Note Particulars 31st March.
2012 31st March.
1.1 Contingent liabilities and
commitments (to the extent not
(a) Claims against the Company not
acknowledged as debt Nil Nil
1.2 Disclosures required under Section 22 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 auditor
1.3 Loans granted by the Company are secured or partly secured by
(a) Equitable mortgage of property and / or
(b) Pledge of shares, units, other securities, assignments of life
insurance policies and / or
(c) Hypothecation of assets and / or
(d) Bank guarantees, Company guarantees or Personal guarantees and / or
(e) Undertaking to create a security
Note: Figures in bracket indicates previous year figures
The company has charged/(reversed) excess provision of Rs. 10,52,525/-
(Previous Year Rs. 8,14,634/-) during the current year to make up the
total provisioning of Rs. 53,98,576/- (Previous Year Rs. 43,46,051/-).
1.4 In the opinion of the company, there is only one reportable
business segment i.e Housing Finance Business Segment geographically
only located in India for the purpose of Accounting Standard on
Segment Reporting (AS-17) notified by the Companies (Accounting
Standards) Rules, 2006
1.5 The following additional disclosures have been given in terms of
the circular no. NHB/ND/DRS/Pol-No.35/2010- 11 dated October 11,2010
issued by National Housing Bank:
1.6 The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliation.
1.7 In the opinion of the Board, assets other than fixed assets do
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated.
1.8 The company has appropriated a sum of Rs. 8,75,961/- (Previous Year
Rs. 4,35,400/-) to reserve fund which is in compliance with the
requirement of section 29C of the National Housing Bank Act, 1987.
1.9 The Company leases office under cancellable operating lease
agreements that are renewable on a periodic basis at the option of both
the lessor and the lessee. Rental payments under such leases are Rs.
9,00,000/- (Previous Year Rs. 8,20,000/-) during the year.
1.10 Since the Company recognises gratuity and leave salary expense on
payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS- 15 Accounting for Retirement Benefit.
1.11 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 / disclosures.