A Oneindia Venture
Click it and Unblock the Notifications
Sahara Housingfina Corporation Ltd. இன் கணக்கு குறிப்புகள்
Mar 31, 2025
5a. Due to the repayment of the default loans, companies impairment allowances has been reduced from '' 459.62 Lakhs
to '' 445.75 Lakhs and impact of reversal of impairment has been consider in profit and loss account.
i) All Housing and other loans are originated in India.
ii) Loans granted by the company are secured by equitable mortgage/ registered mortgage of the property and assets financed and/or undertaking to create a security and/or assignment of Life Insurance Policies and/or personal guarantees and/or hypothecation of assets and are considered appropriate and good.
iii) There were no loans given against the collateral of gold jewellery and hence the percentage of such loans to the total outstanding asset is '' Nil (March 31, 2024: '' Nil).
Provision made on the oustanding balance be before considering IND AS impact of processing fees & technical charges amourtiesed on the basis of repayment of loan.
During the year, the company has disbused total Housing loan of '' 899.91 Lakhs & Other loans of '' 79.60 lakhs & foreclosure made during the year of '' 430.12 lakhs by the customers.
No housing loan and/or other property loan in respect of properties held for disposal under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Based on and to the extent of information received by the Company from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) and relied upon by the auditors.
There are no overdue amounts to Micro, Small and Medium Enterprises as at March 31,2025 for which disclosure requirements under Micro, Small and Medium Enterprises Development Act, 2006 are applicable.
As per information avalable with company, there are no Disputed dues with trade payables.
13.1 All debt securities are issued in India
13.2 Non convertible debentures are secured by the first charge on the present and future receivables of the Company for the principle amount and interest thereon.
13.3 There is no delay in repayment of principal and payment of Interest thereon during the year.
13.4 Terms of repayment and rate of interest are as under:
Call option of 30%, 30% and 40% of the issue price on March 31,2025, March 31, 2026 and March 31, 2027 respectively with giving one month prior notice to call/put option. Interest payable on March 31 of every year
13.5 On March 28, 2025, the Company redeemed its Non Convertible Debenture by payment of '' 900.00 Lakh to Humara India Credit Co-operative Society Limited from the accumulated fund being the first Call option of 30% of the '' 3,000.00 Lakh, 7% Secured Non-Convertible Redeemable Debenture as per the repayment terms of Information Memorandum.
13.6 There is no unclaimed debenture as on March 31, 2025
18.2 : Terms/ Rights attached to Equity Shares
The company has only one class of Equity Shares having par value of ''10/- each. Each holder of Equity Shares is entitled to one vote per share.
The holders of Equity Shares are entitled to dividends, if any, proposed by the Board of Directors and approved by Shareholders at the Annual General Meeting.
In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
18.3 The Company has not bought back any class of shares
18.4 The Company has not proposed any dividend during the year ended March 31, 2025
19.1 Nature and purpose of reserves:
(i) Capital Reserve: The Capital Reserve represents profit on forfeiture of equity shares by the Company. This reserve is not freely available for distirbution to the shareholders.
(ii) Securities Premium: The amount of difference between the issue price and the face value of the shares is recognised in Securities Premium.
(iii) General Reserve: General Reserve is the accumulation of the portions of the net profits transferred by the Company in the past years. The reserve is free available for distribution to the shareholders.
(iv) Special Reserve: As per Section 29C of National Housing Bank Act 1987, the Company is required to transfer atleast 20% of its Net profit every year to a reserve before any dividend is declared. No withdrawals are permitted from this reserve without prior permission of the RBI/NHB.
(v) Retained earnings: Retained earnings comprise of the profits of the Company earned till date net of appropriation, distributions and other adjustments.
(vi) Other Comprehensive Income: Other Comprehensive Income represents recognized remeasurement gains/ (loss) on defined benefit plans in other comprehensive income. These changes are accumulated within other item of the other comprehensive income under âOther Equityâ.
19.2 As per Section 29C of National Housing Bank Act, 1987, the Company is required to transfer atleast 20% of its Net profit every year to a Special Reserve before any dividend is declared. For this purpose any Special Reserve created by the Company under Section 36(1 )(viii) of the Income Tax Act, 1961 is considered to be an eligible transfer. Accordingly, the Company has transferred a consolidated amount of '' 12.97 Lakhs (March 31, 2024: '' 29.22 Lakhs) to Special Reserve which includes '' 8.46 Lakhs as per provisions of the Section 36(1)(viii) of the Income Tax Act, 1961.
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value and
(b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.
Level 1 : hierarchy includes financial instruments measured using quoted prices.
Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
(i) Valuation technique used to determine fair value
The carrying amounts of cash and cash equivalents, other bank balances, trade payables and other financial liabilities are considered to be the same as their fair values, due to their short-term nature.
The fair values for loans and other financial assets were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.
The fair values of debt securities and borrowings other than debt securities are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
Note 33: Financial Risk Management and Capital Management (A) Financial Risk Management
The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Board. While the Company is exposed to various types of risks, the most important among them are credit risk, liquidity risk, interest rate risk and regulatory risk. This measurement, monitoring and management of risks remain a key focus area for the Company.
Credit Risk
Credit risk is the risk of loss that may occur from the failure of any party to abide by the terms and conditions of any contract, principally the failure to make required payments of amounts due to company. In lending operations, the Company is principally exposed to credit risk.
The credit risk is governed by various Product Policies. The Product Policy outlines the type of products that can be offered, customer categories, the targeted customer profile and the credit approval process and limits.
The Company measures, monitors and manages credit risk at an individual borrower level. The credit risk for individual borrowers is being managed at portfolio level for Housing Loans and Non Housing Loans. The Company has a structured and standardized credit approval process, which includes a well-established procedure of comprehensive credit appraisal. The Risk Management Policy addresses the recognition, measurement, monitoring and reporting of the Credit risk.
Credit Approval Authorities
The Board of Directors has delegated credit approval authority on the basis of cadre of employees with approval limits.
Housing and Non-housing Loan to Individuals: Company''s customers for housing loans and non housing loans are primarily low, middle and high-income, salaried and self-employed individuals. All housing loans and non housing loans are also subjected to risk based pricing wherein the individual cases are graded on a credit score linked to multiple parameters of appraisal.
The Company''s credit officers evaluate credit proposals on the basis of active credit policies as on the date of approval.The criteria typically include factors such as the borrower''s income & obligations, the loan-to-value ratio, Fixed obligation to income ratio and demographic parameters subject to regulatory guide lines. Any deviations need to be approved at the designated levels.
The various process controls such as KYC Check, CERSAI database scrubbing, Credit Bureau Report analysis are undertaken prior to approval of a loan. In addition External agencies such as field investigation agencies facilitate a comprehensive due diligence process including visits to offices and homes.
The housing loans and non housing loans are fully secured and have full recourse against the borrower. The Company has a equitable mortgage over the borrowers property. Where-ever the state laws provide, the memorandum of deposit of title deeds are also registered.
Builder/Project Finance : Loans advanced for the purpose of construction of Residential/Commercial Properties. The Company has a framework for appraisal of the application and subsequent execution of Builder/Project Finance loan that is encompassed in the Builder/Project Loan Policy. The Policy has been framed bearing in mind to create optimal risk identification, allocation and mitigation and helps minimize residual risk.
The Builder / Project Finance approval process includes intrinsic evaluation of technical, commercial, financial and legal with respect to the Projects and additionally evaluate the strength, experience and previous track record of the Borrower Group''s and its promoters/venture partners/associates.
As part of the appraisal process, a note is generated, which identifies each of the project risks, mitigating factors and residual risks associated with the project and after internal credit appraisal, the Sanction Letter is issued to the applicant, which outlines the principal financial terms of the proposed facility, Borrowers/Security providers obligations, conditions precedent to disbursement, undertakings from and covenants on the borrower.
After satisfactory completion of all the security formalities by the applicant, a Loan Agreement is entered into with the applicant/borrower. Such loans are generally fully secured and have full recourse against the borrower. In most cases, the Company has registered mortgage of the financed Project. Security typically includes the project property (in part or full) as well as other tangible assets of
the borrower, both present and future. The Company also takes additional credit comforts such as personal guarantees and undertaking from one or more promoters of the project. The Company mandates the borrower to submit periodic reports and continues to monitor the exposure until the loans are fully repaid.
Risk Management and Portfolio Review
The Company ensures effective monitoring of credit facilities through a risk-based asset review framework under which the frequency of asset review is determined depending on the risk associated with the product.
The Operations team monitors compliance with the terms and conditions for credit facilities prior to disbursement. It also reviews the completeness of documentation, creation of security and compliance with regulatory guidelines.
The Company, regularly reviews the credit quality of the portfolio. A summary of there views carried out is submitted to the concerned teams.
Liquidity Risk
Liquidity Risk is defined as the risk that the Company will not be able to settle of meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and other financial liabilities. The Company manages liquidity risk by maintaining adequate cash reserves by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Maturity Analysis is given in note 31. Adequate liquidity cover is maintained by the company in line with the RBI''s liquidity risk management frame work to the extent applicable to the company.
(i) Interest Rate Risk
The Company is exposed to interest rate risk as it has assets on floating interest rates and borrowing on fixed interest rates. The Company has an approved Asset and Liability Management Policy which empowers the Asset and Liability Management Committee (ALCO) to assess the interest rate risk run by it and provide appropriate guidelines to manage the risk. The ALCO reviews the interest rate risk on periodic basis and decides on the asset profile and the appropriate funding mix. The ALCO reviews the interest rate gap statement and the interest rate sensitivity analysis. However, the Company does not have any exposure to interest rate risk in respect of its existing borrowing/debt securities as the rate of Interest is fixed.
The Company''s exposure to investment in Equity is not significant and hence the Company''s exposure to price risk is insignificant. Regulatory Risk
The Company requires certain statutory and regulatory approvals for conducting business and failure to obtain retain or renew these approvals in a timely manner, may adversely affect operations. Any change in laws or regulations made by the government or a regulatory body that governs the business of the Company may increase the costs of operating the business, reduce the attractiveness of investment and / or change the competitive landscape.
(B) Capital Management
The Company maintains an actively managed capital base to cover risks inherent in the business and is meeting the capital adequacy requirements of Reserve Bank of India (RBI). The adequacy of the Company''s capital is monitored using, among other measures, the regulations issued by RBI/NHB from time to time.
The Company has complied with the applicable capital requirements over the reported period.
Risk management
The Company manages its capital to ensure that it will be able to continue as going concern while maximizing the return to stakeholders through the optimisation of the debt and total equity balance.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio: Net debt (total borrowings (undiscounted) net of cash and cash equivalents) divided by ''Equity'' (as shown in the balance sheet). The gearing ratios are as follows :
In compliance with the Indian Accounting Standard on ''Employee Benefits'' (Ind AS 19), following disclosures have been made: Defined Benefit Plans:
An amount of '' 12.24 Lakhs (March 31,2024: '' 12.66 Lakhs) has been charged to Statement of Profit and Loss on account of this defined benefit scheme.
Employees State Insurance
An amount of '' 0.89 lakhs (March 31,2024: '' 0.83 lakhs) has been charged to Statement of Profit and Loss of this defined benefit scheme.
An amount of '' 1.16 Lakhs (March 31,2024: '' 0.55 Lakhs) has been charged to Statement of Profit and Loss of this benefit scheme during the year.
Gratuity Plan
Gratuity is payable to all the members at the rate of 15 days salary for each completed year of Service.
The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The sensitivity analysis presented above may not be representative of the actual changes in the projected benefit obligation as it is unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.
36. Contingent Liabilities and Other Commitments
(i) Contingent Liabilities not provided for in respect of Income Tax Matters:
The Appeal filed by the company contesting the demand of Income Tax of '' 38.78 Lakhs (March 31, 2024: '' 38.78 Lakhs) in respect of financial year 2009-10 under the Income Tax Act, 1961, was adjudicated in favour of the company by the ITAT, Kolkata, and accordingly there is no provision necessary under âContingent Liabilities" as on March 31, 2025. The company has already filed an application with the Income Tax Authority requesting them to give the appeal effect and thus seeking refund of the '' 7.76 Lakhs (March 31, 2024, '' 7.76 Lakhs) deposited (in protest) against the above demand of the Income Tax Authority.
(ii) Other commitments : '' Nil (March 31, 2024: '' Nil)
(iii) Company has sanctioned but not disbursed Loan amounting of '' 458.85 Lakh as on March 31, 2025 (March 31, 2024 '' 517.21 Lakhs)
The Company''s main business is financing by way of loans for the purchase or construction of residential houses, commercial real estate or certain other purposes, in India. All other activities of the Company revolve around the main business. Hence, there are no separate reportable segments, as per Ind AS 108 dealing with Operating Segments as specified under Section 133 of the Companies Act, 2013
39. The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due Extension and termination options
Extension and termination options are included in some of the leases across the Company. These are used to maximise operational flexibility in terms of managing the assets in the Company''s operation. The majority of extension and termination options held are exercisable by both the Company and by the respective lessor. Further the company expects not to use those options.
41. Pursuant to RBI Circular RBI/2021-22/125 DOR.STR.REC.68/21.04.048/2021-22 dated November 12, 2021, on âPrudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances - Clarificationsâ the Company has taken necessary steps to revise its process of NPA classification to flag the borrower as overdue as part of the day-end process for the due date.
42. Disclosures as required by Reserve Bank of India (RBI) :
The following disclosures have been given in terms of Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, February 17, 2021 and other disclosures required by RBI/NHB. Regulatory ratios, limits and disclosures are based on Ind As figures in accordance with RBI circular dated October 22, 2020 read with RBI circular dated March 13, 2020 relating to implementation of Ind AS.
IV. The Company has not entered into any of the following transaction during the financial year 2024-25 and previous
financial year 2023-24:
a) Derivative transactions, which includes Forward Rate Agreement (FRA)/Interest Rate Swap (IRS) and Exchange Traded Interest Rate (IR) Derivative. Accordingly, the Company has no disclosures in respect of Qualitative and Quantitative disclosure that is obligatory of Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021 (as amended).
b) Securitization and Assignment transaction of any kind which includes Financial Assets sold to Securitization / Reconstruction Company for Asset Reconstruction. Accordingly, the Company has no disclosures to be made as per of Master Direction -Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021 (as amended).
c) Transaction of purchase and / or sale of non-performing financial assets. Accordingly, the Company has no disclosures to be made in respect of Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021 (as amended).
XVI. Registration obtained from financial sector regulators:
NHB : vide registration number 02.0044.03
Ministry of Corporate Affairs : L18100WB1991PLC099782
XVII. Details of Disclosure of Penalties imposed during the year
Penalties imposed by NHB/RBI and other regulator Nil
Penalties imposed by Bombay Stock Exchange (BSE) Nil
XVIII. As per the Indian Accounting Standard on ''Related Party Disclosures'' (Ind AS 24), details of the related parties, nature of the relationship with whom Company has entered transactions and remuneration to directors, are given in Note No.34
XIX. Diagrammatic representation of Group Structure
The Company at present neither have any Subsidiary and/or Associate units not have holding company to be represented in diagrammatic order as per clause 4.4 of Annexure IV of Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions,2021, dated February 17, 2021.
XX. Rating assigned by Credit Rating Agencies and migration of rating during the year:
The Secured 7% Non-Convertible Redeemable Debenture was assigned rating of BB-(Negative Outlook) by Infomerics Valuation and Rating Private Limited.
XXI. Net Profit or Loss for the prior period items and changes in accounting policies:
There are no prior period items that have an impact on the current year''s Profit or Loss.
XXII. . The Company has no subsidiary hence, requirement of consolidated financial statements is not applicable to the Company
XXIV. Divergence in Asset Classification and Provisioning
For FY 2024-25 and FY 2023-24, no divergence in asset classification and additional provisioning requirements were advised by the National Housing Bank (NHB) to the Company. Accordingly, any additional disclosures in this regard are not applicable on the Company.
a) The additional provisioning requirements assessed by RBI (or National Housing Bank (NHB) in the case of Housing Finance Companies) exceeds 5 percent of the reported profits before tax and impairment loss on financial instruments for the reference period : Not appllicable
b) The additional Gross NPAs identified by the National Housing Bank exceeds 5 per cent of the reported Gross NPAs for the reference period.: No such divergence identified/reported by National Housing Bank (NHB) for position of the Company as on March 31, 2024
XXV. There are no loans transferred/acquired during the year ended March 31, 2025 under the Reserve Bank of India Master Direction on "Transfer of Loan Exposure" as per RBI notification - RBI/DOR/2021-22/86 DOR.STR.RBC.51/21.02.048/2021/22 dated September 24, 2021.
XXVII Disclosure on Liquidity Risk, to the extent applicable in accordance with Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021 issued by Reserve Bank of India read with RBI circular no. DNBR.PD.008/03.10.119/2016-17 dated September 01, 2016
XXXIV. The Company has not postponed any revenue recognition pending resolution of significant uncertainties.
XXXV. The Company does not have any overseas assets and any off balance sheet Special Purpose Vehicle (SPV), which requires to be consolidated as per accounting norms.
XXXVI. There was no draw down from Reserves during the Current Financial Year 2024-25. (In 2023-24 '' Nil)
XXXVII. The company has not lent against security of shares.
XXXVIII. The Company has not given any Loan & Advances against the collateral security of gold and gold jewellery.
XXXIX. The Company has not lent against security of single product gold jewellery
XXXX. Liquidity Coverage Ratio (LCR) guidelines as defined in Para No.3.1.2 of Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 are not applicable presenly to the Company.
XXXXI. The Company does not promote sale of insurance product nor link sale of any banking product and accordingly no fees/brokerage was earned/received in this respect during the Current Financial Year 2024-25 (March 31, 2024 : '' Nil)
XXXXII. Institutional Set-up for liquidity risk management
The Board of Directors of the Company has constituted the Asset Liability Management Committee (ALCO) and the Risk Management Committee. The Board has the overall responsibility for management of liquidity risk. The board decides the strategy, policies and procedures to manage liquidity risk in accordance with liquidity risk tolerance/ limits approved by it. The Risk Management Committee (RMC), which is a committee of the board, is responsible for evaluating and monitoring the integrated risk management system of the Company including liquidity risk. The ALCO is responsible for ensuring adherence to the liquidity risk tolerance/limits set out in the board approved Asset Liability Management (ALM) policy.
The role of the ALCO with respect to liquidity risk includes, inter alia, decision on desired maturity profile for assets & liabilities, responsibilities and control for managing liquidity risk, and overseeing the liquidity position of the Company. The ALM Policy is reviewed periodically to realign the same pursuant to any regulatory changes/changes in the economic landscape or business needs and tabled to the Board for approval.
Management regularly reviews the position of cash equivalents by aligning the same with the projected maturity of financial assets and financial liabilities, economic environment, liquidity position in the financial market, anticipated pipeline of future borrowing & future liabilities and threshold of minimum liquidity define in the ALM policy with additional liquidity buffers as management overlay.
XXXXIII. I In compliance with Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021 issued by Reserve Bank of India read with RBI circular no. RBI/DNBS/2016-17/49/Master Direction DNBS.PPD.01/66.15.001/2016-17 dated September 09, 2016, during the year the company has reported âNILâ fraud case in relation to loans advanced to the borrowers to NHB (March 31, 2024 Nil).
Notes i) In terms of the requirement as per RBI notification no. RBI/2019-20/170 DOR (NBFC).CC.PD. No.109/22.10.106/2019-20 dated March 13, 2020 on Implementation of Indian Accounting Standards, Housing Finance Companies (HFCs) are required to create an impairment reserve for any shortfall in impairment allowances under Ind AS 109 and Income Recognition, Asset Classification and Provisioning (IRACP) norms (including provision on standard assets). The impairment allowances under Ind AS 109 made by the Company exceeds the total provision required under IRACP (including standard asset provisioning), as at March 31, 2025 and accordingly, no amount is required to be transferred to Impairment Reserve.
ii) Provisions required as per IRACP norms amount to '' 409.80 lakhs for the financial year ended March 31, 2025.
45. Other disclosures/information
45.1 Additional information required as per Schedule III of the Companies Act, 2013:
(i) Details of benami property held
No proceedings have been initiated or are pending against the Company as at March 31, 2025 for holding benami property under the Benami Transactions (Prohibition) Act (45 of 1988), as amended and rules made thereunder.
(ii) Borrowing secured against current assets
The Company has not borrowed any money from any bank or financial institution against security of current assets during the year.
(iii) Wilful defaulter
The company is not declared wilful defaulter by any bank, financial institution or lender as at March 31, 2025.
(iv) Relationship with struck off companies
There are no transactions made by the Company during the year with struck off companies as at March 31, 2025.
(v) Compliance with number of layers of companies
The Company does not have any subsidiary or Associate or Joint Venture company during the year.
(vi) Compliance with approved scheme(s) of arrangements
During the year, no scheme of arrangements in relation to the Company has been approved by the competent authority in terms of Section 232 to 237 of the Companies Act, 2013. Accordingly, this clause is not applicable to the company.
(vii) Utilisation of borrowed funds and share premium
As a part of normal lending business, the company grants loans and advances on the basis of security/guarantee provided by the Borrower/Co borrower. These transactions are conducted after exercising proper due diligence.
Other than transactions described above, during the year the Company has not advanced or lend or invested funds (either from the borrowed funds or share premium or any other sources or kind of funds) to any person or entity, including foreign entity (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
The Company has not received any fund from any person or entity, including foreign entity (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries
(viii) Undisclosed income
The Company does not have any unrecorded transactions in the books of account which have been surrendered or disclosed as Income during the year in the tax assessment under the Income Tax Act,1961.
(ix) Transactions in crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the year ended March 31, 2025.
(x) Revaluation of property, plant & equipment and intangible asset
The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the year ended March 31, 2025.
(xi) Registration of charges or satisfaction with Registrar of Companies
There are no charges or satisfaction which are pending to be registered with the Registrar of Companies as on March 31, 2025.
45.2 Other Statutory information
(i) Pursuant to the provisions of Section 135 of the Companies Act, 2013, the Company was not required to spend any amount on Corporate Social Responsibility (CSR) activities during the year ended March 31, 2025.
(ii) There was no amount outstanding and due for transfer to the Investor Education and Protection Fund during the year ended March 31, 2025.
(iii) The Company has no long term contracts including derivative contracts having material foreseeable losses as at March 31, 2025 other than disclosed in the other notes of the Financial Statement
(iv) The Company has not received any whistleblower complaint during the year ended March 31, 2025.
(v) There is no Core Investment Company within the group as defined in the regulations made by the Reserve Bank of India.
47 Expenditure and Income in Foreign Currency : '' Nil (March 31, 2024 : '' Nil)
48 Figures for previous year have been regrouped / restated where necessary to the extent required by Schedule III amendments and Circulars/Directions/Clarification issued by RBI/NHB to make comparable with current year presentation.
49 All amounts in the financial statements and notes have been presented in lakhs upto two decimals as per requirement of Schedule III except per share data and unless otherwise stated. Figures in brackets represent corresponding previous year figures.
Mar 31, 2024
14 Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there
is a reliable estimate of the amount of the obligation. When a provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material). The discount rate used to determine the present value is a pre-tax rate that reflects current
market assessments of the time value of money and the risks specific to the liability. The increase in the provision due
to the passage of time is recognised as interest expense. Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence
of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises
from past events where it is either not probable that an outflow of resources will be required to settle the obligation or
a reliable estimate of the amount cannot be made.
A contingent asset is disclosed, where an inflow of economic benefit is probable. An entity shall not recognize a
contingent asset unless the recovery is virtually certain.
15 Amendments in Ind AS
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not
notified any new standards or amendments to the existing standards applicable to the Company.
(a) During the year, due to the repayment of the default loans and change in method of Expected credit loss calculation
companies impairment allowances has been reduces from '' 460.29 Lakhs to '' 459.62 Lakhs and impact of reversal
of impairment has been consider in profit and loss account.
i) All Housing and other loans are originated in India.
ii) Loans granted by the company are secured by equitable mortgage/ registered mortgage of the property and assets
financed and/or undertaking to create a security and/or assignment of Life Insurance Policies and/or personal
guarantees and/or hypothecation of assets and are considered appropriate and good.
iii) There were no loans given against the collateral of gold jewellery and hence the percentage of such loans to the
total outstanding asset is '' Nil (March 31, 2023: '' Nil).
19.1 Nature and purpose of reserves:
(i) Capital Reserve: The Capital Reserve represents profit on forfeiture of equity shares by the Company. This reserve is
not freely available for distirbution to the shareholders.
(ii) Securities Premium: The amount of difference between the issue price and the face value of the shares is recognised
in Securities Premium.
(iii) General Reserve: General Reserve is the accumulation of the portions of the net profits transferred by the Company in
the past years. The reserve is free available for distribution to the shareholders.
(iv) Special Reserve: As per Section 29C of National Housing Bank Act 1987, the Company is required to transfer atleast
20% of its Net profit every year to a reserve before any dividend is declared. No withdrawals are permitted from this
reserve without prior permission of the RBI/NHB.
(v) Retained earnings: Retained earnings comprise of the profits of the Company earned till date net of appropriation,
distributions and other adjustments.
(vi) Other Comprehensive Income: Other Comprehensive Income represents recognized remeasurement gains/ (loss) on
defined benefit plans in other comprehensive income. These changes are accumulated within other item of the other
comprehensive income under "Other Equity".
19.2 As per Section 29C of National Housing Bank Act, 1987, the Company is required to transfer atleast 20% of its Net profit
every year to a Special Reserve before any dividend is declared. For this purpose any Special Reserve created by the
Company under Section 36(1)(viii) of the Income Tax Act,1961 is considered to be an eligible transfer. The Company has
transferred an amount of '' 29.22 Lakhs (March 31, 2023: '' 27.28 Lakhs) to Special Reserve as per provisions of the
Section 36(1)(viii) of the Income Tax Act, 1961.
Level 1 : hierarchy includes financial instruments measured using quoted prices.
Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
(i) Valuation technique used to determine fair value
The carrying amounts of cash and cash equivalents, other bank balances, trade payables and other financial liabilities are
considered to be the same as their fair values, due to their short-term nature.
The fair values for loans and other financial assets were calculated based on cash flows discounted using a current lending rate.
They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter
party credit risk.
The fair values of debt securities and borrowings other than debt securities are based on discounted cash flows using a current
borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs,
including own credit risk.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
Note 33: Financial Risk Management and Capital Management
(A) Financial Risk Management
The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s
financial risk management policy is set by the Board. While the Company is exposed to various types of risks, the most important
among them are credit risk, liquidity risk, interest rate risk and regulatory risk. This measurement, monitoring and management of
risks remain a key focus area for the Company.
Credit Risk
Credit risk is the risk of loss that may occur from the failure of any party to abide by the terms and conditions of any contract,
principally the failure to make required payments of amounts due to company. In lending operations, the Company is principally
exposed to credit risk.
The credit risk is governed by various Product Policies. The Product Policy outlines the type of products that can be offered, customer
categories, the targeted customer profile and the credit approval process and limits.
The Company measures, monitors and manages credit risk at an individual borrower level. The credit risk for individual borrowers
is being managed at portfolio level for Housing Loans and Non Housing Loans. The Company has a structured and standardized
credit approval process, which includes a well-established procedure of comprehensive credit appraisal. The Risk Management
Policy addresses the recognition, measurement, monitoring and reporting of the Credit risk.
Credit Approval Authorities
The Board of Directors has delegated credit approval authority on the basis of cadre of employees with approval limits.
Credit Risk Assessment
Housing and Non-housing Loan to Individuals: Company''s customers for housing loans and non housing loans are primarily
low, middle and high-income, salaried and self-employed individuals. All housing loans and non housing loans are also subjected
to risk based pricing wherein the individual cases are graded on a credit score linked to multiple parameters of appraisal.
The Company''s credit officers evaluate credit proposals on the basis of active credit policies as on the date of approval.The criteria
typically include factors such as the borrower''s income & obligations, the loan-to-value ratio, Fixed obligation to income ratio and
demographic parameters subject to regulatory guide lines. Any deviations need to be approved at the designated levels.
The various process controls such as KYC Check, CERSAI database scrubbing, Credit Bureau Report analysis are undertaken
prior to approval of a loan. In addition External agencies such as field investigation agencies facilitate a comprehensive due diligence
process including visits to offices and homes.
The housing loans and non housing loans are fully secured and have full recourse against the borrower. The Company has a
equitable mortgage over the borrowers property. Where-ever the state laws provide, the memorandum of deposit of title deeds are
also registered.
Builder/Project Finance : Loans advanced for the purpose of construction of Residential/Commercial Properties. The Company
has a framework for appraisal of the application and subsequent execution of Builder/Project Finance loan that is encompassed
in the Builder/Project Loan Policy. The Policy has been framed bearing in mind to create optimal risk identification, allocation and
mitigation and helps minimize residual risk.
The Builder / Project Finance approval process includes intrinsic evaluation of technical, commercial, financial and legal with respect
to the Projects and additionally evaluate the strength, experience and previous track record of the Borrower Group''s and its
promoters/venture partners/associates.
As part of the appraisal process, a note is generated, which identifies each of the project risks, mitigating factors and residual risks
associated with the project and after internal credit appraisal, the Sanction Letter is issued to the applicant, which outlines the
principal financial terms of the proposed facility, Borrowers/Security providers obligations, conditions precedent to disbursement,
undertakings from and covenants on the borrower.
After satisfactory completion of all the security formalities by the applicant, a Loan Agreement is entered into with the applicant/borrower.
Such loans are generally fully secured and have full recourse against the borrower. In most cases, the Company has registered
mortgage of the financed Project. Security typically includes the project property (in part or full) as well as other tangible assets of
the borrower, both present and future. The Company also takes additional credit comforts such as personal guarantees and
undertaking from one or more promoters of the project. The Company mandates the borrower to submit periodic reports and
continues to monitor the exposure until the loans are fully repaid.
Risk Management and Portfolio Review
The Company ensures effective monitoring of credit facilities through a risk-based asset review framework under which the frequency
of asset review is determined depending on the risk associated with the product.
The Operations team monitors compliance with the terms and conditions for credit facilities prior to disbursement. It also reviews
the completeness of documentation, creation of security and compliance with regulatory guidelines.
The Company, regularly reviews the credit quality of the portfolio. A summary of there views carried out is submitted to the concerned
teams.
Liquidity Risk
Liquidity Risk is defined as the risk that the Company will not be able to settle of meet its obligations on time or at a reasonable
price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and other
financial liabilities. The Company manages liquidity risk by maintaining adequate cash reserves by continuously monitoring forecast
and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Maturity Analysis is given in note 31.
Adequate liquidity cover is maintained by the company in line with the RBI''s liquidity risk management frame work to the extent
applicable to the company.
Market risk
(i) Interest Rate Risk
The Company is exposed to interest rate risk as it has assets on floating interest rates and borrowing on fixed interest rates. The
Company has an approved Asset and Liability Management Policy which empowers the Asset and Liability Management Committee
(ALCO) to assess the interest rate risk run by it and provide appropriate guidelines to manage the risk. The ALCO reviews the
interest rate risk on periodic basis and decides on the asset profile and the appropriate funding mix. The ALCO reviews the interest
rate gap statement and the interest rate sensitivity analysis. However, the Company does not have any exposure to interest rate
risk in respect of its existing borrowing/debt securities as the rate of Interest is fixed.
(ii) Price Risk
The Company''s exposure to investment in Equity is not significant and hence the Company''s exposure to price risk is insignificant.
Regulatory Risk
The Company requires certain statutory and regulatory approvals for conducting business and failure to obtain retain or renew these
approvals in a timely manner, may adversely affect operations. Any change in laws or regulations made by the government or a
regulatory body that governs the business of the Company may increase the costs of operating the business, reduce the attractiveness
of investment and / or change the competitive landscape.
(B) Capital Management
The Company maintains an actively managed capital base to cover risks inherent in the business and is meeting the capital adequacy
requirements of Reserve Bank of India (RBI). The adequacy of the Company''s capital is monitored using, among other measures,
the regulations issued by RBI/NHB from time to time.
The Company has complied with the applicable capital requirements over the reported period.
Risk management
The Company manages its capital to ensure that it will be able to continue as going concern while maximizing the return to
stakeholders through the optimisation of the debt and total equity balance.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Company monitors
capital on the basis of the following gearing ratio: Net debt (total borrowings (undiscounted) net of cash and cash equivalents) divided
by ''Equity'' (as shown in the balance sheet). The gearing ratios are as follows :
Note 35 Employee Benefits:
In compliance with the Indian Accounting Standard on ''Employee Benefits'' (Ind AS 19), following disclosures have been made:
Defined Benefit Plans:
Provident Fund
An amount of '' 12.66 Lakhs (March 31, 2023: '' 12.87 Lakhs) has been charged to Statement of Profit and Loss on account of this
defined benefit scheme.
Employees State Insurance
An amount of '' 0.83 lakhs (March 31, 2023: '' 1.04 lakhs) has been charged to Statement of Profit and Loss of this defined benefit
scheme.
Leave Encashment
An amount of '' 2.55 Lakhs (March 31, 2023: '' 2.70 Lakhs) has been charged to Statement of Profit and Loss of this benefit scheme
during the year.
Gratuity Plan
Gratuity is payable to all the members at the rate of 15 days salary for each completed year of Service.
The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring
at the end of the reporting period, while holding all other assumptions constant.
The sensitivity analysis presented above may not be representative of the actual changes in the projected benefit obligation
as it is unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may
be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied
in calculating the projected benefit obligation as recognised in the balance sheet.
36. Contingent Liabilities and Other Commitments
(i) Contingent Liabilities not provided for in respect of Income Tax Matters:
A demand of Income Tax of '' 38.78 Lakhs (March 31, 2023: ''38.78 Lakhs) is pending with respect to the financial year
2009-10 against certain disallowances under the Income Tax Act, 1961 against which appeal is pending before the
Commissioner of Income Tax (Appeal). The Company had deposited ''7.76 Lakhs (March 31, 2023, ''7.76 Lakhs) in
protest against this demand.
(ii) Other commitments: '' Nil (March 31, 2023: '' Nil)
(iii) Company has sanctioned but not disbursed Loan amounting of '' 517.21 Lakh as on March 31, 2024 (March 31, 2023
'' 130.46 Lakhs)
37. Segment Reporting
The Company''s main business is financing by way of loans for the purchase or construction of residential houses, commercial
real estate or certain other purposes, in India. All other activities of the Company revolve around the main business. Hence,
there are no separate reportable segments, as per Ind AS 108 dealing with Operating Segments as specified under
Section 133 of the Companies Act, 2013
XXXX. Liquidity Coverage Ratio (LCR) guidelines as defined in Para No.3.1.2 of Master Direction - Non-Banking Financial
Company - Housing Finance Company (Reserve Bank) Directions, 2021 are not applicable presenly to the Company.
XXXXI. Institutional Set-up for liquidity risk management
The Board of Directors of the Company has constituted the Asset Liability Management Committee (ALCO) and the Risk
Management Committee. The Board has the overall responsibility for management of liquidity risk. The board decides
the strategy, policies and procedures to manage liquidity risk in accordance with liquidity risk tolerance/ limits approved
by it. The Risk Management Committee (RMC), which is a committee of the board, is responsible for evaluating and
monitoring the integrated risk management system of the Company including liquidity risk. The ALCO is responsible for
ensuring adherence to the liquidity risk tolerance/limits set out in the board approved Asset Liability Management (ALM)
policy.
The role of the ALCO with respect to liquidity risk includes, inter alia, decision on desired maturity profile for assets &
liabilities, responsibilities and control for managing liquidity risk, and overseeing the liquidity position of the Company. The
ALM Policy is reviewed periodically to realign the same pursuant to any regulatory changes/changes in the economic
landscape or business needs and tabled to the Board for approval.
Management regularly reviews the position of cash equivalents by aligning the same with the projected maturity of financial
assets and financial liabilities, economic environment, liquidity position in the financial market, anticipated pipeline of future
borrowing & future liabilities and threshold of minimum liquidity define in the ALM policy with additional liquidity buffers
as management overlay.
XXXXII. In compliance with Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank)
Directions, 2021 dated February 17, 2021 issued by Reserve Bank of Indi read with RBI circular no. RBI/DNBS/2016-
17/49/Master Direction DNBS.PPD.01/66.15.001/2016-17 dated September 09, 2016, during the year the company has
reported "NIL" fraud case in relation to loans advanced to the borrowers to NHB (March 31, 2023 Nil).
45. Other disclosures/information
45.1 Additional information required as per Schedule III of the Companies Act, 2013:
(i) Details of benami property held
No proceedings have been initiated or are pending against the Company as at March 31, 2024 for holding benami
property under the Benami Transactions (Prohibition) Act (45 of 1988), as amended and rules made thereunder.
(ii) Borrowing secured against current assets
The Company has not borrowed any money from any bank or financial institution against security of current assets
during the year.
(iii) Wilful defaulter
The company is not declared wilful defaulter by any bank, financial institution or lender as at March 31, 2024.
(iv) Relationship with struck off companies
There are no transactions made by the Company during the year with struck off companies as at March 31, 2024.
(v) Compliance with number of layers of companies
The Company does not have any subsidiary or Associate or Joint Venture company during the year.
(vi) Compliance with approved scheme(s) of arrangements
During the year, no scheme of arrangements in relation to the Company has been approved by the competent authority
in terms of Section 232 to 237 of the Companies Act, 2013. Accordingly, this clause is not applicable to the company.
(vii) Utilisation of borrowed funds and share premium
As a part of normal lending business, the company grants loans and advances on the basis of security/guarantee provided
by the Borrower/Co borrower. These transactions are conducted after exercising proper due diligence.
Other than transactions described above, during the year the Company has not advanced or lend or invested funds
(either from the borrowed funds or share premium or any other sources or kind of funds) to any person or entity, including
foreign entity (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary
shall (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the
ultimate beneficiaries
The Company has not received any fund from any person or entity, including foreign entity (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall (a) directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)
or (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries
(viii) Undisclosed income
The Company does not have any unrecorded transactions in the books of account which have been surrendered or
disclosed as Income during the year in the tax assessment under the Income Tax Act,1961.
(ix) Transactions in crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the year ended March 31, 2024.
(x) Revaluation of property, plant & equipment and intangible asset
The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the year ended March 31, 2024.
(xi) Registration of charges or satisfaction with Registrar of Companies
There are no charges or satisfaction which are pending to be registered with the Registrar of Companies as on
March 31, 2024.
45.2 Other Statutory information
(i) Pursuant to the provisions of Section 135 of the Companies Act, 2013, the Company was not required to spend any
amount on Corporate Social Responsibility (CSR) activities during the year ended March 31, 2024.
(ii) There was no amount outstanding and due for transfer to the Investor Education and Protection Fund during the year
ended March 31, 2024.
(iii) The Company has no long term contracts including derivative contracts having material foreseeable losses as at
March 31, 2024 other than disclosed in the other notes of the Financial Statement
(iv) The Company has not received any whistleblower complaint during the year ended March 31, 2024.
(v) There is no Core Investment Company within the group as defined in the regulations made by the Reserve Bank of
India.
47 Expenditure and Income in Foreign Currency : '' Nil (March 31, 2023 : '' Nil)
48 During the financial year 2015-16, maturity proceeds of '' 6.14 lakhs in respect of investment in 11.43% GOI Stocks held
in CSGL Account of the Company with ICICI Bank Limited was transferred to the Sahara-Sebi Account by the bank without
any authorization from the Company, in compliance to an Order of the Hon''ble Supreme Court of India and directions by
SEBI. On October 5, 2023, the maturity amount '' 6.14 lakhs was realised in bank account of the Company in respect of
the aforesaid investment.
49 Figures for previous year have been regrouped / restated where necessary to the extent required by Schedule III
amendments and Circulars/Directions/Clarification issued by RBI/NHB to make comparable with current year presentation.
50 All amounts in the financial statements and notes have been presented in lakhs upto two decimals as per requirement
of Schedule III except per share data and unless otherwise stated. Figures in brackets represent corresponding previous
year figures.
As per our report of even date attached
For B.M.Chaturvedi & Co FOR AND ON BEHALF OF THE BOARD
Chartered Accountants
ICAI FRN : 114317W A.K. SRIVASTAVA Director (DIN 02323304)
ANMOL SONAWANE ANSHU ROY Director (DIN 05257404)
Partner D. J. BAGCHI Chief Executive Officer & Company Secretary
ICAI Membership No. 603614
UDIN : 24603614BKGTVN1465 VIVEK KAPOOR Chief Financial Officer
Date : May 29, 2024 Date : May 29, 2024
Place: Mumbai Place: Kolkata
Mar 31, 2018
1. Loan Assets and installments due from borrowers are secured or partly secured by
a. Equitable Mortgage of Property and/or
b. Assignment of Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create a security
2. In the opinion of the Board of Directors, the Current Assets and Loans & Advances are approximately of the value stated above, if realized in the ordinary course of the business.
3. The Secured 7% Non-Convertible Redeemable Debenture was assigned rating of BB-(Stable Outlook) by Informatics Valuation and Rating Private Limited.
4. Disclosure regarding âReserve Fund u/s 29C of the National Housing Bank Act, 1987â as per circular no: NHB (ND)/DRS/Pol. Circular 61/2013-14 dated April 7, 2014
For the purpose of compliance with the provision of Section 29C of the National Housing Bank Act, 1987, the company is creating and maintaining Special Reserve in terms of clause (viii) sub-section (I) of Section 36 of the Income Tax Act, 1961, and therein transferring a sum not less than twenty percent of its net profit. During the year under review the company transferred to the said special reserve a sum ofRs, 6,756,108, which is stated in the table âAppropriation of Reserve Fundâ provided below:
5. Contingent Liabilities & Commitments
a. Contingent Liabilities not provided for in respect of Income Tax Matters:
The Income Tax Assessments of the company have been completed up to Assessment Year 2015-16. Based on the decision of the Appellate authorities and the interpretation of relevant tax provisions, the Company has been legally advised that the additions made in the assessment order for the Assessment year 2010-11 are likely to be deleted or substantially reduced. Tax value of matters under appeal as at March 31, 2018 is f 3,878,240 (Previous Year f NIL) against which the company had deposited f 776,000 (Previous Year f NIL).
b. Other commitments:
Estimated amount of contracts remaining to be executed on capital account (Net of advances) f Nil (Previous Year f 1,400,000), not provided for f Nil (Previous Year f 348,548).
6. Segment Information
The Companyâs main business is to provide loans for the purchase or construction of residential houses. All other activities of the Company are related to the main business. As such there are no separate reportable segments, as per the Accounting Standard on âSegment Reportingâ (AS 17).
7. Related Party Disclosures
List of Related Parties
a. Major shareholder having control over the company
- Sahara India Corp Investment Limited
- Sahara Prime City Limited
- Sahara India Finance & Investment Limited
b. Key Management Personnel
Shri D. J. Bagchi, Chief Executive Officer, Company Secretary/Manager Shri Vivek Kapoor, Chief Financial Officer
c. Companies under common control
- Sahara India Financial Corporation Limited
- Sahara India Commercial Corporation Limited
e. Related party relationship identified by the Company and relied upon by the Auditors.
8. Trade payables do not include amount payable to Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at March 31, 2018.
9. Expenditure in Foreign Currency : f Nil (Previous Year f Nil)
10. The balances in Trade Receivables, Trade payables and Advances are subject to confirmations and adjustments, if any. Such adjustments, in the opinion of the management, are not likely to be material.
11. Previous year figures have been regrouped and reclassified wherever necessary to conform to current yearâs classification.
Mar 31, 2016
1.. Loan Assets and installments due from borrowers are secured or partly secured by
2. Equitable Mortgage of property and/or
3. Assignment of Life Insurance Policies and/or
4. Personal Guarantee of borrowers and/or
5. Undertaking to create a security.
6. In the opinion of the Board of Directors the Current Assets, Loans and Advances are approximately of the value stated above, if realized in the ordinary course of the business.
7. Disclosure regarding âReserve Fund u/s 29C of the National Housing Bank Act, 1987â as per circular no: NHB (ND)/DRS/Pol. Circular 61/2013-14 dated April 7, 2014
For the purpose of compliance with the provision of Section 29C of the National Housing Bank Act, 1987, the company is creating and maintaining Special Reserve in terms of clause (viii) sub-section (I) of Section 36 of the Income Tax Act, 1961, and therein transferring a sum not less than twenty percent of its net profit. During the year under review the company transferred to the said special reserve a sum of Rs. 5,345,138, which is stated in the table âAppropriation of Reserve Fundâ provided below:
8. Segment Information
The Companyâs main business is to provide loans for the purchase or construction of residential houses. All other activities of the Company are related to the main business. As such there are no separate reportable segments, as per the Accounting Standard on âSegment Reportingâ (AS 17).
9. Related Party Disclosures
List of Related Parties
10. Major shareholder having control over the Company
- Sahara India Corp Investment Limited
- Sahara Prime City Limited
- Sahara India Finance & Investment Limited
11.. Key Management Personnel
Shri D. J. Bagchi, Chief Executive Officer, Company Secretary/Manager Shri Vivek Kapoor, Chief Financial Officer
12.. Companies under common control
- Sahara India Commercial Corporation Limited
13. Companies having common director
- Sahara India Financial Corporation Limited
14. Trade payables do not include amount payable to Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at March 31, 2016.
15. Expenditure in Foreign Currency: f Nil (Previous Year f Nil)
16. The balances in Trade Receivables, Trade payables and Advances are subject to confirmations and adjustments, if any. Such adjustments, in the opinion of the management, are not likely to be material.
17. Previous year figures have been regrouped and reclassified wherever necessary to conform to current yearâs classification.
Mar 31, 2015
1 SHARE CAPITAL
Rights, Preferences and Restrictions
The Company has only one class of shares referred to as Equity Shares
having a face value of Rs 10/-. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
CORPORATE INFORMATION
Sahara Housingfina Corporation Limited is mainly engaged in the
business of providing housing finance to individuals and corporate for
the purchase or construction of residential houses.
1. Loan Assets and installments due from borrowers are secured or
partly secured by
a. Equitable Mortgage of property and/or
b. Assignment of Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create a security.
2. In the opinion of the Board of Directors, the Current Assets,
Loans and Advances are approximately of the value stated above, if
realized in the ordinary course of the business.
3. Pursuant to the Companies Act, 2013 ("the Act"), the Company has,
during the year ended March 31,2015, revised depreciation rates on
certain fixed assets as per the useful life specified in Schedule II of
the Act or as re-assessed by the Company. Due to this, based on
transitional provision as per note 8 (b) of the Schedule II, an amount
of Rs 1.94 Lacs (net of deferred tax of Rs 0.93 Lacs) have been
adjusted to general reserve.
4. In accordance with the advice of the National Housing Bank, the
Company has recognised deferred tax liability (DTL) on the Special
Reserve created and maintained under section 36 (1) (viii) of the
Income Tax Act, 1961 (Special Reserve). The DTL amounting to Rs 255.23
Lacs on Special Reserve upto March 31,2014 has been adjusted against
the Reserves & Surplus and an amount of Rs 77.30 Lacs on Special
Reserve transferred during the year ended March 31,2015 charged to
Statement of Profit and Loss.
5. Segment Information
The Company's main business is to provide loans for the purchase or
construction of residential houses. All other activities of the Company
are related to the main business. As such there are no separate
reportable segments, as per the Accounting Standard on 'Segment
Reporting' (AS 17).
6. Related Party Disclosures
List of Related Parties
a. Major shareholder having control over the Company
- Sahara India Corp Investment Limited
- Sahara Prime City Limited
- Sahara India Finance & Investment Limited
b. Key Management Personnel
Shri D. J. Bagchi, Chief Executive Officer, Company Secretary/Manager
Shri Vivek Kapoor, Chief Financial Officer
c. Companies under common control
- Sahara India Commercial Corporation Limited
d. Companies having common director
- Sahara India Financial Corporation Limited
7. Trade payables do not include amount payable to Micro, Small and
Medium Enterprises under the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED Act) as at March 31, 2015.
8. Expenditure in Foreign Currency : Rs Nil (Previous Year Rs Nil)
9. The balances in Trade Receivables, Trade payables and Advances are
subject to confirmations and adjustments, if any. Such adjustments, in
the opinion ofthe management, are not likely to be material.
10. Previous year figures have been regrouped and reclassified
wherever necessary to conform to current year's classification.
Mar 31, 2014
Rights, Preferences and Restrictions
The Company has only one class of shares referred to as Equity Shares
having a face value of Rs. 10/-. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
1.1 Term Loan from ICICI Bank Limited issecured by Negative Lien
overthespecific assets created by the utilisation ofthesaid loan &
immovable assets of a group company and personal guarantee of a
Director.
1.2 Term loan from bank is repayable in 28 equated quarterly
installments with a interest rate of 14.50% P.A. to 16.50% P.A.
1.3 Maturity Profileof Term Loan from Banks as on March 31, 2014
1.4 10% Non-Convertible Redeemable Debenture is repayable in the
Financial Year2019-20
1.5 Unsecured-other loan from related party agrregating to Rs.
948,508,817 (previous yearRs. 899,900,652) include interest thereon
aggregating toRs. 348,408,020 (previous yearRs. 299,799,855). The interest
rate is 9% p.a. The entire loan along with interest thereon is
repayable in the Financial Year 2021-22. Interest on loan from other
body corporate carry a rateof 7% p.a.
2. Loan Assets and installmentsduefrom borrowers are secured or partly
secured by
a. Equitable Mortgageof property and/or
b. Assignmentof Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create asecurity.
3. In the opinion of the Board of Directors, the Current Assets, Loans
and Advances are approximately of the value stated above, if realized
in theordinary courseof the business.
4. Disclosure of provisions against the loan assets as required under
paragraph 29 (2) of The Housing Finance Companies Directions (NHB)
2010.
5. Disclosure regarding "Reserve Fund u/s 29C of the National Housing
Bank Act, 1987" as per circular no: NHB (ND)/DRS/Pol. Circular
61/2013-14 dated April 7,2014
Forthe purpose of compliance with the provision of Section 29C ofthe
National Housing Bank Act, 1987, the company is creating and
maintaining Special Reserve in terms of clause (viii) sub-section (I)
of Section 36 of the Income Tax Act, 1961, and therein transferring a
sum not less than twenty percent of its net profit. During the year
under review the company transferred to the said special reserve a sum
of Rs. 7,770,065/-, which is stated in the table "Appropriation of
Reserve Fund" provided below:
6. Disclosures in observancetothe advice of National Housing Bank
(NHB)
- During the Financial Year 2011-12, reportedly due to oversight, the
company could not comply in its entirety with the new amended
provisions ofthe Housing Finance Company (NHB) Directions, 2010 having
regards to assets classification, provisioning and assignment of risks
weight, thus leading to overstatement of Net Owned Fund (NOF) and
Capital Adequacy Ratio (CAR), which incidentally, even-after
consideration of the new amended provision would have been sufficiently
higher than the permissible benchmark level ofthe regulatory
requirement of 12%. The amended provisions were subsequently corrected
and considered during the previousfinancial year, i.e. 2012-13.
- During thesupervisory inspection relating to financial year ended
March 2013: itwas observed that the companydid not restrictthe
discounted valueof subordinated debtin Tier-II Capital to 50% of its
Tier-I Capital leading tostating of an higher Capital Adequacy Ratio
(CAR). Pursuantto its notification by NHB, the company corrected and
complied with the direction ofNational Housing Bank in thesuccessive
return.
- The classification of special reserve in terms of section 36(1)(viii)
of the Income Tax Act, 1961, could not be made under reserve fund under
section 29C of the National Housing Bank Act, 1987. However, in the
current year under review, the company has complied with the
classification, in linewith circularno: NHB (ND)/DRS/Pol. Circular
61/2013-14 dated April 7,2014.
- The company paid a levy of Rs. 1000/- as penalty for late submission of
reply of the supervisory letter dated May 22, 2013.
7. Segment Information
The Company''s main business is to provide loans for the purchase or
construction of residential houses. All other activities of the Company
are related to the main business. As such there are no separate
reportable segments, as per the Accounting Standard on ''Segment
Reporting'' (AS 17), issued by the Institute of Chartered Accountants of
India and notified under Section 211(3C) of the Companies Act, 1956.
8. Related Party Disclosures List of Related Parties
a. Majorshareholder having control overthe Company
- Sahara India Corp Investment Limited
- SaharaPrimeCityLimited
- Sahara India Finance & Investment Limited
b. Key Management Personnel
D.J. Bagchi, ChiefExecutive Officer, Company Secretary/Manager (u/s
269of the Companies Act., 1956)
c. Companies under common control
- Sahara India Commercial Corporation Limited
d. Companies having common director
- Sahara India Financial Corporation Limited
9. Trade payables do not include amount payable to Micro, Small and
Medium Enterprises under the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED Act) as at March 31, 2014.
10. Expenditures Foreign Currency:Rs.Nil (Previous Year Rs.Nil)
11. The balances inTrade Receivables, Trade payables and Advances are
subject to confirmations and adjustments, if any. Such adjustments, in
theopinion ofthe management, are not likely to be material.
12. Previous year figures have been regrouped and reclassified wherever
necessaryto conform to current year''s classification.
Mar 31, 2013
1. Loan Assets and installments due from borrowers are secured or
partly secured by
a. Equitable Mortgage of property and/or
b. Assignment of Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create a security.
2. In the opinion of the Board of Directors, the Current Assets,
Loans and Advances are approximately of the value stated above, if
realized in the ordinary course of the business.
3. Segment Information
The Company''s main business is to provide loans for the purchase or
construction of residential houses. All other activities of the Company
are related to the main business. As such there are no separate
reportable segments, as per the Accounting Standard on ''Segment
Reporting'' (AS 17), issued by the Institute of Chartered Accountants of
India.
4. Related Party Disclosures List of Related Parties
a. Major shareholder having control over the Company
 Sahara India Corp Investment Limited
 Sahara Prime City Limited
 Sahara India Finance & Investment Limited
b. Key Management Personnel
D.J. Bagchi, Chief Executive Officer, Company Secretary/Manager (u/s
269 of the Companies Act., 1956)
c. Companies under common control
 Sahara India Commercial Corporation Limited
d. Companies having common director
 Sahara India Financial Corporation Limited
e. Disclosure of Related Party Transactions between the Company and
related parties for the year ended March 31, 2013:
5. Trade payables do not include amount payable to Small Scale
Industrial Undertakings (SSIs) or to Micro, Small and Medium
Enterprises as at March 31, 2013.
6. Expenditure in Foreign Currency : Rs. Nil (Previous Year Rs. Nil)
7. The balances in Trade Receivables, Trade payables and Advances are
subject to confirmations and adjustments, if any. Such adjustments, in
the opinion of the management, are not likely to be material.
8. Previous year figures have been regrouped and reclassified
wherever necessary to conform to current year''s classification.
Mar 31, 2012
1. Loan Assets and installments due from borrowers are secured or
partly secured by
a. Equitable Mortgage of Property and/or
b. Assignment of Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create a security.
2. In the opinion of the Board of Directors the Current Assets, Loans
and Advances are approximately of the value stated above, if realized
in the ordinary course of the business.
3 Segment Information
The Company's main business is to provide loans for the purchase or
construction of residential houses. All other activities of the Company
are related to the main business. As such there are no separate
reportable segments, as per the Accounting Standard on 'Segment
Reporting' (AS 17), issued by the Institute of Chartered Accountants of
India.
4. Related Party Disclosures
List of Related Parties
a. Major shareholder having control over the company
- Sahara India Corp Investment Limited
- Sahara Prime City Limited
- Sahara India Finance & Investment Limited
b. Key Management Personnel
D.J. Bagchi, Chief Executive Officer, Company Secretary/Manager (u/s
269 of the Companies Act., 1956)
c. Companies under common control
- Sahara India Commercial Corporation Limited
5. Trade payables do not include amount payable to Small Scale
Industrial Undertakings (SSIs) or to Micro, Small and Medium
Enterprises as at March 31, 2012.
6. Expenditure in Foreign Currency : Rs. Nil (Previous Year Rs. Nil)
7. The balances in Trade Receivables, Trade payables and Advances are
subject to confirmations and adjustments, if any. Such adjustments, in
the opinion of the management, are not likely to be material.
8. Previous year figures have been regrouped and reclassified
wherever necessary to conform to current year's classification.
Mar 31, 2011
1. Loan Assets and instalments due from borrowers are secured or
partly secured by
a. Equitable Mortgage of property and/or
b. Assignment of Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create a security.
2. In the opinion of the Board of Directors the Current Assets, Loans
and Advances are approximately of the value stated above, if realized
in the ordinary course of the business.
3. Earning per share (Basic and Diluted) :
4. Segment Information
The Company's main business is to provide loans for the purchase or
construction of residential houses. All other activities of the Company
are related to the main business. As such there are no separate
reportable segments, as per the Accounting Standard on ÃSegment
Reporting' (AS 17), issued by the Institute of Chartered Accountants of
India.
5. Related Party Disclosures List of Related Parties
a. Major shareholders having control over the Company à Sahara India
Corp Investment Limited
à Sahara Prime City Limited
à Sahara India Finance & Investment Limited
b. Key Management Personnel
D. J. Bagchi, Chief Executive Officer, Company Secretary/Manager (u/s
269 of The Companies Act,1956)
c. Companies under common control
Sahara India Commercial Corporation Limited
6. Sundry Creditors do not include amount payable to Small Scale
Industrial Undertakings (SSIs) or to Micro, Small and Medium
Enterprises as at March 31, 2011.
Compiled by : Dion Global Solutions Limited
SAHARA
INDIA PARIWAR
Corporate Office : SAHARA INDIA SADAN, 2A - Shakespeare Sarani, Kolkata
- 700 071 INDIA. Website: www.saharahousingfina.com
Mar 31, 2010
1. Housing Loans and instalments due from borrowers are secured or
partly secured by
a. Equitable Mortgage of property and/or
b. Assignment of Life Insurance Policies and/or
c. Personal Guarantee of borrowers and/or
d. Undertaking to create a security.
2. In the opinion of the Board of Directors the Current Assets, Loans
and Advances are approximately of the value stated above, if realized
in the ordinary course of the business.
3. Segment Information
The Companys main business is to provide loans for the purchase or
construction of residential houses. All other activities of the Company
are related to the main business. As such there are no separate
reportable segments, as per the Accounting Standard on Segment
Reporting (AS 17), issued by the Institute of Chartered Accountants of
India.
4. Related Party Disclosures List of Related Parties
a. Major shareholders having control over the Company
- Sahara India Corp Investment Limited
- Sahara Prime City Limited (formerly Sahara India Investment
Corporation Ltd.)
- Sahara India Finance & Investment Limited
b. Key Management Personnel
D. J. Bagchi, Chief Executive Officer, Company Secretary/Manager (u/s
269 of The Companies Act,1956)
c. Companies under common control
Sahara India Commercial Corporation Limited
5. Sundry Creditors do not include amount payable to Small Scale
Industrial Undertakings (SSIs) or to Micro, Small and Medium
Enterprises as at March 31, 2010.
6. Managerial Remuneration
7. Expenditure in Foreign Currency : Rs Nil (Previous Year Rs. Nil)
8. The balances in Sundry Debtors, Sundry Creditors and Advances are
subject to confirmations and adjustments, if any. Such adjustments, in
the opinion of the management, are not likely to be material.
9. Previous year figures have been regrouped and reclassified
wherever necessary to conform to current years classification.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
Sahara Housingfina Corporation Ltd. குறித்த கூடுதல் தகவல்களை
-
Sahara Housingfina Corporation Ltd. டூல்ஸ்
- பல்க் டீல்ஸ்
-
Sahara Housingfina Corporation Ltd. நிறுவன தகவல்கள்
- நிறுவன சுயவிவரம்
- நிறுவன வரலாறு
- நிர்வாக குழு
- மூலதன வடிவம்
- புராடெக்ட் மிக்ஸ்
- வங்கியாளர்/தணிக்கையாளர்/பதிவாளர்
-
நிறுவன வரலாறு
- உரிமை
- மும்பை பங்குச் சந்தையில் விலை வரலாறு
-
Sahara Housingfina Corporation Ltd. முக்கிய நிதியில் விகிதங்கள்
- விகிதங்கள்
-
Sahara Housingfina Corporation Ltd. முடிவுகள்
- காலாண்டு முடிவுகள்
- அரையாண்டு முடிவுகள்
- 9 மாத முடிவுகள்
- வருடாந்திர முடிவுகள்
-
Sahara Housingfina Corporation Ltd. நிதியியல் தகவல்கள்
- தணிக்கை முடிவுகள்
- பணப்பாய்வு
- இருப்பு நிலைக்குறிப்பு
-
Sahara Housingfina Corporation Ltd. அறிக்கை
- கணக்கியல் கோட்பாடுகள்
- தணிக்கையாளர்கள் அறிக்கை
- இயக்குநர்கள் அறிக்கை
- கணக்கு குறிப்புகள்
-
Sahara Housingfina Corporation Ltd. கார்ப்பரேட் அறிவிப்புகள்
- புத்தக முடிவு
- ஈவுத்தொகை
- நிர்வாகக் குழுக் கூட்டங்கள்
-
பங்குச் சந்தை நிலநடுக்கங்கள்: 10 ஆண்டுகளில் முதலீட்டாளர்களை அதிர வைத்த 5 பெரும் சரிவுகள்?! -
ரத்தகளறியான இந்திய பங்குச்சந்தை.. ரூ.12 லட்சம் கோடி இழப்பு.. கதறி அழும் முதலீட்டாளர்கள்..! -
ஓரே நாளில் 6.5 லட்சம் கோடி இழப்பு.. கதறும் பங்குச்சந்தை முதலீட்டாளர்கள்..!! -
சென்செக்ஸ் 6,000 புள்ளிகள் சரிவிலிருந்து மீண்டது.. இந்திய சந்தைக்கு ‘டபுள் ஷாக்’..!! -
நிஃப்டி காட்டும் பளபளப்பு நிஜமா? 80% பங்குகள் கரடியின் பிடியில் - முதலீட்டாளர்களே உஷார்! -
அமெரிக்க 15% இறக்குமதி வரி உயர்வு: டிரம்ப் அறிவிப்பால் நாளை சென்செக்ஸ், நிஃப்டி நிலைமை என்ன..? -
இது வம்பை விலை கொடுத்து வாங்கும் கதை.. பங்குச்சந்தை நம்பி போக வேண்டாம்.. வார்னிங் கொடுக்கும் எக்ஸ்பர்ட்..!! -
வெள்ளிக்கிழமையும், 13ஆம் தேதியும்.. 7.4 லட்சம் கோடி ஏப்பம் விட்ட மும்பை பங்குச்சந்தை! சென்செக்ஸ், நிப்டி சரிவு -
பிப்ரவரி 12 பாரத் பந்த்: வங்கி, பங்குச் சந்தை, பள்ளிகள், கல்லூரிகள் மூடப்படுமா.. உண்மை நிலவரம் என்ன? -
2026ஆம் ஆண்டு இறுதிக்குள் நிஃப்டி 50 நிச்சயம் 29,000 புள்ளிகளை எட்டும்: நிபுணர்கள் உறுதி -
சென்செக்ஸ், நிஃப்டி தலைகீழாக மாறியது.. எல்லாம் டிரம்ப் செய்த மாயம்.. கைகொடுத்த DII, அப்போ FII? -
படுத்து கிடக்கும் பங்குச்சந்தை பட்ஜெட்டிற்கு பிறகாவது எழுந்து வருமா? கடந்த ஆண்டுகளில் நடந்தது என்ன? -
15 நிமிடங்களில் ரூ.4 லட்சம் கோடி காலி! ஆட்டம் கண்ட சென்செக்ஸ்.. ரத்தக் களறியான இந்திய பங்குச்சந்தை! -
முதலீட்டாளர்களே உஷார்! பட்ஜெட் நாள் வெறும் சீன் தான்-15 ஆண்டு நிஃப்டி தரவு சொல்லும் ஷாக்கிங் உண்மை! -
சென்செக்ஸ் 1000 புள்ளிகள் சரிவு.. 3 நாளில் ரூ.18 லட்சம் கோடி இழப்பு..!! -
8 மாதங்களில் இல்லாத மிகப்பெரிய வீழ்ச்சி: ஒரே நாளில் 713 பங்குகள் அதல பாதாளத்திற்கு சென்றது ஏன்?
-
Block for 8 hours
-
Block for 12 hours
-
Block for 24 hours
-
Don't block
Sign in with Google- Male
- Female
- Others
- Under 18
- 18 to 25
- 26 to 35
- 36 to 45
- 45 to 55
- 55+