an asset other than &ood'ill is re$ersed

i and only i the re$ersal can be related objecti$ely to an e$ent occurrin& ater the

impairment loss 'as reco&niKed. /he carryin& amount o an asset other than&ood'ill is increased to its re$ised reco$erable amount pro$ided that this amount

does not e4ceed the carryin& amount that 'ould ha$e been determined (net o any

accumulated amortiKation or depreciation) had no impairment loss been reco&niKed

or the asset in pre$ious years.

25

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2=#r&3isi&"s a"d c&"ti"*e"t $ia!i$ities

# pro$ision is reco&niKed i as a result o a past e$ent the ban has a present le&al

obli&ation that can be estimated reliably and it is probable that an outlo' o

economic beneits 'ill be re:uired to settle the obli&ation. ro$isions are

determined by the best estimate o the outlo' o economic beneits re:uired to

settle the obli&ation at the reportin& date. here no reliable estimate can be made

a disclosure is made as contin&ent liability. # disclosure or a contin&ent liability is

also made 'hen there is a possible obli&ation or a present obli&ation that may but

probably 'ill not re:uire an outlo' o resources. here there is a possible

obli&ation or a present obli&ation in respect o 'hich the lielihood o outlo' o

resources is remote no pro$ision or disclosure is made.

2>Fi9ed assets; i"c$di"* *&&d)i$$; i"ta"*i!$e assets a"d caita$ )&r@-i"-

r&*ress

*i4ed assets are stated at cost less accumulated depreciation and impairments i

any. %irect costs are capitaliKed until i4ed assets are ready or use. !apital 'or-in-pro&ress comprises outstandin& ad$ances paid to ac:uire i4ed assets and the

cost o i4ed assets that are not yet ready or their intended use at the reportin&

date. Intan&ible assets are recorded at the consideration paid or ac:uisition o such

assets and are carried at cost less accumulated amortiKation and impairment.

ood'ill comprises the e4cess o purchase consideration o$er the air $alue o the

net assets o the ac:uired enterprise. ood'ill arisin& on consolidation or

ac:uisition is not amortiKed but is tested or impairment.

25Dereciati&" a"d am&rti

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rom the date o ac:uisition. Intan&ible assets are amortiKed o$er their respecti$e

indi$idual estimated useul li$es on a strai&ht-line basis commencin& rom the

date the asset is a$ailable to the roup or its use.

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2Ear"i"*s er s'are

6asic earnin&s per share are computed by di$idin& the net proit ater ta4 by the

'ei&hted a$era&e number o e:uity shares outstandin& durin& the period. %iluted

earnin&s per share is computed by di$idin& the net proit ater ta4 by the 'ei&hted

a$era&e number o e:uity shares considered or deri$in& basic earnin&s per share

and also the 'ei&hted a$era&e number o e:uity shares that could ha$e been issued

upon con$ersion o all diluti$e potential e:uity shares. /he diluted potential e:uity

shares are adjusted or the proceeds recei$able had the shares been actually issued

at air $alue 'hich is the a$era&e maret $alue o the outstandin& shares. %iluti$e

potential e:uity shares are deemed con$erted as at the be&innin& o the period

unless issued at a later date. %iluti$e potential e:uity shares are determined

independently or each period presented.

/he number o shares and potentially diluti$e e:uity shares are adjusted

retrospecti$ely or all periods presented or any share splits and bonus shares

issues includin& or chan&es eected prior to the appro$al o the consolidated

inancial statements by the 6oard o %irectors.

2,"3estme"ts

/rade in$estments are the in$estments made to enhance the roupHs business

interests. In$estments are either classiied as current or lon&-term based on

Mana&ementHs intention at the time o purchase. !urrent in$estments are carried at

lo'er o cost and air $alue o each in$estment indi$idually. !ost or o$erseas

in$estments comprises the Indian Rupee $alue o the consideration paid or the

in$estment translated at the e4chan&e rate pre$alent at the date o in$estment.

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maturity at the date o purchase o three months or less and that are readily

con$ertible to no'n amounts o cash to be cash e:ui$alents.

210Cas' %$&) stateme"t

!ash lo's are reported usin& the indirect method 'hereby net proit beore ta4 is

adjusted or the eects o transactions o a non-cash nature any deerrals or

accruals o past or uture operatin& cash receipts or payments and item o income

or e4penses associated 'ith in$estin& or inancin& cash lo's. /he cash lo's rom

operatin& in$estin& and inancin& acti$ities o the roup are se&&re&ated.

211,"ter"a$ Adit a"d C&m$ia"ce

#FIS 6an has Internal #udit and !ompliance unctions 'hich are responsible or

independently e$aluatin& the ade:uacy o all internal controls and ensurin&

operatin& and business units adhere to internal processes and procedures as 'ell as

to re&ulatory and le&al re:uirements. /he audit unction also pro- acti$ely

recommends impro$ements in operational processes and ser$ice :uality. /o ensure

independence the audit department has a reportin& line to the !hairman o the

6oard o %irectors and the #udit and !ompliance !ommittee o the 6oard andonly a dotted line to the Mana&in& %irector. /o miti&ate operational riss the 6an

has put in place e4tensi$e internal controls includin& restricted access to the 6anHs

computer systems appropriate se&re&ation o ront and bac oice operations and

stron& audit trails. /he #udit and !ompliance !ommittee o the 6oard also

re$ie's the perormance o the audit and compliance unctions and re$ie's the

eecti$eness o controls and compliance 'ith re&ulatory &uidelines.

29

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C/A#TER =:-

+AANCE S/EET OF A7,S +AN.:-

6alance Sheet o #4is 6an ------------------- in Rs. !r. -------------------

Mar H1? Mar H1> Mar H1= Mar H12 Mar H11

12 mths 12 mths 12 mths 12 mths 12 mths

!apital and 7>.1C >@B.A> >@7.B? >1=.2C >1C.??

:uity Share !apital >7>.1C >@B.A> >@7.B? >1=.2C >1C.??

Share #pplication Money C.CC C.CC C.CC C.CC C.CC

reerence Share !apital C.CC C.CC C.CC C.CC C.CC

Reser$es >>2C2.>1 =77?C.@> =2@=B.B1 22=B?.=> 1A?AA.2A

et orth >>@7@.?1 =A22C.>A ==1C7.A@ 22ACA.?> 1ABBA.A=

%eposits =22>>1.B

>

2ACB>>.?@ 2?2@1=.?B 22C1C>.=C 1AB2=7.AC

6orro'in&s 7B7?A.27 ?C2BC.B> >=B?1.1C =>C71.@7 2@[email protected]

/otal %ebt >C22CC.2

1

==12=?.?C 2B@?@>.@B 2?>17?.B7 21??C?.@A

"ther =.2A A2CA.A@

/otal @1B=2.=

B

=A=2>>.A7 =>C?@C.@@ [email protected] 2>271=.=7



#ssets

!ash L 6alances 'ith R6I 1BA1A.A> 17C>1.=2 1>7B2.CB 1C7C2.B2 [email protected]@

6alance 'ith 6ans Money at !all [email protected] 111B7.=A ?@>2.A7 =2=C.BB 7?22.>B

#d$ances 2A1CA=.C

=

2=CC@@.7@ 1B@B@?.B@ 1@B7?B.?> 1>2>C7.A=

In$estments 1=2=>2.A

=

11=?>A.>= 11=7=7.?> B=1B2.CB 71BB1.@2

ross 6loc 2>1=.C? 2=1C.?> 22=C.?> 21AA.?@ 22?C.>@

Re$aluation Reser$es C.CC C.CC C.CC C.CC C.CC

#ccumulated %epreciation C.CC C.CC C.CC C.CC C.CC

et 6loc 2>1=.C? 2=1C.?> 22=C.?> 21AA.?@ 22?C.>@

!apital or In ro&ress 1C1.2@ BB.@7 12?.11 7C.77 22.@B

30

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"ther #ssets BAB=.1B ABAC.7B 7C@@.?@ @>A2.B= >@=2.12

/otal #ssets >@1B=2.=

B

=A=2>>.AB =>C?@C.@7 [email protected] 2>271=.=7

!ontin&ent C1A=.?

B

@CA?>7.2? ?7>7A2.=A ?1>A71.BA >77A@>.??

6ills or collection C.CC C.CC C.CC C.CC C.CC6oo +alue (Rs) 1AA.>7 A1=.>7 7C7.?C ??1.BB >@2.77

C/A#TER >:-

#ROF,T AND OSS STATEMENT:-

Mar H1?

Mar H1> Mar H1= Mar H12 Mar H11


Income

Interest arned =?>7A.@

C

=C@>1.1@ 271A2.?7 21BB>.@? 1?1?>.A1

"ther Income A=@?.C? 7>C?.22 @??1.11 ?>2C.22 >@=2.1=

/otal Income >=A>=.@

?

=AC>@.=A ==7==.@A 27>1>.A7 [email protected]>

4penditure

Interest e4pended 212?>.>

@

1A@AB.?2 17?1@.=1 [email protected] A?B1.A2

mployee !ost =11>.B7 2@C1.=? [email protected] 2CAC.17 1@1=.BC

Sellin& #dmin L Misc 4penses 1171C.72 1C17=.B1 A=CB.22 @77=.=? ?BC=.1>

%epreciation >C?.@7 =@=.B= =?1.7= =>2.2> 2AB.?B

reoperati$e 4p !apitalised C.CC C.CC C.CC C.CC C.CC

"peratin& 4penses B2C=.7> 7BCC.77 @B1>.2= @CC7.1C >77B.>=

ro$isions L !ontin&encies @C27.@2 ?2=A.>2 >12=.7C =1AA.@@ =C27.2C

/otal 4penses =@>A?.A

2

=1A2A.71 2A??>.2> 2=172.@@ 1@=BA.>?


31

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et roit or the 8ear 7=?7.A2 @217.@7 ?17B.>= >2>2.21 ==AA.>B

4traordinary Items C.CC C.CC C.CC C.CC C.CC

roit brou&ht or'ard 1=?C1.>

?

1CC2B.2@ 7=2B.>? >[email protected] =>27.>=

/otal 2CA?B.27

1@2>@.B= 12?CA.AA B211.BA @A1?.B2

reerence %i$idend C.CC C.CC C.CC C.CC C.CC

:uity %i$idend 1CA7.?> B=B.@B A>=.A@ @?A.2> ?7=.CC

!orporate %i$idend /a4 221.>2 1@1.>> 1>=.=7 111.A= B7.=?

er share data (annualised)

arnin& er Share (Rs) =1.C> 1=2.== 11C.@A 1C2.@7 A2.?>

:uity %i$idend (J) 2=C.CC 2CC.CC 1AC.CC [email protected] 1>C.CC

6oo +alue (Rs) 1AA.>7 A1=.>7 7C7.?C ??1.BB >@2.77

#ppropriations

/ranser to Statutory Reser$es [email protected] 1@>>.=@ 1>B2.=A 1112.>@ [email protected]?

/ranser to "ther Reser$es C.CC -C.C1 C.C1 C.CC ==A.A?

roposed %i$idend9/ranser to o$t 1=CA.B@ 11C1.1= BA7.2= 77C.C7 @7C.=?

6alance c9 to 6alance Sheet 17@2=.>

B

1=?C1.>? 1CC2B.2@ 7=2B.>? >[email protected]

/otal 2CA?B.2

7

1@2>@.B= 12?CA.AA B211.BA @A1?.B2

C/A#TER 5:-

D,RECTORS RE#ORT

/he 6an continued to sho' a healthy &ro'th in both business and earnin&s 'ith

a net proit o Rs.7=?7.A2 crores or the year ended =1st March 2C1? re&isterin& a

&ro'th o 1A.=>J o$er the net proit o Rs.@217.@7 crores last year. /he robust

&ro'th in earnin&s 'as achie$ed on the bac o a balanced business &ro'th across

all banin& se&ments indicati$e o a clear strate&ic ocus o the 6an. /he eyreturn ratios continued to remain healthy 'ith Return on :uity (R") at 1A.?7J

and Return on #ssets (R"#) at 1.A=J. %urin& the year the 6asic arnin&s er

Share (S) 'as Rs.=1.1A.

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/he 6anOs total income increased by 1?.2>J to reach Rs.>=A>=.@> crores durin&

2C1>1? compared to Rs.=AC>@.=A crores last year. "peratin& re$enue o$er the

same period increased by [email protected] to Rs.22?AB.1A crores dri$en by healthy &ro'th

in the 6anOs core income streams; net interest income (II) ees and other

income.

%urin& the year II increased by 1B.C1J to Rs.1>22>.1> crores rom

Rs.11B?1.@> crores last year and constituted @2.B7J o the operatin& re$enue.

*ee tradin& and other income increased by 12.B@J to Rs.A=@?.C> crores rom

Rs.7>C?.22 crores last year. /he operatin& e4penses &re' by 1@.>BJ to

Rs.B2C=.7> crores rom Rs.7BCC.77 crores last year. #s a result operatin& proit

increased by [email protected]>J to Rs.1==A?.>> crores rom Rs.11>[email protected] crores reported

last year.

/he robust &ro'th in II or the year 2C1>1? 'as achie$ed on the bac o an

e4pansion in the 6alance Sheet siKe and healthy &ro'th in lo'cost !urrent

#ccount and Sa$in&s 6an (!#S#) deposits. %urin& the year total earnin& assets

on a daily a$era&e basis increased by 1?.7?J to Rs.=@=1A@ crores rom

Rs.=1=77? crores last year. # steady &ro'th in lo'cost !#S# 'hich on a daily

a$era&e basis increased by 1>.7AJ to Rs.1C7=2A crores rom Rs.B=?C@ crores

last year helped in containin& the cost o unds. "$erall the cost o unds or theyear 'as @.21 J compared to @.2>J last year. %urin& the year the cost o deposits

decreased to @.=1J rom @.>=J last year primarily due to a decrease in cost o

term deposits by 1@ basis points to A.@7J rom A.A=J last year. %urin& this period

the yield on earnin& assets mar&inally impro$ed to B.@=J rom B.?BJ last year. #s

a result the et Interest Mar&in (IM) impro$ed to =.B2J rom =.A1J last year.

"ther income comprisin& ees tradin& proit and miscellaneous income increased

by 12.B@J to Rs.A=@?.C> crores in 2C1>1? rom Rs.7>C?.22 crores last year andconstituted =7.C=J o the operatin& re$enue o the 6an. *ee income increased by

1=.2@J to [email protected] crores rom Rs.?BA?.>> crores last year and remains $ery

'ell di$ersiied 'ith =A.=BJ rom retail banin& 2@.@CJ rom corporate banin&

and balance contributed by treasury business banin& and SM se&ments. /he

6an earns ee income rom a di$erse set o products and businesses such as

clientbased merchant orei&n e4chan&e trade ser$ice char&es on liability

33

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accounts transaction banin& (includin& cash mana&ement ser$ices) syndication

and placement ees processin& ees rom loans and commission on nonunded

products (such as letters o credit and ban &uarantees) and ee income rom the

distribution o thirdparty personnel in$estment products. *ee income continues to

remain a si&niicant part o the 6anHs earnin&s and constituted =C.C1 J o its

operatin& re$enue. # ey actor or the slo'er &ro'th in ee income has been the

slo'do'n in corporate banin& ees due to lac o resh ne' in$estments and

projects bein& undertaen. %urin& the year proprietary tradin& proits increased by

@=.C7J to Rs.11=>.B> crores rom Rs.@B?.BB crores last year. Miscellaneous

income 'as lo'er at Rs.>?1.12 crores compared to Rs.72=.7B crores last year. #s a

result the operatin& re$enue o the 6an increased by [email protected] to Rs.22?AB.1A

crores rom [email protected]@ crores last year. /he core income streams (II ee and

miscellaneous income) no' constitute B>.1?J o the operatin& re$enue relectin&

the stability and sustainability o the 6anHs earnin&s. /he 6an continued to ocus

on reducin& transaction costs besides ensurin& smoothness in operations andincreasin& producti$ity. /he operatin& e4penses increased by 1@.>BJ to

Rs.B2C=.7> crores rom Rs.7BCC.77 crores last year. /he increase in operatin&

e4penses 'as lar&ely due to the &ro'th o the 6anHs net'or and other

inrastructure re:uired or supportin& the e4istin& and ne' businesses. /he !ost to

Income ratio o the 6an 'as >C.7>J compared to >C.A2J last year.

%urin& the year the operatin& proit o the 6an increased by [email protected]>J to

Rs.1==A?.>> crores rom Rs.11>[email protected] crores last year. %urin& this period the

6an created total pro$isions (e4cludin& pro$isions or ta4) o Rs.2=2A.@1 crores

compared to Rs.21C7.>@ crores last year. /he 6an pro$ided Rs.17AA.@1 crores

to'ards nonperormin& assets compared to Rs.12B?.BA crores last year and

Rs.>2=.AA crores to'ards pro$ision or standard assets includin& unhed&ed orei&n

currency e4posure compared to Rs.2BC.2= crores last year. %urin& the year there

'as a 'ritebac o pro$isions a&ainst restructured assets o Rs.A1.AA crores

compared to a char&e o Rs.1B>.7@ crores last year. %urin& the year under re$ie'

the 6an has also created a contin&ent pro$ision o Rs.22C crores a&ainst ad$ances

and other e4posures as a prudent measure and as on =1st March 2C1? the 6an

had outstandin& contin&ent pro$ision o Rs.1CCC crores. %urin& 2C1>1? the

6an restructured loans o Rs.2721.A@ crores and net restructured assets ratio (netrestructured assets as percenta&e o net customer assets) 'as 2.71 J. /he 6an

continued to maintain a healthy asset:uality 'ith a ratio o ross #s to &ross

customer assets at 1.=>J and et # ratio (et #s as percenta&e o net

customer assets) at C.>>J. ith hi&her le$els o pro$isions built o$er and abo$e

re&ulatory norms durin& the year the 6anHs pro$ision co$era&e stood at 77.7=J

ater considerin& prudential 'riteos.

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/he healthy &ro'th in business and earnin&s has resulted in an all round

impro$ement in $arious inancial parameters and ratios durin& the year. 6asic

arnin&s er Share (S) 'as =1.1A compared to Rs.2@.?1 last year 'hile the

%iluted arnin&s er Share 'as Rs.=C.A? compared to Rs.2@.>? last year. Return

on :uity (Ro) 'as 1A.?7J compared to 1A.2=J last year 'hile 6oo +alue er

Share 'as Rs.1AA.>7 compared to Rs.1@2.@B last year. Return on #ssets (Ro#) 'as

1.A=J compared to 1.7AJ last year. /he et Interest Mar&in (IM) or the year

'as =.B2J compared to =.A1 J last year. mployee producti$ity has also

impro$ed 'ith roit per mployee increasin& to Rs.17.C7 lacs rom Rs.1?.>2 lacs

last year and 6usiness per mployee increasin& to Rs.1=.71 crores rom Rs.12.=C

crores last year.

/he 6an displayed healthy &ro'th in se$eral ey 6alance Sheet parameters or

the year ended =1st March 2C1?. /he total assets increased by 2C.?=J to

Rs.>@1B=2 crores rom Rs.=A=2>? crores on =1st March 2C1>. /he total deposits

o the 6an increased by 1>.77J to Rs.=22>>2 crores a&ainst Rs.2ACB>? crores

last year. Sa$in&s 6an deposits increased by 1=.?2J to Rs.AA2B2 crores 'hile

!urrent #ccount deposits increased by 1?.2>J to Rs.?@1CA crores. #s on =1st

March 2C1? lo'cost !#S# deposits increased by 1>.1AJ to Rs.1>>>CC crores

rom Rs.12@>@2 crores last year and constituted >>.7AJ o total deposits as

compared to >?.C1J last year. "n a daily a$era&e basis Sa$in&s 6an depositsincreased by [email protected] to Rs.72@B> crores 'hile !urrent #ccount deposits

increased by 1C.72J to Rs.=>@=> crores. /he percenta&e share o !#S# in total

deposits on a daily a$era&e basis 'as at =B.?=J compared to =A.ABJ last year.

/he 6anHs endea$our o$er the last e' years has been to di$ersiy its term deposit

mi4 in a$our o retail deposits. #s on =1st March 2C1? the retail term deposits

&re' 2@.?=J and stood at Rs.1C@?A1 crores constitutin& ?B.A@J o the total term

deposits compared to ?>.?=J last year. #s on =1st March 2C1? domestic retail

term deposits &re' 27.7?J and stood at Rs.1C@C>B crores constitutin& @1.27J o

the total domestic term deposits compared to ?A.B7J last year. #s on =1st March

2C1? !#S# and retail term deposits constituted 77.A>J o total deposits. /he

domestic !#S# and retail term deposits constituted 7A.A7J o total domestic

deposits. In accordance 'ith R6IHs &uidelines on issuance o lon& term bonds or

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inancin& o inrastructure and aordable housin& the 6an successully raised

Rs.?7C? crores o lon& term Inrastructure bonds durin& the year.

CONCUS,ON

# 4i s ba n ha s de $e l ope d m a n i o l d i n s ho r t pe r i od

o time due toacilities and ser$ices pro$ided to theircustomer and this &ro'th rate can be eep it up i they start to &o

in semi-urban areas. In last couple o years they ha$e opened

ne' many branches and they should open many more. /he

'orin& sta is $ery co-operati$e in nature and due to that the

ban 'ill also &et &ood beneit. #4is 6an has

36

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pro$ided their customer et-banin& acilities and due to that

transactions are done ast. !har&es at #4is 6an are on lo'er

side 'hen 'e compare it 'ith other 6ans.

#t the end 'e ha$e also discussed and potrayed the inancialstatements o #4is ban till 2C1? 'ith its %irector5s Report.

+,+,ORA#/Y

• 444. a%s&an' .com:in2estor=corner: annal-reor*s.asx

• 444.moneycontrol.com: +nancal s: a%s&an':&alance-shee*:AB)7

• 444. a%s&an'.com:...: Annal-Reor*

• rofit.ndt2.com > arkets > arket #ashboard

• economictimes.indiatimes.com
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