Mar 31, 2018
Annexure 1: Reconciliation of Equity as on 31 March 2017
Foot Note |
Previous GAAP (as per published result) |
Adjustments |
Ind AS |
|
ASSETS |
(in Rs.) | |||
Non-Current Assets |
||||
Property Plant and Equipment |
44,569 |
44,569 |
||
Financial Assets |
||||
(a) Receivables under financing activity |
84,461 |
84,461 |
||
(b) Investments |
2 |
340,171 |
141,198 |
481,369 |
(c) Other financial assets |
||||
Long term loans and advances |
47,405,445 |
17,208 |
47,422,653 |
|
Other non-current assets |
3 |
|||
47,790,185 |
242,867 |
48,033,052 |
||
Current Assets |
||||
Inventories |
||||
Financial Assets |
||||
(a) Receivables under financing activity |
||||
(b) Trade receivables |
4 & 5 |
|||
(c) Investment |
||||
(e) Cash and Cash Equivalents |
75,364,787 |
75,364,787 |
||
(f) Other financial assets |
||||
Current Tax Assets |
||||
Other current assets |
3 |
103,740 |
(103,740) |
|
75,468,527 |
(103,740) |
75,364,787 |
||
Total Assets |
123,258,712 |
139,127 |
123,397,839 |
|
Equity Share Capital |
100,000,000 |
100,000,000 |
||
Other Equity |
||||
Retained Earnings |
3,4,5,6,7,8, 10, 11 & 12 |
(1,336,718,195) |
141,198 |
(1,336,576,997) |
FVTOCI Reserve |
2,10 & 12 |
|||
Total Equity |
(1,236,718,195) |
141,198 |
(1,236,576,997) |
|
Financial Liabilities |
||||
(a) Borrowings |
3 |
1,298,515,510 |
1,298,515,510 |
|
(b) Trade Payables |
30,950,097 |
30,950,097 |
||
(c) Other financial liabilities |
633,090 |
633,090 |
||
Long Term Provisions |
16 |
253,584 |
253,584 |
|
Other Long Term Liabilities |
17 |
|||
1,329,719,191 |
633,090 |
1,330,352,281 |
||
Financial Liabilities |
||||
(a) Borrowings |
||||
(b) Trade Payables |
748,715 |
748,715 |
||
Short Term Provisions |
16a |
2,069 |
(2,069) |
|
Other Current Liabilities |
29,506,932 |
(633,090) |
28,873,842 |
|
30,257,716 |
(635,159) |
29,622,557 |
||
Total Liabilities |
1,359,976,907 |
(2,069) |
1,359,974,838 |
|
TOTAL EQUITY AND LIABLITIES |
123,258,712 |
139,129 |
123,397,840 |
Annexure 2: Reconciliation of Equity as on 1 April 2016 (Date of transition to Ind-AS)
(in Rs.)
Foot Note |
Previous GAAP (as per published result) |
Adjustments |
Ind AS |
|
ASSETS |
||||
Non-Current Assets |
||||
Property Plant and Equipment |
65,791 |
65,791 |
||
Financial Assets |
||||
(a) Receivables under financing activity |
162,774 |
162,774 |
||
(b) Investments |
2 |
279,349 |
101,565 |
380,914 |
(c) Other financial assets |
||||
Long term loans and advances |
48,969,684 |
(48,969,684) |
||
Deferred tax assets - MAT Credit |
||||
Other non-current assets |
47,008,869 |
47,008,869 |
||
49,314,824 |
(1,696,476) |
47,618,348 |
||
Current Assets |
||||
Financial Assets |
||||
(a) Receivables under financing activity |
||||
(b) Trade receivables |
4&5 |
|||
(c) Investments |
||||
(e) Cash and Cash Equivalents |
57,921,883 |
1,065,935 |
58,987,818 |
|
(f) Other financial assets |
414 |
414 |
||
Current Tax Assets |
||||
Other current assets |
1,172,560 |
(1,172,560) |
||
59,094,443 |
(106,211) |
58,988,232 |
||
Total Assets |
108,409,267 |
(1,802,687) |
106,606,581 |
|
EQUITY AND LIABILITIES |
||||
Equity |
||||
Equity Share Capital |
100,000,000 |
100,000,000 |
||
Other Equity |
||||
Retained Earnings |
3, 4, 5, B, 7, 8, 10.11&12 |
(1,224,228,544) |
101,565 |
(1,224,126,979) |
FVTOCI Reserve |
2,10 &12 |
|||
Total Equity |
(1,124,228,544) |
101,565 |
(1,124,126,979) |
|
Non-Current Liabilities |
||||
Financial Liabilities |
||||
(a) Borrowings |
3 |
1,170,014,410 |
1,170,014,410 |
|
(b) Trade Payables |
30,950,097 |
30,950,097 |
||
(c) Other financial liabilities |
633,090 |
633,090 |
||
Long Term Provisions |
223,236 |
2,826 |
226,062 |
|
1,201,187,743 |
635,916 |
1,201,823,659 |
||
Current Liabilities |
||||
Financial Liabilities |
||||
(a) Borrowings |
||||
(b) Trade Payables |
796,165 |
796,165 |
||
Short Term Provisions |
8 |
5,118 |
(5,118) |
|
Other Current Liabilities |
30,648,781 |
(2,535,052) |
28,113,729 |
|
31,450,064 |
(2,540,170) |
28,909,894 |
||
Total Liabilities |
1,232,637,807 |
(1,904,254) |
1,230,733,553 |
|
TOTAL EQUITY AND LIABLITIES |
108,409,263 |
(1,802,689) |
106,606,574 |
Annexure 3: Reconciliation of profit or loss for the year ended 31 March 2017
Foot Note |
Previous GAAP |
Adjustments |
Ind AS |
|
Revenue from Operations |
||||
Interest on housing loan |
5&9 |
6,648,122 |
6,648,122 |
|
Other Income |
6 |
3,836,323 |
12,204,639 |
16,040,962 |
Total Income |
10,484,445 |
12,204,639 |
22,689,084 |
|
Expenses |
||||
Employee Benefits Expense |
10&11 |
1,099,286 |
1,099,286 |
|
Depreciation and Amortisation Expense |
19,973 |
19,973 |
||
Provisions and loan losses |
(12,162,567) |
12,162,567 |
||
Finance Costs |
3&7 |
131,601,100 |
131,601,100 |
|
Other Expenses |
4&5 |
2,416,308 |
2,416,308 |
|
Total Expense |
122,974,100 |
12,162,567 |
135,136,667 |
|
Profit Before Exceptional Items and Tax |
(112,489,655) |
42,072 |
(112,447,583) |
|
Exceptional Items |
||||
Profit Before Tax |
(112,489,655) |
42,072 |
(112,447,583) |
|
Income Tax |
||||
- Current Year |
||||
- Adjustment of tax relating to earlier years |
||||
- Deferred Tax (Net) |
12 |
|||
Profit for the year (I) |
(112,489,655) |
42,072 |
(112,447,583) |
|
Other Comprehensive income: |
||||
Items not to be reclassified to profit or loss in subsequent periods: |
||||
Re-measurement gains and (losses) on defined benefit obligations (net) |
10 |
|||
Income tax effect |
||||
Total (a) |
||||
Items that may be reclassified to profit or loss in subsequent periods: |
2 |
|||
Debt Instruments through OCI |
12 |
|||
Income Tax Effect on the same |
||||
Total (b) |
||||
Other comprehensive income/doss) for the year, net of tax (A B) (ll) |
||||
Total comprehensive income for the year, net of tax (I II) |
(112,489,655) |
42,072 |
(112,447,583) |
Mar 31, 2015
Rs in lacs
Particulars As on As on
31.03.2015 31.03.2014
(A) Contingent Liabilities
Income tax department has raised
a demand for the assessment year 1999-00 432.00 432.00
against company had filed
appeal before High Court Madras
Income tax department has
raised a demand for the
assessment year 2005-06 - 19.02
against company had filed
appeal before CIT 432.00 451.02
1. loans excepting those loans classified as doubtful pursuant to the
prudential norms of NHB are considered good and recoverable. The
housing loans are secured by equitable mortgage of property and/or
other securities to the extent of Rs.86,508,898/- and loans amounting
to Rs.634,924/- are unsecured as on 31.03.2015. Classification of
housing loans and provisions made for Non-Performing assets are given
below.
2. The company continues to receive financial support from its
promoter, Indian Bank. Though the company has suspended making fresh
lending since the year 2000 it is complying with all the provisions and
regulations stipulated by National Housing Bank. Presently the company
is focusing on recovery of housing loan as per the terms of the
agreement entered with the borrowers and other loans which are under
litigation. The company was notified as a 'financial institution' under
the SARFAESI Act on 2006 which is helping the company to speed up the
recovery process.
3. The company has ready access to financial resources from the parent
Bank, and its ability to continue in the future simply requires only
policy decision without any further infrastructure at additional cost.
4. Accordingly, these financial statements have been prepared on a
going concern assumptions.
5 The only business activity of the company is housing finance and
hence no segment reporting has been done.
6 The unabsorbed depreciation and carry forward losses eligible for
set-off against future taxable income have not been considered as
deferred tax asset on the ground of virtual uncertainty.
7 There are no related party relationship/transactions requiring
disclosure as per the relevant accounting standard
8 In respect of term loan taken from Indian Bank the company has given
an undertaking to the Bank not to sell, dispose off, charge or
otherwise alienate any of its fixed and liquid assets without the prior
consent of the Bank so long as the Company's liabilities to the Bank
has not been fully repaid.
9 The Income Tax Department has sent a demand notice for Rs.4.32
crores for the assessment year 1999-00 including interest. The demand
is raised by considering the income on non-performing assets on accrual
basis which, as per the NHB directives, could not be recognised as
income. The Company has contested the demand and the matter is pending
before the Madras High Court.
The Demand adjusted by the Income Tax Department against the refund of
Interest tax and the interest thereon along with the Income tax refund
claims for subsequent years amounting to Rs.4.83 cr is reflected under
Long Term Loans & Advances and are subject to reconciliation with the
Income Tax Department.
10 The company has been maintaining 100% amount for the outstanding
overdue deposit amount to Rs.6.33 lakhs. But NHB pointed out that it
has not maintained liquid assets in Govt Securities as required u/s
29B(1) of NHB Act and imposed a penalty of Rs.5694/- and the same was
paid by the company.
11 The Company has repaid all the deposit accepted from public except
to the extent of Rs.6.33 Lacs, which represents the deposits matured
but withheld as Central Bureau of Investigation Anti-Corruption Branch,
Shastri Bhavan, Chennai has given direction not to release till the
disposal of the pending cases.
12 Managing Director of the company is on deputation from Indian Bank
and is drawing remuneration from Indbank Merchant Banking Services Ltd
as President of that company. Hence no remuneration is paid by this
company.
14 Term Loan III from Indian Bank is secured by ICDs, which are
considered doubtful and fully provided for in the accounts.
15 Trade payable classified under Long Term Liabilities represents
amount due to Indian bank towards reimbursement of expenses and rent on
corporate office premises.
16 Previous year figures have been regrouped wherever necessary to
conform to current year's presentation.
17 The figures in this balance sheet and Profit and Loss Accounts have
been rounded off to the nearest rupees.
Mar 31, 2014
(In Rs.)
Particulars AS on 31.03.2014 As on 31.03.2013
(A) ContIngent LIabIlItIes
Income tax department has raised
a demand for the 432.00 432.00
assessment year 1999-00 against
company had filed appeal before High
Court Madras
Income tax department has raised a
demand for the 19.02 19.02
assessment year 2005-06 against company
had filed appeal before CIT
451.02 451.02
a) Housing loans excepting those loans classified as doubtful pursuant
to the prudential norms of NHB are considered good and recoverable. The
housing loans are secured by equitable mortgage of property and/or
other securities to the extent of Rs.95,102,339/- and loans amounting
to Rs.634,924/- are unsecured as on 31.03.2014. Classification of
housing loans and provisions made for Non Performing assets are given
below.
b) The company has stopped accepting and renewing of deposits and not
making fresh loans. The company continues to receive financial support
from its promoter, Indian Bank. In view of the above and in view of the
general goodwill enjoyed by the company and continued customer base,
the business strength continues to remain intact. Hence the accounts
have been prepared on a going concern basis.
c) The only business activity of the company is housing finance and
hence no segment reporting has been done.
d) The unabsorbed depreciation and carry forward losses eligible for
set-off against future taxable income have not been considered as
deferred tax asset on the ground of prudence.
e) There are no related party relationship/transactions requiring
disclosure as per the relevant accounting standard
f) In respect of term loan taken from Indian Bank the company has given
an undertaking to the Bank not to sell, dispose off, charge or
otherwise alienate any of its fixed and liquid assets without the prior
consent of the Bank so long as the Company''s liabilities to the Bank
has not been fully repaid.
g) Investments & Term Deposits with banks includes the following
¦ Investments and deposits required to be maintained as liquid assets
in terms of the Housing Finance Companies (NHB) Directions 1989 as per
details given below:
Amount in Rs.
Term Deposits with Banks 633,100
¦ Amount received under SARFAESI action kept in no lien account as per
the orders of DRAT, Chennai by way of short term deposits
Rs.7,500,000/-.
h) The Income Tax Department has sent a demand notice for Rs.4.32
crores for the assessment year 1999-00 including interest. The demand
is raised by considering the income on non-performing assets on accrual
basis which, as per the NHB directives, could not be recognised as
income. The Company has contested the demand and filed an appeal before
the Hon''ble Madras High Court. In respect of the Assessment year
2005-06 Income Tax department has raised a demand of Rs.19.02 Lakhs for
which the company has filed appeal before the commissioner of Income
Tax and is hopeful of succeeding in the appeal and hence no provision
for tax has been considered necessary.
i) The Income tax Department has informed the above demand has been
adjusted against the refund receivable with the interest thereon, for
various assessment years. The refund receivable as per books of the
Company is Rs.2.85 crores.
j) Company''s obligation towards Gratuity Fund and details of actuarial
valuation:
k) Managing Director of the company is on deputation from Indian Bank
and is drawing remuneration from Indbank Merchant Banking Services Ltd
as President of that company. Hence no remuneration is paid by this
company.
l) Term Loan III from Indian Bank is secured by ICDs, which are
considered doubtful and fully provided for in the accounts.
m) Previous year figures have been regrouped wherever necessary to
conform to current year''s presentation.
n) The figures in this balance sheet and Profit and Loss Accounts have
been rounded off to the nearest rupees.
Mar 31, 2013
A) The company has stopped accepting and renewing of deposits and not
making fresh loans. The company continues to receive financial support
from its promoter, Indian Bank. In view of the above and in view of the
general goodwill enjoyed by the company and continued customer base,
the business strength continues to remain intact. Hence the accounts
have been prepared on a going concern basis.
b) The only business activity of the company is housing finance and
hence no segment reporting has been done.
c) The unabsorbed depreciation and carry forward losses eligible for
set-off against future taxable income have not been considered as
deferred tax asset on the ground of prudence.
d) There are no related party relationship/transactions requiring
disclosure as per the relevant accounting standard
e) In respect of term loan taken from Indian Bank the company has given
an undertaking to the Bank not to sell, dispose off, charge or
otherwise alienate any of its fixed and liquid assets without the prior
consent of the Bank so long as the Company''s liabilities to the Bank
has not been fully repaid.
Amount received under SARFAESI action kept in no lien account as per
the orders of DRAT, Chennai by way of short term deposits
Rs.7,750,000/-
f) The Income Tax Department has sent a demand notice for Rs.4.32
crores for the assessment year 1999-00 including interest. The demand
is raised by considering the income on non- performing assets on
accrual basis which, as per the NHB directives, could not be recognised
as income. The Company has contested the demand and filed an appeal
before the Humble Madras High Court. In respect of the Assessment year
2005-06 Income Tax department has raised a demand of Rs.19.02 Lakhs for
which the company has filed appeal before the commissioner of Income
Tax and is hopeful of succeeding in the appeal and hence no provision
for tax has been considered necessary.
g) The Income tax Department has informed the above demand has been
adjusted against the refund receivable with the interest thereon, for
various assessment years. The refund receivable as per books of the
Company is Rs.2.85 crores.
h) Managing Director of the company is on deputation from Indian Bank
and is drawing remuneration from Ind bank Merchant Banking Services Ltd
as President of that company. Hence no remuneration is paid by this
company.
i) 12.40% Govt of India 2013 Securities are held in Indian Bank in
their SGL constituent account on behalf of the Company and as certified
by the Bank.
j) Term Loan III from Indian Bank is secured by ICDs, which are
considered doubtful and fully provided for in the accounts.
k) Balance confirmation has not been received in respect of debit and
credit entries outstanding in Sundry Deposit/ Sundry Receivable
account.
l) Previous year figures have been regrouped wherever necessary to
conform to current year''s presentation.
m) The figures in this balance sheet and Profit and Loss Accounts have
been rounded off to the nearest rupees.
Mar 31, 2012
Housing loans excepting those loans classified as doubtful pursuant to
the prudential norms of NHB are considered good and recoverable. The
housing loans are secured by equitable mortgage of property and/or
other securities to the extent of Rs. 107,098,706/-. Classification of
housing loans and provisions made for Non Performing assets are given
below.
a) The company has stopped accepting and renewing of deposits and not
making fresh loans. The company continues to receive financial support
from its promoter, Indian Bank. In view of the above and in view of the
general goodwill enjoyed by the company and continued customer base,
the business strength continues to remain intact. Hence the accounts
have been prepared on a going concern basis.
b) The only business activity of the company is housing finance and
hence no segment reporting has been done.
c) The unabsorbed depreciation and carry forward losses eligible for
set-off against future taxable income have not been considered as
deferred tax asset on the ground of prudence.
d) There are no related party relationship/transactions requiring
disclosure as per the relevant accounting standard .
e) In respect of term loan taken from Indian Bank the company has given
an undertaking to the Bank not to sell, dispose off, charge or
otherwise alienate any of its fixed and liquid assets without the prior
consent of the Bank so long as the Company's liabilities to the Bank
has not been fully repaid.
f) The Income Tax Department has sent a demand notice for Rs.4.32
crores for the assessment year 1999-00 including interest. The demand
is raised by considering the income on non-performing assets on accrual
basis which, as per the NHB directives, could not be recognized as
income. The Company has contested the demand and filed an appeal before
the Hon'ble Madras High Court. In respect of the Assessment year
2005-06 Income Tax department has raised a demand of Rs.19.02 Lakhs for
which the company has filed appeal before the commissioner of Income
Tax and is hopeful of succeeding in the appeal and hence no provision
for tax has been considered necessary.
g) The Income tax Department has informed that the above demand has
been adjusted against the refund receivable with the interest thereon,
for various assessment years. The refund receivable as per books of the
Company is Rs.2.85 crores.
h) Managing Director of the company is on deputation from Indian Bank
and is drawing remuneration from Indbank Merchant Banking Services Ltd
as President of that company. Hence no remuneration is paid by this
company. '
i) 12.40% Govt of India 2013 Securities are held in Indian Bank in
their SGL constituent account on behalf of the Company and as certified
by the Bank, m) Term Loan III from Indian Bank is secured by ICDs,
which are considered doubtful and fully provided for in the accounts.
j) Previous year figures have been regrouped wherever necessary to
conform to current year's presentation.
k) The figures in this balance sheet and Profit and Loss Accounts have
been rounded off to the nearest rupee.
Mar 31, 2010
A) The company has stopped accepting and renewing of deposits and not
making fresh loans. The company continues to receive financial support
from its promoter, Indian Bank. In view of the above and in view of the
general goodwill enjoyed by the company and continued customer base,
the business strength continues to remain intact. Hence the accounts
have been prepared on a going concern basis.
b) The only business activity of the company is housing finance and
hence no segment reporting has been done.
c) The unabsorbed depreciation and carry forward losses eligible for
set-off against future taxable income have not been considered as
deferred tax asset on the ground of prudence.
d) There are no related party relationship/transactions requiring
disclosure as per the relevant accounting standard
e) In respect of term loan taken from Indian Bank the company has given
an undertaking to the Bank not to sell, dispose off, charge or
otherwise alienate any of its fixed and liquid assets without the prior
consent of the Bank so long as the Companys liabilities to the Bank
has not been fully repaid.
f) The Income Tax Department has sent a demand notice for Rs.4.32
crores for the assessment year 1999-00 including interest. The demand
is raised by considering the income on non-performing assets on accrual
basis which, as per the NHB directives, could not be recognised as
income. The Company has contested the demand and filed an appeal before
the Honble Madras High Court. In resspe3ct of the Assessment year
2005-06 Income Tax department has raised a demand of Rs.19.02 Lakhs for
which the company has filed appeal before the commissioner of Income
Tax and is hopeful of succeeding in the appeal and hence no provision
for tax has been considered necessary.
g) The Income tax Department has informed the above demand has been
adjusted against the refund receivable with the interest thereon, for
various assessment years. The refund receivable as per books of the
Company is Rs.2.85 crores.
h) Managing Director of the company is on deputation from Indian Bank
and is drawing remuneration from Indbank Merchant Banking Services Ltd
as President of that company. Hence no remuneration is paid by this
company.
i) 12.40% Govt of India 2013 Securities are held in Indian
Bank in their SGL constituent account on behalf of the Company and as
certified by the Bank.
j) Term Loan III from Indian Bank is secured by ICDs, which are
considered doubtful and fully provided for in the accounts.
k) Balance confirmation has not been received in respect of
debit and credit entries outstanding Sundry Deposit/ Sundry Receivable
account.
l) Previous year figures have been regrouped wherever necessary to
conform to current years presentation.
m) The figures in this balance sheet and Profit and Loss Accounts have
been rounded off to the nearest rupee.