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“GOALS OF CAPITAL FIRST LTD”

Submitted in Partial Fulfilment for the Award of the

Degree of Bachelor in Business Administration 2018-2019

Under the Guidance of: Submitted By:

Chandan Pal Singh Pramod Kumar

Head Of Department University Enrolment No.(A-17254507)

MANORAMA INSTITUTE OF MANAGEMENT AND TECHNOLGY,

LADAMDA, FATEHPUR SIKRI ROAD, AGRA
Affiliated to Dr.Bhim Rao Ambedkar University,Agra
Paliwal park,Agra
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PREFACE

Today we are at the doorstep of 21st century competition at various levels is

increasing day by day. New and new developments are taking place these days in
all fields all over India to make the life of the people more comfortable and
luxurious.

Thus in order to survive in market one should have practical as well as theoretical
knowledge about all different fields existing I market.

BBA education brings its students in direct contact with the real corporate world
through industrial training. The BBA program provides its students with an in
depth study of various managerial activities that are performed in any organization.
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ACKNOWLEDGE

Firstly we would like to thank almighty GOD, who bestowed upon us this
opportunity for working on this project and generated the capacity to successfully
complete the project

We are extremely indebted to our project mentor Chandan Pal Singh for her
valuable suggestions and guidance. Which ensured an in depth learning and
understanding of the concepts? Her inputs from past experiences and practical
interpretation of the problem helped us a lot in comprehending the requirements of
the project. This ensured great learning for us. He was always helpful enough &
was always able to take out some time of his busy schedule to guide us in this
project. Lastly we say we are lucky enough that we trained under her!

We would also like to extend our thanks to all the respondents who spared their
valuable time and helped us in filling up the questionnaire by providing the needed
information. Lastly we would like to thanks all of those who have helped to furnish
this research successfully.

Lastly we would like to thank our parents for their moral support and our friends
with whom we shared our day-to-day experience and received lots of suggestions
that improved my quality of work.
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CONTENTS

OBJECTIVE OF THE CASE STUDY. (5)

RESEARCH METHODOLOGY (6)

DATA COLLECTION METHOD (8)

SCOPE OF THE STUDY (9)

A STUDY OF GOALS AND OBJECTIVES OF THE CAPITAL FIRST Ltd. (11)

INTRODUCTION (15)

COMPANY HISTORY (18)

MISSSION, VISION, VALUES, AND GOALS (20)

DIRECTORS REPORT. (22)

DIRECTORS & KEY MANAGERIAL PERSONNEL (26)

TERMS AND CONDITIONS (34)

ROLE OF FINANCE IN THE DEVELOPMENT OF AN ECONOMY (37)

FAQ (FREQUENTLY ASKED QUESTIONS (45)

SUGGESTIONS (59)

REFERENCES (60)

BIBLIOGAPHY (62)
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OBJECTIVE OF THE CASE STUDY

 Develop an Accurate Budget: Financial departments strive to

develop a realistic budget that clearly indicates what the organization will
spend.

 Coordinate With Other Departments: A finance department

must also strive to coordinate the flow of funds with the organization’s
activities, using long-range planning while preparing for short-term needs.

 Procure Funds: The finance department must decide how much debt
the organization should have, keeping in mind its ability to pay back that
debt. The department must then decide which sources of funding -- such as
loans, stocks and grants -- would best meet the organization’s needs and
purpose.

 Pay off Debts: Finance departments must pay back their organizations’
creditors in a timely and fair manner. This shows creditors the organization
can be trusted and has been managing its funds wisely, making them more
likely to continue investing in the organization.

 Maintain Transparency: A finance department should strive for

transparency of its operations so investors, clients or others associated with
the organization know they can trust its staff. This means providing
thorough and accurate financial information to all stakeholders.
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RESEARCH METHODOLOGY

The process used to collect information and data for the purpose of making
business decisions. The methodology may include publication research,
interviews, surveys and other research techniques, and could include both present
and historical information.

There are several important aspects to research methodology. This is a summary of

the key concepts in scientific research and an attempt to erase some common
misconceptions in science.

Research methodology is a systematically way to solve the research problem. In

this we studied various steps that are generally adopted by a researcher in studying
his research problem along with the logic behind them.

RESEARCH DESIGN
The report is based on the descriptive and analytical research design

SAMPLE DESIGN : A sample design is made up of two elements.

1. Sampling method. Sampling method refers to the rules and procedures by
which some elements of the population are included in the sample.

2. Estimator. The estimation process for calculating sample statistics is called

the estimator. Different sampling methods may use different estimators.

SAMPLE UNIT:-The population involved in this report is the customer from

the sanjay palace in Agra district.

SAMPLE SIZE:-
This refers to number of items to be selected from universe to constitute a sample.
In this research sample size consist of 60 employees approx.
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SOME QUESTIONS TO ASK IN AN EMPLOYEE

SURVEY
How meaningful is your work?
Employees are more likely to put effort into their work if they feel their jobs are
meaningful. Whether they feel like they are doing good things for people or truly
helping your company succeed, you need to be sure they see the purpose behind
their work.
Do you feel challenged in your role?
Employees also tend to perform better when they are challenged. If you have a
bunch of bored employees or people whose tasks don’t fit with their abilities, your
company can’t reach its full potential.
Are you satisfied with your compensation and benefits?
Challenging and meaningful work is great. But those factors won’t keep your
employees coming back if there isn’t proper compensation. There will likely be
times when you can’t afford to pay your employees any more than they already
make, but fair compensation usually results in less turnover. So you need to make
sure that you are doing the best you can and being open with your employees about
it.
Are you supervised too much, too little, or the right amount?
Different people thrive under different conditions. Some people need constant
supervision and input. Others work better on their own. You won’t know which
style your employees prefer unless you ask them.
How well does your team work together?
Teamwork is an important part of most workplaces. So you need to make sure the
members of your team are happy with the dynamic you’ve created. If you notice
some unhappiness in a particular department, you’ll know where to focus your
teambuilding efforts.
How proud of your employer’s brand are you?
Your employees can be your biggest brand advocates. And if they are happy with
their work, then they are likely to be proud of it and thus proud of the company as
a whole.
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Does your job make good use of your skills?

Different employees perform different jobs within your company. But sometimes
the people you’ve chosen for certain roles might actually be better suited for
others. To be sure everyone is living up to their potential, make sure each
employee’s role is best suited to their individual skills.
Do you feel like you have opportunities for growth and advancement?
Even if your employees are happy with their current job, they likely want to
advance at some point. So if they don’t see any opportunities for doing so, they are
likely to look elsewhere.
What suggestions would you make for improvement?
The above questions cover a lot of different areas, but there are likely other areas
of concern that you haven’t even considered. Leaving an open-ended question
where your employees can voice their concerns about anything is the only way to
bring your attention to those issues.
How satisfied are you with your job, overall?
And lastly, if you want to know how satisfied those employees are at work, just
ask. The other questions cover a lot of different aspects, but your employees likely
consider some of those to be more important than others. So if you want to know
their overall satisfaction level, taking all of those factors into account at once, you
have to ask them.

SAMPLING TECHNIQUE; Convenient sampling technique has been

used for the study

DATA COLLECTION METHOD

Both primary and secondary data has been used to satisfy the objectives of the
report case study.

PRIMARY DATA
The study is mainly based on primary data collected through a personal interviews
from the existing respondents own capital first ltd. In sanjay palace agra.
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SECONDRY DATA
The data regarding company profile, industry profile etc. has been collected from
the by low of organization, office records and also information available on the
web.
(https://www.capitalfirst.com/about-the-merger)
(https://www.queensu.ca/financialservices/vision-mission-and-values)

STATISTICAL TOOLS USED

For analysis and interpretation of primary data percentage analysis is used mainly
due to qualitative nature of data and analysed the data on the respondent.
Feedback.

PERCENTAGE ANALYSIS
The collected data was analysed by using percentage analysis method. Percentage
was calculated by taking the number of respondents for a particular parameter
against the total number of respondents. The answer for questions asked in the
questionnaire were tabulated and analysed using simple percentage.

WEIGHTED AVERAGE ANALYSIS

Another tool used in this study is weighted average method for analysing the rating
and ranking scales it is know that a mean is considered to be the most represented
figure for the entire mass of data. this means for more realistic is average is
calculated by considering the weighted average for the same

SCOPE OF THE STUDY

1. Investment Decision:
Evaluating the risk involved, measuring the cost of fund and estimating
expected benefits from a project comes under investment decision. It is one
of the important scope of financial management. The two major components
of investment decision are – Capital budgeting and liquidity.
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2. Working Capital Decision:

Decisions related to working capital is another crucial scope of financial
management. Decisions involving around working capital and short term
financing are known as working capital decision. It also manages the
relationship between short term assets and its liabilities.

Short term assets include cash in hand, receivables, inventory, short-term

securities, etc. Creditors, bills payable, outstanding expenses, bank
overdraft, etc are a firm’s short term liabilities. Short term assets can be
exchanged with cash within one calendar year. Similarly, the liabilities are to
be settled within an accounting year.

3. Dividend Decision:
The Dividend Decision plays a crucial role in today’s corporate era. It
determines the amount of taxation that stockholders pay. A good dividend
policy helps to achieve the objective of wealth maximization. Distributing
the entire profit in the form of dividends or distributing only a certain
percentage of it is decided by dividend policy. It is known as deciding the
optimum dividend payout ratio i.e. proportion of net profits to be paid out to
shareholders.

4. Financing Decision:
Financing Decisions focuses on the accountabilities and stockholders’ equity
side of the firm’s balance sheet, for example decision to issue bonds is a
kind of financing decision. The main aim of financing decision is to cover
expenses and investments. The decision involves generating capitals by
various methods, from different sources, in relative proportion and
considering opportunity costs, with respect to time of flotation of securities,
etc

LIMITATIONS OF STUDY

 The study was restricted only to Agra district area.

 Many of the respondents have not given proper response
 The information that is provided by the individual may be biased
Respondents were reluctant to disclose complete and correct information
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A STUDY OF GOALS AND OBJECTIVES OF THE CAPITAL

FIRST Ltd.
The purpose of this study is to explore the relationship between various identified
after service attributes to customer satisfaction. In this further intends at
segregating the major after service as per the customer needs and wants.

Capital First Limited, listed in NSE and BSE, is a leading Indian financial
institution, specializing in providing debt financing to MSMEs and Consumers in
India.
Between 2008 to 2010, the Company was largely in the business of wholesale
Financing, asset management, and had JVs in Foreign Exchange and retail equity
Broking. Between 2010 to 2012, Mr. Vaidyanathan acquired a stake in the
company, changed the business
model to retail, and executed a Management Buyout of the company by securing
equity backing from Warburg Pincus for Rs. 810 Crores and changed the name of
the company to Capital First. In the process the company got new shareholders,
reconstituted a new board and started new retail business lines.
The Market Cap of Capital First has increased from Rs. 7.90 billion ($121 mn) on
June 30 2012 (FY ending prior to the buyout) to Rs. 60.96 bn on June 30, 2018.
($0.94 bn).
The founding theme of Capital First is that financing India's 50 million MSMEs
and its emerging middle class, with a differentiated model, based on new
technologies provides a large and unique opportunity.
Unlike traditional models of financing, Capital First has successfully created new
models to finance MSMEs and Indian consumers, in the hitherto unbanked and
under-penetrated segments. The Company uses a differentiated model, based on
new technologies and deep analytics. With this differentiated approach, Capital
First has financed over 7.0 million customers in more than 225 locations across
India and built loan assets of Rs 326.22 Bn (USD 4.47 bn) as on 30 September,
2018, with 91% of its loan assets in the Consumer & MSME financing space.
Capital First has maintained high asset quality over the years. The Gross and Net
NPA of the Company is 1.62% and 1.00% respectively as of 30th June 2018 on 90
dpd NPA recognition basis.
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The company enjoys the highest long term credit rating of AAA. Capital First is
focused on building an institution on strong pillars of ethics, values and
high corporate governance.
Key words :- equity, shareholders, emerging, under-penetrated, recognition.
GOALS OF THE CAPITAL FIRST

1. Revenue Generation:
Increasing income is the most basic and fundamental goal that is financial of
business. Revenue growth comes from an emphasis on sales and marketing
activities, and it is solely concerned with increasing earnings that are top-
line earnings before expenses. Companies usually set revenue goals in
regards to percentage increases rather than aiming for certain amounts. For
Example: An objectives of business finance for company of increasing
revenue by 15% each year for the first five years that is newly operated.
Driving revenue and profitability that is consistent a major objective for any
business. Creating revenue consistently is really a good indication for the
business life-cycle. Income targets being an indicator of growth rate.
Financial objectives examples for marketing plan: a sales team with a
revenue target represents the growth rate in percentage on the same quarter
when compared with last year.
2. Profit Margin:
Profits is a key objectives of business finance which are more sophisticated
than revenue generation. Any money left over from sales revenue after all
expenses have been paid is recognized as profit. Profit, or bottom-line
profits, can be used in a number of ways, including investing it back into the
business for expansion and distributing it among employees Profit
objectives are concerned very first with revenue, then with costs.
Maintaining expenses low by finding and building relationships with
dependable suppliers, creating operations with an eye fixed toward lean
efficiency and advantage that is using of scale, to call a few methods, can
make you with additional money after paying all of your bills.
3. Managing Operational Activities:
Operations are one of the important objectives of business finance to keep
business running. Important goals include human resources processes,
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accounting objectives to create payroll and payment statements on-time and

daily tasks for every job role. Without sound operational objectives being
met, achieving revenue goals become harder.
4. Productivity and Efficiency:
Maximizing employee performance and productivity drives revenue.
Establishing objectives each quarter, year, month or week is just a start that
is good. Including incentive for fulfilling objectives will increase
performance and also productivity.
5. Sustainability:
At certain times, businesses or brands could be primarily concerned with
basic survival that is financial. Retrenching is a marketing technique,
predicating an objectives of business finance that tries to keep a brand name
alive and keep current revenue and profit levels from falling any further
during the decline stage regarding the life cycle that is product/brand.
Companies can be concerned with monetary sustainability during periods of
economic turmoil, as well. Common monetary objectives for survival
include gathering on all outstanding debts on time plus in complete, de-
leveraging by paying off debt and income that is keeping consistent.
6. Customer Satisfaction:
The client is top priority and delivering satisfaction is a main objectives of
business finance. Take the customers survey and make an objective to
always look for an improvement approaches. Happy customers leave
reviews that are positive, spread word that is positive of and are far more
likely to repeat business.
7. Return on Capital Investment:
Return on Investment (ROI) is a ratio can be applied to two situations that
are basic. First, ROI is concerned utilizing the profits generated from
investments as a primary objective of business finance. Business owners
want to make sure the buildings, machinery, equipment and other furniture
they purchase generates revenue that is enough revenue to justify the
purchase cost.
Secondly, ROI applies to assets in stocks, bonds and other investment
instruments. The principle that is same to these investments, but there is
generally no productive physical asset used to generate a return. Instead,
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ROI for investment items is determined by comparing the interest, dividends

and capital gains realized from investments by the expense of the investment
and the opportunity cost of forgoing investments which can be alternative.
8. Employee Benefits:
Performance and production are very important, at the same time employee
health is really a major objective of business finance. Fair compensation and
benefits are objectives every continuing business should make an effort to
meet. Happy employees and healthy employees are more productive.
9. Emergency / Contingency Plans:
Unexpected occasions can break a continuing business without a proper
contingency plans. A contingency is one thing a continuing company cannot
prevent. For example: employees strike, natural disaster, halts
manufacturing, the economy crisis. How will your business survive? create a
series of contingency objectives to prepare for the worst situation.
10. Leadership and Management:
Hiring and developing effective supervisors and business leaders is a goal
that is key. Leadership upholds the core values and drives the continuing
business to success. Organizations focused on developing the greatest
possible leadership as a primary objectives of business finance are on a track
that is positive.
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INTRODUCTION
Capital First is the firm that offers financial services to both its commercial as well
as corporate customers. Their sole motive is to cater to all the financial
needs(Personal and Business needs both) of the customers and ultimately become a
financial conglomerate. It is a reputed NBFC that provides comprehensive
financial products namely Consumer Lending and Corporate Landing to the
customers. Capital First popular products are Home Loan, Personal Loan, Car
Loan and Loan against Property. They satisfy the consumption needs of the Indian
consumers. As far as the Micro, Small and Medium Enterprises are concerned,
they offer working capital to make the MSME sector proliferate.

Loans
Capital First offers a wide variety of loans that takes care of all the financial needs
and requirements of the consumers right from home, business to two wheeler and
used car. The different types of offered loans are as follows:

 Personal Loan

Minimum Loan Maximum Loan Repayment

Eligible Age
Amount Amount Tenure
21 years to 60
Rs 50,000 Rs 10 lakh 12 to 60 months
years

 Loan Against Property

Minimum Loan Maximum Loan Property Repayment

Amount Amount Value Tenure
Rs 5 lakh Rs 10 crore Up to 70% Up to 15 years

 Two wheeler loan

Minimum Minimum Work Residential Repayment

Age Experience Stability Tenure
1 year (rented)
18 years 6 months Up to 5 years
NA (self owned
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house)

 Durable loan

Interest Minimum Loan Maximum Loan Foreclosure

Rate Amount Amount Charges
0% Rs 8, 000 Rs 5 lakh NIL

 Business loan

Minimum Loan Maximum Loan Security/ Repayment

Amount Amount Collateral Tenure
6 months to 36
3 lakh 75 lakh NA
months

 Used car loan

Minimum Eligible Work Experience Maximum Asset Loan

Age Required Value Tenure
21 year 1 year 120% 84 months

Loan against property

Capital First’s loan against property is also loan as mortgage loans. They help the
investors to mortgage their assets as collateral and get easy loans. The features of
these loans are as follows:

 Loans amounting up to Rs. 10 crores are offered

 Loan tenure is up to 15 years
 The loan can be taken on the basis of financial statements.
 There is a flexibility to take more than one loan under this program.
 Lease Rental Discounting benefit is offered
 Loans are offered on self-occupied residences, self-employed commercial
property, leased commercial and residential property.
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Personal loan

Capital First offers personal loan schemes to help you achieve the bucket list of
goals and aspirations. Below are the features of the personal loans by Capital First:

 Low interest rate

 Fast processing
 Foreclosure option
 Minimal documentation
 Repayment tenure is flexible

Two wheeler loans

Capital First offers the customers loans in order to buy two wheelers like bike,
scooter etc at an affordable interest rate. These are the various features of two
wheeler loans:

 Quick loan processing

 Affordable EMI options
 Comparatively low down payments
 It is offered to both salaried and self-employed personals

Durable loans
Capital First offers its consumers durable loans that helps them in buying luxuries
that they have always dreamt of. Right from a new LCD TV to a computer for the
family. Capital First’s durable loans that care of all the durable needs and
requirements of the consumers. The features of durable loans are as follows:

 Easy EMI options

 Comparatively small down payments
 Interest as low as 0%
 Simple options of repayment of loans
 Simple documentation process
 Loan is approved quickly
 No amount of deposit involved for security
 The loan must be taken by the consumer above 21 years of age
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Business loans
In order to make the business grow and expand, all the small as well as medium
sized enterprises need debt capital to keep the business functions smooth. Capital
First’s business loans cater to the needs of working capital of the businesses. The
following are the features of business loans:

 The process of loan is quick

 Loans as big as Rs. 75 lakhs are offered
 Easy documentation process
 Easy repayment options with monthly instalments
 Doorstep services offered
 An option of topping up a loan on the existing loan is possible
 Outstanding customer service
 It is offered to self-employed professionals, sole proprietorship and
partnership firms, private limited companies and also doctors.

Used car loans

Capital First also offers finances to the customers in order to buy second-hand cars.
The following are the features of used car loans:

 Facility of 100% LTV option

 Simple documentation process
 Comprehensive rate of interest
 Quick and easy options of repayment of loans
 Minimum age to get this loan is 21 years

COMPANY HISTORY

The company was initially listed on the Indian Stock exchanges in January 2008 as
Future Capital Holdings. Between 2008-2010, the company launched a number of
diverse businesses including financing Real Estate Developers, Corporate Credit,
Private Equity, Asset Management, Foreign Exchange Business (through Joint
Venture arrangement), Retail Broking Business (through Joint Venture
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arrangement), Mall Management Business, Wealth Management and Property

Services
In 2010, V Vaidyanathan, then MD & CEO of ICICI Prudential Life concluded an
agreement to acquire 10% of the equity of the company. Financing India’s 50
million MSMEs and India’s emerging middle class, with a differentiated model,
based on new technologies became the new founding theme of the company. In
line with this theme, the company exited legacy businesses of Forex, wealth,
broking, and reduced wholesale lending sharply. Based on the above, he succeeded
in securing equity backing of ₹8.10 billion from Warburg Pincus to buyout the
other shareholders, including ₹ 1.00 Billion by way of preferential allotment. An
Open Offer was made to the public in line with SEBI guidelines. The Board was
reconstituted. A new brand Capital First was created.
In 2013-14, the Company received the Housing Finance Company (HFC) License
from National Housing Bank (NHB) for its wholly owned subsidiary Capital First
Home Finance Limited. Capital First also launched new products like SME
Business Loans, personal loans, affordable housing and scaled up the existing
businesses.
Between 2014 and 2017, Capital First has raised significant funding through
investments from PE players and Qualified Institutional Placements (QIP).
Reputed financial institutions across the world like Government Pension Fund
Global (Norway), Jupiter Asset Management, Ashburton Limited, DNB Asset
management (Norway), Nomura Asset Management, BNP Paribas Asset
Management have invested in Capital First during this phase through secondary
market and became shareholders of the company.
The market capitalization of the company has increased from ₹ 7.81 billion as on
31 March 2012, to ₹ 60.96 billion as on 31 March 2018. The Company has been
able to maintain a high asset quality. As of 31 March 2018, the Gross and
Net NPA of the Company stood at 1.62% and 1.00% respectively. Capital First
Ltd. has posted a net profit of ₹ 3.28 billion (USD 37 Mn) for the financial year
ended on 31 March 2018.
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MISSSION, VISION, VALUES, AND GOALS

MISSION
We are a team of individuals that collects, interprets, and maintains financial
information while providing quality customer service and training. We strive to
protect the financial integrity of the University in a changing regulatory and
technological environment.

VISION
A department recognized for providing excellent customer service, including
training, and reliable, accurate financial information.

VALUES
We value teamwork, fairness, communication, competence, integrity, adaptability,
and humor.

GOALS
Our goal is to provide a full range of financial information: from detailed
information, such as how to process a transaction, to overview information, such as
how to interpret the financial reports. We provide a full disclosure of the
University's finances in the Reports section.

PRODUCTS OFFERED
Capital First provides debt financing services to entrepreneurs, Micro, Small, and
Medium Enterprises; and Indian consumers, with a focus on the emerging middle
class. It provides financing ranging from as low as ₹ 10,000 to ₹ 20 million for a
wide range of tenures ranging from as low as 6 months to up to 15 years. It offers
long-term loans secured by property, two wheeler loans, and consumer durable
loans in over 225 locations across the country.
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CORPORATE SOCIAL RESPONSIBILITY

Capital First Ltd. has been actively contributing to the society in the form of its
CSR activities. The company’s flagship CSR program and involves providing
financial assistance to students who on their own merits, have been able to secure
admission to selected management programs, but happen to belong to
economically weaker section of the society and are therefore, unable to afford the
expenses for the programs. Such students are awarded scholarship under the
Capital First Scholarship Program.

AWARDS AND ACCOLADES

 “Best BFSI Brand, 2018” by Economic Times at ET-Edge Conference.
 “Financial Company of The Year, 2018” award at VC Circle Awards 2018.
 “Outstanding Corporate Transformation Award, 2018”
 “Digitalist Award” by Mint SAP, 2017, at Mumbai.
 “Entrepreneur of The Year, 2017” award at the Asia Pacific Entrepreneur
Award (APEA) held in Delhi
 “Outstanding contribution to Financial Inclusion, India, 2017” from Capital
Finance International, London
 In March 2017, Capital First Limited received the "Asia Innovator Of The
Year" award from Honorary Ministers Shri Arun Jaitley and Shri Manoj
Sinha at the CNBC - India Business Leader Awards in Delhi.
 “Asia Pacific Entrepreneur Award (APEA) - Outstanding Category”, 2016,
award at the held in Delhi.
 The company featured in India’s Top 500 Companies & Corporates by Dun
and Bradstreet in 2017 and was ranked 341 based on total income
 In December 2016, Capital First Limited received "India’s Most Trusted
Financial Brands" award by World Consulting & Research Corporation in
Mumbai.
 In November 2016, Capital First debuted in ET 500 "India’s Future Ready
Companies with rank of 466.
 The Company received the Asset Triple A Treasury, Trade and Risk
Management Awards in Hong Kong, 2016
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DIRECTORS REPORT

Dear Members,
Your Directors have pleasure in presenting the Eleventh Annual Report of your
Company with the audited financial statements for the financial year ended March
31, 2016.

The Company is focused on providing retail loans to MSMEs and consumers,

including long term loans secured by property, two wheeler loans and consumer
durable loans, which is expected to drive growth for the Company going forward.
During the year under review, the Company has successfully grown its outstanding
Loan Assets under Management from Rs. 119.75 billion to Rs. 160.41 billion, a
growth of 34%. The Retail Assets under Management has grown from Rs. 101.17
billion to Rs. 137.56 billion, a growth of 36%. Wholesale Book increased only by
23% from Rs. 18.62 billion to Rs. 22.85 billion.

The Consolidated Net worth of the Company increased from Rs. 15.74 billion to
Rs. 17.03 billion as at March 31, 2016.

Consolidated Net Interest Income increased by 53% from Rs. 5363 million during
the financial year ending March 31, 2015 to Rs. 8181 million during the financial
year ending March 31, 2016.

The profit after tax was up by 45% from Rs. 1143 million to Rs. 1662 million.

The Company proposes to transfer an amount of Rs. 156.91 million to the General
Reserves.

DIVIDEND:
Keeping in mind the overall performance and the outlook for your Company, your
Directors are pleased to recommend a dividend of Rs. 2.40/– (Rupees Two and
fourty paise only) per share i.e. 24% on each Equity Share having face value of Rs.
10/– (Rupees Ten only). The total outgo for the current year amounts to Rs. 218.99
million as against Rs. 200.24 million in the previous year.

CAPITAL ADEQUACY:
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The Company’s capital adequacy ratio was 19.81% as on March 31, 2016, which is
significantly above the threshold limit of 15% as prescribed by the Reserve Bank
of India (‘RBI’).

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required under Regulation 34 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”) and Circular/ Notifications/ Directions issued by Reserve Bank of
India from time to time, the Management Discussion and Analysis of the financial
condition and result of consolidated operations of the Company for the year under
review is presented in a separate section forming part of the Annual Report.

CORPORATE GOVERNANCE:
A Report on Corporate Governance as required under Listing Regulations forms
part of the Annual Report.

A Certificate from M/s. Makarand M. Joshi & Co., Practicing Company

Secretaries, confirming compliance with the conditions of Corporate Governance
as stipulated under the Listing Regulations, also forms part of the Annual Report.

SHARE CAPITAL:
During the year under review, the Company had issued and allotted 2,55,475
equity shares and subsequent to the year under review, 8,600 equity shares were
also allotted to the eligible employees of the Company under various Employee
Stock Option Schemes of the Company. The paid up equity share capital of the
Company as on date of this report stands at Rs. 91,24,63,440/– comprising of
9,12,46,344 equity shares of Rs. 10/– each.

PUBLIC DEPOSITS:
The Company being a Non–Deposit Accepting Non–Banking Finance Company
has not accepted any deposits from the public during the year under review and
shall not accept any deposits from the public without obtaining prior approval of
the RBI.
 24

RBI GUIDELINES:
As a Systemically Important Non–Deposit taking Non–Banking Finance Company,
your Company always aims to operate in compliance with applicable RBI laws and
regulations and employs its best efforts towards achieving the same.

NUMBER OF MEETINGS OF THE BOARD:

The Board met 5 times during the financial year 2015–16 viz., on April 1, 2015,
May 13, 2015, August 4, 2015, November 2, 2015 and February 10, 2016. The
maximum interval between any two meetings did not exceed 120 days.

COMMITTEES OF THE BOARD:

In accordance with the Companies Act, 2013 and Listing Regulations, the
Company has following Committees in place:

 Audit Committee
 Nomination and Remuneration Committee
 Stakeholders Relationship Committee
 Corporate Social Responsibility Committee

Details of the said Committees along with their charters, composition and meetings
held during the financial year, are provided in the “Report on Corporate
Governance”, as a part of this Annual Report.

AUCTIONED DETAILS:
The disclosures as required by Circular No. DNBS.CC.PD.No. 356
/03.10.01/2013–14 dated September 16, 2013 issued by RBI, regarding reporting
of the Gold Auctioned during the financial year 2015–16 are provided at Note No.
39 of Notes to the Standalone Financial Statements.

CREDIT RATING:
Short–term borrowing program: During the year under review,
Credit Analysis & Research Ltd. (“CARE”) reaffirmed the “A1+” (“A One Plus”)
rating for the short term borrowing program. The rating is the highest rating issued
by CARE for short–term debt instruments and indicates strong capacity for timely
payment of short term debt obligations and further indicates that the borrowing
carries the lowest credit risk. During the year under review, the rating of short term
 25

borrowing program was enhanced by Rs. 5,000 million i.e. from Rs. 12,000
million to Rs. 17,000 million.

During the year, CARE and Brickwork Ratings India Private Limited (Brickwork)
reaffirmed the long term rating of “AA+” (Double A Plus) of your Company.

Instruments with this rating are considered to have high degree of safety regarding
timely servicing of financial obligations. Such instruments carry very low credit
risk.

Long–term Bank Loan Facilities: During the year, the Company’s rating of
“CARE AA+” (“Double A Plus”) by CARE in respect of the bank loan facilities of
the Company was reaffirmed for an amount of Rs. 82,450 million.

Secured Redeemable Non–Convertible Debentures (NCDs): During the year

CARE reaffirmed the Company’s rating of “CARE AA+” (“Double A Plus”) for
the Secured Redeemable NCDs for an aggregate amount of Rs. 28,500 million
(enhanced from Rs. 13,000 million). The rating of “BWR AA+” (“BWR Double A
Plus”) for an aggregate amount of Rs. 9,000 million (rating of Rs. 5,500 million
was withdrawn because of redemption of NCDs) was also reaffirmed by
Brickwork.

Subordinated Non–Convertible Debentures (NCDs): During the year CARE

reaffirmed the rating of “CARE AA+” (“Double A Plus”) rating for the Unsecured
Subordinated Debt program of the Company for an aggregate amount of Rs. 8,000
million (enhanced from Rs. 2,000 million). Brickwork also reaffirmed the rating to
“BWR AA+” (“BWR Double A Plus”) for the Unsecured
Subordinated Debt program of the Company for an aggregate amount of Rs. 8,000
million (enhanced from Rs. 2,000 million).

Perpetual Non–Convertible Debentures (NCDs): During the year CARE reaffirmed

the “CARE AA” (“Double A”) rating to the Perpetual Debt program of the
Company for an aggregate amount of Rs. 3,000 million (enhanced from Rs. 2,000
million).

Brickwork also reaffirmed the “BWR AA” (“Double A”) rating to the Perpetual
Debt program of the Company for an aggregate amount of Rs. 2,500 million
(enhanced from Rs. 2,000 million).
 26

DIRECTORS & KEY MANAGERIAL PERSONNEL

a. Appointment
Pursuant to approval of the Members of the Company at their Annual General
Meeting held on July 20, 2015, Mr. V. Vaidyanathan was reappointed as Chairman
and Managing Director of the Company (DIN 00082596) for a period of five years
with effect from August 10, 2015 on terms and conditions including remuneration
as recommended by the Nomination and Remuneration Committee and more
particularly set out in the ‘CMD Agreement 2015’ entered into between the
Company and Mr. V. Vaidyanathan.

Subsequent to the year under review, the Board of Directors at its Meeting held on
April 4, 2016 appointed Mr. Apul Nayyar (DIN 01738973) and Mr. Nihal Desai
(DIN 03288923) as Additional Directors who shall act as Whole Time Directors
and Key Managerial Personnels of the Company as per provisions of Companies
Act, 2013 and both were designated as ‘Executive Director’ for a period of two
years effective from April 4, 2016. The aforesaid appointment of Mr. Apul Nayyar
(DIN 01738973) and Mr. Nihal Desai (DIN 03288923) shall be subject to the
approval of members in the ensuing Annual General Meeting of the Company.

b. Retire by Rotation
In accordance with Section 152 and other applicable provisions of Companies Act,
2013, Mr. Narendra Ostawal (DIN 06530414), being Non–Executive Director,
retires by rotation and being eligible offers himself for re–appointment at the
ensuing Annual General Meeting. The Board recommends his appointment.

BOARD’S INDEPENDENCE
Definition of ‘Independence’ of Directors is in conformity with Section 149(6) of
the Companies Act, 2013 and the requirements of Listing Regulations. Based on
the confirmation / disclosures received from the Directors and on evaluation of the
relationships disclosed, the following Non–Executive Directors are Independent in
terms of Section 149(6) of the Companies Act, 2013 and the requirements of
Listing Regulations :–
 27

1. Mr. N. C. Singhal (DIN 00004916)

2. Mr. Hemang Raja (DIN 00040769)
3. Mr. M. S. Sundara Rajan (DIN 00169775)
4. Dr. (Mrs.) Brinda Jagirdar (DIN 06979864)
5. Mr. Dinesh Kanabar (DIN 00003252)

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, with
respect to Directors’ Responsibility Statement, it is hereby stated that:

(a) in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures;

(b) the Directors have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs of the company at the end of
the financial year and of the profit and loss of the company for that period;

(c) the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for
safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities;

(d) the Directors have prepared the annual accounts on a going concern basis;

(e) the Directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively; and

(f) the Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and
operating effectively.

COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT,

REMUNERATION AND EVALUATION
 28

Pursuant to the provisions of the Companies Act, 2013 (“the Act”) and Listing
Regulations, Policy on Nomination and Remuneration of Directors, Key
Managerial Personnel, Senior Management and other employees had been
formulated including criteria for determining qualifications, positive attributes,
Independence of a Director and other matters as required under the said Act and
Listing Regulations.

The evaluation framework for assessing the performance of Directors comprises of

the following key areas:

 Expertise;
 Objectivity and Independence;
 Guidance and support in context of life stage of the Company;
 Understanding of the Company’s business;
 Understanding and commitment to duties and responsibilities;
Willingness to devote the time needed for effective contribution to Company;
 Participation in discussions in effective and constructive manner;
 Responsiveness in approach;
 Ability to encourage and motivate the Management for continued performance
and success.

The evaluation involves Self–Evaluation by the Board Member and subsequent

assessment by the Board of Directors. A member of the Board will not participate
in the discussion of his/her evaluation.

Accordingly, a process of evaluation was followed by the Board for its own
performance and that of its Committees and individual Directors and also the
necessary evaluation was carried out by Nomination and Remuneration Committee
and Independent Director at their respective meetings held for the purpose.

CONSOLIDATED FINANCIAL STATEMENTS

The Audited Consolidated Financial Statements are provided in this Annual Report
which have been prepared in accordance with relevant Accounting Standards
issued by the Institute of Chartered Accountants of India.
PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS
 29

Details of Loans, Guarantees and Investments are given in the notes to the
Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS

WITH RELATED PARTIES REFERRED TO IN SECTION
188
During and subsequent to the year under review, the contracts or arrangements
with related parties have been on arms length and in ordinary course of business
and they were not material in nature. Accordingly, the particulars of the
transactions as prescribed in Form AOC – 2 of the rules prescribed under Chapter
IX relating to Accounts of Companies under the Companies Act, 2013 are not
required to be disclosed as they are not applicabl

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT 9 is
annexed herewith as Annexure 2 to this Director’s Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Board of Directors at its meeting held on May 8, 2014 had constituted
Corporate Social Responsibility (CSR) Committee in accordance with Section 135
of Companies Act, 2013 read with rules formulated therein. During the year under
review the Company pursuant to the recommendation of the CSR Committee had
adopted a detailed policy on Corporate Social Responsibility and also discussed
and identified the core areas in which the CSR activities was proposed to be
carried out from time to time. Accordingly, the Company had carried out CSR
activities/ programs on the recommendation of the CSR Committee and duly
approved by the Board.

The Company chooses its CSR programs among many options in the CSR
Committee and the Board Meeting(s) and does not get persuaded by any external
influences other than those short listed in the best of spirit and which can add the
social value in the pragmatic and idealistic sense.
 30

The details of contents of CSR Policy of the Company and the details about the
development of CSR Policy and initiatives taken by the Company on Corporate
Social Responsibility during the financial year have been appended as Annexure 3
to this Report.

STATUTORY AUDITORS AND THEIR REPORT

M/s. S. R. Batliboi & Co. LLP, Chartered Accountants, having ICAI Firm
Registration No. 301003E/E300005 were appointed as Statutory Auditors of your
Company at the Ninth Annual General Meeting (AGM) held on June 18, 2014
from the conclusion of the said AGM till conclusion of Twelfth Annual General
Meeting. As per the provisions of Section 139 of the Companies Act, 2013, the
appointment of Statutory Auditors is required to be ratified by members at every
Annual General Meeting. Accordingly, the appointment of M/s. S. R. Batliboi &
Co. LLP, as Statutory Auditor of the Company is placed for ratification by the
shareholders. The Auditor’s Report does not contain any qualification, reservation
or adverse remark.

SECRETARIAL AUDITORS AND THEIR REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rules
made thereunder, the Company had appointed M/s. Makarand M. Joshi & Co.,
Practicing Company Secretaries, to undertake the Secretarial Audit of the
Company for the financial year 2015–16. The Secretarial Audit Report for
financial year 2015–16, has been appended as Annexure 6 to this Report. The
Board of the Directors at their Meeting held on May 13, 2016 have reappointed
M/s. Makarand M. Joshi & Co., Practicing Company Secretaries, to undertake the
Secretarial Audit of the Company for the financial year 2016–17.

SUBSIDIARIES
Your Directors are pleased to inform that the Hon’ble High Court of Judicature at
Bombay, vide its order dated July 31, 2015, has approved the Scheme of
Amalgamation of Capital First Investment Advisory Limited with Capital First
Home Finance Limited (formerly Capital First Home Finance Private Limited) and
the same has been effective pursuant to filing a certified copy of the said order with
the Registrar of Companies on August 31, 2015.
 31

During the year under review, pursuant to completion of regulatory formalities of

process of conversion of Private Limited Company to Public Limited Company,
the name of “Capital First Home Finance Private Limited” was changed to
“Capital First Home Finance Limited” with effect from December 5, 2015.

During the year under review, the non–material wholly owned overseas subsidiary
of the Company viz. Anchor Investment & Trading Private Limited incorporated
under the laws of Mauritius was dissolved as it was a non–operative Company.

The dissolution was effective from February 19, 2016 vide General Notice No. 304
of 2016 of “The Mauritius Government Gazette” dated March 14, 2016.

With respect to comments of Secretarial Auditor for the year under review, the
Company has filed a return with appropriate authority w.r.t. closure of its wholly
owned subsidiary namely Anchor Investment & Trading Private Limited after
statutory due date, due to delayed receipt of the publication of gazette of Mauritius
from the said subsidiary wherein such effective date of dissolution was mentioned.

PARTICULARS OF EMPLOYEES, EMPLOYEES STOCK

OPTION SCHEME AND EMPLOYEES STOCK PURCHASE
SCHEME
The details in terms of Section 197 of the Companies Act, 2013 read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014,are forming part of this report as Annexure 5. The statement
containing particulars of employees as required under Section 197(12) of the
Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 may be obtained by the
members by writing to the Company Secretary of your Company.

During the year under review, the Company has granted employee stock options to
eligible employees under various Employee Stock Option Schemes. The Company
had issued and allotted 2,55,475 equity shares and subsequent to the year under
review, 8,600 equity shares were allotted to the eligible employees of the Company
under various Employee Stock Option Schemes of the Company.
Subsequent to the year under review, Board of Directors of the Company on the
recommendation of Nomination and Remuneration Committee at its Meeting held
 32

on May 13, 2016, approved the ‘CFL Stock Option Scheme – 2016’ subject to the
approval of Members of the Company.
The details with respect to the Employee Stock Option Schemes/ Employee Stock
Purchase Scheme are annexed and forms part of this Report as Annexure 4.

PARTICULARS OF ENERGY CONSERVATION,

TECHNOLOGY ABSORPTION, EXPENDITURE ON
RESEARCH AND DEVELOPMENT, FOREIGN EXCHANGE
INFLOW/OUTFLOW, ETC.
The requirements of disclosure with regard to Conservation of Energy in terms of
Section 134 of the Companies Act, 2013, read with the Companies (Accounts)
Rules, 2014, are not applicable to the Company since it doesn’t own any
manufacturing facility.

However, the Company makes all efforts towards conservation of energy,

protection of environment and ensuring safety.
The details of the earnings and outgoing Foreign Exchange during the year under
review are provided in Note No. 36 to the Standalone Financial Statements as at
March 31, 2016. The Members are requested to refer to the said Note for details in
this regard.

VIGIL MECHANISM
Your Company has established a ‘Whistle Blower Policy and Vigil Mechanism’
for Directors and employees to report to the appropriate authorities concerns about
unethical behavior, actual or suspected, fraud or violation of the Company’s code
of conduct policy and provides safeguards against victimization of employees who
avail the mechanism and also provide for direct access to the Chairman of the
Audit Committee. The said policy has been uploaded on the website of the
Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING

THE FINANCIAL POSITION OF THE COMPANY
 33

There have been no material changes and commitments, affecting the financial
position of the Company which have occurred between the end of the financial
year of the Company to which the financial statements relate and the date of the
report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN
STATUS AND COMPANY’S OPERATIONS IN FUTURE
There have been no significant and material orders passed by the Regulators or
Courts or Tribunals impacting the going concern status and company’s operations
in future.

RISK MANAGEMENT POLICY AND INTERNAL

CONTROL
The Company has adopted a Risk Management Policy duly approved by the Board
and also has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified by the businesses and
functions are systematically addressed through mitigating actions on a continuing
basis. These are discussed at the meetings of the Risk Management Committee,
Audit Committee and the Board of Directors of the Company. The Company’s
internal control systems are commensurate with the nature of its business and the
size and complexity.

The detailed note on Risk Management and Internal Controls forms part of
Management Discussion and Analysis Report.

DISCLOSURES UNDER SEXUAL HARASSMENT OF

WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT 2013 READ WITH RULES
Pursuant to the requirements of Section 22 of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act 2013 read with Rules
thereunder, the Company had received one complaint of sexual harassment during
 34

the year under review. The same had been resolved after following due process of
law.

ACKNOWLEDGEMENT
We are grateful to the Government of India, the Reserve Bank of India, the
Securities and Exchange Board of India, the Stock Exchanges, Insurance
Regulatory and Development Authority of India, National Housing Bank and other
regulatory authorities for their valuable guidance and support and wish to express
our sincere appreciation for their continued co–operation and assistance. We look
forward to their continued support in future.
We wish to thank our bankers, investors, rating agencies, customers and all other
business associates for their support and trust reposed in us.
Your Directors express their deep sense of appreciation for all the employees
whose commitment, co–operation, active participation, dedication and
professionalism has made the organization’s growth possible.
Finally, the Directors thank you for your continued trust and support.

ON BEHALF OF THE BOARD OF DIRECTORS

V. VAIDYANATHAN
Chairman & Managing Director
DIN: 00082596
Place : Mumbai
Date : May 13, 2016

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 35

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 36

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GOVERNING LAW
Transactions between you and IDFC Bank shall be governed by and construed in
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 37

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such courts for the purpose of litigating any such action.

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RBI DISCLAIMER
RBI neither accepts any responsibility nor guarantees the present position as to the
financial soundness of the company or for the correctness of any of the statements
or representations made or opinions expressed by the company and for discharge
of any liability by the company.
Neither is there any provision in law to keep, nor does the company keep any part
of the deposits with the Reserve Bank of India and by issuing a Certificate of
Registration to the company, the Reserve Bank of India, neither accepts any
responsibility nor guarantees the payments deposits to any depositor or any person
who has lent any sum to the company.

ROLE OF FINANCE IN THE DEVELOPMENT OF AN

ECONOMY

The functioning of an economy depends on the financial system of a country. The

financial system includes banks as a central entity along with other financial
services providers. The financial system of a country is deeply entrenched in the
society and provides employment to a large population. According to Baily and
Elliott, there are three major functions of the financial system:
 38

CREDIT PROVISION – Credit supports economic activity. Governments

can invest in infrastructure projects by reducing the cycles of tax revenues and
correcting spends, businesses can invest more than the cash they have and
individuals can purchase homes and other utilities without having to save the entire
amount in advance. Banks and other financial service providers give this credit
facility to all stakeholders.

LIQUIDITY PROVISION – Banks and other financial providers protect

businesses and individuals against sudden cash needs. Banks provide the facility of
demand deposits which the business or individual can withdraw at any time.
Similarly, they provide credit and overdraft facility to businesses. Moreover, banks
and financial institutions offer to buy or sell securities as per need and often in large
volumes to fulfill sudden cash requirements of the stakeholders.
RISK MANAGEMENT SERVICES – Finance provides risk
management from the risks of financial markets and commodity prices by pooling
risks. Derivative transactions enable banks to provide this risk management. These
services are extremely valuable even though they receive a lot of flak due to
excesses during financial crisis.

SAVINGS-INVESTMENT RELATIONSHIP
The above three major functions are important for the running and development
activities of any economy. Apart from these functions, an economy’s growth is
boosted by the savings-investment relationship. When there are sufficient savings,
only then can there be sizeable investment and production activity. This savings
facility is provided by financial institutions through attractive interest schemes. The
money saved by the public is used by the financial institutions for lending to
businesses at substantial interest rates. These funds allow businesses to increase
their production and distribution activities.

GROWTH OF CAPITAL MARKETS

Another important work of finance is to boost growth of capital markets.

BUSINESSES NEED TWO TYPES OF CAPITAL – fixed and

working. Fixed capital refers to the money needed to invest in infrastructure such as
building, plant and machinery. Working capital refers to the money needed to run
the business on a day-to-day basis. This may refer to the ongoing purchase of raw
 39

materials, cost of finishing goods and transport of finished goods to stores or

customers. The financial system helps in raising capital in the following ways:

FIXED CAPITAL – Businesses issue shares and debentures to raise fixed

capital. Financial service providers, both public and private, invest in these shares
and debentures to make profits with minimal risk.

WORKING CAPITAL – Businesses issue bills, promissory notes etc. to

raise short term loans. These credit instruments are valid in the money markets that
exist for this purpose.

FOREIGN EXCHANGE MARKETS

In order to support the export and import businessmen, there are foreign exchange
markets whereby businesses can receive and transmit funds to other countries and
in other currencies. These foreign exchange markets also enable banks and other
financial institutions to borrow or lend sums in other currencies. Moreover,
financial institutions can invest and reap profits from their short term idle money by
investing in foreign exchange markets. Governments also meet their foreign
exchange requirements through these markets. Hence, foreign exchange markets
impact the growth and goodwill of an economy in the international markets.

GOVERNMENT SECURITIES
Governments use the financial system to raise funds for both short term and long
term fund requirements. Governments issue bonds and bills at attractive interest
rates and also provide tax concessions. Budget gaps are taken care of by
government securities. Thus, capital markets, foreign exchange markets and
government securities markets are essential for helping businesses, industries and
governments to carry out development and growth activities of the economy.

INFRASTRUCTURE AND GROWTH

The economic growth depends on the growth of infrastructural facilities of the
country. Key industries such as power, coal, oil determine the growth of other
industries. These infrastructure industries are funded by the finance system of the
country. The capital requirement for infrastructure industries is huge. Raising such
a huge amount is difficult for private players and hence, traditionally, governments
have taken care of infrastructure projects solely. However, the economic
 40

liberalization policy led to the private sector participation in infrastructure

industries. Development and Merchant banks such as IDBI in India help fund these
activities for the private sector.

TRADE DEVELOPMENT
Trade is the most important economic activity. Both, domestic and international
trade are supported by the financial system. Traders need finance which is provided
by the financial institutions. Financial markets on the other hand help discount
financial instruments such as promissory notes and bills. Commercial banks finance
international trade through pre and post-shipment funding. Letters of credit are
issued for importers, thereby helping the country to earn important foreign
exchange.

EMPLOYMENT GROWTH
Financial system plays a key role in employment growth in an economy. Businesses
and industries are financed by the financial systems which lead to growth in
employment and in turn increases economic activity and domestic trade. Increase in
trade leads to increase in competition which leads to activities such as sales and
marketing which further increases employment in these sectors.

VENTURE CAPITAL
Increase in venture capital or investment in ventures will boost growth in economy.
Currently, the extent of venture capital in India is less. It is difficult for individual
companies to invest in ventures directly due to the risk involved. It is mostly the
financial institutions that fund ventures. An increase in the number of financial
institutions supporting ventures will boost this segment.

BALANCES ECONOMIC GROWTH

The growth of different sectors of an economy is balanced through the financial
system. There are primary, secondary and tertiary sector industries and all need
sufficient funds for growth. The financial system of the country funds these sectors
and provides sufficient funds for each sector – industrial, agricultural and services.
 41

Thus, finance plays a key role in the development of any economy and no economy
can run successfully without a sound financial system.

DIVIDEND

Get a glimpse into the dividend history-payout amount of CAPF, interim dividend
and the latest dividend announcements by CAPF in the last 5 years.

# Announcement Date Ex-Date Amount Interim/Final

1 04-May-2018 26-Jun-2018 2.80 Final

2 12-May-2017 27-Jun-2017 2.60 Final

3 16-May-2016 27-Jun-2016 2.40 Final

4 13-May-2015 10-Jul-2015 2.20 Final

5 08-May-2014 05-Jun-2014 2.00 Final

6 27-May-2013 14-Aug-2013 1.80 Final

7 29-May-2012 06-Sep-2012 1.50 Final

8 30-Jun-2011 04-Aug-2011 1.50 Final

9 25-May-2010 29-Jul-2010 1.00 Final

PROMOTER SHAREHOLDING
Look up all relevant information on shareholding pattern of CAPF, the change in
shareholding as compared to last quarter, Promoters shareholding%, persons
holding more than 1% shares of the company.
 42

Shareholding Pattern Sep-18 Jun-18 Mar-18 Dec-17 Sep-17

Promoter and Promoter Group (%) 35.52 35.53 35.55 35.58 35.97

Indian NIL NIL NIL NIL NIL

Foreign 35.52 35.53 35.55 35.58 35.97

Institutions (%) 30.43 32.29 35.11 36.38 37.45

FII 19.92 19.55 19.55 24.00 24.31

DII 10.51 12.74 15.56 12.38 13.13

NonInstitutions (%) 34.04 32.18 29.33 28.04 26.59

Bodies Corporate NIL NIL NIL NIL NIL

Others 34.04 32.18 29.33 28.04 26.59

Custodians NIL NIL NIL NIL NIL

Total no. of shares (cr.) 9.91 9.90 9.90 9.89 9.78

PUBLIC SHAREHOLDING
Study of the shareholding pattern of a company is a very important part of
fundamental analysis. The shareholding pattern is a determinant of the market
capitalization of the stock and is an indicator of whether the stock valuation is
justified or not. Know the Public shareholding % for the last quarter as announced
by the company.
Persons holding securities more than Category Dec- Jun- Mar- Dec- Mar-
1% of total number of shares under 16 16 16 15 17
 43

category Public Shareholding.

Cloverdell Investment Ltd Promoters 59.81 63.74 63.83 63.86 59.78

Caladium Investment Pte. Ltd. NonPromoters 9.82 NIL NIL NIL 9.81

V. Vaidyanathan NonPromoters NIL NIL NIL NIL 3.64

Bodies Corporate NonPromoters 7.43 7.22 1.43 NIL 2.16

Birla Sun Life Trustee Company NonPromoters 2.15 NIL 2.24 NIL 1.99
Private Limited A/C Birla Sun Life
Mnc Fund

Goldman Sachs India Limited NonPromoters 1.81 NIL NIL NIL 1.81

Hdfc Standard Life Insurance Company NonPromoters NIL 1.73 2.97 NIL 1.63
Limited

Government Pension Fund Global NonPromoters 1.43 NIL 1.48 1.48 1.43

Dayside Investment Ltd Promoters 1.28 NIL NIL NIL 1.28

Jv And Associates Llp NonPromoters 4.90 NIL NIL NIL NIL

HDFC Standard Life Insurance NonPromoters 1.08 NIL NIL NIL NIL
Company Limited

NRI â?? Repat NonPromoters 1.05 NIL NIL NIL NIL

Foreign Individuals or NRI NonPromoters NIL 1.23 NIL NIL NIL

Swiss Finance Corporation (Mauritius) NonPromoters NIL NIL 1.41 1.80 NIL
Limited
 44

Dsp Blackrock Micro Cap Fund NonPromoters NIL NIL NIL 1.69 NIL

COMPANY PROFILE
Study CAPF management, company profile, ownership, management, Board of
Directors and Organization Structure of CAPF.

COMPANY PROFILE OF CAPITAL FIRST, NSE, INDIA

Date of Incorporation 18-Oct-2005

Date of Listing 01-Feb-2008

Management

Name Designation

V Vaidyanathan Chairman & Managing Director

Apul Nayyar Executive Director

Nihal Desai Executive Director

Brinda Jagirdar Independent Director

N C Singhal Independent Director

M S Sundara Rajan Independent Director

Hemang Raja Independent Director

Dinesh Kanabar Independent Director

Narendra Ostawal Non Executive Director

 45

COMPANY PROFILE OF CAPITAL FIRST, NSE, INDIA

Vishal Mahadevia Non Executive Director

Registered Office Address

One Indiabulls Centre, Tower 2A & 2B, 10th Floor, Senapati Bapat Marg, Lower Parel
(W),, 400013, Mumbai, Maharashtra, India,

Website

http://www.capitalfirst.com

FAQ (FREQUENTLY ASKED QUESTIONS)

LOAN DETAILS

When is my next EMI due? How can I view my EMI Status?

The EMI due date is 2nd or 5th of every month. To view your EMI Status, log in to
the customer portal and from the homepage itself you will see your Active Loans.
On the right there is a View Details button. Clicking on that will provide you
detailed information of your loan account and you can Download your Account
Statement, View Charges and Check your Repayment Schedule from here.
Please ensure you maintain an adequate balance in your bank account a day prior
to the due date. In the event of non-realization of EMI on due date, Bounce
Charges will be applicable on the unpaid installment in addition to Late Payment
Charges.
 46

I want to make my EMI payment. How can I do that?

Log in to the customer portal and in the main menu on the left you will see a ‘Pay
EMI’ option. Click on ‘Pay EMI’ and enter your Loan Account No., Email ID and
Mobile No. You can choose from multiple payment options that include PayTM,
Bill Desk, Vodafone M-Pesa, Airtel Money, Jio Money, Ola Money and Free
charge. Enter the Captcha code and then click on ‘Proceed’ to complete your
payment.

How do I review my active and completed loans?

It’s very simple to locate information of your active and completed loan accounts.
Once logged into the customer portal. Under ‘My Loans’ in the menu click on ‘My
Current Loans’. You will see two tabs; one shows your active loans and the other
your completed loans. Click on the relevant tab to obtain information about your
loans.

How do I change my EMI due date?

We currently do not have an option of changing the EMI due date. This is keeping
in mind the uniformity of payment due dates for all our customers.

How can I calculate my EMI amount?

To find out your EMI amount, use our EMI calculator on the customer portal.
Simply select the 'EMI calculator' option from the menu under Customer Service
on the portal. Select the Loan Type from the dropdown list and select your Loan
Amount, Interest Rate and Tenure. You will get to know your EMI instantly.
What’s more, you can even apply for a loan by simply clicking on the ‘Apply
Now’ button right from the calculator.

I have applied for a new loan; how can I check its status?
You can check the status of your loan application by simply clicking on the menu
button in the customer portal, select the ‘My Loans’ tab and ‘My Loan
Applications’ option. The status of your application will be displayed. If for some
reason you can’t see your application status, you can contact customer care at
1860-500-9900 or write to us at customer.care@capitalfirst.com.
 47

How can I get my Statement of Account?

If you would like to download your account statement, select the ‘My Loans’ tab
from the menu. The details of your active loans will be displayed by default. Click
on the ‘Account Statement Download’ button to obtain your account statement
instantly.

Alternatively, you can request for a copy of your Statement of Account from your
Dealer store from where you purchased your product. (Applicable for Consumer
Durables and Two Wheeler Loans only)

How do I get my Welcome Letter?

You can view and also download your Welcome Letter in a matter of seconds. All
you have to do is log in to the customer portal and select 'My Current Loans' under
My Loans. Here you will see a 'View Details' button on the right hand side. After
clicking on View Details you will see a Statements Tab. Click on that to see a list
of documents which you can view and download including the Welcome Letter.

Alternatively, you can request for a copy of your Welcome Letter from your
Dealer store from where you purchased your product. (Applicable for Consumer
Durables and Two Wheeler Loans only)

How do I get my Interest Certificate?

In order to download your interest certificate, log in to the customer portal and
select the ‘My Loans’ tab from the main menu. The details of your active loans
will be displayed by default. Click on the 'View Details' button and select the
Statements tab. Click on the Download button corresponding to the Interest
Certificate option.

How do I get my Repayment/Amortisation Schedule?

In order to know your repayment schedule, select the 'My Loans' tab from the
menu in the customer portal. The details of your active loans will be displayed by
default. Click on the 'Repayment Schedule Download' button to obtain your
repayment schedule instantly.
 48

Alternatively, you can request for a copy of your Repayment Schedule from your
Dealer store where you purchased your product. (Applicable for Consumer
Durables and Two Wheeler Loans only)

How do I get my Provisional Certificate?

You can view and also download your Provisional Certificate on the customer
portal.

Please select the ‘My Loans’ tab from the main menu. The details of your active
loans will be displayed by default. Click on the ‘View Details’ button and select
the Statements tab. Click on the Download button corresponding to the 'Provisional
Interest Certificate' tab.

How do I get my No Objection Certificate (NOC)?

Once you have completed paying the EMIs of your loan, the NOC will be sent to
your registered mailing address updated in our records.

Alternatively, you can email is at customer.care@capitalfirst.com to get a copy.

You also have the option to log in to the customer portal and under 'My Loans'
select Closed Loans and click on the Statements tab. Here you will see your No
Objection Certificate available to View and Download.
You can request for a copy of your NOC from your Dealer store where you
purchased your product. (Applicable for Consumer loans only)
In case of a Two-Wheeler or a Pre-Owner Car Loan, please ensure your Vehicle
Registration Copy (RC copy) is submitted to Capital First post the loan is
disbursed. You can share a copy of your RC on customer.care@capitalfirst.com or
WhatsApp the loan reference number and copy of RC on 7400185060. In the
absence of RC Book details, Capital First will not be in a position to issue the No-
Objection Certificate and Form 35.

What are the charges applicable on my loan account?

All the information related to charges is available on our customer portal. From the
main menu, select the 'My Loans' tab. The details of your active loans will be
displayed by default. Click on the 'View Charges (Proceed)' button to obtain details
of the charges on your loan instantly.
 49

Kindly refer to the schedule of charges on the website for detailed charges. Below
is information regarding them.

Penal Interest /Late payment charges - Besides normal interest, Capital First
may collect penal interest / late payment charges for any delay or default in making
payments of any dues. If the EMI for the month bounces and payment against the
same is not received in the same month, late payment charges will be applicable.
These will be charged every month on a recurring basis till the payment is
received. These penal interest / late payment charges for different products or
facilities will be decided by Capital First from time to time.
Bounce Charges - Capital First may collect the bounce charges in case the EMI
presented bounces. Charges will be collected up to 2 presentation bounces. These
bounce charges for different products or facilities will be decided by Capital First
from time to time. No claims for refund or waiver of such bounce charges/ penal
interest / additional interest will be entertained by Capital First and it is the sole
discretion of Capital First to deal with such requests if any.

CHANGE IN DEMOGRAPHIC DETAILS

How do I update my Email ID?

You can call on our helpline number 1860-500-9900 or write to us
at customer.care@capitalfirst.com and get your email id updated in the system.

How do I update my Mobile no/Landline?

You are requested to call from your registered mobile number on our helpline
number 1860-500-9900 or you visit your nearest branch along with latest mobile
bill and get your number updated.

How do I update my Mobile no/Landline?

You are requested to call from your registered mobile number on our helpline
number 1860-500-9900 or you visit your nearest branch along with latest mobile
bill and get your number updated.
 50

PAYMENT RELATED

How can I make my overdue payment?

Capital First is completely transparent about any charges overdue on your account.

If you wish to make a payment please click on PAY EMI. Alternately to find out if
you have any overdue charges, penalties or dues, log in to the customer portal,
click on the main menu and select the 'My Loans' tab. The details of your active
loans will be displayed by default. Click on the ‘View Details’ button and select
the Charges tab. All the relevant charges will be displayed instantly.
If you wish to know about the various repayment options please visit
the Repayment Options page.
Please note: Any payment received (other than Foreclosure) would be appropriated
in the following order of priority -
1. Installment
2. Bounce charges
3. Penal interest

Can I make my advance EMI Payment?

You can make an online advance payment up to 1 EMI by visiting our
website www.capitalfirst.com and clicking on Pay EMI on the top right of the
homepage. You also have the option to log in to our customer portal for the same.
You may also visit the nearest branch to make this payment. If you are paying
advance EMI, please inform us to hold the EMI by calling our customer care 1860-
500-9900 and provide the payment transaction ID, so that no bounce charges will
be levied on your account.

How do I get a receipt on cash payment of EMI, Charges, overdue etc.?

Capital first has now started sending payment confirmations electronically via
SMS and Email only. Issuance of physical receipts has been discontinued. An e-
receipt will be sent on your registered mobile number/ Email ID for reference, after
making the payment.

You are requested to intimate Capital First of any change in contact details to
enable us send payment confirmations electronically.
 51

What should I do if I do not receive the payment confirmation

SMS/email instantaneously?
You should ask for a duplicate receipt in case SMS/Email does not get triggered
instantaneously to your registered mobile number and registered email ID at the
time of payment collection.

How will I get a refund if my EMI gets debited twice from the account in
the same month ?
You have to raise the request for refund of excess EMI or you can raise the request
for adjustment of advance EMI in next month by calling our customer care number
1860-500-9900 or you can write to us at customer.care@capitalfirst.com.

FORECLOSURE

How do I foreclose my loan?

You can now foreclose your consumer durable loan through the quick pay option
on our website www.capitalfirst.com. Please ensure that your loan details are
correctly reflecting on the screen before making any payment.

For other loans please call us at 1860-500-9900 or write to us

at customer.care@capitalfirst.com to place a request for Foreclosure letter.

How can I make my foreclosure payment for Personal Loan/ Business

Loan/ Loan Against Property ?
You can visit your nearest Capital First Branch and make payment through cash
(Upper Limit Rs 50,000) /cheque mode or through your Debit card and get the e-
receipt for the payment made through email /SMS.

PART PREPAYMENT
 52

How and when can I make a part prepayment? (Applicable for Home
Loan / Loan against Property Or Mortgage Loan type Only)
Part Payment is not allowed within the first 12 months of the loan disbursal. Post
12 months, you can pay up to 20% of the current Principal Outstanding.

Do I have to bear any prepayment charges?

Part payment is allowed up to 20% of the current POS post completion of 12
months (MOB) without any charges. If payment is done over & above 20%, charge
will be applicable at 3% or as per the Sanction letter on the complete payment
given by the customer.

SWAPPING

How do I swap my existing mode of loan repayment?

You need to submit the below mentioned documents in order to ensure smooth
processing of your EMIs.

» 3 New Mandate Forms duly filled - signed and authorized by your new Bank
» Half yearly bank account statement of the new account
»Swap charges of Rs 500 (to be paid either in cash or by cheque)
» A Cheque of the Current EMI
Important Notes:
» All the Cheque should have the payee name as "Capital First Limited" All
Cheque should be CTS 2010 complaint only.
» All Cheque should bear borrower's signature,
» There should not be any overwriting or alteration on the Cheque.
» No counter signature is allowed on the Cheque.
» The swap would be effective in the next month's EMI on receipt of the new
repayment documents on or before 18th for ECS & 22nd for PDC of current
month else it would be effective from subsequent month's EMI.

TDS REFUND
 53

What is the Capital First Limited PAN Number?

PAN - AACCK6863C

How do I apply for my TDS refund?

» All customers who are liable to deduct the TDS, must pay TDS as per applicable
rate (currently 10%) for the interest and fees being paid to Capital First Limited..
» Customer must deposit the TDS amount so due into the government account
every month within the due date prescribed.
» As per the Income Tax Act, 1961, the customer should file TDS return within the
due date prescribed at the end of each calendar quarter.
» Once returns are filed, customer must raise a TDS refund request to Capital First
Limited

If you are claiming TDS refund for the first time we would require below
documents for processing:
1. EPS form (attached)
2. Original cancelled cheque (Name and account number should be clearly
mentioned)
3. Original Form 16 A (with stamp in case of proprietorship/company)
4. Request letter on letterhead
If you have already claimed refund earlier through us we would require only
Form 16 A with stamp and request letter.
If the details on the cancelled Cheque is not printed we would require either EPS
form duly verified and stamped by respective bank or bank statement attested by
bank.

Does the TDS certificate need to be submitted in original?

Yes. Original TDS certificate is required to be submitted for claiming the refund.

Where can I send the TDS certificates?

You can send digitally signed TDS certificates along with scan copy of request
letter to customer.care@capitalfirst.com, Alternatively, hard copies of Original
TDS certificates along with request letter and copy of cancelled cheque can be
submitted at a Capital First branch.
 54

You may also send a hard copy of TDS certificates along with request letter to the
following address:
Customer Service Department
To,
Customer Service(TDS)
Capital First Ltd ,
A/3 3rd Floor Ashar IT Park,
Wagle Estate Thane (West) 400604

What are the dates by which the TDS certificates must reach Capital
First Limited?
The original TDS certificates along with request letter must reach Capital First
Limited by following dates:

On or before 30th September for the quarter ending on June 30th

On or before 31st December for the quarter ending on September 30th
On or before 31st March for the quarter ending on December 31st.
On or before 31st July for the quarter ending on March 31st.
In the event of non-adherence to the above-mentioned timelines, Capital First is
not obligated to make the TDS refund.

EASY BUY CARD (EBC)

What is an Easy Buy Card (EBC)?

Capital First Limited issues an Easy Buy Card to its privileged customers. It allows
you to purchase various consumer durable goods such as televisions, refrigerators,
Smartphone’s, air conditioners and more by simply swiping your card at dealer
outlets we have a tie up with. This card issues a pre-approved Consumer Durable
Product Loan limit and you can make purchases up to this limit. This is not a credit
card.

What is the loan amount on my Easy Buy Card?

The pre-approved loan amount on your card depends on the loan amount assigned
to you by Capital First at the time of taking a Consumer Durable loan. This loan
amount varies for each individual.
 55

Where all can I use my Easy Buy Card?

You can use the EBC at any of the dealer outlets we have a tie up with in India.

When will I receive my Easy Buy Card?

You will be eligible for an EMI card after successful clearance of your 1st 4 EMIs.
The card will be dispatched to you after 45 days from payment of the 4th EMI.

What is my Easy Buy Card limit?

To check this limit, all you have to do is click on the menu icon and select ‘Easy
Buy Card’ from the list. Your limit will be displayed on the page.

You can now know your Easy Buy Card status by simply sending a SMS EBC <<
CRN NUMBER >> to +91 83903 06070. Alternatively, you can reach us on 1860-
500-9900 to know your card limit.

What should I do if my Easy Buy Card gives an error while swiping?

Our representatives at the dealer outlet will be there to assist you for any query
related to your Easy Buy Card. In case your problem is not resolved, please call us
on 1860-500-9900

What are the charges for my Easy Buy Card?

The Easy Buy Card comes to you by making a one-time payment of a nominal fee
of Rs. 412/.

OTHER QUERIES

How can I contact Capital First?

You may contact us through any of our channels mentioned below -

Phone - Call us on our helpline number 1860 500 9900 from your registered phone
number. You can access your details through our IVR for quick service.
Email - Write to us on customer.care@capitalfirst.com with your loan account
number for all your queries and concerns. Please write from your registered email
ID to get a faster response. We will respond to you in 2 working days. Please
check your SPAM folder, in case of non-receipt of Email.
Mobile App/ Customer Portal - You can submit a service request by logging into
the mobile app/customer portal.
 56

Service at dealerships for Consumer durable and Two wheeler loans - For
quick resolution on simple queries like Statement of Account, Repayment
Schedule, Welcome letter, Easy Buy card related queries and EMI related queries
for Consumer Durable and Two wheeler loans you can now visit your dealership
outlet from where you purchased your product.
Branch - You can look for the nearby branch in our branch locator if you require
any further information / assistance from our Customer Service Branch. We
request you to carry a Valid Photo ID card to be furnished or provide a proper
authority letter and self-attested photo ID to your representative along with his /
her photo ID
If the resolution you receive does not meet your expectations, please get in touch
with our Grievance Redressal Officer Mr. Sabir Ali on 022 61185811 or write
to nodal.officer@capitalfirst.com
If your complaint/dispute is not redressed within a period of one month, you may
appeal to the Officer-in-Charge of the Regional Office of DNBS at RBI, as below:
Officer-in-charge,
Reserve Bank of India,
Regional Office, DNBS, fourth floor, opp. Mumbai Central Station,
Byculla, Mumbai - 400 008
Email id: dnbsmro@rbi.org.in

How can I apply for a new loan?

You can apply for a wide variety of loans through our customer portal. On the
portal select 'Apply for Loan' from the menu. Select the type of loan you would
like to apply for from the dropdown list that appears on the page under ‘Our
Products’ and then click on the ‘Apply Now’ button. You may even contact
customer care – 1860-500-9900, walk in branch or email us
at customer.care@capitalfirst.com

How do I update my CIBIL?

Please note that post closure of your loan, your CIBIL Report will be updated by
us by the 20th of the next month. In case of any discrepancy please write to us
atcustomer.care@capitalfirst.com
 57

What is the type of GST applicable?

CGST and SGST/ UTGST will be levied on intra-State supplies. IGST will be
levied on inter-State supplies

What is applicable GST rate for the charges or fees?

GST rate for the charges or fees would be 18%

How to get GST invoice/ processing fee invoice/GSTIN updation done?

Please submit the GSTIN certificate and declaration at the nearest branch or write
to us at customer.care@capitalfirst.com.

SWOT ANALYSIS OF CAPITAL FIRST LTD.

CAPITAL FIRST LTD.

Parent Company CF group

Category Consumer Financial Services

Sector Banking & Financial Services

Tagline/ Slogan "Keep Aspiring"

CAPITAL FIRST LTD.

Segment Loan, finance services

Target Group Urban and Rural Investors

Positioning Complete Investment and Stock trading Solutions

CAPITAL FIRST SWOT ANALYSIS

 58

Below is the Strengths, Weaknesses, Opportunities

& Threats (SWOT) Analysis of Capital first.
Strengths are:
1. Diverse range of financial products
2. Known for transparent functioning
3. State of art I. T solutions for customers like “just
trade”
Strengths 4. Has over 200 branches across states

Here are the weakness of capital first

1. Less penetration in rural areas

2. Lack of awareness due to low publicity
3. People with conservative mindsets prefer gold

Weakness investment

Following are the opportunities of capital first

1. Tapping the growing rural market
2. Earning urban youth looking for investment
Opportunities options

The threats of capital first are as mentioned :

1. Stringent economic measures by government
and RBI
2. Entry of foreign finance firms in India
Threats market

Capital first competition

Below are the main capital first competitors :

1.Bajaj Finance
Competitors 2.Bajaj Capital
 59

3.Indiabulls
4.Home credit

SUGGESTIONS

 Start an Auditing Firm

 Develop and Sell Accounting and Banking Software
 Retail Finance Related Books/E-books
 Blog About Finance
 Start Publishing a Finance Magazine
 Online Finance Coaching
 Start a Mortgage/Debt-Reduction Service
 Finance Consulting Firm
 Tax Consultant
 Manage Investment Portfolios
 Build Investment Tools
 Budget Consultant
 Risk Management Consultant
 Credit Repair Business
 Financial Planner
 Host Finance Talk Shows
 Forex Trading
 60

REFERENCES

1. Shah, Saumil. "Capital First & IDFC Bank: Made For Each Other". BW
Businessworld. Retrieved 16 March 2019.
2. ^ "IDFC Bank and Capital First announce completion of
merger". thehindubusinessline. 18 December 2018. Retrieved 19 December 2018.
3. ^ "Corporate Office". Capital First. Retrieved 16 March 2019.
4. ^ a b c d e f g h "Annual Report 2017-18" (PDF). Capital First. Retrieved 16
March 2019.
5. ^ "Capital First Ltd. Annual Report 2018" (PDF).
6. ^ "Dun & Bradstreet - Company Profile" (PDF). www.dnb.co.in. Retrieved 11
July 2017.
7. ^ nazerry. "Vaidyanathan Vembu — Enterprise Asia". Enterprise Asia. Retrieved 9
July2017.
8. ^ "Capital First merges with IDFC Bank to create IDFC First
Bank". moneycontrol. Retrieved 20 December 2018.
9. ^ "Future Capital IPO Details - Date, Prospectus, Allotment, Listing, Reviews &
Status". Chittorgarh. Retrieved 9 July 2017.
10.^ Business, Outlook. ""If I can see it, then I can do it. If I just believe it, there's
nothing to it" | Outlook Business". www.outlookbusiness.com. Retrieved 9
July 2017.
11.^ "Capital First Limited | Warburg Pincus". Warburg Pincus. Retrieved 9
July 2017.
12.^ "V. Vaidyanathan takes wing with a $17 million stake in a star
NBFC". www.businesstoday.in. Retrieved 9 July 2017.
13.^ Bureau, Our (11 November 2016). "Warburg Pincus' Capital First raises ₹ 340 cr
from GIC affiliate". The Hindu Business Line. Retrieved 9 July 2017.
14.^ Bureau, ET (5 March 2014). "Capital First raises ₹ 178 cr via preferential
issue". The Economic Times. Retrieved 9 July 2017.
15.^ PTI (24 March 2015). "Capital First raises Rs 300 crore through qualified
institutional placement route". The Economic Times. Retrieved 9 July 2017.
16.^ Dhanjal, Swaraj Singh (11 November 2016). "Capital First to raise Rs340 crore
from Singapore sovereign wealth fund GIC". www.livemint.com/. Retrieved 9
July 2017.
17.^ "Capital First yearly profit after tax up 44%". www.moneylife.in. Retrieved 9
July2017.
18.^ "Capital First Ltd. Profile - The Economic
Times". economictimes.indiatimes.com. Retrieved 9 July 2017.
 61

19.^ "Company Profile & Executives - Capital First Ltd. - Wall Street
Journal". quotes.wsj.com. Retrieved 9 July 2017.
20.^ "Capital First | CSR Activities". capitalfirst.com. Retrieved 9 July 2017.
21.^ "Capital First 'Best BFSI Brand of the Year 2018' Award". Retrieved 9
July 2017.
22.^ "Capital First 'Financial Company of the Year' Award". Retrieved 9 July 2017.
23.^ "Capital First receives 'Outstanding Corporate Transformation award by Capital
First International". Retrieved 9 July 2017.
24.^ "Capital First 'Digitalist Award' Award". Retrieved 9 July 2017.
25.^ "Capital First 'Entrepreneur of the Year, 2017' Award". Retrieved 9 July 2017.
26.^ "Capital First 'Outstanding contribution to Financial Inclusion' Award".
Retrieved 9 July 2017.
27.^ "Capital First receives "Asia Innovator of the Year"". Retrieved 9 July 2017.
28.^ "Capital First 'Asia Pacific Entrepreneur' Award". Retrieved 9 July 2017.
29.^ "India's Top 500 Companies" (PDF). Dun&Bradstreet. Retrieved 9 July 2017.
30.^ "India's Most Trusted Financial Brands". WCRC Leaders Asia. Retrieved 9
July 2017.
31.^ "ET 500 Companies List 2016". Economic Times.
 62

BIBLIOGRAPHY

1. www.capitalfirst.com

2. www.ambitionbox.com

3. in.finance.yahoo.com

4. markets.ft.com

5. www.mouthshut.com

6. www.google.com

7. www.effectivebusinessideas.com

8. finclusion.org

9. www.capitalfirst.com

10.Economictimes.indiatimes.com