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Motilal Oswal Financial Services Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 9430.40 Cr. P/BV 4.16 Book Value (Rs.) 155.86
52 Week High/Low (Rs.) 1588/545 FV/ML 1/1 P/E(X) 16.79
Bookclosure 21/09/2018 EPS (Rs.) 38.58 Div Yield (%) 1.31
Year End :2017-03 

Note 1 : Corporate Information:

Motilal Oswal Financial Services Limited (‘the Company’) is a Non-banking Financial Company registered with the Reserve Bank of India (“RBI”) under section 45-IA of the Reserve Bank of India Act, 1934 and primarily engaged in lending and related activities. The Company received the Certificate of Registration from the RBI on 5th April, 2006, enabling the Company to carry on business as a Non-banking Finance Company.

In accordance with the provisions of section 45-IC of the RBI Act, 1934, the Company has created a Reserve Fund & during the year, the Company has transferred an amount ofRS.1,725.94 lakhs (Previous Year RS.934.95 lakhs) to Reserve Fund, being 20% of the Profit After Tax.

Note 2 : Segment Reporting

As per AS 17 Para 4, Segment has been disclosed in Consolidated Financial Statement, Hence no separate disclosure has been given in standalone financial statement of the Company.

Lease Payments Company as Lessee

The company has taken office premises and rented flat on lease for a period upto 3 years.

Note 3:

The Company gives secured loans to its customers, wherein towards such loan the customers give their owned securities (shares) as a security to the Company which are either pledged in favour of the Company or are transferred to Company’s Depositary Participant account. Such shares are kept by the Company in a separate Depositary Participant account maintained by the Company for all such purposes.

Note 4 :

1) CRISIL Limited reaffirmed the Credit Rating of “CRISIL A1 ” (pronounced ‘CRISIL A One Plus’) to the Short Term Debt Programme of 25,000 lakhs (previous year 25,000 lakhs) of the Company. The rating indicates very strong degree of safety regarding timely servicing of financial obligations.

2) ICRA has re-affirmed the rating of ICRA AA rating with stable outlook (pronounced ICRA double A rating with Stable Outlook’) to the Long Term Debt Programme of the Company for RS.15,000 lakhs (previous year RS.15,000 lakhs). The rating indicates strong degree of safety regarding timely servicing of financial obligations.

The Company has sent letters to vendors to confirm whether they are covered under micro, small and medium enterprise development act 2006 as well as they have filed required memorandum with prescribed authority. Out of the letter sent to the party, some confirmations have been received till the date of finalisation of balance sheet. Based on the confirmation received, the outstanding amounts payable to the vendors under Micro, Small and Medium Enterprises Development Act 2006 are given below :

Note 5 :

During the current year, Company has made / (reversed) a provision RS.53.07 lakhs (previous year RS.59.32 lakhs) being 0.35% (previous year 0.30%) of its standard assets as per the Notification No. RBI/DNBR2016-17/45 dated 1st September, 2016) issued by RBI.

Note 6 :

Disclosures of Employee Benefits in accordance with Accounting Standard 15 (Revised)

The Company has classified various benefits provided to employee benefits as under:

Note 7 : Related Party Disclosure

I. Names of Related Parties (as certified by Management) :-

A) Holding Company

- Passionate Investment Management Private Limited

B) Subsidiary / Step-down subsidiaries companies

- Motilal Oswal Securities Limited

- Motilal Oswal Investment Advisors Limited (formerly known as Motilal Oswal Investment Advisors Private Limited)

- MOPE Investment Advisors Private Limited

- Motilal Oswal Commodities Broker Private Limited

- Motilal Oswal Capital Markets Private Limited

- Motilal Oswal Wealth Management Limited

- Motilal Oswal Insurance Brokers Private Limited

- Motilal Oswal Asset Management Company Limited

- Motilal Oswal Asset Management (Mauritius) Pvt Ltd

- Motilal Oswal Trustee Company Limited

- Motilal Oswal Capital Market (Hongkong) Private Limited

- Motilal Oswal Capital Markets (Singapore) Pte. Limited

- Motilal Oswal Securities International Private Limited

- Motilal Oswal Real Estate Investment Advisors Private Limited

- Motilal Oswal Real Estate Investment Advisors II Private Limited

- Aspire Home Finance Corporation Limited

- India Business Excellence Management Company

- Motilal Oswal Capital Limited

- Carnation Township Management LLP (Upto 29th March, 2016)

C) Fellow Subsidiaries

- Nagori Agro & Cattle Feeds Private Limited

D) Associate Enterprises

- India Reality Excellance Fund II LLP

E) Key Management Personnel

- Mr.Motilal Oswal - Chairman & Managing Director

- Mr.Raamdeo Agarawal - Joint Managing Director

F) Relatives of Key Management Personnel

- Vimla Oswal - Spouse of Chairman & Managing Director

- Vimladevi Salecha - Sister of Chairman & Managing Director

- Rajendra Gopilal Oswal - Brother of Chairman & Managing Director

- Sunita Agarawal - Spouse of Joint Managing Director

- Dr.Karoon Ramgopal Agarawal – Brother of Joint Managing Director

- Vinay R.Agrawal - Brother of Joint Managing Director

- Sukhdeo Ramgopal Agarawal – Brother of Joint Managing Director

- Govinddeo R.Agarawal - Brother of Joint Managing Director

- Satish Agrawal - Brother of Joint Managing Director

- Suman Agrawal - Sister of Joint Managing Director

- Anita Anandmurthy Agrawal – Sister of Joint Managing Director

G) Enterprises in which Key Managerial Personnel have control

- OSAG Enterprises LLP

- VISU Associates - Partnership firm (Dissolved from 31st March, 2017)

H) Enterprises in which Key Managerial Personnel and their relatives exercise significant influence

- Raamdeo Agarawal(HUF)

- Motilal Oswal Foundation (Trust)

- Motilal Oswal HUF

Details of Stock options

The company has four Stock option Schemes

Motilal Oswal Financial Services Limited -Employees’ Stock Option Scheme -III’(ESOS-III)

The Scheme was approved by Board of Directors on 23.01.2006 and by the shareholders in EGM dated 03.02.2006 and EGM dated 28.04.2006 and is for issue of 1,167,275 options representing 1,167,275 Equity shares of RS.2 each.

Motilal Oswal Financial Services Limited -Employees’ Stock Option Scheme -V’ (ESOS-V)

The Scheme was approved by Board of Directors on 18.10.2007 and by the shareholders on 4.12.2007 by postal ballot and is for issue of 2,500,000 options representing 2,500,000 Equity shares of RS.1 each

Motilal Oswal Financial Services Limited -Employees’ Stock Option Scheme -VI’ (ESOS-VI)

The Scheme was approved by Board of Directors on 21.04.2008 and by the shareholders in AGM dated 08.07.08 and is for issue of 5,000,000 options representing 5,000,000 Equity shares of RS.1 each

Motilal Oswal Financial Services Limited -Employees’ Stock Option Scheme -VII’ (ESOS-VII)

The Scheme was approved by Board of Directors on 19.07.2014 and by the shareholders in AGM dated 22.08.14 and is for issue of 2,500,000 options representing 2,500,000 Equity shares of RS.1 each

The activity in the (ESOS-III), (ESOS-V) ,(ESOS-VI) and ESOS (VII) during the year ended 31st March 2017 and 31st March 2016 is set below:

Employees’ Stock Options Scheme (ESOS):

During the year 9,40,975 Employee Stock Options have been granted to the employees of the Company and its subsidiary Companies (Previous Year 18,30,000).

The Company has adopted intrinsic value method of accounting Employee Compensation Cost in respect of ESOS. The intrinsic value of shares is excess of market price of the shares under ESOS over the exercise price. Employee Compensation Cost is accounted for by amortizing the intrinsic value on the straight line basis over the vesting period. The total amount to be amortized as at March 31, 2017 over the balance vesting period is V NIL (Previous year- Nil)

The weighted average share price at the date of exercise for stock options exercised during the year was RS.520.76 (previous year RS.284.89)

Exercise Pricing Formula

Scheme I

Compensation Committee is authorised to determine the Exercise Price having regard to the valuation report of an independent practising chartered accountant that may be based on such valuation method, as may be considered suitable by him. Compensation Committee, in its absolute discretion, have the authority to grant the Options at such discount as it may deem fit.

Scheme II

Exercise Price shall be the closing price of the Company’s Equity Shares quoted on the Bombay Stock Exchange Limited immediately preceding the date of Grant of the Stock Options, which for this purpose shall be the date on which the Committee grant the Stock Options, discounted by such percentage as may be determined by the Committee in the best interest of the various stakeholders in the prevailing market conditions

Scheme III

Exercise Price shall be the closing price of the Company’s Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.

Scheme IV

Exercise Price shall be the closing price of the Company’s Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted / increased by such percentage as may be determined by the Committee

Note 8 :

Disclosures as per guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms

A) Penalties or Fines imposed by Reserve Bank of India

During the Financial Year 2016-17, no Penalties or Fines have been imposed by Reserve Bank of India.

B) i) Schedule to the Balance Sheet of “Motilal Oswal Financial Services Limited” as at 31st March, 2017 (as required in terms of paragraph 13 of Systemically Important Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015

C) i) Schedule to the Balance Sheet of “Motilal Oswal Financial Services Limited” as at 31st March, 2016 (as required in terms of paragraph 13 of Systemically Important Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015

Recognizing the responsibilities towards society, as a part of on-going activities, the Company has contributed towards various Corporate Social Responsibility initiatives.

a) Gross amount required to be spent by the Company during the year RS.58.30 lakhs (Previous Year RS.46.50 lakhs)

b) Amount spent during the period ended 31st March 2017 on:

(c) Above includes a contribution of RS.52.42 lakhs (Previous year RS.47.30 lakhs) to Motilal Oswal Foundation which is classified as related party under Accounting Standard 18- “Related Party Disclosures”.

(d) The company has provision for Corporate social responsibility expenses of RS.6.50 Lakhs (Previous Year NIL) which is already paid through Motilal Oswal Foundation.

Note 9:

Previous year figures have been regrouped/reclassified wherever necessary to make them comparable.


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