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Stock Report
Bajaj Auto Finance Updates on Business Plans
Posted On : 2007-07-12 05:38:38( TIMEZONE : IST )
Bajaj Auto Finance Ltd has announced about the following:
Network Expansion
During the current quarter the Company added 3 branches (116 in total) and 11 shoppes - finance outlets (35 in total). With these additions the Company has its own direct presence in 459 locations. The Company will continue to expand its network during the current year.
Technology Upgrade
The Company is also in the process of upgrading its IT systems to cater to additional business requirements in the coming years.
The Company is moving away from its legacy systems to a new centralized system. It has selected "Intellect suite" from Polaris Software lab Ltd. This system will cater to all its requirements for its lending module. The Company has also selected SAP for its accounting requirements. These initiatives are expected to be functional by the end of the current fiscal.
These initiatives would provide for flexibility in the Company's business, customer service, visibility of data to ensure better controls besides enabling faster decision making.
New Business initiatives
Bajaj Finance has set up a 75 seat centralized call centre at Pune. Through this new initiative, the Company will cross sell Personal Loans to its existing customers across the country. The call centre commenced operations on July 10, 2007.
Rating
CRISIL has reaffirmed the "FAAA/(Stable)" rating for the Fixed Deposit programme of the Company, which indicates that the degree of safety regarding timely payment of interest and principal is very strong. The Company is one of the very few Non-Banking Finance Companies which enjoy this highest rating by CRISIL.
CRISIL has also assigned the highest rating of "P1+" for the Company's Commercial Paper programme amounting to Rs 500 Crores.
The Secured Redeemable Non-Convertible Debentures amounting to Rs 100 Crores issued by the Company on Private Placement basis carry "AA+/(Stable)" rating from CRISIL. This rating indicates high degree of safety with regard to timely payment of interest and principal on the instrument.
The Non-Convertible Debentures allotted on Rights basis have been assigned "AA+/Stable" rating by CRISIL and "LAA+" rating by ICRA.
