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Notes to Accounts of L&T Finance Holdings Ltd.

Mar 31, 2015

1. (I) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Members of the Company holding equity shares capital therein have a right to vote, on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid up equity capital of the Company held by the shareholders. The Company declares dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

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.

(II) Terms/rights attached to preference shares

The CRPS will not have voting rights other than in respect of matters directly affecting it. In the event any due and payable dividends remain unpaid for aggregate period of at least 2 years prior to the start of any general meeting of the equity shareholders, CRPS holders shall have voting rights in line with their voting rights of the equity shareholders. The CRPS will be redeemed at the end of 3 to 5 years from the date of allotment. Provided that the tenure may be extended by a further period, not exceeding 5 days from the Proposed Tenure, which shall be notified to the Investors at the time of allotment.

2. Notes on Financial Statements

i) Stock option scheme

a) In respect of stock options granted pursuant to Company's stock options scheme, the intrinsic value of the options (excess of market price of the share over the exercise price of the option) is treated as discount and accounted as employee compensation over the vesting period.

b) The grant of options to the employees under the stock option scheme is on the basis of their performance and other eligibility criteria. The options allotted under scheme 2010 are vested over a period of 4 years in ratio of 15%, 20%, 30% and 35% respectively from the date of grant, subject to the discretion of the management and fulfillment of certain conditions. The options granted under scheme 2013 are vest in a graded manner over a period of four year with15 %, 20%, 30 % and 35 % of grants vesting each year, commencing from the end of 24 month from the date of grant.

c) Options allotted under scheme 2010 can be exercised anytime within a period of 7 years from the date of grant and would be settled by way of equity. The option granted under scheme 2013 can be exercised anytime within a period of 8 years from the date of grant. Management has discretion to modify the exercise period.

d) The option granted under scheme 2010 is at exercise price of Rs. 44.20. The option granted under scheme 2013 was at exercise price Rs. 67.85 which was at the last closing price on National stock exchange preceding the date of grant.

e) During the year ended March 31, 2015, 2,50,000 options were allotted under scheme 2010 and 2,63,50,000 options were allotted under scheme 2013.

g) During the year, the Company has recovered Rs. 123.72 Lakhs (previous year Rs. 149.43 Lakhs) from its subsidiary companies towards the stock options granted to their employees, pursuant to the employee stock option schemes.

h) Total carrying amount of liabilities arising from employee share-based payment plans as on March 31, 2015 is Rs. 813.27 Lakhs (previous year: Rs. 975.27 Lakhs), including Rs. 416.28 Lakhs (previous year : Rs. 254.89 Lakhs) for which the options have vested to employees as on March 31, 2015.

i) Weighted average fair values of options granted during the year is Rs. 25.40 (previous year:Rs.34.53) per options.

ii) Disclosure pursuant to Accounting Standard (AS) 15 Revised "Employee Benefits" :

i) Defined Contribution Plans :

Amount of Rs. 168.51 Lakhs (previous year Rs. 183.82 Lakhs) is recognized as an expense and included in employee benefits expenses in the statement of profit and loss.

ii) Defined Benefit Plans (Gratuity):

3. Segment Reporting : Accounting Standard - 17

The Company operates mainly in the business segment of investment activity. Further, all activities are carried out within India. As such, there are no separate reportable segments as per the provisions of Accounting Standard (AS) 17 on 'Segment Reporting'.

4. Related Party Disclosures: Accounting Standard - 18 a. List of Related Parties and Relationships

A. Holding Company

1. Larsen & Toubro Limited

B. Subsidiary Companies

1. L&T Finance Limited

2. L&T Infrastructure Finance Company Limited

3. L&T FinCorp Limited

4. L&T Vrindavan Properties Limited (formerly: L&T Unnati Finance Limited)

5. L&T Access Distribution Services Limited (formerly: L&T Access Financial Advisory Services Limited)

6. L&T Investment Management Limited

7. L&T Mutual Fund Trustee Limited

8. L&T Infra Investment Partners Advisory Private Limited

9. L&T Infra Investment Partners Trustee Private Limited

10. L&T Housing Finance Limited

11. Family Credit Limited

12. L&T Capital Markets Limited

13. L&T Trustee Services Private Limited

(amalgamated with L&T Mutual Fund Trustee Ltd w.e.f. 4th September 2014)

14. Consumer Financial Services Limited

15. L&T Infra Debt Fund Limited

16. Mudit Cement Private Limited

C. Fellow Subsidiary (with whom Company has undertaken transaction during current or previous year)

1. L&T Capital Company Limited

2. Larsen & Toubro InfoTech Limited

3. L&T Metro Rail (Hyderabad) Limited

4. L&T Infrastructure Development Projects Limited

5. L&T General Insurance Company Limited

D. Associate Company

1. NAC Infrastructure Equipment Limited ( till 25th August 2014)

2. Feedback Infra Private Limited (formerly Feedback Infrastructure Services Private Limited)

E. Key Management Personnel

1. Y. M. Deosthalee - Chairman & Managing Director

2. N. Sivaraman - President & Wholetime Director

5. The Company has no amounts due to suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2015. This information is given in respect of such vendors as could be identified as "Micro/Medium/Small Enterprises" on the basis of information available with the company.

6. L&T Mutual Fund Trustee Limited, subsidiary of L&T Finance Holdings Ltd had filed a Scheme of Amalgamation (the "Scheme") for the amalgamation of L&T Trustee Services Pvt. Ltd. with the L&T Mutual Fund Trustee Limited with the Honorable High Court of Judicature at Bombay (the "Court"). The Honorable Court sanctioned the Scheme with effect from April 01,2013, (the "Appointed Date") vide its Order dated August 08, 2014. The certified copies of the Order of the Court sanctioning the Scheme were filed with the Registrar of Companies, Maharashtra on September 04, 2014 (the "Effective Date").

7. Expenditure in foreign currency:

For Professional Fees (including reimbursements) Rs. 193.66 Lakhs (previous year Rs. 189.03 Lakhs)

For Directors Sitting Fees and commission (including reimbursements) Rs. 8.51 Lakhs (previous year Rs. 7.45 Lakhs)

8. The Company does not have contingent liability as at March 31, 2015 except performance guarantee of Rs. 945.00 Lakhs (previous year Rs. 945.00 Lakhs).

9. During the year, the Company has allotted 18,36,925 equity shares of Rs. 10 each, fully paid up, on exercise of options by employees, in accordance with the Company's stock option schemes.

10. The directors recommend payment of final dividend of Rs. 0.80 per equity share of Rs. 10 each on the number of shares outstanding on the record date. Provision for final dividend has been made in the books of accounts for the 1,720,285,900 equity shares outstanding as at March 31, 2015 amounting to Rs. 13,762.29 Lakhs.

11. In terms of provision of sub-section 1A of Section 115O of the Income Tax Act, 1961, dividend distribution tax payable by the Company is net of dividend distribution tax paid by its subsidiary companies amounting to Rs. 4,943.10 Lakhs, relating to dividend of Rs. 24,722.77 Lakhs declared by them.

12. Cumulative Compulsorily Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid up.

13. Schedule to the Balance Sheet of a non-deposit taking Non-Banking Financial Company (as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2015.

14. "The Company has obtained the Certificate of Registration from the RBI as a Non-Banking Financial Institution - Core Investment Company (NBFC-CIC) on September 11,2013 under Section 45-IA of the Reserve Bank of India Act, 1934

15. Previous year figures have been regrouped/ reclassified wherever necessary.


Mar 31, 2014

1 Notes on Financial Statements

1.1 Stock Options Scheme

a) In respect of stock options granted pursuant to Company''s Stock Options Scheme, the intrinsic value of the options (excess of market price of the share over the exercise price of the option) is treated as discount and accounted as employee compensation over the vesting period.

b) The grant of options to the employees under the Stock Option Schemes is on the basis of their performance and other eligibility criteria. The options are vested over a period of 4 years in ratio of 15%, 20%, 30% and 35% respectively from the date of grant, subject to the discretion of the Management and fulfillment of certain conditions.

c) Options can be exercised anytime within a period of 7 years from the date of grant and would be settled by way of equity. Management has discretion to modify the exercise period.

d) The details of the grants under the aforesaid schemes are summarised below:

e) During the year, the Company has recovered Rs. 149.43 Lakh (previous year Rs. 302.61 Lakh) from its subsidiary companies towards the stock options granted to their employees, pursuant to the employee stock option schemes.

f) Total carrying amount of liabilities arising from employee share-based payment plans as on March 31, 2014 is Rs. 975.27 Lakh (previous year: Rs. 927.23 Lakh), including Rs. 254.89 Lakh (previous year : Rs. 135.80 Lakh) for which the options have vested to employees as on March 31, 2014.

g) Weighted average fair values of option granted during the year is Rs. 34.53 (previous year: Rs. 15.37) per Option.

1.2 Disclosure pursuant to Accounting Standard (AS) 15 Revised "Employee Benefits" :

i) Defined Contribution Plans :

Amount of Rs. 183.82 Lakh (previous year Rs. 37.51 Lakh) is recognized as an expense and included in employee benefits expenses in the Statement of Profit and Loss.

1.3 Segment Reporting : Accounting Standard – 17

The Company operates mainly in the business segment of investment activity. Further, all activities are carried out within India. As such, there are no separate reportable segments as per the provisions of Accounting Standard (AS) 17 on ''Segment Reporting''.

1.4 Related Party Disclosures: Accounting Standard - 18 a. List of Related Parties and Relationships

A. Holding Company

1. Larsen & Toubro Limited

B. Subsidiary Companies

1. L&T Finance Limited

2. L&T Infrastructure Finance Company Limited

3. L&T FinCorp Limited

4. L&T Vrindavan Properties Limited (formerly: L&T Unnati Finance Limited)

5. L&T Access Distribution Services Limited (formerly: L&T Access Financial Advisory Services Limited)

6. L&T Investment Management Limited

7. L&T Mutual Fund Trustee Limited

8. L&T Infra Investment Partners Advisory Private Limited

9. L &T Infra Investment Partners Trustee Private Limited

10. L&T Housing Finance Limited

11. Family Credit Limited

12. L&T Capital Markets Limited

13. L&T Trustee Services Private Limited

14. Consumer Financial Services Limited

15. L&T Infra Debt Fund Limited

16. Mudit Cement Private Limited (w.e.f December 27, 2013)

C. Fellow Subsidiary (with whom Company has undertaken transactions during current or previous year)

1. L&T Capital Company Limited

2. Larsen & Toubro InfoTech Limited

3. L&T Metro Rail (Hyderabad) Limited

4. L&T Infrastructure Development Projects Limited

5. L&T General Insurance Company Limited

D. Associate Company

1. NAC Infrastructure Equipment Limited

2. Feedback Infrastructure Services Private Limited

E. Key Management Personnel

1. Y. M. Deosthalee – Chairman & Managing Director

2. N. Sivaraman – President & Whole-time Director

1.5 The Company has no amounts due to suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March, 2014.

1.6 Expenditure in foreign currency:

For Professional Fees Rs. 189.03 Lakh (previous year Rs. 163.42 Lakh)

For Directors Sitting Fees and commission Rs. 7.45 Lakh (previous year Rs. 4.69 Lakh)

1.7 The Company does not have contingent liability as at 31st March, 2014 except performance guarantee of Rs. 945.00 Lakh (previous year Rs. 945.00 Lakh).

1.8 Exceptional items during the previous year represent profit on sale of investment in Federal Bank Limited amounting to Rs. 23,792.92 Lakh and expenditure of Rs. 220.00 Lakh incurred towards employee cost in connection with acquisition of L&T Fund Management Private Limited (formerly: FIL Fund Management Private Limited).

1.9 During the year, the Company has allotted 1,688,443 equity shares of Rs. 10 each, fully paid up, on exercise of options by employees, in accordance with the Company''s stock option schemes.

1.10 The directors recommend payment of final dividend of Rs. 0.75 per equity share of Rs. 10 each on the number of shares outstanding on the record date. Provision for final dividend has been made in the books of accounts for the 1,718,448,975 equity shares outstanding as at March 31, 2014 amounting to Rs. 12,888.37 Lakh.

1.11 In terms of provision of sub-section 1A of Section 115O of the Income Tax Act, 1961, dividend distribution tax payable by the Company is net of dividend distribution tax paid by its subsidiary companies amounting to Rs. 3,478.41 Lakh, relating to dividend of Rs. 20,467.24 Lakh declared by them.

1.12 The Company, during the current year has issued 25,000,000, 9.00% Cumulative Compulsorily Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid up.

1.13 Schedule to the Balance Sheet of a Non-Banking Financial Company as required by RBI as per their Circular RBI/ 2008-09/ 116 DNBS(PD).CC.No.125/ 03.05.002/ 2008-2009, Guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms:

1.14 "The Company has obtained the Certificate of Registration from the RBI as a Non-Banking Financial Institution - Core Investment Company (NBFC-CIC) on September 11, 2013 under Section 45-IA of the Reserve Bank of India Act, 1934

1.15 Provision for Income Tax for previous year has been made in accordance with Section 115 JB of Income Tax Act, 1961.

1.16 Previous year figures have been regrouped/ reclassified wherever necessary.


Mar 31, 2013

1.1 Stock option scheme

a) In respect of stock options granted pursuant to Company''s Stock Options Scheme, the intrinsic value of the options (excess of market price of the share over the exercise price of the option) is treated as discount and accounted as employee compensation over the vesting period.

b) The grant of options to the employees under the stock option schemes is on the basis of their performance and other eligibility criteria. The options are vested over a period of 4 years in ratio of 15%, 20%, 30% and 35% respectively from the date of grant, subject to the discretion of the Management and fulfillment of certain conditions.

c) Options can be exercised anytime within a period of 7 years from the date of grant and would be settled by way of equity. Management has discretion to modify the exercise period.

d) The details of the grants under the aforesaid schemes are summarised below:

e) During the year, the Company has recovered Rs. 302.61 lakhs (previous year Rs. 434.85 lakhs) from its subsidiary companies towards the stock options granted to their employees, pursuant to the employee stock option schemes.

f) Total carrying amount of liabilities arising from employee share-based payment plans as on March 31, 2013 is Rs. 927.23 lakhs (previous year: Rs. 1,230.07 lakhs), including Rs. 135.80 lakhs (previous year : Rs. 122.41 lakhs) for which the options have vested to employees as on March 31, 2013.

g) Weighted average fair values of options granted during the year is Rs. 15.37 (previous year: Rs. 28.18) per option.

h) The Fair value has been calculated using the Black-Scholes Option Pricing Model and the significant assumptions and inputs to estimate the fair value of options granted during the year are as follows:

1.2 Disclosure pursuant to Accounting Standard (AS) 15 Revised "Employee Benefits" :

i) Defined Contribution Plans :

Amount of Rs. 37.51 lakhs (previous year Rs.154.73 lakhs) is recognised as an expense and included in employee benefit expenses in the Statement of Profit and Loss.

ii) Defined Benefit Plans (Gratuity):

The details of the Company''s post-retirement benefit plans for gratuity for its employees are given below which are certified by the actuary and complied by the Management upon which auditors have relied:

1.3 Segment Reporting : Accounting Standard - 17

The Company operates mainly in the business segment of investment activity. Further, all activities are carried out within India. As such, there are no separate reportable segments as per the provisions of Accounting Standard (AS) 17 on ''Segment Reporting''.

1.4 Related Party Disclosures: Accounting Standard - 18

a. List of Related Parties and Relationships

A. Holding Company

1. Larsen & Toubro Limited

B. Subsidiary Companies

1. L&T Finance Limited

2. L&T Infrastructure Finance Company Limited

3. L&T Fincorp Limited

4. L&T Unnati Finance Limited

5. L&T Access Financial Advisory Services Limited

6. L&T Investment Management Limited

7. L&T Mutual Fund Trustee Limited

8. L&T Infra Investment Partners Advisory Private Limited

9. L &T Infra Investment Partners Trustee Private Limited

10. L&T Housing Finance Limited (Formerly Indo Pacific Housing Finance Limited) (w.e.f. October 9, 2012)

11. Family Credit Limited (w.e.f. December 31, 2012)

12. L&T Capital Markets Limited (w.e.f. February 7, 2013)

13. L&T Fund Management Limited (Formerly FIL Fund Management Private Limited) (w.e.f. November 23, 2012)

14. L&T Trustee Services Private Limited (FIL Trustee Company Private Limited (w.e.f. November 23, 2012)

15. Consumer Financial Services Limited (w.e.f October 9, 2012)

C. Fellow Subsidiary (with whom Company has undertaken transaction during current or previous year)

1. L&T Capital Company Limited

2. Larsen & Toubro Infotech Limited

D. Associate Company

1. NAC Infrastructure Equipment Limited

2. Feedback Infrastructure Services Private Limited (w.e.f. September 28, 2012)

E. Key Management Personnel

1. Y. M. Deosthalee - Chairman & Managing Director

2. N. Sivaraman - President & Whole-time Director

1.5 Operating Lease:

Assets taken on lease:

Lease Payments of Rs. NIL (previous year Rs. 137.45 lakhs) recognised in the Statement of Profit and Loss. The future minimum lease payments in respect of which are as follows:

1.6 The Company has no amounts due to suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2013.

1.7 Expenditure in foreign currency:

For Professional Fees Rs. 163.42 lakhs (previous year Rs. 527.09 lakhs)

For Directors Sitting Fees and commission Rs. 4.69 lakhs (previous year Rs. 0.60 lakhs)

1.8 The Company does not have contingent liability as at March 31, 2013 except performance guarantee of Rs. 945.00 lakhs (previous year Rs. 945.00 lakhs).

1.9 Exceptional items represent profit on sale of investment in Federal Bank Limited amounting to Rs. 23,792.92 lakhs and expenditure of Rs. 220.00 lakhs incurred towards employee cost in connection with acquisition of L&T Fund Management Private Limited (formerly: FIL Fund Management Private Limited).

1.10 During the year, the Company has acquired 100% shareholding in L&T Investment Management Limited and L&T Mutual Fund Trustee Limited from L&T Finance Limited (wholly owned subsidiary) in order to simplify the holding structure and to bring the operational entities directly under L&T Finance Holdings Limited. Consequently, the Company became the sponsor of L&T Mutual Fund.

1.11 During the year, the Company has allotted 1,998,920 equity shares of Rs. 10 each, fully paid up, on exercise of options by employees, in accordance with the Company''s stock option schemes.

1.12 The directors recommend payment of final dividend of Rs. 0.75 per equity share of Rs. 10 each on the number of shares outstanding on the record date. Provision for final dividend has been made in the books of account for the 1,716,760,532 equity shares outstanding as at March 31, 2013 amounting to Rs. 128,75.70 lakhs.

1.13 In terms of provision of sub-section 1A of Section 115O of the Income Tax Act, 1961, dividend distribution tax payable by the Company is net of dividend distribution tax paid by its subsidiary companies amounting to Rs. 2,121.57 lakhs, relating to dividend of Rs. 13,029.11 lakhs declared by them.

1.14 The Company, during the current year has issued 75,000,000, 8.75% Cumulative Compulsorily Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid up.

1.15 The Company had made initial public offer (IPO) during 2011-12. The utilisation of IPO proceeds are as follows:

1.16 Schedule to the Balance Sheet of a Non-Banking Financial Company as required by RBI as per their Circular RBI/ 2008-09/ 116 DNBS(PD).CC.No.125/03.05.002/ 2008-2009, Guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms:

1.17 Schedule to the Balance Sheet of a non-deposit taking Non-Banking Financial Company (as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007

1.18 Provision for Income Tax has been made in accordance with Section 115 JB of Income Tax Act, 1961.

1.19 Previous year figures have been regrouped/ reclassified wherever necessary.


Mar 31, 2012

(I) Terms/rights attached to equity shares

The Company has only one class of equity share having a par value of Rs. 10 per share. Members of the Company holding equity share capital therein have a right to vote on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid-up equity capital of the Company held by the shareholders.

Note No. 1 : Notes on Financial Statements

1.1 Stock options Scheme

a) In respect of stock options granted pursuant to the Company's Stock Options Scheme, the intrinsic value of the options (excess of market price of the share over the exercise price of the option) is treated as discount and accounted as employee compensation over the vesting period.

b) The grant of options to the employees under stock options schemes is on the basis of their performance and other eligibility criteria. The options are vested over a period of 4 years in the ratio of 15%, 20%, 30% and 35% respectively from the date of grant, subject to the discretion of the Management and fulfilment of certain conditions.

c) Options can be exercised any time within a period of 7 years from the date of grant and would be settled by way of equity Management has discretion to modify the exercise period.

e) During the year, the Company has recovered Rs. 434.85 lakhs (previous year Rs. 122.59 lakhs) from its subsidiary companies towards stock options granted to their employees, pursuant to the employee stock option schemes.

f) Total carrying amount of liabilities arising from employee share-based payment plans as on March 31, 2012 is Rs. 1,230.07 lakhs (previous year: Rs. 846.62 lakhs), including Rs. 122.41 lakhs (previous year: Rs. Nil) for which the options have been vested to employees as on March 31, 2012.

g) Weighted average fair values of options granted during the year is Rs. 28.18 (previous year: Rs. 21.21) per option 22.2 Disclosure pursuant to Accounting Standard (AS) 15 Revised "Employee Benefits" :

i) Defined Contribution Plans:

Amount of Rs. 154.73 lakhs (previous year: Rs. Nil) is recognised as expense and included in personnel expenses in the Statement of Profit and Loss.

ii) Defined Benefit Plans (Gratuity):

The details of the Company's post-retirement benefit plans for gratuity for its employees are given below which are certified by the actuary and relied upon by the auditors:

Since the Company is under an arrangement to join the Group Gratuity Scheme of Life Insurance Corporation of India (LIC) administered by trustees and managed by LIC, the disclosure with regard to movement and investment pattern of planned assets has not been made.

1.2 Segment Reporting: Accounting Standard (AS) -17

The Company operates mainly in the business segment of investment activity. Further, all activities are carried out within India As such, there are no separate reportable segments as per the provisions of Accounting Standard (AS) - 17 on 'Segment Reporting' issued by the Institute of Chartered Accountants of India.

1.3 Related Party Disclosures: Accounting Standard (AS) -18 (a) List of Related Parties and Relationships:

A. Holding Company

1. Larsen & Toubro Limited

B. Subsidiary Companies

1. L&T Finance Limited

2. L&T Infrastructure Finance Company Limited

3. L&T FinCorp Limited (Formerly India Infrastructure Developers Limited)

4. L&T Unnati Finance Limited (Date of incorporation: June 16, 2011)

5. L&T Access Financial Advisory Services Private Limited (Date of incorporation: November 29, 2011)

6. L&T Infra Investment Partners Trustee Private Limited (Date of incorporation : August 12, 2011)

7. L&T Mutual Fund Trustee Limited

8. L&T Investment Management Limited

9. L&T Infra Investment Partners Advisory Private Limited (Date of incorporation: May 30, 2011)

C. Fellow Subsidiary (with whom Company has undertaken transaction during current or previous year) 1. L&T Capital Company Limited

D. Key Management Personnel

1. Y. M. Deosthalee - Chairman & Managing Director

2. N. Sivaraman - President & Whole-time Director

* Includes Rs. 570.33 Lakhs towards provision for variable remuneration and does not include contribution to gratuity fund, pension scheme and provision for compensated absences, since the same is provided on actuarial basis for the Company as a whole.

* Inclusive of Service Tax

1.4 The Company has no amounts due to suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2012.

1.5 During the year, the Company has signed definitive agreements to acquire Indo Pacific Housing Finance Limited and the said acquisition is subject to appropriate regulatory approvals.

1.6 The Company does not have contingent liability as at March 31, 2012 except performance guarantee Rs. 945 lakhs (previous year Rs. Nil).

 
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