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SRG Housing Finance

BSE: 534680|ISIN: INE559N01010|SECTOR: Finance - Housing
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SRG Housing Finance is not listed on NSE
Mar 16
Notes to Accounts Year End : Mar '18

Terms/Rights attached to Equity Shares

The Company has one class of share referred to as equity shares having at par value of Rs. 10 each. Each shareholder is entitled to one vote per share held.

1.1) Nature of Security

i) Refinance from National Housing Bank (NHB) and other Term Loans are secured by first and exclusive charge on the specific book debts, receivables of the Company and irrevocable power of attorney given by the Company in favour of Banks/ FIs/NHB for recovery of dues, Lien on specific FDR’s and Personal Guarantee of Mr. Vinod Kumar Jain MD, Ms. Seema Jain, Director and Third party guarantee of Mr. G. L. Jain and Mr. Rajesh Jain.

ii) Redeemable Non Convertible Debentures are secured by first and exclusive charge on specific assets by way of hypothecation of book debts and also by way of mortgage of specific immovable property situated at Chennai in favour of Debenture Trustee.

Loans repayable on demand from Bank are secured by first and exclusive charge on the specific book debts, receivables of the company and irrevocable power of attorney given by the Company in favour of Bank for recovery of dues, Lien on specific FDR’s and Personal Guarantee of Mr. Vinod Kumar Jain MD, Ms. Seema Jain, Director and Third party guarantee of Mr. G.L. Jain and Mr. Rajesh Jain.

2. TRADE PAYABLES:

Trade Payables of Rs. 56.03 Lakhs (Previous Year Rs. 79.67 Lakhs) includes f NIL (Previous Year f NIL) payable to suppliers registered under the Micro, Small and Medium Enterprises and Development Act, 2006 which has been determined to the extent such parties have been identified on the basis of information available with the Company. No interest has been paid/ payable by Company during the year to the suppliers covered under Micro, Small and Medium Enterprises and Development Act, 2006.

3. In the opinion of management the current assets and advances are approximately of the value as stated if realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are adequate and not in excess / shortage of the amount reasonably necessary.

4. During the year, there was no employee employed throughout the year who was in receipt of remuneration of Rs. 1.02 Crores or more per annum or Rs. 8.50 Lakhs or more per month, if employed for the part of the year.

5. All the balances of Trade Payables, Loans and Advances are subject to confirmation.

6. Previous year figures which were audited by the predecessor auditors have been regrouped / reclassified wherever necessary to correspond with current year’s classification disclosure.

7. The Company have complied all the prudential norms prescribed by National Housing Bank on income recognition, accounting standards, assets classification, provisions for bad & doubtful debts, capital adequacy and credit/investment concentration.

8. The Company does not have any exposure in foreign currency at the year end.

9. The Company is engaged in the business of providing loans for purchase, construction, repairs and renovation etc. of houses to Individuals, Corporate Bodies, Builders and Co-operative Housing Societies and or loan against properties and has its operations within India. Accordingly, there are no separate reportable segments, as per the Accounting Standard on ‘Segment Reporting’ (AS 17) issued by The Institute of Chartered Accountants of India notified under The Companies (Accounting Standards) Amendment Rules, 2011.

10. As required by National Housing Bank’s Notification no. NHB.HFC.CG-DIR.1/MD&CEO/2016 dated February 9, 2017 and in terms of the Circular no. NHB/ND/DRS/Pol-No. 35/2010-11 dated October 11, 2010, the following additional disclosures are given as under:

10.1 During the year, Company has not entered into any (a) derivative transaction (b) securitisation and assignment transaction (c) financing of Parent Company product and (d) finance of any unsecured advances against intangible securities such as rights, licenses, authority etc. as collateral security.

10.2 The Company has not exceeded limit prescribed by National Housing Bank for Single Borrower Limit (SGL) and Group Borrower Limit (GBL).

10.3 The Company has not obtained registration from any other financial sector regulator.

10.4 No penalties have been imposed by NHB or any other regulator on the company during the year.

10.5 RELATED PARTY DISCLOSURES:

Disclosures as required by the Accounting Standard 18 of ICAI in respect of Related Party Transactions for the year ended on 31/03/2018:-

The related parties of the Company with whom the Company had carried out transactions are as follows.

Vinod Kumar Jain, Managing Director Seema Jain, Director Vinod Jain HUF

Archis Jain (Relative of Director)

The nature and volume of transactions with the above related parties during the year were as follows: Director’s Remuneration Rs. 84.00 Lakhs (Previous year Rs. 84.00 Lakhs)

Office Rent Rs. 26.56 Lakhs (Previous year Rs. 24.14 Lakhs)

Rent Deposit Rs. 2.45 Lakhs (Previous year f NIL)

Salary Rs. 15.40 Lakhs (Previous year Rs. 12.00 Lakhs)

10.6 During the financial year 2017-18, no payment is made to Non Executive Directors.

10.7 During the year, a) no prior period items occurred which has impact on profit and loss account; b) there was no change in any accounting policy; c) there were no circumstances in which revenue recognition has been postponed pending the resolution of significant uncertainties; d) there was no withdrawal from Reserve fund; e) Company has not accepted public deposits, f) Company does not consists of any Overseas Assets; and g) Company does not consists Off-balance Sheet SPVs sponsored (which are required to be consolidated as per Accounting Norms).

10.8 The Company has no subsidiary company. Hence, requirement of consolidated financial statements is not applicable to the company.

Source : Dion Global Solutions Limited
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