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Company Information

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IDFC LTD.

23 October 2020 | 12:00

Industry >> Finance - Term Lending Institutions

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ISIN No INE043D01016 52Week High 41 Book Value (Rs.) 52.00 Face Value 10.00
Bookclosure 22/11/2019 52Week Low 13 EPS 0.00 P/E 0.00
Market Cap. 4821.00 Cr. P/BV 0.58 Div Yield (%) 10.43 Market Lot 1.00

NOTES TO ACCOUNTS

You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

01 CORPORATE INFORMATION

IDFC Limited (‘the Company’) is a company incorporated in India and is a Non Banking Finance Company (NBFC) regulated by the Reserve Bank of India (‘RBI’). It was operating as an Infrastructure Finance Company, i.e. financing infrastructure projects in sectors like energy, telecommunication, transportation, commercial and industrial projects including hospital, education, tourism and hotels upto SeptembeRs.30, 2015. The Company had received in principle approval from the RBI to set up a new private sector bank in April 2014. Since OctobeRs.1, 2015 the company is operating as NBFC - Investment Company.

02 BASIS OF PREPARATION

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (“the 2013 Act”) and the relevant provisions of the 2013 Act, as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The Company follows the prudential norms for income recognition, asset classification and provisioning as prescribed by the RBI for non-deposit taking Non-banking Finance Companies (NBFC-ND). The accounting policies adopted in preparation of financial statements are consistent with those followed in the previous year.

Based on the nature of activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

(A) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share and ranks pari passu. The dividend proposed by the Board of Directors on the board meeting dated April 27, 2018 is subject to approval of the shareholders at the ensuing Annual General Meeting. During the year, the Board of Directors proposed dividend of Rs.0.75 per share (7.5%) [Previous Year Rs.0.25 per share (2.50%)].

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential amounts. However, no such preferential amounts exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

3 IN ACCORDANCE WITH ACCOUNTING STANDARD 15 ON ‘EMPLOYEE BENEFITS’ AS NOTIFIED UNDER THE ACCOUNTING STANDARDS SPECIFIED UNDER SECTION 133 OF THE 2013 ACT, THE FOLLOWING DISCLOSURES HAVE BEEN MADE:

i. The Company has recognised the following amounts in the Statement of Profit and Loss towards contribution to defined contribution plans which are included under contribution to provident and other funds (see note 21) :

ii. The details of the Company’s post - retirement benefit plans for gratuity for its employees are given below which are certified by the actuary and relied upon by the auditors :

The estimate of future salary increase, considered in the actuarial valuation takes account of inflation, seniority, promotion and other relevant factors.

4 The Company is operating as NBFC - Investment Company. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standards 17 on ‘Segment Reporting’ under specified Section 133 of the 2013 Act.

5 As per Accounting Standard 18 on ‘Related Party Disclosures’ as notified under the Accounting Standards specified under section 133 of the 2013 Act, the related parties of the Company are as follows:

I. SUBSIDIARIES:

(a) Direct

IDFC Foundation

IDFC Financial Holding Company Limited IDFC Projects Limited

(b) Through subsidiaries

IDFC Alternatives Limited

IDFC Asset Management Company Limited

IDFC AMC Trustee Company Limited

IDFC Bank Limited

IDFC Infrastructure Finance Limited

IDFC Securities Limited

IDFC Trustee Company Limited

IDFC Capital (USA) Inc.

IDFC Capital (Singapore) Pte. Ltd.

IDFC Investment Managers (Mauritius) Limited IDFC Securities Singapore Pte. Limited IDFC Bharat Limited

II. JOINTLY CONTROLLED ENTITIES:

(a) Through subsidiaries

Delhi Integrated Multi-Modal Transit System Limited

Infrastructure Development Corporation (Karnataka) Limited

Uttarakhand Infrastructure Development Company Limited (under liquidation)*

Rail Infrastructure Development Company (Karnataka) Limited*

III. ASSOCIATES:

(a) Direct

Novopay Solutions Private Limited

(b) Through subsidiaries

Jetpur Somnath Tollways Private Limited Feedback Infra Private Limited (upto March 19, 2018)*

Millennium City Expressway Private Limited*

IV. KEY MANAGEMENT PERSONNEL:

(a) Mr. Sunil Kakar - Managing Director & CEO (w.e.f July 16, 2017)

(b) Mr. Vikram Limaye - Managing Director & CEO (upto July 15, 2017)

The Company is in process of appointing Chief Financial Officer as required u/s 203 of the Companies Act, 2013 and expects to appoint these Key managerial personnel in financial yeaRs.2018-2019.

* No transactions during the year

I) The nature and volume of transactions of the Company with the above mentioned related parties are as summarised below:

6 CORPORATE SOCIAL RESPONSIBILITY (CSR)

ii Amount required to be spent by the Company on Corporate Social Responsibility (CSR) related activities during the year Rs.0.27 crore (Previous year Rs.1.25 crore).

ii Amount spent towards Company on Corporate Social Responsibility (CSR) during the year and recognised as expense in the statement of profit and loss on CSR related activities is Rs.0.27 crore (Previous year Rs.1.25 crore), which comprise of following:

7 In accordance with Accounting Standard 20 on ‘Earnings Per Share’ as notified under the Accounting Standards specified under Section 133 of the 2013 Act:

i. The basic earnings per share has been calculated based on:

ii. The reconciliation between the basic and the diluted earnings per share is as follows:

iii. The basic earnings per share has been computed by dividing the net profit / (loss) after tax for the year available for equity shareholders by the weighted average number of equity shares for the respective years, whereas the diluted earnings per share has been computed by dividing the net profit / (loss) after tax for the year available for equity shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding stock options for the respective years. The relevant details as described above are as follows:

8 PROPOSED DIVIDEND

The Board of Directors, in the meeting held on April 27, 2018 have proposed dividend of Rs.0.75 per equity share (7.5%) amounting to Rs.119.73 crore, inclusive of corporate dividend tax. The proposal is subject to the approval of shareholders at the Annual General Meeting. In terms of revised Accounting Standard (AS) 4 ‘Contingencies and Events occurring after the Balance Sheet date’ as notified by the Ministry of Corporate Affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, dated March 30, 2016, proposed dividend is not recognised as a liability as on March 31, 2018. Accordingly, the balance of Reserves and surplus is higher by Rs.119.73 crore (including corporate dividend tax) and the balance of other liabilities is lower by an equivalent amount as on March 31, 2018.

9 Disclosures relating to Specified Bank Notes (“SBN’’)

(a) The disclosures relating to Specified Bank Notes (‘‘SBN’’) is not applicable to the Company during the year.

(b) Details of Specified Bank Notes (SBNs) held and transacted during the period NovembeRs.8, 2016 to DecembeRs.30, 2016 is provided in table below

10 The following additional information is disclosed in terms of the RBI circular (Ref. No. DNBS (PD) CC No. 008/03.10.119/ 2016-17 dated July 1, 2016) :

11 Considering the nature of the business of the entity and transactions entered during the year ended March 31, 2018 and March 31, 2017 following disclosures required as per NBFC circular DNBR (PD) CC.No.008/03.10.119/2016-17 are not applicable to the Company and hence are not disclosed:

(i) Disclosures regarding Derivatives,

(ii) Disclosures relating to Securitisation.

(iii) Exposure to Real Estate Sector,

(iv) Details of financing of parent company products,

(v) Detail of Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the NBFC,

(vi) Unsecured Advances,

(vii) Concentration of Deposits, Advances, Exposures and NPAs,

(viii) Sector-wise NPAs.

(ix) Overseas Assets (for those with Joint Ventures and Subsidiaries abroad),

(x) Off-balance sheet SPVs sponsored.

12 The figures for the previous year have been reclassified, wherever necessary to conform with the current year’s classification / disclosure,

13 The figures of Rs.50,000 or less have been denoted by B,