| 1 Corporate Information
'The company was incorporated as a private limited company on 11th
March 1992 and was converted into public limited company U/s 44 of the
Companies Act, 1956 on 29th March, 1994 with an object of carrying
business as "Non - Banking Finance Company" having registered office at
Kothari building, 4th Floor, No.114, Mahatama Gandhi Salai,
Nungambakkam, Chennai -600 034.
The Company has been registered with Reserve Bank of India as "Non -
Banking Finance Company" on 5th May 1998 vide Registration No.
B-07-00068.
Formerly, the company was known as "Indus Finance Corporation Limited"
and the name has been changed to "Indus Finance Limited" on 22nd
January, 2015 for which RBI Approval is awaited.
2. Contingentliabilitiesandcommitments As at As at
(to the extent not provided for) 31.3.2015 31.3.2014
Rs. In lacs Rs. In lacs
Contingent liabilities
(a) Claims against the Company not
acknowledged as debt
Total Demand as per Order
raised by
Income Tax Department 493.00
Less : Income Tax Refund Due
or Tax paid duringRegular/
Scrutiny Assessment 227.02 265.98 40.10
The Company is disputing various demands raised by the Income Tax
Department, which are pending before Supreme Court & High Court. The
Company has got Opinion from Legal Counsel which is in favourofthe
Company and hence the liability has not been recognised in the Books of
Account.
Income Tax department has attached the company's Investment in Equity
Shares of one of its associates against the above stated litigated
demands.
3. Disclosures required under Section 22 ofthe Micro, Small and
Medium Enterprises Development Act, 2006
There are no amounts due to small scale industries in terms of The
Micro, Small and Medium Enterprises Development Act, 2006
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the management. This has been relied by upon by the auditors.
4. Related party transactions
Details of related parties:
Description of relationship
Associates / Companies where Key Managerial Personnel have a significant
influence.
Indowind Energy Limited
Indowind Power Private Limited
Everon Power Limited Indus Capital Private Limited
Kavit Green Energy Private Limited
Key Management Personnel (KMP)
Bala V. Kutti - Director
Alice Chhikara - Director
N Bhaskara Chakkera - Executive Director
K K Dinakar - Company Secretary
Note: Related parties have been identified by the Management.
5. Segmentinformation
The Company has identified business segments as its primary segment and
geographic segments as its secondary segment. Business segments are
primarily Non-banking Finance, Power Generation and Others which
include Investment. Revenues and expenses directly attributable to
segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reportable segment have been
allocated on the basis of associated revenues of the segment and
manpower efforts. All other expenses which are not attributable or
allocable to segments have been disclosed as unallocable expenses.
Assets and liabilities that are directly attributable or allocable to
segments are disclosed under each reportable segment. All other assets
and liabilities are disclosed as unallocable. Fixed assets that are
used interchangeably amongst segments are not allocated to primary and
secondary segments.
6. Previous Year's Figures
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
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