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Moneycontrol.com India | Notes to Account > Finance - Leasing & Hire Purchase > Notes to Account from Sundaram Finance - BSE: 590071, NSE: SUNDARMFIN
Sundaram Finance
BSE: 590071|NSE: SUNDARMFIN|ISIN: INE660A01013|SECTOR: Finance - Leasing & Hire Purchase
Apr 23, 17:00
9.4 (1.28%)
VOLUME 1,630
Apr 23, 17:00
10.15 (1.38%)
VOLUME 59,425
Mar 12
Notes to Accounts Year End : Mar '13
1.1 Segment Reporting
 Segment information is presented in the Consolidated Financial
 Statements in terms of the Accounting Standard 17 - Segment Reporting.
 1.2 The details of securitised assets outstanding as on 31st March
 2013 as per books of the Special Purpose Vehicles (SPV) sponsored by
 the Company are given below
 1.3 In December 2012, the Reserve Bank of India, issued draft
 guidelines on the regulatory framework for NBFCs, which, inter alia,
 propose that the asset classification and provisioning norms for NBFCs
 should, in a phased manner, be made similar to those for banks. In view
 of the imminent tightening of regulations, the Company has made a
 provision of Rs. 1,581 lakhs on assets whose instalments are overdue
 for 120 days and above. Further, given the difficult economic
 environment, the Company has, as a measure of prudence, made an
 additional provision of Rs. 2,091 lakhs during the year.
 1.4 The Company preferred an appeal against the demand raised by the
 Commisioner of Customs, Tuticorin, in respect of a lease transaction.
 The Customs Excise and Service Tax Appellate Tribunal (CESTAT) in its
 Order, remanded the appeal to the adjudicating Commissioner for
 requantifying the duty. The Commissioner of Customs, Tuticorin vide its
 order dated 19.12.2012, re-quantified the duty at Rs. 43.79 lakhs. The
 Company filed an appeal against the order and remitted the duty under
 The Hon''ble High Court of Madras granted an interim stay against the
 collection of penalty of Rs. 10 lakhs imposed by CESTAT.
 The Special Director of Enforcement, New Delhi, imposed a penalty of
 Rs. 10 lakhs on the Company. The Company has preferred an appeal
 against the penalty with the Appellate Tribunal for Foreign Exchange
 and obtained a stay after remitting Rs. 2.50 lakhs as directed by the
 Tribunal. Meanwhile the Company has initiated arbitration proceedings
 against the Lessee and has received an award in its favour.
 1.5 Estimated amount of contracts remaining to be executed on capital
 account - Rs. 1,949.34 lakhs (net of advances of Rs. 101.54 lakhs)
 (31.03.2012 - Rs. 774.63 lakhs, net of advances of Rs. 2,204.47 lakhs)
 1.6 There are no amounts due to Small Scale Industries in terms of
 The Micro, Small and Medium Enterprises Development Act, 2006.
 1.7 Contingent liabilities in respect of            (Rs. in lakhs)
                                              31.03.2013    31.03.2012
 a) Liability -
 To Banks - on Cheques discounted               16,46.19      15,08.96
 on Letter of Credit                             3,94.67      28,28.95
 b) Claims against the Company not 
 acknowledged as Debts:
 Hire Purchase / Lease transactions                31.07         31.07
 Service Tax                                    61,04.70      45,01.73
 Others                                         14,13.47      12,54.69
 1.8 Previous year''s figures have been regrouped /reclassified
 wherever necessary to conform to the current year''s presentation.
Source : Dion Global Solutions Limited
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