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MASTER OF COMMERCE
ADVANCED ACCOUNTANCY
Semester: 1
Academic Year: 2015-16
Submitted in Partial Fulfilment of the
Requirement for the Award of the Degree of
MASTER OF COMMERCE
SUBMITTED BY
VIPUL KESHWANI
M.com (Adv. Accountancy)
SEMESTER-1
ACADEMIC YEAR 2015-16
FINANCIAL ACCOUNTANCY
SUBMITTED THROUGH
Prof. Santosh Ghag
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FINAL
STATEMENT
OF AXIS
BANK
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DECLARATION

I hereby declare that project entitled FINAL STATEMENT OF AXIS

BANK .Submitted for the M.COM (Advanced Accountancy) Degree is my
original work and the project has not formed the basis for the award of any Degree,
Associateship, Fellowship or any other similar titles.

I further declare that the information has been tapped from the primary and
secondary sources of information which have been properly accorded.

Place:

Mumbai

Vipul Keshwani

Date:

(M.COM STUDENT)

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ACKNOWLEDGEMENT

I wish to thank Professor SANTOSH GHAG for his encouragement and support
throughout the project it is due to his best efforts and continuous guidance and that
I was able to prepare this project.

I would like to thank coordinator professor SANTOSH GHAG for his constant
support in the process of making the project.

I would like to thank our Principal MR..ASHOK WADIA for giving me the
opportunity to work on this project.
I would also like to thank the University of Mumbai to give me this opportunity to
explore the valuable information related to this project.

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CERTIFICATE OF ORIGINALITY

This is to certify that the project titled FINAL STATEMENTS OF AXIS BANK. Is an
original work of the student and is being submitted in partial fulfillment for the award of the
Masters Degree in Advanced Accountancy (M.COM) of MUMBAI UNIVERSITY.

This report has not been submitted earlier either to the university or to any other
University/Institution for the fulfillment of the requirement of a course of study.

Dr. ASHOK WADIA

Signature of Principal
Date:
Place: MUMBAI

Signature of External Examiner

Place: MUMBAI
Date:

Prof. SANTOSH GHAH

Signature of Coordinator
Date:
Place: MUMBAI

COLLEGE SEAL

Signature of Supervisor
Place: MUMBAI
Date:

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TITLE

PG.NO

Executive summary

07
8
9
10-11
1213
1415
1516
16
1617
17-18
19
19-20

Ch.1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
1.10

INTRODUCTION (AXIS BANK)

History
Services
Promoters
Subsidiaries
ESOP
Corporate Governance
Director Responsibility Statement
Statutory Disclosure
Auditors
Listing and Sharing Holders

Ch.2
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
2.10
2.11

FINANCIAL STATEMENTS
Meaning of Financial Statements
Preparation of Financial Statements
Provision of Contingent Liabilities
Fixed Assets including Goodwill, Intangible Assets and W.I.P
Depreciation and Amortization
Income Tax
Earning Per Share
Investments
Cash and Cash Equivalents
Cash Flow Statements
Internal audit and Complaince

Ch.3

BALANCE SHEET OF AXIS BANK

27

Ch.4

PROFIT AND LOSS STATEMENT

28

Ch.5

DIRECTORS REPORT

21
21-22
23
23
23-24
24
25
25
25
26
26

29-32

CONCLUSION

33

BIBLIOGRAPHY

34
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EXECUTIVE SUMMARY
Axis Bank was the first of the new private banks to have begun operations in 1994,
after theGovernment of India allowed new private banks to be established. The
Bank was promoted jointly by the Administrator of the specified undertaking of the
Unit Trust of India (UTI - I), LifeInsurance Corporation of India (LIC) and General
Insurance Corporation of India (GIC) andother four PSU insurance companies, i.e.
National Insurance Company Ltd., The New IndiaAssurance Company Ltd., The
Oriental Insurance Company Ltd. and United India InsuranceCompany Ltd. The
word "bank" reflects the origins of banking in temples. According to thefamous
passage from the New Testament, when Christ drove the money changers out of
thetemple in Jerusalem, he overturned their tables.
In Greece, bankers were knownas
trapezitai
, a name derived from the tables where they sat. Similarly, the English word
bank
comes from the Italian
banca
, for bench or counter.
In this project I have discussed about the history of AXIS BANK and further also
explained various terms like Financial Statement and topic under this.
Lastly I have shared the information of BALANCE SHEET and FINANCIAL
STATEMENTS with its proper DIRECTORS REPORT.

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CHAPTER 1:INTRODUCTION:What is a bank ?

Finance is the life blood of trade, commerce and industry. Now-a-days, banking
sector acts as the Osystem.
The term bank is either derived from the ancient Italian word banca, or from a
French word banque both mean a Bench or money exchange table. In olden
days, European money lenders or money changers used to display (show) coins of
different countries in big heaps (quantity) on benches or tables for the purpose of
lending or exchanging.

Meaning of a banking company

As per Section 5(b) of Banking Regulation Act, 1949, banking means the
accepting, for the purpose of lending or investment, of deposits of money from the
public, repayable on demand or otherwise, and withdrawable by cheque, draft,
order or otherwise.
Explanation: Any company which is engaged in the manufacture of goods or
carries on any trade and which accepts the deposits of money from public merely
for the purpose of financing its business as such manufacturer or trader shall not be
deemed to transact the business of banking within the meaning of this clause."

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1.1)HISTORY
UTI Bank opened its registered office in Ahmedabad and corporate office in
Mumbai in December 1993. The first branch was inaugurated on 2 April 1994
in Ahmedabad by Dr.Manmohan Singh, then Finance Minister of India. UTI Bank
began its operations in 1994, after the Government of India allowed new private
banks to be established. The Bank was promoted in 1993 jointly by the
Administrator of the Unit Trust of India (UTI-I), Life Insurance Corporation of
India (LIC), General Insurance Corporation, National Insurance Company, The
New India Assurance Company, The Oriental Insurance Corporation and United
India Insurance Company.
In 2001 UTI Bank agreed to merge with and amalgamate Global Trust Bank, but
the Reserve Bank of India (RBI) withheld approval and nothing came of this. In
2004 the RBI put Global Trust into moratorium and supervised its merger
into Oriental Bank of Commerce.
UTI Bank opened its first overseas branch in 2006 Singapore. That same year it
opened a representative office in Shanghai, China.
UTI Bank opened a branch in the Dubai International Financial Centre in 2007.
That same year it began branch operations in Hong Kong. The next year it opened
a representative office in Dubai.
Axis Bank opened a branch in Colombo in October 2011, as a Licensed
Commercial Bank supervised by the Central Bank of Sri Lanka. Also in 2011, Axis
Bank opened a representative offices in Abu Dhabi.
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In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations.

Axis Bank UK has a branch in London.
In 2014, Axis Bank upgraded its representative office in Shanghai to a branch.

1.2)SERVICES
Axis Bank operates in four segments: Treasury operations, Retail
banking, Corporate/Wholesale banking and other banking business.

Treasury operations: The Banks treasury operation services include investments

in sovereign and corporate debt, equity and mutual funds, trading operations,
derivative trading and foreign exchange operations on the account, and for
customers and central funding.

Retail banking: In the retail banking category, the bank offers services such as
lending to individuals/small businesses subject to the orientation, product and
granularity criterion, along with liability products, card services, Internet
banking, automated teller machines (ATM) services, depository, financial advisory
services, and Non-resident Indian (NRI) services. Axis bank is a participant in
RBI's NEFT enabled participating banks list.

Corporate/wholesale banking: The Bank offers to corporate and other

organisations services including corporate relationship not included under retail
banking, corporate advisory services, placements and syndication, management of

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public issues, project appraisals, capital market related services and cash
management services.

NRI services: Products and services for NRIs that facilitate investments in India.

Business banking: The Bank accepts income and other direct taxes through its 214
authorised branches at 137 locations and central excise and service taxes (including
e-Payments) through 56 authorised branches at 14 locations.

Investment banking: Banks Investment Banking business comprises activities

related to Equity Capital Markets, Mergers and Acquisitions and Private Equity
Advisory. The bank is a SEBI-registered Category I Merchant Banker and has been
active in advising Indian companies in raising equity through IPOs, QIPs,
and Rights issues etc. During the financial year ended 31 March 2012, Axis Bank
undertook 9 transactions including 5 IPOs and 2 Open Offers.

Lending to small and medium enterprises: Axis Bank SME business is

segmented in three groups: Small Enterprises, Medium Enterprises and Supply
Chain Finance. Under the Small Business Group a subgroup for financing micro
enterprises is also set up. Axis bank is the first Indian Bank having TCDC cards in
11 currencies.

Agriculture banking: 759 branches of the Bank provide banking services,

including agricultural loans, to farmers. As on 31 March 2013, the Banks
outstanding loans in the agricultural sector was INR 148 billion, constituting 7.5%
of its total advances.

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Advisory Services have been developed to advise public and private sector clients
on capital structuring and funding options with a view to help the clients to help
them reduce the cost of funds. The Group has also been active in advising the
central and various state governments or their agencies in privatization and bid
process management. The Group has successfully worked on some of the
benchmark transactions in infrastructure development & manufacturing sector
covering an entire range of projects across roads, railways, airports, urban
infrastructure maritime, power, oil and gas, petrochemicals, cement, sugar, textiles,
steel & allied sectors, auto ancillaries, paper, Information Technology (IT), etc.

Ping Pay was unveiled between 21st May - 25th May 2015, which is a multi-social
payment solution that let customers to transfer funds using their smart phones to
both Axis Bank accounts and other banks' account holders.

1.3)PROMOTERS:BOARD OF DIRECTORS

During the year, some changes in the composition of the Board of Directors have
taken place. Shri R. N. Bhattacharyya, nominee of Specified Undertaking of the
Unit Trust of India (SUUTI), resigned as Director of the Bank with effect from
28th June 2014. Shri Somnath Sengupta, Executive Director of the Bank had opted
for early retirement and accordingly retired as such, with effect from 1st September
2014. Shri Sanjeev K. Gupta, President & Chief Financial Officer was inducted on
the Board and took charge as the Executive Director (Corporate Centre) & CFO of
the Bank, with effect from 4th September 2014. Shri S. B. Mathur, attained the
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upper age limit of 70 years as prescribed under RBI guidelines and accordingly
resigned as Director of the Bank, with effect from 30th September 2014. Shri S.
Vishvanathan was appointed as an Additional Independent Director of the Bank,
with effect from 11th February 2015. The Board places on record its appreciation
for the valuable services rendered by Shri R. N. Bhattacharyya, Shri Somnath
Sengupta and Shri S. B. Mathur, during their tenure as Director of the Bank.
During the financial year 201415, the approval of shareholders, by way of Postal
Ballot was taken on 10th March 2015 for appointment of the existing Independent
Directors of the Bank.
The said Independent Directors have given their declaration stating that they meet
the criteria of independence as laid down under Section 149 (6) of the Companies
Act, 2013 and revised Clause 49 of the Listing Agreement. The appointment of the
Independent Directors have been done in accordance with the relevant provisions
of the Companies Act, 2013 and Rules made thereunder. The details of the terms
and conditions of their appointment have been hosted on the website of the Bank in
compliance with revised Clause 49 of the Listing Agreement.
In terms of Section 152 of the Companies Act, 2013, Smt. Usha Sangwan shall
retire at the ensuing AGM and being eligible for reappointment, offers herself for
reappointment.
Apart from the above, no other Director was appointed or has resigned during the
financial year 201415.

Key Managerial Personnel

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Smt. Shikha Sharma, MD & CEO, Shri V. Srinivasan, Executive Director & Head
(Corporate Banking), Shri Sanjeev K. Gupta, Executive Director (Corporate
Centre) & Chief Financial Officer and Shri Sanjeev Kapoor, Company Secretary of
the Bank are deemed to be Key Mangerial Personnel of the Bank as per the
provisions of the Companies Act, 2013 and Rules made thereunder and that they
were already in office before the commencement of the Companies Act, 2013.

Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and revised Clause 49 of
the Listing Agreement, the Board has carried out an annual evaluation of its
performance, of the Directors individually as well as the evaluation of the working
of its Committees. The manner in which the evaluation was carried out was
explained in the Report on Corporate Governance, which is forming a part of this
report.

Audit Committee
The composition and the functions of the Audit Committee of the Board of
Directors of the Bank is disclosed in the Report on Corporate Governance, which
is forming a part of this report.

Remuneration Policy
The Board has on the recommendation of the Nomination & Remuneration
Committee of the Board of Directors of the Bank formulated and adopted a policy
for the selection and appointment of its MD & CEO, Executive Directors, Senior
Management and their remuneration. The details of the Remuneration Policy have
been stated in the Report on Corporate Governance, which is forming a part of this
report.

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WHISTLE BLOWER POLICY AND VIGIL MECHANISM

The details of the Whistle Blower Policy and Vigil Mechanism have been
explained in the Report on Corporate Governance, which is forming a part of this
report and hosted on the website of the Bank.

1.4)SUBSIDIARIES

As on 31st March 2015, the Bank has eight unlisted subsidiaries: Axis Asset
Management Company Ltd., Axis Bank UK Ltd., Axis Capital Ltd., Axis Finance
Ltd., Axis Mutual Fund Trustee Ltd., Axis Private Equity Ltd., Axis Securities Ltd.
and Axis Trustee Services Ltd.
i) Axis Asset Management Company Ltd. undertakes the activities of managing the
mutual fund business.
ii) Axis Bank UK Ltd. is the banking subsidiary of the Bank in the United
Kingdom and undertakes the activities of banking.
iii) Axis Capital Ltd. provides services relating to investment banking, equity
capital markets, institutional stock broking, mergers and acquisition advisory, etc.
iv) Axis Finance Ltd. is an NBFC and carries on the activities of loan against
shares, margin funding, IPO financing, etc.
v) Axis Mutual Fund Trustee Ltd. acts as the trustee for the mutual fund business.
vi) Axis Private Equity Ltd. primarily carries on the activities of managing equity
investments and provides venture capital support to businesses.
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vii) Axis Securities Ltd. is primarily in the business of marketing of credit cards
and retail asset products and also provides retail broking services.
viii) Axis Trustee Services Ltd. is engaged in trusteeship activities, acting as
debenture trustee and as trustee to various securitisation trusts.
In accordance with the provisions of Section 129(3) of the Companies Act, 2013
read with Rule 8 of Companies (Accounts) Rules, 2014, the Bank has prepared its
consolidated financial statement including all of its subsidiaries, which is forming
part of this report. The financial position and performance of its subsidiaries are
given in the statement containing salient features of the financial statements of the
said subsidiaries, which forms part of the consolidated financial statements.
In accordance with third proviso to Section 136(1) of the Companies Act, 2013, the
Annual Report of the Bank, containing therein its standalone and the consolidated
financial statements has been hosted on its websitewww.axisbank.com Further, as
per fourth proviso to the said section, the audited annual accounts of each of the
said subsidiary companies of the Bank have also been hosted on the Bank's
website www.axisbank.com. Any shareholder who may be interested in obtaining a
copy of the aforesaid documents may write to the Company Secretary at the Bank's
Registered Office. Further, please note that the said documents will be available for
examination by the shareholders of the Bank at its Registered Office during
business hours. The said documents have been hosted on the website of the
concerned subsidiary companies of the Bank, in compliance with the said section.
During the year, the Bank has divested its entire stake in its Joint Venture, Bussan
Auto Finance India Private Ltd.

1.5)EMPLOYEE STOCK OPTION PLAN (ESOP)

The Bank has instituted an Employee Stock Option Scheme. The objective of the
Scheme is to enhance employee motivation, enable employees to participate,
whether directly or indirectly, in the longterm growth and financial success of the
Bank, to act as a retention mechanism by enabling employee participation in the
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business as an active stakeholder to usher in an 'ownermanager' culture. Under the

Scheme 240,087,000 (adjusted for subdivision) options can be granted to the
eligible Directors/employees of the Bank and its subsidiaries including its Key
Managerial Personnel. The Employee Stock Option Scheme has been formulated
in accordance with the Securities and Exchange Board of India (Employee Stock
Option Scheme and Employee Stock Purchase Scheme) Guidelines,
1999/Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014. The eligibility and number of options to be granted to eligible
Directors/employees is determined on the basis of their work performance and is
approved by the Board of Directors.
During the period February 2001 to July 2013, the Bank's shareholders approved
plans for the issuance of stock options to employees on six occasions. Under the
first two plans and upto the grants made on 29th April 2004, the option conversion
price was set at the average daily highlow price of the Bank's equity shares traded
during the 52 weeks preceding the date of grant at the Stock Exchange which had
the maximum trading volume of the Bank's equity share during that period. Under
the third plan and subsequent plans and with effect from the grants made by the
Bank on 10th June 2005 and thereafter, the pricing formula has been changed to
the latest available closing price of the equity shares of the Bank prevailing on the
NSE (as the NSE recorded more trading volume than BSE), on the day prior to the
grant date. Along with approving the subdivision of the Bank's equity shares, the
shareholders at the AGM held on 27th June 2014 also approved the consequent
adjustments to the stock options granted to its eligible Directors/employees under
its various schemes such that all stock options available for grant (including lapsed
and forfeited options available for reissue) and those already granted but not
exercised as on record date fixed for the purpose of subdivision were
proportionately converted into options for shares of face value of Rs.2/ each and
the grant price of all the outstanding stock options (vested, unvested and
unexercised) on the said record date were proportionately adjusted by dividing the
existing grant price by 5. The record date for this purpose was 30th July 2014.
All the numbers given herein and in the Annexure I to this report pertaining to
stock options are post subdivision of shares as stated above.

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The Nomination and Remuneration Committee of the Board of Directors and

erstwhile HR and Remuneration Committee of the Board of Directors granted
options under these plans on fourteen occasions aggregating to 231,975,450
options. The options granted, which are nontransferable, vest at rates of 30%,
30% and 40% on each of three successive anniversaries following the respective
grant, subject to standard vesting conditions and must be exercised within
three/five years of the date of respective vesting, as the case may be. As of 31st
March 2015, 166,703,149 options had been exercised and 41,829,791 options were
still in force.
Other statutory disclosures as required under the SEBI (Employee Stock Options &
Employee Share Purchase Scheme) Guidelines, 1999 has been given in the
Annexure I to this report.

1.6)CORPORATE GOVERNANCE

The Bank is committed to achieve the highest standards of Corporate Governance

and it aspires to benchmark itself with international best practices in this regard.
The Corporate Governance practices followed by the Bank are enclosed as an
Annexure to this report. The Corporate Governance framework of the Bank
incorporates all the recommendations as set out in revised Clause 49 of the Listing
Agreement.

1.7)DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors hereby declares and confirms the following statements in
terms of Section 134(3)(c) of the Companies Act, 2013:
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a. That in the preparation of the annual accounts for the year ended 31st March
2015, the applicable accounting standards had been followed along with proper
explanation relating to material departures.
b. That such accounting policies as mentioned in Note 17 of the Notes to the
Financial Statements have been selected and applied consistently and judgement
and estimates have been made that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Bank as at 31st March 2015 and of the
profit of the Bank for the year ended on that date.
c. That proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Bank and for preventing and detecting fraud and
other irregularities.

d. That the annual accounts have been prepared on a going concern basis.
e. That internal financial controls to be followed by the Bank, were in place and
that the same were adequate and were operating effectively.
f. That proper system to ensure compliance with the provisions of all applicable
laws was in place and the same were adequate and operating effectively.

1.8)STATUTORY DISCLOSURE

Considering the nature of activities of the Bank, the provisions of Section 134(m)
of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules,
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2014 relating to conservation of energy and technological absorption do not apply

to the Bank. The Bank is however, constantly pursuing its goal of technological
upgradation in a costeffective manner for delivering quality customer service.
The information required pursuant to Section 197 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
in respect of employees of the Bank forms part of Annexure III to this Report. The
Bank had 139 employees who were employed throughout the year and were in
receipt of remuneration more than Rs.60 lakhs per annum and 23 employees were
employed for part of the year and were in receipt of remuneration of more than
Rs.5 lakh per month. In terms of Section 136 of the Companies Act, 2013, the copy
of the financial statements of the Bank, including the consolidated financial
statements, the auditor's report and relevant annexures to the said financial
statements and reports are being sent to the Members and other persons entitled
thereto, excluding the information in respect of the said employees containing the
particulars as specified in Rule 5(2) of the said Rules, which is available for
inspection by the Members at its Registered Office during business hours on
working days of the Bank up to the date of the ensuing Annual General Meeting. If
any Member is interested in obtaining a copy thereof, he may write to the
Company Secretary of the Bank at its Registered Office. The financial statements,
reports etc. of the Bank have been hosted on the website of the
Bank, www.axisbank.com

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

The Management's Discussion and Analysis Report for the year under review, as
stipulated under revised Clause 49 of the Listing Agreement with the Stock
Exchanges is given in Annexure IV to this report.

BUSINESS RESPONSIBILITY REPORT

The Securities and Exchange Board of India (SEBI) through its Circular
CIR/CFD/DIL/8/2012 dated 13th August 2012 has mandated the inclusion of
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Business Responsibility (BR) Report as part of the Annual Report for Top 100
listed entities based on market capitalisation at BSE and NSE as on 31st March
2012. The Bank's Business Responsibility Report has been hosted on the Bank's
website, www.axisbank.com. Any shareholder interested in obtaining a physical
copy of the same may write to the Company Secretary at the Registered Office of
the Bank.

RISK MANAGEMENT POLICY

Pursuant to revised Clause 49 of the Listing Agreement, the Bank constituted a
Risk Management Committee of the Board of Directors of the Bank. The details of
the said Committee and its terms of reference are set out in the Corporate
Governance Report, which is forming a part of this report. The Bank has
formulated and adopted a robust risk management framework. Whilst the Board is
responsible for framing, implementing and monitoring the said risk management
framework, it has delegated its powers relating to monitoring and reviewing of risk
associated with the business of the Bank to the said Committee. The details of the
risk management framework and issues related thereto have been explained in the
Management's Discussion and Analysis Report which is annexed to this report.

1.9)AUDITORS
Statutory Auditors
M/s S. R. Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the
Bank (Membership No.301003E) will retire at the conclusion of the Twenty First
Annual General Meeting of the Bank and are eligible for reappointment, subject
to the approval of Reserve Bank of India and ratification by the shareholders of the
Bank. As recommended by the Audit Committee of the Board of Directors, the
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Board of Directors has proposed the ratification of reappointment of M/s S. R.

Batliboi & Co. LLP, Chartered Accountants as Statutory Auditors of the Bank for
the financial year 201516 by the shareholders of the Bank at the ensuing Annual

General Meeting. The shareholders are requested to ratify their reappointment and
the remuneration as decided by the Audit Committee of the Board of Directors.
As required under revised Clause 41 I (h) of the Listing Agreement, the Statutory
Auditors have confirmed that they have subjected themselves to the peer review
process of the Institute of Chartered Accountants of India (ICAI) and that they hold
a valid certificate issued by the Peer Review Board of ICAI.

Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the Bank has appointed M/s Mehta & Mehta, Company Secretaries in
Practice (Membership No. P1996MH007500) to conduct Secretarial Audit of the
Bank. The Secretarial Audit Report is given in Annexure VI to this report.
There are no qualifications, reservations or adverse remarks made by M/s S. R.
Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the Bank, in
their Auditors' report or by M/s Mehta & Mehta, Company Secretaries in Practice,
Secretarial Auditors of the Bank in their Secretarial Audit Report.

1.10)LISTING AND SHAREHOLDINGS

Axis Banks's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange
of India. The company's global depository receipts (GDRs) are listed on the London Stock
Exchange. The Bonds issued by the Bank under the MTN programme are listed on the Singapore
Stock Exchange.

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As on 31 December 2013, the promoters UTI, LIC and GIC held approx. 34% of the shares in Axis
Bank. Foreign Institutional investors (FII) held approx. 43% of the shares. Remaining 23% of the
shares are held by others.
The bank aims to increase its share in the financial services sector by continuing to build a strong
retail franchise. The segment continues to be one of the key drivers of the Banks growth strategy,
encompassing a wide range of products delivered through multiple channels to customers. It offers a
complete suite of products across deposits, loans, investment solutions, payments and cards.

Shareholders (as on 31-Dec-2013)

Shareholding

Promoter Group

33.88%

Foreign Institutional Investors (FII)

43.18%

Individual shareholders

06.61%

Bodies Corporate

06.03%

Mutual funds

04.47%

GDR

03.90%

Financial institutions / Banks

00.85%

Others

01.08%

Total

100.0%

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CHAPTER 2:-

2.1)Meaning of Financial Statements:Financial statements refer to such statements which contains financial information
about an enterprise. They report profitability and the financial position of the
business at the end of accounting period. The team financial statement includes at
least two statements which the accountant prepares at the end of an accounting
period. The two statements are:
1) Balance Sheet
2) Profit and Loss Account
They provide some extremely useful information to the extent that balance Sheet
mirrors the financial position on a particular date in terms of the structure of assets,
liabilities and owners equity, and so on and the Profit and Loss account shows the
results of operations during a certain period of time in terms of the revenues
obtained and the cost incurred during the year. Thus the financial statement
provides a summarized view of financial positions and operations of a firm.
2.2)Preparation of Financial Statements
The financial statements are prepared in accordance with Indian Generally
Accepted Accounting Principles (GAAP) under the historical cost convention on
the accrual basis except for certain financial instruments which are measured at fair
value. GAAP comprises mandatory accounting standards prescribed by the
Companies (Accounting Standards) Rules, 2006 and guidelines issued by the
Securities and Exchange Board of India (SEBI). Accounting policies have been
consistently applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a change in the
accounting policy hitherto in use.
The financial statements are prepared in accordance with the principles and
procedures required for the preparation and presentation of consolidated financial
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statements as laid down under the Accounting Standard (AS) 21, Consolidated
Financial Statements . The consolidated financial statements are prepared by
applying uniform accounting policies. Minority interests have been excluded.

Minority interests represent that part of the net profit or loss and net assets of
subsidiaries that are not, directly or indirectly, owned or controlled by the
company.
The preparation of the financial statements in conformity with GAAP requires the
management to make estimates and assumptions that affect the reported balances
of assets and liabilities and disclosures relating to contingent liabilities as at the
date of the financial statements and reported amounts of income and expenses
during the period.
Accounting estimates could change from period to period. Actual results could
differ from those estimates. Appropriate changes in estimates are made as
management becomes aware of changes in circumstances surrounding the
estimates.
Changes in estimates are reflected in the consolidated financial statements in the
period in which changes are made and, if material, their effects are disclosed in the
notes to the consolidated financial statements. The Management periodically
assesses using, external and internal sources, whether there is an indication that an
asset may be impaired. An impairment loss is recognised wherever the carrying
value of an asset exceeds its recoverable amount. The recoverable amount is higher
of the assets net selling price and value in use which means the present value of
future cash flows expected to arise from the continuing use of the asset and its
eventual disposal. An impairment loss for an asset other than goodwill is reversed
if, and only if, the reversal can be related objectively to an event occurring after the
impairment loss was recognized. The carrying amount of an asset other than
goodwill is increased to its revised recoverable amount, provided that this amount
does not exceed the carrying amount that would have been determined (net of any
accumulated amortization or depreciation) had no impairment loss been recognized
for the asset in previous years.

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2.3)Provisions and contingent liabilities

A provision is recognized if, as a result of a past event, the bank has a present legal
obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are
determined by the best estimate of the outflow of economic benefits required to
settle the obligation at the reporting date. Where no reliable estimate can be made,
a disclosure is made as contingent liability. A disclosure for a contingent liability is
also made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.

2.4)Fixed assets, including goodwill, intangible assets and capital work-inprogress

Fixed assets are stated at cost, less accumulated depreciation and impairments, if
any. Direct costs are capitalized until fixed assets are ready for use. Capital workin-progress comprises outstanding advances paid to acquire fixed assets and the
cost of fixed assets that are not yet ready for their intended use at the reporting
date. Intangible assets are recorded at the consideration paid for acquisition of such
assets and are carried at cost less accumulated amortization and impairment.
Goodwill comprises the excess of purchase consideration over the fair value of the
net assets of the acquired enterprise. Goodwill arising on consolidation or
acquisition is not amortized but is tested for impairment.
2.5)Depreciation and amortization
Depreciation on fixed assets is provided on the straight-line method based on
useful lives of assets as estimated by the Management. Depreciation for assets
purchased/sold during the period is proportionately charged. Individual low cost
assets (acquired for less than `5,000/-) are depreciated over a period of one year
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from the date of acquisition. Intangible assets are amortized over their respective
individual estimated useful lives on a straight-line basis, commencing from the

date the asset is available to the Group for its use. Leasehold improvements are
written off over the lower of the remaining primary period of lease or the life of the
asset. Management estimates the useful lives for the other fixed assets as follows:

Buildings 15 years
Plant and machinery 5 years
Computer equipment 2-5 years
Furniture and fixtures 5 years
Vehicles 5 years

Depreciation methods, useful lives and residual values are reviewed at each
reporting date.
2.6)Income tax
Income taxes are accrued in the same period the related revenue and expenses
arise. A provision is made for income tax annually based on the tax liability
computed after considering tax allowances and exemptions. Provisions are
recorded when it is estimated that a liability due to disallowances or other matters
is probable.
The differences that result between the profit offered for income taxes and the
profit as per the financial statements are identified and thereafter a deferred tax
asset or deferred tax liability is recorded for timing differences, namely the
differences that originate in one accounting period and reverse in another, based on
the tax effect of the aggregate amount of timing difference. The tax effect is
calculated on the accumulated timing differences at the end of an accounting
period based on enacted or substantively enacted regulations.
Tax benefits of deductions earned on exercise of employee share options in excess
of compensation charged to the consolidated Profit and Loss account are credited
to the share premium account.

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2.7)Earnings per share

Basic earnings per share are computed by dividing the net profit after tax by the
weighted average number of equity shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit after tax by the weighted
average number of equity shares considered for deriving basic earnings per share
and also the weighted average number of equity shares that could have been issued
upon conversion of all dilutive potential equity shares. The diluted potential equity
shares are adjusted for the proceeds receivable had the shares been actually issued
at fair value which is the average market value of the outstanding shares. Dilutive
potential equity shares are deemed converted as at the beginning of the period,
unless issued at a later date. Dilutive potential equity shares are determined
independently for each period presented.
The number of shares and potentially dilutive equity shares are adjusted
retrospectively for all periods presented for any share splits and bonus shares
issues including for changes effected prior to the approval of the consolidated
financial statements by the Board of Directors.
2.8)Investments
Trade investments are the investments made to enhance the Group's business
interests. Investments are either classified as current or long-term based on
Management's intention at the time of purchase. Current investments are carried at
lower of cost and fair value of each investment individually. Cost for overseas
investments comprises the Indian Rupee value of the consideration paid for the
investment translated at the exchange rate prevalent at the date of investment.
Long-term investments are carried at cost less provisions recorded to recognize any
decline, other than temporary, in the carrying value of each investment.
2.9)Cash and cash equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks and
corporations. The Group considers all highly liquid investments with a remaining
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maturity at the date of purchase of three months or less and that are readily
convertible to known amounts of cash to be cash equivalents.

2.10)Cash flow statement

Cash flows are reported using the indirect method, whereby net profit before tax is
adjusted for the effects of transactions of a non-cash nature, any deferrals or
accruals of past or future operating cash receipts or payments and item of income
or expenses associated with investing or financing cash flows. The cash flows from
operating, investing and financing activities of the Group are seggregated.

2.11)Internal Audit and Compliance

AXIS Bank has Internal Audit and Compliance functions which are responsible for
independently evaluating the adequacy of all internal controls and ensuring
operating and business units adhere to internal processes and procedures as well as
to regulatory and legal requirements. The audit function also pro- actively
recommends improvements in operational processes and service quality. To ensure
independence, the audit department has a reporting line to the Chairman of the
Board of Directors and the Audit and Compliance Committee of the Board and
only a dotted line to the Managing Director. To mitigate operational risks, the Bank
has put in place extensive internal controls including restricted access to the Bank's
computer systems, appropriate segregation of front and back office operations and
strong audit trails. The Audit and Compliance Committee of the Board also
reviews the performance of the audit and compliance functions and reviews the
effectiveness of controls and compliance with regulatory guidelines.

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CHAPTER 3:BALANCE SHEET OF AXIS BANK:Balance Sheet of Axis Bank

Capital and Liabilities:

Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Net Worth
Deposits
Borrowings
Total Debt
Other Liabilities & Provisions
Total Liabilities

Assets
Cash & Balances with RBI
Balance with Banks, Money at Call
Advances
Investments
Gross Block
Revaluation Reserves
Accumulated Depreciation
Net Block
Capital Work In Progress

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

474.10
474.10
0.00
0.00
44,202.41
44,676.51
322,441.9
4
79,758.27
402,200.2
1
15,055.67
461,932.3
9
Mar '15

469.84
469.84
0.00
0.00
37,750.64
38,220.48
280,944.56

467.95
467.95
0.00
0.00
32,639.91
33,107.86
252,613.59

413.20
413.20
0.00
0.00
22,395.34
22,808.54
220,104.30

410.55
410.55
0.00
0.00
18,588.28
18,998.83
189,237.80

50,290.94
331,235.50

43,951.10
296,564.69

34,071.67
254,175.97

26,267.88
215,505.68

13,788.89
383,244.87

10,888.11
340,560.66

8,643.28
285,627.79

8,208.86
242,713.37

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

19,818.84
16,280.19
281,083.0
3
132,342.8
3
2,413.05
0.00
0.00
2,413.05
101.26

17,041.32
11,197.38
230,066.76

14,792.09
5,642.87
196,965.96

10,702.92
3,230.99
169,759.54

13,886.16
7,522.49
142,407.83

113,548.43

113,737.54

93,192.09

71,991.62

2,310.54
0.00
0.00
2,310.54
99.67

2,230.54
0.00
0.00
2,230.54
125.11

2,188.56
0.00
0.00
2,188.56
70.77

2,250.46
0.00
0.00
2,250.46
22.69

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Other Assets
Total Assets

9,893.19
461,932.3
9

8,980.79
383,244.89

7,066.56
340,560.67

6,482.93
285,627.80

4,632.12
242,713.37

Contingent Liabilities

640,183.5
9
0.00
188.47

608,547.25

574,782.38

514,871.98

477,864.55

0.00
813.47

0.00
707.50

0.00
551.99

0.00
462.77

Bills for collection

Book Value (Rs)

CHAPTER 4:PROFIT AND LOSS STATEMENT:-

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

35,478.6
0
8,365.05
43,843.6
5

30,641.16

27,182.57

21,994.65

15,154.81

7,405.22
38,046.38

6,551.11
33,733.68

5,420.22
27,414.87

4,632.13
19,786.94

21,254.4
6
3,114.97
11,710.72
405.67
0.00
9,203.74
6,027.62
36,485.8
2
Mar '15

18,689.52

17,516.31

13,976.90

8,591.82

2,601.35
10,173.91
363.93
0.00
7,900.77
5,238.42
31,828.71

2,376.98
8,309.22
351.73
0.00
6,914.23
4,123.70
28,554.24

2,080.17
6,773.35
342.24
0.00
6,007.10
3,188.66
23,172.66

1,613.90
5,903.14
289.59
0.00
4,779.43
3,027.20
16,398.45

Mar '14

Mar '13

Mar '12

Mar '11

Mar '15

Income
Interest Earned
Other Income
Total Income
Expenditure
Interest expended
Employee Cost
Selling, Admin & Misc Expenses
Depreciation
Preoperative Exp Capitalised
Operating Expenses
Provisions & Contingencies
Total Expenses

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Net Profit for the Year

Extraordinary Items
Profit brought forward
Total
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
Appropriations
Transfer to Statutory Reserves
Transfer to Other Reserves
Proposed Dividend/Transfer to Govt
Balance c/f to Balance Sheet
Total

12 mths

12 mths

12 mths

12 mths

12 mths

7,357.82
0.00
13,501.4
5
20,859.2
7
0.00
1,087.54
221.42

6,217.67
0.00
10,029.26

5,179.43
0.00
7,329.45

4,242.21
0.00
4,969.77

3,388.49
0.00
3,427.43

16,246.93

12,508.88

9,211.98

6,815.92

0.00
939.69
161.44

0.00
843.86
143.37

0.00
658.24
111.83

0.00
573.00
97.35

31.04
230.00
188.47

132.33
200.00
813.47

110.68
180.00
707.50

102.67
160.00
551.99

82.54
140.00
462.77

1,926.82
0.00
1,308.96
17,623.4
9
20,859.2
7

1,644.36
-0.01
1,101.13
13,501.45

1,492.38
0.01
987.23
10,029.26

1,112.46
0.00
770.07
7,329.45

836.95
338.85
670.35
4,969.77

16,246.93

12,508.88

9,211.98

6,815.92

CHAPTER 5:-

DIRECTORS REPORT
The Bank continued to show a healthy growth in both business and earnings, with
a net profit of Rs.7,357.82 crores for the year ended 31st March 2015, registering a
growth of 18.34% over the net profit of Rs.6,217.67 crores last year. The robust
growth in earnings was achieved on the back of a balanced business growth across
all banking segments indicative of a clear strategic focus of the Bank. The key
return ratios continued to remain healthy, with Return on Equity (ROE) at 18.57%
and Return on Assets (ROA) at 1.83%. During the year, the Basic Earnings Per
Share (EPS) was Rs.31.18.

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The Bank?s total income increased by 15.24% to reach Rs.43,843.64 crores during
201415, compared to Rs.38,046.38 crores last year. Operating revenue over the
same period increased by 16.70% to Rs.22,589.18 crores driven by healthy growth
in the Bank?s core income streams: net interest income (NII), fees and other
income.

During the year, NII increased by 19.01% to Rs.14,224.14 crores from

Rs.11,951.64 crores last year and constituted 62.97% of the operating revenue.
Fee, trading and other income increased by 12.96% to Rs.8,365.04 crores from
Rs.7,405.22 crores last year. The operating expenses grew by 16.49% to
Rs.9,203.74 crores from Rs.7,900.77 crores last year. As a result, operating profit
increased by 16.84% to Rs.13,385.44 crores from Rs.11,456.09 crores reported
last year.

The robust growth in NII for the year 201415 was achieved on the back of an
expansion in the Balance Sheet size and healthy growth in lowcost Current
Account and Savings Bank (CASA) deposits. During the year, total earning assets,
on a daily average basis, increased by 15.75% to Rs.363,186 crores from
Rs.313,775 crores last year. A steady growth in lowcost CASA, which on a daily
average basis, increased by 14.78% to Rs.107,328 crores from Rs.93,506 crores
last year helped in containing the cost of funds. Overall, the cost of funds for the
year was 6.21 % compared to 6.24% last year. During the year, the cost of deposits
decreased to 6.31% from 6.43% last year, primarily due to a decrease in cost of
term deposits by 16 basis points to 8.67% from 8.83% last year. During this period,
the yield on earning assets marginally improved to 9.63% from 9.59% last year. As
a result, the Net Interest Margin (NIM) improved to 3.92% from 3.81% last year.

Other income comprising fees, trading profit and miscellaneous income increased
by 12.96% to Rs.8,365.04 crores in 201415 from Rs.7,405.22 crores last year and
constituted 37.03% of the operating revenue of the Bank. Fee income increased by
13.26% to Rs.6,778.98 crores from Rs.5,985.44 crores last year and remains very
well diversified with 38.39% from retail banking, 26.60% from corporate banking
and balance contributed by treasury, business banking and SME segments. The
Bank earns fee income from a diverse set of products and businesses such as
clientbased merchant foreign exchange trade, service charges on liability
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accounts, transaction banking (including cash management services), syndication

and placement fees, processing fees from loans and commission on nonfunded
products (such as letters of credit and bank guarantees) and fee income from the
distribution of thirdparty personnel investment products. Fee income continues to
remain a significant part of the Bank's earnings and constituted 30.01 % of its
operating revenue. A key factor for the slower growth in fee income has been the
slowdown in corporate banking fees due to lack of fresh new investments and
projects being undertaken. During the year, proprietary trading profits increased by
63.07% to Rs.1,134.94 crores from Rs.695.99 crores last year. Miscellaneous
income was lower at Rs.451.12 crores compared to Rs.723.79 crores last year. As a
result, the operating revenue of the Bank increased by 16.70% to Rs.22,589.18
crores from Rs.19,356.86 crores last year. The core income streams (NII, fee and
miscellaneous income) now constitute 94.15% of the operating revenue, reflecting
the stability and sustainability of the Bank's earnings. The Bank continued to focus
on reducing transaction costs besides ensuring smoothness in operations and
increasing productivity. The operating expenses increased by 16.49% to
Rs.9,203.74 crores from Rs.7,900.77 crores last year. The increase in operating
expenses was largely due to the growth of the Bank's network and other
infrastructure required for supporting the existing and new businesses. The Cost to
Income ratio of the Bank was 40.74% compared to 40.82% last year.
During the year, the operating profit of the Bank increased by 16.84% to
Rs.13,385.44 crores from Rs.11,456.09 crores last year. During this period, the
Bank created total provisions (excluding provisions for tax) of Rs.2,328.61 crores
compared to Rs.2,107.46 crores last year. The Bank provided Rs.1,788.61 crores
towards nonperforming assets compared to Rs.1,295.98 crores last year and
Rs.423.88 crores towards provision for standard assets including unhedged foreign
currency exposure compared to Rs.290.23 crores last year. During the year, there
was a writeback of provisions against restructured assets of Rs.81.88 crores
compared to a charge of Rs.194.76 crores last year. During the year under review,
the Bank has also created a contingent provision of Rs.220 crores against advances
and other exposures as a prudent measure and as on 31st March 2015, the Bank
had outstanding contingent provision of Rs.1,000 crores. During 201415, the
Bank restructured loans of Rs.2,721.86 crores and net restructured assets ratio (net
restructured assets as percentage of net customer assets) was 2.71 %. The Bank
continued to maintain a healthy assetquality with a ratio of Gross NPAs to gross
customer assets at 1.34%, and Net NPA ratio (Net NPAs as percentage of net
customer assets) at 0.44%. With higher levels of provisions built over and above
regulatory norms during the year, the Bank's provision coverage stood at 77.73%
after considering prudential writeoffs.
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The healthy growth in business and earnings has resulted in an all round
improvement in various financial parameters and ratios during the year. Basic
Earnings Per Share (EPS) was 31.18 compared to Rs.26.51 last year while the
Diluted Earnings Per Share was Rs.30.85 compared to Rs.26.45 last year. Return
on Equity (RoE) was 18.57% compared to 18.23% last year, while Book Value Per
Share was Rs.188.47 compared to Rs.162.69 last year. Return on Assets (RoA) was
1.83% compared to 1.78% last year. The Net Interest Margin (NIM) for the year
was 3.92% compared to 3.81 % last year. Employee productivity has also
improved with Profit per Employee increasing to Rs.17.07 lacs from Rs.15.42 lacs
last year and Business per Employee increasing to Rs.13.71 crores from Rs.12.30
crores last year.

The Bank displayed healthy growth in several key Balance Sheet parameters for
the year ended 31st March 2015. The total assets increased by 20.53% to
Rs.461,932 crores from Rs.383,245 crores on 31st March 2014. The total deposits
of the Bank increased by 14.77% to Rs.322,442 crores against Rs.280,945 crores
last year. Savings Bank deposits increased by 13.52% to Rs.88,292 crores, while
Current Account deposits increased by 15.24% to Rs.56,108 crores. As on 31st
March 2015, lowcost CASA deposits increased by 14.18% to Rs.144,400 crores
from Rs.126,462 crores last year, and constituted 44.78% of total deposits as
compared to 45.01% last year. On a daily average basis, Savings Bank deposits
increased by 16.82% to Rs.72,694 crores, while Current Account deposits
increased by 10.72% to Rs.34,634 crores. The percentage share of CASA in total
deposits, on a daily average basis, was at 39.53% compared to 38.89% last year.

The Bank's endeavour over the last few years has been to diversify its term deposit
mix in favour of retail deposits. As on 31st March 2015, the retail term deposits
grew 26.53% and stood at Rs.106,581 crores, constituting 59.86% of the total term
deposits compared to 54.53% last year. As on 31st March 2015, domestic retail
term deposits grew 27.75% and stood at Rs.106,049 crores, constituting 61.27% of
the total domestic term deposits compared to 58.97% last year. As on 31st March
2015, CASA and retail term deposits constituted 77.84% of total deposits. The
domestic CASA and retail term deposits constituted 78.87% of total domestic
deposits. In accordance with RBI's guidelines on issuance of long term bonds for
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financing of infrastructure and affordable housing, the Bank successfully raised

Rs.5,705 crores of long term Infrastructure bonds during the year.

CONCLUSION
Axis bank has developed manifold in short period
o f t i m e d u e t o facilities and services provided to their
customer and this growth rate can be keep it up if they start to go
in semi-urban areas. In last couple of years they have opened
new many branches and they should open many more. The
working staff is very co-operative in nature and due to that the
bank will also get good benefit. Axis Bank has
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provided their customer Net-banking facilities and due to that

transactions are done fast. Charges at Axis Bank are on lower
side when we compare it with other Banks.
At the end, we have also discussed and potrayed the financial
statements of Axis bank till 2015 with its Directors Report.

BIBLIOGRAPHY

www.axisbank.com/investor-corner/annual-reports.aspx
www.moneycontrol.com/financials/axisbank/balance-sheet/AB16
www.axisbank.com/.../Annual-Report
profit.ndtv.com Markets Market Dashboard
economictimes.indiatimes.com

37