1. Gross Written Premium (GWP) for the quarter and half year ended September 30, 2007 of general insurance business is Rs. 5487.6 million and Rs. 11224.9 million respectively. The corresponding figure for the quarter and half year ended September 30, 2006 was Rs. 3919.7 million and Rs. 8421.1 million respectively.
Gross Written Premium (GWP) for the quarter and half year ended September 30, 2007 of life insurance business is Rs. 20008.1 million and Rs. 30606.8 million respectively. The corresponding figure for the quarter and half year ended September 30, 2006 was Rs. 8784.4 million and Rs. 16106.3 million respectively.
2. For the purpose of consolidated financials the net result of the insurance business revenue accounts together with shareholders income and transfers to policyholders revenue account in accordance with the reporting framework of IRDA, amounting to a net surplus of Rs.663.6 million prior to elimination of inter segment revenue of Rs. 18.4 million for the half year ended September 30, 2007, has been included in a manner consistent with the parent's reporting format as was done for the previous periods. However, for reporting segment information, segment revenues for both insurance businesses represent the premiums earned and other income.
3. The Government of India, vide Public Notice No. PN -17 dated 12 July 2007, increased rate of DEPB (export incentive) from 6% to 9% with retrospective effect from 1 April 2007. Consequently additional export incentive pertaining to previous quarter aggregating Rs. 140 million has been accrued and included in Net Sales & Income from Operations of the quarter ended September 30, 2007.
4.The Company with effect from 3rd September 2007 has discontinued its vehicle assembly facilities at its Akurdi Plant. The available infrastructure comprising land, buildings and some machinery, with suitable modifications/alterations, would be employed for business purposes including enhancing product and technology development capabilities. Consequently, surplus/redundant machinery, dies, components and spares have been identified. Assessment of realisable values is in process. The company has recognised a provision of Rs. 77.4 million in the above results for the quarter ended 30th September 2007 towards assessed losses on estimation. Further write downs / losses will be recognised in the subsequent quarter on completion of assessment.
5.The Scheme of arrangement approved by the Board of Directors on 17 May 2007, involving demerger of undertakings of the company resulting into three entities viz. Bajaj Auto Limited., Bajaj Finserv Limited and Bajaj Holdings & Investments Limited, has been approved by the shareholders and unsecured creditors at the court-convened meetings held on 18 August 2007. Pending approval of the honourable High Court of Bombay and inter-company allocations thereafter, the above results of the company continue to be prepared as a single entity.
6.The results for the quarter ended September 30, 2007 have been subjected to "Limited Review" by the auditors.
7. Figures for previous year / period have been regrouped wherever necessary.
8.The company did not have any investor complaints pending as on 1 July 2007 and as on 30 September 2007. There were seven investors' complaints received and disposed of during the quarter ended 30 September 2007.
9.The above results have been reviewed by the Audit Committee and taken on record in the meeting of Board of Directors held on October 19, 2007.