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Notes to Accounts of SE Investments Ltd.

Mar 31, 2015

1. Notes:

(1) Related party relationship is as identified by the Company on the basis of information available with them and accepted by the auditors as correct.

(2) No amount has been written off or written back during the year in respect of debt due from or to related parties.

(3) Company has entered into transactions with certain parties as listed above during the year under consideration. Full disclosures have been made and the Board considers such transactions to be in normal course of business and at rates agreed between the parties.

(4) The key management personnel and their relatives have given personal guarantees and collaterals for loans raised by the Company but Company has not provided any guarantee to these persons nor paid any consideration for furnishing such guarantees.

2. Working Capital Borrowings:

During the year, the Company has availed a working capital facility provided by consortium of Nine Bankers in which the Lead Bank is Central Bank of India. This facility is secured by hypothecation of books debts / receivables. The credit facilities are secured by equitable mortgage on office premises and a flat belonging to the Company and equitable mortgage of four commercial properties in the name of the guarantors and personal guarantee of directors and their relatives, and corporate guarantee of the companies who have stood as guarantor. The proportions of the Bankers in the consortium are as follows:

3. Term Loans:

Small Industries Development Bank of India

Term loan assistance secured by hypothecation of book debts, term deposits and equitable mortgage of immovable property in the name of guarantors, Personal guarantee of directors and their relatives, and corporate guarantee of the Company who has stood as guarantor.

4. The Company had not taken any exposure in Derivatives during the financial year 2014-15.

5. Disclosure relating to Securitization:

i) The Company has not done securitization of any of its loans & advances to any organization during the financial year 2014-15 and there is no outstanding as on Balance Sheet date. Also, the Company has not sold its financial assets to any Securitization/Reconstruction Company for Asset Reconstruction. Further the company has not undertaken any assignment transaction during the financial year 2014-15.

ii) The Company has not purchased any non-performing assets (NPAs) from other NBFCs or financial

b) Capital Market Exposure

The company has not taken any exposure in capital market during the financial year 2014-15, and also the inventory of the company as at 31st March 2015 does not contain any exposure to capital market.

c) Details of Single Borrower Limit and Group Borrower Limit exceeded by NBFC

The company has adhered to the Prudential Exposure norms as prescribed by RBI and has not given any advances exceeding the limits as prescribed for Single borrower and Group Borrower.

d) Unsecured Advances

The unsecured advances outstanding as at Balance Sheet date are 7 18152 lacs. The Company does not have any loan or advances which are partially secured against any sort of licenses, rights, authorizations charged to the company.

6. The Company is a listed NBFC ND-SI regulated by RBI, and is not governed by any other financial regulator. The company has never been penalized for any non-compliance.

7. Bank borrowings of the Company has been assigned rating of "Care A-" by CARE Limited which denotes "ADEQUATE SAFETY"

39. Provisions and Contingencies:

(Rs,in Lacs)

Break up ol Provisions and contingencies 2014-15 2013-14

Provisions for depreciation on investment Nil Nil

Provision towards NPA Nil Nil

Provision made towards income tax 2261 2668

Other provision and contingencies (Contingent Liability- Interest Tax Matter) Nil 60.81

Provision for Standard Assets at the Balance Sheet date 246 218

8. The company is consistent in earning profits and paying dividend to its shareholders. There has been no draw down from Reserves during the financial year 2014-15.

9. Concentration of Deposits, Advances , Exposures and NPAs:

a) Concentration of Deposits

The Company has not taken any deposits from public.

d) Concentration of NPAs

Provisioning for Substandard Assets/Doubtful Assets/Loss Assets has been made in compliance with the directions of Reserve Bank of India. As per decision of the Board of Directors in the cases where loan installments are overdue for more than 6 months and management is of the opinion that its recovery chances are very remote or negligible, the Company first treats these overdue and future installments as bad debts and after this treatment the provisioning for non performing assets is made in compliance with Systemically Important Non-Banking financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015, as applicable to the company.

10. The Company is domiciled in India and does not have any joint venture, associate or subsidiary abroad.

11. Off Balance Sheet SPVs sponsored:

The Company has not sponsored off Balance Sheet SPVs.


Mar 31, 2014

Notes Forming Integral Part of the Financial Statements as at 31 st March 2014

1. Contingent Liabilities: (in Rs.) 2013-14 2012-13 Interest Tax matters in appeal 60,81,168 60,81,168

(However Company has already deposited the above amount with Income Tax Authority)

2. No amount is payable to Small Scale Industrial Undertakings. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any relating to amounts unpaid as at the year end together with interest paid/ payable as required under the Act can not be furnished.

3. Figures for the previous year have been regrouped/ rearranged/ reclassified wherever considered necessary.

Notes :

(1) Related party relationship is as identified by the Company on the basis of information available with them and accepted by the auditors as correct.

(2) No amount has been written off or written back during the year in respect of debt due from or to related parties.

(3) Company has entered into transactions with certain parties as listed above during the year under consideration. Full disclosures have been made and the Board considers such transactions to be in normal course of business and at rates agreed between the parties.

(4) The key management personnel and their relatives have given personal guarantees and collaterals for loans raised by the Company but Company has not provided any guarantee to these persons nor paid any consideration for furnishing such guarantees.

4. Term Loans:

A. Small Industries Development Bank of India: Term loan assistance secured by hypothecation of book debts, term deposits and equitable mortgage of immovable property in the name of guarantors, Personal guarantee of directors and corporate guarantee of the Company who has stood as guarantor.

B. Punjab National Bank: Term loan assistance for on lending to small loans clients is secured by hypothecation of book debts arising out of the Bank assistance and personal guarantee of the directors.

Notes:

1. As defined in Paragraph 2(1) (xii) of the Non-Banking financial companies acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank of India) Directions, 2007.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.


Mar 31, 2013

1. Contingent Liabilities:

Interest Tax matters in appeal Rs. 60,81,168 Rs. 49,23,788

2. There are two unclaimed matured deposits amounting to Rs. 1.02 lacs lying with the company as on 31st March 2013.

3. No amount is payable to Small Scale Industrial Undertakings. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the Act can not be furnished.

4. Figures for the previous year have been regrouped/rearranged/reclassifed wherever considered necessary.

5. Working Capital Borrowings

A. punjab National bank: The facilities from Punjab National Bank are secured by hypothecation of book debts pertaining to advances. The credit facilities are secured by equitable mortgage of two offce premises and a fat belonging to the Company and equitable mortgage of one house and one shop belonging to a Director and his wife, and three commercial buildings and land and two fats in the name of the guarantors and personal guarantee of directors and corporate guarantee of the companies who have stood as guarantor.

B. bank of India: The facilities from Bank of India, is secured by hypothecation of book debts pertaining to advances. The credit facilities are secured by equitable mortgage of offce premises in the name of the guarantor, personal guarantee of directors and corporate guarantee of the company who have stood as guarantor.

C. uCO bank: The facilities from UCO Bank, is secured by hypothecation of book debts pertaining to advances. The credit facilities are secured by equitable mortgage of fat in the name of the guarantor, personal guarantee of directors and corporate guarantee of the company who have stood as guarantor.

D. united bank of India: The facilities from United Bank of India, is secured by hypothecation of book debts pertaining to advances. The credit facilities are secured by equitable mortgage of commercial building in the name of the guarantor, personal guarantee of directors and corporate guarantee of the company who have stood as guarantor and cash collateral given by the company.

E. Corporation bank: The facilities from Corporation Bank, is secured by hypothecation of book debts pertaining to advances. The credit facilities are secured by equitable mortgage of immovable properties in the name of the guarantors, personal guarantee of directors and corporate guarantee of the companies who have stood as guarantor.

F. Central bank of India: The facilities from Central Bank of India is secured by hypothecation of Book Debts pertaining to advances. The credit facilities are secured by equitable mortgage of property in the name of guarantor, personal guarantee of the directors and corporate guarantee of the company who have stood as guarantor and cash collateral given by the company.

6. Term Loans

A. Small Industries Development Bank of India: Term loan assistance secured by hypothecation of book debts, term deposits and equitable mortgage of immovable property in the name of guarantors, Personal guarantee of directors and corporate guarantee of the Company who has stood as guarantor and cash collateral given by the company.

B. reliance Capital Limited: Term loan assistance is secured by hypothecation of book debts, personal guarantee of two directors and cash collateral given by the Company.

C. punjab National bank: Term loan assistance is secured by hypothecation of book debts arising out of the Bank assistance and personal guarantee of the directors.

D. Central bank of India: The term loan facility from the Bank is secured by exclusive charge on receivables fnanced by the Company and is secured by lien on deposit, Equitable Mortgage of land belonging to the guarantor, personal guarantee of directors of the Company and Corporate guarantee of the company who has stood as guarantor.

E. Syndicate bank: Term loan assistance is secured by hypothecation of book debts pertaining to advances and personal guarantee of the directors and cash collateral given by the company.

F. ICICI bank Ltd.: Term loan assistance for on lending to micro fnance clients is secured by hypothecation of book debts and personal guarantee of the directors. terms of repayment of the above mentioned loan is monthly except Central Bank of India.

7. Assignment details

A. hDfC bank: Assignment transactions are secured by hypothecation of book debts, Cash collateral given by Company in the form of FDR and personal Guarantee given by the directors of the Company.

B. punjab National bank: Assignment transactions are secured by hypothecation of book debts, cash collateral given by Company in the form of FDR and personal guarantee given by the Directors of the Company.

C. reliance Capital Limited: Assignment transactions was secured by hypothecation of book debts, personal guarantee of directors and cash collateral given by the Company.

D. uCO bank Ltd: Assignment transactions are secured by hypothecation of book debts, Cash collateral given by Company in the form of FDR.

E. fullerton India Credit Company Ltd: Assignment transactions was secured by hypothecation of book debts, Cash collateral given by Company in the form of FDR and Personal Guarantee of the director of the Company.

E. Development Credit bank Ltd. : Assignment transactions are secured by hypothecation of book debts, cash collateral given by Company in the form of FDR and Personal Guarantee given by the director of the Company.

Terms of repayment of the above mentioned assignments are monthly.

8. The company has made provision of tax on its declared dividend after adjusting the amount of dividend received from its wholly owned subsidiary, M/s Nupur Finvest Pvt. Ltd.


Mar 31, 2012

Current Year Previous Year 31/03/2012 31/03/2011

1. Contingent Liabilities:

Interest Tax matters in appeal Rs. 4,923,788 Rs. 4,923,788

2. There are no unclaimed matured deposits lying with the company as on 31st March, 2012.

3. No amount is payable lo Small Scale Industrial Undertakings. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any relating to amounts unpaid as at the yearend together with interest paid/payable as required under the Act cannot be furnished.

4. During the year the Company has sold by way of assignment 3675 cases of loan contract to the Scheduled Banks and Non Banking Financial Companies amounting to Rs. 8,731 lacs.

5. Figures for the previous year have been regrouped/rearranged/reclassified wherever considered necessary.

6. Disclosure of related party transaction

A. Wholly owned Subsidiary Nupur Finvest Pvt. Ltd.

B. List of related parties and relationship

RELATED PARTY (RELATION)

Key Managerial Personnel

Mr. Sunil Agarwal (Managing Director)

Mr. Harish Singh (Executive Director)

Mr. Sachin Agarwal (Whole Time Director)

Mr. Purushottan Agrawal (Director)

Relative of KMP

Mrs. Raj Agarwal (wife of Mr. Purushottam Agrawal)

Mrs. Neetu Agarwal (wife of Mr. Sunil Agarwal)

Mrs. Shikha Agarwal (wife of Mr. Sachin Agarwal)

Mrs. Preeti Chauhan (wife of Mr. Harish Singh)

Mrs. Sushila Devi Chauhan (Mother of Mr. Harish Singh)

C. Enterprises over which significant influence exercised by key Managerial Personnel/Relatives of Key Managerial Personnel.

1. Siyaram Motors Pvt. Ltd.

2. Spring Infradev Ltd.

3. Siyaram Infrastructure Pvt. Ltd.

4. Helios Aviation Pvt. Ltd.

5. Spring Education Venture Pvt. Ltd.

6. S. E. Micro Housing Finance Ltd.

7. Spring Resorts Pvt. Ltd.

8. Spring Communication Pvt. Ltd.

9. Natansh Pvt. Ltd.

10. Ujala Securities Pvt. Ltd.

11. Deepesh Consultancy Pvt. Ltd.

12. Stellar Constellation Pvt. Ltd.

13. Blessing Builders Pvt. Ltd.

14. Eastern Star Infradev Pvt. Ltd.

15. Asset# Infrahomes LLP

16. Athens Computer Technologies Pvt. Ltd.

17. S. E. Homefin Pvt. Ltd.

18. S. E. Power Ltd.

19. Stellar Spring Projects Pvt. Ltd.

20. Baba Herbals Pvt. Ltd.

21. Aradhna Infradev Pvt. Ltd.

22. Balram Retails Pvt. Ltd.

23. Agrim Marketing Pvt. Ltd.

24. Gajodhari Chemicals Pvt. Ltd.

25. Bhavya Electronics and Networks Pvt. Ltd.

26. Diamond Infradev Pvt. Ltd.

27. Shri Radhey Govind Infradev Pvt. Ltd.

28. Aerotech Aviation India Pvt. Ltd.

29. Mor Mukut Infradev Pvt. Ltd.

30. Aerotech Aviation India Pvt. Ltd.

31. Siyaram Shelters Pvt. Ltd.

32. Spring Trading Pvt. Ltd.

33. Aanjneya Motor Pvt. Ltd.

34. Osprey E-Commerce Pvt. Ltd.

35. Dauji Infradev Pvt. Ltd.

36. RNR Infosolution Pvt. Ltd.

37. Aanjneya Vayusutra Pvt. Ltd.

38. Sake Buildcon Pvt. Ltd.

39. P. N. Agarwal & Sons

40. Sunil Agarwal HUF

41. Sachin Agarwal HUF

42. Harish Singh HUF

Notes :

(1) Related party relationship is as identified by the Company on the basis of information available with them and accepted by the auditors as correct.

(2) No amount has been written off or written back during the year in respect of debt due from or to related parties.

(3) Company has entered into transactions with certain parties as listed above during the year under consideration. Full disclosures have been made and the Board considers such transactions to be in normal course of business and at rates agreed between the parties.

(4) The key management personnel and their relatives have given personal guarantees and collaterals for loans raised by the Company but Company has not provided any guarantee to these persons nor paid any consideration for furnishing such guarantees.

7. Working Capital Borrowings

A. Punjab National Bank: The facilities from Punjab National Bank are secured by hypothecation of book debts pertaining to advances. The credit facilities are secured by equitable mortgage of two office premises and a flat belonging to the Company and equitable mortgage of one house and one shop belonging to a Director and his wife, and three commercial buildings and land and two flats in the name or the guarantors and personal guarantee of directors and corporate guarantee of the companies who have stood as guarantor.

B. Bank of India: The facilities from Bank of India, is secured by hypothecation of book debts pertaining to Microfinance business. The credit facilities are secured by equitable mortgage of office premises in the name of the guarantor, personal guarantee of directors and corporate guarantee of the company who have stood as guarantor.

C. AXIS Bank Ltd.: The overdraft facilities from AXIS Bank are secured.

8. Term Loans

A. Small Industries Development Bank of India: Term loan assistance secured by hypothecation of book debts, term deposits and equitable mortgage of immovable property in the name of guarantors, Personal guarantee of directors and corporate guarantee of the Company who has stood as guarantor.

B. Reliance Capital Limited: Term loan assistance is secured by hypothecation of book debts, personal guarantee of two directors and cash collateral given by the Company.

C. Punjab National Bank: Term loan assistance for on lending to micro finance clients is secured by hypothecation of book debts arising out of the Bank assistance and personal guarantee of the directors.

D. Central Bank of India: The term loan facility from the Bank is secured by exclusive charge on receivables of SME's, Micro Finance and Priority Sector financed by the Company and is secured by lien an deposit, Equitable Mortgage of land belonging to the guarantor, personal guarantee of directors of the Company and Corporate guarantee of the company who has stood as guarantor.

E. Syndicate Bank: Term loan assistance is secured by hypothecation of book debts pertaining to micro finance and business loans and personal guarantee of the directors.

F. United Bank of India: The term loan facility from the Bank is secured by exclusive charge on book debts and is secured by cash collateral given by Company in the form of FDR, Equitable Mortgage of land belonging to the guarantor, personal guarantee of directors of the Company and Corporate guarantee of the company who has stood as guarantor.

G. ICICI Bank Ltd.: Term loan assistance for on lending to micro finance clients is secured by hypothecation of book debts and personal guarantee of the directors.

Terms of Repayment of the above mentioned loan is monthly except BOI, UBI and CBI.

9. Assignment details

A. HDFC Bank:- Assignment transactions are secured by hypothecation of book debts. Cash collateral given by Company in the form of FDR and personal Guarantee given by the directors of the Company.

B. IClCI Bank.:- Assignment transactions are secured by hypothecation of book debts pertaining to micro finance. Cash collateral given by Company in the form of FDR and Personal Guarantee given by the directors of Company.

C. Punjab National Bank:- Assignment transactions are secured by hypothecation of book debts pertaining to micro finance, cash collateral given by Company in the form of FDR and personal guarantee given by the Directors of the Company.

D. Reliance Capital Limited:- Assignment transactions are secured by hypothecation of book debts, personal guarantee of directors are collateral given by the Company.

E. Development Credit Bank:- Assignment transactions are secured by hypothecation of book debts pertaining to micro finance. Cash collateral given by Company in the form of FDR and Personal Guarantee given by the director of the Company.

F. Nupur Finest Pvt. Ltd.:- Alignment transactions are secured by hypothecation of book debts pertaining to micro finance and personal guarantee given by the Directors of the Company.

G. Fullerton India Credit Company Ltd.:- Assignment transactions are secured by hypothecation of book debts pertaining to micro finance, cash collateral given by Company in the form of FDR and Personal Guarantee given by the Directors of the Company.

H. UCO Bank Ltd.:- Assignment transactions are secured by hypothecation of book debts. Cash collateral given by Company in the form of FDR and Personal Guarantee of the director of the Company.

Terms of Repayment of the above mentioned assignments are monthly.

10. The Scheme of Arrangement under section 391-394 of the Companies Act, 1956 (the scheme) to transfer Non-Conventional Energy Division of S. E. Investments Ltd. (SEIL) on going concern basis to S. E. Power Ltd., (SEPL) w.e.f. 30th Sep., 2010. The appointed date has become effective on 21st Dec., 2011 on getting requisite approval and completion of necessary formalities.

All the assets and liabilities of the Non-Conventional Energy Division of the Company, on the appointed date, have been transferred to SEPL. The excess of assets over liabilities relating to Non Conventional Energy Division has been adjusted in terms of Scheme against the General Reserve of the Company for the amount Rs. 4,063.72 Lacs.

The effect of Demerger pursuant to Scheme sanctioned by the Hon'ble Delhi High Court with Appointed and Effective date has been given during the current financial year and the incorporation has been done in above financial statements as decided by the Management in consultation with Statutory Auditors.

11. Due to demerger of Non Conventional Energy Division there is only one segment left i.e. Finance Activities. Hence Segment Reporting is not applicable.

Notes:

1. As defined in Paragraph 2(1) (xiii) of the Non-Banking financial companies acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank of India) Directions, 2007.

3. All Accounting Standards and Guidance Notes Issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.

 
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