Financials

        Statement of Unaudited Financial Results for the Quarter and Half Year Ended September 30 , 2019
(₹ in Lakhs)
Sr.No. Particulars Quarter ended Half Year ended Year ended 31-03-19
30-09-19 30.06.2019 30-09-18 30-09-19 30-09-18
(Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited)
1 Revenue from operations
(i) Interest Income               31,181               30,992                 30,109              62,173             59,284           122,211
(ii) Fees and Commission Income                      30 20                         -                     50                     -                  267
Total revenue from operations               31,211 31012 30109              62,223             59,284           122,478
Other Income                    113                    166                        44                   279                  161                  288
Total income               31,324               31,178                 30,153              62,502             59,445           122,766
2 Expenses
(i) Finance Cost               24,114               24,189                 21,166              48,303             41,044             86,528
(ii) Net Loss on derecognition of Financial Instruments                      24                      22                         -                     46                     -                  139
(iii) Impairment of Financial Instruments                 2,253                 2,907                   1,062                5,160               1,960               3,300
(iv) Employee Benefits Expenses                    904                    884                      820                1,788               1,666               3,222
(v) Depreciation & Amortisation                      76                      69                        16                   145                    30                    72
(vi) Other Expenses                 1,285                 1,188                      936                2,473               1,718               4,799
Total Expenses               28,656               29,259                 24,000              57,915             46,418             98,060
3 Profit before exceptional items and tax (1-2)                 2,668                 1,919                   6,153                4,587             13,027             24,706
4 Exceptional items                       -                               -                                  -                     -                    -                    -
5 Profit before tax (3-4)                 2,668                 1,919                   6,153                4,587             13,027             24,706
6 Tax expense
(i) Current Tax                    630                 1,395                   2,105                2,025               4,360               7,840
(ii) Deferred tax (Net)                 3,035                  (970)                     (572)                2,065                 (898)                (315)
7 Net Profit for the period (5-6)                   (997)                 1,494                   4,620                   497               9,565             17,181
8 Other comprehensive Income
A. Items that will not be reclassified to profit or loss
(i) Remeasurement Gain / (Loss) on defined benefit plan                     (20)                    (19)                         (3)                   (39)                     (6)                  (77)
(ii) Net Gain on equity instrument designated at FVOCI for the year                     (25)                      19                        14                     (6)                    28                    49
(iii) Income tax relating to items that will not be reclassified to profit or loss                      18                      (7)                         -                     11                     -                  (17)
B. Items that will be reclassified to profit or loss                       -                               -                                  -                     -                     -                    -
Total other comprehensive income (A+B)                     (27)                      (7)                        11                   (34)                    22                  (45)
9 Total Comprehensive Income(7+8)                (1,024)                 1,487                   4,631                   463               9,587             17,136
10 Paid up Equity Share Capital (Face value ₹ 10/-)                 5,385                 5,385                   5,385                5,385               5,385               5,385
11 Reserves as at 31st March           120,012
12 Earning Per Share (EPS) on Face Value ₹ 10/-
Basic and Diluted Earning Per Share (Face value ₹ 10/-) (* The EPS for the period is not annualised)                  (1.85)                   2.77                     8.58                  0.92               17.76               31.90
   
Notes to the Financial Results:
1 STATEMENT OF ASSETS AND LIABILITIES
(₹ in Lakhs)
Sr.No. Particulars As at As at
30-09-2019 31-03-2019
(Reviewed) (Audited)
ASSETS
1 Financial Assets
(a) Cash and cash equivalents                 7,811                 4,850
(b) Bank balance other than cash and cash equivalent                    416                    372
(c) Loans          1,279,474          1,275,538
(d) Investments                 1,344                 1,350
(e) Other financial assets                    345                    457
Total - Financial Assets          1,289,390          1,282,567
2 Non-financial assets
(a) Current tax assets (net)                 1,769                 1,414
(b) Deferred tax assets (net)                 9,998               12,051
(c) Property, plant and equipment                    263                    284
(d) Other intangible assets                 1,107                      -
(e) Other non-financial assets                    755                    429
Total - Non Financial Assets               13,892               14,178
Total Assets          1,303,282          1,296,745
LIABILITIES AND EQUITY
LIABILITIES
1 Financial liabilities
(a) Payables
(I) Trade Payable                 1,006                 1,157
-  Total outstanding dues of micro enterprises and small enterprises                       -                        4
-  Total outstanding dues of creditors other than micro enterprises and small enterprises                 1,006                 1,153
(II) Other Payable                       -                      -
-  Total outstanding dues of micro enterprises and small enterprises
- Total outstanding dues of creditors other than micro enterprises and small enterprises                       -                      -
(b) Debt securities             124,432             124,076
(c) Borrowings (other than debt securities)          1,049,884          1,041,787
(d) Other financial liabilities                 4,922                 3,657
Total - Financial Liabilities          1,180,244          1,170,677
2 Non-financial liabilities
(a) Provisions                    744                    668
Total - Non Financial Liabilities                    744                    668
3 Equity
(a) Equity Share Capital                 5,388                 5,388
(b) Other Equity             116,906             120,012
Total - Equity             122,294             125,400
Total Liabilities and Equity          1,303,282          1,296,745
   
2 .CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019
 (₹ in Lakhs)
Particulars Half Year Ended Half Year Ended
30-09-2019 30-09-2018
(Reviewed) (Not Reviewed)
A.Cash Flow From Operating Activities :
Net Profit Before Tax & Extraordinary Items                            4,587                    13,027
Adjustments For :
Depreciation And Amortisation                               145                           30
Impairment of Financial Instruments                            5,160                      1,960
Interest Income                        (62,172)                  (59,284)
Interest Expenses                          48,303                    41,044
(Profit)/Loss On Sale Of Fixed Assets (Net)                                 -                           (4)
(Profit)/Loss On Sale Of Investments                             (237)                       (157)
Remeasurement Gain/(loss) on Defined Benefit Plan                               (39)                           (6)
Operating Profit Before Working Capital Changes                          (4,253)                    (3,390)
Adjustments For :
(Increase)/Decrease In Other Financial Assets                                 69                           (2)
(Increase)/Decrease In Other Non Financial Assets                             (326)                         (51)
Increase/(Decrease) In Other Non Financial Liabilities                                 77                           81
Increase/(Decrease) In Trade Payables                             (152)                         105
Increase/(Decrease) In Other Financial Liabilities                            1,264                         559
Interest Received                          61,230                    59,214
Interest Paid                        (48,303)                  (41,411)
Taxes Paid                          (2,380)                    (4,178)
Loans Disbursed (Net)                          (8,154)                  (95,447)
Net Cash Used in Operating Activity                             (928)                  (84,520)
B:Cash Flow From Investment Activities
Payments for Property, Plant & Equipments                          (1,231)                         (51)
Proceeds from Sale of Property, Plant & Equipments                                 -                             6
Purchase Of Investments                      (914,000)                (585,509)
Sale Of Investments                        914,238                  585,666
Net Cash Generated From Investing Activity                             (993)                         112
C: Cash Flow From Financing Activities
Proceeds from Borrowings                        104,001                  155,129
Repayments of Borrowings                        (95,904)                (113,812)
Proceeds from Debt Securities                        399,382                  398,699
Repayments of Debt Securities                      (399,027)                (348,062)
Dividend Paid On Equity Shares                          (2,961)                    (2,961)
Dividend Distribution Tax paid                             (609)                       (609)
Net Cash Generated From Financing Activity                            4,882                    88,384
Net Increase/(Decrease) Of Cash & Cash Equivalents(A+B+C)                            2,961                      3,976
Cash & Cash Equivalents As At Beginning of the year                            4,850                      5,380
Cash & Cash Equivalents As At the End of the Period                            7,811                      9,356
Components Of Cash And Cash Equivalents
Cash On Hand                               189                         172
Remittances In Transit                                 94                           53
Balance With Bank
 - On Current Accounts                            7,528                      9,131
Balance as per Statement of Cash Flows                            7,811                      9,356
   
3 The financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 - Interim Financial Reporting, notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time, and other accounting principles generally accepted in India.
4 Effective April 01, 2019 the Company has adopted IND AS 116 - Leases for its lease contracts existing on that date by following the "prospective method", which requires any lease arrangement to be recognised in the balance sheet of the lessee as a 'right-of-use' asset with a corresponding lease liability. Accordingly depreciation has been charged on such assets as against lease rental expenses in the previous year. Similarly interest expense has been recognised on lease liabilities under finance cost. As permitted by the standard, the Company has applied this standard w.e.f April 01, 2019 and comparatives for the previous period / year have not been restated. The effect of this adoption is insignificant on the profit for the period.
5 During the quarter ended June 2019, the company had changed its method of identification of Non-Performing Assets and method of appropriation of recovery in the loan accounts. This change was pursuant to the observation made by the National Housing Bank (NHB) during their inspection carried out for Financial Year 2016-17 and subsequent communication thereon. Due to these changes for quarter ended June 2019: -
-          the net addition to Non-Performing Asset were higher by ₹ 2.11 crore and
-          the interest income has reduced by ₹ 0.72 crore.
The Company continues to recognise impairment loss on housing loans at amount determined under the NHB Directions or expected credit loss as per IND AS 109, whichever is higher.
6 The Company's main business is to provide loans for the purchase or construction of residential units. All other activities revolve around the main business. Hence , there are no separate reportable segments, as per IND AS 108 Operating Segments.
7 Tax expenses for the quarter and half year ended September 30, 2019 reflect changes made vide Taxations Laws (Amendment) Ordinance 2019 as applicable to the Company, resulting in a reversal of Deferred Tax Assets aggregating to ₹ 3,883 Lakhs for the half year ended September 30, 2019. Consequently, Deferred Tax Assets have been reduced with a corresponding charge to Profit and Loss Account.
8 The above results for the quarter and half year ended September 30, 2019 have been reviewed and recommended by the Audit committee and Subsequently approved by the Board of Directors at their respective meeting held on November 01, 2019 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
9 The Statutory Auditors of the Company have carried out a Limited Review of the financial results for the quarter and half year ended September 30, 2019 in compliance with Regulation 33 the SEBI (Listing  Obligations and Disclosure Requirements) Regulations, 2015 as amended.
10 Figures for the previous period have been regrouped / reclassified wherever necessary, to make them comparable with current period                                 figures.
                                                                                                                                                                For and on behalf of the Board
                                                                                                                                                                Neera Saxena
                                                                                                                                                                Managing Director & CEO
                                                                                                                                                                DIN NO.: 08189646
Place : Mumbai
Date  : November 01, 2019.