NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
(All amounts in Rs Lakhs unless otherwise stated)
22. Related Party Transactions:
As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: Related Party Relationship (As identified and certified by the management and relied upon by auditors); Holding Entity
Swallow Associates LLP
Subsidiary Company
Instant Holdings Limited, (wholly owned Subsidiary Company) Sudarshan Electronics &T.V. Limited (Step down Subsidiary)
Key Managerial Personnel
Mr. Rohin Bomanji (Manager)
Mr. Parasmal Rakhecha (Chief Financial Officer)
Ms. Shruti Joshi (Manager up to August 04, 2016)
Details of Transactions and Related Balance are disclosed excluding reimbursement: (Amount in Rs lakhs)
|
Transactions during the year
|
As at March 31, 201 8
|
As at March 31, 201 7
|
|
Key Managerial Personnel
|
|
|
|
Salary-Shruti Joshi
|
-
|
0.02
|
|
Salary- Rohin Bomanji
|
0.06
|
0.04
|
|
Salary- Parasmal Rakhecha
|
39.16
|
36.10
|
|
Subsidiary Company
|
|
|
|
Income from sale of Investments (Sudarshan Electronics & T.V. Limited)
|
7,311.32
|
-
|
|
Advance Given (Instant Holdings limited)
|
1000.00
|
-
|
|
Advance Repaid (Instant Holdings Limited)
|
1000.00
|
-
|
23. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.
24. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.
25. Exceptional Items Represent Related to F.Y. 2016-17
i. Investment in CFL Capital Financial Services Limited (CFL) of Rs 244.30 Lakhs was written off. High Court of Calcutta has vide its order dated October 6, 2015 approved liquidation of CFL. Board has reviewed the progress of liquidation proceedings. CFL's liabilities are substantially higher than the assets. Board does not expect any realization of this investment in CFL on the conclusion of liquidation proceedings and hence, approved the write off of this investment.
ii. Sales tax liabilities of amount of Rs 320.11 Lakhs was written off and related deposit of Rs 29.44 Lakhs was written back up to the year 1995-96 in respect of division earlier demerged under the various schemes of arrangement, as it is considered that they are no longer payable/ receivable. 26 Annexure to Notes to Accounts:
Disclosure of details as required by Paragraph 13 of Non-Banking Financial Company - Systemically Important Non- Depoist taking and Depoist taking Company (Reserve Bank) Directions, 2016 (as applicable to non banking financial Company Systemically Non-Deposit taking Company).
| |
|
(Amount in Rs lakhs)
|
|
Particulars Liabilities Side:
|
|
Amount outstanding
|
Amount overdue
|
|
26.1 Loans and advances availed by the NBFCs inclus (a) Debentures : Secured
|
sive of interest accrued thereon but not paid:
|
NIL
|
NIL
|
|
: Unsecured
|
|
NIL
|
NIL
|
|
(Other than falling within the meaning of public deposit) (b) Deferred Credits
|
|
NIL
|
NIL
|
|
(c) Term Loans
|
|
NIL
|
NIL
|
|
(d) Inter-corporate loans and borrowings
|
|
NIL
|
NIL
|
|
(e) Commercial Paper
|
|
NIL
|
NIL
|
|
(f) Other Loans (specify nature)
|
|
NIL
|
NIL
|
| |
|
|
|
|
Assets side :
|
Amount outstanding
|
|
26.2 Break-up of Loans and Advances including bills receivables [other than those included in (4) below]: (a) Secured
|
NIL
|
|
(b) Unsecured
|
3.35
|
|
26.3 Break up of Leased Assets and stock on hire and other assets counting towards AFC activities (i) Lease assets including lease rentals under sundry debtors: (a) Financial lease
|
NA
|
|
(b) Operating lease
|
NA
|
|
(ii) Stock on hire including hire charges under sundry debtors: (a) Assets on hire
|
NA
|
|
(b) Repossessed Assets
|
NA
|
|
(iii) Other loans counting towards AFC activities (a) Loans where assets have been repossessed
|
NA
|
|
(b) Loans other than (a) above
|
NA
|
|
26.4 Break up of Investments :
|
|
|
Current Investments :
|
|
|
1 Quoted :
|
|
|
(i) Shares : (a) Equity
|
NIL
|
|
(b) Preference
|
NIL
|
|
(ii) Debentures and Bonds
|
NIL
|
|
(iii) Units of mutual funds
|
NIL
|
|
(iv) Government Securities
|
NIL
|
|
(v) Others (please specify)
|
NIL
|
|
2 Unquoted :
|
|
|
(i) Shares : (a) Equity
|
NIL
|
|
(b) Preference
|
NIL
|
|
(ii) Debentures and Bonds
|
NIL
|
|
(iii) Units of mutual funds
|
NIL
|
|
(iv) Government Securities
|
NIL
|
|
(v) Others (please specify)
|
NIL
|
|
Long Term investments:
|
|
|
1 Quoted :
|
|
|
(i) Shares : (a) Equity
|
10,032.59
|
|
(b) Preference
|
NIL
|
|
(ii) Debentures and Bonds
|
NIL
|
|
(iii) Units of mutual funds
|
858.53
|
|
(iv) Government Securities
|
NIL
|
|
(v) Others (please specify)
|
NIL
|
|
2 Unquoted :
|
|
|
(i) Shares : (a) Equity
|
41,036.71
|
|
(b) Preference
|
NIL
|
|
(ii) Debentures and Bonds
|
NIL
|
|
(iii) Units of mutual funds
|
NIL
|
|
(iv) Government Securities
|
NIL
|
|
(v) Others (please specify)
|
NIL
|
|
26.5
|
Borrower group- wise classification of assets financed as in (2) and (3) above:
|
|
|
| |
Category
|
Amount net of provisions
|
|
| |
|
Secured Unsecured Total
|
|
| |
1 . Related Parties
|
|
|
| |
(a) Subsidiaries
|
.
|
|
| |
(b) Companies in the same group (c) Other related parties
|
-
|
|
| |
2. Other than related parties
|
3.35
|
3.35
|
| |
Total -
|
3.35
|
3.35
|
|
26.6
|
Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted) :
|
|
|
| |
Category
|
Market value / break up Book value or fair value or NAV (net of provisions)
|
|
| |
1 . Related Parties** (a) Subsidiaries (Unquoted, hence disclosed at break up value)
|
40,269.24
|
40,269.24
|
| |
(b) Companies in the same group
|
169,372.59
|
10,799.56
|
| |
(c) Other related parties
|
NIL NIL
|
|
| |
2. Other than related parties
|
898.92
|
859.03
|
| |
Total
|
210,540.75
|
51,927.83
|
|
26.7
|
** As per Accounting Standard of ICAI Other information
|
|
|
| |
Particulars
|
Amount Rs in Lakhs
|
|
| |
(i) Gross Non-Performing Assets (a) Related parties
|
|
|
| |
(b) Other than related parties
|
-
|
|
| |
(ii) Net Non-Performing Assets (a) Related parties
|
|
|
| |
(b) Other than related parties
|
-
|
|
| |
(iii) Assets acquired in satisfaction of debt
|
-
|
|
|
26.8
|
Capital
|
|
|
| |
Particulars
|
March 31 , 2018
|
March 31 , 2017
|
| |
i) CRAR(%)
|
94.70
|
78.73
|
| |
ii)CRAR-Tier I Capital (%)
|
94.70 78.73
|
|
| |
iii)CRAR-Tierll Capital (%)
|
-
|
|
| |
iv) Amount of subordinated debt raised as Tier- II capital
|
-
|
|
| |
v) Amount raised by issue of Perpetual Debt Instruments -
|
-
|
|
|
26.9
|
Investments
|
|
|
| |
Particulars
|
March 31, 2018
|
March 31, 201 7
|
| |
Value of Investments (i) Gross Value of Investments
|
|
|
| |
(a) In India
|
51,927.83
|
44,772.81
|
| |
(b) Outside India
|
-
|
|
|
Particulars
|
March 31, 201 8
|
March 31, 201 7
|
|
(ii) Provision for Depreciation
|
|
|
|
(a) In India
|
-
|
-
|
|
(b) Outside India
|
-
|
-
|
|
(iii) Net Value of Investments
|
|
|
|
(a) In India
|
51,927.83
|
44,772.81
|
|
(b) Outside India
|
-
|
-
|
|
(2) Movement of Provisions held towards depreciation on Investments.
|
|
|
|
(i) Opening balance
|
-
|
-
|
|
(ii) Add: Provision made during the year
|
-
|
-
|
|
(iii) Less : written off/ write back of excess provision during the year
|
-
|
-
|
|
(iv) Closing balance
|
-
|
-
|
26.10 Derivatives
The Company did not deal into any derivatives transaction during the F.Y 2017-18.
26.11 Details of Assignments transaction undertaken by the applicable NBFCs The Company has not assigned any transaction during the F.Y 2017-18.
26.12 Details of non-performing financial assets purchased/sold
The Company has not incurred any purchase and sale transaction of NPA
26.13 Asset Liability Management Maturity pattern of certain items of assets and liabilities.
| |
1 Day to 30/31 days
|
Over 1 Month to 2 Months
|
Over 2 Months to 3 Months
|
Over 3 Months to 6 Months
|
Over 6 Months to 1 Year
|
Over 1 Year to 3 Years
|
Over 3 Years to 5 Years
|
Over 5 Years
|
Total
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Borrowing from Banks
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Market Borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Advances
|
-
|
-
|
-
|
-
|
-
|
2.00
|
0.10
|
749.43
|
751 .53
|
|
Investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
51,927.83
|
51,927.83
|
26.14 Exposures
Exposures to Real Estate Sector
| |
Category
|
March 31 , 2018 |
March 31 , 201 7
|
|
a) (i)
|
Direct exposure Residential Mortgages -
Lending fully secured by mortgages on residential property that is or will be occupied by the borrower or that is rented ; (Individual housing loans up to Rs 15 Lakhs may be shown separately)
|
Nil
|
Nil
|
|
Category
|
March 31 , 2018
|
March 31 , 201 7
|
|
(ii) Commercial Real Estate -
|
Nil
|
Nil
|
|
Lending secured by mortgages on Commercial Real Estates (office buildings, retail space, multipurpose commercial premises, multifamily residential buildings, multi-tenanted commercial premises, industrial or warehouse space, hotels, land acquisition development and construction, etc.) Exposure would also include non-fund based (NFS) limits
(iii) Investments in Mortgage Backed securities (MBS) and other securitied exposure
|
|
|
|
a. Residential
|
Nil
|
Nil
|
|
b. Commercial Real Estate
|
Nil
|
Nil
|
|
b) Indirect Exposure
Fund based and non-fund based exposures on National Housing Bank (NHB) and Housing Finance Companies (HFC's)
|
NIl
|
Nil
|
|
26.14.1 Exposure to Capital market
|
|
|
|
Category
|
March 31, 2018
|
March 31, 2017
|
|
i) Direct investment in equity shares, convertible bonds, convertible debentures and units of equity-oriented mutual funds the corpus of which is not exclusively invested in corporate debt.
|
Nil
|
Nil
|
|
ii) Advances against shares / bonds / debentures or other securities or on clean basis to individuals for investment in shares (including IPOs / ESOPs), convertible bonds, convertible debentures, and units of equity-oriented mutual funds.
|
NIl
|
Nil
|
|
iii) Advances for any other purposes where shares or convertible bonds or convertible debentures or units of equity oriented mutual funds are taken as primary security.
|
NIl
|
Nil
|
|
iv) Advances for any other purposes to the extent secured by the collateral security of shares or convertible bonds or convertible debentures or units of equity oriented mutual funds i.e. where the primary security other than shares / convertible bonds / convertible debentures / units of equity oriented mutual funds does not fully cover the advances.
|
NIl
|
Nil
|
|
v) Bridge loans to companies against expected equity flows / issues
|
NIl
|
Nil
|
|
Total Exposure to Capital Market
|
Nil
|
Nil
|
|
26.15 Disclosure of Penalties imposed by the RBI and Other regulators No penalty has been imposed on the Company during the year.
|
|
|
|
26.16 Related Party Transaction
|
|
|
|
Name
|
Relation
|
|
Rohin Bomanji
|
Manager
|
|
Parasmal Rakhecha
|
Chief Financial Officer
|
|
Instant Holdings Limited
|
Wholly owned subsidiary
|
|
Sudarshan Electronics & T. V. Limited
|
Wholly owned step down subsidiary
|
|
Particulars
|
March 31, 2018
|
March 31, 2017
|
|
Shruti Joshi
|
-
|
0.02
|
|
Rohin Bomanji
|
0.06
|
0.04
|
|
Parasmal Rakhecha
|
39.16
|
36.10
|
|
Income from sale of Investments
|
7,311.32
|
-
|
|
Advance Given
|
1,000.00
|
-
|
|
Advance Refunded
|
1,000.00
|
-
|
|
26.17 Provision and Contingencies
|
|
|
|
Break up of 'Provision and Contingencies' shown under the head Expenditure in Profit and Loss Account
|
March 31, 2018
|
March 31, 2017
|
|
Provision made towards Income tax
|
1,581.70
|
14.29
|
|
Provision for Standard Assets
|
0.02
|
(0.07)
|
26.18 Disclosure of Customer Complaints
a) No. of Complaints pending at the beginning of the year.
b) No. of Complaints received during the year
c) No. of Compalints redressed during the year
d) No. of Compalints pending at the end of year
|
As per our report attached
|
For and on behalf of Board of Directors
|
|
For Chaturvedi & Shah
|
|
|
|
Chartered Accountants
|
|
|
|
Firm Registration No.: 101720W
|
|
|
| |
H N Singh Rajpoot
|
A V Nerurkar
|
| |
Director
|
Director
|
|
Amit Chaturvedi
|
DIN:00080836
|
DIN:00045309
|
|
Partner
|
|
|
|
Membership No.: 103141
|
Parasmal Rakhecha
|
Jiya Gangwani
|
| |
Chief Financial Officer
|
Company Secretary
|
|
Place: Mumbai
|
Rohin Bomanji
|
|
|
Date : May 23, 2018
|
Manager
|
|
|