Itagalpura, Rajanukunte, Yelahanka, Bengaluru- 560064
School of Management
MBA 2020 Batch
Organisational Study
COURSE CODE – MGT 230
Organizational study on DHANI SERVICES LIMITED
By
REYYA. USHA SREE
20202MBA0216
Under the guidance of,
Dr Jugal Kishor
Associate Professor
School of Management
June 2021
1
Itagalpura, Rajanukunte, Yelahanka, Bengaluru- 560064
School of Management
CERTIFICATE
This is to certify that Ms. REYYA USHA SREE Registration No.
20202MBA0216 has completed the report titled “Organization Study on
DHANI SERVIES Ltd.” company under my guidance for the partial fulfilment
of the course: Organization Study in Semester II of the Master of Business
Administration
Faculty Guide in Charge Professor & Associate Dean
School of Management School of Management
Presidency University Presidency University
2
DECLARATION
This is to declare that the report titled “Organization Study on DHANI SERVIES Ltd.” has
been made for the partial fulfilment of the course: Organization Study in Semester II by me
under the guidance of [Link] KISHOR, School of management Presidency University.
I confirm that this report truly represents my work undertaken as a part of my Organization
Study. This work is not a replication of work done previously by any other person. I also
confirm that the contents of the report and the views contained therein have been discussed
and deliberated with the faculty guide.
Date:
Name: REYYA USHA SREE
Roll Number: 20202MBA0216
3
ACKNOWLEDGEMENT
For completing the Organization Study Report, we have received
support and guidance from many people to whom we would like to
place on record our deep gratitude. I am very much beholden to
Presidency University for giving this wonderful opportunity to
undertake the Organisation Study on DHANI SERVIES Ltd. as part
of the internal assessment for fulfilment of Master of Business
Administration (MBA).
I consider it to be my pride and privilege to extend our gratitude to
our Dean [Link] Kaur, School of management Presidency
University for giving us this wonderful opportunity of being a part of
this prestigious university and for all the help and assistance extended
to us.
A particular word of thanks is due to Dr.K Krishna Kumar, Associate
Dean and Head of the Department, School of Management Presidency
University and other faculty members for their useful tips and
encouragement. Our esteemed Faculty guide of Organization Study
[Link] KISHOR, Assistant professor School of Management
Presidency University deserves all appreciation and thanks for
patiently and effectively guiding us.
Last but not the least we thank our parents and friends for providing
me with valuable in house as well as other information required for
the project and most of all for their support and cooperation. And a
big thanks to all who have extended their valuable help and
cooperation.
4
CONTENTS
CHAPTER NO TITLE PAGE NO
1. Industry profile and company profile 6
2. McKinsey's 7S frame work 21
3. Swot Analysis of the company 27
4. Financial statement 29
5. Summary, learning experience and Conclusion 33
6. Reference 35
5
DHANI SERVICES LIMITED
CHAPTER 1
1.1 INDUSTRY PROFILE
Financial services are economic services provided by the financial sector, including various
financial institutions, including credit unions, banks, credit card companies, insurance
companies, accounting firms, consumer companies, stock finance, investment funds,
individual executives, and other businesses.
Financial Services Sector: The economy is made up of many different sectors called sectors.
These sectors are made up of various businesses that provide goods and services to
consumers. Companies grouped together in the field offer the same product or service. For
example, agricultural service providers form the agricultural sector. Mobile service
organizations are part of the telecommunications sector. This document looks at the financial
services sector, one of the most important sectors in the economy.
Nature Of Finacial services
Customer Service: Financial Services is a customer-focused service provided according to
customer requirements. Financial institutions carefully study the needs of clients before
designing and providing such services. They are designed to meet specific customer needs
that vary from person to person.
Interests: These services are intangible which makes their marketing a challenging task for
financial institutions. Such institutions should focus on building their image by offering new
and quality products to customers. Companies that enjoy better market loyalty can easily sell
their products.
3. Invisible: Financial services are produced and delivered simultaneously. These services are
inseparable and cannot be previously maintained. Here the production and supply work takes
place simultaneously.
Management Fund: Financial services are specialized in managing people's finances. These
services allow people to allocate their unspent money to fraudulent means of subsistence.
Financial services provide a variety of ways for people to convert their savings into
investments.
5. Financial Mediation: These services perform the function of financial mediation as it
involves both the lender and the borrower. Financial services improve people's finances and
make them available to those who need them.
6
6. Market base: Financial services are based on market volatility depending on changing
circumstances. It is a dynamic work that varies according to the different economic
environment and customer needs.
Distribution Risk: Risk distribution is an important factor provided by financial services.
These services carry the risk of a person who is unwilling to enter between different people
who are all willing to carry it. Financial institutions differentiate risks and protect people
from risks by providing them with a variety of insurance policies.
Growth potential
India's financial sector growth is currently about 8.5% per annum. Monetary and fiscal
policies are able to maintain a steady growth rate. Changes in monetary policy and major
economic policies over the past few years have had a profound impact on the Indian
economy. in India. To maintain such growth for a long time inflation should be steadily
declining.
India's financial sector has grown by 15% overall, indicating stability over the past few years
even though many other markets in the Asian region have been struggling. The development
of a financial sector plan has been key to similar growth. With the opening of the financial
markets a variety of products and services are introduced to suit the needs of the customer.
The Reserve Bank of India (RBI) has played a significant role in the growth of the Indian
financial sector
Economic Factors
Affecting Finding Financial Services
Environmental factors such as inflation rate, savings rate, interest rate, foreign exchange rate
and economic cycle determine the combined demand and the combined investment in the
economy. While small environmental factors such as competitive practices affect a
company’s competitive advantage. Discover Financial Services can use a national economic
factor such as growth rate, inflation and sectoral economic indicators such as the growth rate
of the Credit Services industry, consumer spending etc to predict not only sector growth -
brand name - but also organizational. The economic features that Discover Financial Services
must find when analysing PESTEL are -
Type of economic system in developing countries
what type of economic system exists and how stable it is.
Government intervention in the free market and related finance markets
Exchange rates and the stability of the country's currency.
Financial market efficiency - Does Discover Services need to raise money in the local
market?
Infrastructure quality in the Credit Services industry
Comparative benefits of host country and financial sector in a particular country.
7
The level of skills of employees in the Credit Services industry.
The level of education in the economy
Labour costs and productivity in the economy
Business cycle phase (e.g. prosperity, recession, recovery)
The rate of economic growth
* Optional income
* Unemployment rate
* Inflation rate
* Interest rates
REGULATORS OF THE FINANCIAL SYSTEM
The regulation and supervision of the financial system in India is carried out by bodies that
are given special attention. Reserve bank of India (???) in the Netherlands, it controls most of
the financial system. The regulatory role of TIM includes commercial banks, city cooperative
banks (UCBS), financial institutions, and non-bank financial institutions (NBFC). Some
financial institutions, which, in turn, they monitor and control other institutions in the field of
financial services, such as regional Rural banks, cooperative banks under the control of the
National Bank For agriculture and Rural development (NABARD) and housing and finance
companies National Bank for Housing Construction Lending (???). The Company Affairs
Department (DCA) of the Government organizes the admission of depository activities of
corporations, with the exception of the NBFC. Register in accordance with the Law on
Companies, but not those regulated by the charter of an individual. Secretary of the Court of
First Instance Cooperatives in several states, and in the case of one state-cooperatives in the
Centre. The government, in the case of interstate cooperatives, is the general regulatory
Authority (NRA), with ??? for UCBs, and with NABARD-rural cooperatives. While ??? and
NABARD They worked with the support of the cooperative management and peacetime
control functions of the State/ Central Government. This is a double control of the effects of
control and the rules of cooperative banks. In the capital market, cash and other capital
market intermediaries are regulated by the U.S. Securities and Exchange Commission of
India (SEBI), The Insurance Regulatory and Development Authority (IRDA) takes care of
the insurance sector and the Pension Fund Regulatory and Development Authority (PFRDA)
it regulates pension funds.
8
COMPANY OVERVIEW
Dhani Loans and Services Ltd., formerly India bulls Consumer Finance Limited, no deposit
NBFC, registered with the Reserve Bank of India, is a 100% subsidiary of Dhani Services
Limited. Because digitalization has changed in the banking and financial sector, as the
company saw this as a great opportunity, and it ventured into retail lending from Dhani, loans
and services are limited.
On the back of digital transformation, Dhani Loan, and Services Ltd. took the "sweet spot" by
pointing out the future ready digital product to the consumer, Dhani. Dhani is an online
personal loan that is provided directly to the customer's bank account. This product is
designed to meet the desired day-to-day needs of an Indian by providing high speed and ease
of use for their personal loan needs. Along with a personal loan, DLSL is also suitable for
small and medium-sized businesses, offering a wide range of business and other types of
loans.
9
Importance of the Financial Services Sector
The financial services sector is at the forefront of the country's economy. It offers free cash
flow and cash equity in the market. When the sector is strong, the economy grows, and
companies in the sector are better able to manage risk.
The strength of the financial services sector is also critical to the success of the country's
people. When the economy and economy are strong, consumers tend to earn more money.
This increases their confidence and purchasing power. When they need to get into debt with
large purchases, they turn to the financial services sector to borrow.
If the financial services sector fails, however, it could undermine the country's economy. This
could lead to a recession. When the financial system begins to deteriorate, the economy
begins to deteriorate. The capital is starting to dry up as lenders tighten their grip on lending.
Unemployment rises, and wages fall, leading consumers to stop spending money. To
compensate, the central banks are lowering interest rates in an effort to boost economic
growth. This is exactly what happened during the financial crisis that led to the Great
Depression.
Banking Services
The banking industry is the foundation of a group of financial services. It focuses on savings
and direct lending, and the financial services sector includes finance, insurance, disaster
redistribution and other financial services. Banking services are provided by major
commercial banks, community banks, credit unions, and other organizations.
Banks earn income mainly by the difference in interest rates charged on credit accounts and
depositors' fees. Financial services such as these primarily receive financing, commissions,
and other means such as the spread of interest rates between loans and investments.
Parts of the bank
The bank is made up of a number of components - commercial banks, commercial banks, and
investment banks. Also known as consumer or personal banking, commercial banks serve
consumers rather than companies. These banks provide personalized financial services,
including checking and savings accounts, debits, loans, and credit cards, as well as certain
investment services.
On the other hand, corporate banks, commercials, or businesses dealing with small businesses
and large corporations. As a commercial bank, it provides account services and credit
products tailored to specific business needs.
The investment bank only works with high-level individuals (HNWIs) —not the general
public. These banks record deals, secure market access, provide asset management and tax
10
advice, advise corporate consolidation and acquisition (M&A), and promote the buying and
selling of shares and bonds. Financial advisers and trading firms also live in this niche.
Investment Activities
People can access financial markets such as stocks and bonds through investment services.
Traders - whether they are employees or self-regulators online - facilitate the buying and
selling of stocks, taking commissions through their own efforts. Financial advisers may
charge annual fees based on asset-based assets (AUM) and direct several vendors for the
purpose of building and managing a diverse portfolio. Robo Advisors are the latest born of
financial advice and portfolio management, with a fully automated distribution of portfolio
and trading performance.
Fence funds, consolidated funds, and investment partnerships invest in financial markets and
increase administrative costs in this process. These organizations need childcare services to
trade and help their portfolios, as well as legal advice, compliance, and marketing. There are
also software vendors who cater to the investment fund community by building portfolio
management software applications, customer reporting, and other back office services.
Private funders, affiliate fund providers, and angelic investors donate investment funds to
companies for the purpose of acquiring ownership or distribution of profits. Venture capital
was very important to technology firms in the 1990s. Many secrets around the big deals are
addressed to this group.
Insurance Services
Insurance is another important part of the financial services sector. Insurance services are
available to protect you from death or injury (eg: health insurance, disability insurance, health
insurance), property loss or injury (eg: homeowners insurance, car insurance), or debt or
debt.
In the United States, the insurance agent is different from the seller. The first represents the
insurance company, and the last represents the insurers and adheres to insurance policies. The
site is also the site of a registrar, which assesses consumer confidence risk and advises
investment banks on loan risk.
DHANI SERVICES LIMITED
Dhani services ltd. provides customers with a business that operates through its DHANI
applications. The company provides digital healthcare and operational financing. The
company serves customers in India. Established on 06-09-1995. The name of the industry is
investment and investment. The name of the business group is India bulls Group.
INCEPTION OF THE COMPANY
Indiabulls Securities Limited was first incorporated in India on June 9, 1995, under the
Companies Act as a limited liability company such as GPF Securities Private Limited under
11
certification certificate number 55-69631. The Company's name was changed to Orbis
Securities Private Limited on December 15, 1995. The company was then transformed into a
public company and renamed Orbis Securities Limited on January 5, 2004. It was renamed to
Indiabulls Securities Limited on February 16, 2004. 2011 -Indiabulls Securities is one of
India's leading market companies providing security and advisory services. India bulls
Securities also provides investment services, pricing research services and IPO distribution to
its customers and provides asset trading through a separate company. These services are
provided both through online and offline distribution channels. Indiabulls Securities is a
pioneer in online securities trading in India. Indiabulls Securities A ’internal trading platform
is one of the fastest and most efficient trading platforms in the country. Indiabulls Securities
have been awarded the highest BQ-1 rating by CRISIL. 2012 - The Board of Directors of the
Company has announced the temporary separation of Re. 1 / - per equity share (face value of
Rs. 2 per share) for the 2012-2013 financial year. 2013 -Inidabulls Financial Services Merges
With Its Home Loan Arm -IBHFL Ities Up With Yes Bank -Inidabulls & Doha Bank Tie-Up
-Indiabulls Securities Ltd announced that as of October 01, 2013, the Company's Registered
Office has been changed from F-60 , Malhotra Building, Second Floor, Connaught Place,
New Delhi - 110001 to M-62 & 63, First Floor, Conon naught Place, New Delhi - 110 001
Telephone No .: 011-30252900 Fax: 011-30252901 2014 - Inidabulls Housing Finance Ltd
Opens New Virar Branch -IBHFL Awarded As A Fast Growing Company -India bulls
Securities Ltd has announced that Mr. Ram Mehar Garg has been appointed Company
Secretary and Company Compliance Officer. 2015 - The company has changed its name to
Indiabulls Securities Ltd to Indiabulls Ventures Ltd. ‘It’s Realty Plus. -Indiabulls Housing
Finance to Receive 39.76% from UK Bank -IBHFL binds with ICRA to measure Loan
(LAP). 2016 -HDFC Standard Life Insurance Co Ltd, India's leading private life insurance
company, today signed a corporate agency agreement with Indiabulls Housing Finance
Limited, the second independent private equity finance company to distribute HDFC
insurance products to their customers. 2017 - '' Consumer Business Revitalization - Personal
Payment Mobile Application
12
History:
Indiabulls Securities Limited was originally incorporated in India on June 9, 1995, under the
Companies Act as a private limited company as GPF Securities Private Limited under
certificate of incorporation bearing number 55-69631. The name of the Company was
changed to Orbis Securities Private Limited on December 15, 1995. The Company was
subsequently converted into a public limited company and its name was further changed to
Orbis Securities Limited
13
2004
• on January 5, [Link] name of the Company was again changed to
Indiabulls Securities Limited on February 16, 2004.
2011
• Indiabulls Securities is one of India's leading capital markets companies providing
securities broking and advisory services.
• Indiabulls Securities also provides depository services, equity research services and
IPO distribution to its clients and offers commodities trading through a separate
company. These services are provided both through on-line and off-line distribution
channels.
• Indiabulls Securities is a pioneer of on-line securities trading in India.
• Indiabulls Securities in-house trading platform is one of the fastest and most efficient
trading platforms in the country.
• Indiabulls Securities has been assigned the highest rating BQ-1 by CRISIL.
2012
• The Board of Directors of the Company has declared an Interim Dividend of Re. 1/-
per equity share (on the face value of Rs. 2 per share) for the financial year 2012-
2013.
2013
• Inidabulls Financial Services Merges with Its Home Loan Arm IBHFL Ties Up with
Yes Bank
• Inidabulls & Doha Bank Tie-Up
• Indiabulls Securities Ltd has informed that with effect from October 01, 2013, the
Registered Office of the Company has been shifted fromF-60, Malhotra Building,
Second Floor, Connaught Place, New Delhi, 110001 to M-62 & 63, First Floor,
Connaught Place, New Delhi - 110001 Phone No: 011-30252900
Fax No: 01130252901
2014
• Inidabulls Housing Finance Ltd Opens. A New Branch In Virar IBHFL Has Been
Awarded As The Fastest Growing Company
• Indiabulls Securities Ltd has informed that Mr. Ram Mehar Garg has been appointed
as Company Secretary and as Compliance Officer of the Company.
14
2015
• The Company has changed its name from Indiabulls Securities Ltd to Indiabulls
Ventures Ltd.
• Members of are hereby informed that the trading symbol of the Company be changed
from IBSEC to IBVENTURES
• Indiabulls Housing Finance Limited was awarded as Best Housing Finance Company
by Realty Plus.
• Indiabulls Housing Finance to Acquire 39.76% in UK Bank IBHFL ties up with
ICRA to grade Loan Against Property (LAP) Loans.
2016
• HDFC Standard Life Insurance Co Ltd, India’s leading private life insurance
company, today signed a corporate agency agreement with
• Indiabulls Housing Finance Limited, India’s second largest private housing finance
company to distribute HDFC life retail insurance products to their customers.
2017
• Update on Consumer Finance Business - Mobile App for Instant Personal Loan
Disbursals''.
2020
• The name of Indiabulls Ventures Limited with its consumer brand dhani (entire
consumer business in the Healthcare and Finance Sector is provided by the Company
through its App dhani), and on the application filed by the Company, the office of
Registrar of Companies has with effect from October 6, 2020, approved change in
the name of the Company to 'Dhani Services Limited'.
• The Company shall be submitting its fresh certificate of incorporation issued by the
Office of Registrar of Companies along with other documents required in terms of
Listing Regulations with the Exchanges, for allowing trading in the shares of the
Company in its new name with the symbol 'DHANI'.
• Shares of Indiabulls Ventures Limited was last trading in BSE at Rs.271.85 as
compared to the previous close of Rs. 267.9. The total number of shares traded
during the day was 74324 in over 1618 trades.
• The stock hit an intraday high of Rs. 274.9 and intraday low of 262.45. The net
turnover during the day was Rs. 20029708.
15
PROMOTERS INFORMATION
HOLDERS NAME NO OF SHARES % SHARE HOLDING
MOTERS 17848386 29.26%
FOREIGN INSTITUTION 164520880 26.97%
NBANKS MUTUALFUNDS 119400 0.02%
OTHERS 157279415 25.78%
GENERAL PUBLIC 81467914 13.35%
FINANCIAL INSTITUTIONS 8400500 1.38%
GDR 19752038 3.24%
COMPANY BACKGROUND - DHANI SERVICES
Industry
Name Finance & Investments
House Name Indiabulls Group
Collaborative N.A.
Country
Name
Joint Sector N.A.
Name
Year Of 1995
Incorporation
16
Year Of N.A.
Commercial
Production
REGD. OFFICE
Address M-62 & 63, First Floor,
District New Delhi
State Delhi
Pin Code 110001
Tel. No. 011-30252900
Fax No. 011-30252901
Email : helpdesk@[Link]
Internet : [Link]
Auditors Walke Chandiok & Co. LLP
Company N.A.
Status
Dhani Loans and Services Limited, formerly India bulls Consumer Finance Limited is a non-
deposit taking NBFC registered with the Reserve Bank of India and is a 100% subsidiary of
Dhani Services Limited. As digitization transformed the banking and financial sector, the
company recognized a great opportunity and ventured into the retail lending space with
Dhani Loans and Services Limited.
On the back of this digital transformation, Dhani Loans and Services Limited, has struck a
sweet spot by providing a future ready digitised product to its consumers with Dhani.
Dhani is a completely online personal loan ful fill-ment offering which provides customers
with money directly in their bank accounts. The product has been developed to cater to the
aspirational needs of the everyday Indian by providing speed and convenience to their
personal loan needs. Along with personal loans, DLSL also caters to small and medium
businesses by offering business and other Loans.
17
NATURE OF COMPANY
Nature of principal activities
Indiabulls Ventures Limited (‘IBVL’ or ‘the Company’, CIN: L74999DL1995PLC069631)
had carried business as stock broker on the National Stock Exchange of India Limited
(‘NSE’) and the BSE Limited (‘BSE’); depository participants and renders other related
ancillary services. On 1 February 1996 IBVL received a certificate of registration from the
Securities and Exchange Board of India (‘SEBI’) under sub-section 1 of Section 12 of the
Securities and Exchange Board of India Act, 1992 to carry on the business as a stock broker.
Accordingly, all provisions of the Securities and Exchange Board of India Act, 1992, and
Rules and Regulations relating thereto were applicable to the Company. The Company has
transferred its stock broking business, including depository and other related ancillary
services, through slump sale on going concern basis to its wholly owned subsidiary company
Indiabulls Securities Limited w.e.f. 21st February 2020. Post slump sale, the Company has
assets in the form of loans given to subsidiary companies and investments made in subsidiary
companies On 2 April 2008 the Equity shares of the Company got listed on the NSE and the
BSE after the demerger of the Company from Indiabulls Financial Services Limited
(erstwhile holding Company) vide Scheme of Arrangement. The Company is domiciled in
India and its registered office is situated at M-62 & 63, First Floor, Connaught Place, New
Delhi – 110001.
VISION AND MISSION
We want to impact maximum number of lives by providing them with a wider access to
financial services, through use of technology and by putting in trust in our customers. We
aspire to serve 10 million customers by 2021 and 250 million customers by 2024
Help fulfil the dreams and aspirations of fellow Indians, no matter how much they earn, what
occupation they have or where they live
Our Mission: To offer best in class financial & health care products digitally.
AWARDS AND ACHIEVEMENTS
*Best use of Mobile in a Digital Campaign at Digital Industry Awards
Mumbai 5th Oct 2018
*Innovation of the Year award in the Fintech Space held at Infection Summit and Awards
Gurugram 12th Sep 2018
*Best Mobile Search Campaign (Bronze) at 9th India Digital Awards
New Delhi 18th Jan 2019
*Best Display Campaign (Bronze) at 9th India Digital Awards
New Delhi 18th Jan 2019
*Dhani wins emerging business of the year 17th Feb 2020
18
LISTING DETAILS - DHANI SERVICES
KEY DATES
Year Ending Month Mar
AGM Date (Month) Sep
Book Closure Date Sep
(Month)
LISTING INFORMATION
Face Value of Equity 2
Shares
Market Lot of Equity 1
Shares
BSE Code 532960
NSE Code DHANI
BSE Group B
PART OF THE FOLLOWING INDICES
Sensex No
Nifty No
BSE-100 No
BSE-200 No
S&P CNX 500 Yes
CNX Midcap Yes
CNX FMCG No
19
LISTING ON
Listed On The Stock Exchange, Mumbai, National Stock Exchange of India Ltd.
HEALTH
1. Pharmacy
2. Free health cashback card
3. Dhani doctor
4. Health 365
5. Delivery
6. Medical insurance
7. Personal insurance
8. Cancer awareness programme
MONEY
1. One freedom
2. No EMI loan
3. Wallet
4. Free cashback card
5. Super saver
6. Rupay card
7. Stocks
20
Chapter 2
2.1 Mc Kinsey’s 7’s Frame Work
[Link]:
Structure represents the way business divisions and units are organized and includes the
information of who is accountable to whom. In other words, structure is the organizational
chart of the firm. It is also one of the most visible and easy to change elements of the
framework.
Board of Directors and Committee details who primarily focuses on strategy, policy and
value of the organization.
BOARD
Mr. Sameer Gehlaut CHAIRMAN/CEO
21
Mr. Pinank Jayant Shah GROUP CHIEF FINANCIAL OFFICER
Mr. Divyesh Bharat Kumar Shah CHIEF OPERATING OFFICER
Mr. Himanshu Nautiyal CHIEF TECHNOLOGY OFFICER
Mr. Anish Williams CHIEF PRODUCT OFFICER
Mr. Nikhil Chari PRESIDENT -HEALTH CARE
BOARD OF DIRECTORS
Dhani Stocks Limited has benefited from a superior leadership team - from our strong, active
and independent board members to our experienced senior management team. Meet the
members of the team and find out more.
[Link] GEHLAUT CHAIRMAN AND CEO
[Link] [Link] EXECUTIVE OFFICER AND COO
Mr. GANGA BANGA NON-EXECUTIVE DIRECTOR
22
Mr. PINANK JAYANT SHAH EXECUTIVE DIRECTOR
Mr. ANISH WILLIAMS NON-EXECUTIVE DIRECTOR
Dr. NARENDRA DAMODAR JADHAV INDEPENDENT DIRECTOR
Mr. PRAVEEN KUMAR TRIPATHI INDEPENDENT DIRECTOE
Mrs. FANTRY MEIN JASWAL INDEPENDENT DIRECTOR
Mr. RAKESH MOHAN GARG INDEPENDENT DIRECTOR
Mr. VIJAY CHUGH INDEPENDENT DIRECTOR
2. Strategy:
Dhani is a consumer business delivering cutting edge technology enabled products for
various financial and healthcare requirements of the vast growing Indian population. Dhani is
a 100% digital platform. Dhani app has evolved over the last 3 years and has given loans to
over 5 million customers. Dhani is now focussed around a feebased model through its various
product offerings like Dhani Instant Credit Line, Dhani Doctor, Dhani Pay, Dhani Insurance,
Dhani Rupay Card, Dhani Stocks, etc. We bring together a large number of people under the
Dhani umbrella and offer them subscriptions across various Dhani products. As more and
more customers experience Dhani products there is a significant increase the number of users
on Dhani app on a daily basis. The Company has launched various
engagement tools for its customers like Dhani Zone. The Company had decided to build a
balance sheet light business. To strengthen its liquidity position and diversify its
funding profile, the Company endeavours to mobilize funds by sell down of its loan portfolio
apart from raising funds through traditional sources of funding like Banks and Commercial
Paper’s/Debentures. The Company sells its loans under both the structures, Pass through
Certificate (PTC) and Direct Assignment (DA). This mode of raising funds is in
sync with the Company’s objective of building a strong fee based income with no need of any
additional equity capital for funding future growth. Sell down transactions are an efficient
means of raising liquidity, ensure high capitalization as the loan portfolio is moved off
balance sheet while retaining the spread. During the FY 2020, the Company has
23
raised funds of Rs 7,014 Crores by sell down of its loan portfolio, which has helped Company
to manage its liquidity and lending activities in an efficient manner.
74.0
[Link]:
The company has the skills needed to carry out the company start Skills are considered as one
of the most attribute/capacities of an organization. The term skills include those characters
A good specialized knowledge about the financial products and stock market to serve the
clients better.
High levels of specialization in communication.
Ability to convert the prospect into customer.
All the executor’s level, employees’ skills are improved in areas like communication,
leadership, administration, time management, computer knowledge, presentation, team
building and they are trained under various other aspects like self-development. The HR
department identifies several areas for continuously updating technical/professional skills for
employees and brings about attitudinal change in developing good work culture in all areas.
Company has spent 27.44% of its operating revenues towards interest expenses and 17.44%
towards employee cost in the year ending Mar 31, 2020. (Source: Consolidated Financials)
[Link]:
The Company continues to invest in technology to provide solutions to millions of customers.
The Company will focus
on the following themes in FY21:
• Will deepen the investment in in-house analytics, data science & technology for greater
agility and innovation in
our products and maintaining our competitive edge in digital solutions
• Continuous innovation & improvement to provide seamless journey at the same time ensure
robust system
performance
• Machine learning based Analytics to determine customer product requirement basis life
cycle of the consumer
The technology platform allows the company to deepen the engagement with its customers
through various products
& Services. Some of the customer engagement initiatives which the Company has undertaken
are as follows:
• Bill Payment, Mobile recharge and other services
• Flights, Bus, Hotel and other travel services
• Money Transfer facility
• Dhani Cash Loyalty Program
• Credit Lines, Top-Up Loans
24
• Refer & earn &
• Dhani New
[Link]:
• Customer first
• Transparency
• Professionalism
• Integrity
• Respect
DHANI also ensures that all its activities and operations are conducted with high ethical and
moral standards that redefined against international criteria. It also encourages innovation and
creativity by allowing independence for growth to individuals and terms by helping them
refine their careers as well as [Link] also has supportive leadership which work
towards increasing employee’s motivation and job satisfaction by giving way to visibility and
accessibility.
[Link]:
Staff Equitable Employment
During the financial year 2019-20, upon receipt of all requisite approvals from the statutory /
regulatory authorities, Stock Broking Business of the Company has been transferred to its
100% subsidiary company namely Indiabulls Securities Limited (formerly Indiabulls
Commodities Limited) (“ISL”) and all the employees of the Company related
to such business were transferred on ongoing basis to ISL. In view of the same the Company
had 12 employees on its permanent rolls, as on March 31, 2020, out of which 2 were women.
As at March 31, 2020, the male female ratio was 5:1. The Company has always advocated a
business environment that favours the concept of equal employment opportunities for all
without any discrimination with respect to caste, creed, gender, race, religion, disability or
sexual orientation. The Company provides a workplace environment that is safe, hygienic,
and humane which upholds the dignity of its employees. The Company does not use child
labour directly or indirectly in any of its offices. Enabling a Gender Friendly & safe
Workplace For IVL, safety of its employees is of paramount importance and as a good
corporate citizen; it is committed to ensuring safety of all its employees at the work place.
The Company has formulated and adopted a Gender Sensitization and has constituted an
Internal Complaint Committee (ICC). The Company has zero tolerance towards sexual
harassment at the workplace and has adopted a policy on prevention, prohibition and
redressal of sexual harassment at workplace in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and
the Rules thereunder. Also, to ensure confidentiality, a dedicated e-mail address has been
created for employees to report complaints
pertaining to sexual harassment at the workplace. The complaints reported on the designated
e-mail are accessible
25
[Link]:
The Company had launched ‘Shubh’ – next generation trading platform to help customers
take charge of their financial
future. It provides customers seamless internet trading experience through various features
such as streaming stock
quotes, online payment gateways, portfolio tracker, research reports, IPO, live market news
and real time market
statistics.
Environmental Standards
The Company continuously aims to reduce the impact on environment by optimizing the
usage of various resources. The Company works at minimizing its carbon foot print and there
is particular focus on reduced resource usage. The
Company has been able to reduce energy consumption by using star rated appliances where
possible and also through the replacement of CFL lights with LED lights. Monitoring
resource usage, improved process efficiency, reduced waste
generation and disposal costs have also supported the cause.
In a bid to reduce the Company’s carbon footprint, video conference systems have been set
up at key office locations to cut down on unnecessary travel.
The Company continues to explore collaboration with partners that ensure conservation of
energy and resources. On this front, the Company recognizes the need to work with real
estate developers that promote the use of innovative technologies such as green buildings and
other energy efficient measures for construction of their projects.
Resource Savings
The Company has undertaken initiatives and energy efficient measures at its office premises
such as use of LED light fittings, provision of centralised waste collection, etc. At most of its
offices across India, the CFL light fitting have been replaced by LED light fittings to
conserve energy. In an end ever for quick and paperless services, the Company promotes the
use of electronic means of communication with its shareholders by sending electronic
communication for confirmation of payments and such other purposes. The Company also
encourages the use of electronic mode of payment to and from all its stakeholders. Soft
copies of the annual report 2018-19 along with the notice convening the 24th Annual General
Meeting and the dividend e-payment advice, dividend unpaid reminder letters were sent to
over 194,630 shareholders so as to minimize the usage of paper.
26
CHAPTER 3
SWOT ANALYSIS OF DHANI SERVICES LIMITED
STRENGTH:
MFs increased their shareholding last quarter.
➢ Promoters increasing shareholding.
➢ Company with zero promoter pledge.
➢ Operating Income has grown well for the company over past 3 years: 3 years CAGR
70.12%.
➢ The company has delivered substantial profit growth of 0% over past 3 years.
➢ PAT margin has surged by 25.91%.
➢ Company has maintained a good ROA of 3.03% in last 3 years.
➢ The company is trading at 1.20 times the book value.
WEAKNESS:
➢ Big Deal (Insider and SAST) sells last month greater than 1% of total shares.
➢ Red Flag: High Interest Payments Compared to Earnings.
➢ Degrowth in Revenue and Profit.
➢ Decline in Net Profit with falling Profit Margin.
➢ Declining Revenue every quarter for the past 4 quarters.
➢ Declining profits every quarter for the past 3 quarters.
➢ Major fall in TTM Net Profit.
➢ Promoters’ shareholding is low at 29.26%.
➢ Company has a poor Return on Equity (ROE) track record of 4.33%.
➢ Provision and contingencies have increased by 21.60%.
➢ Promoters’ shareholding is low at 29.26%.
➢ Company has a poor Return on Equity (ROE) track record of 4.33%.
Weak Momentum: Price below Short Medium and LongTerm Averages
OPPORTUNITIES:
➢ Stock with low PE(PE<=10).
➢ Positive Breakout First Resistance (LTP > R1).
THREATS:
➢ Stocks with Expensive Valuations according to the Trendlyne Valuation Score Big
Deal (Insider and SAST) sells last week greater than 1% of total shares Degrowth in
Revenue, Profits and Operating Profit Margin in recent results Increase in Provisions
in Recent Results
27
Peer comparsion
NAME 1D 1W 1M 3M 1Y 3Y 5Y
Dhani
Ibull 5.00 2.75 -6.47 -4.34 53.33 -61.39 451.58
Ventures
Bajaj
0.33 3.44 8.61 22.57 85.65 165.29 668.67
Finance
M&M
Financial
-0.25 2.32 -5.83 -18.71 -21.26 -64.64 -54.07
Service profile of Dhani servies limited:
Dhani Services Limited provides consumer business that operates through its application
"Dhani". The Company offers digital healthcare and transactional finance offerings. Dhani
Services serves customers in India.
INDUSTRY: Financial Services
ADDRESS: 1 International Ctr, Elphinsto Senapati Bapat Marg Mumbai,400013 -INDIA
SUB-INDUSTRY: Institutional Financial Svcs
NO. OF EMPLOYEES: 10000
28
Chapter 4:
FINANCIAL ANALYSIS:
Balance sheet
(Rs crore)
Mar ' 20 Mar ' 19 Mar ' 18 Mar ' 17 Mar ' 16
Sources of funds
Owner's fund
Equity share capital 102.22 113.49 92.63 64.04 58.57
Share application money -100.90 76.66 70.07 17.48 -
Preference share capital - - - - -
Reserves & surplus 3,371.36 4,297.85 1,458.58 204.17 143.29
Loan funds
Secured loans 1,680.68 1,853.45 981.80 105.83 90.39
Unsecured loans - - - 500.00 500.00
Total 5,053.37 6,341.44 2,603.07 891.51 792.25
Uses of funds
Fixed assets
Gross block 1.35 27.41 7.75 62.83 66.94
Less revaluation reserve - - - - -
Less accumulated depreciation 0.40 3.18 1.26 59.38 62.43
Net block 0.95 24.23 6.49 3.44 4.50
Capital work-in-progress - 6.55 4.86 0.04 -
Investments 4,779.82 4,402.61 1,367.95 59.25 6.15
Net current assets
Current assets, loans & advances 309.75 2,090.21 1,366.65 1,017.76 871.99
Less current liabilities & provisions 37.16 182.15 142.88 188.98 90.39
Total net current assets 272.60 1,908.06 1,223.77 828.78 781.60
Miscellaneous expenses not written - - - - -
Total 5,053.37 6,341.44 2,603.07 891.51 792.25
Notes:
Book value of unquoted investments - - - 59.30 6.20
Market value of quoted investments - - - 6.35 -
Contingent liabilities 1,880.45 3,848.75 3,717.24 651.97 650.74
Number of equity shares outstanding (Lacs) 5484.39 6049.40 5253.39 3202.07 2928.70
29
Profit loss account
(Rs crore)
Mar ' 20 Mar ' 19 Mar ' 18 Mar ' 17 Mar ' 16
Income
Operating income 305.77 311.40 184.46 83.60 76.34
Expenses
Material consumed - - - - -
Manufacturing expenses 0.17 5.08 6.45 - 7.45
Personnel expenses 9.99 89.37 50.61 26.77 20.19
Selling expenses - 0.88 0.45 0.11 0.07
Administrative expenses 4.57 29.44 15.02 20.22 7.96
Expenses capitalised - - - - -
Cost of sales 14.73 124.77 72.53 47.10 35.67
Operating profit 291.03 186.63 111.94 36.50 40.67
Other recurring income 4.26 5.72 14.91 67.82 28.18
Adjusted PBDIT 295.29 192.34 126.85 104.32 68.85
Financial expenses 38.10 60.27 59.72 43.41 40.15
Depreciation 0.17 4.06 1.65 1.62 2.57
Other write offs - - - - -
Adjusted PBT 257.02 128.01 65.48 59.28 26.13
Tax charges 10.14 22.56 16.91 12.18 9.27
Adjusted PAT 246.88 105.45 48.57 47.09 16.87
Nonrecurring items -0.67 0.13 -0.21 - -
Other noncash adjustments - - - - -
Reported net profit 246.20 105.58 48.35 47.09 16.87
Earnings before appropriation 365.37 165.49 59.91 47.91 103.33
Equity dividend 171.71 46.31 - 30.49 72.91
Preference dividend - - - - -
Dividend tax 0.03 0.01 - 1.53 14.80
Retained earnings 193.63 119.18 59.91 15.89 15.62
30
Cash flow
(Rs crore)
Mar ' 20 Mar ' 19 Mar ' 18 Mar ' 17 Mar ' 16
Profit before tax 257.19 128.01 65.48 59.28 26.13
Net cashflow-operating activity 148.89 189.35 -130.08 9.90 -
Net cash used in investing activity 289.95 -3,655.56 -1,238.84 -10.74 -
Net cash used in fin. activity -1,376.69 3,445.54 1,620.33 43.06 -
Net Inc./dec in cash and equivalent -937.85 -20.68 251.40 42.22 149.49
Cash and equivalent begin of year 873.25 893.93 642.53 675.67 526.18
Cash and equivalent end of year -64.60 873.25 893.93 717.89 675.67
Ratios
(Rs crore)
Mar ' 20 Mar ' 19 Mar ' 18 Mar ' 17 Mar ' 16
Per share ratios
Adjusted EPS (Rs) 4.50 1.74 0.92 1.47 0.57
Adjusted cash EPS (Rs) 4.50 1.81 0.95 1.52 0.66
Reported EPS (Rs) 4.49 1.74 0.92 1.47 0.57
Reported cash EPS (Rs) 4.49 1.81 0.95 1.52 0.66
Dividend per share 2.25 1.00 1.00 1.00 3.00
Operating profit per share (Rs) 5.31 3.09 2.13 1.14 1.39
Book value (excl rev res) per share EPS (Rs) 63.34 72.92 29.53 8.38 6.89
Book value (incl rev res) per share EPS (Rs) 63.34 72.92 29.53 8.38 6.89
Net operating income per share EPS (Rs) 5.58 5.15 3.51 2.61 2.61
Free reserves per share EPS (Rs) - - - - -
Profitability ratios
Operating margin (%) 95.18 59.93 60.68 43.65 53.27
Gross profit margin (%) 95.12 58.62 59.78 41.71 49.91
Net profit margin (%) 80.46 33.86 26.32 56.33 22.09
Adjusted cash margin (%) 79.68 34.53 25.18 32.17 18.59
Adjusted return on net worth (%) 7.10 2.39 3.13 17.55 8.35
Reported return on net worth (%) 7.08 2.39 3.13 17.55 8.35
Return on long term funds (%) 5.72 3.00 4.94 38.28 32.83
Leverage ratios
Long term debt / Equity 0.48 0.42 0.63 - -
31
Mar ' 20 Mar ' 19 Mar ' 18 Mar ' 17 Mar ' 16
Total debt/equity 0.48 0.42 0.63 2.26 2.92
Owners fund as % of total source 67.39 70.41 61.23 30.68 25.47
Fixed assets turnover ratio 0.05 0.06 0.10 0.09 0.10
Liquidity ratios
Current ratio 8.34 11.47 9.56 5.39 9.65
Current ratio (inc. st loans) 8.34 11.47 9.56 1.13 1.13
Quick ratio 6.69 10.96 9.51 5.34 9.56
Inventory turnover ratio 0.05 0.04 0.07 - -
Pay out ratios
Dividend pay out ratio (net profit) 69.80 43.91 - 67.99 520.08
Dividend pay out ratio (cash profit) 69.75 42.28 - 65.72 451.36
Earning retention ratio 30.44 56.09 100.00 32.01 -420.08
Cash earnings retention ratio 30.48 57.72 100.00 34.28 -351.36
Coverage ratios
Adjusted cash flow time total debt 6.80 16.92 19.55 12.44 30.38
Financial charges coverage ratio 7.75 3.19 2.12 2.40 1.71
Fin. charges [Link] (post tax) 7.46 2.82 1.84 2.12 1.48
Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component - 0.28 0.24 0.13 0.09
Exports as percent of total sales - 0.01 - - -
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.93 0.67 0.50 0.05 0.01
Bonus component in equity capital (%) - - - - -
Sales Analysis.
During the year ended March of 2021, sales at Dhani Services Ltd were 12.75 billion Indian
Rupees (US$171.07 million). This is a sharp decrease of 56.3% versus 2020, when the
company's sales were 29.15 billion Indian Rupees.
32
Chapter 5
Summary
Dhani Services Limited provides securities, commodities, and derivatives
broking services in India. Its broking services include equity, derivative,
commodity, and currency trading, as well as Demat accounts. The company also
offers mutual funds and initial public offerings. In addition, it operates as a
stock and share broker on the National Stock Exchange of India Limited and the
BSE Limited; and commodity broker on the Multi Commodity Exchange of
India Limited and the National Commodity and Derivative Exchange Limited.
Further, the company is involved in the cross sale of real estate properties; and
provision of other ancillary services relating to broking activities, as well as
offers consumer and business loans through digitally enabled loan fulfillment
solutions. Additionally, it provides asset reconstruction and related services; and
site visit assistance and home loans for residential projects, as well as operates
online trading platforms. The company was formerly known as Indiabulls
Ventures Limited and changed its name to Dhani Services Limited in October
2020. Dhani Services Limited was incorporated in 1995 and is based in
Gurugram, India.
Learning Experience
• Because of this organization study I got a chance to study about DHANI
SERVIES Ltd which is an Indian company that makes paper and plastic
packaging.
• I got to learn about the company’s achievement and about the staffs there
and their working policies.
• I Even got the knowledge about their strength, weakness, opportunities,
and threats.
• The financial position of the company.
33
Conclusion:
This report gives you the inside scoop on the organisation, which is crucial for
identifying industry difficulties and competitors. The SWOT analysis
determines the firm's strengths, weaknesses, growth, prospects, and threats. The
major rivals are examined, as well as the industry's bigger challenges.
At DHANI SERVIES India, they prioritise impactful innovation. Their experts
collaborate closely with customers to better understand their needs, and they use
their inventive capabilities to build more services. They create solutions that
minimise or eliminate barriers by imagining, exploring, and developing new
technology.
34
Chapter 6
Reference
[Link]
[Link]
[Link]
[Link]
[Link]
investments/dhaniservices/IS13
[Link]
[Link]
35