3 sem report 27
TRANSCRIPT
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CHAPTER ONE
ABOUT THE COMPANY
1.1.1 Godrej-the organization
Godrej is a brand that touches lifes of millions every day. The company celebrated its centenary
in 1997. Getting started in 1897 by SIR Ardeshir Godrej, who initiated with Godrej locks.
Later on it went into making Safes and Security equipments of extreme Quality. From
there on Godrej got translated into a Multi-Business enterprise.
His brother pirojsha godrej carried ardeshir's dream forward, leading godrej towards becoming a
vibrant, multi-business enterprise. Pirojsha laid the foundation for the sprawling industrial
garden township (iso 14001- certified) now called pirojshanagar in the suburbs of mumbai.
Godrej touches the lives of millions of Indians every day. To them, it is a symbol of enduring
ideals in a changing world.
Incorporation
Established in 1897, the company was incorporated with limited liability on march 3,1932,under
the Indian companies act, 1913.
Mission Values & Vision:-
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Godrej Mission is to operate in existing and new businesses which capitalize on the Godrej
brand and corporate image of reliability and integrity.
Godrej objective is to delight our customer both in India and abroad.
We shall achieve this objective through continuous improvement in quality, cost and
customer service.
We shall strive for excellence by nurturing, developing and empowering our employees
and suppliers.
We shall encourage an open atmosphere, conducive to learning and team work.
Values:-
Commitment to Quality
Customer Orientation
Dedication & Commitment
Discipline
Honesty & Integrity
Learning Organisation
Openness & Transparency
Respect/Care & Concern for People
Teamwork
Trust
Vision:-
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We are dedicated to Deliver Superior Stakeholder Value by providing solutions to existing and
emerging consumer needs in the Household & Personal Care Business. We will achieve this
through Enduring Trust and Relentless Innovation delivered with Passion and Entrepreneurial
Spirit.
Awards& Recognition:-
2006
Lalji Mehrotra Foundation Award for Excellence, conferred by National Society for Equal
Opportunities for the Handicapped.
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Great Son of India Award given to Sohrab Godrej by National Convention For Protection
of India's Resources and Environment.
2005
BNHS Green Governance Award for the Category - Conservation & Restoration of
Habitat, awarded to Godrej & Boyce Mfg. Co. Ltd.
2003
Economic Times Corporate Excellence Award for Corporate Citizenship.
1994
Nisarga Mitra Award from Rotary Club of Bombay, Vikhroli for Environmental
Conservation.
1991
Indira Gandhi Paryavaran Puraskar, awarded to Sohrabji Godrej.
1989
Institution of Economic Studies Lok Shree Award for Social Commitment towards the
society.
Godrej group of companies
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CORPORATE INFORMATION
BOARD COMMITTEES
A. Audit Committee
a) K K Dastur (Chairman)
b) S A Ahmadullah
c) K N Petigara
B. Compensation Committee
a) S.A. Ahmadullah (chairman)
b) A.B. Choudhury
c) K.N. Peti ara
d) N.B. Godrej
C. Shareholders committee
a) A.B. Godrej (chairman)
b)
1.K.N.Petigara 7.J.N. Godrej
2.N.D. Forbes 8.N.B. Godrej
3.S.A. Ahmadullah 9.M. Eipe
4.V.M. Crishna 10.A.B. Chaudhary
5.T.A. Dubash 11.J.S. Bilimoria
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6.A.B. Godrej 12.K.K.Dastur
Company secre tary : k.r. rajput
Godrej Group consists of two corporate entities: Godrej Consumer Products and Godrej
Industries.
Godrej Industries Ltd. (GIL):
It is India's leading manufacturer of oleo-chemicals and makes more than a hundred chemicals for
use in over two dozen industries. It also has a major presence in food products such as refined oil
and tetra pack fruit beverages. Besides, it operates businesses in medical diagnostics and real
estate.Godrej Consumer Products Ltd. (GCPL) is a major player in the Indian FMCG market with
leadership in personal, hair, household and fabric care segments. Each company has several
SBUs, divisions and factories.
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Godrej & Boyce Mfg. Co. Ltd.:
Godrej & Boyce manufactures a spectrum of consumer products and industrial products. The
Consumer products include Appliances (Refrigerators, Washing Machines, Air Conditioners,
Microwaves, and DVD Players), Locks, Furniture, Security Equipment, Office Automation,
Conferencing Solutions, and vending Machines. Industrial Products include Storage Solutions,
Automated Warehousing, Material Handling Equipment, Process Equipment, Precision
Components & Systems, Machine Tool Service, Electrical & Electronic, Tooling, and
Construction Material & Services.
Godrej Consumer Products Ltd (GCPL):
Godrej Consumer Products is a leading player in the Indian FMCG market with interests in
personal, hair, household and fabric care segments. Godrej Consumer Products is the largest
marketer of toilet soaps in the country with leading brands such as Cinthol, Fairglow, and Godrej
No 1. The company is also leader in the hair colour category in India and offers a vast product such
as Godrej Renew Coloursoft Liquid Hair Colours, Godrej Liquid & Powder Hair Dyes to Godrej
Kesh Kala Oil, Nupur based Hair Dyes. Its liquid detergent brand Ezee is the market leader in its
category.
Godrej Industries Ltd.:
The company is India's leading manufacturer of oleochemicals. It also has major presence in food
products such as refined oil and tetrapack fruit beverages.
Geometric Software Solutions:
It is a CMMI Level 5 Company and the leading PLM services provider.
Godrej Infotech:
The company is engaged in the business of developing customized software solutions and
implementing ERP, CRM, SCM software.
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C o n s u m e r P r o d u c t s
S er v ices
Introduction to the Project
The project has been assigned to me by Godrej & Boyce Mfg Co. ltd for my summer internship
program with them. This project is a part of the Master in Business Administration (MBA)
Program under JMI University. The project entails finding out the demand of Godrejs Modular
and Desking solutions in offices around Delhi and NCR region for the period May to July2012.
This demand analysis will be done with the help of a Business Research Questionnaire. The said
Questionnaire will cover different attributes measurement techniques which will help me get
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responses from respondents which in turn will be then normalized using different Quantitative
tools. Such normalized results will portray a clear picture of Current Consumer demand and will
also help us know the changing business environment.
The project will help me develop Communication Skills, will enhance my marketing
abilities, will give me a good exposure of market dynamics and will allow me to use the theory I
have learns so far.
Description of project
Project Focus
The modular and Desking Solutions of Godrej comes under Interior Division. Apart from
Desking & modular solutions there are also Seating, Storage and Interiors Solutions provided by
Godrej.
Godrej also work as Turn Key Consultants for office Interiors, solving all interiors related needs
of consumers under one roof.
Our focus in this report will be limited only towards the -Modular and Desking
Solutions of Godrej in offices.
Modular and Desking Solutions- Modular Furnitures comes in breakdown or knockdown
format which means that the whole work station is broken into several parts which can be
assembled as per the needs of the consumers.
While catering to such needs the space utilization, design of office, furnishing requirements e.t.c
such factors are considered. Godrej is one of the best dealers in Modular and Desking solutions.
With more and more penetration of IT and allied services in India, the need of modular settings
has risen. This is because this sector uses most of the OPOS and modular solutions. And
Desking solution as we know is a must need for every office.
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More over now-a-days even small offices are shifting to OPOS designs as these provide better
space utility and are less costly than concrete divisions. All the more these settings are even
easier to modify and also gives a trendy creating a congenial work environment.
Some advantages of OPOS solutions:
Flexible set up.
Better sharing and utilization of resources.
High level of customization.
Easy modification.
Less costly.
Objectives of the Project
The primary objective of the project was to find out the demand of Godrejs Modular and
desking solutions in offices in Delhi and surrounding areas during the period May -July2012.
Secondary to the primary objective the project will help us evaluate
Some advantages of OPOS solutions:
Flexible set up.
The changing business environment.
Understanding consumer preferences.
Define Godrejs Interio segment.
Recommend changes in key areas to improve its consumer base and market share.
Methodology
Step 1- Collection of data from market.
Step 2- Storage of the collected Data.
Step 3- Analysis of data collected so far.
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Step 4- Preparation of project report.
step 1 elaborate
The data collection process was done with the help of a well designed Questionnaire.
The Questionnaire was designed taking considerations of
Survey time
Respondent willingness
Project objective
The Questionnaire uses different types of Questions needed to conduct a research. I had used
the following type of Questions-
Lead in Questions (Q no. 1)
Qualifying Questions (Q no. 2 &3)
Warm up Questions (Q no. 4&5)
Specific Questions and (Q no.6-15)
Demographic Questions (Demographic profile)
The set of Warm up and Specific Questions uses different attitude measurement scales to
capture the consumer responses. These attitude measurement scales assign numbers or symbols
to some attributes of an object. Thus scaling involves developing a continuum based on whichmeasured objects are located. I had used a few attitude measurement scales like-
Pictorial Scale
Rank order scale
Constant sum scale
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Paired comparison scale.
The questionnaire has been kept short so as to grip respondents interest and curtail
biasness arising out of disinterest. A copy of the Questionnaire has been attached with this
report. After the questionnaire is prepared the next part is how to get samples/responses?
Responses will be collected in the following manner-
Source- all responses will be collected from primary sources. In this case the primary
sources will be the,Facility managers / Project managers / Administrative managers.Architects /
Designers / Builders.Apart from the primary data, secondary data over the companys past
performances will be collected through companys website, journals, editorials e.t.c.
Mode of communication The managers are contacted personally either by visiting the
office or over the phone. After that an appointment is fixed to have a tete-a-tete with the
respective person.
Sample- An estimated sample count of 40 had been suggested by my faculty guide. (A copy of
the questionnaire has been attached at the end of the report)
Step 2 el abo r ate
The collected data was stored safely and intact so as to allow minimum deviation of
results.While in interview process all data were scripted in a hand note book, which later on
were transferred into excel sheets. Excel transformation helped best usage of quantitative tools
to analyze data. Also tabular presentation in excel allows viewer a clear vies and better
judgment. As per the suggestions on my project guide the data was collected for the first two
weeks of the project. This allowed me to collect data over a good number of samples. More will
be the number of samples, better will be the analysis.
Step 3 el abo r ate
The analysis part is purely done under guidance of my project guide and faculty guide. This
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analysis part entailed best usage of the data collected so far so as to produce best results.
Different quantitative tools were used to calculate the median of responses. These were then
normalized and with usage of various tools congeal attributes were defined. With focusing on
such attributes the company can change their expansion plans accordingly and get a strong hold
on its consumers.
St ep 4 elabor at e
Based on the findings of the analysis, the report is encrypted by me in an expressive and simple
manner. Better presentations of results are as necessary as is the core task. More expressive is
the presentation, more interested will be the readers in getting the essence of the project. This
ultimately will serve the purpose of the project.
Field Survey
In accordance to the requirement of the project, data has been collected from various offices of
all types of companies, firms and organizations. For this personal visits had been made to all the
offices with the Questionnaire.With the help of the Questionnaire data had been collected
successfully from 60 respondents. The number of respondents are approximately (1/3) of the
total number of offices visited. All the visits cannot be made successful because of various
reasons like-
1. Non availability of the Facility Managers.
2. Wrong sample chosen by me. Wrong sample arrive in cases where-
a. If the organization is too small.
b. If the place is a manufacturing unit and not an office.
c. If the number of employees are too small in number, e.g. below 20nos.
d. If the organization does not require Modular and Desking solutions at all. e.g.-
pathological laboratories, Jewelers showrooms e.t.c
e. If the relevant Furnishing Decisions are taken centrally from some other
office, not in Faridabad. e.g ICICI bank
f. If the furnishing requirements are met directly by the Building/Apartment management or
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the Landlord himself.
Thus because of the aforesaid reasons all efforts does not remain fruitfull and thus a mere
success rate of 33% remains in Data collection procedure. The entire group of the current
samples has answered almost all the Questions in the Questionnaire and the same had been
stored.
T he na me s of t he C ompa nies s ur veye d a r e as f oll ows
India infoline finance limited.Noida
Tata consultancy services
sikkim manipal university(study centre)
Fortis escorts hospital
Jamia millia islamia
Jamia hamdard
converse head office,gurgaon
convergys
Genpact
Axis bank
ICICI bank
RBS Gurgaon
DLF tower
Motherson ltd.
Teck link sales and marketing pvt.ltd.
kotak mahindra
Sbi bank
Industry overview
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The furniture industry in India is considered as a non-organized sector as it represents a small
percentage (about 0.5%) of contribution to the formation of GDP. Moreover, the production is
increasing every year. The furniture industry is categorized into various categories amongst
which handicraft production is the major category which accounts for about 85% of the total
furniture production in India. (India Furniture Industry)
The wooden furniture is the major part of this non-organized sector, which caters mainly to
home furniture demand. Demand for household furniture is easily affected by economic
conditions such as disposable income, interest rates, employment level, income growth, etc.
(India Furniture Industry)
The total size of the Indian furniture industry is estimated at around INR 750 billion. From this,
the share of the wooden furniture market is around INR 900 million. Eighty five percent of this
falls into the unorganized sector. The furniture market is growing by 12-15 per cent per annum
and is likely to grow to INR 950 billion by 2012. In fact, around 400,000 workers are held by the
furniture industry. (Indian Furniture Industry .)
5.3.2.Product segments
The furniture industry consists of eight sectors: Corporate or office furniture (15%); hotel
furniture (15%); and other furniture which mainly includes furniture parts (5%). The upholstered
furniture and the bedroom furniture make up approximately 30% and 20% respectively of the
total production. The remainder is comprised of kitchen furniture, with almost the same
weight; 6% as dining room furniture 6% and other furniture (garden, home office, small
furniture) which accounts for 3% of the total production.
5.3.3.Furniture manufacturing
In India, the furniture supply covers up all range of possible uses. Three main type of
material were used as the supply of furniture; Approximate 65% of the furniture made from
wood, 25% from metal and the remaining 10% from plastic. Wood and Wood Products,
Furniture and Fixtures" carry a weight of 27% in the total manufacturing sector.
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Household production largely produces sofas, dining tables and seating whilst professional
production mainly produces for offices and companies. Various sectors can be found in the
Indian furniture industry. Within these sectors, manufacturers are not as specialized in the
production of a particular kind of furniture as in other industrially advanced countries. The
largest segment with the number of medium and large companies is the office furniture
sector.
Indian furniture industry
Modular or Open Plan Office Systems
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Modular furnitures come in breakdown or knockdown format which means that the whole
furniture system say a work station is broken down into several parts which can be broken down
into several parts which can again be assembled as per the needs of the client, space allocation
design of office etc i.e. customers of modular furnitures can customize the product. Godrej &
Boyce MFG Co. Ltd.was the pioneer in introducing the concept of Modular furniture in India in
1982 but it did not go ahead with it as the market demand for such modern age equipment was
low. But in the past few years, with the growth of IT and Services industry in India, a massive
boom in the demand for such modular furniture increased at tremendous pace because of the
concept of teamwork, groups,huddles, meetings, which rose in specially from the IT, ITES sector.
Also the skyrocketing real estate prices have forced organizations like banks, large corporate, to
ponder on resource sharing. These concepts gave rise to the idea of workstations which would be
allocated in bays where each team can be separately allocated but at the same time there can be
optimal utilization of resources. The modular systems were a perfect solution to it where
customization is the main advantage as it can optimize allocation of space. The workstations can
have various types of arrangements, alignments, and nature of tiles, add on trays, pentagonal for
keyboards, white boards, glass partition, e.t.c. The workshop is made of MDF or PLB i.e. Medium
Density Fibre or Prelaminated Particle Board
Some Advantages of Modular Systems in Corporate offices
1. Flexible and provides optimum allocation of space.
2. Sharing of Resources: Common panel, white board or worktop shared by two ormore employees.
3. Highly improved wire management system: There are two level wire carriers which
enable data and power separation. Facilities mounting of switches has got open
fascia for easy maintenance and has got external wire manager for additional wire
management.
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4. Ease of assembly, move and relocate.
5. Need based customization
Results and Analysis
Based on the data collected and conversion of those into meaningful graphs and charts the
analysis had been done.We will ponder on all the questions of the questionnaire one at a time.
Respondents Analysis
Till date the Questionnaire was served before approximately 100 companies. But data can be
collected from only 40 respondents.
Total = 100
Respondents = 40(40%)
Non-Respondents = 60(60%)
Respondents Analysis
Thus we see that there is a just approximately 36% chance of getting a response.
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References play a pivotal role in getting better number of samples for a research. One key to
that is to ask for reference at the end of each interview from the interviewee. More often than
not this helps.
Furnishings Procurements Analysis
The first Question of the survey asked how do they procure their furnishings requirement. The
question was an closed ended one with options as Internally and Outsourcing. Where internally
meant that the organizations do not hire professional interior developers or architects to make
their furniture. They rather built on their own. Again Outsourcing would mean that theorganization the complete or part of its furnishings requirements to architects or interior
decorators or contractors Of the total number of respondents 16 said that they procure their
furniture requirements internally and the remaining 35 either procured through contracting or
were served by the Buildings Facility Management Department.
Procure Internally- 23 (27%)
Procure by outsourcing- 63 (73%)
Total- 86
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Out of the total sample size, 27% organizations do develop their interiors by self. One of the
main reasons for such practice that came afloat was the cost involved in outsourcing. Of the 23,
(27%%) respondents who preferred internally, most of these were either small or medium sized
organizations.
Godrej Brand penetration
The second question of the survey was Do you use any of Godrej Furniture solutions?. The
question was intended to see how many are currently the users of some or the other products of
Godrej Interio. This shows the knowhow of the brand itself, which will let us know how much
people are familier with the Godrej Interio brand. The reason being that if customers had used a
product of a particular brand earlier and are satisfied with the product, then he/she will have the
same expectations with the other product of that brand umbrella. Also deep market penetration
help a brand to introduce new products easily. An example can be of Maggi fast food. Where
Maggi was basically serving vermicellis in market, but when it introduces its Maggi Tomato
ketchup it was readily accepted by the customers. One reason being customers knowhow for
the Maggi brand. This is where Brand helps.
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Thus from the above we find that out of total 60 samples the users are distributed in
the given fashion.
Total = 60
Users = 52 (87%)
Non-Users = 08 (13%)
Total Current Users product wise
Out of the total, here we see that the seating segment has maximum=m penetration in the market
with appx 36% share of the Branded furniture market. This is just followed by Desking with
19%. We may say from this that even in the current segment a large part of market is with the
competitors which Godrej must look in for.Again we see that the market share for Technoseries
is NIL. This means that there are no users of Godrejs Technoseries. It is worth mentioning that
Godrej Interio is the only company which possesses a Hi-tech product like this. This
Godrej should take due emphasis on properly marketing its Technoseries series.
Godrej market ratings
Modular's users= 9(15%) Techno series users=4(5%)
Desking users=15(26%) Security users=5(7%)
Seating users=14(24%) Storage users=13(23%)
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Respondents were asked to mark what expression comes on their face with the name on Godrej
Interio. There were five facial expressions from very sad to very happy. Each of these were
allocated points from 1 to 5- 1 being lowest, for very sad expression. This pictorial scale denotes
how much a brand is liked by the consumers. Since Modulars and Desking solutions are wholly
an B2B segment, here the brand perception in the mind of Facility managers or Admin heads
or Contractors play a pivotal role in bringing new customers.
4321
The result of the survey has been transformed into a 5 point graph where we see that the graph
line seldom touches the 2 mark. The line is continuously between 3 and 4 mark. Thisindicates are fairly happy with the brand and have a good perception of the brand
Factor Rating
Here we listed down five furniture attributes and each attribute was ranked on a five point
scale. Each respondent ranked each attribute based on his usage experience with godrej.This sort
of scale shows us the attributes of our products which consumers are unhappy with. This helps
us ponder on that particular attribute and make required changes, if possible.
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Here the company should take care of the top two colours of each bar. As these colours
denote unsatisfied & Highly unsatisfied ranks. We can see that the top two colours spread
maximum in Price bar and the Designs bar. Which means that there is a need to revise the Prices
and Design portfolio of our products. Also consumers say that when they are paying premium
prices why should they compromise with Delivery Schedules and After sale services. Thus due
emphasis should be given to these attributes.
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The Godrej Advantage
Next we used a multiple choice question where 7 different reasons of choosing
Godrej were stated. Respondents were asked to tick one of the 7 which would be hisreason of going with Godrej.This type of scale shows us our strengths. The
attribute which gains maximum points is the strength of our products.
Here we see that Quality is the strength of Godrej. Next to Quality People choose
Godrej Interio for its Brand Name. It would be worth mentioning that since these are
the strengths of Godrej Interio, it needs to take due care of these factors. In the
era of evolution constant innovation and repositioning of products is necessary.
Paired Comparison Scale
Next we used a Paired comparison scale, wherein a statistical method is used to find
out the factor preference of consumers. This scale is like a second level of
factor preference test. Here a specialized scale is used wherein two factors are
compared with each other
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Based on the paired comparison scale responses the above Multi Factor
Radar has been prepared. Each pole of the radar signifies 100%.
The centroid symbolizes 0%
Legends mentioned are the compared factors.Percentage value beside each legend is the percentage score of
respective factors.
A bank is an institution, which deals with money and credit. It
accepts deposits from the public and mobilizes the fund to productive
sectors. It also provides remittance facility to transfer money from
one place to another. Generally, bank accepts deposits It also deals
with credit; it has the ability to create credit expanding its liabilities.
It is commercial institution; it aims at earning profit.
1.1.2 Historical Background of Banking
The word Bank is used in the sense of the commercial bank. The word Bank is itself
derived the France word Basqueand Italian word Banca. It refers to a bench. At
that time, there were some moneylenders sitting in the bench for keeping, lending and
exchanging of money in the market place. That was the origin of the commercial bank
in the history.
During the early periods, private individuals mostly did the banking business. As public
enterprise, banking made its first appearance in Italy in 1157, when the bank of
Venicewas established. History shows the existence of a Montein Florence in 1336.
The meaning of Monte is given in Italian Dictionary as a standing bank.
As early as 1349, the banking business was carried on by the shopkeepers of Barcelona.
Meanwhile, the local government restricted shopkeepers to operate this business until
they had given sufficient security. During 1401, a public bank was established in
Barcelona. It used to exchange money, received deposits and discount bills of
exchange.
The beginning of the banking may correctly be attributed to the London Goldsmiths.
They marked a turning point in the history of English banking. This led to the growth of
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private banking and the establishment of the Bank of England in 1694. Many of
todays banking services were first practised in ancient Lydia, Phoenicia, Chins, and
Greece, where trade and commerce flourished.
The first bank to offer most of the basic banking function known toady was the Bank of
Barcelona in Spain. Founded by merchants in 1401, this bank held deposits, exchanged
currency, and carried out lending operations. It is also believed to have introduction the
bank check. Three other early banks, each managed by a committee of city officials,
were the Bank of Amsterdam (1609), the Bank of Venice (1587) and the bank of
Hamburg (1619). These institutions laid the foundation for the modern
Some features of Current Deposits of RBB are:
Withdraw Below Minimum Balance
Extended Banking Hour in Kathmandu Valley Branches
Free Cheque Book
No Interest Rate
Standing Instruction
II Saving Deposit
Saving account pay interest to the depositors, but have no specified maturity date on
which the funds need to be withdrawn or reinvested. Any amount can be withdrawn
from a saving account upto the amount deposited. Under normal circumstances,
customers can withdraw their money from a saving account simply by presenting
cheques drawn to the bank. Withdrawals can also be made by using their automated
teller machine (ATM) card .Saving accounts are highly liquid. It carried relatively low
interest rate and normally can be withdrawn at the any time. It is design to attract funds
from customer, who wish to set aside money in anticipation of future expenditure or
financial emergencies. It is also called thrift deposit.
Saving account of the RBB is popular among its customer. Since almost 70% branches
of RBB are situated in rural areas. Saving account is appropriate for small saver. At
present RBB is providing 2% interest to saving deposit, which is subject to frequent
change. Regarding minimum balance required for saving account is Rs 2000.
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Some features of Saving Deposit of RBB are:
Attractive Interest Rate
Affordable Balance
Withdrawal Below Minimum Balance
Extended Banking Hour in Kathmandu Valley Branches
Free Cheque Book
BALANCE SHEET
2011-12
2010-11
2009-10
2008-09
2007-08
SOURCE OF FUNDS:Shareholders' FundsShare Capital 31.7 31.7 31.7 31.9 31.9
Reserve& Surplus 1,200.7 1,058.3 990.9 995.1 1,026.4Secured Loans 17.4 83.2 204.1 232.8 249.4Unsecured Loans 489.2 470.9 343.4 368.1 186.1Deferred Tax Liability 35.7 35.9 31.9 32.7 36.1
1,775.0 1,680.2 1,602.2 1,660.8 1,530.2
APPLICATION OF FUNDS :FixedAssets 473.2 318.5 298.6 288.7 271.4Investments 1,353.8 1,233.7 1,147.6 1,148.0 775.4Net Working Capital (52.0 128.0 156.0 220.2 472.7MiscellaneousExpenditure - - - 3.8 10.6
1,775.0 1,680.2 1,602.2 1,660.8 1,530.2
INCOME & PROFIT
Total Income 1,563.1 1,254.5 991.7 971.4 838.8Expenditure other than Interest and 1,264.3 1,026.5 823.0 867.4 671.1Profit before Interest, Depreciation and Tax 298.7 227.9 168.6 104.0 167.6Interest (net) 70.5 63.1 60.2 61.0 34.4Profit before Depreciation and Tax 228.2 164.8 108.3 42.9 133.1Depreciation 27.1 28.8 28.3 26.4 25.4
Profit before Tax and exceptional items 201.0 136.0 79.9 16.5 107.7Exceptional items - (expense)/income - - - (0 .26 (3 .1Provision forCurrent Tax (0.34 (1.36 (0.13 1.2 5.6Net Profit after Tax 201.3 137.3 80.1 15.5 105.2Provision forDeferred Tax (0.1 3.9 (0.8 0 (3.41 (3.61
Adjustment in respect of prioryears - - - - (0.86 -
Net Profit after taxes and adjustments 201.5 133.4 80.9 18.0 108.8