SENSEX NIFTY 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
Jul 26, 10:11
-2.95 (-0.19%)
Jul 26, 10:13
-5.4 (-0.35%)
« Mar 14
Notes to Accounts Year End : Mar '15
1 Net proceeds from SFL Share Trust
 During the year, SFL Shares Trust sold 17,37,012 equity shares of
 Sundaram Finance Limited. These shares accrued to the Trust on account
 of the merger of Lakshmi General Finance Limited with Sundaram Finance
 Limited, in the year 2005, in accordance with a Scheme of Amalgamation
 approved by the High Court of Madras. Sundaram Finance Limited, being
 the sole beneficiary of the Trust received an amount of Rs.25655.70
 lakhs arising from the sale of above shares and credited the same
 directly to the Capital Reserve, in line with the underlying substance
 of the transaction.
 2 During the year, the Company entered into an agreement with Royal
 Sun Alliance Plc UK (RSA) whereby the Company would acquire 26% equity
 stake of RSA in Royal Sundaram Alliance Insurance Company Ltd (Royal
 Sundaram) for a consideration of Rs.450 Crores which is awaiting
 regulatory approvals. The Company currently holds 49.90% in Royal
 Sundaram and the said acquisition would increase its holding to 75.90%.
 3 The Company has spent an amount of Rs.913.95 lakhs towards
 Corporate Social Responsibility (CSR) under Sec 135 of the Companies
 Act 2013, in the various areas covered under the regulatory provisions
 like health care, education, environment and protection of art and
 Related party disclosures, as per Accounting Standard 18 - ''Related
 Party Disclosures'', for the year ended 31st March 2015, are given
 Subsidiary Companies:                            Associates:
 Sundaram BNP Paribas Home Finance Ltd.     Axles India Ltd.
 Sundaram Asset Management Company Ltd.     Turbo Energy Private Ltd.
 Sundaram Asset Management Singapore 
 Pte Ltd.                                   Transenergy Ltd.
 Sundaram Trustee Company Ltd.              Sundaram Dynacast Private 
 Sundaram Business Services Ltd.            Sundaram Hydraulics Ltd.
 Sundaram BPO India Ltd.                    Flometallic India Private 
 Sundaram Insurance Broking Services 
 Ltd.                                       The Dunes Oman LLC (FZC)
 Sundaram Finance Distribution Ltd.
 LGF Services Ltd.
 Sundaram BNP Paribas Fund Services Ltd.
 Sundaram Infotech Solutions Ltd.
 Infreight Logistics Solutions Ltd.
 Sundaram Parekh Warehousing Services Ltd.(merged with Infreight
 Logistics Solutions Ltd. with effect from 01.04.2014) 
 Joint Ventures:
 Royal Sundaram Alliance Insurance Company Ltd.
 BNP Paribas Sundaram Global Securities Operations Private Ltd (BNP
 Paribas Sundaram GSO)
 Key Management Personnel:
 Mr T T Srinivasaraghavan, Managing Director 
 Mr Harsha Viji, Director (Strategy & Planning)
 Mr A N Raju, Director (Operations)
 5 The pending litigations as on 31st March 2015 have been compiled
 by the company and reviewed by the Statutory Auditors.  The current
 position of the litigation has been evaluated and the effect thereof
 has been appropriately disclosed in the financial statements.
 6 The Company preferred an appeal against the demand raised by the
 Commissioner 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
 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.
 7 Contingent liabilities in respect of                (Rs. in lakhs)
                                 31.03.2015                   31.03.2014
 a) Liability -
 To Banks -on Cheques discounted    3,41.05                     6,97.09
 on Letters of Credit              22,76.74                     7,57.91
 b) Claims against the company not acknowledged as debts:
 Service Tax                       75,89.23                    64,84.63
 Others                            14,90.22                    15,84.04
 8 Estimated amount of contracts remaining to be executed on capital
 account - v312.65 lakhs (net of advances of Rs.611.87 lakhs)
 (31.03.2014 - Rs.508.63 lakhs, net of advances of Rs.346.56 lakhs)
 Investment in Partly paid-up Equity shares Rs.550.00 lakhs (31.03.2014
 - Rs.1,098.90 lakhs)
 9 Based on the current assessment of the long-term contracts in the
 ordinary course of business, the Company has made adequate provision
 for losses where required.
 The derivative contracts have been entered into for hedging the foreign
 currency liability and interest liability. Derivative contracts being
 in the nature of hedge contracts, the Company does not anticipate any
 material losses from the same.
 10 Exchange Traded Interest Rate (IR) Derivaties : NIL
 11 Details of Financial Assets Sold to Securitisation /
 Company for Asset Reconstruction: NIL
 12 Details of non-performing financial assets purchased / sold
 during the year 2014-15:
 A Details of non-performing financial assets purchased  : NIL
 B Details of non-performing financial assets sold       : NIL
 13 Details of financing of parent company products: NIL
 14 Details of Single Borrower Limit (SBL) /
 Group Borrower Limit (GBL) exceeded by the company      : NIL
 15 Registration obtained from other financial sector regulators:
 IRDA - Composite Corporate Agency
 16 Disclosure of penalties imposed by
 Reserve Bank of India and other regulators              : NIL
 17 Overseas Assets (for those with Joint Ventures and Subsidiaries
 abroad) NIL
 18 Off-balance sheet SPVs sponsored NIL
 (which are required to be consolidated as per accounting norms)
Source : Dion Global Solutions Limited
Quick Links for sundaramfinance
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of is prohibited.