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.