1

A
COMPREHENSIVE PROJECT REPORT
ON
THE PERFORMANCE ANALYSIS OF NBFC
Submitted to
Marwadi Education Foundation Group of Institute
IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE AWARD
FOR THE DEGREE OF MASTER OF BUSINESS ASMINISTRATION
In Gujarat Technological University
UNDER THE GUIDANCE OF
Dr. Monica Verma
Assistant Professor
Submitted by

ANKIT SURESHBHAI GOKANI: 128270592038
ANIL JERAMBHAI MAKVANA: 128270592070
Batch: 2012-14
MBA SEMESTER III/IV
MARWADI EDUCATION FOUNDATION OF GROUP INSTITUTE
MBA PROGRAMME
Affiliated to Gujarat Technological University
Ahmedabad April -2014



2




Students Declaration

We, Mr. ANKIT SURESHBHAI GOKANI and Mr. ANIL JERAMBHAI
MAKVANA, hereby declare that the Report for Comprehensive Project entitled
THE PERFORMANCE ANAYLYSIS OF NBFC is a result of our own work
and our indebtedness to other work publications, references, if any, have
been duly acknowledged.









..
ANKIT SURESHBHAI GOKANI


..
ANIL JERAMBHAI MAKVANA

Place: RAJKOT
Date:
3


Institutes Certificate


Certified that this Comprehensive Project Report Titled
THE PERFORMANCE ANAYLYSIS OF NBFC is the bonafide work of
1. Mr. ANKIT SURESHBHAI GOKANI Enrollment No 128270592038
2. Mr. ANIL JERAMBHAI MAKVANA Enrollment No 128270592070
Who carried out the research under my supervision. I also certify further, that
to the best of my knowledge the work reported herein does not form part of
any other project report or dissertation on the basis of which a degree or
award was conferred on an earlier occasion on this or any other candidate.


Signature of the Faculty Guide Signature of Dean

.................................................... .................................

(Dr. Monica Verma) Dr. S Chinnam Reddy


Date: .................

Place: ...................


4



Index
No. Particular Page No.

Part 1 Industry Study

1 About the industry overview 6
2 Growth of the industry 12

Part - 2 Primary Study

3 Introduction Of Study

3.1 Literature Review 38

4 Financial Analysis 40

5 Future scope of the Study 49

6 Conclusion And Suggestions 50

7 Bibliography 51



5

ABOUT THE INDUSTRY
Non-Banking Financial Companies (NBFCs)
A non-banking financial company (NBFC) is a company registered under the
Companies Act, 1956 and is engaged in the business of loans and advances,
acquisition of shares/stock/bonds/debentures/securities issued by government
or local authority or other securities of like marketable nature, leasing, hire-
purchase, insurance business, chit business, but does not include any
institution whose principal business is that of agriculture activity, industrial
activity, sale/purchase/construction of immovable property.
A non-banking institution which is a company and which has its principal
business of receiving deposits under any scheme or arrangement or any other
manner, or lending in any manner is also a non-banking financial company
(residuary non-banking company).
NBFC in India are registered companies conducting business activities similar
to regular banks. Their banking operations include making loans and
advances available to consumers and businesses, acquisition of marketable
securities, leasing of hard assets like automobiles, hire-purchase and
insurance business.
Though they are similar to banks, they differ in a couple of ways. NBFCs
cannot accept demand deposits (deposits that can be withdrawn at immediate
notice), they cannot issue checks to customers and the deposits with them
are not insured by the DICGC (the India equivalent of FDIC in the US
system). Either the RBI (Reserve Bank of India) or the SEBI (Securities and
Exchange Board of India) or both regulate NBFCs.
Though the NBFCs have been around for a long time, they have recently
gained popularity amongst institutional investors, since they facilitate access
to credit for semi-rural and rural India where the reach of traditional banks has
traditionally been poor.
NBFCs have also had a major impact in developing small business in rural
India through local presence and strong customer relationships. Usually the
loan officers in such NBFCs know the end customer or have a strong
informal understanding of the credibility of the borrower and are able to
structure their loans appropriately.




6


Classification of NBFCs basedon the Nature
of its business:
Equipment Leasing Company
Hire-purchase company;
Loan company;
Investment company;
Infrastructure finance company
TheNBFCsthatareregistered with
RBIarebasicallydividedinto4categoriesdepending upon its nature of business:

Reclassification of NBFCs:


However in terms of the NBFC Acceptance of Public Deposits (Reserve Bank)
Directions, 1988 with effectfromDecember6, 2006theaboveNBFCsregisteredwith
RBI have been reclassified as:

1. Loan
Company(LC)

Loancompanymeansanycompanywhichis a financial institution carrying on as its
principalbusinesstheprovidingof financewhetherbymakingloansoradvancesor
otherwise for any activity other than its own but does not include an Asset Finance
Company.


2. Investment
Company(IC)

InvestmentCompanyisacompanywhichisa financialinstitutioncarryingonas its
principal business the acquisition of securities.


Investment Companies are further divided into following sub-
categories:


Core Investment
Companies:

The Reserve Bank of India vide its Notification No. DNBS(PD)CC.No.
197/03.10.001/2010-11datedAugust12,2010,anewclassofNBFCsbythenameof
Core Investment Companies (CIC) was
added

Core Investment Companies in terms of RBIs
Notificationmean
7

A non-banking financial company carrying on the business of acquisition of shares and
securitiesandwhichsatisfiesthefollowingconditions as on the date of the last audited
balancesheet:-

(i)itholdsnotlessthan90%ofitsnetassetsintheformofinvestmentinequityshares, preference
shares, bonds, debentures, debt or loans in group companies;

(ii) itsinvestmentsintheequityshares(includinginstrumentscompulsorilyconvertible
intoequityshareswithin aperiodnotexceeding 10yearsfromthedateofissue)ingroup
companies constitutes not less than 60% ofits net assets

Net assets, for the purpose of this proviso, would mean total assets excluding

cash and bank balances;
investmentinmoneymarketinstruments and money market mutual funds
advance payments of taxes; and
deferred tax payment.


(iii)it does not trade in its investments in shares, bonds, debentures, debt or loans in group
companies except through block sale for the purpose of dilution or disinvestment;

(iv)itdoesnotcarryonanyotherfinancialactivityreferred toinSection45I(c)and45I (f) of the
Reserve Bank ofIndia Act, 1934 except:

a) investment in

i. bank deposits,
ii. money market instruments, includingmoneymarketmutualfunds, iii.
government securities, and
iv. bonds or debentures issued by group companies;


b) granting of loans to group companies; and

c) issuing guarantees on behalf of group companies.



Ot h e r Companies

Asset Finance Company(AFC)

AFCwouldbedefinedasanycompanywhichisafinancialinstitutioncarryingonas its principal
business the financing of physical assets supporting productive / economic activity,such
asautomobiles,tractors,lathemachines,generatorsets,earthmovingand material handling
equipment, moving on own power and general purpose industrial machines. Financing of
physical assets may beby way of loans, lease or hire purchase transactions.

Mutual Benefit Financial Company(MBFC)

Mutual Benefit Financial Company means a company which is a financial institution
8

notified by The Central Governmentundersection 620A of The Companies Act 1956.








9


Non-Banking Financial Companies in India
Non-Banking Financial Companies (NBFCs) have come a long way from the era of
concentrated regional operations, lesser credibility and poor risk management practices to
highly sophisticated operations, pan-India presence and most importantly an alternate
choice of financial intermediation. Today, NBFCs are present in the competing fields of
vehicle financing, housing loans, hire purchase, lease and personal loans. More often than
not, NBFCs are present where the risk is higher (and hence the returns), reach is required
(strong last-mile network), recovery needs to be the focus area, loan-ticket size is small,
appraisal and disbursement has to be speedy and flexibility in terms of loan size and tenor
is required.
NBFCs growth had been constrained due to lack of adequate capital. Going forward, we
believe capital infusion and leverage thereupon would catapult NBFCs growth in size and
scale.
NBFCs are not required to maintain cash reserve ratio (CRR) and statutory liquid ratio
(SLR). Priority sector lending norm of 40% (of total advances) is not applicable to them.
While this is at their advantage, they do not have access to low cost demand deposits. As a
result their cost of funds is always high, resulting in thinner interest spread












10



NO. Of NBFC Registered with the Reserve Bank:
Year No. of NBFC
1999 7855
2000 8451
2001 13815
2002 14077
2003 13849
2004 13764
2005 13261
2006 13014
2007 12668
2008 12809
2009 12740
2010 12630
2011 12409
2012 12385
2013 12225








11



1. Growth and Evolution of Industry in India.

Year Growth
1970-1971 to 1996-1997 Aggregate Deposits of Non-Banking
Companies in India.
As on 01.01.2000 Non Banking Financial Companies
(NBFCs) in India.
As on 30.06.2001 State-wise Disappearance of
Companies after Collecting Funds
from the Market in India.
As on 31.03.2001 Non Banking Financial Companies
(NBFCs) Holding Public Deposits
More than Rs. 20 crore in India.
2002-2003 and 2003-2004 Selected Assets and Liabilities of
Primary Dealers (Residuary Non-
Banking Companies) in India.
2004-2005 and 2005-2006 Selected Assets and Liabilities of
Primary Dealers (Residuary Non-
Banking Companies) in India.
2006-2007 to 2009-2010 Selected Assets and Liabilities of
Primary Dealers (Residuary Non-
Banking Companies) in India.
2008-2009 and 2009-2010 Overseas Investments Made by
SEBI Registered with Non Banking
Finance Companies (NBFCs) of
India.
2007-2008 to 2009-2010 Investment of Non-Banking
Finance Companies (NBFCs) in
Overseas Joint Ventures
(OJV)/Wholly Owned Subsidiaries
without Approval of Reserve Bank
12

of India.

As on 31.03.2011 Loans, Advances and Investments
by Non-Banking Financial
Companies (MFIs) in India
As on 15.03.2012 Selected State/RBI Regional Office-
wise Number of NBFCs Registered
in India.
2010-2011 and 2011-2012 Selected Assets and Liabilities of
Primary Dealers (Residuary Non-
Banking Companies) in India.
2002-2003 to 2011-2012 Performance of Primary Dealers
(Residuary Non-Banking
Companies) in India.
2008-2009 to 2011-2012-up to
27.03.2012
Number of Non-Banking Finance
Companies (NBFCs) Registered in
India.
2013 Deposits Mobilised by NBFC Sector
in India.

13

2. Product Profile
Type of Services provided by NBFCs:
List of Major Products Offered by NBFCs in INDIA:
Funding of Commercial Vehicles
Funding of Infrastructure assets
Retail Financing
Loan against shares
Funding of Plant and Machinery
Small and Medium Enterprises Financing
NBFCs provide range of financial services to their clients.
Types of services under non-banking finance services include the following:

1. Hire Purchase Services
2. Leasing Services
3. Housing Finance Services
4. Asset Management Services
5. Venture Capital Services
6. Mutual Benefit Finance Services (Nidhi) banks.

The above type of companies may be further classified into those accepting deposits or
those not accepting deposits.

Now we take a look at each type of service that an NBFC could undertake.

1. Hire Purchase Services:

Hire purchase the legal term for a conditional sale contract with an intention to finance
consumers towards vehicles, white goods etc. If a buyer cannot afford to pay the price as a
lump sum but can afford to pay a percentage as a deposit, the contract allows the buyer to
hire the goods for a monthly rent. If the buyer defaults in paying the installments, the owner
can repossess the goods. HP is a different form of credit system among other unsecured
consumer credit systems and benefits. Hero Honda Motor Finance Co., Bajaj Auto Finance
Company is some of the HP financing companies.

14

2. Leasing Services:

A lease or tenancy is a contract that transfers the right to possess specific property. Leasing
service includes the leasing of assets to other companies either on operating lease or
finance lease. An NBFC may obtain license to commence leasing services subject to , they
shall not hold, deal or trade in real estate business and shall not fix the period of lease for
less than 3 years in the case of any finance lease agreement except in case of computers
and other IT accessories. First Century Leasing Company Ltd., Sundaram Finance Ltd. is
some of the Leasing companies in India.

3. Housing Finance Services:

Housing Finance Services means financial services related to development and
construction of residential and commercial properties. An Housing Finance Company
approved by the National Housing Bank may undertake the services /activities such as
Providing long term finance for the purpose of constructing, purchasing or renovating any
property, Managing public or private sector projects in the housing and urban development
sector and Financing against existing property by way of mortgage. ICICI Home Finance
Ltd., LIC Housing Finance Co. Ltd., HDFC is some of the housing finance companies in our
country.

4. Asset Management Company:

Asset Management Company is managing and investing the pooled funds of retail investors
in securities in line with the stated investment objectives and provides more diversification,
liquidity, and professional management service to the individual investors. Mutual Funds are
comes under this category. Most of the financial institutions having their subsidiaries as
Asset Management Company like SBI, BOB, UTI and many others.

5. Venture Capital Companies:

Venture capital Finance is a unique form of financing activity that is undertaken on the belief
of high-risk-high-return. Venture capitalists invest in those risky projects or companies
(ventures) that have success potential and could promise sufficient return to justify such
gamble. Venture capitalist not only provides finance but also often provides managerial or
technical expertise to venture projects.

6. Mutual Benefit Finance Companies (MBFC's):
A mutual fund is a financial intermediary that allows a group of investors to pool their money
together with a predetermined investment objective. The mutual fund will have a fund
manager who is responsible for investing the pooled money into specific securities/bonds.
Mutual funds are one of the best investments ever created because they are very cost
efficient and very easy to invest in.

15

3. Demand Determination of the


No of Customer size
Pricing Strategy
Service quality
Promotional Feature
Customer Relationship Management
Innovation


















16

4. Players in the Industry:
Total Number of NBFCs in India Register with RBI is 12104 as on Feb 24, 2014. Out of
them top twenty are as follows:
1. HDFC 11. Bajaj Holding
2. Power Finance Corp. 12. M & M Finance
3. Reliance Capital 13. LIC Housing Finance
4. IDFC 14. Edelweiss Capital
5. Rural Electricity Corp. 15. KGN Industries
6. Shree Global 16. Shriram City
7. Shriram Transport
Finance
17. IFCI
8. Bajaj Finserv 18. JM Finance
9. Indiabulls 19. India Infoline
10. Religare Enterprise 20. Centrum Finance







17

4. Distribution Channel in the Industry

























Distribution Channel in the Industry

Internet
Agent

Broker


Sales Person

18

5. Key Issues and Current Trends

Key Issues and Current Trends

1. High cost of getting bank license will be a challenge for
NBFCs
In the last 15 years, NBFCs have grown significantly in terms of size, reach and the last mile connectivity
with customers. Therefore, their ability to deliver on financial inclusion is irrefutable. Although challenges
are there, like a high cost of getting a bank licence, since no forbearance on CRR/SLR would mean
profitability taking a dip. It will take at least three to four years to recover those margins.

2. 2NBFCs negotiating a challenging operating
environment: ICRA
NBFCs have seen a slowdown in growth and an increase in delinquencies as a result of the deterioration
in the operating environment during FY2013. However, the rise in delinquencies and credit costs for
NBFCs has been on expected lines.
Although a challenging operating environment could continue to weigh on the asset quality of NBFCs,
diversity in the borrower base, security based lending and proactive monitoring could keep the eventual
losses under check.
3. Liquidity ratio to be introduced for 30 days.

RBI has recommended maintaining a liquidity ratio of for 30 days. Which means an NBFC has to
set aside cash balance equivalent to its debt payments due every month. This debt may include
repayment of bank loans, interest payment to bond subscribes and others.

4. Provisioning norms for NBFCs would be similar to those for banks.
In April this year, RBI Increased provisioning norms for banks from 10 % to 15 % on sub-standard
assets (where interest payments have not been made for two months) while restructured assets
(where concessions have been given to the borrower to prevent the loan from going bad) too
have to be provided at 2 % as against 0.25 1 % earlier. If accepted, NBFCs too have to follow
this. NBFC heads feel such provisioning is good on a longer term basis. Interestingly, it has an
income tax benefit. The proposed income tax deduction is seen as a big relief.
19

6. PESTEL Analysis

POLITICAL
Tax Polices:
Non-banking financial companies (NBFCs) have demanded income tax benefit on
provisioning, like banks. In a representation to the finance ministry recently, the Finance
Industry Development Council (FIDC), an umbrella body of NBFCs, demanded that
NBFCs be covered under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Securities (Sarfaesi) Act to be able to recover their loans like banks.

The NBFC representatives met Finance Minister P Chidambaram during the pre-Budget
meetings.

Sarfaesi Act is a stringent recovery law that allows banks to take over assets of the
defaulters and auction them, without any kind of court intervention.

In its draft norms for NBFCs released last month, the Reserve Bank of India (RBI) had
asked NBFCs to classify loans as non-performing assets if borrowers default for 90
days, instead of the current practice of 180 days.

FIDC wants the guidelines implemented over a period of three years, instead of two
years as proposed in the draft norms.

The industry body has had several meetings with RBI in this regard.

Among the other demands by NBFCs are maintaining tier-I capital requirement at 7.5
per cent instead of 10 per cent as proposed in RBIs draft norms.

According to NBFCs, if the tier-I requirement has to be raised, then risk weightage of
productive assets such as commercial vehicles and construction equipment should be
reduced. They have also requested RBI to allow them to tap external commercial
borrowings.

RBI had constituted a working group under former deputy governor Usha Thorat to look
into the issues and concern of the NBFC sector. The group had submitted its report to
RBI in August 2011. Based on the committees report, RBI came out with draft
guidelines for the sector in January 2013.


20

Consumer protection:
The Non-Banking Financial Company Micro Finance Institutions (NBFC-MFI) (Reserve Bank)
Directions, issued by the Reserve Bank of India (RBI) on December 2, 2011, include several
consumer protection rules in the regulatory framework for NBFI-MFIs. On pricing and
transparency, it sets caps on interest and processing charges and limits other fees that can be
imposed; it simplifies price structures and forbids the imposition of penalty charges; it requires a
standard form for loan agreements; and it requires the effective interest rate to be published and
prominently displayed in branches. On over-indebtedness, it takes steps to prevent multiple
borrowing even within a single institution. It also limits an NBFC-MFIs recovery methods.


ECONOMIC:
Economic Growth:
In line with the global trend, NBFCs in India too emerged primarily to fill in the gaps in
the supply of financial services which were not generally provided by the banking
sector, and also to complement the banking sector in meeting the financing
requirements of the evolving economy.
Over the years NBFCs have grown sizably both in terms of their numbers as well as the
volume of business transactions (RBI, 2009). The number of such financial companies
grew more than seven-fold from 7,063 in 1981 to 51,929 in 1996.
Thus, the growth of NBFCs has been rapid, especially in the 1990s owing to the high
degree of their orientation towards customers and simplification of loan sanction
requirements (RBI, 2000). Further, the activities of NBFCs in India have undergone
qualitative changes over the years through functional specialization.
NBFCs are perceived to have inherent ability and flexibility to take quicker decisions,
assume greater risks, and customise their services and charges according to the needs
of the clients. These features, as compared to the banks, have tremendously
contributed to the proliferation of NBFCs in the eighties and nineties.
Their flexible structures allowed them to unbundle services provided by banks and
market the components on a competitive basis. Banks on the other hand, had all along
been known for their rigid structure, especially the public sector banks. This compelled
them carry out such services by establishing banking subsidiaries in the form of
NBFCs.
21


Inflation Rate :
With falling interest rates, this may be your last chance to lock your savings in deposit-taking
non-banking finance companies (NBFCs), an option thats currently been giving higher rates of
return than banks domestic term deposits. The rates offered by NBFCs on one-year fixed
deposits are 75-175 basis points higher than those top banks offer on their domestic fixed
deposits.
The countrys top commercial banks offer 8.5-9 per cent interest rates a year on fixed deposits
with maturity of 2-3 years. Though there are some banks that offer even higher rates Axis
Bank, for example, offers 9.30 per cent a year for 2-3-year tenure; slightly higher for senior
citizens the deposit-taking NBFCs offer 9.75-10.75 per cent a year in the same maturity
tenure.

For example, Shriram Transport Finance Company Ltd (STFCL), an AA+-rated deposit-taking
NBFC, offers 9.75 per cent and 10.75 per cent on fixed deposits for two years and 3-5 years,
respectively. But, State Bank of India offers 8.50 per cent in the same tenure, while ICICI Bank
and HDFC Bank offer 8.75 per cent.
These high rates, however, may not sustain for long, as the Reserve Bank of India (RBI) might
cut interest rates further. In 2012-13 so far, RBI has already slashed the repo rate by 75 basis
points. And, as the inflation rate falls, it is expected there would be another rate cut in RBIs mid-
quarter review of the monetary policy on March 19.





22

SOCIAL
Issues:
False criminal complaints : harassment & threats
FIRs lodged due to ignorance and misguidance
Supreme court : Issue is CIVIL (not criminal)
FIRs lodged at police stations other than the police station under whose
jurisdiction the place of repossession lies and where the intimation by the
recovery agents has been given
Lack of awareness on legal rights leading to aggravation of problem
Rights under finance agreement & Supreme Court ruling
Civil & criminal disputes : need for clear distinction
Ownership under Motor Vehicles Act & Sale of Goods Act
Only 1 to 2% of the cases lead to repossession blown up by the media
TECHNOLOGICAL:
Software:
Xentric Technologies is one of the leading NBFC software providers in India. Software
applications designed for NBFC and Micro-finance companies have been developed from
scratch to cover the entire working of a Company/Firm involved in Hire Purchase and related
Business.
Today people have understood clearly that long term investments in FD, RD or MIS is the first
step towards a strong and peaceful future. Naturally the need of cost effective and efficient
applications like MIS software or Recurring billing software has emerged highly.
When many software development companies are thrashing about to develop such RD or MIS
software, the experienced NBFC software development team of Xentric has already designed
and developed several unique and highly useful applications like Fixed Deposit Software, MIS
software etc. depending on the requirements of such companies.

Essential Features:
User Friendly & Powerful
Accurate Partial Payment Calculation/Tracking
Easy Loan Payment Postings
Charges/Collects Late Fees
Charges/Collects Miscellaneous Fees

23

Licensing
A company incorporated under the Companies Act, 1956 and desirous of commencing business
of non-banking financial institution as defined under Section 45 I (a) of the RBI Act, 1934 should
comply with the following:
i. it should be a company registered under Section 3 of the companies Act, 1954
ii. It should have a minimum net owned fund of Rs 200 lakh. (The minimum net owned fund
(NOF) required for specialized NBFCs like NBFC-MFIs, NBFC-Factors, CICs is indicated
separately in the FAQs on specialized NBFC













24

About major Companies in the Industry
1. BAJAJ FINSERV LIMITED

Bajaj Finserv. Limited is the holding company for the financial services businesses of
the Bajaj Group. Its insurance joint ventures with Allianz SE, Germany namely Bajaj
Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company
Limited are engaged in life and general insurance business respectively. Its subsidiary
Bajaj Finance Limited is a Non Banking Finance Company engaged in consumer
finance, SME finance and commercial lending. Bajaj Financial Solutions Limited, a
wholly owned subsidiary of Bajaj Finserv Limited is engaged in wealth advisory
business.
Products and Services: -
Consumer Finance
Consumer Durables Finance
Lifestyle Finance
EMI Card
Personal Loans Cross Sell
Co-branded Credit Cards
Two and three wheeler Finance
Salaried Personal Loans
SME Finance
Mortgage
Business Loans
Commercial Lending
Construction Equipment Finance
Infrastructure Finance
Vendor Financing


25

Consumer Finance:
The division of retail banking that deals with lendingmoney to consumers. This includes
a wide variety of loans, including credit cards, mortgage loans, and auto loans, and can
also be used to refer to loans taken out at either the prime rate or the sub prime rate.

SME Finance:
SME finance is the funding of small and medium sized enterprises, and represents a
major function of the general business finance market in which capital for different
types of firms are supplied, acquired, and costed or priced.
Commercial Lending:
A debt-based funding arrangement that a business can set up with a financial institution.
The proceeds of commercial loans may be used to fund large capital expenditures
and/or operations that a business may otherwise be unable to afford.













26

2. Reliance Capital:-

Reliance Capital, a constituent of CNX Nifty Junior and MSCI India, is a part of the
Reliance Group. It is one of India's leading and amongst most valuable financial
services companies in the private sector.

Reliance Capital has interests in asset management and mutual funds; life and general
insurance; commercial finance; equities and commodities broking; wealth management
services; distribution of financial products; private equity; asset reconstruction;
proprietary investments and other activities in financial services.

Reliance Mutual Fund is amongst top two Mutual Funds in India with six million investor
folios. Reliance Life Insurance and Reliance General Insurance are amongst the leading
private sector insurers in India. Reliance Securities is one of Indias leading retail
broking houses. Reliance Money is one of Indias leading distributors of financial
products and services.





















27

Product and Services:-

Mutual Fund General Insurance
Life Insurance International Business
Commercial Finance National Pension System
Securities

Mutual Fund:

Reliance Mutual Fund (RMF) is amongst top two Mutual Funds in India, with Average
Assets Under Management (AAUM) of Rs. 1,02,487 crore (US$ 16.5 billion) for the
quarter ended December 31, 2013.


RMF offers a well-rounded portfolio of products that meet varying investor requirements.
Reliance Mutual Fund constantly endeavours to launch innovative products and
customer service initiatives to increase value to investors.


RMF has six million investor folios and a wide distribution network with presence in over
170 branches and more than 42,000 empanelled distributors. In addition, it has offices
in Singapore and Mauritius.

Life Insurance:

Reliance Life Insurance Company Limited (RLIC) is amongst the leading private sector
life insurers with a private sector market share of 6% in terms of new business premium.
RLIC has a strong distribution network of over 900 offices across India.

RLIC offers wide range of innovative life insurance products, targeted at individuals and
groups. It offers need based products that caters to three distinct segments namely
protection, retirement and investment plans. RLIC is committed to emerge as a leading
Life Insurer with global scale and standards.

Commercial Finance:

Reliance Commercial Finance aims to enable people to fulfil all their ambitions by
creating assets for personal & business requirements.

It offers an exhaustive suite of financial solutions - Mortgages Loans, Loans against
property, Loans for Vehicles, Loans for Construction Equipment, SME Loans, business
loans and Infrastructure Financing
28


Whats more, with the help of our easy-to-use loan calculator, you can decide on the
tenure, interest rate and the loan amount that best suits you.

Reliance Commercial Finance has a loan book size of Rs. 13,691 crore (US$ 2.2
billion), with a customer base of over 71,000 customers, as on December 31, 2013,
across the top 37 Indian metros.

Securities:

Reliance Securities, the broking arm of Reliance Capital is the one of the Indias leading
retail broking houses in India, providing customers with access to equities, equity
options and commodities futures, wealth management, wealth management services,
mutual funds, IPOs and investment banking.

Reliance Securities has over 7 lac retail broking accounts through its pan India
presence with over 6,600 outlets.





















29

3. Infrastructure Development Finance Company(IDFC)



Our Group was born out of the need for a specialized financial intermediary for
infrastructure. Incorporated on January 30, 1997 in Chennai, our company was set up
on the recommendations of the 'Expert Group on Commercialization of Infrastructure
Projects' under the Chairmanship of Dr. Rakesh Mohan.

Since then, we have been a leading catalyst for providing private sector infrastructure
development in India. We focus on developing and leveraging our knowledge base in
the infrastructure space to devise and provide appropriate financing solutions to our
customers. Our strong capitalization reflects the crucial role that we play in
infrastructure development.

Product and Services:-


Corporate Investment Banking
Project Finance
Fixed Income & Treasury
Investment Banking
Securities & Investment Research

Alternative Asset Management
Private Equity
Infrastructure
Real Estate
Public Market Asset Management Mutual Fund


IDFC Foundation
Government Advisory & Program
Support Services
Policy Advocacy
Capacity Building Initiatives
Community Engagement



30

4. India Infoline Limited (IIFL)


The IIFL Group is a leading financial services company in India, promoted by first
generation entrepreneurs. We have a diversified business model that includes credit
and finance, wealth management, financial product distribution, asset management,
capital market advisory and investment Banking.

We have a largely retail focussed model, servicing over 2 million customers, including
several lakh first-time customers for mutual funds, insurance and consumer credit. This
has been achieved due to our extensive distribution reach of close to 4,000 business
locations and also innovative methods like seminar sales and use of mobile vans for
marketing in smaller areas.

Our evolution from an entrepreneurial start-up to a market leadership position is a story
of steady growth by adapting to the changing environment, without losing the focus on
our core domain of financial services. Our NBFC and lending business accounts for
68% of our consolidated income in FY13 and has a diversified product portfolio rather
than remaining a mono-line NBFC. We are a leader in distribution of life insurance and
mutual funds among non-bank entities. Although the share of equity broking in total
income was only 13% in FY13, IIFL continues to remain a leading player in both, retail
and institutional space.











31

Product and Services:-

Equity Structured Product
Derivatives Life Insurance
Mutual Funds SIP

Equity
We offer a bouquet of Equity offerings suitable for high traders to long term investors,
beginners to diverse class of capital market participants. We have a dedicated desk assisting
clients on Asset allocation, trading strategies, portfolio optimization. Award winning research
on Fundamental, Technical & Derivatives aimed at growing assets by outperforming market.
Derivatives
Extensive research coverage on strategies such as Hedging, Carry-overs, Spreads, etc., helps
clients to balance the risk and rewards of derivative trading. Our experienced advisors support
high traders to make most of this popular market segment.
Mutual Funds
A mixture of comprehensive coverage of all mutual fund offerings and seamless execution of
instructions. IIFL research and Mutual Fund trackers helps clients to navigate the ever growing
market of MF Offers with outmost ease.
Structured Product
Customized Structures offering unique combination of coupons, market participation
representing wide variety of Industry segment helps High Net worth Clients manage and
preserve their wealth.
Life Insurance
IIFL -one of the largest insurance brokers presents its clients with a bouquet of products across
multiple service providers in most convenient manner. Our expertise in different classes along
with Insurance completes a client's financial planning process.

32

5. Muthoot Finance

Muthoot Finance

Muthoot Finance Ltd: Established in the year 1939 when M.George Muthoot ventured
into financial services through a partnership firm under the name of Muthoot M. George
& Brothers (MMG). MMG was a Chit Fund based out of Kozhencherry. In 1971, the firm
was renamed as Muthoot Bankers, and had begun to finance loans using gold jewellery
as collateral. . In 2001, the company was renamed once again and came to be known
as Muthoot Finance Ltd.. Muthoot Finance falls under the category of Systematically
Important Non-banking financial company(NBFC) of the RBI guidelines.
The company has more than 4,050 branches spread across 23 states of the country
Muthoot Finance, according to the IMaCS Research & Analytics Industry Reports [Gold
Loans Market in India, 2009 and the 2010 update to the IMaCS Industry Report 2009],
is the largest Gold Loan NBFC and has the largest network of branches for a Gold Loan
NBFC in India.
[4]
Muthoot Finance is also the highest credit rated Gold Loan company in
India, with a credit rating of AA- (CRISIL) and LAA-(ICRA) for its Long Term Debts and
P1+ (CRISIL)
[5]
& A1+ (ICRA)
[6]
for its Short Term Debt Instruments.
Muthoot Finance promotes "gold power", a concept which emphasises mobilising
household Gold possessions (ornaments), estimated to be more than 20000
tonnes,
[7]
in times of financial crunch. The services can be used by anyone from any
economic section of society, with minimal paperwork and hindrances. Muthoot Finance
privately placed 4% of its paid up capital to Private Equity players Barings India and
Matrix Partners India for Rs. 1.57 billion,
[8]
hence valuing the earlier privately held
company at over $1 billion. In terms of market capitalisation, Muthoot Finance Ltd is the
second largest company in Kerala, first being Federal Bank.





33


Product and Services:-

Gold loan Money Transfer

Gold coins

Foreign exchange

Insurance Mpower card


Gold Loan:
The Muthoot Gold loan portfolio is the largest in India as well as all around the globe. It is humbling to
know that more than 80,000 people avail our trusted services on a daily basis.
For the past 127 years, the company has been serving the interests of customers as its top most priority.
Our journey through centuries coupled with the fact that we are still a rapidly growing company
highlights the trust and commitment that our customers worldwide have shown in us.
With Muthoot Finance Ltd. gold loan services, it takes no more than a few minutes for your gold to
generate cash. The simple procedure that we follow allows:
Quick Loan disbursal
Loan limit stretches from Rs. 1500 to Rs. 1 crore
Pre-payment option-without any penalty
Minimal documentation
In-house gold evaluation
Improves customer service in a shorter response time
Strong rooms for providing safe custody for gold ornaments

34


Gold Coins:
Muthoot Finance Ltd. is a trusted name when it comes to providing financial services in the shortest
possible span of time. We at Muthoot Finance help you invest in the most powerful asset, which is gold.
It is also a leading Silver and Gold Coins provider in India. Above all, we promise quality.
Gold Coins
Now make your purchase of gold coin easier with the range of options that we provide. We differentiate
our gold coin services on the following basis
Under our Kanaka Vrishty Scheme we provide gold coins under easy monthly installments without any
interest
Greater return on investment
Minimum risk of investment
Denominations available for gold coins include 0.5, 1, 2, 4, 8, 10, 20 and 50 grams
999 purity/24 carat
Distributed through more than 4,400 Muthoot Finance Branches pan India
M Power Card
Your ticket to heavy discounts, rebates and interesting services that add value to your membership,
MPower Card is a CRM service provided by Muthoot Finance. A certain period of membership with us
and we empower you to avail a number of special services with the help of MPower Card.
You Get..
An option to deposit your jewelry safely with us, free of cost
Earn points on any transaction from any Muthoot Finance Branch
Ability to convert loyalty points into gifts
Special overdraft schemes
RUPEES 20 PER GRAM EXTRA ON GOLD LOAN
Personal accident coverage of Rs. 50,000
Power to deposit and withdraw money from any Muthoot Finance branch on real time
35

Travelsmart:
An International Air Transport Association (IATA) accredited agency, Muthoot Travelsmart took no time
to become a leading travel services provider. Muthoot Travel Smart was designed to be more than just a
travel service. You can also avail our flexible and customized travel insurance and foreign exchange (two
additional prominent services under the Muthoot Brand umbrella) alongside our travel packages and
tour arrangements. All these services are aimed at aiding and assisting you with your travel, be it for
professional or personal purposes.Highlights of Our Service
International as well as Domestic Air ticketing at competitive rates
Visa Services
A wide assortment of Tour Packages
Personalized Hotel Booking
Customizable Travel Insurance Services
Customizable Forex plans
Fastest, Easiest and Most Efficient Money Transfer Service in India
Muthoot Money Transfer makes it possible for you to RECEIVE AND SEND money to your dear ones
within a blink of an eye. With 2 million transfers being executed annually, the company is recognized as
the largest single payout centre in India. Real-time transfer allows quicker delivery of the amount, which
takes no more than 10 minutes.
We are the only single money transfer payout agent servicing all transfer services at our branches in
India.
Muthoot services are carried out from the following associates:
Western Union
Money Gram
Xpress Money
Instant Cash
EzRemit
Transfast
Royal Money
Muthoot Global and Muthoot Finances own branches abroad
36


PART II Company Study

3.1RESEARCH DESIGN

Since the research is for industry analysis and it is structured for NBFCS. The
research uses Secondary data for analysis and interpretation.



3.2 OBJECTIVE

The confined objectives of the present study are:

A Comparative study with help of Different Ratio to know the Performance
of NBFC.
To Identify under value or over value stock of Leading NBFC.


3.3 SCOPE OF THE STUDY

The study was limited to the Financial Service market of India whichincluded
NBFCsMainly from the. The study was completed within the time frame of 60
days(2 months)starting from 1st April, 2010 and ending on 1st June, 2010. The
target group of the studywere theNBFCs

3.4 DATA COLLECTION
There are two methods of data collection that can be considered when collecting
data for research purpose. These data collection types include the following


3.4.1 SECONDARY DATA
The secondary data for the research was collected from journals, research articles,
books andinternet websites, annual reports etc. whose details and references has
been given in Chapter-2 and in References.


37


Literature Review:

Literature Review was done by referring previous studied, articles and books to know the areas of study
and analyze the gap or study not done so far. There are various studies were conducted relating to
operational performance of the company form which most relevant literatures were reviewed.

Kenned and Muller (1999),

Has explained that " The analysis and interpretation of financial statement are an attempt to determine
the significance and meaning of financial statements data so that the forecast may be made of the
prospects for future earnings, ability to pay interest and debt maturines (both current land long term) and
profitability and sound dividend Policy."


T.S Reddy and Y. Hari Prasad Reddy (2009),

Have stated that The statement disclosing status of investments is known as balance sheet and the
statement showing the result is known as profit and loss account"


Peeler J. Patsula (2006)

He define that a sound business analysis tells others a lot about good sense and understanding of the
difficulties that a company will face. We have to make sure that people know exactly how we arrived to
the final financial Positions. We have to show the calculation but we have to avoid anything that is too
mathematical. A business performance analysis indicates the further growth and the expansion. It gives a
physiological advantage to the employees and also a planning advantage.

I.M.Pandey (2007)

Had stated that the financial statement contain information about the financial consequences and sources
and uses of financial resources, one should be able to say whether the financial condition of a firm is
good or bad; whether it is improving or deteriorating. One can relate the financial variables given in
financial statements in a meaningful way which will suggest the actions which one may have to initiate to
improve the firm's financial condition.

Carlos Correia (2007),

Had explained that any analysis of the firm, whether by management, investors, or interested parties,
must include an examination of the company's financial data. The most obvious and readily available
source of this information is the firm's annual report. The financial statements shall, in conformity with
generally accepted accounting practice, fairly present the state of the affairs of the company and the
results of operations for the financial year.


Salmi, T. and T. Martikainen (1994)

in his " A review of the theoretical and empirical basis of Finance ratio analysis ", has suggested that a
systematic framework of financial statement analysis along with the observed separate research trends
might be useful for furthering the development of research results in financial ratio analysis are to be
useful for the decision makers, the results must be theoretically consistent and empirically generalizable.
38



Chidambaram Rameshkumar & Dr, N, Anbumani (2006)

He argue that Ratio Analysis enables the business owner / Manager to spot trends in a business and to
compare its performance and condition with the average performance of similar businesses in the same
industry. To do this compare your ratios with the average of businesses similar to yours and compare
your own ratios for several successive years, watching especially for any unfavorable trends that may be
starting. Ratio analysis may provide the all-important early warning indications that allow you to solve
your business problems before your business is destroyed by them.


























39

Financial Analysis:
Profitability Ratio
A class of financial metrics that are used to assess a business's ability to generate
earnings as compared to its expenses and other relevant costs incurred during a
specific period of time. For most of these ratios, having a higher value relative to a
competitor's ratio or the same ratio from a previous period is indicative that the
company is doing well.

1. ROCE
A financial ratio that measures a company's profitability and the efficiency with which its
capital is employed. Return on Capital Employed (ROCE) is calculated as:

ROCE = Earnings Before Interest and Tax (EBIT) / Capital Employed
Bajaj IIFL IDFC Muthoot Reliance
1. ROCE 2013 8.85 13.32 10.25
2012 7.58 11.48 20.1 10.59

2011 16.97 8.26 13.57 5.64

2010
14.9 8.55
14.05 9.02
2009 4.17 15.49 10.24 13.14 11.48


Analysis:
From the above chart, ROCE of Muthoot is high compare to other four companies,
which shown the high profitability. In 2012 Muthoot have 20.1 ROCE, as we seen in the
chart IDFCS ROCE remain constant through 5 Years.
40

2. Net Profit Margin
A ratio of profitability calculated as net income divided by revenues, or net profits
divided by sales. It measures how much out of every dollar of sales a company
actually keeps in earnings.
Bajaj IIFL IDFC Muthoot Reliance
2. Net Profit Margin 2013 33.39 17.4 22.69 17.11
2012 53.12 10.13 26.26 19.6 15.64
2011 150.39 15.29 29.84 21.33 12.1
2010 26.18 22.02 32.06 20.89 14.3
2009 36.38 18.51 22.16 15.75 32.48


Analysis:
The chart represents the high profit margin of Bajaj, in which in 2011 Bajaj have
150.39%. IIFL have low profit margin compare to other four companies. Here IDFC
have consistency in their net profit margin.


41

3. Dividend Payout Ratio:
The percentage of earnings paid to shareholders in dividends.
Calculated as:

Bajaj IIFL IDFC Muthoot Reliance
3. Dividend Payout Ratio 2013 46.95 94.13 25.88 48.18
2012 28.34 79.62 25.66 19.37 36.8
2011 8.62 80.64 27.11 70.32
2010 49.64 65.57 21.45 55.03
2009 40.93 87.83 23.8 19.29


Analysis:
Chart shown the high dividend payout ratio of IIFL. As shown in chart Muthoot was paid only one time
dividend in 2012 to their shareholder, which shown the negative impact. IDFC paid average dividend to
their shareholder through 5 Years. Reliance have up-down position in 5 years.
42

4. EPS:
The portion of a company's profit allocated to each outstanding share of common
stock. Earnings per share serves as an indicator of a company's profitability.

Calculated as:


Bajaj IIFL IDFC Muthoot Reliance
4. EPS 2013 3.2 3.25 11.65 26.95
2012 5.29 2.19 10.31 24 21.13
2011 13.02 4.27 8.52 15.43 9.33
2010 2.35 5.33 7.79 7.56 13.82
2009 2.86 3.73 5.68 19.94 39.41


Analysis:
As we seen in the chart Reliance have more EPS(Earning Per Share) compare to other Companies. In
2009 Reliance have 39.41% EPS, which can be decreased in 2013 to 26.95%. IIFL have lowest EPS
compare to other companies. Here also IDFC remain consistant. Muthoot have no consistancy as we
seen in the chart.
43

Liquidity Ratio:
A class of financial metrics that is used to determine a company's ability to pay off
its short-terms debts obligations. Generally, the higher the value of the ratio, the
larger the margin of safety that the company possesses to cover short-term debts.

5. Current Ratio:
A liquidity ratio that measures a company's ability to pay short-term obligations.

The Current Ratio formula is:

Bajaj IIFL IDFC Muthoot Reliance
5. Current Ratio 2013 0.61 1 2.63 1.94
2012 0.43 1.03 2.25 1.02 1.92
2011 0.15 1.03 8.47 1.08 6.5
2010 0.79 0.97 6.97 1.41 2.48
2009 1.17 1.11 5.5 1.54 1.57



Analysis:
The chart represents that, Bajaj have lowest current ratio compare to other companies. On the other
part IDFC have high current ratio. In 2011 IDFC have 8.47%. IIFL on the other hand remain consistant
throgh 5 Years. Muthoot shown the growth in current ratio, which can in good for the Company.
44

6. Quick Ratio:
An indicator of a companys short-term liquidity. The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets.
For this reason, the ratio excludes inventories from current assets, and is calculated
as follows:
Quick ratio = (current assets inventories) / current liabilities, or

= (cash and equivalents + marketable securities + accounts
receivable) / current liabilities
Bajaj IIFL IDFC Muthoot Reliance
6. Quick Ratio 2013 0.61 0.98 3.53 3.62
2012 0.4 1 4.52 4.63 3.36
2011 0.15 1.47 24.78 19.79 13.81
2010 0.72 1.31 28.18 10.87 7.43
2009 0.91 1.1 26.79 15.32 26.31


Analysis:
Chart represents that IDFC have high Quick Ratio compare to other companies, in 2010
it have 28.18%. As current ratio is low of Bajaj, Quick ratio is also low. Reliance have
major decline in 2013 compare to 2009.
45

Leverage Ratio
Any ratio used to calculate the financial leverage of a company to get an idea of the
company's methods of financing or to measure its ability to meet financial
obligations. There are several different ratios, but the main factors looked at
include debt, equity, assets and interest expenses.

Debt Equity Ratio
A measure of a company's financial leverage calculated by dividing its total
liabilities by stockholders' equity. It indicates what proportion of equity and debt
the company is using to finance its assets.


Bajaj IIFL IDFC Muthoot Reliance
Debt Equity Ratio 2013 2.98 1.44
2012 0.01 3.06 5.29 1.3
2011 0.43 3.63 8.95 2.63
2010 0.26 0.45 3.89 9.03 1.72
2009 0.26 3.91 8.53 2.02


Analysis:
In the chart Muthoot have more Debt Equity ratio compare to other companies, in 2010 it have 9.03.
Reliance and IDFC have consistancy in debt equity ratio. IIFL have low debt equity ratio compare to
other companies.
46

Long term Debt Equity Ratio
A measure of a company's financial leverage calculated by dividing its total
liabilities by stockholders' equity. It indicates what proportion of equity and debt
the company is using to finance its assets.


Bajaj IIFL IDFC Muthoot Reliance
Long term Debt Equity Ratio 2013 2.73 1.08
2012 2.46 2.13 1.3
2011 3.47 4.44 2.63
2010 0.26 3.44 5.47 1.72
2009 0.26 3.37 5.67 2.02


Analysis:
As chart shown Muthoot have more Long term Debt Equity Ratio compare to other
Companies. As we seen IDFC have consistency in Long term Debt Equity Ratio In 2009
Muthoot have 5.67%, Which can be decline to 2.13 in 2012.

47

SWOT Analysis of NBFC


1. Strength:-

Easy and fast appraisal & Disbursements
Product innovation and superior delivery
Strong market penetration and increased operating efficiency
Collection Efficiency

2. Weakness:-
Too much of diversification core business
Increased regulatory coverage
No access to SARF AESII or DRT for recovery from bad loans and no access to refinance.
Volatile business Environment
3. Opportunities:-
Large untapped market, both rural & Urban and also geographically
Tie-up with global financial sector giants
New opportunities in credit card, personal finance, home equity, etc.
4. Threats:-
High cost of Funds
Restrictions on Deposit taking NBFC
Growing retail thrust within banks and competition from un organized money lends
Significant slowdown in the economy affecting the various segments of NBFCs Deterioration
of Asset quality and rising level of NPA.

48

PORTERS FIVE FORCES MODEL OF COMPETITION

The nature of competition in the industry in large part determines
thecont ent of st r at egy, especi al l y busi ness l evel st r at egy . ba
sed i t i s on t hefundamental economics of the industry, the very profit
potential of an industry isdetermine by competition interaction. Where these
interactions are intense, profittends to be whittled away by the activities of
competing.Porters model is based on the insi ght that a corporate
strategy shouldmeet the opportunities and threats in the
organizations external environment. Especially, competitive strategy
should base on and understanding of industrystructures and the way
they change. Porter has identified five competitive forcesthat shape every
industry and every market. These forces determine the intensityof competition and
hence the profitability and attractiveness of an industry. Theobjective of
corporate strategy should be to modify these competitive forces in a
way that improves the position of the organization. Porters
model supportsanalysis of the driving forces in an industry. Based
on the information derivedfrom the Five Forces Analysis, management
can decide how to influence or toexploit particular characteristics of their industry.














49

Future Outlook
NBFCs have been playing a very important role both from the macroeconomic perspective and the
structure of the Indian financial system. NBFCs are the perfect or even better alternatives to the
conventional banks for meeting various financial requirements of a business enterprise.
They offer quick and efficient services without making one to go through the complex rigmarole of
conventional banking formalities. However to survive and to constantly grow, NBFCs have to focus on
their core strengths while improving on weaknesses. They will have to be very dynamic and constantly
endeavour to search for new products and services in order to survive in this ever competitive financial
market. Since NBFCs have been kept outside the purview of SARFAESI Act, a reform in this area in quite
urgently needed.
A suitable legislative amendment extending the operation of the said act to NBFCs too would go a long
way in fortifying the faith of the investors and which in turn would greatly contribute to the growth of
this sector. The coming year will be very crucial for NBFCs and only those who will be able to face the
challenge and prove themselves by standing the test of time will survive in the Long run.
Hold a Good Future in Indian Economy.

Although some improvement has been witnessed in auto sales in last few months, the demand for
vehicle finance is likely to remain subdued. Besides, given the significant slowdown in the Indian
economy, NBFCs were encountering structural challenges such as increased refinancing risk, short-term
asset-liability mismatch leading to decelerating growth and declining margins. This is expected to have a
bearing on the profitability of NBFCs in the medium term.
Given that growth in vehicle finance might remain low in the medium term, NBFCs are expected to focus
on rural and semi-urban markets. Credit requirements of rural population are primarily met by banks
from organized sector or local money lenders. Though, in recent years there has been some penetration
of NBFCs in this segment, the market still remains largely untapped. There is a large section of rural
population which does not have access to credit either because of their inability to meet the lending
covenants of banks or due to high interest rates of local money lenders. This provides a huge
opportunity for NBFC sector to spread their business in the rural & semi-urban markets.





50


Finding and Conclusion
ROCE not showing any specific Trend that is they are fluctuated.
NPM for all the NBFCs have been on an average 20 % however there has been a sudden rise
in Bajaj NPM in the year 2011.
IIFL has the highest average DPR followed by RIL, there by showing that this companies are
profitable.
Average EPS of RIL is the highest, whereas that of IIFL is the lowest.
IDFC has highest current ratio followed by RIL,. There by showing a better ability to pay.
IDFC has highest quick ratio.
Muthoot has Highest DER.















51

Bibliography

Bibliography
Book
Financial Management M Y Khan & P K Jain
Investment Valuation Damodaran Aswath
Financial Management - I M Pandey

Articles
Reserve Bank of India Bulletin, August 2009, P. 591
Economic Times, Ahmedabad Edition, 26/3/99, p.10