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Can Fin Homes

BSE: 511196|NSE: CANFINHOME|ISIN: INE477A01020|SECTOR: Finance - Housing
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Mar 16
Notes to Accounts Year End : Mar '17

1. DISCLOSURE ON EMPLOYEE BENEFITS - AS 15 REVISED

Gratuity is an Employee Benefit payable on retirement / superannuation / resignation on completion of 5 years of service.

Privilege Leave is an employee benefit wherein confirmed Officer/Employee is entitled to 30 days of PL every year, which can be accumulated up to a max of 240 days.

Provident Fund is a statutory employee benefit wherein contributions are made by the employee and employer in prescribed proportion.

Sick Leave is a Benefit, which an Officer/Employee is entitled to 15 days in a year, which can be accumulated up to a maximum of 270 days.

Leave Fare Concession is an employee benefit wherein all confirmed Employees/Officers are entitled once in two years.

2. Segment Reporting - There are no separate reportable segments as per Accounting Standard on Segment Reporting (AS-17) as the Company’s primary business is of housing finance.

3. The transactions with related parties as per Accounting Standard 18 Related Party Disclosures issued by the Institute of Chartered Accountants of India and as required under the Listing Agreement with Stock Exchanges are furnished below:

(B) Key Management Personnel:

Shri S K Hota - Managing Director

Shri Atanu Bagchi - Deputy General Manager & Chief Financial Officer (CFO) Smt. Veena G Kamath - Company Secretary

(Amount written off: Nil | Amount written back: Nil | All the above are transacted in the normal course of business.)

4. NHB in its regulatory Audit conducted during the current financial year for FY14-15 has raised an issue on the procedure followed by the Company since beginning on valuation of Government Securities under HTM category invested for SLR purpose. Since there is no change in regulations/procedures during the period, matter has been represented by the Company and a final decision is awaited.’

5. DERIVATIVES

The following additional disclosures have been given in terms of the Notification No. NHB.HFC.CG-DIR.1/MD&CEO/2016 dated February 9, 2017 issued by the National Housing bank.

a) Forward Rate Agreement (FRA) / Interest Rate Swap (IRS): No exposure

b) Exchange Traded Interest Rate (IR) Derivative: No exposure

c) Disclosures on Risk Exposure in Derivatives : Not applicable

6. SECURITISATION

The following additional disclosures have been given in terms of the Notification No. NHB.HFC.CG-DIR.1/MD&CEO/2016 dated February 9, 2017 issued by the National Housing bank.

The Company has no exposure under Securitization.

7. The Company has constituted Corporate Social Responsibility (CSR) Committee to prescribe CSR policies and its implementation as per the section 135 of Companies Act, 2013. The CSR policy has been approved by the Committee on 19/01/15 and the Board of Directors on 20/01/15 and the same is already uploaded in the Company’s website. The total amount to be spent under the CSR for the FY16-17 is to the extent of RS,402.00 Lakh (including the unspent amount of RS,68.77 Lakh for FY15-16). The Company has so far spent RS,435.79 Lakh (previous year RS,108.72 Lakh), during the year. The balance unspent amount of RS,10.46 Lakh (previous year RS,8.70 Lakh), will be carried forward to FY17-18.

8. Disclosure of Specified Bank Notes (SBN) as per Notification no. G.S.R 308(E) dated 30/03/17 issued by the Ministry of Corporate Affairs:

The amount collected pertains to the loan accounts of the Borrowers and credited to the respective loan accounts.

9. The Company has complied with requirements as per Para 29 of the Housing Finance Companies (NHB) Directions 2010.

10. Previous year figures have been rearranged/regrouped wherever necessary to correspond with the current year’s classification/disclosure.

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