JMFL Home Loans is engaged in the business of providing home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. We cater even to those home buyers who lack income proofs and also to those who need small home loans. We leverage our superior technological capabilities and our wealth of experience and rich expertise to provide a diverse range of highly customised products and services to home-buyers. We promise to provide our customers a transparent and quick home loan disbursement process, hassle-free and easy documentation process and top class customer service. Keeping in line with the culture of innovation within the JM Financial Group, we endeavour to constantly innovate and diversify our product and service offerings. We will be your Trusted Advisor for any and every query you might have about your Property, Loan and Documentation to ensure a seamless experience designed for your utmost convenience. https://www.jmfl.com/what-we-do/fund-based-activities/home-loans
Analysis of Accounting Standards IFRS and IND ASijtsrd
1. Meaning - Indian Accounting Standards abbreviated as Ind AS are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards IFRS IND AS is notified by NACAS on 25th Feb 2011. NFRA= National Financial Reporting Authority U s 132 Rishi Agarwal | Dr. R. K. Agarwal "Analysis of Accounting Standards: IFRS & IND AS" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21403.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/21403/analysis-of-accounting-standards-ifrs-and-ind-as/rishi-agarwal
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956/2013 and is engaged in the business of loans and advances, deposits, acquisition of shares stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property. To register NBFC in India, the Company must have approval from Reserve Bank of India.
NTPC Tax Free Secured Redeemable Non Convertible Bonds.
Public issue by NTPC Ltd. of tax-free secured redeemable non-convertible
green Bonds of face value of Rs. 1,000 each in the nature of debentures having
tax benefits under Section 10(15)(iv)(h) of the Income Tax Act, for an amount
of Rs. 400 crore with an option to retain oversubscription of up to Rs. 300
crore for issuance of additional bonds aggregating to a total of up to Rs. 700*
crore during fiscal 2016.
Issue Opening Date : 23rd of September, 2015
Issue Closing Date : 30th of September, 2015.
The Issue shall remain open for subscription from 10.00 A.M. to 5.00 P.M
Rating AAA (Stable) by ICRA, AAA by CRISIL & AAA (Triple A) by CARE
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
“RBI Monetary Policy Analysis : Leaving no stone unturned “iciciprumf
The RBI cut the Repo rate by 75bps to 4.4%, the Reverse Repo by 90bps to 4% and the Cash Reserve Ratio (CRR) by 100bps to 3%, targeting an increase in liquidity with banks to invest in investment-grade corporate bonds, commercial papers etc. and announced macro-prudential measures such as relaxing repayments for all term loans and improving access for working capital for the next 3 months.
Analysis of Accounting Standards IFRS and IND ASijtsrd
1. Meaning - Indian Accounting Standards abbreviated as Ind AS are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards IFRS IND AS is notified by NACAS on 25th Feb 2011. NFRA= National Financial Reporting Authority U s 132 Rishi Agarwal | Dr. R. K. Agarwal "Analysis of Accounting Standards: IFRS & IND AS" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21403.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/21403/analysis-of-accounting-standards-ifrs-and-ind-as/rishi-agarwal
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956/2013 and is engaged in the business of loans and advances, deposits, acquisition of shares stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property. To register NBFC in India, the Company must have approval from Reserve Bank of India.
NTPC Tax Free Secured Redeemable Non Convertible Bonds.
Public issue by NTPC Ltd. of tax-free secured redeemable non-convertible
green Bonds of face value of Rs. 1,000 each in the nature of debentures having
tax benefits under Section 10(15)(iv)(h) of the Income Tax Act, for an amount
of Rs. 400 crore with an option to retain oversubscription of up to Rs. 300
crore for issuance of additional bonds aggregating to a total of up to Rs. 700*
crore during fiscal 2016.
Issue Opening Date : 23rd of September, 2015
Issue Closing Date : 30th of September, 2015.
The Issue shall remain open for subscription from 10.00 A.M. to 5.00 P.M
Rating AAA (Stable) by ICRA, AAA by CRISIL & AAA (Triple A) by CARE
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
“RBI Monetary Policy Analysis : Leaving no stone unturned “iciciprumf
The RBI cut the Repo rate by 75bps to 4.4%, the Reverse Repo by 90bps to 4% and the Cash Reserve Ratio (CRR) by 100bps to 3%, targeting an increase in liquidity with banks to invest in investment-grade corporate bonds, commercial papers etc. and announced macro-prudential measures such as relaxing repayments for all term loans and improving access for working capital for the next 3 months.
Rbi inflation linked bonds 2013 - National Savings Securities Jagoinvestor
RBI has announced that its going to issue Inflation Indexed National Savings Securities - Cumulative (IINSS-C) for retail investors where one can invest and get returns which will be 1.5% more than the Inflation. These bonds are now coming up as it was announced in the last budget that govt will bring inflation linked products from govt
More at - http://www.jagoinvestor.com/?p=19187
The Reserve Bank of India (RBI) has formulated the framework for External Commercial Borrowings by Startups. The Banking Regulator vide RBI circular , dated 27 October, 2016 has now permitted Startup Enterprises to access loans under ECB framework. The said Article provides complete details of the circular and also the personal views of the Author.
The Reserve Bank of India (RBI) has been taking several measures in development of the Government Securities (G-Sec) market in the country. Following the announcement made in the Union Budget 2013-14, RBI has launched a new G-Sec Instrument namely Inflation Indexed Bonds (IIBs) on June 4th 2013. IIB will protect savings of poor and middle classes from inflation and incentivise household sector to save in financial instrument rather than buy gold.
The Indian microfinance sector witnessed rapid growth over last decade. A microfinance institution acquires permission to lend through registration. Each legal structure has different formation requirements & privileges. Microfinance institutions in India are registered as one of the entities: for profit & not- for profit
Universal Legal's (http://www.universal-legal.com/) September, 2016 Edition of LEY BOLETIN contains Overview of the Amendments to the Share Capital and Debenture Rules, 2016; FEMA Regulations, 2016; SEBI Circular on CAS as well as snippets of other key legal updates.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
Global market Impact:
On the global front, the Federal Reserve's
decision to raise the target range for the federal
funds rate by 25bps to 5.25%-5.5% in July 2023
was in line with market expectations
Rbi inflation linked bonds 2013 - National Savings Securities Jagoinvestor
RBI has announced that its going to issue Inflation Indexed National Savings Securities - Cumulative (IINSS-C) for retail investors where one can invest and get returns which will be 1.5% more than the Inflation. These bonds are now coming up as it was announced in the last budget that govt will bring inflation linked products from govt
More at - http://www.jagoinvestor.com/?p=19187
The Reserve Bank of India (RBI) has formulated the framework for External Commercial Borrowings by Startups. The Banking Regulator vide RBI circular , dated 27 October, 2016 has now permitted Startup Enterprises to access loans under ECB framework. The said Article provides complete details of the circular and also the personal views of the Author.
The Reserve Bank of India (RBI) has been taking several measures in development of the Government Securities (G-Sec) market in the country. Following the announcement made in the Union Budget 2013-14, RBI has launched a new G-Sec Instrument namely Inflation Indexed Bonds (IIBs) on June 4th 2013. IIB will protect savings of poor and middle classes from inflation and incentivise household sector to save in financial instrument rather than buy gold.
The Indian microfinance sector witnessed rapid growth over last decade. A microfinance institution acquires permission to lend through registration. Each legal structure has different formation requirements & privileges. Microfinance institutions in India are registered as one of the entities: for profit & not- for profit
Universal Legal's (http://www.universal-legal.com/) September, 2016 Edition of LEY BOLETIN contains Overview of the Amendments to the Share Capital and Debenture Rules, 2016; FEMA Regulations, 2016; SEBI Circular on CAS as well as snippets of other key legal updates.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
Global market Impact:
On the global front, the Federal Reserve's
decision to raise the target range for the federal
funds rate by 25bps to 5.25%-5.5% in July 2023
was in line with market expectations
Different
components of the financial system and
their functions
Financial markets - primary and
secondary markets; OTC and exchange
markets; and equity and debt markets.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
CA NOTES ON FINANCIAL REPORTING
FREE AFFIDAVITS AND NOTICES FORMATS
FREE AGREEMENTS AND CONTRACTS FORMATS
FREE LLB LAW NOTES
FREE CA ICWA NOTES
FREE LLB LAW FIRST SEM NOTES
FREE LLB LAW SECOND SEM NOTES
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KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
RBI
Introduction of Legal Entity Identifier for OTC derivatives markets
Issuance of Rupee denominated bonds overseas
Recording of PPO Number in the passbook of Pensioners / Family Pensioners
Master Direction - Information Technology Framework for the NBFC Sector
MCA
MCA issues clarification w.r.t. the issue of duplicate shares to the IEPF Authority
TAXATION
List of transactions not chargeable to securities transaction tax (STT)
CBDT extends deadline to furnish Form 16
24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya,Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act.
Company Website:
www.acquisory.com
Corporate Updates
RBI
RBI issues Master Directions on Foreign Investments in India
RBI permits overseas branches/subsidiaries of Indian banks to refinance ECBs
GOI announces launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 - Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling.
• NRIs are not eligible for making investments in these Bonds.
• The Bonds will be issued at par i.e. at Rs.100.00. The Bonds will be issued for a minimum amount of Rs.1,000/- (face value) and in multiples thereof.
• The Bonds will be issued in demat form (Bond Ledger Account) only.
• The Bonds will have a maturity of 7 years carrying interest at 7.75% per annum payable half- yearly.
• The Bonds are not transferable.
MCA
CODS 2018 - Reactivation of DIN is in Process
President Gives Assent to Companies (Amendment) Act, 2017
Insolvency professional to use Registration Number and Registered Address in all his communications.
Insolvency professional not to outsource his responsibilities
Insolvency professional to ensure compliance with applicable laws
Company Website-
www.acquisory.com
It provides a comprehensive analysis of the SEBI Invetsor Protection Guideline 2000 from the point of view of the companies. It covers offer documents, exceptions, price discovery, green shoe option, e-IPO, etc.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
This study focus on the non banking financial companies in India – a conceptual framework It should be noted that during the 36 month period fromApril1997 to March2000, Crisis downgraded 149 NBFCs due to their deteriorating business and financial risk profiles and credit fundamentals. The stringent regulations, refusals for registration and the notifications regarding the cancellation of the permissions to raise deposits have gradually reduced the fly by night operators. NBFCs are now struggling hard to find reasons for continued existence, strategies for such existence and business areas for growth and earnings. Dr. S. Mahalingam | B. Ashokkumar "Non-Banking Financial Companies in India – A Conceptual Framework" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33278.pdf Paper Url: https://www.ijtsrd.com/management/marketing-management/33278/nonbanking-financial-companies-in-india-–-a-conceptual-framework/dr-s-mahalingam
Image SEO refers to optimizing images for search engines and users to improve visibility and engagement. Visit here: https://supramind.com/seo-services-india.html
The Editors Choice An Inspiring Entrepreneurial Journeypriteshsawant120
QRC Assurance and Solutions Pvt Ltd - Make your business more secure and safe with the help of QRC services. https://www.qrcsolutionz.com/news/unraveling-his-entrepreneurial-journey-with-the-ceo-story-india-Mr.vamsi-kishna-maramganti
ALD Smart 15 is a corporate car lease contract offering the option to purchase the leased car at the end of the contract, at a price that's pre-fixed right at the time of signing the contract. https://www.aldautomotive.in/products-services/our-products/ald-smart-15
JMFL Home Loans is engaged in the business of providing home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. We cater even to those home buyers who lack income proofs and also to those who need small home loans. We leverage our superior technological capabilities and our wealth of experience and rich expertise to provide a diverse range of highly customised products and services to home-buyers. We promise to provide our customers a transparent and quick home loan disbursement process, hassle-free and easy documentation process and top class customer service. Keeping in line with the culture of innovation within the JM Financial Group, we endeavour to constantly innovate and diversify our product and service offerings. We will be your Trusted Advisor for any and every query you might have about your Property, Loan and Documentation to ensure a seamless experience designed for your utmost convenience. https://www.jmfl.com/what-we-do/fund-based-activities/home-loans
JM Financial is a leading investment banking firm in India. We offer services like Investment Banking, Equity, Commodity Sales and Trading, Wealth Management, Portfolio Management Services, Asset Management, Alternative Asset Management, Financing and Lending, Housing Finance and Distressed Asset Management Visit our website today! https://www.jmfl.com/
JM Financial is one of India’s leading asset reconstruction companies. We provide tailor-made acquisition and corporate debt restructuring services to financial institutions. https://www.jmfl.com/what-we-do/fund-based-activities/asset-reconstruction
Get Loan against property for your personal, commercial or business needs from JM Financial, one of the leading IPO, ESOP and Mutual fund providing company in India. https://jmfl.com/What-We-Do/Fund-Based-Activities
JM Financial is one of India’s leading asset reconstruction companies. We provide tailor-made acquisition and corporate debt restructuring services to financial institutions. https://www.jmfl.com/what-we-do/fund-based-activities/asset-reconstruction
Get Loan against property for your personal, commercial or business needs from JM Financial, one of the leading IPO, ESOP and Mutual fund providing company in India. Visit https://jmfl.com/what-we-do/fund-based-activities for more info.
JM Financial's loan against property is designed to meet the financial needs of a person to get loan at low interest to meet your current financial requirements. To know more about availing loan against property click jmfl.com
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...
Housing loans in india
1. JM Financial Products Limited
Public Issue of
Secured, Rated, Listed, Redeemable,
Non-Convertible Debentures (Secured NCDs)
April 2019
2. Disclaimer
2
JM Financial Products Limited is subject to market conditions and other considerations, proposing a public issue by way of Tranche I Issue of Secured,
Rated, Listed, Redeemable Non-convertible Debentures (“Secured NCDs””) of face value of Rs. 1,000 each ("Tranche I Issue") and has filed the Shelf
Prospectus dated April 11, 2019 and Tranche I Prospectus dated April 11, 2019 with the Registrar of Companies, Maharashtra, Mumbai, BSE Limited
and SEBI (for record purposes). The Shelf Prospectus and the Tranche I Prospectus constitutes the Prospectus. The Shelf Prospectus dated April 11,
2019 and Tranche I Prospectus dated April 11, 2019 are available on our website at www.jmfinancialproducts.com, on the website of the stock exchange
at www.bseindia.com and on the respective websites of the lead managers at www.akgroup.co.in, www.jmfl.com and www.trustgroup.in. Investors should
note that investment in Secured NCDs involves a high degree of risk and investors proposing to participate in the Tranche I Issue should invest only on
the basis of information contained in the Shelf Prospectus dated April 11, 2019 and Tranche I Prospectus dated April 11, 2019, including the section
“Risk Factors” beginning on page 12 of the Shelf Prospectus and section “Material Developments” beginning on page 24 of the Tranche I Prospectus.
The reformatted summary financial statements for Fiscal 2014, 2015, 2016, 2017 and 2018 have been prepared in accordance with the Indian GAAP and
the unaudited interim financial information for the nine months period ended December 31, 2018 is prepared in accordance with the IND AS on account
of change in applicable law. Due to the transition from Indian GAAP to Ind AS from April 01, 2018, figures prior to March 31, 2018 are not comparable
with the figures post April 01, 2018. Similarly, the figures in the reformatted summary financial statements upto March 31, 2018 due to implementation of
the Ind AS are not comparable with the figures post April 01, 2018.
It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Prospectus has been cleared or
approved by BSE nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the
Prospectus for the full text of the Disclaimer Clause of the BSE.
5. Key Highlights of the Tranche I Issue
5
Notes: 1. For 60 Months – monthly series V . 2. The Tranche I Issue shall remain open for subscription on Working Days from 10:00 a.m. to 5:00 p.m., during the period indicated above, except that the Tranche I Issue may close on such
earlier date or extended date as may be decided by the Board of Directors of our Company ("Board") or the NCD Public Issue Committee. In the event of such an early closure or extension of the Tranche I Issue, our Company shall ensure
that notice of such early closure or extension is given to the prospective investors through an advertisement in a national daily newspaper with wide circulation on or before such earlier date or extended date of closure. 3. As per the SEBI
circular dated October 29, 2013, the allotment in the Issue should be made on the basis of date of upload of each application into the electronic book of the Stock Exchange. However, on the date of oversubscription, the allotments should
be made to the applicants on proportionate basis
Base Issue size of Rs. 200 Crore with an option to retain oversubscription upto Rs. 800 Crore (Issue size of
upto Rs.1,000 Crore)
Interest options: Monthly, Annual and Cumulative; Tenure: 24, 36 and 60 Months
Rated CRISIL AA/ Stable by CRISIL and ICRA AA/ Stable by ICRA
Issue Dates : April 22, 2019 – May 21, 2019 (With an option of early closure) (2)
Designated Stock Exchange : BSE
Allotment on First Come First Serve Basis (3)
Effective yield of up to 10.51% p.a.(1)
6. Tranche I Issue Details
6
Issue Price and Face Value (Rs / NCD) Rs. 1,000
Minimum Application
Rs. 10,000 (10 NCDs) collectively across all series and in multiples of Rs. 1,000 (1 NCD) thereafter
across all series. Application only through ASBA route
Allocation Ratio Institutional: 10%; Non-Institutional: 10%; HNI: 40%; Retail Individual: 40%
Series I II III IV V VI
Tenor (months) 24 months 24 months 36 months 36 months 60 months 60 months
Frequency of Interest Payment Annual Cumulative Annual Cumulative Monthly Annual
Coupon Rate (p.a.) 9.90% N.A 10.20% N.A 10.04% 10.50%
Effective Yield (p.a.) 9.89% 9.90% 10.19% 10.20% 10.51% 10.49%
Redemption Amt. (Rs / NCD) 1,000.00 1,208.11 1,000.00 1,338.63 1,000.00 1,000.00
Call (anytime after the months to
expire from the Deemed Date of
Allotment)(1)
N.A N.A 24 months 24 months 36 months 36 months
Issuance Compulsory Demat
Allotment (2) First Come First Serve Basis
Lead Managers to the Issue (3)
Lead Brokers to the Issue
JM Financial Services Limited, A. K. Stockmart Private Limited, Trust Financial Consultancy Services Private Limited,
Trust Securities Services Private Limited, HDFC Securities Limited, ICICI Securities Limited, Axis Capital Limited,
IIFL Securities Limited, Integrated Enterprises (India) Private Limited, Karvy Stock Broking Limited, SMC Global
Securities Limited, Kotak Securities Limited, Edelweiss Securities Limited, Tipsons Stock Brokers Limited
Notes :
1. Call may be applicable in Series III and IV anytime after 24 months from Deemed Date of Allotment and in Series V and VI anytime after 36 months from Deemed Date of Allotment. Redemption Date in such case shall be the date of exercise of Call. The Call price for Series III, V and VI shall be the
Face Value and interest due thereon and in case of Series IV, Call price will be the Face Value per Secured NCD plus the effective yield computed at 10.20% p.a. from the Deemed Date of Allotment upto one day prior to the date of exercise of the Call.
2. As per the SEBI circular dated October 29, 2013, the allotment in the Issue should be made on the basis of date of upload of each application into the electronic book of the Stock Exchange. However, on the date of oversubscription, the allotments should be made to the applicants on proportionate
basis.
3. In compliance with the proviso to Regulation 21A(1) of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended, read with proviso to Regulation 5(3) of the SEBI ICDR Regulations, JM Financial Limited will be involved only in marketing of the Issue
4. Company shall allocate and allot Series I Secured NCDs wherein the Applicants have not indicated their choice of the relevant Secured NCD Series
8. Overview
8
JM Financial Products Limited overview
• Part of the JM Financial Group
• Four verticals to suit the needs of corporates, SMEs and
individuals
– FID – Structured financing
– FID – Real Estate financing
– Capital market financing
– SME financing
JM Financial Products Limited
(NBFC)
99.35%
FY18 Financial Profile (1)
Strong Financial Profile
Revenue
Rs. 907.9 Crore
PAT
Rs. 212.9 Crore
Networth(2)
Rs. 1,496.3 Crore
• Ventured into real estate broking business under the brand
name “Dwello” Loan book(3)
Rs. 6,693.4 Crore
GNPA(3) NNPA(3)
0.3% 0.2%
Debt / Equity(3)
3.9
CRAR(3) 19.9%
ROE(4) ROA(4)
13.9% 2.7%
JM Financial Home Loans
Limited (JMFHL)
99.0%
• Provides home loans to retail customers with a focus on
affordable housing segment through subsidiary JMFHL
(registered with National Housing Bank)
Notes
1. As of FY18, based on IGAAP; 2. Including minority interests; 3. As of December 31, 2018; 4. RoE and RoA are annualized
9M FY19 PAT
Rs.158.5 Crore
9M FY19 Networth
Rs.1,565.3 Crore
9M FY19 (Dec 2018)
9. Key Businesses
9
Key Businesses
Structured
Lending
Promoter
Financing
Acquisition
Financing
Mezzanine
Financing
Debt
Syndication
Rs. 3,023.4
Crore
Loan against
Land
Loan against
projects at early
stage
Project Funding
Loan against
ready
residential/
Commercial
Property
Loan against
shares
Rs. 2,144.0
Crore
Loan against
securities
Margin Trade
financing
Arbitrage
Buy now sell
later
ESOP
Financing
Personal Loans
Broker
Financing
Pubic Offer
Financing
Rs. 1,199.5
Crore
Institutional
Finance, Project
Finance and
Working Capital
Finance
LAP
Education
Institutional
Lending
Rs. 326.5
Crore
FID Structured
Financing
FID Real Estate
Financing
Capital Market
Financing
SME Financing Dwello
Real Estate
Broking
Business
NA
JM Financial
Home Loans
Limited (JMFHL)
Entered in the
housing finance
business
through JMFHL
(subsidiary)
Focus of
housing finance
business would
be to provide
home loans to
retail customer
with a focus on
affordable
housing
segment
Rs. 130
Crore
Loan Book is as of Dec 2018
11. Key Strengths
11
Diversified product mix, strong brand and well positioned to benefit from industry trends
Robust track record of growth and profitability
Long standing partnership with clients
Experienced senior management team
Diversified funding sources and strong credit profile
Robust lending book profile reflected in growth, asset quality and returns
JM Financial
Products
Limited
12. Diversified Loan Book
12
Segment wise split of loan book – December 31, 2018(1)
FID
(structured
financing)
45%
FID (real
estate
financing)
32%
Capital market
financing
18%
SME lending
5%
FID (Structured Financing) – wholesale finance to
corporates
FID (Real Estate Financing) – real estate segment
Capital market financing – capital market
segment
SME Lending
Note
1. Does not include loan book of JM Financial Home Loans Limited of Rs.130 crore as of December 2018
13. Loan Book
Rs. Crore
Robust lending book profile reflected in
growth, asset quality and returns
13
Asset Quality
Gross and Net NPA (%)
0.6%
0.1%
0.3% 0.3%
0.4%
0.0%
0.2% 0.2%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
0.7%
FY16 FY17 FY18 9MFY19
Gross NPA % Net NPA %
3,143
5,499
6,582 6,693
3,000
4,000
5,000
6,000
7,000
FY16 FY17 FY18 Dec-18
Note
1. Yields, cost of borrowing and NIM for 9MFY19 are on an annualized basis
Yields and Margins(1)
Yields, Cost of Borrowing, Net Interest Margin (%)
13.6% 13.1%
12.1% 12.3%
9.5% 9.1% 8.4% 8.8%
6.0% 5.8%
4.8% 4.6%
0%
5%
10%
15%
20%
FY16 FY17 FY18 9MFY19
Yields Cost of Borrowing NIM
Capital Adequacy Ratio
(%)
30.6%
21.1% 21.7% 19.9%
29.9%
20.6% 21.3% 19.3%
0%
10%
20%
30%
40%
FY16 FY17 FY18 9MFY19
CRAR % Tier I
14. Robust track record of growth and
profitability
14
PAT (1)
Rs Crore
Return Ratios (2)
(%)
Leverage Analysis (1)
Rs Crore
167
197
213
149
159
100
150
200
250
FY16 FY17 FY18 9MFY18 9MFY19
2,970
4,509
5,534 6,079
1,206
1,343
1,496
1,565
2.5
3.4
3.7
3.9
0.0
0.7
1.4
2.1
2.8
3.5
4.2
0
2,000
4,000
6,000
8,000
FY16 FY17 FY18 9MFY19
Borrowing Networth D / E
3.8% 3.8% 3.2% 2.7%
14.5% 15.5% 15.0%
13.9%
0%
5%
10%
15%
20%
FY16 FY17 FY18 9MFY19
ROA % ROE %
Notes
1. Financial information upto FY18 is based on IGAAP. INDAS numbers are not audited for 9MFY19 and 9MFY18
2. Ratios for 9MFY19 are on an annualized basis
Total Revenue (1)
Rs Crore
559
706
908
667
730
500
600
700
800
900
1,000
FY16 FY17 FY18 9MFY18 9MFY19
15. Diversified funding sources and strong
credit profile
15
Borrowings – Dec 31, 2018
%
Total: Rs 6,078.6 Crore
Note
1. Financial and operating information upto FY18 is based on IGAAP. INDAS numbers are not audited for 9MFY19
Borrowings – March 2015
%
Term Loans
2.0%
NCDs
10.6%
CBLO
8.3%
Cash credit &
bank OD
0.1%
Commercial
Papers
76.7%
Inter
corporate
Deposits
2.3%
Total: Rs 3,303.2 Crore
Long Term: 12.6%
Short Term: 87.4%
Term Loans
16.2%
NCDs
41.2%
Cash credit &
bank OD
3.3%
Commercial
Papers
38.9%
Inter
corporate
Deposits
0.4%
Long Term: 57.4%
Short Term: 42.6%
Credit Rating Profile
Agency Instrument Rating
ICRA
Long term Market Linked Debentures (Principal Protected) PP-MLD [ICRA] AA (Stable)
Long -term Bank Lines [ICRA] AA (Stable)
Commercial Paper (CP) Programme [ICRA] A1+
Non – convertible debentures [ICRA] AA /Stable
CRISIL
Total Bank Loan Facilities CRISIL AA / Stable
Non – convertible debentures CRISIL AA / Stable
Commercial Paper CRISIL A1+
CARE
Commercial Paper CARE A1+
Non Convertible Debentures CARE AA/Stable
16. Board of Directors
16
Mr. M R Umarji
Non-executive Director
• He has been a Director of the Company since December 11,
2008. A post-graduate in law from the University of Mumbai, Mr.
Umarji represents a unique combination of experience as law
officer in Bank of Baroda, legal adviser in banks (Bank of Baroda
and Dena Bank), as executive director, Dena Bank,Corporation
Bank and Department of Non-Banking Supervision, RBI. He was a
member of the Bankruptcy Law Reforms Committee. He was
involved with the United Nations Commission on International
Trade Law as a delegate from India. He serves as a director on
the boards of directors of Uniparts India Limited, International
Asset Reconstruction Company Private Limited and Universal
Trusteeship Services Limited
Mr. E A Kshirsagar
Independent Director
• He has been a Director of the Company since May 10, 2010. Mr.
Kshirsagar is a fellow member of the Institute of Chartered
Accountants in England and Wales. He serves as a director on
the board of directors of several companies such as JM Financial
Limited, Hawkins Cookers Limited, Batliboi Limited, Manappuram
Finance Limited and Manipal Global Education Services Private
Limited
Mr. V P Shetty
Non Executive Chairman
• He has been a Director in the Company since April 21, 2008. Mr.
Shetty has had an illustrious career in banking space spanning
almost four decades. During this period, he has served as the
chairman and managing director in IDBI Bank, UCO Bank and
Canara Bank. He holds a bachelor’s degree in commerce from the
Bangalore University and is an associate member of the Indian
Institute of Bankers. He serves as a director on the board of
directors of several companies such as JM Financial Asset
Reconstruction Company Limited, JM Financial Asset
Management Company Limited and JM Financial Home Loans
Limited
Mr. Dhirendra Singh
Independent Director
• He has been a Director of the Company since July 12, 2010. Mr.
Singh holds a master’s degree in political science from the
University of Allahabad and a master’s diploma in public
administration from the Indian Institute of Public Administration,
New Delhi
Ms. Roshini Bakshi
Independent Director
• She has been a Director of the Company since January 21, 2015.
Ms. Bakshi attained her post-graduate diploma in management
from the Indian Institute of Management, Ahmedabad. She is
currently the managing director at Everstone Capital Asia Pte. Ltd.
She serves as a director on the board of directors of several
companies such as Persistent Systems Limited, Max Healthcare
Institute Limited, Modern Food Enterprises Private Limited and
Australian Foods India Private Limited
Mr. Atul Mehra
Non-executive Director
• He has been a Director of the Company since July 19, 2017. Mr.
Mehra holds a master’s degree in management studies from
University of Mumbai. He is the managing director and co-chief
executive officer of the Investment Banking Division of the JM
Financial group. He began his career with the JM Financial group
in 1991 and has worked closely with various departments across
the investment banking business and has been with the JM
Financial group for over 25 years. He has been involved in
marquee domestic and cross border transactions
Mr. Subodh Shinkar
Non-executive Director
• He has been a Director of the Company since July 17, 2018. Mr.
Shinkar holds a bachelor’s degree in commerce from the
University of Mumbai and is an associate member of the Institute
of Chartered Accountants of India. He has been associated with
JM Financial group since 1992 and plays a key role in managing
investment advisory business including wealth management, non-
institutional equity broking and distribution. He also oversees
securities backed lending in the form of margin financing and
initial public offering financing of the JM Financial group. He
serves as a director on the board of directors of several
companies such as JM Financial Capital Limited, JM Financial
Home Loans Limited and JM Financial Commtrade Limited
Mr. Vishal Kampani
Managing Director
• He has been a Director in the Company since April 21, 2008. Mr.
Kampani holds a master’s degree in commerce from University of
Mumbai and has completed his master of science (finance) from
London Business School, University of London. He serves as a
director on the board of directors of several companies such as
JM Financial Limited, JM Financial Services Limited and JM
Financial Institutional Securities Limited
17. Strategy
17
Continue to focus on risk adjusted profitability and sustainable growth
1
Diversify our assets and liabilities
2
Strengthen our credit profile
3
Leverage of wide customer base across different verticals
4
Focus on technology to manage and grow our business
5
19. Profit and Loss Statement – IGAAP
19
Particulars (Rs. Crore) FY14 FY15 FY16 FY17 FY18
Revenue from Operations 490.0 658.2 527.8 680.1 872.5
Other Income 39.2 44.3 31.6 26.3 35.4
Total Income 529.2 702.5 559.5 706.4 907.9
Employee benefit expenses 30.3 27.3 15.6 23.4 39.8
Finance Costs 276.2 373.3 275.0 344.1 488.9
Provision for loans 1.2 2.3 3.9
Depreciation and amortization 1.3 1.4 1.6 2.1 2.5
Operating and other expenses 18.1 20.9 20.5 33.5 45.2
Total expenses 327.1 425.3 312.6 403.1 580.3
Profit before tax 202.1 277.2 246.9 303.3 327.7
Tax expenses 67.3 88.9 79.5 106.1 114.7
Profit after tax 134.8 188.3 167.4 197.2 212.9
20. Profit and Loss Statement – Ind AS
20
Particulars (Rs. Crore)
Nine Months ended
31.12.2018 31.12.2017
Interest on loans 660.0 627.1
Fees and Commission Income 35.5 11.5
Income from trading in debt instruments (net) 3.8 5.4
Profit on sale of investments 30.6 22.5
Other Income 0.4 0.3
Total Income 730.3 666.8
Finance Costs 394.2 362.5
Employee Benefit Expenses 45.8 38.9
Provisions for loans and advances 13.4 7.7
Depreciation expense 1.5 1.8
Operating and other expenses 30.8 26.9
Total expenses 485.6 437.8
Profit before tax 244.6 229.0
Total tax expenses 86.2 79.8
Net Profit for the Period 158.5 149.2
Note
1. INDAS numbers are not audited for 9MFY19. Figures pertaining to the nine months ended December 31, 2017 have not been subjected to limited review or audit by the statutory auditors
21. Balance Sheet – IGAAP
21
Particulars (Rs Crore)
As at As at As at As at As at
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18
Equity and Liabilities
Shareholders’ Funds
Share capital 544.5 544.5 544.5 544.5 544.5
Reserves and surplus 430.8 553.6 661.0 798.3 951.8
Total 975.3 1,098.1 1,205.5 1,342.8 1,496.3
Non-Current Liabilities
Long term borrowings 377.1 110.7 461.6 1,150.1 2,628.9
Other long term liabilities 12.3 61.0
Long term provisions 28.5 27.1 27.0 27.1 29.7
Total 405.6 137.7 488.7 1,189.6 2,719.6
Current liabilities
Short term borrowings 2,234.3 2,887.2 2,352.1 2,919.2 1,741.2
Trade payables
Due to micro, small and medium enterprises
Others 4.0 1.8 4.7 13.6 11.7
Other current liabilities 383.1 345.0 184.6 484.5 1,278.5
Short term provisions 31.2 79.2 74.0 7.5 5.5
Total 2,652.5 3,313.2 2,615.3 3,424.7 3,036.9
TOTAL 4,033.5 4,549.0 4,309.5 5,957.1 7,252.7
22. Balance Sheet – IGAAP (cont’d)
22
Particulars (Rs Crore)
As at As at As at As at As at
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18
Assets
Non-Current Assets
Tangible assets 3.1 2.5 2.8 4.1 4.1
Intangible assets 1.3 1.3 1.1 0.9 1.5
Intangible assets under management 0.7 1.3
Non current investments 129.4 193.1 98.1 114.3 39.5
Deferred tax assets (net) 14.1 14.7 13.8 12.4 12.4
Long-term loans and advances 1,228.0 1,035.5 1,152.0 2,642.3 3,383.1
Total Non-Current Assets 1,376.0 1,247.1 1,267.8 2,744.7 3,441.9
Current Assets
Current investments 0.4 7.0 5.7 59.1
Stock in trade 534.2 359.0 256.9 9.9
Cash and cash equivalents 384.8 382.4 699.6 251.8 401.3
Short-term loans and advances 1,730.4 2,556.1 2,039.2 2,914.9 3,350.3
Other current assets 8.0 3.9 38.9 0.1 0.2
Total Current Assets 2,657.5 3,301.9 3,041.7 3,182.4 3,810.9
TOTAL 4,033.5 4,549.0 4,309.5 5,957.1 7,252.7
23. Balance Sheet – Ind AS
23
Particulars (Rs Crore)
As at
31-Dec-18
ASSETS
Financial Assets
Cash and cash equivalents 63.4
Other Bank Balances 60.1
Loans (Note A) 6,606.5
Investments 246.6
Other Financial assets 852.7
7,829.4
Non-financial Assets
Deferred tax Assets (Net) 28.4
Property, Plant and Equipment 3.5
Intangible assets under development 1.6
Other Intangible assets 1.5
Other non-financial assets 6.4
41.4
TOTAL 7,870.8
Note
A. Net off non performing asset and expected credit loss
24. Balance Sheet – Ind AS (cont’d)
24
Particulars (Rs Crore)
As at
31-Dec-18
LIABILITIES AND EQUITY
LIABILITIES
Financial Liabilities
Payables
Trade Payables
(i)Total outstanding dues of micro enterprises and small enterprises
(ii)Total outstanding dues of creditors other than micro enterprises and small enterprises 22.3
Debt Securities 4,871.4
Borrowings (Other than Debt Securities) 1,207.1
Other financial liabilities 166.6
Total Financial Liabilities 6,267.5
Non-Financial Liabilities
Current tax liabilities (Net) 5.8
Provisions 28.9
Other non-financial liabilities 3.3
Total Non-Financial Liabilities 38.0
EQUITY
Equity Share capital 544.5
Other Equity 1,020.8
Total Equity 1,565.3
TOTAL 7,870.8
26. Eligible Investors
26
Particulars Details
Who Can
Apply ?
Category I
(Institutional
Portion):
• Public financial institutions, scheduled commercial banks, and Indian multilateral and bilateral development
financial institutions which are authorised to invest in the NCDs; Provident funds and pension funds with a
minimum corpus of Rs. 25 crores, superannuation funds and gratuity funds, which are authorised to invest in
the NCDs; Alternative Investment Funds, subject to investment conditions applicable to them under the
Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012; Resident Venture
Capital Funds registered with SEBI; Insurance companies registered with the IRDA; State industrial
development corporations; Insurance funds set up and managed by the army, navy, or air force of the Union of
India; Insurance funds set up and managed by the Department of Posts, the Union of India; Systemically
Important Non-Banking Financial Company registered with the RBI and having a net-worth of more than
Rs.500 crore as per the last audited financial statements, National Investment Fund set up by resolution no.
F.No. 2/3/2005-DDII dated November 23, 2005 of the Government of India published in the Gazette of India;
and Mutual funds registered with SEBI
Category II
(Non Institutional
Portion):
• Companies within the meaning of Section 2(20) of the Companies Act, 2013; Statutory bodies/ corporations
and societies registered under the applicable laws in India and authorised to invest in the NCDs; Co-operative
banks and regional rural banks; Trusts including Public/private charitable/religious trusts which are authorised
to invest in the NCDs; Scientific and/or industrial research organisations, which are authorised to invest in the
NCDs; Partnership firms in the name of the partners; and Limited liability partnerships formed and registered
under the provisions of the Limited Liability Partnership Act, 2008 (No. 6 of 2009). Association of Persons; and
Any other incorporated and/ or unincorporated body of persons
Category III
(High Net-worth
Individual Investors):
• High Net-worth Individual Investors ("HNIs") - Resident Indian individuals and Hindu Undivided Families
through the Karta applying for an amount aggregating to above INR 1,000,000 across all Series of NCDs in the
Issue
Category IV
(Retail Individual
Investors):
• Retail Individual Investors - Resident Indian individuals and Hindu Undivided Families through the Karta
applying for an amount aggregating up to and including INR 1,000,000 across all Series of NCDs in the Issue
Entities not
eligible to
invest
• Minors without a guardian name (A guardian may apply on behalf of a minor. However, the name of the guardian will need to be
mentioned on the Application Form); Foreign nationals; Persons resident outside India; Foreign Institutional Investors/Foreign Portfolio
Investors; Non Resident Indians; Qualified Foreign Investors; Overseas Corporate Bodies; Foreign Venture Capital Funds; Persons
ineligible to contract under applicable statutory/ regulatory requirements