financial services - august 2013

7/29/2019 Financial Services - August 2013

1/36


2/36


3/36

High gross domesticsavings

Indias gross domestic savings (GDS) as a per cent of GDP has remained above 30 percent since 2004 and stood at 30.8 per cent in FY12. RBI estimates domestic savings toreach 39 per cent of the GDP at the end of 12 th Five Year Plan(FY13FY17)

Indias HNWI population

to double by 2020

HNWI population in India is expected to double and total holdings by HNWI is estimated toreach USD3 trillion in 2020 which presents considerable growth opportunities for wealth

management

Phenomenal growth inNBFC finance

NBFCs managed credit grew at a CAGR of 35 per cent over FY07FY12. Retail creditregistered 36 per cent growth in FY12

Source: ICRA, Capgemini Wealth Report, 2011 Aranca ResearchNotes: HNWI High Net Worth Individual, NBFC Non-Banking Financial Company, AUM Assets under management

Robust AUM growth Mutual fund industry AUM recorded a CAGR of 16.8 per cent over FY07FY13. India is

considered one of the preferred investment destination globally


4/36

The engineering sector is delicensed;100 per cent FDI is allowed in thesector

Due to policy support, there wascumulative FDI of USD14.0 billion intothe sector over April 2000 February2012, making up 8.6 per cent of totalFDI into the country in that period

Growing demand

Source: World Bank, Aranca ResearchNotes: HNWI High Net Worth Individual, NBFC Non-Banking Financial Company, F Forecast,

NRFIP National Rural Financial Inclusion Plan

Growing demand

Rising incomes are driving thedemand for financial servicesacross income brackets

Financial inclusion drive from RBIhas expanded the target market to

semi-urban and rural areas

Innovation

India benefits from a large Cross-utilisation of channels to expandreach of financial services

Product innovation is leading tohealthy growth in Insurance and

NBFCs

Policy support

NRFIPaims at providingcomprehensive financial services to atleast 50 per cent of financiallyexcluded rural households by end-2012 and the remaining by 2015

Government has set up FinancialInclusion Fund to support financialinclusion

Government is all set to approve newbanking licenses and increase theFDI limit in the insurance sector

Growing penetration

Credit, insurance and investmentpenetration is rising in rural areas

HNWI participation is growing inthe wealth management segment

Lower mutual fund penetration of11.3 per cent reflects latent growthopportunities

2012

Nationalsavings:

USD606billion

2017F

Nationalsavings:

USD1,413billion

AdvantageIndia


5/36

FINANCIAL SERVICES

Capital Markets

AssetManagement

Broking

Wealthmanagement

InvestmentBanking

Insurance

Life

Non-life

NBFCs

Asset FinanceCompany

InvestmentCompany

Loan Company

Note: NBFC - Non Banking Financial Company


6/36

71

132

107

158 154

139

150

FY07 FY08 FY09 FY10 FY11 FY12 FY13

Total AUM

Mutual fund AUMs as of March 2013 (USD billion)

Source: AMFI, Aranca ResearchNotes: AUM Assets Under Management, * In Indian Rupee terms

The asset management industry in India is among thefastest-growing in the world

Total AUM of the Mutual Fund industry clocked a CAGR of16.8* per cent over FY0713 to USD150 billion

Total AUM of the Mutual Fund industry grew to USD150

billion in FY13 from USD139 billion in FY12

As of FY13, 44 asset management companies wereoperating in the country

Securities and Exchange Board of India (SEBI) hasannounced various measures aimed at increasing thepenetration and strengthening distribution network of mutualfunds

CAGR: 16.8%*


7/36

Leading AMCs in India (as of March, 2013)

Source: AMFI, Aranca ResearchHNWI - High Networth Individuals, AMC - Asser Management Company

Corporate investors account for around 46 per cent of total AUM in India, while HNWIs and retail investors account for 28per cent and 23 per cent, respectively

The share of corporate investors declined to 46 per cent in FY13 from 51 per cent in FY09, while that of HNWIs increasedto 28 per cent in FY13 from 19 per cent in FY09

Investor breakup (as of March 2013)

Top 5 AMCs in India AUM (USD billion)

HDFC Mutual Fund 18.7

Reliance Mutual Fund 17.4

ICICI Prudential Mutual Fund 16.2

Birla Sun Life Mutual Fund 14.2

UTI Mutual Fund 12.8

46%

2%

1%

28%

23%Corporates

FinancialInstitutions

FIIs

HNWIs

Retail


8/36

Listed companies on major stock exchanges inAsia-Pacific countries (as of December 2012)

Source: National Stock Exchange, SEBI, Aranca ResearchNotes: CAGR Compounded Annual Growth Rate; NSE National Stock Exchange, * - In Indian Rupee terms

Steadily rising turnover in financial markets has led to rapid expansion of the brokerage segment

The annual turnover value in NSE has witnessed a CAGR of 26.0* per cent between FY96 and FY13 to reach USD 499billion

The number of companies listed on the NSE rose from 135 in 1995 to 1,671 in April 2013

Turnover on NSE (Capital Markets Segment) inUSD billion

2083 100 99

194294

108128

240 254

354430

882

599

873

785

586

499

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

2,056

1,5471,784

954 840

1,665

AustralianSE

Hong KongExchange

KoreaExchange

ShanghaiSE

TaiwanSE Corp

NSEIndia

CAGR: 26.0%*


9/36

Companies listed on NSE and BSE

Source: SEBI, Aranca ResearchNotes: FII Foreign Institutional Investors, NSE National Stock Exchange, BSE Bombay Stock Exchange, * As of December 2012, ** In Indian Rupee Terms

The number of listed companies on NSE and BSE increased to 6,877 from 6,445 over FY1013. The number of registeredsub-brokers rose to 77,165 in FY12 as against 62,471 in FY09. During FY13 (up to December 2012), total registered sub-brokers stood at 70,516

Net investment (both equity and debt) by FII grew by 80 per cent** in FY13 and stood at USD 31 billion

The brokerage market is getting more competitive with the entry of new players and increasing efforts of existing players togain market share

Registered sub-brokers

62,471

75,37883,952

77,165

70,516

FY09 FY10 FY11 FY12 FY13*

5,850

6,049

6,2686,361

6,445

6,641

6,7796,877

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13


10/36

60

74

87

124140

192

2005 2006 2007 2008 2009 2010

Total HNWI liquid assets (in USD billion)

Source: World Bank, Datamonitor, Aranca Research,Notes: HNWI High Net worth individuals

HNWIs the primary focus of the wealth managementindustry are estimated to have close to USD200 billionworth of liquid investable assets

The investable assets of HNWIs in India has expanded at ahealthy 26.2 per cent CAGR over 200510

At present the size of wealth management industry in Indiais estimated to be USD2040 billion, which represents 1020 per cent of total investable HNWI assets

Advisory asset management and tax planning is the mostdemanded wealth management services among HNWIs,followed by financial planning

CAGR: 26.2%


11/36

Organised and unorganised segments

Source: Industry Reports, Aranca Research

Organised segment of the wealth management industry israpidly gaining ground, indicating that the sophisticatedplayers are gaining client confidence

40%

60%

80%

60%

40%

20%

FY07 FY10 FY14E

Organised Un - Organised


12/36

Major private players in the Life insurance

segment (as of FY12)

Source: IRDA, Aranca Research* In Indian Rupee terms

The life insurance market has grown from USD10.5 billion in FY02 to USD59.9 billion in FY12

Over FY02 to FY12, life insurance premiums have increased at a CAGR of 19.1* per cent

Life insurance penetration has grown to 3.4 per cent in 2012 from 2.2 per cent in 2001

Life insurance premiums (USD billion)

NameTotal Premiums

(USD billion)

ICICI Prudential 2.9

SBI Life 2.7

HDFC Standard 2.1

Bajaj Allianz 1.6

Max Life 1.3

1 2 3 613 14

1719 18

10 1114

17

21

28

37 3439

4542

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

Private Public

CAGR: 19.1%*


13/36

0.1 0.30.5

1 12 3 3

3 45 53 3

33

44

44

5

6

77

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

Private Public

Non life insurance premiums (USD billion)

Source

: IRDA, Aranca Research* In Indian Rupee terms

The non-life insurance market has grown from USD2.6billion in FY02 to USD12.7 billion in FY13

Non-life insurance penetration has grown to 0.7 per cent in2012 from 0.5 per cent in 2002

Over FY02FY13, non-life insurance premiums haveincreased at a CAGR of 16.9* per cent

Premiums generated by private players have risen at aCAGR of 45.8* per cent, while public premiums increasedby 11.5* per cent over FY02FY13.

Insurers witnessed a strong growth of 18.8* per cent inFY13, with private premiums rising at 23.7* per cent andpublic premiums at 15.4* per cent.

CAGR: 16.9%*


14/36

Segment-wise breakup for Non-life insurancepremiums (FY13)

Source: IRDA, Aranca ResearchCAGR Compound Annual Growth Rate

* In Indian Rupee terms

Motor insurance accounted for 43 per cent of the grossdirect premiums earned in FY13 (up from 41 per cent inFY06), at USD5.5 billion

At USD2.8 billion, the Health segment followed by seizing22 per cent share in gross direct premiums, significantlyhigher than 10 per cent in FY06

Over FY06FY13, CAGR in the health segment premiumswas highest at 31.8* per cent, followed by Motor (19.2* percent) and Marine (13.0* per cent)

During the same period, the fire segment increased at aCAGR of 8.4* per cent, while other segments rose at 18.5*per cent

Major private players are ICICI Lombard, Bajaj Allianz,Shriram Transport, Reliance Life, Royal Sundaram, IFFCOTokio and other regional insurers

43%

22%

21%

10%4% Motor

Health

Others

Fire

Marine


15/36

Growth in AUM of retail NBFCs (in USD billion)

Source: CRISIL, Dun and Bradstreet, ICRA, Aranca ResearchNotes: AUM - Assets Under Management;

NBFC - Non Banking Financial Company

NBFCs are rapidly gaining prominence as intermediaries inthe retail finance space

NBFCs finance more than 80 per cent of equipment leasingand hire purchase activities in India

In FY2012, 12,385 NBFCs were registered with India, withtotal assets at USD26 billion

The AUM of NBFCs in retail finance tripled during 200712.AUM is estimated to grow by 17.0 per cent in FY13

Retail credit of NBFCs was estimated to grow by 32 percent in FY12

New RBI guidelines on NBFCs with regard to capital

requirements, provisioning norms and enhanced disclosurerequirements are expected to benefit the sector in the longrun

20.4

35.8 34.0

39.0

49.2

61.7 63.8

2007 2008 2009 2010 2011 2012 2013E


16/36

Share of NBFCs and banks in retail finance (ex-housing), in %

Source: CRISIL, Aranca Research

In terms of market share in retail finance (except housingfinance) space, NBFCs have been able to improve theirmarket share from 26 per cent to 38 per cent over 200710

By 2013, the NBFC share of retail finance (except housingfinance) is expected to rise to 47 per cent, almost at par withthe market share of banks primarily due to strong presencein rural areas, product innovation and superior delivery of

services

26 31 3238 42

45 47

74 69 6862 58

55 53

2007 2008 2009 2010 2011E 2012E 2013E

NBFC Banks


17/36

Growth in assets of gold loan NBFCs(in USD billion)

Source: CRISIL, Reserve Bank of India, Aranca ResearchNotes: AUM - Assets Under Management;

NBFC Non-Banking Financial Company* In Indian Rupee terms

As per RBI guidelines, NBFCs are classified as Assetfinance companies (AFCs), Investment companies (ICs),Loan companies (LCs), Infrastructure finance companies(IFCs) and Systemically important core investmentcompanies (CIC-ND-SIs)

Vehicle finance is the major segment accounting for morethan one-third of the gross assets of NBFCs, followed by

loans against property and gold loans

The share of NBFCs in total gold loans doubled from 13 percent at-end April 2008 to 27 per cent as of FY12

Gold loan NBFCs expanded at a CAGR of 89* per cent overFY08FY12. Total Assets of gold loan NBFCs were USD9.5billion in FY12 compared to USD0.9 billion in FY08

1

12

6

9

FY08 FY09 FY10 FY11 FY12

CAGR: 89%*


18/36

Insurance sector

New distribution channels like bancassurance, online distribution and NBFCs havewidened the reach and reduced operational costs

The life insurance sector has witnessed the launch of innovative products such as UnitLinked Insurance Plans (ULIPs)

Most general insurance public companies are planning to expand beyond India markets,especially in South-East Asia and the Middle East

Mutual Fund

Indias AUM has expanded at 16.8 per cent CAGR over FY07FY13; total AUM stood atUSD150 billion as of 31 March 2013

In FY09, SEBI removed the entry load to bring about more transparency in commissions,encouraging longer-term investment

In its effort to encourage investments from smaller cities, SEBI allowed AMCs to hikeexpense ratio up to 0.3 per cent on the condition of generating more than 30 per centinflow from these cities

NBFCs

NBFCs have served the unbanked customers by pioneering into retail asset-backed

lending, lending against securities and microfinance NBFCs aspire to emerge as a one-stop shop for all financial services The sector has witnessed moderate consolidation activities in recent years, a trend

expected to continue in the near future New banking licence-related guidelines issued by RBI in early 2013 place NBFCs ahead

in competition for licenses owing largely to their rural network


19/36

Gross national savings (USD billion)

Source: IMF, Reserve Bank of India,Deloitte Center for Financial Services, f - Forecasts

Gross national savings in India stood at USD606 billion in2012; this is expected to touch USD1,257 billion by end-2018

Gross national savings are expected to reach 39 per cent ofthe GDP at the end of 12th Five Year Plan (FY1317) from30.8 per cent in FY2012

Indias HNWIs wealth is expected to expand at a CAGR of19.7 per cent and reach close to USD3 trillion by 2020

609 606 616

718837

969

1,1111,257

2011 2012 2013f 2014f 2015f 2016f 2017f 2018f


20/36

Indian household Investments (2010)

Source: Opportunities & Challenges IndianFinancial Markets (PWC) Report, Aranca Research

Over 90 per cent of household savings are invested in bankdeposits and only 10 per cent in other financial assetclasses. Innovative and customised products are expectedto shift bank deposits to these asset classes

With the introduction of new products such as ULIPs, theshare of private insurers in life insurance investments hasrisen over past few years

The quantum of savings that Indians are making is set topresent immense opportunities for financial intermediariesto move savings to more productive channels

90%

10%

Bank deposits &Government savingschemes

Shares, Debenture &Mutual funds


21/36

Number of listed companies - NSE

Source: National Stock Exchange, Aranca Research

The Indian equity market is expanding in terms of listed companies and market cap, widening the playing field forbrokerage firms

Sophisticated products segment is growing rapidly, reflected in the steep rise in growth of derivatives trading

With the increasing retail penetration there is immense potential to tap the untapped market. Growing financial awarenessis expected to increase the fraction of population participating in this market

Growth in turnover for derivatives segment(USD billion)

1,069

1,228

1,3811,432

1,470

1,574

1,646 1,666

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

91 464567

1,089

1,625

3,253

2,398

3,726

6,418 6,5395,806

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13


22/36

With a fast rising economy, the

investable wealth of HNWI segment

is rising, creating a need for wealth

services

Remittances from Non-ResidentIndians (NRIs) and People of Indian

Origin (PIOs) at USD66.1 billion in

FY12 adds to the size of the segment

The HNWI population in India is estimated

to double by 2020 adding to the

addressable market of wealth management

Wealthmanagement

HNWIpopulation

NRI/PIOsegment

Risingincomes

Growingpenetration

The fraction of management

services is growing, with a

current estimated level of 20 per

cent HNWIs who use wealth


23/36

Only 1 per cent population coveredcurrently, suggesting that the vastmarket is yet to be tapped. Healthinsurance accounts for 1.2 per centof total healthcare spend

Demand for agricultural and livestockinsurance growing on the back of risingawareness among rural population

Passenger car sales are expected to growby 35 per cent in FY14

Rising number of passenger cars,insurance for construction activity will risewith Indias infrastructure growth plans.

Insurance

Auto /Engineering

Agriculture

Health

Micro-insurance

Targeted at rural segment,potentially addressing two-thirdsof Indian population Policyincentives are driving growth

Source: The Society of Indian Automobile Manufacturers


24/36

Budgetary measures

Various steps have been taken for deepening the reforms in the capital markets, includingsimplification of the IPO process, allowing QFIs to access the Indian bond markets

The government has proposed simplification of procedures and prescribing uniformregistration and other norms for the entry for foreign portfolio investors

Removal of the cascading effect of Dividend Distribution Tax (DDT) in a multi-tiercorporate structure. Continuation to allow repatriation of dividends from foreignsubsidiaries of Indian companies at a lower tax rate of 15 per cent up to 31 March 2014

It has been proposed to allow stock exchanges to introduce a dedicated debt segment on

the exchange

Tax incentives

Insurance products are covered under the EEE (exempt, exempt, exempt) method oftaxation. This translates to an effective tax benefit of approximately 30 per cent on selectinvestments (including life insurance premiums) every financial year

Rajiv Gandhi Equity Savings scheme has been introduced in the Union Budget FY13,which allows for tax deduction of 50 per cent to new retail investors who invest up toINR50,000 directly in equities and whose annual income is below INR1.2 million

Reduction in securities transaction tax from 0.125 per cent to 0.1 per cent on cash deliverytransactions and from 0.017 per cent to 0.1 per cent on Equity futures

Source: Dun and Bradstreet, Aranca ResearchNotes: QFI Qualified Foreign Investors


25/36

UTI Asset Management Company Ltd

Established in 2003, appointed by UTI Trustee Co, PvtLtd for managing the schemes of UTI Mutual Fund

Divisions Domestic mutual funds, PortfolioManagement Services, Venture Capital and PrivateEquity Funds

Features Domestic schemes: 90

AUMs: USD12.8 billion

Network: 149 financial centres

Recognition

Star Fund House of the year Debt (ICRA:2011)

Awarded seven ICRA Mutual Fund Awards2012

Net profit (USD million)

Source: Company website, Aranca Research

21

28

3130

24

35

29 28

FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12


26/36

Motilal Oswal Financial Services Limited

Established in 1987, Motilal Oswal Financial ServicesLimited provides various diversified financial services inIndia

Divisions Broking and Distribution, InstitutionalEquities, Investment Banking, Asset Management,Wealth Management and Private Equity

Features Number of registered customers: 773,716

Business Locations: 1,484 locations

AUMs: USD557 million

Recognition

Best Equity Broker Award 2012 (BloombergUTV)

Best Performing Financial Advisor (CNBCTV18 Financial Advisor Awards 2012)



1417

39

20

36

31

22

18

FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12 FY13


27/36

Muthoot Finance Limited

Muthoot Finance Limited is the largest gold financingcompany in India in terms of loan portfolio. The companyprovides personal and business loans secured by goldjewellery

Divisions Financing, Power Generation and FM

Radio Features Number of branches: 4,082

Gold loans under management: USD4.8 billion

Number of employees: 24,881



610

16 21

48

108

186 185

FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12 FY13


28/36

Kotak Mahindra Old Mutual Life Insurance Ltd

Established in 2000, Kotak Mahindra Old Mutual LifeInsurance Ltd offers life insurance products in India. It is a74:26 joint venture between Kotak Mahindra Bank Ltd, itsaffiliates and Old Mutual Plc

Plans Protection Plans, Savings and InvestmentPlans, Retirement Plans, and Child Plans

Features Number of customers covered: 5,47,321


Number of employees: 5,565

Number of branches: 389



(24)(18)

3

15 22

4235

FY 07 FY 08 FY 09 FY 10 FY 11 FY12 FY13


29/36

Shriram Transport Finance Co Ltd

Shriram Transport Finance Co Ltd is Indias largest playerin commercial vehicle finance, with a niche presence infinancing pre-owned and small truck owners

Services Truck financing, passenger vehiclefinancing, farm equipment financing, constructionvehicle and equipment financing

Features Number of customers covered: 950,000


Number of branches: 539



42

97

133

184

270 262251

FY 07 FY 08 FY 09 FY 10 FY 11 FY12 FY13


30/36

MFI Micro Finance Institutions; NGO Non Governmental Organisation; SHG Self Help Groups

Two-thirds of Indias population lives in rural areas where financial services have made few inroads so far. Rural India,however, has seen steady rise in incomes creating an increasingly significant market for financial services

There are several stand-alone networks of SHG, NGOs,MFIs in different parts of rural India. Cross-utilisation of thesechannels can facilitate faster penetration of a wider suite of financial services in rural India

Increasing use of technology to reach rural India is the paradigm-shifting enabler. Internet kiosk based channels areexpected to become the bridge that connects rural India to financial services

Credit Rural credit segment is a large market, which can be tapped by ensuring timely loans

which are critical to agricultural sector Self Help Groups and NGOs are useful vehicles to make inroads into rural India

Investments Safe investment options have a potential to tap into rural household savings Some private players are coming up with innovative products like third-party money

market mutual funds to cater to rural investment needs

Insurance Agricultural, livestock and weather insurance are potentially large markets in rural India Harnessing existing networks of MFIs, NGOs can speed up the process


31/36

Demographic age-wise breakup of HNWIs (2010)

Source: Datamonitor, Aranca Research

India is one of the fastest growing wealth managementmarkets in the world

The HNWI population in India is young and therefore morereceptive towards sophisticated financial products

India has over 286,000 households with net worth of morethan USD1 million with assets close to USD584 billion

73%59%

26%

17%26%

35%

10% 15%

39%

India APAC US

Under 50 51-65 Over 65

Investor protection The regulatory environment for fiduciary duties in wealth management is evolving; players

will benefit greatly from quickly adopting new investor protection measures

Brand building Brand building coupled with partnership based model will improve the advisory

penetration. Greater focus on transparency will speed up the process

Innovation Investment in required technologies, imbibing state-of-the-art best practices of advisory

and creating customised and innovative products will enable growth


32/36

Source: Deloitte Center for Financial Services

HNWI population in India is expected to expand rapidly over the next seven years

Total wealth holdings by HNWI in India is estimated to be USD584.5 billion and is expected to reach USD3 trillion by 2020

High-net-worth households in India (estimates)

Net worth 2009 2010 2011 2015 2020

USD1-5 million 157,000 183,333 210,000 315,000 508,127

USD$5m-30 million 36,000 43,000 50,000 84,000 13,280

Above USD30 million 17,000 21,000 26,000 40,000 56,000

Total wealth holdingsof millionaires (USD

billion)

361.8 503.1 584.5 1,559.1 2,950.1


33/36

Insurance Brokers Association Of India (IBAI)Maker Bhavan No 1, 4th Floor,Sir V T Marg, Mumbai 400 020IndiaPhone: 91 11 22846544E-mail: [email protected]

Association of Mutual Funds in India (AMFI)

One Indiabulls Centre,Tower 2, Wing B, 701,841 Senapati Bapat Marg,Elphinstone Road, Mumbai 400 013IndiaPhone: 91 11 24210093 / 24210383Fax: 91 11 43346712E-mail: [email protected]

Finance Industry Development Council (FIDC)222, Ashoka Shopping Centre,II Floor, L T Road, Near G T HospitalMumbai 400 001IndiaPhone: 91 11 2267 5500Fax: 91 11 2267 5600E-mail: [email protected]


34/36

AUM: Assets Under Management

BSE: Bombay Stock Exchange

CAGR: Compound Annual Growth Rate

FIIs: Foreign Institutional investors

GDP: Gross Domestic Product

HCV: Heavy Commercial Vehicle

HNWIs: High-net-worth Individuals

IRDA: Insurance Regulatory and Development Authority

LIC: Life Insurance Corporation

NBFCs: Non Banking Financial Company

NSE: National Stock Exchange

RBI: Reserve Bank of India

SEBI: Securities and Exchange Board of India

USD: US Dollar


35/36

Year INR equivalent of one USD

2004-05 44.95

2005-06 44.28

2006-07 45.28

2007-08 40.24

2008-09 45.91

2009-10 47.41

2010-11 45.57

2011-12 47.94

2012-13 54.31

Exchange Rates (Fiscal Year)

Year INR equivalent of one USD

2005 45.55

2006 44.34

2007 39.45

2008 49.21

2009 46.76

2010 45.32

2011 45.64

2012 54.69

2013 54.45

Exchange Rates (Calendar Year)

Average for the year


36/36

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared

by Aranca in consultation with IBEF.

All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The

same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium

by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in

any manner communicated to any third party except with the written approval of IBEF.

This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEFs knowledge and belief, the

content is not to be construed in any manner whatsoever as a substitute for professional advice.

Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in

this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of

any reliance placed on this presentation.

Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on

the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

financial services - august 2013

Documents