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Directors Report of India Home Loan Ltd.

Mar 31, 2013

To, The Shareholders,

The directors have pleasure in presenting the 23rd Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2013

SUMMARISED FINANCIAL RESULTS:

(Rs.In LACS)

Year ended Year ended 31.3.2013 31.3.2012

Income 166.34 125.84

Total Expenditure 110.36 86.14

Profit before depreciation interest and tax 55.98 39.70 Less:

Depreciation 2.62 1.71

Interest Tax

Current Tax 16.69 8.50

Deferred Tax 0.41 33.28

Excess Provision for tax

MAT Credit Entitlement 4.41 3.27

Current tax expense relating to prior years 0.10 3.50

NetProfit/(Loss) AfterTax 41.39 2.98

Paid-up Equity Share Capital 1094.00 1094.00

Reserves 92.02 79.25**

Balance brought forward from previous year (118.49) (147.11)

"The Previous year figures of tosses in the reserves were netted off and as a result for which the reserves were shown as (Rs. 67.86) which is revised to Rs. 79.25.

OPERATIONS:

Income of the company are Rs. 166.34 lacs as compared to Rs. 125.84 lacs in previous year. Profit before Tax is Rs. 53.36 lacs as compared to Rs. 37.98 lacs in previous year.

THE YEAR UNDER REVIEW

The Company is registered with National Housing Bank and Governed by NHB Norms. During the year the NPAof the company has reduced from 3.36% last year to 0.82% this year. The Company disbursed 52 Loan applications amounting to Rs. 5,26,70,000/-

AUDITORS REPORT

The Auditors have not made any qualification to the financial statement. Their reports on relevant notes on accounts are self explanatory and do not call for any comments under section 217 (3) of the companies Act, 1956.

CORPORATE GOVERNANCE

As per the directions of SEBI and the Bombay Stock Exchange Ltd., the code of corporate governance become applicable to the company w.e.f. 2002-03 and accordingly the company has been adhering to the directions and guidelines as required. The report on the code of corporate governance is annexed separately in this Annual report.

PREFERENTAIL ALLOTMENT OF CONVERTIBLE WARRANTS

The Company allotted 40,50,000 convertible warrants to the Promoters & Non-Promoter Groups @ Rs. 45 per warrant. The Company received Rs. 4,55,62,500/- so far towards the subscription of the convertible warrants.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of above are not applicable in the case of your company. The Company is into Home Loan segment and regulated by NHB (National Housing Bank).

FIXED DEPOSITS

As on 31.03.2013, the company held no deposit in any form from anyone. There was no deposit held by the company as on 31.03.2013, which was overdue or unclaimed by the depositors. For the present the broad of directors have resolved not to accept any deposits from public.

DIRECTORS

Mr. Mitesh Pujara and Mr. Anant Bhalotia are directors liable to retire by rotation and being eligible offer themselves for re-appointment.

Mr. Prakash Punjabi and Mr. Miten Shroff resigned as Directors of the Company. Mr. Ashok Patel appointed Mr. Miten Shroff as his Alternate Director in the Board as per section 313 of the Companies Act, 1956

The Company has not received any notice under section 257 of the companies Act, 1956 for appointment of the Additional Director Mr. Mayur Dubey, hence his term of Director of the company will come to an end at the end of the forth coming Annual General Meeting.

Mr. Mahesh N. Pujara who was appointed as the Managing Director of the company for a period of five years with effect from 21s'' August 2008 and whose term of appointment expires on 20th August 2013. The Remuneration committee recommended his reappointment for further period of 5 years from the date of expiry of his term. The Board also recommended the approval of the re-appointment of Mr. Mahesh N. Pujara as the Managing Director of the Company.

DIVIDEND

In view of the carry forward losses incurred in the earlier years, the board regrets its inability to declare any dividend for the year under review.

AUDITORS

The retiring Auditors M/s. G.P. Kapadia & Co - Chartered Accountants, Mumbai, have been reappointed to hold office as statutory auditor of the Company, till the conclusion of the next Annual General Meeting. They have furnished a certificate to the effect that the proposed re-appointment is in accordance with the limits specified U/s. 224(1 B) of the Companies Act, 1956.

INVESTOR COMPLAINTS AND COMPLIANCE

All the investor complaints have been duly resolved and as on date no complaints are outstanding.

PERSONNEL

The information pursuant to section 217 (2A) of the companies Act, 1956 and rules framed there under there was no employee falling under the category, hence no statement/particulars of employees have been annexed to this report.

HUMAN RESOURCES

Your Directors would like to place on record their deep appreciation to all the employees for rendering quality services in every constituent of the company.

PAYMENT OF LISTING FEES

Your company shares are listed on Bombay Stock Exchange Ltd., the listing fees for the year 2012-2013 have been paid to the stock exchange. The company has been complying with all the conditions required to be complied with in the listing agreement.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2013, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2013 on a ''going concern'' basis.

ACKNOWLEDGEMENTS

The Directors place on record their appreciation for co-operation and support extended by the Government, Banks, Shareholders, and customers for their continued support extended to the company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

sd/- sd/-

MAHESH PUJARA RISHABH SIROYA

CHAIRMAN DIRECTOR

Place: Mumbai

Dated: 28/05/2013


Mar 31, 2012

The directors have pleasure in presenting the 22nd Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2012

SUMMARISED FINANCIAL RESULTS:

(in LACS)

Year ended Year ended 31.3.2012 31.3.2011

Income 125.84 62.69

Total Expenditure 86.14 39.15

Profit before depreciation interest and tax 39.70 23.54

Less:

Depreciation 1.71 1.78

Interest - - Tax

Current Tax 8.50 2.00

Deferred Tax 33.28 5.76

Excess Provision for tax - 0.91

MAT Credit Entitlement 3.27 -

Current tax expense relating to prior years 3.50 -

Net Profit/(Loss) After Tax 2.98 13.1

Paid-up Equity Shares Capital 1094.00 1094.00

Reserves (67.86) (70.85)*

Balance brought forward from previous year (141.33) (150.08)

OPERATIONS:

Income of the company are 125.84 lacs as compared to 62.69 lacs in previous year. Profit before Tax is 37.98 lacs as compared to 21.76 lacs in previous year.

THE YEAR UNDER REVIEW

The Company has undergone NHB Inspection. The inspectors suggested some of the queries to be clarified & implemented by the Company. The management gave the reply & made various planning to implement the same in the area of discrepancies.

AUDITORS REPORT

The Auditors have not made any qualification to the financial statement. Their reports on relevant notes on accounts are self explanatory and do not call for any comments under section 217 (3) of the companies Act, 1956.

ISSUE OF EQUITY SHARES BEING ISSUED ON PREFERENTIAL BASIS.

The Company proposed to allot 40, 50,000 warrants to Promoters and non promoters on preferential basis. The Promoters will subscribe to Twenty Seven Lakh (27,00,000) Convertible Warrants of F.V. Rs.10/- each and non-promoters will subscribe to Thirteen Lakh Fifty Thousand (13,50,000) Convertible warrants of Rs.10/- each on account of proposed preferential issue.

* As per revised Schedule VI of the Companies Act, 1956.

FUTURE OUTLOOK

The NPA has drastically brought down during the year and is presently @ 2.54% Legal steps have been taken to recover the same.

CORPORATE GOVERNANCE

As per the directions of SEBI and the Bombay Stock Exchange Ltd., the code of corporate governance become applicable to the company w.e.f.2002-03 and accordingly the company has been adhering to the directions and guidelines as required. The report on the code of corporate governance is annexed separately in this Annual report.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of above are not applicable in the case of your company. The Company is into Home Loan segment and regulated by NHB (National Housing Bank).

FIXED DEPOSITS

As on 31.03.2012, the company held no deposit in any form from anyone. There was no deposit held by the company as on 31.03.2012, which was overdue or unclaimed by the depositors. For the present the broad of directors have resolved not to accept any deposits from public, shareholders and others.

DIRECTORS

Mr. Ramesh Mishra - Independent Director and Mr. Risabh Pravin Siroya are directors liable to retire by rotation and being eligible offer themselves for re-appointment.

DIVIDEND

In view of the carry forward losses incurred in the earlier years, the board regrets its inability to declare any dividend for the year under review.

AUDITORS

The retiring Auditors M/s. Tushar Parekh & Associates., Chartered Accountants, Mumbai, has not opted for re-appointment and has expressed his unwillingness to continue. The Board proposed to appoint M/s. G.P. Kapadia & Co. Chartered Accountant and to hold office till the conclusion of the next Annual General Meeting. They have furnished a certificate to the effect that the proposed re-appointment, is in accordance with the limits specified u/s. 224(1 B) of the Companies Act, 1956.

INVESTOR COMPLAINTS AND COMPLIANCE

All the investor complaints duly resolved and as on date no complaints are outstanding.

PERSONNEL

The information pursuant to section 217 (2A) of the companies Act, 1956 and rules framed there under there was no employee falling under the category, hence no statement/particulars of employees have been annexed to this report.

HUMAN RESOURCES

Your Directors would like to place on record their deep appreciation to all the employees for rendering quality services in every constituent of the company.

PAYMENT OF LISTING FEES

Your company shares are listed on Bombay Stock Exchange Ltd., the listing fees for the year 2011 -12 have been paid to the stock exchange. The company has been complying with all the conditions required to be complied with in the listing agreement.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2012 on a 'going concern' basis.

ACKNOWLEDGEMENTS

The Directors place on record their appreciation for co-operation and support extended by the Government, Banks, Shareholders, and customers for their continued support extended to the company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

MAHESH PUJARA RISHABH SIROYA

CHAIRMAN DIRECTOR

Place: Mumbai

Dated: 29.06.2012


Mar 31, 2010

The Directors are pleased to present the 20th Annual Report of the Company together with the Audited Financial Statements for the year ended 31st March, 2010.

SUMMARISED FINANCIAL RESULTS: (Rs in Lacs)

Year ended Year ended 31.3.2010 31.3.2009

Income 69.06 40.72

Total Expenditure 64.28 49.46

Profit before depreciation interest and tax 4.78 (8.74)

Less:

Depreciation 0.97 0.71

Interest - 0.11

Tax

Current Tax 4.20 -

Deferred Tax 47.03 -

FBT - 0.21 Net Profit/(Loss) After Tax 46.68 13.18

Paid-up Equity Shares Capital 499.75 499.75 Reserve 66.14 60.73

Balance brought forward from previous year (191.34) (201.88)

OPERATIONS

The operation of the company during the year under review have not been upto the desired level because of increase in NPA Due to increase in rates of interest and recession the industry has been experiencing a slow down. Your directors feel this is only temporary and industry will be out of the sluggish times sooner than later. The directors are confident of performing better and improve companys performance during the current financial year.

THE YEAR UNDER REVIEW

Your Companys key businesses have reported an encouraging performance for the year ended 31st March 2010. The Management after doing a proper gradation and taking into account the risk parameters of the individual account decided to close a number of NPA accounts by way of one time settlement with.

AUDITORS REPORT

The Auditors have not made any qualification to the financial statement, in their reports or relevant notes on accounts, which are self explanatory and do not call for any comments under section 217 (3) of the companies Act, 1956.

ISSUE OF PREFRENTIAL WARRANTS OF THE COMPANY

The Company during the year under review the company allotted 59,42,500 convertible warrants to promoters and non promoters. The Promoters subscribed 33,00,000 convertible warrants into equity shares of Rs.10/- each and non- promoters subscribed 26,42,500 convertible warrants into equity shares of Rs.10/- each.

In accordance with the Securities exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 the subscribers made the first payment of 25% before the date of allotment of the convertible warrants

FUTURE OUTLOOK

Your company is providing long term housing finance to individuals. You are aware that the future for the housing finance sector is bright. Your directors are making sincere efforts to augment profits, cut cost and to improve the margins, bottom line and profitability. Your directors are confident that the companys performance will be better during current financial year.

CORPORATE GOVERNANCE

As per the directions of SEBI and the Bombay Stock Exchange Ltd., the code of corporate Governance become applicable to the company w.e.f.2002-03 and accordingly the company has been adhering to the directions and guidelines as required. The report on the code of corporate governance is annexed separately in this Annual report.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of above are not applicable in the case of your company. The Company is into Home Loan segment and regulated by NHB (National Housing Bank ).

REGULATORY GUIDELINES

India Home Loans Ltd complies fully with the guidelines issued by NHB regarding accounting standards, prudential norms for asset classification, income recognition, provisioning, capital adequacy, "Know your Customer"- (KYC), Fair Practice code and capital market exposures.

The National Housing Bank Act, 1987, empowers NHB to levy a penalty on Housing Finance Companies for contravention of the Act or any of its provisions. NHB has levied penalty of Rs.1000/- on your Company on account of delayed submis- sion of Half Yearly Return.

India Home loans Ltd prepared a risk management framework, which sets the procedure of risk assessment and mitigation. The Risk management Committee comprises of the Managing Director and members including senior managers holding key positions in the Company. The Risk Management Committee apprises the Audit Committee of the key risks associated with the business of the Company and the measures to mitigate them.

India Home Loans Ltds Capital Adequacy Ratio stood at 141.13% as against the minimum requirement of 12%. Tier-1 Capital was 99.90% against the minimum requirement of 6%.

FIXED DEPOSITS

As on 31.03.2010, the company held no deposit in any form from anyone. There was no deposit held by the company as on 31.03.2010, which was overdue or unclaimed by the depositors. For the present the broad of directors have resolved not to accept any deposits from public, shareholders and others.

DIRECTORS

Mr. Subhash Patel and Mr. Mitesh Pujara , director liable to retire by rotation and being eligible offer themselves for re- appointment.

DIVIDEND

In view of the carry forward losses incurred in the earlier years, the board regrets its inability to declare any dividend for the year under review.

AUDITORS

The retiring Auditors M/s. Tushar Parekh & Associates., Chartered Accountants, Mumbai, have been appointed to hold office till the conclusion of the next Annual General Meeting. They have furnished a certificate to the effect that the proposed re-appointment, is in accordance with the limits specified U/s. 224(1 B) of the Companies Act, 1956.

INVESTOR COMPLAINTS AND COMPLIANCE

The company has appointed Miss Asmita Kadge, as the compliance officer in pursuance of directions given by the Securities and Exchange Board of India and Bombay Stock Exchange ltd., the company received no complaints since the holding of last annual general meeting till date.

PERSONNEL

The information pursuant to section 217 (2A) of the companies Act, 1956 and rules framed there under there was no employee falling under the category, hence no statement/particulars of employees, have been annexed to this report.

HUMAN RESOURCES

Your Directors would like to place on record their deep appreciation of all employees for rendering quality services to every constituent of the company.

PAYMENT OF LISTING FEES

Your company shares are listed on Bombay Stock Exchange ltd., the listing fees for the year 2010 -11 have been paid to the stock exchange. The company has been complying with all the conditions required to be complied with in the listing agreement.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31s1 March, 2010, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2010 on a going concern basis.

ACKNOWLEDGEMENTS

The Directors place on record their appreciation for co-operation and support extended by the Government, Banks, Shareholders, and customers for their continued support extended to the company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year



FOR AND ON BEHALF OF THE BOARD OF DIRECTORS



MAHESH PUJARA RISHABH SIROYA

CHAIRMAN DIRECTOR

Place : Mumbai

Dated : 21/07/10



 
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