A STUDY ON FINANCIAL PERFORMANCE ANALYSIS OF GEOJIT

BNP PARIBAS FINANCIAL SERVICES LTD

Introduction of the study:

Financial Management is that managerial activity which is concerned with the planning and
controlling of the firms financial resources. Though it was a branch of economics till1890
as a separate or discipline it is of recent origin. Financial Management is concerned with the
duties of the finance manager in a business firm. He performs such varied tasks as
budgeting, financial forecasting, cash management, credit administration, investment
analysis and funds procurement. The recent trend towards globalization of business activity
has created new demands and opportunities in managerial finance.
Financial statements are prepared and presented for the external users of accounting
information. As these statements are used by investors and financial analysts to examine the
firms performance in order to make investment decisions, they should be prepared very
carefully and contain as much investment decisions; they should be prepared very carefully
and contain as much information as possible. Preparation of the financial statement is the
responsibility of top management. The financial statements are generally prepared from the
accounting records maintained by the firm.

Financial performance is an important aspect which influences the long term

stability, profitability and liquidity of an organization. Usually, financial ratios are said to be
the parameters of the financial performance. The Evaluation of financial performance had
been taken up for the study with Geojit BNP Paribas Financial Services Ltd as the project.
Analysis of Financial statements analysis is of greater assistance in locating the weak spots
at Geojit BNP Paribas Financial Services Ltd even though the overall performance may be
satisfactory.

Need & Scope of the Study:

Financial Performance analysis is the process of identifying the financial strength and
weakness of the firm by properly establishing relationship between the items of the balance
sheet and profit and loss accounts. Financial analysis can be undertaken by management of
firm or by parties of outside the firm, viz own as creditors, investors, and others. The nature
of analysis will differ depending on the purpose of analysis.
The study financial statements Analysis of Geojit BNP Paribas Financial Services Ltd
mainly focuses on profitability performance and capacity of payment of interest and
dividends and also liquidity and solvency position of the Geojit BNP Paribas Financial
Services Ltd. The study is based on Balance sheet and Profit and Loss Statements and cash
flow statement.
Objectives of the study:
To Analysis the financial position of the Geojit BNP Paribas Financial Services Ltd.
To know the liquidity position of the Geojit BNP Paribas Financial Services Ltd
through Liquidity ratios.
To study the Earning capacity of the Geojit BNP Paribas Financial Services Ltd
through Efficiency ratios.
To know the profitability performance of the Geojit BNP Paribas Financial Services
Ltd through profitability ratios.
To know the capability of payment of interest & dividends.

RESEARCH METHODOLOGY:
Method of Data Collection:
Primary data:
Primary data is the first hand information that is collected during the period of research.
Primary data has been collected through discussions held with the staffs in the accounts
department. Some types of information were gathered through oral conversations with the
cashier, taxation officer etc.
Secondary data:
Secondary data studies whole company records and companys balance sheet and profit and
loss account statements in which the project work has been done. In addition, a number of
reference books, journals and reports were also used to formulate the theoretical model for
the study. And some information was also drawn from the websites.
Limitations of the study:
Time was an important limiting factor
The study takes into consideration only past 5 years.
Further, the study is based on secondary data.

INDUSTRY PROFILE
Introduction
The Indian financial services industry has a lot of scope for further penetration, and thus has
immense scope and potential to grow exponentially. The online genre, mobile explosion,
emergence of social media platforms, technologies like cloud computing and increasing pace
of convergence and interconnectivity of devices are intensely driving the growth of this
industry. These are playing pivotal roles in transforming the way financial services are
delivered to the end-consumer. Further, financial institutions are revamping their operational
infrastructure and business delivery models.
Financial services industry mainly comprises the BFSI industry, that is, banking, financial
services (such as mutual funds) and insurance. Key developments and performance pointers
pertaining to each of these sub-segments are discussed in this overview.
Insurance Sector
There are 24 life insurers in India with about Rs 15 trillion (US$ 292.5 billion) in assets.
According to data released by the Insurance Regulatory and Development Authority
(IRDA), the life insurance industry collected Rs 89,655.83 crore (US$ 17.5 billion) during
April 2011-February 2012 by writing new policies while the insurers sold about 35.12
million policies collectively. Private players sold seven million policies.
The general insurance industry continued with its growth trajectory as the gross written
premium grew 24.03 per cent during 2011-12 against the year-ago period.
Banking Services
According to the world's largest rating agency, Standard & Poor (S&P)'s Ratings Services,
India's banking system has a high level of stable, core customer deposits supported by the
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system's good franchise, extensive branch networks, and large, yet growing, domestic
savings.
According to the Reserve Bank of India (RBI)'s 'Quarterly Statistics on Deposits and Credit
of Scheduled Commercial Banks', September 2011, Nationalised Banks, as a group,
accounted for 52.2 per cent of the aggregate deposits, while State Bank of India (SBI) and
its associates accounted for 21.8 per cent. The share of New private sector banks, Old
private sector banks, Foreign banks and Regional Rural banks in aggregate deposits was
13.7 per cent, 4.8 per cent, 4.6 per cent and 2.9 per cent, respectively.
With respect to gross bank credit also, nationalised banks hold the highest share of 51.6 per
cent in the total bank credit, with SBI and its associates at 22.1 per cent and New Private
sector banks at 13.8 per cent. Foreign banks, Old private sector banks and Regional Rural
banks held relatively lower shares in the total bank credit with 5.2 per cent, 4.8 per cent and
2.5 per cent, respectively.
Another statement released by the RBI stated that bank deposits grew 13.4 per cent to Rs
60.72 trillion (US$ 1.18 trillion) in the fiscal 2011-12 (the year to March 23, 2011) while
loans and advances grew 17.08 percent to Rs 47.54 trillion (US$ 927.16 billion).
Mutual Funds Industry in India
The Rs 6.70 trillion (US$ 130.66 billion) Indian mutual funds (MF) industry has 44 asset
management companies (AMCs). Recent data released by the Association of Mutual Funds
in India (AMFI) indicated that average assets under management (AUM) reported by these
fund houses amounted to Rs 6,68,824 crore (US$ 130.33 billion) in 2011-12.
HDFC Mutual Fund maintained its top position as the country's biggest MF with an average
AUM of Rs 89,879 crore (US$ 17.51 billion), followed by Reliance MF (Rs 78,112 crore

[US$ 15.22 billion]), ICICI Prudential MF (Rs 68,718 crore [US$ 13.39 billion]), Birla
Sunlife MF (Rs 61,143 crore [US$ 11.92 billion]) and UTI MF (Rs 58,922 crore [US$ 11.48
billion]).
Private Equity (PE) and Mergers & Acquisitions (M&A) in India
India Inc witnessed 202 merger and acquisition (M&A) deals worth US$ 9.4 billion during
the first quarter of 2012. According to Ernst & Young (E&Y)'s latest transactions quarterly
report, deals in January-March 2012 were 22 per cent higher than those of OctoberDecember 2011 quarter in terms of volume and 4.5 times higher in terms of value. Domestic
deals dominated the M&A space as they accounted for 63 per cent of the total number of
deals and contributed 88.4 per cent of the total disclosed deal value for the quarter.
According to experts, M&A landscape is likely to experience intense activity in the coming
months, owing to improving stock markets and better availability of finance options.
Private equity (PE) and venture capital (VC) investors infused a capital of US$ 1.88 billion
across 90 deals during the reported period.
Foreign Institutional Investors in India
According to the data released by Securities and Exchange Board of India (SEBI), net
investment in equities made by foreign institutional investors (FIIs) stood at Rs 47,935 crore
(US$ 9.34 billion) during the financial year ended March 31, 2012. During the reported
fiscal, foreign fund houses injected Rs 49,053 crore (US$ 9.56 billion) in the debt market
taking the collective net investments by FIIs in stocks and bonds to Rs 93,725 crore (US$
18.26 billion).
Recent Developments

India has launched the country's first domestic payment card network, RuPay, to compete
with multinational Visa Inc. and Mastercard Inc. The new development will not only help
banks reduce cost of issuing a debit card but will also lead to expansion of payment network
in rural areas. National Payments Corp of India Ltd (NPCI), the nodal agency to manage and
promote RuPay, has stated that 200,000 RuPay cards have already been issued and the target
is to have 10 million debit cards under the brand by March 2013.
Stating India as 'extraordinarily attractive investment destination', PE firm Bain Capital LLC
has announced that it will infuse about US$ 800 million in appropriate proposals across four
investment deals during 2012-16.
L&T Finance has decided to buy Fidelity Worldwide Investment's Indian mutual fund
business. The deal would boost L&T's assets to Rs 13,500 crore (US$ 2.63 billion), making
it the 13th biggest fund house and the 10th largest on the basis of equity.
In a recent announcement, the RBI has granted FIIs to invest in primary issuances of
companies' non-convertible debentures (NCDs), provided these papers are scheduled to be
listed on the stock exchanges within 15 days of being issued. If the instrument, that is the
NCD, does not get listed within 15 days, the foreign investor concerned would have to sell
the securities to a domestic investor.
Government Initiatives
In its Budget for 2012-13, the Government has earmarked a capital of Rs 15,888 crore (US$
3.11 billion) to be infused in public sector banks, regional rural banks and other financial
institutions. Apart from this, the Government is also planning to set up a financial holding
company that will raise funds for public sector banks.

Furthermore, the RBI has liberalised regulations pertaining to FCAs to provide operational
flexibility to Indian entities making overseas direct investments. After satisfying stipulated
requirements and conditions, Indian entities can open, hold and maintain FCAs abroad that
would simplify the process of making overseas direct investments.
Road Ahead
According to a report by the Boston Consulting Group (BCG) India, prepared in association
with a leading industry organisation and Indian Banks Associations (IBA), Indian banking
industry would be the world's third largest in asset size by 2025 and mobile banking would
become the second largest banking mode after ATMs. Furthermore, owing to the positive
eco-system of the industry and regulatory and Government initiatives, mobile banking is
anticipated to enhance from 0.1 per cent of transactions in a 45 per cent financial inclusion
base in 2010 to 34 per cent of the transactions with 80 per cent rural inclusion base by 2020,
as per the report.
While the Indian Government projects that qualified foreign investors (QFIs) would invest
US$ 50-75 billion in India's equity and bond markets, G Chokkalingam, Executive director
and CIO, Centrum Wealth Management, believes that Indian markets would witness record
inflows, probably to the extent of US$ 30 billion, by FIIs in 2012.
Such positive forecasts are being made owing to monetary expansions in the West and
considering that India would remain the second-fastest growing economy in the world.

COMPANY PROFILE
A leading retail financial services player
Geojit BNP Paribas today is a leading retail financial services company in India with a
growing presence in the Middle East. The company rides on its rich experience in the capital
market to offer its clients a wide portfolio of savings and investment solutions. The gamut of
value-added products and services offered ranges from equities and derivatives to Mutual
Funds, Life & General Insurance and third party Fixed Deposits. The needs of over 633,000
clients are met via multichannel services - a countrywide network of over 546 offices, phone
service, dedicated Customer Care centre and the Internet.
Geojit BNP Paribas has membership in, and is listed on, the National Stock Exchange (NSE)
and the Bombay Stock Exchange (BSE). In 2007, global banking major BNP Paribas joined
the companys other major shareholders - Mr. C.J.George, KSIDC (Kerala State Industrial
Development Corporation) and Mr.Rakesh Jhunjhunwala when it took a stake to become
the single largest shareholder.
The company also has a strategic presence in the Middle East Region in the form of joint
ventures and partnerships. Barjeel Geojit Securities, its joint venture with the Al Saud group,
is headquartered in Dubai, in the United Arab Emirates, and has branches in Abu Dhabi, Ras
Al Khaimah, Al Ain, and Sharjah. Aloula Geojit Brokerage Co., the joint venture with the Al
Johar group in Saudi Arabia is headquartered in Riyadh with branches in Dammam and
Jeddah. BBK Geojit Securities KSC, located in Kuwait, is a joint venture with Bank of
Bahrain and Kuwait and JZA. Geojit Qurum Business Group Financial Services LLC is the
joint venture with QBG and National Securities Co. and based in Oman.
A strong brand identity and extensive industry knowledge coupled with BNP Paribas
international expertise gives Geojit BNP Paribas a competitive advantage.
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Expanding range of online products and services

Geojit BNP Paribas has proven expertise in providing online services. In the year 2000, the
company was the first stock broker in the country to offer Internet Trading. This was
followed by integrating the first Bank Payment Gateway in the country for Internet Trading,
and many other industry firsts. Riding on this experience, and harnessing BNP Paribas
Personal Investors expertise as the leading online broker in Europe, is helping the company
to rapidly expand its business in this segment. Presently, clients can trade online in equities,
derivatives, currency futures, mutual funds and IPOs, and select from multiple bank
payment gateways for online transfer of funds. Strategic B2B agreements with South Indian
Bank, City Union Bank and Federal Bank enables the respective banks clients to open
integrated 3-in-1 accounts to seamlessly trade via a sophisticated Online Trading platform.
Further, deployment of BNP Paribas state-of-the-art globally accepted systems and
processes is already scaling up the sales of Mutual Funds and Insurance.
Wide range of products and services
Certified financial advisors help clients to arrive at the right financial solution to meet their
individual needs. The wide range of products and services on offer includes Equities | Derivatives | Currency Futures | Custody Accounts | Mutual Funds | Life Insurance
& General Insurance | IPOs | Portfolio Management Services | Property Services | Margin
Funding | Loans against Shares
A growing footprint with a presence in almost all the major states of India, the network of
over 540 offices across 300 cities and towns presently covers Andhra Pradesh, Bihar,
Chattisgarh, Goa, Gujarat, Haryana, Jammu & Kashmir, Karnataka, Kerala, Madhya

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Pradesh, Maharashtra, New Delhi, Orissa, Punjab, Rajasthan,Tamil Nadu & Pondicherry,
Uttar Pradesh, Uttaranchal and West Bengal.
Evolution of the company
It all started in 1987 when Mr. C. J. George and Mr. Ranajit Kanjilal started a partnership
company. In 1993 Mr. Kanjilal retired from the company and Geojit became the proprietary
company of Mr. George. In 1994, it became a Public Limited Company named Geojit
Securities Ltd. The Kerala State Industrial Development Corporation Ltd. (KSIDC), in 1995,
became a co-promoter of Geojit by acquiring a 24 percent stake in the company, the only
instance in India of a government entity participating in the equity of a stock broking
company. The year 1995 also saw Geojit being listed on the leading regional stock
exchanges. Geojit listed at The Stock Exchange, Mumbai (BSE) in the year 2000.
Companys wholly owned subsidiary, Geojit Commodities Limited, launched Online Futures
Trading in agri-commodities, precious metals and energy futures on multiple commodity
exchanges in 2003. This was also the year when the company was renamed as Geojit
Financial Services Ltd. (GFSL). The Board consists of professional directors; including a
Kerala Government nominee. With effect from July 2005, the company is also listed at The
National Stock Exchange (NSE). Company is a charter member of the Financial Planning
Standards Board of India and is one of the largest Depository Participant(DP) brokers in the
country.
On 31st December 2007, the company closed its commodities business and surrendered its
membership in the various commodity exchanges held by Geojit Commodities Ltd. Global
banking major BNP Paribas took a stake in the year 2007 to become the single largest

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shareholder. Consequently, Geojit Financial Services Ltd. has been renamed as Geojit BNP
Paribas Financial Services Ltd.
Product innovation backed by a high level of domain specific knowledge and state-of-the-art
technology has helped Geojit BNP Paribas set many milestones including numerous industry
firsts.
1986

C. J. George became member of Cochin Stock Exchange

1987

M/s C. J. George and Co. was set up at Ravipuram, Cochin

1988

Company was renamed at M/s Geojit & Co.

1994

Becomes a Public Limited Company named Geojit Securities Ltd.

1995

Kerala State Industrial Development Corporation Ltd.(KSIDC) acquires 24 percent

equity stake.

Membership in National Stock Exchange (NSE).

Public Issue

1996

Launch of Portfolio Management Services with SEBI registration.

1997

Depository Participant (DP) under National Securities Depository Limited.

1999

Membership in Bombay Stock Exchange (BSE).

2000

BSE Listing.

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1st broking firm in India to offer online trading facility.

Commences Derivative Trading with NSE.

Integrates the 1st Bank Payment Gateway in the country for Internet Trading.

2001

Becomes India's first DP to launch depository transactions through Internet.

Establishes Joint Venture in the UAE to serve NRI customers.

2002

1st in India to launch an integrated internet trading system for Cash & Derivatives
segments.

2003

Geojit Commodities Limited, wholly owned subsidiary, launched Online Futures

Trading in agri-commodities, precious metals and in energy futures on multiple
commodity exchanges.

National launch of online futures trading in Rubber, Pepper, Gold, Wheat and Rice.

Company renamed as Geojit Financial Services Ltd.

2004

National launch of online futures trading in Cardamom.

2005

NSE Listing.

Geojit Credits, a subsidiary, registers with RBI as a Non-Banking Financial

Company (NBFC).

National launch of online futures trading in Coffee.

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2006

Charter member of the Financial Planning Standards Board of India.

2007

BNP Paribas takes a stake in the companys equity, making it the single largest
shareholder.

Establishes Joint Venture in Saudi Arabia to serve the Saudi national and the NRI.

2008

BNP Paribas Securities India (P) Ltd. a Joint Venture with BNP Paribas S.A. for
Institutional Brokerage.

1st brokerage to offer full Direct Market Access execution in India for institutional
clients.

2009

Launch of Property Services division.

Launch of online trading in Currency Derivatives.

Consequent to BNP Paribas becoming the largest stakeholder in Geojit BNP Paribas,
company is renamed as Geojit BNP Paribas Financial Services Ltd.

2010

Launch of FLIP(Financial Investment Platform), a new advanced online investment

platform.

Launch of state of the art Mobile Trading platform to empower clients to trade from
anywhere, even while on the move through the innovative application FLIP- ME.

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EQUITY
Geojit BNP Paribas, a member of NSE and BSE, has a network of over 500 branches in
India and abroad, rendering quality equity trading services. Geojit BNP Paribas not only has
a strong offline presence but also provides automated online trading services.
Geojit BNP Paribas also provides a Call & Trade facility to its customers wherein they can
place and track their orders through our dedicated Call Centre Desk by dialling the toll free
number 1800-425-5501 or 91-484-2405822 (Standard Rates Apply).
Geojit BNP Paribas's retail spread caters to the need of individual investors. Trading in
equities is made simple, safe and interesting with smart advice from the research desk
through daily SMS alerts,

market

pointers, periodical

research

reports, stock

recommendations and customer meets organized frequently.

The online trading system allows customers to track the markets by setting up their own
market watch, receiving research tips, stock alerts, real-time charts and news and many more
features enable the customer to take informed decisions.
The brokerage structure* makes Geojit BNP Paribas's Online trading all the more attractive:

0.03% for day trading (applicable on both sides)

0.30% for delivery

* Applicable to Ordinary Resident account only

MUTUAL FUND
At Geojit BNP Paribas you get to choose the mutual fund schemes that best suit your
requirements from over 700 schemes offered by more than 33 different Asset Management
Companies. Our exclusive research will help you to make the right choice from the various
schemes on offer. Purchase and redemption of mutual funds is now much simpler. All you

15

need to do is to log online into our trading site. Currently, online investment in mutual funds
can be done through the leading mutual fund houses.
General Insurance Any insurance other than LIFE is termed General Insurance. Unlike Life
Insurance, General Insurance offers protection against contingencies and it is a practical
option for every person who would like to live a risk-free life. Almost everything that has a
financial value in life and has a probability of getting lost, stolen or damaged can be covered
by a General Insurance policy.
Our partnership with Bajaj Alliance General Insurance Company
Joint Venture between BAJAJ Finserv Ltd. India & Allianz SE, Germany
Allianz SE is largest General Insurance Co in the world and ranks second amongst
Composite Insurance Companies
Second largest Private General Insurer and over all 6th among all General Insurance
Companies in India. In Year 2010-11, had the highest Motor Insurance Premium collection
among all Private General Insurers and 5th highest among all general insurers.
Highest Claims Paying ability iAAA by ICRA for 3 Years running
95% proposals closed within 4 days Turnaround Time
Industry Firsts for Bajaj Allianz
o

First Company to issue online policies.

First Company to introduce the concept of in-house claim settlements in motor.

First Company to introduce in-house Health Administration.

First Company to introduce the concept of SMS reminders for claims. Claims
settlement also intimated through SMS.

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Motor Insurance
1. 24 x 7 Spot assistance introduced for round the clock accident assistance.
2. SMS alerts for status of Motor claims
3. In-house expertise in Motor claims handled by automobile engineers for cashless
settlement
"Vehicle insurance premium has the highest share in Total Premium collected in the country"
Health and Personal Accident Cover
Bajaj Allianz Has Its Own Third Party Administrators for Health Insurance.
Health Insurance takes care of rising medical costs and hospitalization requirements. Bajaj
Allianz has three of the best Health insurance products in this space
1. Health Guard.
2. Family Floater Health Guard.
3. Extra Care: A Top up policy scheme.
4. Silver Health.
Why Health Insurance through Bajaj Allianz?
o
In house team of Doctors and paramedics for health claim settlement. No
TPA.
o

Cashless at 2100 hospitals at 401 cities, No medical check-up upto the age of
45 years.

745 diagnostic centers at 318 cities.

Home Visit Services for pre-policy check-ups done for Silver Health (Initially
in Delhi, Hyderabad, Mumbai & Pune)

Managing the Health Scheme (GMC ) of 13000 employees of Dhanlaxmi

Bank currently. Also many other big accounts like Standard Chartered Bank etc.
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Travel Insurance: Travel insurance is insurance that is intended to cover medical expenses,
financial default of travel suppliers, and other losses incurred while traveling, either within
one's own country, or internationally. Property Insurance: Property insurance provides
protection against most risks to property, such as fire, theft and some weather damage. This
includes specialized forms of insurance such as fire insurance, flood insurance, earthquake
insurance, home insurance or boiler insurance.
CURRENCY FUTURES
Why Trade in Currency Futures: HEDGING: Hedge means to minimize loss or risk. It means taking a position in the
futures market that is opposite to a position in the physical market with a view to reduce or
limit risk associated with unpredictable changes in the exchange rate.
ARBITRAGE: It means locking in a profit by simultaneously entering into transactions in
two or more markets where there is price differential of the same underlying. If the relation
between forward prices and futures price differs, it gives rise to arbitrage opportunities. If
there is price differential between two exchanges, it gives rise to arbitrage opportunities.
FINANCIAL LEVERAGE: By putting an upfront margin of (say) 5%, a client can trade in
currency futures. Thereby, leveraging his capital.
CASH SETTLED: No requirement of an underlying to trade in currency futures. Minimal
cost of trading: Fees for corporate clients and individual clients tailored to suit their
requirements (Govt. /Exchange taxes, charges, levies extra, as applicable)
Portfolio Management Service
Geojit BNP Paribas, a SEBI registered Portfolio Manager (Reg. No.INP000003203) offers
discretionary portfolio management services. Geojit BNP Paribas has a team of experts who
carefully take investment decisions based on the clients' objectives. The Portfolio
Management team has a successful track record of more than 10 years in the capital market.
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The team has access to Geojit BNP Paribas's strong Equity Research, and Fundamental &
Technical Analysis . Investment Objective To generate medium to long-term capital growth
(2-3 years) by identifying undervalued stocks and those with growth opportunities from a
select list of well researched stocks. Strategy Identifying growth stocks from a select list
through extensive research. Minimum Investment Rs. 25 lakhs for resident Indians, NRI's.
Reports Portfolio and NAV are communicated bi-weekly via e-mail. Risk factors As the
stocks are normally held for medium to long term, the net asset value will be affected by
market volatility. PMS fee Option 1: 3% p.a. (charged @0.75% at the end of every quarter
on the average of beginning and ending NAV) Option 2: 1% p.a. (charged @0.25% at the
end of every quarter on the average of beginning and ending NAV) and performance fee
Performance fee 20% on gain in NAV over and above 12% p.a. based on the high watermark
concept charged at the end of the year or on withdrawal.
CODE OF CONDUCT
CODE OF CONDUCT FOR THE DIRECTORS AND SENIOR OFFICERS
As per Clause 49 of the Listing Agreement with the Stock Exchanges, it shall be obligatory
for the Board of Directors of all listed Companies to lay down a code of conduct for all
Board members and senior management of the Company in order to ensure good Corporate
Governance.
I. CORPORATE GOVERNANCE Corporate governance is about commitment to values and
about ethical business conduct. It is about how an organization is managed. This includes its
corporate and other structures, its culture, its policies and the manner in which it deals with
various stakeholders. Accordingly, timely and accurate disclosure of information regarding
the financial situation, performance, ownership and governance of the company, is an

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important part of corporate governance. This improves public understanding of the structure,
activities and policies of the organization. Consequently, the organization is able to attract
investors, and to enhance the trust and confidence of the stakeholders.
We believe that sound corporate governance is critical to enhance and retain investor trust.
Accordingly, we always seek to attain our performance rules with integrity. The Board
extends its fiduciary responsibilities in the widest sense of the term. Our disclosures always
seek to attain the best practices in international corporate governance. We are also
responsible to enhance long term shareholder value and respect minority rights in all our
business decisions.
II. INTRODUCTION OF CODE (Preamble)
This Code of Ethics for Directors and Senior Executives (the Code) helps to maintain the
standards of business conduct for Geojit BNP Paribas Financial Services Limited (the
Company) and ensures compliance with legal requirements particularly of Companies Act,
SEBI Regulations and the Listing Agreement with Stock Exchanges. The purpose of the
Code is to deter wrongdoing and promote ethical conduct. The matters covered in this Code
are of utmost importance to the Company, our shareholders and our business partners.
Further, these are essential so that we can conduct our business in accordance with our stated
values.
The Code is applicable to the following persons, referred to as Officers :

Directors of the Company

Our Senior Management

Members of the Board of Subsidiary Company

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Ethical business conduct is critical to our business. Accordingly, Officers are expected to
read and understand this Code, uphold these standards in day-to-day activities, and comply
with all applicable laws, rules and regulations, the Geojit BNP Paribas Code of Conduct,
Service rules and all applicable policies and procedures adopted by the Company that
govern the conduct of its employees.
Because the principles described in this Code are general in nature, Officers should also
review the Companys other applicable policies and procedures.
Officers should sign the acknowledgment form at the end of this Code and return the form to
the HR department indicating that they have received, read and understood, and agree to
comply with the Code. The signed acknowledgement form should be available with officers
concerned. Each year, as part of their annual review, Officers will be asked to sign an
acknowledgement indicating their continued understanding and adherence of the code.
III. HONEST AND ETHICAL CONDUCT
We expect all Officers to act in accordance with highest standards of personal and
professional integrity, honesty and ethical conduct, while working on the Companys
premises, at offsite locations where the Companys business is being conducted, at Company
sponsored business and social events, or any other place where Officers are representing the
Company.
We consider honest conduct to be conduct that is free from fraud or misrepresentation or
deception. We consider ethical conduct to be conduct conforming to the accepted
professional standards of conduct. Ethical conduct includes ethical handling of actual or
apparent conflicts of interest between personal and professional relationships. This is
discussed in more detail in Section IV below.

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IV. CONFLICTS OF INTEREST

An Officers duty to the Company demands that he or she avoids and discloses actual and
apparent conflicts of interest. A conflict of interest exists where the interests or benefits of
one person or entity conflict with the interests or benefits of the Company. Examples
include:
A.

Employment/Outside employment:With regard to the employment with the

Company, Officers are expected to devote their full attention to the business interests of the
Company. Officers are prohibited from engaging in any activity that interferes with their
employment with the Company. Our policies prohibit Officers from accepting simultaneous
employment with suppliers, customers, developers or competitors of the Company, or from
taking part in any activity that enhances or supports a competitors position. Additionally,
Officers must disclose to the Companys Audit Committee, any interest that they have that
may conflict with the business of the Company.

B.

Outside directorships: It is a conflict of interest to serve as a director of any company

that competes with the Company. Officers must first obtain approval from the Companys
audit committee before accepting a directorship.

C.

Business Interests: If an Officer is considering investing in any customer, supplier,

developer or competitor of the Company, he or she must first take care to ensure that these
investments do not compromise on their responsibilities to the Company. Our policy
requires that Officers first obtain approval from the Companys Audit Committee before
making such an investment. Many factors should be considered in determining whether a

22

conflict exists, including the size and nature of the investments, the Officers ability to
influence the Companys decisions, his or her access to confidential information of the
Company or of the other company, and nature of the relationship between the Company and
the other company. At the time of application for approval, full facts of the proposed
investment shall be placed before the Committee.
D.

Related parties: As a general rule, Officers should avoid conducting Companys

business with a relative, or have business in which a relative is associated in any significant
role. A relative means and includes spouse, children, parents, grandparents, grandchildren,
aunts, uncles, nieces, nephews, cousins, step relationships, and in-laws. Subject to the rules
and regulation, the Company discourages the employment of relatives of Officers in key
positions or assignments within the same department. Further, the Company prohibits the
employment of such individuals in positions that have a financial dependence or influence
(e.g. an auditing or control relationship, or a supervisor/subordinate relationship). Every
employee drawing a monthly salary of Rs.10,000/- or more shall disclose whether he is a
relative or not of any of our directors.

E.

Payments or gifts from others: Under no circumstance the Officers shall accept any
offer, payment, promise to pay, or authorisation to pay any money, gift, or anything of value
from customers, vendors, consultants, etc., that is perceived as intended, directly or
indirectly, to influence any business decision, any act or failure to act, any commitment of
fraud, or opportunity for the commitment of any fraud. Inexpensive gifts, infrequent
business meals, celebratory events and entertainment, provided that they are not excessive or
create an appearance of impropriety, do not violate this policy. Questions regarding whether
a particular payment or gift violates this policy are to be directed to Finance Department.

23

Gifts given by the Company to suppliers or customers should be appropriate to the

circumstances and should never be of a kind that could create an appearance of impropriety.
The nature and cost must always be accurately recorded in the Companys books and
records.
F.

Corporate opportunities: Officers may not exploit for their own personal gain,
opportunities that are discovered through the use of corporate property, information or
position, unless the opportunity is disclosed fully in writing to the Companys Board of
Directors and the Board declines to pursue such opportunity.

G.

Interested Contracts: Except with the consent of the Board of Directors of the
Company, any of the Director or his relative or a firm in which a director or his relative is a
partner, any other partner in such a firm, or a private company of which the director is a
member or director shall enter into any contract with the Company for sale, purchase or
supply of goods, materials or services, or for underwriting the subscription of any shares in
or debentures of the Company except for purchase or sale of goods for market price or such
contracts which either party regularly trades or does business. For any clarification in this
regard, the officers are requested to contact to the Finance Department / Secretarial
Department / Legal Department.

H.

Whistle Blower Policy: Employees who came across any unethical or improper
practice (not necessarily a violation of law) shall be free to approach the Audit Committee
without necessarily informing their supervisors. All officers are requested to inform their
subordinates about their this right through an effective manner. For any clarification in this
regard please contact Finance Department / Secretarial Department / Legal Department.

24

I.

Other Situations: It would be impractical to attempt to list all possible situations. If a

proposed transaction or situation raises any questions or doubts, please contact Finance
Department.
V. COMPLIANCE WITH GOVERNMENTAL LAWS, RULES AND REGULATIONS

Officers must comply with all applicable governmental laws, rules and regulations, Officers
must acquire appropriate knowledge of the legal requirements relating to their duties
sufficient to enable them to recognise potential dangers, and to know when to seek advice
from the Finance Department. Violations of applicable governmental laws, rules and
regulations will lead to penal action as specified in the respective statutes. In any doubt
about the compliance with laws rules/regulations /guidelines contact appropriate department
of the Company.
VI. VIOLATIONS OF THE CODE
Part of an Officers job, and of his or her ethical responsibility, is to help enforce this Code.
Officers should be alert against possible violations and report this to appropriate department.
Officers must co-operate in any internal or external investigations of possible violations.
Reprisal, threat, retribution or retaliation against any person who has, in good faith, reported
a violation or a suspected violation of law, this Code or other Company policies, or against
any person who is assisting in any investigation or process with respect to such a violation,
is prohibited.
The Company will take appropriate action against any Officer whose actions are found to
violate the Code or any other policy of the Company. Disciplinary actions may include
immediate termination of employment at the Companys sole discretion. Where the
Company has suffered a loss, it may pursue its remedies against the individuals or entities
25

responsible. Where laws have been violated, the Company will cooperate fully with the
appropriate authorities.

VII. WAIVERS AND AMENDMENTS OF THE CODE

We are committed to continuously reviewing and updating our policies and procedures.
Therefore, this Code is subject to modification. Any amendment or waiver of any provision
of this Code must be approved in writing by the Companys Board of Directors and
promptly disclosed on the Companys website and in applicable regulatory filings pursuant
to applicable laws and regulations, together with details about the nature of amendment or
waiver.
Why Geojit BNP Paribas?
25 years of history in Indian Capital Market
Geojit BNP Paribas has 25 years of in-depth broking experience in the Indian Capital
Market. More than 644,000 clients, a network of over 540 offices and manages assets worth
over Rs 12,172 crores (as of 31st March) in Assets Under Management reflect the trust
reposed in our expertise.
Pioneer in Online Trading in Feb. 2000
In the year 2000, Geojit BNP Paribas pioneered the simple concept of providing individuals
with the facility to trade online. This revolution has given the company the first mover
advantage in online trading. As a creative innovator, Geojit BNP Paribas uses advanced
technology in online trading to meet client requirements such as customized online trading
platforms and many other services.
Strong Shareholders

26

Geojit BNP Paribas is backed by strong shareholders.

In 2007, global banking major BNP Paribas joined the companys other major shareholders Mr. C.J.George, KSIDC (Kerala State Industrial Development Corporation) and Mr.Rakesh
Jhunjhunwala when it took a stake to become the single largest shareholder.
Wide range of products
Geojit BNP Paribas offers a wide range of trading and investment products and solutions.
Certified financial advisors help clients to arrive at the right financial solution to meet their
individual needs.
The wide range on offer includes - Equities | Derivatives | Currency Futures | Custody
Accounts | Mutual Funds | Life Insurance & General Insurance | IPOs | Portfolio
Management Services | Property Services | Margin Funding | Loans against Shares
Attractive brokerage slabs
We provide excellent value for money by offering:
Low online brokerage charges
0.03% for Equity intra-day trades
0.30% for Equity delivery trades
Rs.75 per lot for options
0.03% for futures including Minifty
Currency Brokerage ranging from Rs.10-Rs.15 according to contracts.
Learn the craft
You too can develop your trading skills by availing of the effective guidance by our research
department. We offer-

27

Daily mails delivered to our clients mailbox on market conditions and

recommendations

Technical analysis of BSE 200 Index scrips

Free monthly investment magazine

Services of professionally qualified executives at 558 offices across India.

Our strong research ideas have been instrumental in converting our clients into
successful traders.

Multichannel service- Internet, Phone, Branch trading

Trade the way that you want to by selecting from multiple channel options- Internet, Phone
or Branch.
First mover advantage
Geojit BNP Paribas through its first mover advantage in different areas has been the first to
serve investors with its innovative offerings.

1st to launch internet trading in the year 2000.

1st to launch integrated internet trading system for cash and derivative segments in
the year 2002.

1st Indian stock broking company to commence domestic retail broking operations in
any foreign country.

1st in the industry to have a global player offering its name thereby creating Geojit
BNP Paribas.

1st to launch exclusive branches for women in 2005.

Our deep reach

28

We have a pan-India network of over 558 offices with industry certified executives and a
dedicated Call Centre to provide you quality services.
Wide range of fund options
Geojit BNP Paribas gives you the option to choose from the 700 plus Mutual Fund schemes
offered by over 35 Asset Management companies such as SBI Mutual Fund, Reliance
Mutual Fund, Franklin Templeton India Mutual Fund, Tata Mutual Fund, Sundaram BNP
Paribas Mutual Fund, Fidelity Mutual Fund, and HDFC Mutual Fund.

29

CONCEPTUAL FRAME WORK

Financial Statements
Definition:
Financial statements (or financial reports) are formal records of a business' financial
activities. These statements provide an overview of a business' profitability and financial
condition in both short and long term.
There are three basic financial statements:
Balance sheet: also referred to as statement of financial position, it is a statement of the book
value of all of the assets and liabilities (including equity) of a business at a particular date. A
balance sheet is often described as a "snapshot" of the company's financial condition on a
given date.
Income statement also called a Profit and Loss Statement (P&L), is a financial statement that
reports a company's results of operations over a period of time for companies that indicates
how revenue (money received from the sale of products and services before expenses are
taken out) is transformed into net income (the result after all revenues and expenses have
been accounted for ).The purpose of the income statement is to show managers and investors
whether the company made or lost money during the period being reported.
Cash Flow statement: is a statement, which measures inflows and outflows of cash on
account of any type of business activity. The cash flow statement also explains reasons for
such inflows and outflows of cash so it is a report on a company's cash flow activities,
particularly its operating, investing and financing activities.
Objective of the statements:

30

The objective of financial statements is to provide information about the financial strength,
performance and changes in financial position of a company or enterprise which is so useful
for a wide range of users in making economic decisions.

Financial statement analysis

Financial analysis could be processed in many different ways, depending on what we want
to achieve. Financial analysis can be used as just a monitoring tool in the selection of stocks
in the secondary market. Or it can be used as a forecasting tool for future financial
conditions and results. It may be used for evaluation and diagnosis of managerial, operating
or other problem areas.
Furthermore, financial analysis is a great and accurate base to rely which reduces the
guessing and uncertainty that presents in all decision making situations. Financial analysis
does not lesson the need for judgment but rather establishes a sound and systematic basis for
its rational application.
Financial statements are used and analyzed by a different group of parties, these groups
consists of people both inside and outside a business. Generally, these users are:
A. Internal Users: are owners, managers, employees and other parties who are directly
connected with a company:
1. Owners and managers require financial statements to make important business decisions
that affect its continued operations. Financial analysis is then performed on these statements
to provide management with more detailed information. These statements are also used as
part of management's report to its stockholders, and it form part of the Annual Report of the
company.
2. Employees also need these reports in making collective bargaining agreements with the
management, in the case of labor unions or for individuals in discussing their compensation,
promotion and rankings.

31

B. External Users: are potential investors, banks, government agencies and other parties
who are outside the business but need financial information about the business for numbers
of reasons.
1. Prospective investors make use of financial statements to assess the viability of investing
in a business. Financial analyses are often used by investors and is prepared by professionals
(financial analysts), thus providing them with the basis in making investment decisions.
2. Financial institutions (banks and other lending companies) use them to decide whether to
give a company with fresh loans or extend debt securities (such as a long term bank loan ).
3. Government entities (tax authorities) need financial statements to ascertain the propriety
and accuracy of taxes and duties paid by a company.
4. Media and the general public are also interested in financial statements of some
companies for a variety of reasons.

Financial Ratio analysis

Ratio analysis is such a significant technique for financial analysis. It indicates relation of
two mathematical expressions and the relationship between two or more things. Financial
ratio is a ratio of selected values on an enterprise's financial statement. There are many
standard ratios used to evaluate the overall financial condition of a corporation or other
organization.
Financial ratios are used by managers within a firm, by current and potential stockholders of
a firm, and by a firms creditor. Financial analysts use financial ratios to compare the
strengths and weaknesses in various companies. Values used in calculating financial ratios
are taken from balance sheet, income statement and the cash flow of company, besides
Ratios are always expressed as a decimal values, such as 0.10, or the equivalent percent
value, such as 10%.

Essence of ratio analysis:

32

Financial ratio analysis helps us to understand how profitable a business is, if it has enough
money to pay debts and we can even tell whether its shareholders could be happy or not.

Financial ratios allow for comparisons:

1. Between companies
2. Between industries
3. Between different time periods for one company
4. Between a single company and its industry average
To evaluate the performance of one firm, its current ratios will be compared with its past
ratios. When financial ratios over a period of time are compared, it is called time series or
trend analysis. It gives an indication of changes and reflects whether the firms financial
performance has improved or deteriorated or remained the same over that period of time. It
is not the simply changes that has to be determined, but more importantly it must be
recognized that why those ratios have changed. Because those changes might be result of
changes in the accounting polices without material change in the firms performances.
Another method is to compare ratios of one firm with another firm in the same industry at
the same point in time. This comparison is known as the cross sectional analysis. It might be
more useful to select some competitors which have similar operations and compare their
ratios with the firms. This comparison shows the relative financial position and
performance of the firm. Since it is so easy to find the financial statements of similar firms
through publications or Medias this type of analysis can be performed so easily.
To determine the financial condition and performance of a firm, its ratios may be compared
with average ratios of the industry to which the firm belongs. This method is known as the
industry analysis that helps to ascertain the financial standing and capability of the firm in
the industry to which it belongs.
33

Industry ratios are important standards in view of the fact that each industry has its own
characteristics, which influence the financial and operating relationships. But there are
certain practical difficulties for this method. First finding average ratios for the industries is
such a headache and difficult. Second, industries include companies of weak and strong so
the averages include them also. Sometimes spread may be so wide that the average may be
little utility. Third, the average may be meaningless and the comparison not possible if the
firms with in the same industry widely differ in their accounting policies and practices.
However if it can be standardized and extremely strong and extremely weak firms be
eliminated then the industry ratios will be very useful.
After such a discussion and mentioning that these ratios are one of the most important tools
that is used in finance and that almost every business does and calculate these ratios, it is
logical to express that how come these calculations are of no importance. What are the
points that those ratios put light on them? And how can these numbers help us in performing
the task of management? The answer to these questions is: We can use ratio analysis to tell
us whether the business
1. Is profitable
2. Has enough money to pay its bills and debts
3. Could be paying its employees higher wages, remuneration or so on
4. Is able to pay its taxes
5. Is using its assets efficiently or not
6. has a gearing problem or everything is fine
7. Is a candidate for being bought by another company or investor and more.
But as it is obvious there are many different aspects that these ratios can demonstrate. So for
using them first we have to decide what we want to know, then we can decide which ratios
we need and then we must begin to calculate them.

34

As before mentioned there are varieties of people interested to know and read these
information and analyses, however different people for different needs. And it is because
each of these groups has different type of questions that could be answered by a specific
number and ratio. Therefore we can say there are different ratios for different groups, these
groups with the ratio that suits them is listed below:

1. Investors: these are people who already have shares in the business or they are
Willing to be part of it. So they need to determine whether they should buy shares in
The business, hold on to the shares they already have or sell the shares they already
Own. They also want to assess the ability of the business to pay dividends. As a result
The Return on Capital Employed Ratio is the one for this group.
2. Lenders: This group consists of people who have given loans to the company so they
want to be sure that their loans and also the interests will be paid and on the due time.
Gearing Ratios will suit this group.
3. Managers: managers might need segmental and total information to see how they fit into
the overall picture of the company which they are ruling. And Profitability Ratios can show
them what they need to know.
4. Employees: the employees are always concerned about the ability of the business to
provide remuneration, retirement benefits and employment opportunities for them, therefore
these information must be find out from the stability and profitability of their employers
who are responsible to provide the employees their need. Return on Capital Employed Ratio
is the measurement that can help them.
5. Suppliers and other trade creditors: businesses supplying goods and materials to other
businesses will definitely read their accounts to see that they don't have problems; after all,
any supplier wants to know if his customers are going to pay them back and they will study
the Liquidity Ratio of the companies.
35

6. Customers: are interested to know the Profitability Ratio of the business with which they
are going to have a long term involvement and are dependent on the continuance of presence
of that.
7. Governments and their agencies: are concerned with the allocation of resources and, the
activities of businesses. To regulate the activities of them, determine taxation policies and as
the basis for national income and similar statistics, they calculate the Profitability Ratio of
businesses.
8. Local community: Financial statements may assist the public by providing information
about the trends and recent developments in the prosperity of the business and the range of
its activities as they affect their area so they are interested in lots of ratios.
9. Financial analysts: they need to know various matters, for example, the accounting
concepts employed for inventories, depreciation, bad debts and so on. Therefore they are
interested in possibly all the ratios.
10. Researchers: researchers' demands cover a very wide range of lines of enquiry ranging
from detailed statistical analysis of the income statement and balance sheet data extending
over many years to the qualitative analysis of the wording of the statements depending on
their nature of research.

Types of Ratios:The various group of purpose are as follows.

Short Term Solvency Ratios.

Long Term Solvency Ratios.
Profitability Ratios.
Turnover Ratios.
Expenses Ratios.

Short term solvency Ratios / Liquidity Ratios:Liquidity ratios measures short-term liquidity of firm. Management can employ these ratios
to ascertain how efficiently they are managing working capital. The Liquidity Ratios

36

measures the ability of a firm to meet its short-term obligations and reflect the short-term
financial solvency of a firm.
1. Current Ratio.
2. Quick Ratio or Acid Test Ratio.

1. Current Ratio:Current ratio is defined as the ratio of current assets to current liabilities current liability.
Current ratio means those assents convertible or expected to be converted into cash within a
year. Current liabilities are those liabilities, which are to be paid of within the same period.
Current assets include cash in hand and at bank, marketable securities, debtors, prepaid
expenses etc. Current liabilities include outstand or accrued expenses, Sundry creditors,
Bills payable, Provisions for taxation etc.
Thus, current ratio is an index of firms financial stability. The logic behind current ratio is
that cash need not be available to meet all current liabilities on particular date. But there
should be good prospects for an adequate inflow of cash indicated by the amount of
individual component current assets.
A high current ratio is an assurance that the firm will have adequate funds to pay current
liability.

Current Ratios = Current Assets / Current Liability

2. Quick Ratio / Acid Test:Quick ratio is the ratio of quick assets to current liability.
Quick assets are those, which can be converted into cash without diminution in their value.
Which assets include cash, bank and sundry debtors. Quick Ratio is more rigorous test of
liquidity than current ratio since; it eliminate. Inventories and prepaid expenses as a part of
current assets. A high quick ratio compared to current ratio indicates under stocking. While a
low quick ratio may indicate overstocking. A quick ratio of 1:1 is assumed as standard in
theory. But this may very season to seasons and also from Business to Business.
37

Quick Ratio = Quick Assets / Quick liability

B) Long term Solvency Ratio or Leverage Ratio:Solvency ratio are those ratio calculated to determine the firms ability to meet its long term
obligations. The long term obligations include the claims of debentures holders and other
financial institutions which have offered long term and medium term loans to the firm.
The solvency position of a firm can be determined with the help of following ratio:
1. Debt Equity Ratio:2. Shareholder Equity Ratio:3. Interest Coverage Ratio
4. Fixed Assets to long term fund
5. Capital Gearing Ratio
1) Debt Equity Ratio:Debts equity ratio is those calculated to know the extent of
outsider fund and shareholder funds used in acquiring the assets for a firm in other words, it
is calculated to measure the relative claim of outsiders and share holder against the assets of
a firm. It is also called as external internal equity ratio or debt to net worth ratio.
Debt or outsider fund : An outsider fund refers to long term liabilities. Some writer are of the
opinion that preference share should be considered as outsiders funds for the reason that
dividend payable on these shares is fixed and the amount of these shares may be redeemed
after expiry a stipulated period. Similarly, there is a controversy regarding current liabilities
also. Some writers are of the opinion that current liabilities should be considered as outsiders
funds for the reason that they represent the firm obligations to outsiders. However we are of
38

the opinion that debt equity ratio may be calculated excluding current liabilities because they
are repayable with in a very short period and these liabilities widely fluctuate during a year.
Shareholder funds: Equity share capital + preference share capital + all accumulated profits
(i.e. both revenue and capital reserves) less accumulated losses.
A low debt equity ratio indicates that the interests of outsiders are safe and guarded and a
firm need not worry about their payment. On the other hand, a high debt equity ratio
indicates that the claims of outsiders are more than the shareholders, their interests are not
safe and they (outsider) have to bear the probable future losses.

Debt Equity Ratio = Long Term / Equity Capital.

2) Shareholder Equity Ratio:The Shareholders Equity Ratio is the ratio of Shareholders Equity & Total Capital employed.
It is calculated by dividing the Shareholders Equity & Total Capital employed.
This is an important ratio for determining the long - term solvency of a company. In general
the higher the share of owned capital, proprietors in the total capital of the company, the less
is the like hood of insolvency in future, given normally efficient management. The general
principle is that more stable the earnings of the business, lower will be the equity ratio which
would be considered acceptable and safe.

Shareholder equity ratio= Shareholder Equity/Total Capital Employed

3) Interest Coverage Ratio:It is also known as time interest-earned ratio. this ratio measures the debt servicing
capacity of a firm in so far as fixed interest on long-term loan is concerned. It is determined
by dividing the operating profits or earnings before interest and taxes (EBIT) by the fixed
interest charges on loans. Thus,
Interest coverage = EBIT / Interest

39

It should be noted that this ratio uses the concept of net profits before taxed because interest
is tax-deductible so that tax is calculated after paying interest on long term loan. This ratio,
as the name suggests, indicates the extent to which a fall in EBIT is tolerable in that the
ability of the firm to service its interest payments would not be adversely affected. For
instance, an interest coverage of 10 times would imply that even if the firms EBIT were to
decline to one-tenth of the present level, the operating profits available for servicing the
interest on loan would still be equivalent to the claims of the lenders. On the other hand,
coverage of five times would indicate that a fall in operating earnings only to up to one-fifth
level can be tolerated. From the point of view of the lenders, the larger the coverage, the
greater is the ability of the firm to handle fixed-charges liabilities and the more assured is the
payment of interest to them. However, too high a ratio may imply unused debt capacity. In
contrast, a low ratio is a danger signal that the firm is using excessive debt and does not have
the ability to offer assured payment of interest to the lenders.

4) Fixed Assets to long term fund:It reflects the security of fixed obligation. It indicates, to some extent, whether or not
additional creditor funds may be obtained by using the same security.

Fixed Assets to long term fund = Fixed Assets/ Long Term Fund
5) Capital Gearing Ratio:Capital Gearing indicates the relationship between equity
Shareholders funds and fixed interest bearing debentures / loans. If the fixed interest
bearing debentures exceeds equity shareholders funds, it is called Highly geared it is
called Low geared capital and if both are equal, it is called Evenly geared capital.

Capital Gearing Ratio = Equity shareholder funds / long term + unsecured

loans.
C) Profitability Ratios:-

40

The purpose of study and analysis of profitability ratio to help assessing the adequacy of
profits earned by the company and also to discover whether profitability is increasing of
declining. The profitability of the firm is the net result of a large number of policies and
decisions. The profitability ratios show the combined effects of liquidity, asset management
and debt management on operating results. Profitability ratios are measured with reference
to sales, capital employed, total assets employed, shareholders funds etc.
1. Returns on Capital Employed or Return on Investment.
2. Cash Profit Ratio.
3. Return on Shareholders Fund Ratio.
4. Gross Profit Ratio.
5. Net Profit Ratio.

1. Returns on Capital Employed or Return on Investment:A return on Capital Employed is determined by divining Net Profit by Capital Employed.

ROI = EAT + Interest / Total Capital Employed *100

The strategic aim of a business enterprise is to earn a return on capital. If in any particular
case, the return in long run is not satisfactory, then the deficiency should be corrected or the
activity is abandoned for a more favorable one.
2. Cash Profit Ratio:Cash Profit Ratio is computed using cash flow business operation as the numerator. This
vale is determined by adding non-cash expenses, such as depreciation and amortization to
net profits available to equity owners. The ratio indicates the cash generating ability (per
equity share) of the firm. Like EPS, cash EPS should be used with caution. It is beset with
all the limitation associated with EPS measure.

Cash Profit Ratio = Net profits + Deprecation / Net sales*100

41

3. Return on Shareholders Fund Ratio:According to this ratio, profitability is measured by dividing the net profits after taxes (but
before preference dividend) by the average total shareholders equity. The term
shareholders equity includes (i) preference share capital; (ii) ordinary shareholders equity
consisting of (a) equity share capital, (b) share premium, and (c) reserves and surplus less
accumulated losses. The ordinary shareholders equity is also referred to as net worth. Thus,
Return on total shareholders equity = Net profit / shareholders equity*100
The ratio reveals how profitably the owners funds have been utilized by the firm. A
comparison of this ratio with that of similar firms as also with the industry average will
throw light on the relative performance and strength of the firm.

4. Gross Profit Ratio:The ratio measures the gross profit margin on the total net sales made by the company. The
gross profit represents the excess of sales proceeds during the period under observation over
their cost, before taking into account administration, selling and distribution and financing
charges. The ratio measures the efficiency of the companys operations and this can also be
compared with the previous years results to ascertain the efficiency partners with respect to
the precious year.

Gross Profit Ratio = GP / Sales *100

5. Net Profit Ratio:The net profit ratio measures the relationship between net profit and Income from Sales in
percentage.

Net Profit Ratio = Net Profit / Sales *100

The ratio of net profit to income from sales expresses the cost price effectiveness of the
operation. A high net profit ratio would ensure adequate return on investment. A low net
profit ratio has the opposite implications.

42

D) Turnover Ratio:The efficiency or activity ratio are those ratio calculated to measure the operational
efficiency of a business concern. The operational efficiency a firm is judged based on its
profits earning capacity and the optimum utilization of its available resources in accordance
with financial policies related to its operation.
These ratios are also called as Turnover Ratio, Performance Ratio or Current Assets
Movement Ratio because they measure the speed with which the assets are converted into
sales. All the ratios coming under this category are calculated with reference to sales or cost
of sales and expressed in number of times say, 6 times, etc. A number of turnover ratios can
be calculated, such as,

1) Inventory Turnover Ratio (In Times).

2) Debtors Turnover Ratio
3) Average Collection Period.
4) Fixed Assets Turnover Ratio.
1) Inventory Turnover Ratio (In Times):The inventory turnover, or stock turnover, measures how fast the inventory is moving
through the firm and generating sales. The inventory turnover reflects the efficiency of
inventory management. The higher the ratio, the more efficient the management of inventory
turnover may be caused by a low level of inventory which may result in frequent stock outs
and loss of sales and customer goodwill.
Notice that as inventories tend to change over that year, we use the average of the
inventories at the beginning and end of the year. In general, average may be used when a
flow figure is related to a stock figure.
Inventory Turnover Ratio = Cost of goods sold / Average total stock.
2) Debtors Turnover Ratio and Average Collection Period:43

A firm may sell goods on cash as well as on credit. When the goods are sold on credit, the
parties to whom the goods have been sold, are called as debtors or book-debts in
accounting terminology. There must be proper credit collection policy to ensure proper
collection of debts without which there is every possibility of outstanding debt becoming
bad. Therefore, Debtors turnover ratio is calculated to measure the efficiency of credit
promotion policy and credit collection policy. Debtors turnover ratio indicates the speed
with which the debtors are turnover during a year. It is expressed in number of times the
debtors are turned over.
Higher Debtors Turnover Ratio indicates more efficient collection of debts and signifies the
more liquidity of debts and lowers Debtors Turnover Ratio, more in efficient collection of
debts and signifies the less liquidity of debts.

Debtors turnover = Total credit sales/Average sundry debtors.

The quality of debtors can be evaluated by ascertaining average collection period also. This
is calculated to know how many days credit is outstanding. Average collection period serves
as check on collection of Outstanding balances from customers. A high average collection
period indicates inefficient collection of debts and it affects liquidity position of a firm,
whereas a low average collection period indicates better quality of debts and sound liquidity
position of a firm.

Average collection period = total days in a year / Debtors turnover Ratio

3) Fixed Assets Turnover Ratio:This ratio is calculated to measure the adequacy or otherwise of investment in fixed assets.
This ratio is very significant for the manufacturing concerns. High ratio indicates efficiency
in work performance where as low ratio means inadequate investment in fixed assets.

Fixed Assets Turnover Ratio = Sales / Fixed Assets.

E) Expenses Ratios:-

44

Another profitability ratio related to sales is the Expenses Ratio. It is computed by dividing
expenses by sales. The term expenses includes 1) cost of goods sold, 2) administrative
expenses, 3) selling and distribution expenses, 4) financial expenses but excludes taxes,
dividends and extraordinary losses due to theft of goods, good destroyed by fire and so on.
There are different variants of expense ratios. That is listed below:
1) Cost of goods sold ratio:The cost of goods sold ratio shows what percentage share of sales is consumed by cost of
goods and, conversely, what proportion is available for meeting expenses such as selling
general distribution expenses as well as financial expenses consisting of taxes, interest and
dividend, and so on.
The expenses ratio is, therefore, very important for analyzing the profitability of a firm. It
should be compared over a period of time with the industry average as well as firms of
similar type. As a working proposition, a low ratio is favorable, while a high is unfavorable.

Cost of goods sold Ratio = Cost of goods sold / Net sales *100
2) Operating expenses ratio:The ratio is test of the operational efficiency with which the business is being carried. It
indicates the managerial ability to control the operating expenses. Operating expenses Ratio
indicate company ability to general profits out of its available resources with control of
management therefore low operation ratio is better.
Operating expenses Ratio = Administrative expenses + Selling Expenses / Net sales
*100.

45

DATA ANALYSIS AND INTERPRETATION:

Current ratio
Current ratio may be defined as the relationship between current assets and current
liabilities. This ratio also known as Working capital ratio is a measure of general liquidity
and is most widely used to make the analysis of a short-term financial position (or) liquidity
of a firm.
Current ratio=

Year

2010

2011

2012

2013

2014

Current ratio

0.80

0.70

0.89

1.04

1.07

INTERPRETATION: The ideal current ratio for any firm is 2:1. From the graph, it is clear
that the current ratio of the firm decreased in 2011. However, it increased to 0.89 in 2012
and finally increased to 1.07 in 2014.it indicates that current ratio of the company is less
than the ideal ratio. It represents that the firm is not good at working capital ratio in the
present year.

46

Fixed assets turnover ratio

Fixed assets turnover ratio is also known as sales to fixed assets ratio. This ratio measures
the efficiency and profit earning capacity of the concern.
Higher the ratio, greater is the intensive utilization of fixed assets. Lower ratio means underutilization of fixed assets. The ratio is calculated by using following formula:
Fixed Assets Turnover Ratio = Cost of Sales / Net Fixed Assets

Year

2010

2011

2012

2013

2014

Fixed assets turnover ratio

2.14

0.99

3.19

1.29

0.82

INTERPRETATION: From the above figure it could be understood the fixed assets
turnover ratio was increasing and decrease 2010-2012 and it was increased in 2012 and
finally decreased in 2013-2014, it indicates that utilization of fixed assets are also decreased.

47

Current assets turnover ratio

Current Assets Turnover Ratio indicates that the current assets are turned over in the form of
sales more number of times. A high current assets turnover ratio indicates the capability of
the organization to achieve maximum sales with the minimum investment in current assets.
Higher the current ratio better will be the situation.
Fixed Assets Turnover Ratio = Net Sales / Total current Assets

Year

2010

2011

2012

2013

2014

Current assets turnover ratio

1.25

1.05

1.1

1.35

1.51

INTERPRETATION: From the above information current assets turnover ratio was
increasing and decreasing trend from the year 2010 to 2012 and the ratio was lowest in the
year 2010 and it was increased 1.35 in 2013 finally it was increased to 1.51 in 2014 which
represents that company has maximum sales with the minimum investment in current assets.

Working capital turnover ratio

48

The working capital turnover ratio measures how well a company is utilizing its working
capital to support a given level of sales. A high turnover ratio indicates that management is
being extremely efficient in using a firm's short-term assets and liabilities to support sales.
Formula: Divide net sales by working capital (which is current assets minus current
liabilities). The calculation is usually made on an annual basis, and uses the average working
capital during that period.
Year

2010

2011

2012

2013

2014

Working capital turnover ratio

-5.11

-2.45

-9.71

30.51

21.62

INTERPRETATION: This ratio indicates whether working capital has been effectively
utilized in making sales or not. From the above graph it is noted that working capital had
some fluctuation in the middle of the study period, yet the company was able to increase it
in the later years. Hence the turnover indicates that company has utilized its working capital
efficiently and the company can also try to work on this to get more effective values.

Gross profit ratio

The gross profit margin is a measurement of a company's manufacturing and distribution
efficiency during the production process. The gross profit tells an investor the percentage of
49

revenue / sales left after subtracting the cost of goods sold. A company that boasts a higher
gross profit margin than its competitors and industry is more efficient. Investors tend to pay
more for businesses that have higher efficiency ratings than their competitors, as these
businesses should be able to make a decent profit as long as overhead costs are controlled
(overhead refers to rent, utilities, etc.)
Gross profit margin=

Year

2010

2011

2012

2013

2014

Gross profit ratio

37.44

14.37

31.08

27.04

24.79

INTERPRETATION:
The Gross Profit Margin of the company decreased compared to the previous years. It was
good in 2012 and stood at 31.08 %. However, it decreased to 24.79 % in 2013 indicating the
efficiency of companys manufacturing and distribution also decreased.

Net profit ratio

Net profit margin is one of the profitability ratios and an important tool for financial
analysis. It is the final output; any business is looking out for. Net profit ratio is a ratio of net
50

profits after taxes to the net sales of a firm. All the efforts and decision making in the
business is to achieve a higher net profit margin with increase in net profits.
Net profit margin shows the margin left for the equity and preference shareholders i.e. the
owners. Unlike the gross profit which measures the operating efficiency of the business, net
profit margin measures the overall efficiency of the business. An adequate margin of net
profits will be generated only when most of all the activities are being done efficiently. The
activities may be production, administration, selling, financing, pricing or tax management.
Net Profit Margin or Ratio=

Year

2010

2011

2012

2013

2014

Net profit ratio

25.17

10.3

21.73

20.65

19.59

INTERPRETATION:
From the above fig; it is understood that the margin available for owners is slightly
decreased compared to previous years. The value is decreased only 1 % from the previous
margin that available for owners. The net profit ratio was low in the year 2011.

Return on assets ratio

51

Return on assets is a key profitability ratio which measures the amount of profit made per
dollar of assets that they own. It measures the companys ability to generate profits before
leverage with its own assets, rather than by using leverage in the form of shareholders'
equity or other debt liabilities. Generally speaking, the higher this number is the more
effective the company is in utilizing its assets. Return on assets is a key profitability
measure which can be used to measure relative efficiency of companies within the same
industry who have a similar product or service line.
Return on assets =

Year

2010

2011

2012

2013

2014

Return on assets ratio

19.88

5.25

17.91

13.66

10.49

INTERPRETATION: Return on assets ratio was increasing and decreasing from 2010 to
2012 it was highest in the years 2010. It represents the company is more effective by
utilizing the assets. And the ratio was decreased in the year 2014 it indicates the company
efficiency is also decreased.

Return on equity
52

The amount of net income returned as a percentage of shareholders equity. Return on

equity measures a corporation's profitability by revealing how much profit a company
generates with the money shareholders have invested.
ROE is expressed as a percentage and calculated as:

Return on Equity =

Year

2010

2011

2012

2013

2014

Return on equity

2.3

0.64

2.53

2.13

1.73

INTERPRETATION: From the above information the Return on equity ratio was increased
and decreased from the year 2010 to 2012 the ratio was highest in the year 2012 is 2.53. It
indicates that the income generate on shareholders investment is also increased.

Return on capital employed

53

ROCE (Return on capital employed) is a ratio that depicts the profitability of company's
capital investments. This ratio calculation indicates how efficiently a company generates
revenue from its capital investments.

Return on capital employed =

Year

2010

2011

2012

2013

2014

Return on capital employed

25.72

14.59

14.03

12.83

12.88

INTERPRETATION:
From the above information return on capital employed ratio was highest in the year 2010
the value of return on capital employed is 25.72, which indicates that the company is
generating enough profits for their capital invested and the ratio was decreased from 2011 to
2013.

Dividend per share:

54

Dividend Per Share (DPS) ratio relates the dividends announced for the year to the number
of shares issued for that year. It is an indication of the cash return that shareholders receive
from holding shares in the listed company.

100

Year

2010

2011

2012

2013

2014

Dividend per share

0.7

0.5

0.75

0.75

0.75

INTERPRETATION:
From the above graph it is understood that dividend per share ratio was increased from
2010 to 2012. This indicates that the amount of declared dividends per each share of stock is
increased

55

Earnings per share

Earnings per share ratio (EPS Ratio) is a small variation of return on equity capital ratio and
is calculated by dividing the net profit after taxes and preference dividend by the total
number of equity shares.
The formula of earnings per share is:

Year

2010

2011

2012

2013

2014

Earnings per share

2.3

0.64

2.53

2.13

1.73

.
INTERPRETATION: From the above information Earning per share ratio was slightly
increased and decreased from the year 2010 to 2012 the ratio was highest in the year 2012 is
2.53 which shows that earning from the shareholders funds is increased and it was decreased
to 2014.

Dividend payout ratio:

56

Dividend payout ratio is calculated to find the extent to which earnings per share have been
used for paying dividend and to know what portion of earnings has been retained in the
business. It is an important ratio because ploughing back of profits enables a company to
grow and pay more dividends in future.
Following formula is used for the calculation of dividend payout ratio
Dividend Payout Ratio = Dividend per Equity Share / Earnings per Share
Year

2010

2011

2012

2013

2014

Dividend payout ratio

30.33

77.2

29.62

35.19

43.12

INTERPRETATION: From the above graph it could be understood that the dividend
payout ratio was increasing from the year 2010 to 2011 and it was decreased in the year
2012.finally it was increased in 2014 which indicates that the payment of dividends are less
than the earnings per each share of stock.

Findings:

Current ratio of the company is less than the ideal ratio. It represents that the firm is
not good at working capital ratio in the present year.
57

Fixed assets turnover ratio was increasing and decreasing trend from 2010 to 2012
and it was slightly decreased in 2013 and finally decreased in 2014.

Current assets turnover ratio was increased 1.35 in 2013 finally it was increased to
1.51 in 2012 which represents that company has maximum sales with the minimum
investment in current assets.

Working capital had some fluctuation in the middle of the study period, yet the
company was able to increase it in the later years.

The Gross Profit Margin of the company decreased compared to the previous years.
It was good in 2010 and stood at 31.08 %. However, it decreased to 24.79 % in 2012.

The net profit ratio was very low in the year 2009 and it is also proved that the
efficiency of the company is increasing and decreasing from 2008 to 2012.

Return on assets ratio was increasing and decreasing from 2008 to 2012 it was
highest in the years 2008 & 2010.

Return on equity was decreasing in the year 2012 is 1.73. It indicates that the income
generate on shareholders investment is also decreased.

Dividend per share ratio was increased from 2087 to 2012.

Earnings per share was highest in the year 2011 is 2.74 which shows that earning
from the shareholders funds is increased.

Dividend payout ratio was increasing from the year 2008 to 2009 and it was
decreased in the year 2010 and it was decreased in the year 2011.finally it was
increased in 2012

Suggestions:

It is suggested to the company to increase its liquidity since its more than the ideal
ratio for the past five years and is able to meet the short term obligations.
58

It should also see that it will be able to meet the working capital requirements
properly. If not, this may become a hurdle to the production process.

The firm should reframe its capital structure and pay off the debts to some extent. It
should increase the equity share capital instead of the debt so that there is a reduction
in the risk. And also, the firm should take immediate measures for profitably utilizing
the investments of the shareholders.

There is increasing trend in the gross profit margin and the net profit margin of the
company which means that the production and sales are favourable to the company.
Maintain the same aggressive marketing should be taken to stabilize the production.

Earnings per share ratio is decreasing year by year it is not favourable to the
company. So try to increase the earning capacity on dividends.

The company should be taken efforts to increase the overall efficiency in returns out
of capital employed by making used of the available resources effectively.

Conclusion:

59

The study Financial Performance Analysis in Geojit BNP Paribas Financial Services Ltd
was undertaken with an objective of getting an insight into the analysis of financial
performance of Geojit BNP Paribas Financial Services Ltd. The study attempts to
determine the profitability performance of company. Further, the study aims to determine the
Financial Performance, Solvency position and capacity of payment of interest and dividends
and lending capacity of Geojit BNP Paribas Financial Services Ltd.
The study is done using the Balance sheet, Profit and Loss account and other financial
information of Geojit BNP Paribas Financial Services Ltd. The entire study is based on the
secondary data only. The analytical tools used for the study are ratio analysis. The study is
done at Hyderabad for a period of 60days. The study had few limitations which were taken
care of.
The financial information obtained was analyzed using the appropriate techniques and it was
found that the current ratio of the company is less than the ideal ratio. It represents the
company is not able to meet short term obligations and it has liquidity problem. The Gross
Profit Margin of the company decreased compared to the previous years. It was good in
2010 and also find Earnings per share was highest in the year 2010 is 2.53 which shows that
earning from the shareholders funds is increased.
It is suggested to the company the working capital requirements properly. If not, this may
become a hurdle to the production process. And the Company should be taken efforts to
increase the overall efficiency in returns out of capital employed by making used of the
available resources effectively.

60

BIBLIOGRAPHY:
1. I.M. Pandey, Financial Management Ninth Edition, Vikas Publishing House Pvt Ltd,
10th edition, 2009
2. Prasanna chandhra, Financial Management, Tata McGraw-Hill Education, 7th edition,
2008.
3. Dr.R.K. Mittal, Management Accounting and Financial Management,V.K(india)
Enterprises-2010.
WEBILIOGRAPHY:
1.
2.
3.
4.
5.

www.morevalue.com/i-reader/ftp/Ch17.PDF
www.freemba.in/articles.php?stcode=10&substcode=30
www.wikipedia.org
www.scrid.com
www.zainbooks.com

61

Balance Sheet of Geojit BNP Paribas Financial Services

Balance Sheet of Geojit BNP Paribas
Financial Services
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

Mar '09

22.84
22.84
0
0
355.56
0
378.4
0
0
0
378.4
Mar '12

22.53
22.53
1.88
0
294.63
0
319.04
0
0
0
319.04
Mar '10
89.01
71.5
31.4
40.1
2.83
130.52
0
109.14
127.72
236.86
125.23
75.11
437.2
263.92
22.45
286.37
150.83
0
319.05

22.34
22.34
1.47
0
252.25
0
276.06
0
0
0
276.06
Mar '09

20.9
20.9
8.95
0
212.7
0
242.55
0
0
0
242.55
Mar '08

66.66
21.41
45.25
0.36
156.52
0
41.37
92.72
134.09
141.59
51.39
327.07
191.54
55.52
247.06
80.01
0
276.06

45.65
12.56
33.09
1.73
147.25
0
64.74
88.53
153.27
127.74
37.49
318.5
190.7
67.28
257.98
60.52
0
242.53

20.9
20.9
8.54
0
181.29
0
210.73
0
0
0
210.73
Mar '07
110.78
35.58
13.03
22.55
0.24
42.3
0
31.59
44.5
76.09
79.15
123.43
278.67
108.7
24.35
133.05
145.62
0
210.71

30.8
14.08

4.22
12.29

4.19
11.18

2.87
9.67

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets

88.51
53.07
29.72
16.94
109.67
0
72.85
60.54
133.39
147.07
87.09
367.55
124.02
20.37
144.39
223.16
0
378.38

22.84
22.84
1.1
0
332.57
0
356.51
0
0
0
356.51
Mar '11
162.6
83.29
42.52
35.05
9.66
120.2
0
105.36
69
174.36
87.3
118.88
380.54
166.63
22.32
188.95
191.59
0
356.5

Contingent Liabilities
Book Value (Rs)

43.24
16.57

34.17
15.56

62

Profit & Loss account of Geojit BNP Paribas Financial Services

Profit & Loss account of Geojit BNP
Paribas Financial Services
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

Mar 10

Mar '09

202.67
0
202.67
32.72
0
235.39

235.9
0
235.9
35.26
0
271.16

262.91
0
262.91
24.26
0
287.17

140.95
0
140.95
17.92
0
158.87

191.59
0
191.59
14.58
0
206.17

104.78
0
104.78
4.95
0
109.73

0
0
50.9
80.76
28.21
12.71
0
172.58
Mar '12
30.09
62.81
1.03
61.78
11.52
0
50.26
2.47
52.73
10.93
39.72
172.59
0
17.13
2.78

0
0
54.51
96.22
29.83
13.83
0
194.39
Mar '11
41.51
76.77
0.18
76.59
12.79
0
63.8
2.76
66.56
15.03
48.73
194.4
0
17.15
2.78

0
0
51.09
28.47
101.21
12.62
0
193.39
Mar '10
69.52
93.78
0.54
93.24
11.52
0
81.72
1.09
82.81
23.84
57.15
193.39
0
16.93
2.81

0
0
43.09
25.96
47.62
10.81
0
127.48
Mar '09
13.47
31.39
1
30.39
10.13
0
20.26
0
20.26
5.74
14.52
127.47
0
11.21
1.82

0
0
41.06
27.34
49.75
9.61
0
127.76
Mar '08
63.83
78.41
0.46
77.95
6.21
0
71.74
0
71.74
23.51
48.23
127.76
0
14.63
2.49

0
0
21.26
20.06
23.45
8.35
0
73.12
Mar '07
31.66
36.61
0.37
36.24
4.57
0
31.67
-0.22
31.45
10.4
21.05
73.12
0
6.09
0.85

2,283.60
1.74
75
16.57

2,283.60
2.13
75
15.56

2,252.54
2.54
75
14.08

2,234.12
0.65
50
12.29

2,089.91
2.31
70
11.18

2,089.91
1.01
40
9.67

63

Cash Flow of Geojit BNP Paribas Financial Services

Cash Flow of Geojit BNP Paribas Financial

------------------- in Rs. Cr. -------------------

Services
Net Profit Before Tax
Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash
Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

Mar '14
50.24
-30.92
3.51

Mar '13
63.81
-19.08
-28.32

Mar '12
81.72
34.44
8.54

Mar '11
20.26
11.83
-22.05

Mar '10
67
69.07
-25.25

Mar '09
31.68
17.45
-151.49

-18.82
-46.22

-11.32
-58.72

-7.98
35

14.4
4.19

0.2
44.03

142.9
8.86

150.53
104.3

127.72
69

92.72
127.72

88.53
92.72

44.5
88.53

35.64
44.5

64