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Notes to Accounts of SRG Housing Finance Ltd.

Mar 31, 2015

1 Related Party Disclosures : Disclosures as required by the accounting standard 18 of ICAI in re- spect of related party transactions for the year ended on 31/03/2015 :-

The related parties of the Company with whom the Company had carried out transactions are as follows.

Mr. Vinod K Jain, Managing Director Vinod Jain HUF

The nature and volume of transactions with the above related parties during the year were as follows:

Directors Remuneration- (Salary) Rs. 35.10 Lakh (Previous year Rs 25.50 Lakh)

Office Rent Rs. 2.78 Lakh (Previous year Rs 2.25 Lakh)

2 In the opinion of management the current assets and advances are approximately of the value as stated. If realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are adequate and not in excess / shortage of the amount reasonably necessary.

3 None of the employees were getting more than Rs. 60,00,000/-p.a. or 5,00,000/p.m. during the year.

4 All the balances of Sundry Creditors, Loans and Advances are subject to confirmation.

5 The previous year figure have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.

6 The Company have complied all the prudential norms prescribed by National Housing Bank on income recognition , accounting standards, assets classification , provisions for Bad & doubtful debts , capital adequacy and credit / investment Concentration .

7 The company does not have any exposure in foreign currency at the year end.

8 The Company is engaged in the business of providing loans for purchase, construction, repairs and renovation. etc. of houses to Individuals, Corporate Bodies, Builders and Co-operative Housing Societies and or loan against properties and has its operations within India. Accordingly, 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 / notified under the Companies (Accounting Standards) Amendment Rules, 2011.

9 As per the provisions of new Companies Act, 2013 ( Act), the Company has applied the new rates of depreciation based upon the useful life of fixed assets specified in Part C of schedule II of the Act.

During the Current year , the Company has revised remaining useful lives of certain fixed as speci- fied in Part C of schedule II of the Act, accordingly, the carrying value of fixed assets as on 1st April,2014 has been depreciated over the revised remaining useful lives. As a result of this change, the net depreciation charge for the year ended on 31st March, 2015 is higher by Rs.3.25 Lakh as compared to provisions if made under earlier companies Act. Further , an amount of Rs.0.28 Lakh representing the carrying value of assets , whose remaining useful life is NIL, as at 1st April,2014 has been charged to opening balance of retained earnings as per the transitional provision pre- scribed in note 7(b) of part c Schedule II of the Companies Act, 2013.

10. National Housing Bank (NHB) vide its circular no NHB(ND)DRS/Policy circular 62/2014 dated 27th May 2014 directed Housing Finance Companies to provide for deferred tax liability in respect of the balance in the Special reserve created under section 36(i)(viii) of the Income Tax Act,1961 further NHB vide its pol- icy circular dated 22nd August 2014, has clarified that such contingent deferred tax liability in respect of opening balance in the Special Reserve as at 1st April,2014 may be created by adjusting the opening re- serves of the Company over a period of three years . Accordingly, Company has adjusted its opening gen- eral reserve as at 1st April, 2014 with an amount of Rs.4.24 Lakhs as contingent deferred tax liability and the unamortized amount against the same is Rs.12.72 Lakhs.

The contingent deferred tax liability of Rs 6.97 Lacs in respect of the amount appropriated to Special Re- serve during the year ended on 31st March, 2015 has been charged to Statement of Profit & Loss and de- ferred tax liability on Special reserve created under section 36(i)(viii) of the Income Tax Act,1961 has been created as per NHB Direction. For comparability, DTL charged to statement of Profit & Loss has been separately disclosed in the above a/c.

11. Notes on Financial statements 1to32 are annexed and forming part of the Balance Sheet and Profit & Loss account.


Mar 31, 2014

1. RESERVE AND SURPLUS

* As per section 29C of the NHB Act, 1987, the company is required to transfer at least 20% of its net profit every year to a reserve before any dividend is declared.For this purpose any Special Reserve created by the Company under section 36 (1] (VIII] of The income Tax Act,1961 is considered to be an elegible transfer. The Company has transferred an amount of Rs.24.00 Lacs (Previous Year Rs. 12.70 Lacs] to special reserve in terms of Section 36 (1] (Viii] of the the income Tax Act, 1961. The Company doesn''t anticipate any withdrawl from special reserve in forseeable future.

2. LONG TERM BORROWINGS :

(Secured against Hypothecation of Advances (Book-Debts] an, irrevocable power of attorney in favor of bank to create mortgage / hypothecation charge in favor of bank over the specific assets and to collect the book debts directly from individual borrowers in the event of default by the company and personal guarantee of the director] Term Loan-1 Rs 400.00 Lacs -Repayable in 54 months @ Rs.7.50 lacs for 53 months and last installment being 2.50 lacs. Outstanding at the year end Rs. 290.70 lacs Term Loan-2 Rs 1250.00 Lacs -Repayable in 54 months @ Rs.23 lacs for 53 months and last installment being 31 lacs. Outstanding at the vear end Rs.1261.58 lacs.

3. SHORT TERM BORROWINGS :

(Secured against Hypothecation of Advances (Book-Debts] an, irrevocable power of attorney in favor of bank to create mortgage / hypothecation charge in favor of bank over the specific assets and to collect the book debts directly from individual borrowers in the event of default by the company and personal guarantee of the director]

4. Related Party Disclosures : Disclosures as required by the accounting standard 18 of ICAI in respect of related party transactions for the year ended on 31/03/2014:-

Key Managerial Personnel (KMP) on the Board Mr. Vinod K Jain, Managing Director

Particulars of Related Party Transactions:-

Directors Remuneration- (Salary] Rs. 25.50 Lakh (Previous year Rs 13.00 Lakh)

Office Rent Rs. 2.25Lakh (Previous year Rs2.05 Lakh)

5. In the opinion of management the current assets and advances are approximately of the value as stated. If realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are adequate and not in excess/shortage of the amount reasonably necessary.

6. None of the employees were getting more than Rs. 60, 00,000/-p.a. or 5, 00,000/p.m. during the year.

7. All the balances of Sundry Creditors, Loans and Advances are subject to confirmation.

8. The previous year figure have been regrouped/reclassified, wherever necessary to confirm to the current year presentation.

9. The Company have complied all the prudential norms prescribed by National Housing Bank on income recognition , accounting standards, assets classification , provisions for Bad & doubtful debts , capital adequacy and credit/ investment Concentration.

10. The Company is engaged in the business of providing loans for purchase, construction, repairs and renovation, etc. of houses to Individuals, Corporate Bodies, Builders and Co-operative Housing Societies and or loan against properties and has its operations within India. Accordingly, 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/notified under the Companies (Accounting Standards] Amendment Rules, 2011.

11. NHB vide its letter dated 09.04.2014 has levied under section 52A of the National Housing Bank Act,1987 a penalty of Rs 5000/- ( Rupees Five thousand], which has been paid by the company, in relation to section 29C of the National Housing Bank Act 1987 on the company for the year 2012-13.

12. As required by the revised guidelines dated 11th October, 2010 by NHB read with additional requirements/guidelines with reference to the interpretation of various terms/ classifications.


Mar 31, 2013

1. In the opinion of management the current assets and advances are approximately of the value as stated. If realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are adequate and not in excess / shortage of the amount re asonably necessary.

2. None of the employees were getting more than Rs. 60, 00,000/ -p.a. or 5, 00,000/p.m. during the year.

3. All the balances of Sundry Creditors, Loans and Advances are subject to confirmation.

4. The previous year figure have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.

5. The Company have complied all the prudential norms prescribed by National Housing Bank on income recognition, accounting standards, assets classificat ion, provisions for Bad & doubtful debts, capital adequacy and credit / investment Concentration.

 
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