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Updated:15 Nov, 2019, 12:18 PM IST

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Disclosure in board of directors report explanatory

To The Members,

Your Directors have pleasure in presenting the 6th Annual Report, together with the audited Statement of Accounts of the Company for the financial year ended March 31, 2014.

Financial Results:

A snapshot of the financial performance of the Company for the Financial Year ended March 31,2014 is as under:                                                                  

                                                                                                             (Rupees in Crore)

 Particulars

Amount

           FY2013–14

Amount

FY 2012–13

Gross Income

429.71

361.14

Gross Profit / (Loss)

66.22

42.18

Less: Depreciation

                        0.18

               0.16

Profit before tax

66.04

42.02

Provision for Taxation

22.66

14.54

Net Profit

43.39

27.48

Less: Cumulative  Preference Dividend

                        0.00

      0.29

Dividend Distribution Tax

                        0.00

        0.04

Add: Profit /  (Loss) brought forward from the previous year

79.82

 58.16

Profit available for Appropriation

123.21

85.31

Transfer to Special Reserve Fund

                        8.68

5.49

Balance carried forward

114.53

79.82

Financial Performance and Review of Business:

 The Company's gross income for the financial year ended March 31, 2014 increased to Rs. 429.71 Crore from   Rs.361.82 Crore in the previous year recording a growth of 18.76 per cent. The gross profit amounted to Rs.66.04 Crore registering an increase of 57.16% against the previous year. Depreciation increased minutely to Rs. 0.18 Crore. The provision for taxation during the year was Rs.22.66 Crore. The net profit for the year was Rs.43.39 Crore. During the year, company did not declare any dividend.  An amount of Rs. 8.68 Crore was transferred to the Special Reserve Fund pursuant to section 29–C of the National Housing Bank Act, 1987, during the year under review.

Resources and Liquidity:

We understand that liquidity in balance sheet has to balance between earning adequate returns and the need to cover financial and business risks. During the year under review, the Company has raised Rs.750 Crore as Term Loans from various Banks. It has repaid Rs. 531.26 Crore worth of Term Loans from the balance outstanding as at the beginning of the year. The company  redeemed  commercial papers of Rs. 310.00 Crore and issued commercial papers worth Rs. 495 Crore during  the current  year. The company  has also issued Secured Non Convertible Debentures  of Rs.216.80 Crore and Unsecured  Non Convertible Debentures  of Rs.30.00 Crore during the current financial year which has been listed on Wholesale Debt Segment (WDM) of Bombay Stock Exchange (BSE)Limited.

Deposits:

  

The Company is registered with National Housing Bank as a Housing Finance Institution not accepting public deposits and hence, has not accepted any public deposits during the year.

Directors:

Shri Soumen Ghosh, Director of the Company, who retires by rotation as per the provisions of the Companies Act, 1956 and being eligible, offers himself for re–appointment  at the ensuing Annual General Meeting.

Audit Committee:

  

As  per  the  requirements   of  section  292A of  the  Companies  Act, 1956, the  Company   has  an  Audit  Committee comprising of the following Directors:

Shri Soumen Ghosh

Shri Gautam B Doshi

Shri Padmanabh P. Vora

During the Financial Year 2013–14, the Audit Committee of the Board met 4 times, once in every quarter.

Directors'  Responsibility  Statement:

Pursuant   to  the  requirement   under   Section  217 (2AA) of  the  Companies  Act,  1956, with  respect  to  Directors' Responsibility Statement, it is hereby confirmed that: –

(i)       in the preparation  of the accounts  for the financial year ended  March 31, 2014, the applicable  accounting standards  have been followed along with proper explanation relating to material departures;

(ii)       the Directors have selected such accounting policies and applied them consistently and made judgments  and estimates  that were reasonable  and prudent  so as to give a true and fair view of the state of affairs of the Company as at March 31, 2014, and of the profit of the Company for the year under review;

(iii)       the Directors have taken proper  and sufficient care for the maintenance  of adequate  accounting  records in accordance with the provisions  of the Companies Act, 1956, for safeguarding  the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv)       the Directors have prepared  the accounts for the financial year ended March 31, 2014 on a 'going concern' basis.

Auditors  and Auditors'  Report:

  

M/s  Chaturvedi   &  Shah,  Chartered   Accountants,  hold  office as  Statutory  Auditors   of  the  Company   until  the conclusion of the ensuing  Annual  General Meeting and are eligible for reappointment.    The Company  has received letters  from M/s Chaturvedi   &  Shah,  Chartered  Accountants  to the  effect that  they  are  not  disqualified  for such appointment  within the meaning of section 141 (3) (g) of the Companies Act, 2013.

  

The notes to the accounts referred to in the Auditors' Report are self explanatory. Particulars  of Employees:

The provisions of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 and the Companies (Particulars of Employees), 2011, the names and other particulars  of employees are set out in the Annexure to the Directors' Report.

 Conservation of Energy, Technology  Absorption  and Foreign Exchange Earnings and Outgo:

  

Particulars  required   to  be  furnished  under  the  Companies  (Disclosure  of Particulars  in   the  Report  of  Board  of Directors) Rules, 1988, are as under:

(1)   Part A and B pertaining to conservation of energy and technology absorption are not applicable to the Company.

(2)    Foreign Exchange  earnings  and  outgo  –  During  the year  under  review,  company  has not  made  any  foreign exchange payment.

Acknowledgements:

  

Your Directors  take  this opportunity  to thank  the National  Housing  Bank, National  Securities Depository  Limited (NSDL), Bombay  Stock  Exchange  (BSE) and   other  regulatory   authorities,   Company's   Bankers  and   Financial Institutions, shareholders  for their continued support and assistance during the period under review.

The  Directors  would  also  like  to  express  their  sincere  thanks  and  appreciation to  all  the  employees  for  their commendable teamwork,  exemplary professionalism and enthusiastic contribution during the year.

For and on behalf of the Board of Directors

  Sd/–                            Sd/–

 K.V. Srinivasan     Soumen Ghosh

 Director               Director

 April 30, 2014

Registered Office:

 570, Rectifier House, 3rd Floor, Naigaum Cross Road, Wadala, Mumbai – 400 031

Description of state of companies affair

Financial Results: A snapshot of the financial performance of the Company for the Financial Year ended March 31,2014 is as under: (Rupees in Crore) ParticularsAmount FY2013–14Amount FY 2012–13 Gross Income429.71361.14 Gross Profit / (Loss)66.2242.18 Less: Depreciation 0.18 0.16 Profit before tax66.0442.02 Provision for Taxation22.6614.54 Net Profit43.3927.48 Less: Cumulative Preference Dividend 0.00 0.29 Dividend Distribution Tax 0.00 0.04 Add: Profit / (Loss) brought forward from the previous year79.8258.16 Profit available for Appropriation123.2185.31 Transfer to Special Reserve Fund 8.68 5.49 Balance carried forward114.5379.82 Financial Performance and Review of Business: The Company's gross income for the financial year ended March 31, 2014 increased to Rs. 429.71 Crore from Rs.361.82 Crore in the previous year, recording a growth of 18.76 per cent. The gross profit amounted to Rs.66.04 Crore registering an increase of 57.16% against the previous year. Depreciation increased minutely to Rs. 0.18 Crore. The provision for taxation during the year was Rs.22.66 Crore. The net profit for the year was Rs.43.39 Crore. During the year, company did not declare any dividend. An amount of Rs. 8.68 Crore was transferred to the Special Reserve Fund pursuant to section 29–C of the National Housing Bank Act, 1987, during the year under review.

Details regarding energy conservation

Part A and B pertaining to conservation of energy and technology absorption are not applicable to the Company.

Details regarding technology absorption

Part A and B pertaining to conservation of energy and technology absorption are not applicable to the Company.

Details regarding foreign exchange earnings and outgo

Foreign Exchange earnings and outgo – During the year under review, company has not made any foreign exchange payment.

Particulars of employees as per provisions of section 217

The provisions of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 and the Companies (Particulars of Employees), 2011, the names and other particulars of employees are set out in the Annexure to the Directors' Report.

Disclosures in director’s responsibility statement

Directors' Responsibility Statement: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed that: – (i) in the preparation of the accounts for the financial year ended March 31, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures; (ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2014, and of the profit of the Company for the year under review; (iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and (iv) the Directors have prepared the accounts for the financial year ended March 31, 2014 on a 'going concern' basis.

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