111 TT ESAF ESAF SMALL FINANCE BANK Joy of Banking
Date: 29th May, 2020
The Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai 400001
Dear Sir,
Sub:- Submission of Financial Results for the Financial Year ended 31st March, 2020 with report of Auditors (Regulation 52 (1) of SEBI (LODR) Regulations, 2015) and Compliance to Regulation 52(4) and 52(5) of SEBI (LODR) Regulations, 2015.
We are enclosing herewith the Audited financial results for the year ended 31st March, 2020 along with the report of the auditors and Compliances prescribed in Regulation 52(4) and 52(5) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Requesting you to take the same in your official records.
Thanking You,
Yours F ithfully,
y Secretary Me ership No: A 30388
Firtance 8aflk Registered Office: Buitdiro NoN11 I 8 briavar.; Mannuthy
Thris sur-6
ESAF SMALL FINANCE BANK LIMITED RBI License No.: MUM 124, CIN: U65990KL2016PLC045669 Registered & Corporate Office: ESAF Small Finance Bank Limited, Building No. VII/83/8, ESAF Bhavan, Mannuthy, Thrissur - Palakkad National Highway, Thrissur - 680 651. Kerala. Ph. No: 0487 7123456, 123457, Email: infogesafbank.com www.esafbank.com CATALYST Believe in yourself... Trust us!
No. CTUDEB/20-21/Noting Certificate/292
May 29, 2020
To Whomsoever It May Concern,
CERTIFICATE FOR RECEIPT AND NOTING OF INFORMATION [Pursuant to Regulation 52(5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20151
We, Catalyst Trusteeship Limited ("Debenture Trustee") hereby confirm that we have received and noted the information, as specified under regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 ("Regulations"), provided to us by ESAF Small Finance Bank Limited ("the Company") for the Half year ended March 31, 2020.
This Certificate is being issued pursuant to the requirements of regulation 52(5) of the aforesaid Regulations, for onward submission to Stock Exchange(s) by the Company.
For Catalyst Trusteeship Limited For CAiL'5iiRugTEEp LIMITED
Authorised Si§riatory Authorised Signatory
End: Results submitted by Company
An 90:9003. Company CATALYST TRUSTEESHIP LIMITED wc4,4ER'NGDATIW5716"PUMMK* Mumbai Office Windsor, e Floor, Office No, 604, C.S.T. Road, Kallna. SantaCruz (East). Mumbni 400(108 Tel +91 (en) 4922 0555 Fail .91 (022)49220505 Regd. Office GDA House, Plot No. 85. Bhusari Colony (Right), Paud Road. Pune 411 036 Tel (91 (020)25280081 Fax i-91 (020)25280275 Delhi Office Office No. B10. 8th Floor. Kallash Building, 26, Kasturba Gandhi Marg. New Delhi - 110001 Tel 11 430 29101/02. aN No. U74999PN1997PLC110262 Email citOctltrusize.00m Webalte wwimcatelysttrustee.o0m Pune I Mumbal I Bonualuru I Delhi I Chennal z
121h Floor. The Ruby BAT 01 & ASSOCIATES LLP 29 Seeapati Bapat Marg SR, Dadar (West) Chartered Accountants Murnbai - 400 028, India Tel : +91 22 6819 8000 Independent Auditor's Report on the Half Yearly and Year to Date Audited Financial Resultfak . the. ESAF Small Finance Bank Limited -Pursuant to the Regulation 52 of the SEBI (Listing- Obligationsand Disclosure Requirements) :Regulations, 2015, .as amended
To The Board of Directors of ESAF Small Finance Bank Limited
Opinion We have audited the accompanying statement of half yeady and year to date financial results of ESAF Small 'Finance Bank Limited (the "Bank"), for the six months and year 'ended March 31, 2020 ("Statement"), attached herewith, being submitted by the Bank pursuant to the requirements of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations").
In our opinion and to the best of our information and accordina to the explanations given to us, the Statement: is presented in accordance with the requirements of the Listing Regulations in this regard; and .gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards as per the section 133 of the Companies .Act, 2013: (the "Act") read with Companies (Accounts) Rules, 2014 as amended to the -extent applicable, the relevant provisions of the Banking Regulation Act, 1949; accounting principles generally accepted in India and guidelines and directions issued by the Reserve Bank of India from time to time (the "RBI guidelines") of the net profit and other financial information of the Bank .for the six months and year ended March 31, 2020.
Basis for Opinion
We conducted our audit in accordance with. the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Results" section of our report. We are independent of theBank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are. relevant to our audit of the financial statements Under the. provisions of the Act and. the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence Obtained by us is sufficient. and appropriate to provide a basis for our opinion.
Emphasis of Matter We draw attention to Note 7 to the Statement, which describes the extent to which COV1D- 19 Pandemic will impact the Bank's operations .and asset quality will depend on future developments, which are highly uncertain.
Our Opinion is not modified in respoct of this matter. •
SR. RAMBO, & ASSOCIATES UP Chartered Accountants Management's Responsibilities for the Financial Results
The Statement has. been prepared on the basis of the annual financial statements. The Board of Di rectors of the Bank are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit of the Bank and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act, the relevant provisions of the Banking Regulation Act, 1949; the RBI Guidelines and other accounting principles generally accepted in India and in compliance with Regulation 52 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting- records in accordance with the provisions of the Act for safe,glinrcling of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate .accounting policies; • making judgments and estimates that are reasonable and piudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Bank's ability to contimic as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Bank's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole i.s free from Material misstatement, Whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hiah level of assurance but is not a guarantee that an audit conducted in sneordanee with SAs Will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are .considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users-taken on the basis ofthe Statement.
As part of an audit in accordance with SAs, we .exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forger5,.,, intentional omissions, :misrepresentations, or the Override of internal control. Obtain an understanding of internal control relevant to the audit in Order to design audit procedures that are appropriate in the. circumstances. Under Section .143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Bank has adequate internal financial controls with reference to financial statements in place and the operating efiectiVeness of such controls. - a. Evaluate the appropriateness of:accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of n.ceolmtine and_ n.sd on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank's ability to continue as a. going concern. If we conclude that a Material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit SR. BATLIBOI & ASSOCIATES LLP Chartered Accountants evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Bank to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance .regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit
We also provide those charged with governance with. a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them All relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Further, we report that the figures for the half year ended March 31, 2020 represent the derived figures between the audited figures in respect of the financial year ended March 31, 2020 and the published audited figures for the half year ended September 30, 2019, which were subjected to an audit by us.
For S.R. BATLIBOI &ASSOCIATES LIP Chartered Accountants .ICAI -Firm registration number:: 101049W/E300004
1 ve..) .)•1 'LLIY1 per Sarvesh Warty Partner Membership No: 121411
IJMN: 20121411AAAACP5270
Place: Mumbai Date: May 29, 2020 g..9AF 9MAU E1HANCEA Eittliding NoN11183i8, ESAF Shaven sof -, Palakked NMotat H19hw3y, Manninity; Thrissur, Kerala - 880351 CIN : (365990f1/..2016PLC0438139 enofMd1d 1cilfor the Six months and.year ell Si. March 2020 _ .. : Lakhs Particulars Six Month% • Six Maras Year ended Year ended ended• .ended 3lMarch.2020 31Marh2019 31Mth202OMarch 2019 Audited Acsded Audited 8 (
,1.. MOINE Interest Earned 75,257 5o,931 1,41325 103164 Othor Income 6,500 455 13,319 10.915 Total 50, 80 ,544 1 14 87 9 , . PENDflRE texpended 30.633 24,373 62,105 .45,828 Operating Expehas 31;934 25,312 60,055 45,339 ProvisiorLs 00 Con0100041160 7,395 4,474 13,431 13,684 obit 110V 54164 1,38,305 1,09,051 lft PROtT Met PI qg for the.Ppriod/Y -, 0) 9,70.51 tsan: is,oeto 9,028
Analytical Ratios i) capital Adequacy Rade 24,03% . ?7•591.% . 24.03% 27.59% (ff) Eariungs Per Snare:(EPS) (Path value Of Rs.10 sac) - stksie -iRs:) 220 '(14 445 237 229 1,74 445; 2.37 NPA Ratio a) Gross AIPA 10,086 7,401 10,086 7,401 • Net NP_A 4,217 : 2,821 4,217 3,521 b) % or Grosz WPA 1.53% 1.51% 1_53% 1.91% % of Net NPA 0.64% 0,77k 0e4ok 017% 0 Ratorn on Aiir,efs ' 1.0 1.11% „2.24% 1.52% Ile 111,- A:•1 * e — '
;::c. • ESAF SMALL FINANCE SANK LiMfrED Suildin No.1/11/83181 SUP Shaven, Thrissur - Palakkad National Highway. Ililannuttly, Thrielau.r, Kerala', 680651 - • CIN : U6599014L20.16PLC04.6669 .. .. Notes; • 1. Statement of Aseets and Labiitiesaa1131 filefsit 2420 . ' ' ulars .. As at 26 rah 2019 • Audited ited cAprrm. AND LIABIUTtES Capital - 42,780 42.780 Reserves and Surplus 66,629 46,589 : 431,701 D epusifS • • 1%112,838 1,70,235 Borrowings . 1,20.332 Other Liabilitlea and:FM*10N 15.418 14,535 , Total. . . . . 99„ ASSETS . 24,674 alit, and Balances With Reserve Sank of India. • 30A77 Balances with Banks and Money at Call and Shot Notice 69, 602 5 3 , 472 Investments • 1,73,383 1;53,075 Advances . 454,762 4.54,825
FixedAsseta . • 12;011 5184 Other Assets . .14562 io,s oi Total " ,44997 . . 94 Contingent Liabilities 150 -. • 6,833 Sills for collection , . ...... . 2.The statement of audited financial results for the six Months and year ended 31 MarOh 2020 ('Statement" or' financial results") have been reviewed by the Audit Committee and approved by the Board of Directors .at their respective meetings held an 29 Mal 2020. 3. The above financial resuita of he Sank have been prepared in all materiel ooPectoi in accordance with, the gefiora4 accepted accounting principles in India r Indian GAAP1, statutory requirements prescribed under the Banking Regulation Act 1949, giro:liars and guidelines issued lay the Reserve Sank Of India CREW) from time to time, Regulation 52. Of the Securities and Exchange Board of India (Listing bbrigations and Disclosure Requirement) am and AccOtinting Standards As prescribed under deafen 133 of the Companies Act. 2013, • 4 there are no changes to the significant accounting policies adopted during the year ended 31' March 2020 84tiOmpared to those `ollottred rot the year ended 61 March 2019. • 6,. The Capital adequacy raw} c.cRAfej. has been computed as per the Operating guidelines vide fiat notification REU/2016-170 DaRNOD140..281.18:13:218i2016-17 dated 6 October 2016 ('the Operating guidelines) prescribed for Nrnall Finance Bank . The Bank has foliaged Basel II standardised aPprOtbh for credit risk in accordance• With the operating guidelines issued by the RBI for Smell finance Banks. Further no. separate Capita charge for Market .risk and operational risk .h4ve: been computed in view of the exception contained in.tR1311.4otiticatiort0NR.,NBD:NO.4602/16,13.21.23/2017-18. dated 8 November 2017_ • - ' • 6. The Bank has elected to exercise the option Of fewer, tax rates .permitted under Section 115 BAA a the Income Tax Act, 1961 as introduced by the Taxation Laws•Ontenctreent)Oldirtaitoe 2019, Accordingly , the Sank has recognised Prevision for Income Tax for the year ended 31 March 2620 end re-measured HS deferred tax assets basis the rates prescribed in the aforesaid section and recognised the effect of change in. the. Profit and Loss Account The re- measurement has resulted in a write down of the net deferred tax assets pertaining to eariter years by Rs. 79.76 Laid* which has been hilly charged to the Profit and Less Account during the six rneattilS ended 130.SePtembet2019, • . 7. The outbreak of COV10-19 Virus, declared as a global pandemic by the Woad Health Organisation (WHO) has affected the world economy including India leading to a significant decline and volatility in ffnanc.ial markets and decline in economic activities Across the glebe.: Various governments arid central banks have introduced a variety of measures to contain the spread of the virus and to Moderate the impact on economic activities and-disruptions„On 24 March 2020, the Government of India ennounced.a 21-day lock-down which was further extended three times up to May 31, 2020 across the country .to contain the spread of the virus, The eitent to which the 'COVID-19 pandemic will invent the Banks business prospects, asset quatity; results of operations and .other future.developments; is highly uncertain. However the Bank is taking .all possible steps to take care of the activities and take proactive stelae leveraging the Goverrutient of India:measures:to strengthen theruralecenOmy.inclUding among the other things to reduce the seventy of the COVit)-12 pahoeincc: E$At S 1 Building NoMill 3/8, E$AF Shaven, Thrissur - Patakitad National Higi mannuttlY. Thrissur, Kerala - 680861 DIN : /1859901(L20161DLC04S069 accordance with the PBl guider' es relatin COkilregulatory peckapa dated 27 March2020, 17 April 2020 and 23 May 020, the Bank has granted a moratorium of six months on the payment of instaln-ients arid) or interest as applicable, falling due between March 2020 to $1 August 2020 to all bgibie borriers, For all sitCh aectiUMS where the moratorium is granted, the asset clessifiCation shall remain standstill during the moratorium period (i.e, the- number of days past due shall exclude the moratorium period for the purpose of asset cleaSihoation Under the income roCcgaition, asset classification end provisioning nortna). In he with the RBI guidelines, the Bank has made a 'provision of RS. 440,78 Leichs as on $1 March 2020 In respect of standard accounts in overdue category again the potential impact alCOVID40: S. The figures of the six months-ended 31 March 2020 and 31 March 2019 have been derived as balancing figures between the amounts as per the annual Audited acceurits for the years than ended, and the audited financial results for the six months ended 30 Septernber 2019 and unaudited ffriancial results for the six months ended 30 September 2018 being the half year of the respective financial Years which were subject to audit/ limited 'review respectivey, 9, Figures for the previous periodiyear have been classified/regrouped wilerevouttocessaryi to r,erlfoon C period! year classification.
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++ ESAF ESAF SMALL FINANCE BANK Joy of Banking
Disclosures made in Compliance with the Retaliation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the period ended 31st March, 2020.
A. Credit rating and change in credit rating — (Enclosed) B. Debt-Equity ratio: 1.13 C. Previous due date for the payment of interest/ dividend for non-convertible redeemable preference shares/ repayment of principal of non-convertible preference shares/non- convertible debt securities and whether the same has been paid or not;
Particulars Rate of Interest Interest Due Actual Date of Date Payment 250 Unsecured, Rated, 17.23% 23.12.2019 23.12.2019 Listed, Redeemable, Non-Convertible Debentures of Rs.10 Lakhs
250 Unsecured, Rated, 16.83% 30.12.2019 30.12.2019 Listed, Redeemable, Non-Convertible Debentures of Rs.10 Lakhs
200 Unsecured, Basel 10.50% 31.12.2019 31.12.2019 Ill Compliant Tier II Bonds of Rs.10 Lakhs
200 Rated, Listed, 11.50% 31.12.2019 31.12.2019 Redeemable Unsecured, Basel III Compliant Tier II Bonds of Rs.10 Lakhs
400 Rated, Listed, 11.50% 31.12.2019 31.12.2019 Redeemable, Unsecured Basel III Compliant Tier II Bonds
in ant,
ESAF SMALL FINANCE BANK LIMITED RBI License NO.: MUM 124. CINi U65990KL2016PLC045669 Registered & Corporate Office: ESAF Small Finance Bank Limited, Building No. V11/83/8, ESAF Bhavan, Mannuthy, Thrissur - Palakkad National Highway, Thrissur - 680 651, Kerala. Ph. No: 0487 7123456, 123457, Emait: [email protected] www.esafbank.com D. Next due date for the payment of interest/ dividend of non-convertible preference shares/principal along with the amount of interest/ dividend of non-convertible preference shares payable and the redemption amount;
Particulars Rate of Interest Interest Due Principal Due Date Date 250 Unsecured, Rated, 17.23% 22.12.2020 22.12.2020 Listed, Redeemable, Non-Convertible Debentures of Rs.10 Lakhs 250 Unsecured, Rated, 16.83% 28.12.2020 28.12.2020 Listed, Redeemable, Non-Convertible Debentures of Rs.10 Lakhs 200 Unsecured, Basel 10.50% 30.06.2020 30.06.2020 III Compliant Tier It Bonds of Rs.10 Lakhs 200 Rated, Listed, 11.50% 30.06.2020 30.06.2020 Redeemable Unsecured, Basel Ill Compliant Tier II Bonds of Rs.10 Lakhs 400 Rated, Listed, 11.50% 30.06.2020 30.06.2020 Redeemable, Unsecured Basel III Compliant Tier II Bonds of Rs.10 Lakhs
E. Net-worth — Rs.1078.63 Cr. F. Net Profit after Tax — Rs. 190.39 Cr. G. EPS — Rs. 4.45
Thanking you, Yours Faithfully Finance 1/ Registered Office: 41friiiiivz,1111v0".,"\ ; .A quer- No.Vil 1 83 j 8 Bhavan, Mannuthy Ran" 0'7aj P• pany Secretary Mem No : A 30388
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