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Notes to Accounts of Satin Creditcare Network Ltd.

Mar 31, 2015

1. In the opinion of the Management, amount receivable under Loan contracts are good for recovery unless otherwise stated. An amount of Rs 9,70,65,587.70(Pervious Year —Rs. 9,09,45,042.44) leaden will lach off/ provided financially the opinion of management, the amounts written off as bad debts are not recoverable despite various steps taken by the Company

2. For Provision for Standard/Non Performing Assets, refer Note No.9(2).

3. Estimated against of contract remaining to be executed on capital account and not provided for Rs.306.74 Lacs (Previous Year Rs.401.49Lack).

4. The Company operates in a single reportable segment i e. financing, which has similar risks and returns for the purpose of AS 17 on 'Segment Reporting' specified under section 133 of the Companies Act 2013,read with Rule 7 of the Companies (Accounts) Rules 2014.The Company operates in a single geographical segment i e. domestic.

5. The Company has not discontinued any operations hence there is no profit/loss on this account.

6. Based on the information available with the company, there is no outstanding dues to suppliers registered under "The Micro, Small and Medium Enterprises Development Act 2006 as at 31st March 2015 (Previous year Nil)

7. Additional disclosures as required by the Reserve Bank of India: -

(A) Disclosure as per circular no. RBI/2014-15/299 DNBR(PD) CC. No. 002/03.10.001/2014-15, dated 10th November 2014 issued by RBI are as under:-

(i) Exposures

(a) Exposure lo Real Stale Sector:-NU (Previous Year Nil)

(b) Exposure to Capital Market-Nil (Previous Year Nil)

(ii) Details of financing of parent Company product:-

This disclosure is not applicable as the Company does not have any holding' parent Company.

(iii) Registration obtained from other financial sector regulators:-

The Company is registered with following other financial sector regulators :

(a) Ministry of Corporate Affairs

(b) Ministry of Finance (Financial Intelligence Unit)

(iv) Disclosure of Penalties imposed by RBI & other regulators

The RBI conducted the inspection of the Company during the financial year, their findings have been suitably addressed and replied No penalty has been imposed by RBI and other regulators.

(v) Related party transactions s- Please refer Note No.26(4).

(vi) Rating assigned by credit rating agencies and migration of ratings during the year-

The Company has received a credit rating BBB-
8. With the enactment of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 read with various classifications issued by Ministry of Corporate Affairs, the Company has undertaken activities as per the Corporate Social Responsibility ("CSR") Policy. During the financial year 2014-15, the Company has incurred a sum of Rs. 20,64,260.00 towards corporate social responsible liabilities in accordance with section 135 of the Companies Act 2013.

9. The figures of the previous year have been regrouped / reclassified wherever necessary to make them comparable with the figures of the current year.


Mar 31, 2014

Note No.1

1. Estimated amount of contract remaining to be executed on capital account and not provided for Rs. 401.49 Lacs (Previous Year Rs. 18.83 Lacs).

2. Contingent Liability: On account of guarantees given by the Company:

(Rs.in Lacs)

Particular, As at 31.03.20141 As at 31.03.20131

On account of managed portfolio 3,425.08 2,270.25

Income Tax pending appeal 2.47 -

Total 3,427.55 2,270.25

3. The Company mainly operates in only one segment - Microfmance Loans, hence the Accounting Standards - 17, as notified in Companies (Accounting Standard Rules, 2006) on segment reporting is not applicable to the Company.

4. Related party disclosures in terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India is as follows:

5. Earnings Per Share

In accordance with the Accounting Standard 20 of 'Earnings Per Share' as notified by the Companies (Accounting Standards) Rules, 2006:

6. The Company has not discontinued any operations hence there is no profit/loss on this account.

7. Based on the information available with the company there is no outstanding dues to suppliers registered under "The Micro, Small and Medium Enterprises Development Act 2006" as at 31st March, 2014 (Previous year Nil).

8. Additional disclosures as required by the Reserve Bank of India: -

(a) Disclosure as required by Paragraph 10 of Non Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is as under:

9. The figures of the previous year have been regrouped / reclassified wherever necessary to make them comparable with the figures of the current year.

 
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