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Notes to Accounts of Ind Bank Housing Ltd.

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.

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