Mar 31, 2015
1 Corporate Information
'The company was incorporated as a private limited company on 11th
March 1992 and was converted into public limited company U/s 44 of the
Companies Act, 1956 on 29th March, 1994 with an object of carrying
business as "Non - Banking Finance Company" having registered office at
Kothari building, 4th Floor, No.114, Mahatama Gandhi Salai,
Nungambakkam, Chennai -600 034.
The Company has been registered with Reserve Bank of India as "Non -
Banking Finance Company" on 5th May 1998 vide Registration No.
B-07-00068.
Formerly, the company was known as "Indus Finance Corporation Limited"
and the name has been changed to "Indus Finance Limited" on 22nd
January, 2015 for which RBI Approval is awaited.
2. Contingentliabilitiesandcommitments As at As at
(to the extent not provided for) 31.3.2015 31.3.2014
Rs. In lacs Rs. In lacs
Contingent liabilities
(a) Claims against the Company not
acknowledged as debt
Total Demand as per Order
raised by
Income Tax Department 493.00
Less : Income Tax Refund Due
or Tax paid duringRegular/
Scrutiny Assessment 227.02 265.98 40.10
The Company is disputing various demands raised by the Income Tax
Department, which are pending before Supreme Court & High Court. The
Company has got Opinion from Legal Counsel which is in favourofthe
Company and hence the liability has not been recognised in the Books of
Account.
Income Tax department has attached the company's Investment in Equity
Shares of one of its associates against the above stated litigated
demands.
3. Disclosures required under Section 22 ofthe Micro, Small and
Medium Enterprises Development Act, 2006
There are no amounts due to small scale industries in terms of The
Micro, Small and Medium Enterprises Development Act, 2006
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the management. This has been relied by upon by the auditors.
4. Related party transactions
Details of related parties:
Description of relationship
Associates / Companies where Key Managerial Personnel have a significant
influence.
Indowind Energy Limited
Indowind Power Private Limited
Everon Power Limited Indus Capital Private Limited
Kavit Green Energy Private Limited
Key Management Personnel (KMP)
Bala V. Kutti - Director
Alice Chhikara - Director
N Bhaskara Chakkera - Executive Director
K K Dinakar - Company Secretary
Note: Related parties have been identified by the Management.
5. Segmentinformation
The Company has identified business segments as its primary segment and
geographic segments as its secondary segment. Business segments are
primarily Non-banking Finance, Power Generation and Others which
include Investment. Revenues and expenses directly attributable to
segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reportable segment have been
allocated on the basis of associated revenues of the segment and
manpower efforts. All other expenses which are not attributable or
allocable to segments have been disclosed as unallocable expenses.
Assets and liabilities that are directly attributable or allocable to
segments are disclosed under each reportable segment. All other assets
and liabilities are disclosed as unallocable. Fixed assets that are
used interchangeably amongst segments are not allocated to primary and
secondary segments.
6. Previous Year's Figures
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2014
1 Corporate Information
"The Company was incorporated as a private limited company on 11th
March 1992 and was converted into public limited company U/s 44 of the
Companies Act, 1956 on 29th March, 1994 with an object of carrying
business as "Non - Banking Finance Company" having registered office at
Kothari building, 4th Floor, No.114, Mahatama Gandhi Salai,
Nungambakkam, Chennai-600 034.The Company has been registered with
Reserve Bank of India as "Non - Banking Finance Company" on 5th May
1998 vide Registration No. B-07-00068."
Formerly, the Company was known as "Subuthi Finance Limited" and the
name has been changed to "Indus Finance Corporation Limited" on 19th
March 2011
2.1 Contingent liabilities and commitments As at As at
(to the extent not provided for) 31.3.2014 31.3.2013
Rs. Rs.
Contingent liabilities
(a) Claims against the Company not
acknowledged as debt
Total Demand as per Order raised by
Income Tax Department 26,549,769
Less : Income Tax Refund Due or Tax paid
during Regular/Scrutiny Assessment 22,539,672 4,010,097 9,459,180
The Company is disputing various demands raised by the Income Tax
Department, which are pending before Supreme Court & High Court. The
Company has got Opinion from Legal Counsel which is in favour of the
Company and hence the liability has not been recognised in the Books of
Account.
Income Tax department has attached the Company''s Investment in Equity
Shares of one of its associates against the above stated litigated
demands."
Mar 31, 2013
1 Corporate Information
FonrmSly,7te rompany was known as "Subuthi Finance Limited" and the
name has been changed to
2.1 Contingent liabilities and commitments
As at
31.3.2013 As at
31.3.2012
(to the extent not provided for) Rs. Rs.
Contingent liabilities
(a) Claims against the Company
not acknowledged as debt
Total Demand raised by Income
Tax Department 9,459,180 28,189,967
(After adjusting payments
and refunds)
The Company has disputed Rs.94,59,180/-which are pending before Supreme
Court & High Court. The Company has got Opinion from Legal Counsel
which is in the favour of company and hence the liability has not been
recognised in the Books of Account.
Income Taxdepartment has attached the company''s Investment in Equity
Shares of one of its associates against the above stated litigated
demands.
Bank Guarantee for Cash Credit Facility availed by the
Associate Company "Indowind Energy limited" - 100,000,000
2.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
There are no amounts due to small scale industries in terms of The
Micro, Small and Medium Enterprises Development Act, 2006
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the Management. This has been relied upon by the auditors.
2.3 Segment information
2.4 Previous Year''s Figures
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2012
1.1 Contingent liabilities and commitments
As at 31.3.2012 As at 31.3.2011
(to the extent not provided for) Rs. Rs.
Contingent liabilities
(a) Claims against the Company
not acknowledged as debt 28,189,967.00 28,189,967.00
Income Tax department has attached
part of investments of the company
against the above stated litigated
demands.
The company has given a Bank
Guarantee in case of cash credit
availed by Indowind Energy Limited
for an amount of Rs. 10 Crores
1.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
There are no amounts due to small scale industries in terms ofThe
Micro, Small and Medium Enterprises Development Act, 2006
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the Management. This has been relied upon by the auditors.
The Company has recognised deferred tax asset on unabsorbed
depreciation to the extent of the corresponding deferred tax liability
on the difference between the book balance and the written down value
of fixed assets under Income Tax (or) The Company has recognised
deferred tax asset on unabsorbed depreciation and brought forward
business losses based on the Management's estimates of future profits
considering the non-cancellable customer orders received by the
Company.
1.3 Previous Year's Figures
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2010
A. Balance Sheet
Secured Loans
The Company availed loan from the Life Insurance Corporation of India
on the security of the Key Man Insurance Policies.
Current Assets, Loans and Advances
In the opinion of the Board, the current Assets, Loans and Advances
have a value on the realisation in the ordinary course of business at
least equal to the amount at which they are stated.
B. Contingent Liabilities:
Income Tax Demand Rs. 41,725,049/-
For the Block Assessment period 1993-94 to 1996-97, the Assessing
Officer has passed orders disallowing the Depreciation claimed by the
Company and has demanded tax of Rs.10,243,906/-The Company has appealed
before the Honble high Court of Chennai.
For the assessment year 1996-97, 1997-98 and 1998-99, the Income tax
authorities have raised demands totaling to Rs. 9,932,914/- disallowing
certain lease expenses and levy of penalty for the years. However, for
the A Y 1995-96, the company has a preferred a writ before the Honble
High Court of Madras against the dismissal of Petition U/s. 264 of the
income Tax Act by the Income Tax Department. When the company succeeds,
there would be a substantial relief in the above demand.
For the A Y 2004-05, there is a demand of Rs. 21,548,229/- by making
certain additions. The companys appeal is pending before the
Appellate Tribunal.
During the year the companys appeals against the penalty orders passed
for the assessment years 1996-97,1997-98 and 1998-99 have been allowed
in companys favour resulting in reduction in demand of Rs 6,517,464/-
by the second appellate authority. The said second appellate authority
had also remanded back the appeal
preferred by the company against the order of the first appellate
authority for the assessment year 2004-05, directing rehearing based on
decided cases of Honorable Supreme Court of India were decisions have
been rendered in favour of the company in similar issuses.
Corporate Guarantee:
The Company has extended corporate guarantee in respect of the credit
facilities of Rs.50,000,000/- provided to M/s.lndowind Energy Limited
by Bank of India, Andheri Corporate Banking Branch, Mumbai.
C Related Party Disclosure under Accounting Standard -18:
The details of related parties as identified by the management are as
under:
i) Key Management Personnel:
Shri Bala K V - Director
Shri Jayaraman T R - Director
Shri Raghavan T S - Director
ii) Associates:
Indowind Energy Limited
Loyal Credit & Investments Limited
Ind Eco Ventures Limited
SGM Wind Farms Private Limited
Bekae Properties Private Limited
Bewind Power Private Limited
D RELATED PARTY TRANSACTIONS;
The Company has identified all related parties and details of
transactions are given below. No provision for doubtful debts or
advances is required to be made and no amounts have been written off or
written back during the year in respect of debts due from or to related
parties. There are no other related parties where control exists that
need to be disclosed.
E Information with regard to other matters specified in Part II of
schedule VI of the companies Act, 1956, are either NIL, or not
applicable to the company for the period under audit.
F There are no amounts due to Small Scale Industries in terms of " The
Micro, Small and Medium Enterprises Development Act, 2006 ".
G Expenditure in Foreign currency - Nil
H Earnings in Foreign Currency - Nil
I Previous years figures have been regrouped wherever found necessary.
As per our report of even date
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