MSME Financials 2012-13REPCO MSME DEVELOPMENT AND FINANCE LIMITED NO:33, NORTH USMAN ROAD, TNAGAR,...
Transcript of MSME Financials 2012-13REPCO MSME DEVELOPMENT AND FINANCE LIMITED NO:33, NORTH USMAN ROAD, TNAGAR,...
• REPCO MSME DEVELOPMENT AND FINANCE LIMITEDNO:33, NORTH USMAN ROAD, T NAGAR, CHENNAI 600017
BALANCE SHEET AS AT 31ST MARCH 2013(m ({s.)
Note Figures as at the end ofParticulars
No Figures as at the end of previous reportingcurrent reporting year year
March 31, 2013 March 31, 2012
I. EQUITY AND LIABILITIES(1) Shareholder's funds(a) Share Capital 2 180,000,000 180,000,000(b) Reserves and Surplus 3 28,259,590 11,470,123
(2) Non current liabilities(a) Long Term Borrowings 4 505,792,612 568,994,273(b) Deferred Tax Liabilities (Net) 10 - -( c ) Long term Provisions 5 4,917,022 16,904,287
(3) Current Liabilities(a) Short Term Borrowings 6 328,168,308 81,308,814(b) Olher Current Liabilities 7 56,668,303 118,255,950(c) Short Term Provisions 8 20,418,840 5,400,000
TOTAL 1,124,224,675 982,333,447II. ASSETS
(1) Non Current Assets(a) Fixed Assets 9
(i) Tangible Assets 4,113,768 3,051,780(il) Intangible Assets 61,613 165,242
(b) Deferred tax assets (net) 10 1,462,202 5,400,000(c) Long term loans and advances 11 380,716,942 382,940,027
(2) Current Assets(a) Cash and Bank Balances 12 10,121,525 942,323(b) Short-Term Loans and Advances 13 727,192,180 589,683,214
(3) Other Current Assets(nterest Accrued on f\.1icrofinance loans 556,445 150,860
TOTAL 1,124,224,675 982,333,446
Significant Accounting Policies 1Notes Forming Part of Accounts 19
For R. Subramanian & CompanyChartered Accountants
)(L11~.E~V:~N.KI{ISHh~MURTHY R.Varadarajan
Partner Executive Director Managing Director '/)Membership No. 19339/;\i.~A~~Firm Reg.No.004137S /~ o~
Place: Chenna; '~ ,..;j "'"Date: 09.05.2013 '0 ~
,.'" "'\'I '"\ ,"',!. "'OOOO~:'1\C'7 6 •..." ~~ ","""t'rid';:~~o()~
•REPCO MSME DEVELOPMENT AND FINANCE LIMITEDNO:33 NORTH USMAN ROAD, T NAGAR, CHENNAI 600017
Statement of Profit and Loss For The Year ended 31st March, 20131m I{S.'
NoteFigures as at the Figures as at the
Particulars end of current end of previousNoreporting year reporting yearMarch 31, 2013 March 31, 2012
III INCOME:Revenue From Operations 14 152,257,555 137,033,596Other Income 15 3,417,646 1,078,371Total Revenue 155,675,201 138,111,967
IV EXPENDITUREEmployee Benefit Expenses 16 12,433,101 7,711,422Interest and Other Financial Charges 17 72,327,337 75,249,449Depreciation 9 1,666,668 1,038,211Other Expenses 18 17,255,045 16,161,910Provision for Non-Performing Assets 7,999,649 33,876,486Provision for Standard Assets 2,736,585 -Total expenses 114,418,386 134,037,479
V Profit Before Taxation (III-IV) 41,256,816 4,074,488VI. rax Expense:
(1) Current Tax 10,000.000 5,400,000(2) Tax expense of earlier years - 452,653(3) Deferred Tax 3,937,798 (5,494,236)
VII Net Profit/(Loss) for the period 27,319,018 3,716,071
VIII Earning Per Equity Share:Weighted Average no. of SharesOutstanding During the Period 18,000,000.00 12,443,835.00Basic and Diluted Earnings Per share(Rs.) 1.52 0.30
Nominal value per Equity Share Rs. 10 10Significant Accounting Policies 1Notes Forming Part of Accounts 19
For R. Subramanian And CompanyChartered Accountants
N.K~"&!w""" e!D~ Rt,--T.E. Thiruvengadam R.Varadilrajan
Partner Executive Director Managing Director 2{JMembership No. 19339Firm Reg.No.004137S~Place: Chennai $'1' 'I,;.Date: 09.05.2013 ,:}j . •• ,~
:'~ C~c 04'j)'"" 6000 ~. "~ ~~'""."d1:tt~"
- -- ._--- -~--------------------------------------
~. REPLU , ,LTDNO:JJ, I KUAU,'.
Particulars Note As at March 31 2013 As at March 31 2012Nn Number Amount(Rs) Nwnber Amount(Rs)
Shareholder's fund~ote2:A: SHARE CAPITAL 2AutllOrised CapitalEquity shares of RS.I0/. each JO,[)(JO,OOO JOO,OOO,OOO 30,000,000 300,000,DOOIsst/ed, Subscribed (" Paid up CapitalEquity shares of Rs.lO/- each fully paid up. 18,000,000 l80,DOO,000 18,000,000 180,000,000As per Balance Sheet 18,ODO,000 180,DOO,OOO 18,ODO,000 I BO,ODO,OOO
Disclosure pursuant fo Note no. 6(AHd) of Part I of Schedule VIto the Companies Act, 1956'hares outstanding 011 the beginning of the year 18,DOO,DOO IBO,OOO,OOO 12,000,000 120,000,000h8res issued during the year at face value RS.I0/- . . 6,000,000 6O,OOO,DOOhares bought back during the year. - . - .hares outstanding at the end of the year 18,000,000 180,000,000 18,000,000 I BO,OOO,OOO
Disclosure pursuant to Note no. 6(AHf) of Part I of Schedule VIto the Companies Act, 1956
Out of the above, shares held by 10,000,000 100,000,000 10,000,000 100,000,000Repco Bank Limited (Promoter)Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VIto the Companies Act, 1956
No. of shares NO.of sharesName of Shareholder held % of holding held 10of holding
Shareholder holding more than 5 % of share capitalr~er('OBank Limited 10,000,000 56% lO,ODO,OOO 56%l~l'[lCOHome Finance Limited 8,OOO,ODO 44% 8,000,000 44%
18,000,000 100% IB,OOO,ODO 100'}'.,
Disclosure pursuant to Note no. 6(A)(i) of Part I of Schedule VIto the Companies Act. 1956Out of the above 74,99,940 Equity shares are allotted to RepcoBank on 31/03/2010 for consideration other than cash.
Note 3: 3RESERVES AND SURPLUS.1 STATUTORY RESERVEIUNDER SECTION 45IC OF RBI AC InOpening Balance 2,500,000 -(+) Current Year Transfer 5,500,000 2,51l0,000(-) Written Back in Current Year - -Closing Balance 8,000,000 2,500,000
bl General ReserveOpening Balance . -(+)Current Year Transfer 10,000,000 -(-) Written Back in Current Year . -lCiosing Balance 10,OOO,DOO .
c. Surplus In Statement of Profit and lossppening balance 8,970,122 7,754,051(+)Net Profit! (Loss) for the year 27,319,018 3,716,071(-)Appropriations .(-) Transfer to Statutory Resl'rvc 5,500,DOO 2,500,O[)()(-) Transfer 10 Gl'nera! Reserve i 10,000,000 -(-) Transfer to Proposed divided 5% (NIL) 9,000,000 -(-) Transfer to Dividend Distrihution tax 1,529,550 .
Closing balance 10,259,590 8,970,122
As per Balance sheet
As per 8alance Sheet
As per Balance sheet
ruta I of Reserves and Surplus (a+b+c) 2R,259,59CJ 11,470,122
505.792.612 568.994.273
5U5.792,612 568.9'14.273
2.180,437 16,'I()4.2R72,736,585
4.917,022 16.904.287
328,168,308 81,308.814
328.168,308 81.308,814
47.050.176 117.786,3669,618.127 469.584
56.668.303 118.255,950
9,BH9,290 50400.0009,OllO,lIlI01.529.550
20,418,840 SAW,lXXI
1.595.328 5,484,595
133,126 84,595
1,462.202 5.4lI0.IXIO
10462.202 MllO,OOO
370,123,797 375.105.507181.000 220.965250.000 107.000
" nrlO.OIXl 7,500.000
~lAtl ANq ""~ ~!:!i or
~ CHENH'" ~,a:: 60000~, ** ..~ ~~~,. ~,
""d"1ii:t""I----
7
5
6
R
10
II
IA)
As per Balance Sheet
Nole 10:DEfERRED TAXDl'fl'rrl-d Tax ASSl,ts:I'rovision for Non Performing assetsGross Deferred Tax Asset
Dt'i,'rrl'd TOlxLiabilities:
Di(ferl'ncl' Betwl'Cn 'Nrilten Dlw,1Il Value of Fix(,d A!'.<;etsOlspl'rom panics acl Olnd as per Income tax Act.,
Gross Deferred Tax Liability (8)Net DeCerred lax Assel/(Liabilily)
Noll' 8:SHORT TERM PROVISIONSProvisiom":-[llcomcTaxI'l'Opost'd Dividl'ndDividl'nd Distribution Tax
ote7:TilER CURRENT LIABILITIES
Current Maturities o( Long Term BorrowingsOther Li.lbilities"
As per Balance Sheet
.Short Term Borrowings from Repco Hank is Secured byIlypolhecation of Micro finance Receivables
As per Balance sheetNote 6:SIIOHT TERM BORHOIVlNGS:SecuredODL ICash Credit from Repro Bank Lid.,.
Note 5:LONG TERM PROVISIONS:Provision Towards Non Performing advanCL'SclI1tingent Provision for Standard advances
Unsl'Curl'd Borrowings([£Orm Loans (rom Repco Bank)
"There arc no Micro and Small Enterprises to whom the company)\\,('s dUl's, which arl' outstanding for more than 45 days as of31st March 2013. 11,is information as rte'quired to ht.>disclosedunder Micro Small and Medium Enterprises Development Act,2006 has b('Cn determined to the extent such p.1rties have bt..-enidl'ntifil-d on the basis of information available with the Company
Note 4:Non-Current liabilitiesLONG TERM BORROWINGS
Note 11LONG TERM LOANS & ADVANCES(Un Secured & Considered Good exceptingIJrovision made for Non.Performing AdvanCl.'S)Micro Finanl"e Loans to Self Help groups,'pilal Advances. 'urit)' Depositsther loans & advances
Advance Tax
Income Tax Refund Due 2,162,145 6,555
In the opinion of the Management, the current assets, Loans andAdvances as stated in the Balance Sheet are realizable in thenormal course of business
As per Balance Sheet 380,716,942 382,940,027
Note 12:CASH AND BANK BALANCES: 12Cash and Cash Equivalents....ash on Hand 31 31Balance with Bank in Current ale 59,171 69,957
alanee with Repco Bank in Savings a/c 10,062.323 872,335As Per Balance Sheet 10,121,525 942,323
Note 13SHORT TERM LOANS & ADVANCES 13(Un Secured, considered good excepting provision towards Nonperforming advances)lCurrent Maturities of Mkro finance Loan 727,074,966 589,607,239Prepaid expenses 33,739 -Advances recoverable in Cash or in Kind BJ,475 75,975
In the opinion of the Management, the l.."Urrcntassets, LQans andAdvancC's as stated in the Balance Sheet are realizable in thenormal course of business
As per Balance sheet 727,192,180 589,6BJ,214
REPCO MSME DEVELOPMENT & FINANCE LTDNO:33, NORTH USMAN ROAD, T.NAGAR, CHENNAI 600 017
Particulars
Note 14
Revenue from 0 erations
Interest from Micro Finance Loan
Note 15
Other income:
Recovery of bad debts written offInterest on Deposits
sundry credit balances written back
Ex enses
For the periodFor the period endedNoll' ended March 31,
No 2013 March 31, 2012
Amounl(Rs) Amount(Rs)
14
152,257,555 137,033,596
152,257,555 137,033,596
15
2,239,5521,178,094 1,032,690
45,6813,417,646 1,078,371
Note NO.16EMPLOYEE BENEFIT EXPENSES~alaries & allowances*Staff Welfare
Tolal
Note NO.17
Illterest alld atlter Fillallce ellar es:Interest on Term Loans
Interest on SODL/ Cash Credit'Bank ChargesTolal
16
17
11,975,080458,021
12,433,101.41
66,923,3745,399,679
4,28472,327,337.16
7,530,799180,623
7,711,422
70,397,1764,850,029
2,244
75,249,449
Note NO.18
Olher expenses:Printing and 5tntioneryOffice Expenses, Postage & Telegraphfravelling and ConveyanceRent
Repairs and Maintemmce - othersTelephone ChargesElectricity Charges
Remuneration to auditors towards
Statutory auditTax audit FeesCertification charges
Retainer FeesMonitoring Cost To RFMCLeased Line ChargesOther expenses
otal
18
99,778 390,084468,730 98,83165,275 53,675834,984 441,338354,788 559,171345,676 133,183150,977 56,086
140,450 250,75078,652 27,57522,472 15,993150,000 153,250
14,274,708 13,821,986178,441 159,98890,114
17,255,044.93
•REPCO MSME DEVELOPMENT & FINANCE LTD
NO:33, NORTH USMAN ROAD, T.NAGAR, CHENNAI 600 017
Block Rate OpeningWDV AdditionsDeletions Depreciation Closing WDV< 180 Davs > 180 davs
Plant & Machinery 15% 11,560 39,000 - - 4,659 45,901
Fumitures 10% 1,883,581 190,254 277,022 - 225,573 2,125,284
Electrical Fittings andoffice equipment 15% 4,640 - 5,200 - 1,476 8,364
Temporary Structure 100% - 201191 139,157 239,753
Computers & Softwares 60% 1,046,402 1,525,594 247,609 - 1,234,085 1,585,520
Total 2,946,182 1,956,039 668,988 1,705,545 3,765,069
REPCO MSME DEVELOPMENT & FINANCE LTDNO:33, NORTH USMAN ROAD, T.NAGAR, CHENNAI 600017
Fixed Assets additions during the year 2012-13FURNITURE:Date of voucher Description Amount 180 days >180 days21/04/2012 Wooden table for manager of size 6O'ItJO'*30' 14,118 14,11821/04/2012 Cash counter 10,076 10,07621/04/2012 Offkcrs table 10,683 10,68321/04/2012 Side unit of manager table of size 36'.16'''29' 6s.o13 68,01321/04/2012 l,..ushion chair for manager 4,007 4,00721/04/2012 '-ushion chair for officers 8,931 8,93121/04/2012 Visitor chair 5,954 5,95425/04/2012 Wooden table for manager of size 60'*30'*30' 12,330 12,33025/04/2012 rash counter 17,600 17,60025/04/2012 Offkcrs table 9,330 9,33025/04/2012 Side unit of manager table of size 36'>1-16'*29' 65,280 65,28025/04/2012 rush ion chair for manager 3,500 3,50025/04/2012 Lushion chair for officers 7,800 7,80025/04/2012 Visilor chair 5,200 5,20015/06/2012 5torcwcl ]4,000 14,00020/06/2012 Name board (lOx4) 9,020 9,02020/06/2012 Name board (4x3) 1,780 1,78028/08/2012 Name board 9,400 9,4008/2/2013 Furniture work (full) 144,720 144,720
13102/2013 Stoccwel 6,275 6,27522/02/2013 ~amcboard 9,255 9,25522/02/2013 ~amcboard 7,986 7,98626/02/2013 \1amc bn<1fd 11,278 11,27826/02/2013 ~amc bllard 10,740 10,740
467,276 190,254 277,022
Furniture and fil ngs Temporary structuresDale of voucher Description Amount k180 days 180 days21/04/2012 Furniture partitiun work and data cabling work iltGudul<lr 64,675 64,67521/04/2012 Furniture partitiun work and data cabling work at Dindigul 79,749 79,74925/04/2012 Furniturl'p.utitinn work and data cabling work iltTiruporur 56,767 56,76708.02.2013 Furniture partition work and data cabling work at Padi 139,157 139,157
340,348 201,191 139,157
ELECTRICAL E< UIPMENTS:Date of voucher Description Amount k180 days 180 days31/08/2012 pt..'destal fan 2,100 2,10031/08/2012 Wall mounting fan 1,800 1,800
3,900 - 3,900
ELECTRONIC E UIPMENTS:Dale of voucher Description Amount k180 days 180 days22/01/2013 CASI-ITRON loose note counting machine 7,800 7,80022/01/2013 rASIiTRON loose note counting machine 7,800 7,80022/01/2013 CASHTRON loose note counting milch inc 7,800 7,80022/01/2013 CASI-ITRON loose note umnting machine 7,800 7,80022/01/2013 CASIITRON loose note counting m<1chine 7,800 7,800
39,000 39,000 -OFFICE EQUIP~ ENTS:
Date of voucher Description Amount <180 days ~180 days26/06/2012 Micromax mobile (Mr. suresh) 1,300 1,300
1,300 - 1,300
COMPUTER:Date of voucher Description Amount <180 days ~180 days
14/05/2012 Wipro computer 70A06 70A0614/05/2012 EPSON dot matrix printer 9,523 9,52331/07/2012 l1 KVA UPS 82,550 82,55011/8/2012 Cisco router model 1941 85,130 85,13030/11/2012 Lcnovo think (."1..'ntrecomputer 75,000 75,00030/11/2012 L<..'no\'o think centre computer 75,000 75,00030/11/2012 Lenovo think centre computer 75,000 75,0008/12/2012 3 KVA UPS 100,580 100,5808/1/2013 WiNO ex 330 printer 8,778 8,77829/01/2013 I.cnovo think centre computer 75,000 75,00029/01/2013 lenovo think centre computer 75,000 75,00030/01/2013 13KVA UPS 100,580 100,58030/01/2013 lKVAUI'S 100,580 100,58030/01/2013 Koda k scanner 27,500 27,50030/01/2013 Kodak scanner 27,500 27,50030/01/2013 Kodak scanner 27,500 27,50030/01/2013 Kodak scanner 27,500 27,50013/02/2013 Cisco router model 1941 80,609 80,60913/0212013 Cisco router model 1941 80,609 80,60913/0212013 3 KVAUl'S 100,580 100,58025/03/2013 Lenovo think centre computer 74,500 74,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scannt..'r 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Koc.iak scanner 27,500 27,50028/03/2013 Kodak scanner 27,500 27,s0028/03/2013 Kodak scanner 27,500 27,50028/03/2013 Kodak scann(.'r 27,500 27,50030/03/2013 Wipro ex 330 Printer 8,778 8,778
1,773,203 1,525,594 247,609
NolcNo.8=1Iii REPCO MSME DEVELOPMENT & FINANCE LTD
NO:33, NORTH USMAN ROAD, T.NAGAR, CHENNAI 600 017
GROSS BLOCK DEPRECIATION BLOCK NET BLOCK
PARTICULARS As on 1st Deletlo As on 31st Rate As on 1st Deletio As on 31st As on 31st As on 31stAdditions For the yearApril 2012 ns March 2013 April 2012 ns March 2013 March 2013 March 2012
TANGIBLE ASSETS:
Furniture and fittings 1,563,489 467,276 - 2,030,765 10.00% 288,147 197,159 - 485,306 1,545,458 1,275,341Furniture and fittings-Temporary Structures - 340,348 - 340,348 100.00% - 340,348 - 340,348 - -pffice equipments 14,749 1,300 - 16,049 111.00% 14,749 1,300 - 16,049 - -Electrical equipment ... 6,376 42,900 - 49,276 10.00% 6,376 6,360 - 12,736 36,540 -!computer 2.662,974 1,773,203 - 4,436,177 33.33% 886,535 1,017,872 - 1,904,407 2,531,770 1,776,439
rotal 4.247,588 2,625,027 - 6,872,615 L195,807 1,563,039 - 2,758,846 4,113,768 3,051,78iJ
NTANGIRI.E ASSETS:
[software 310,888 - 310,888 33.33% 145,646 103,629 249,275 61,613 165,242[0101 310,888 - - 310,888 145,646 103,629 - 249,275 61,613 165,242
Tolal 4,558,476 2,625,027 7,183,503 1,341,453 1,666,668 3,008,121 4,175,381 3,217,022
• REPCO MSME DEVELOPMENT & FINANCE LTDNO:33, NORTH USMAN ROAD,
T.NAGAR, CHENNAI 600 017
COMPUT AnON OF DEFERRED TAX Amount (Rs)PROVISION FOR NPA (Net off Technical", ite off) 2,180,437PROVISION FOR STANDARD ASSETS 2,736,585Deferred tax Asset 1,595,328
WDV of Assets as per Books 4,175,381WDv of Assets as per income tax act 3,765,069Difference 410,312DTL 133,126
NetDTA 1,462,202DTA Rounded off 1,462,202
DTA already outstanding , 5,400,000DTA to be created/ (Reversed) (3,937,798)
Particulars RateBasic 30Surcharge 1.5Basic +Surcharge 31.5Cess 0.945Tax rate 32.445
-------------------------------------------------
REPCO MSME OEVELOPMENT & FINANCE LTD
NO:33, NOlnU USMAN RO/\D, T,NAGAR. CHENNAI 600 017
AX WORKING
l
ParticularsProfit as PI.'f Profit & Loss AleAllJi:Dcprt..'cialion Considered Sep.uatelyProvision for Standard AssetsProvision for Non Performing AsS('ls
Depn.'l"j,llion As per Income Tax ActPmdcnl WIn of Bi"ld debts
Profits ,md Gclins From Busint.'ssLess: Corril'd forward lossGross Total Incomeax P.1Y'lbleurcharge (5%)
Educational Cess (2%)"condary Higher Educational Cess (10/..)folal TilX PayableAdvann> Tell( PaidIhl<lI1t.'c Tax PilyablpInll'fl'5! UJs 2J4H[nlen'st Ujs 234CNet Tax Pa able
SummaryTot.l1 tax LiabilityOnduding Interest)Provision for laxation rounded off
AdVfllll"t.' Tax P.lidNet T.1XPayable
IInterest under Sec.234C
Amount (Rs)
1,666,6682,736,5857,999,649
1,705,54522,723,499
Amount (Rs)
41,256,816
12,402,90253,659,718
24,429,04429,230,673
29,230,6738,769,202
438,460184,15392,077
9,483,8928,000,0001,483,892
29,678218,937
1,732,506
Amount(Rs)9,732,500 Provision for Taxation
10,000,000
8,nOD,()()()2,nOD,000
Due Date PercentageTax Liability Amount
(Rs.) oaid(Rs) Cumulative Shortfall Interest15th June 2U12 15% \,422,584 - - 1,422,584 42,67815th September 2012 45% 4,267,751 3,000,OOU 3,000,000 1,267,7,1 38,03315th LJcccm cr 2012 75% 7,112,919 - 3,000,000 4,112,919 123,38815th March 2013 100% 9,483,892 5,000,000 8,000,000 1,483,892 14,839TOTAL INTEREST UtS 234 C 9,483,892 8,000,000 8,000,000 1,483,892 218,937
IInterest under Sec.234B
Particulars \mounl (Rs.Ualnnc(' Paynble 1,483,892
Interest u/s.234B 29,678Total Interest uJs. 234 B 29,678.. 3
., REPCO MSME DEVELOPMENT & FINANCE LTDNO:33, NORTH USMAN ROAD, T.NAGAR, CHENNAI 600 017
Current and Non-current of SHG loans-MF
Particulars Amount (Rs) Amount (Rs)Technically written off MFTechnically written off MF 0.00 41888819.00MICROFINANCEMICRO FINANCE 1136788062.50 0.00Youth SHG1YOUTHSHG1 531321.00 0.00YouthSHG2YOUTHSHG2 1768198.00 0.00
1139087581.50 41888819.00
Balance for other than technical write off accounts 1097198762.50
Breakup Amount (Rs)Current 727074965.50Non-current 370123797.00
Total MF loan after technical write off 1097198762.50
•REPCO MSME DEVELOPMENT & FINANCE LTD
NO:33, NORTH USMAN ROAD, T.NAGAR, CHENNAI 600 017
Provision for Standard Assets Amount (Rs)
Total advances portfolio 1139089542.50Less:NPA 44455612
Standard Assets
PercentageProvision for Standard Assets
1094633930.50
0.25%2,736,584.83
REPCO MSME DEVELOPMENT AND FINANCE LIMITED
LIST OF RELATED PARTIES
KEY MANAGEMENTPERSONNEL:
PROMOTERS:
Shri R. VaradarajanShri T. E. 1l1iruvengadam
Repco Bank Limited
Repco Home Finance Ltd
Managing DirectorExecutive Director
(Amount in Lacs)
Kev manaeement Personnel Promoters
Nature of Transactions Managing Director Executive Direclor Repco BankRepco Home
Finance Limited2012-13 2011-12 2012-13 2011-12 2012-13 2011-12 2012-13 2011-12
Remuneration - - - -
Share Ca ..•italEquity Shares - - - - 1,000.00 1,000.00 800.00 800.00Balance in savings Bankaccount maintained with thepromoter - - - - 100.62 8.72 - -Balance in SODL/Cash Creditnccount mainillincd with theprOlmlh.'f - - - - 3,281.68 813.09 - -L'nSl'CUfCd Loans <1vailed fromthe promoter{ Bnlanccoutstandinc. - - - - 5,528.43 6,867.81 - -Remuneration. 2.33Reimbursement of'stablishmcnt cost 25.59 25.63Interest Income received fromthe promoter - - - - - -. Savings Bank - - - - 11.78 0.34 - -. Fixed Dt:'posit - - - - - 9.98 - -intcn.'st paid to promoters - - - - - -- Cash Crcd it - - - - 54.00 48.50 - -- UnSt.'cllr(~i Loans - - - - 669.23 703.97 - -
""Remuneration in the capacity of Executive director is w.c.f 01.01.2013
REPCO MSME DEVELOPMENT AND FINANCE LIMITEDNO;33, NORTH USMAN ROAD, T NAGAR, CHENNAI 600 017
Significant Accounting policies and Notes to accounts:
NOTE 1:
Significant Accounting Policies:
1. The financial statement are prepared and presented under the historical cost convention
method in accordance with the Generally Accepted Accounting Principles (GAAP) and the
provisions of the Companies Act, 1956 and Accounting Standards issued by the Institute
of Chartered Accountants of India (ICAI) as applicable.
2. Income Recognition:
I. Interest income on Loans given is recognized under the internal rate of return method.
Income on Non-performing assets is recognized only when realized.
II. Interest income on deposits is recognized on a proportionate basis taking into account the
amount outstanding and the rates applicable.
III. All other income is recognized on accrual basis.
J. Fixed Assets and Depreciation:
Fixed assets are stated at cost less accumulated depreciation. Cost includes taxes, duties
and other incidental expenses related to the acquisition and installation of the assets.
Depreciation on fixed assets is provided on a pro-rata on the basis of the straight line
method, over the period of use of these assets at the annual depreciation rates and in the
manner stipulated in Schedule XIV. of the Companies Act, 1956 or based on the
depreciation rates as per the estimated useful lives of the assets determined by the
Management, whichever is higher as follows;
J
!Fixed Assest Rate of depreciation
. Furniture and Fillings 10.00%
Office Equipments 10.00%
Electrical Equipments 10.00%, ,
Computers & Software 33.33% i
Temporary Structures (Partition work) 100%
Individual assets costing Rs.5,OOOj-or less are fully depreciated in the year of purchase.
4. Earnings Per Share:
The earnings considered in ascertaining earnings per share comprises of the net profit
after extraordinary items and tax. The number of shares used in computing basic earnings
per share is the weighted average number of shares outstanding during the year. Diluted
earning per share comprises of weighted average share considered for deriving basic
earnings per share as well as dilutive potential equity shares.
5. Income Taxes:
Current tax is the amount of tax payable on the taxable income for the year and IS
determined in accordance with the provisions of the Income tax Act, 1961.
Deferred Tax is recognized on timings difference being the difference between the taxable
income and accounting income that originate in one period and are capable of reversal in
one or more subsequent periods. Deferred tax assets and liabilities are measured using the
tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet
date.
6. Employee Benefits
The company's contribution towards Employees Provident Fund Scheme is remilled to the
Regional Provident Fund Commissioner and is charged to the Profit & Loss Account on
accrual basis.
REPCO MSME DEVELOPMENT AND FINANCE LIMITED
NOTE 19:
NOTES TO ACCOUNTS:
1. Related Party Disclosure:
LIST OF RELATED PARTIES;
KEY MANAGEMENT PERSONNEL: 1) Shri. R. Varadarajan - Managing director.
2) Shri. T.E. Thiruvengadam - Executive Director
PROMOTER: 1) Repco Bank Limited.
2) Repco Home Finance Limiled
The Company's relaled party transactions and balances are summarized as follows;
Key management Personnel Promoters
Managing Executive Repco Bank Repco HomeNature of Director Director Limited Finance Limited
Transactions
2012- 2011- 2012- 2011- 2012- 2011-13 12 13 12
2012-13 2011-1213 12
Share Capital
Equity Shares - - - - 1,000.00 1,000.00 800.00 800.00
Balance in savingsBank accountmaintained withthe promoter - - - - 100.62 8.72 - -
Balance inSODL/Cash Creditaccount maintainedwith the promoter - - - - 3,281.68 813.09 - -
Unsecured Loansavailed from thepromoter/ Balanceoutstanding - - - - 5,528.43 6,867.81 - -
Remuneration' 2.33
Reimbursement ofEstablishment costs 25.59 25.63 ~--;-....
Z~~ (~.,,'" "'""~ T~~ ~ -----=~ '"~C~"'L ;;:.a: 6004. -I.• 01.(! ~ t" ~ I"., ~,.""dTtt'~/
Interest Incomereceived from thepromoter - - - - - -
- Savings Bank - - - - 11.78 0.34 - -
- Fixed Deposit - - - - - 9.98 - -
Interest paid topromoters - - - - - -
- SODL/CashCredit - - - - 54.00 48.50 - -
- Unsecured Loans - - - - 669.23 703.97 - -
* Remuneration in the capacity ofExecutive director is w.e.f 01.01.2013
2. There is no expenditure incurred in Foreign Currency.
3. There are no amounts to be reflected under payable to Investor Protection Fund.
4. Since the no of employees is less than the prescribed minimum, the provisions of Gratuity
Act, 1972 is not applicable.
5. Previous Year's Figures have been regrouped and rearranged wherever necessary to
conform to current year classification.
For R.Subramaian and CompanyChartered Accountants
UN.Krishnam;&PartnerMemebership No: 19339Firm Reg No: 0041375Place: ChennaiDate: 09.05.2013
e::>(3~T.E.Thiruven adamExecutive Director
R.VaradarajanManaging Director