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Notes to Accounts of Sahara Housingfina Corporation Ltd.

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, 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.

 
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