SRFC Annual Report 2019-20

SHRI RAM FINANCE CORPORATION PRIVATE
LIMITED
Annual Report
Financial Yea r 2019-20
Auditors
Deloitte Haskins & Sells LLp
Chartered Accountants
One !nternational Centre
MUMBAT - 400013
Deloitte
Haskins & Sells LLP Charlered Accountant5
Tower 3, 27th - 32nd Floor
lndiabulls Finance Center
Senapati Bapat Marg, tlphinstone d/V)
Mumbai - 400013
hdh
Tel : +9r (22) 61854000
Fax : r91 (22) 61854101
INDEPENDENT AUDITORS' REPORT
To The Members of shri Ram Finance corporation private Limited

Report on the Audit of the Financiat Statements
Opinion
We have audited the accompanying financial statements of Shri Ram Finance Corporation
Private Limited (the "Compdfly"), which comprise the Balance Sheet as at March
31,2020, and
the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given
to us,
the aforesaid financial statements give the information requiled by the Companies Act, 2013
(the "Act") in the manner so required and give a true and fair view in conformity with
the
Accounting Standards prescribed under section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2006, as amended, ("Accounting Standards,,) and
other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 3t,2020, and its profit and its cash flows forthe year ended on that date.
Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs), Our responsibilities under those Standards are
further described in the Auditor's Responsibility for the Audit of the financial statements section
of our report, We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on
the financial statements.
Emphasis of Matter
We draw attention to Note 38 to the financial statements, which describes that the potential
impact of the COVID-l9 Pandemic on the Company's results are dependent on future
developments, which are highly uncertain.
Our opinion is not modified in respect of this matter.
Information other than the Financial Statements and Auditors' Report thereon
t .
tI The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Directors' Report (the "Report"), but
irLi ldcnlif,r,lt:o{r l.ln }OB .!7}7)

Deloitte
Haskins & $ells LLP
does not include the financial statements and our auditors'report thereon. The Report is
expected to be made available to us after the date of this auditors' report.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.
If, based on the work we perform, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these financial statements that give a true and fair view of
the financial position, financial performance and cash flows of the Company in accordance with
the Accounting Standards and other accounting principles generally accepted in India, This
responslbility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financial reporting
process.
Auditors' Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As paft of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
. Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
\
Deloitte
Hasl{nr & $ells LLP
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
. Obtain an understanding of internal financial control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.
. Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management's use of the going concern basis

. of
whether a material uncertainty exists
accounting and, based on the audit evidence obtained,
to
related to events or conditions that may cast significant doubt on the Company's ability
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw atlention in our auditor's report to the related disclosures in
the financial
to modify our opinion. Our conclusions are
statements or, if such disclosures are inadequate,
based on the audit evidence obtained up to the date of our auditor's report. However, future
going concern'
events or conditions may cause the Company to cease to continue as a
. Evaluate the overall presentation, structure and content of the financial statements,
including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation'
individually or in
Materiality is the magnitude of misstatements in the financial statements that,
of a reasonably knowledgeable user
aggregate, makes it probable that the economic decisions
of the financial statements may be influenced. We consider quantitative materialityof and
our
qualitative factors in (i) planning the scope of our audit work and in evaluating the results
statements'
work; and (ii) to evaluate the effect of any identified misstatements in the financial
We communicate with those charged with governance regarding, among other matters'
the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we

have complied with
relevant ethical requirements regarding independence, and to communicate with them
all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
Other Matter
The comparative financial information of the Company for the year ended March 31' 2019'
The report
included in these financial statements, have been audited by the predecessor audi-tor'
of the predecessor auditor on the comparative financial information dated July 30, 2019
expressed an unmodified oPinion.
Our opinion on the financial statements is not modified in respect of the

above matter'
Report on Other Legal and Regulatory Requirements

that:
1, As required by section 143(3) of the Act, based on our audit we report which
a) We have sought anA oOiained all the information and explanations to the best of
our knowledge and belief were necessary for the purposes of our audit'
t
Deloitte
Haskins & Sells LLP
b) In our opinion, proper books of account as required by law have been kept by the
company so far as it appears from our examination of those books'
dealt
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
with by this Report are in agreement with the relevant books of account'
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act.
On the basis of the written representations received from the directors and
taken on
e)
record by the Board of Directors, none of the directors is disqualified as on March 31,
2020 from being appointed as a director in terms of section 164(2) of the Act'
f) with respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure A". Our report expresses an unmodified opinion on the
adequacy
internal financial controls over financial
and operating effectiveness of the Company's
reporting.
and according to the explanations given

S) In our opinion and to the best of our information
to us, the company being a private companyf section L97 of the Act related to the
managerial remuneration is not applicable'
h) With respect to the other matters to be included in the Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 20t4, as amended in
our
given to
opinion and to ihe best of our information and according to the explanations
us:
i. The Company does not have any pending litigations which would impact its
financial position as at the year-end;
contracts
ii. The Company did not have any long-term contracts including derivative
as at year-end for which there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company'
issued by the
2. As required by the Companies (Auditor's Report) Order, 2016 ("the Order")
give in "Annexure B" a
central Government in terms of Section 143(1i) of the Act, we
statement on the matters specified in paragraphs 3 and 4 of the order.
For DELOIfiE HASKINS & SELLS LLP
(Firm's Registration No. 1 17366W/W- 100018)
,€
w- 'ubramaniam
Partner
(MembershiP No. 109839)
Mumbai: November 28, 2O2Q UDIN : 20 109839AAAAYH7813
4
Deloitte
Ha;kins & $ells LLP
Report on Internal Financial controls over Financia! Reporting
ANNEXURE "A'TO THE INDEPENDENT AUDITOR'S REPORT and Regulatory

(Referred to in parigrapt, 1(f) undei 'Report on Other Legal
tequirements' seciion bf our report of even date)
(i) of
Report on the InternalFinancial Controls Over Financial Reporting under Clause
("the Act")
Sub-section 3 of Seciion 143 of the Companies Act' 2o13
of shri Ram Finance
we have audited the internal financial controls over financial reporting
in conjunction with our audit
Corporation Private Limited (the "Comp6ny;1 as-at March 3t,2O2O
on that date'
of thefinanciat statements oi ttre Company for the year ended
Management's Responsibility for Internal Financial Controls

and maintaining internal financial
The Company's management is responsible for establishing established by the Company
over financial reporting criteria
controls based on the i-nternal control
staied in the Guidance Note on Audit of
considering tne essenllai.orpon"nts of lnteina-tiontrot
Internal Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India (the
.'Guidance Note,,). Thele - responsibirities incrude the design,
financial controls that were operating
implementation and maintenance of adequaie'internal
of its business, including adherence to
effectively for ensuring the orderly anO emiient conduct prevention and detection of frauds
the company's policies, the safeguarOing o?lts iisets, the records, and the timely preparation
and errors, the accuracy and completeness of the accounting
Act'
of ietiaUte financial information, as required under the
Auditors' ResPonsibilitY
ourresponsibilityistoexpressanopinionontheinternalfinancialcontrolsoverfinancial
our audit in accordance with the
reporting of the Company based on ou]. .uoit' we conducted Section 143(10) of the Act' to
prescribed under
Guidance Note and tlie Siandards on nrJiiing and the Guidance
controls' Those Standards
the extent applicable to an audit or internaiiin-ancial plan and perform the audit to obtain
Note require that we comply with ethicali.quir.r.ntl 9.nd
financial controls over financial reporting
reasonable assurance about wheth"t ua"qrlie internal in all material respects'
suln conirols operated effectively
was estabtished and maintained anO if
audit evidence about the adequacy of the
Our audit involves performing procedures to obtain
and their operating effectiveness' Our
internal financial controls system over finlrrcialieporting
included obtaining an understanding
audit of internal financial controls oru, rinun.ial reportiig
asseising the risk that a material weakness
of internal financial controls over financiut i"porting,
exists, and testing inJ the deiign und operatin-9 effectiveness of internal control
depLnd on the auditor's judgement'
based on the assessed risk. fne proceJurls setected
"uutuuting
of the financial statements'
including tne asseiiment of the risks of material misstatement
whether due to fraud or error'
is sufficient and appropriate to provide a
We believe that the audit evidence we have obtained, system over financial reporting of
rininciat controls
basis for our audit opinion on the int"inui
the ComPanY.
MeaningoflnternalFinancialControlsoverFinancialReporting
reporting is a process designed to provide
A company's internal financial control over financial
rinun.iar ieporting and the preparation of
reasonabre assurance regarding tn. i.r,uuiiiiv oi with generally accepted accounting
financial statements for external purposes in accordance reporting includes those policies
principles. A company,s internal financ.iai control over financial that' in reasonable detail'
and procedures that (1) pertain to i["-ruint"n"nce
of records
ino dispositions of the assets of the company; (2)
accurately and fairly reflect the transactLns as necessary to permit preparation
provide reasonable assurance that transaJtn, ur. recorded
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Deloitt*
Haskins & $ellr LLP
of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with authorisations
of managemeni and directors of the company; and (3) provide reasonable assurance regarding
preventi6n or timely detection of unauthorised acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting,
including
ihe posslbitity of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be-detected. Also, projections of any
evaluation of the
internal financial controls over financial reporting to future periods are subject to the risk that
may become inadequate because of changes
the internal flnancial control over financial reporting
compliance with the policies or procedures may deteriorate'
in conditions, or that the degree of
Opinion
given to us, the
In our opinion, to the best of our information and according to the explanations
Company fras, in all material respects, an adequate internal financial controls system over
financial reporting were operating
financial reporting and such internal financial controls over
for internalfinancial control over financial
effectively as at lvtarch 3t,2020, based on the criteria
reporting established by the company considering the essential components of internal control
stated in the Guidance Note'
For DELOITTE HASKINS & SELLS LLP

(Firm's Registration No' 1 17366W/W- 100018)
w-4
G. K. Subramaniam
Partner
(MembershiP No' 109839)
UDIN : 20 109839AAAAYH78 13
Mumbai: November 28, 2O2O
6
Deloitte
Haskinr & $ells LLP
ANNEXURE "B'TO THE INDEPENDENT AUDITORS'REPORT OF SHRI RAM FINANCE
CORPORATION PRIVATE LIMITED
(Referred to in paragraph 2 under'Report on Other Legal and Regulatory Requirements' section
of our report of even date)
(i) (a) According to the information and explanations given to us, the Company has
maintained proper records showing full particulars, including quantitative details and
situation of fixed assets during the current year.
(b) Some of the fixed assets were physically verified during the year by the Management
in accordance with a programme of verification, which in our opinion provides for
physical verification of all the fixed assets at reasonable intervals. According to the
information and explanations given to us, no material discrepancies were noticed on
such verification.
(c) According to the information and explanations given to us and the records examined
by us and based on the examination of the registered sale deed / transfer deed
provided to uS, we reportthat, thetitle deeds, comprising all the immovable properties
of land and buildings which are freehold, are held in the name of the Company as at
the balance sheet date.
given to
(ii) To the best of our knowledge and according to the information and explanations
us, the Company does not hare any inventory and hence reporting under clause 3(ii) of
the Order is not aPPlicable.
granted loans,
(iii) According to the information and explanations given to us, the Company has
secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties
covered in the register maintained under section 189 of the Companies Act, 2013, in
respect of which:
(a) The terms and conditions of the grant of such loans are, in our opinion, prima facie,
not prejudicial to the Company's interest except for certain interest-free loans to
related parties which have been repaid during the year'
(b) The loans are repayable on demand.
(c) There is no overdue amount remaining outstanding as at the balance sheet date'
(iv) In our opinion and according to the information and explanations given to us, the Company
has complied with the provisions of Sections 185 and 186 of the Companies
Act, 2013 in
respect of grant of loans, making investments and providing guarantees and securities, as
Crore Eighty Six
applicable, except in respect of interest-free loans totalling to Rupees Six
during
Lakn fignty Four Thousand Eighty Eight to related parties which have been repaid
the year,
given to
(v) To the best of our knowledge and according to the information and explanations
year and no order in this
us, the Company has not a-cepted any public deposit during the
Law Tribunal or
respect has been passed by the Company Law Board or National Company
the Reserve Bank of India or any Court or any otherTribunals with regard to the Company'
given to us,
(vi) To the best our knowledge and according to the information and explanations
under section
the Central Government has not prescribed the maintenance of cost records
148(1) of the Act, in respect of the services rendered by the company.
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Deloitte
Haskinr & Sells LLP
(vii) To the best of our knowledge and according to the information and explanations given to
us, in respect of statutorY dues:
(a) The Company has generally been regular in depositing undisputed statutory dues,
including Provident Fund, Employees'State Insurance, Income-tax, Goods and Service
Tax and cess to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance, Income-tax, Goods and Service Tax and cess and other material
statutory dues in arrears as at March 3t,2O2O for a period of more than six months
from the date theY became PaYable.
(c) There are no dues of Income tax, Provident Fund, Employees' state insurance, and
Goods and service Tax as on March 37, 2O2O on account of disputes.
(viii) To the best of our knowledge and according to the information and explanations given to
US, the Company has not defaulted in the repayment of loans or borrowings to financial
institutions, banks and dues to debenture holders. The Company has not taken any loans
or borrowings from the government.
(ix) given to
To the best of our knowledge and according to the information and explanations
us, the money raised by way of the term loans and debentures have been applied by the
Company during the year for the purposes for which they were raised other than temporary
deployment penaing application of proceeds. The Company has not raised moneys by way
of initial public offer/ further public offer including debt instruments'
given to
(x) To the best of our knowledge and according to the information and explanation
us, no fraud by the Company and no material fraud on the Company by its officers or
employees has been noticed or reported during the year'
(xi) The Company is a private company and hence the provisions of section 797 of the Act do
not aPPIY to the ComPanY
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order
is not aPPlicable.
(xiii) In our opinion and according to the information and explanations given to us, the Company
is in compliance with Section 188 of the Companies Act, 2013, where applicable, for all
transactions with the related parties and the details of related party transactions have been
disclosed in the financial statements etc. as required by the applicable accounting
standards. The Company is a private company and hence the provisions of section 177 is
not aPPlicable to the ComPanY.
(xiv) DuringtheyeartheCompanyhasnotmadeanypreferentialallotmentorprivateplacement
(xiv)
of shares or fully or partly convertible debentures and hence reporting under clause
of CARO 2016 is not applicable to the Company.
(xv) To the best of our knowledge and according to the information and explanations given to
us, during the year the Company has not entered into any non-cash transactions with its
directors o1. puiron. connected with them and hence provisions of section !92 of the Act
are not applicable'
a"
I
8
Deloitte
Haskins & $ellE LtP
(xvi) The Company is required to be registered under section 45-lA of the Reserve Bank of India
Act, 1934 and it has obtained the registration.
For DELOITTE HASKINS & SELLS LLP

(Firm's Registration No. 1 17366W/W- 100018)
W*-#
G. K. Subrfman:am
Pa rtner
(Membership No. 109839)
Mumbai : November 28, 2020 UDIN : 20 109B39AAAAYH7813
9
SHRI RAM FINANCE CORPORATION
PRIVATE LIMITED
.U65cIN 100CT2004PTC0 16590
BALAN
(Amounrs in INR)
I. ESUITY AND LIABILITIES

(l) Shareholdere'Fund
(a) Share Capital
(b) Reserve & Surplus 3
13,12,99, r3,12,99,230
4
70,20,11,t 51,63,35,7r9
(2) Non-Curent Liabilitiee
(a) Long.Term Borrowings
(b) Lon[ t""* p"*i"-r." 1,81,38,34,1
o
: 1,90,97,01,181
82,64,766
(3) Current Liabilities
(a) Short-Term Borrowings
rb) Trade payable r9,69,16,605
Total outstanding dues of micro enterprises
and small enterprises
Total outstanding dues ofcreditors other than
(c) Other Current Liabilities ,ricro enLerprises and small enterprises
2,34,86,275
n
{d) Shon.'l'errn l,rur isr,ns 1,r4,48,54,
6
1,7 4,37 ,
II, ASSETS TOTAI,::

(1) Non-current Aesets
(a) Property, plant & Equipment
(i) Tangible Assets
(b) Del'erred Tax Assets (Ner) I 15,57,54,506
(c) Long.term loans and advances 10
33,87,334
(d) Other Non.Current Assets ll 1, I 9,5 1,3 1,86 1,21,54,13,245
13
(2) Current Assets
(a) Cash and Bank Balances
(b) Short.Term loans and advances t2
5,54,91,753
(c) Other Current Assets ll 2,92,59,61,41 2,41,o4,o4
13
a.., ompanying notes are anl"t"S;l p;.t of nancial
As per our attached report

For Deloitte llagkine & SeUs LLp
For and on behalf of the Board of Directore.
w*
ICAI FRN : I17366W/WIOOOrE
G.K Subramaniam
(Partner)
ICAI Membership No. 109839
N-0r248032
I\Iumbai, 28th November 2020
Q*dg-
Radha Baneal
(Company Secretary)
Raipur, 28th Novcmber 2020

SHRI RAM FINANCE CORPORATION
PRIVATE LIMITED
cIN -U65 100CT2004PTC0
16590
STATEMENT OF PROF'ITAND_LOS-SJAE TIIE JEA&EITOEO
SI"' MARCH. 2O2O
in INR)
Revenue From Operatione
Other Income
Total Revenue
Expenses
Employees benefit I!xpenses
24,45,74,6
F'inancial Costs
48,47,7t,77 37,28,31,358
Depreciation
Other Expenses
I 1,81,1 8,42,33,693
Provisions & Writc ofUs
3,90,38,675
Total Expenses
Profit Before Tax

Tax expense
Llurrent Tax
Deferred ?ax
Profit After Tax
B-aeic/DilutedEu.r.ffi
nt Accountrng Polic
acco mpanying n-tes ai6-a n ifridgrafiEit

For Deloitte Hagkine & Selle LLp For and on behalf of the Board of Directore.
ICAI FRN : 117ts66W1V1000 l8
\
(Partner)
(Director)
ICAf Membership No. 109889
DIN" 01248202 DIN-01248032
Mumbai, 28th November 2020
.",**P--
(Company Secretary)
Raipur, 28th November 2020

sHRr RAMlmricE
cIN _u65
l00crroorprcr ruuro- ^ "
Cash Flow Statement
for the year ended ,l.i*ur.o, ,oro
A. e",A:lFl-ow@
Profit before Tax
ADJUSTMENl'S !-()R:
23,58,02,75 I
Deprecration on Erxed 2l.50,66,982
Assets
illT:: i"t'orr burrr)wings ancl debt stscurrrres
rntercst lncome
3,18,19,600
1,64,17 ,796
48,47,7 1,771
37,28,3 1,358
f::"1".n For Sub Srandard Assers (1.26,77.1
Oo,2s,7g,260)
40,7 4.501
67,787
og". u1 Ju I: ; ?l:T:":ll
"n,
Increase "Iffiuauri"""
in f,"un. ura
Decrease in provisions
Decrease rn other cun:ent
Q,$,74,42,518)
liabilities 15.37.197
5,27,837
Increase/ (I)ecrease) 6,08,16.224
rn Other current ass(,ts
59,43,32,429
Increase/ (l)p.rarc-r i,,
cash used ,,;;;;;,i;;; ^.L a5so's
il;neon'curronr
adJusl,ments for intercgt
received and
Interest Paid
lntere.st Received
ctsH usED
Ill
lnCOmP fqv n6;i
rN oPERArroNs L,33,52,57 ,7 40 96,79,79,260
(69,?9,68,861)
8.,fur_os /Decrpase
X.rlcJ:ase) in Fixed Deposrrs
rurchase ol Tangible Assers 2.46,72,262 (5,10,30,592)
rN rNvEsrifrdAtTiviiros-- Q,2i,32,241)
C. Q4gI{ FLOW FROM FTNANCING
Ner (repaymenr)/ proceeds
ACTI;;;;-
Ner (repayment)i proceeds
fro_ Lorg Tiil Bffi*inn"
fro_ Shoit ;;;;;ffiff: 86,53,53,458
40,29,00,785 (7,54,59,562)
30,70,33,7 40
NETINCREASE IN CASH
& CASH;;;;;;;G;
Add: Cash un,tG.f-
gu.uuoacW ut th" bngirnir=flEf
lt,43,48,495
5,21,46,220
L Figures for the prevrous ve: nave been reg.ortped,

z rr," c""r, r'io;"a;;;:;" wherever found necessary.
,'".r, ,'ro* sio,.-,:;'ff:ri,T:i,ir"i;ri:i,r1i';;H,;i**r,iTj:;l;:-, o,, ,n Accounring S andard

For Deloitte Haskins
& SeUs LLp
Chartered Accountants For and on behalf of the
Board of
ICAI FRN : 117366w,^ry100018
.fu.:^F
(Partner)
ICAI Membership No. f09889
DIN.O1
Mumbai, 28th November 2020
(Coupany Secretary)
Raipur, 28th November 202(

SHRI RAM FINANCE CORPORATION PRIVATE LIMITED
Notes forming part of the financial statement for the year ended 31st March 2020
1. CORPORATEINFORMATION
Shri Ram Finance Corporation Private Limited (the 'Company') is a Private limited company domiciled in India and incorporated
under the provision of the Companies Act,1956. A Non-Banking Finance company - Non-Systemically Important Non-Deposit taking
Company duly registered with RBI. The Company provides finance for vehicle, bikes, Micro Finance and Small and Micro Enterprise
sectors. The company is registered with various regulatory authorities, the registration numbers are as follows:
Corporate Identification Number (CIN) - U60232CT2004P[C015590
RBI Regd. No. - 8-03.00170
2, SIGNITICANTACCOUNTINGi POTICIES
a. Basis of Preparation of Financial Statements

The financial statements have been prepared in conformity with generally accepted accounting principles to comply in all material
respects with the notified Accounting standards ('AS') under section 133 of the Companies Act 2013, read together with paragraph 7 of
the Companies (Accomts) Rules, 2014 md the Companies (Accounting Standards) Amendment Rules, 2015 and the guidelines issued
by the Reserve Bank of India ('RBI') as applicable to a Non-Banking Finance Company ('NBFC'). The financial statements have been
prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the
Company and are consistent with those used in the previous year.
b. Use of Estimates
The preparation of financial statements in conlormity with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of
the financial staternents and the results of operation during the reporting year end. Although these estimates are based upon
management's best knowledge of current events and actions, actual result could differ from these estimates. Any revisions to the
accounting estimates are recogrrised prospectively in the current and future years.
c. Operating Cycle
The company has classified all its assets/liabilities into current/non-current portion based on the time frame of 12 months from the date
of the financial statements. Accordingly, assets /liabilities expected to be realised/ settled within 12 months from the date of financial
statements are classified as current and other assets/ liabilities are classified as non-current.
d. Cash.Flow Statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of past or fuh:re cash receipts or payments. The cash flows from
operating investing and financing activities of the Corporation are segregated based on the available information.
e. Cash and Cash equivalents (For Purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term deposits with banks (with m original
mahrrity of three months or less from the date of acquisition), Nghly liquid investments that. are readily convertible into known
amounts of cash and which are subiect to insigtrificant risk of changes in value
f. Receivables und"r Fi.".

R"*ir"bl." f*ancing activities represent Pri.",p"l ' d *"t"*d ii"un"" o"tttrtaitg ut tf,u .foiu of tfre yeii net of
""d".
amount provided for.
"trurgut
Provision for Loans and Advances.
Provisions made for secured/ unsecured toan
Non-Banking Finance Companies Prudential Norms (Reserve Bank) Directions,
1988. Accordingly, the company has its recognition
norms of Non-Performing Assets (NpA) as 120 days (RBI has stipulated 180
days).
Classification of assets as per policy of the current Financial yeai

{sset Type Percentage of provision
Standild Assets
DPD uPto 120 days 0.40'2, of Outstanding

Substandard Assets
Auto Loans and Micro Finance Loans - DpD 121 to 360 days 10'l. of Outstanding
Small md Medim enterprise Loans - DpD 121 to 450 days 10% of Outstanding
Doubtful Assets
Auto Loans and Micro Finance Loans - DpD 361 to 450 days 20% of Outstanding
Small and Medim enterprise Loans - DPD 451 to 750 days 20(2" of C)utstanding
Loss assets
Auto Loans md Micro Finance Loans - DpD Above 450 days 100% of Outstanding
Small and Medium enterprise Loans - DpD Above 750 days 100% of Outstanding
h. Write-Offs
LomsandAdvancesarewrittenoffwhenthecomPanyhasnoreasonabr""*p
portion of it. This is the case when the company determines that the borrower does not have assets
or sources of income that could
generate sufficient cash llows to rePay the amount subject to the write off. A write off
constitutes a derecognition event. The company
may apply enJorcement activities to loans and advances written off, Recoveries resulting from
the company,s enlorcement activities
could result in impairment gains.
Asset Type Percentage of provision - Write off

Auto Loans and Mico Finance Loans - DpD Above 450 days 100% of Outstanding
Small and Medim enterprise Loans - DpD Above 750 days 100'/. of Outstanding
Revenue is recognized on a time proportion basis taking into account the amount outstanding and the .ur"r",.r"
.u. U" ,"iiliffiilI
i) Interest Income on loans given:
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest
rate applicable.
Income includinB interest or any other charges on non-performing asset is recognized on receipt basis as per the RBI guidelines.
Any
such income recognized before the asset become non-performing and remaining unrealized is reversed.
ii) Fee Income:

Loan origination fee i.e. processing fees and other charges collected upfront, are recognized at the inception of the loan.
iii) Other operating Income:

Additional charges such as penal interest, moratorium interest, cheque bounce charges, recovery charges, rescheduling charges
are
recognized on accrual basis on standard assets.
iv) Income from Deposits:

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.
j. Securitization and Assignment
ln case of securitization of receivable, the assets are de-recognised in the books as all the rights, tittle, future receivable and interest
thereof are transferred to the purchaser. The gain arising on such transfer is accounted over the tenure of the assets. In case of loss if
any, the same is charged to the statement of profit and loss immediately at the time of transfer. Company's contrachral rights to receive
the share of future interest(i.e. interest spread), in the transferred asset from the SPV is capitalized at the present value as interest only
strip with a corrresponding liability created for unrealized gain on loan transfer transactions.
The excess interest spread on the securitization are recognized as and when it is redeemed by the SI'V agreement.
In case of assignment of receivable, the assets are de-recognised in the books as all the rights, tittle, future receivable and interest
thereof are transferred to the purchaser(assignee). The gain arisirg on such transfer is accouted over the tenure of the assets. In case of
loss if any, the same is charged to the statement of profit and loss immediately at the time of transfer. The interest on the assigned
receivables (assignee part) in de-recognised from the income in the profit and loss statement of the Company.
k. RenossessedVehicles
The seized vehicles at the year end are transferred to a separate ledger including the interest outstanding and charBes but excluding
the penal interest. The interest outstanding and the charges are then reversed and reduced from the seized ledgers and the same is
recognized (debited) in the profit and loss statement and the balance is shown at fhe principal outstanding value, i.e, basic value.
I Bnrrowino Cnsts
Borrowing cost attributable to the acquisition or construction of a qualifying asset is capitalised as a part of the cost of that asset. Other
borrowing cost are recognised as an expense in the year in which they are incurred.
m. Leases
all the risks and benefits of ownership of the leased items are classified as
Leases where the lessor effectively retains substantially
operatirg leases. Operating lease payments are charged off to the statement of profit and loss on a straight-line basis over the lease
term.
n. Investments
Long Term Investments are stated at cost including directly attributable cost. A provision for diminution in the value of long term
investments is made in accordance with the Accounting Standard on'Accounting for Investments' (AS 13) only if such diminution is
other than temporary, in the opinion of Management.
Current Investment is stated at lower of cost or fair value.
o, lmpairment of Assets other than Loans and Advances

The Compmy assesses at each balmce sheet date whether there is my indication that my asset may be impaired. If my such
indication exists, the carrying value of such assets is reduced to its estimated recoverable amount and the amount of such impairment
loss is charged to profit & loss account. If at the balance sheet date there is an indication that previously assessed impairment loss no
longer existg then such loss is reversed and the asset is restated to that effect.
p. Property, plant & equipment. depreciation/amortisation and impairment

Property, plant & equipment
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for its indented use.
Depreciation on property, plant & equipment
Depreciation is provided (WDV Method) based on useful life of the assets and scrap value (5% of the original cost) as prescribed in
Schedule II to the Companies Act,2013.
q. Provisions and Contingent Liabilities

The company recognises a provision when there is a present obligation as a result of a past event and it is probable that an outflow of
resources will be required to settle the obligation in respect of which a reliable estimate can be made. Ptovisions (excluding retirement
benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation on
the balance sheet date. These are reviewed at each balance sheet date.
Liabilities which are material and whose future outcome carmot be reasonably ascertained are treated as contingent and not Provided
for md are disclosed by way of notes to the accomts.
r. Employee benefits
E*ploy""
i) Defined contribution plans:

The eligible employees of the Company are entitled to receive benefits under the provident fr:nd,
a defined contribution plan, in which
both employees and the Company make monthly contributions at a specified percentage of
the covered employees, salary (currently
12olo of employees' salary), which is recognised as an expense in
the Statement of Profit and Loss in the year in which they occur. The
Compmy is generally liable for annual contributions md any deficiency in interest cost compared to interest computed
based on the
rate of interest declared by the Central Govemment under the employee provident scheme, 1952
is recognised as an expense in the
year in which it is determined.
ii) Definedbenefitplans:
For defined benefit plans in the form of gratuity, the cost of providing benefits is determined using the projected
Unit Credit method,
with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the Statement of
Profit and Loss in the year in which they occur. The retirement benefit obligation recognised in the Balance Sheet represents
the present
value of the defined benefit obligation as adjusted for unrecogtrised past service cost, as reduced by the fair value of scheme
assets.
Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in
future contributions to the schemes,
iii) Short term employee benefits:

Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term
employee benefits.
These benefits include salaries and wageg bonus, the undiscounted amount of short-term employee benefits to be paid in exchange for
employee services is recognised as an expense as the related services is rendered by employees. Contribution payable by the company
to the concem government authority in respect of provided fund & employee state insurance are charged to profit & loss account. In
accordance with the Payment of Gratuity Act 7972 the company provide for the gratuity covering eligible employees. Gratuity
valuation is recognized based on achrarial valuation report as on 31st March 2020.
s. Goods and seryices Tax

Goods & Service Tax input credit is accounted for in the books in the period in which the underlying service receired is accounted and
when there is reasonable certainty in availing / utilising the credits.
t, Taxes on Income
Income-tax exPense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law) and
deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the
period).
The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have
been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is a
reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss
under taxation laws, deferred tax assets are recognized oniy if there is a virtual certainty of realization of such assets. Deferred tax
assets are reviewed as at the balance sheet date and written down or written up to reflect the amount that is reasonably/virtually
certain (as the case may be) to be realized.
Current tax and deferred tax assets and liabilities are offset to the extent to which the Company has a legally enlorceable right to set off
and they relate to taxes on income levied by the same goveming taxation laws.
u. Eamings per Share

Basic eamings per share is computed by dividing net profit or loss for the period attributable to equity shareholders by the weighted
average number of shares outstanding during the period. Diluted eamings per share is computed after adjusting the effects of all
dilutive potential equity shares, except where the results are anti-dilutive.
v. Seg[lent Reporting
The Company has only one segment of operation namely "Financing Company" and the operations are located in India. Consequently,
the requirement for a separate disclosure as required under Accounting Standard 17 "'segment Reporting" is not applicable. The
company shall not undertake banl<ing business as defined under the Banking Regulation Act, 1949.
3, SHANE CAPITAI
(Amounts in INR)
PARTICULARS As at As at
(A) Authorised. Issued, Subscribed and paid-up share capital
1,35,00,000 Equitv Shues ofRs. 1.0/- each (Previous Year 1,10,50,000) 13,60,00,000 1r,05,00,000
Addition Durine The Yea (Previous Year 24,50,000) - 2,45,00,000
1,31,29,923 Equitv Shares ofBs. 10/' each (Previous Year 1,10,49,923) 13,12,99,230 11,04,99,230
Addition Durirg The Yea (Previous Year 20,80,000) ' 2,08,00,000
(B) Recoociliation of uumber of equity shares outstalding at the beginniDg and at the end of the year
PASTICULARS As at As at
No of shares outstanding As at the berinning of the year r,31,29.923 l.10.49.923
Number of shares outstaudinc As at the end of the year TOTAI: 1.31.29.923 1.31.29.923
(C) Shares iu the company held by each shareholder holding more than 5% shares
As at 3l 03.2020 As at 31.03.2019
Sl. No. Name of Shareholders
No. of shares % of Shares Held No. ofshares I o/o
ofShares Held
Ganpsh Rhef 30 46 343 23 200/ 30.46.3431 23.2001
Garr Rh 83 rr 530 63 30% 83.11.5301 63,30%
O) The Company has only one class ofshares referred to as equiiy shares having a par value of 10/'. Each holder ofequity shares is entitled to one vote
per share.
4. RESERVIS & SUBPLUS

(Amounts in INR)
PARTIOULARS
atAs As at
31.03.2020 31.03.2019
Securities Premium Resewe ' Opening Balance 23,98,68,818 18,31,98,818

Add : Addition during the year
Securities Premium Beserye ' Closing Balance 23,98,68,818 23,98,68,818
Statutory Resene as per Section 45'IC of The RBI Act, 1934 - Opening Balance 4,18,42,790 1,17,31,336
Add: Current vear Surplus (Refer Note 22) 3,?1,35,085 3,01,1r,454
Statutory Reserue ' Closing Balance 7.89,77,875 4,1E,42,790
Revaluation Reserve- opening Balance 6,70,17,962 5,93,31,607

Add: Addition durinq the year . 76,86,355
Revaluation Reserve' closing Balance # 6,70,r7,962 6,70,17,962
Surplus Brought forward from previous year 16,76,06,r49 4,71,60,331

Add: Current vear Surplus 18.56.75.426 t5.05.57,272
35,32,8r,575 r9,?7,17,603
Less : Transfer to statutory resene as per Section 45'IC ofThe RBI Act, 1934 (3?135085) (30111454)
Net Carried Forward Surplus 31,61,46,490 16,76,06,149
fOTAf ,r, ?O-r0.t l

# &evaluation reserve had been created 0n fixed assets (Land.
Note: The company has not declared any dividend in current year or previous year.
r$11
.a
5, LONG TERM BORROWINGS
(d CarLoan
HDFC BANK CAT LOAN 2,0s,240 2,03,240 s,23,670
(Secured by Hl1othecation of Vehicle, Term loan is
repayable in 48 monthly installment startiug from
November 2016 & endi.ng on October 2020)
BANK OF BARODA CAR LOAN # 52,15,g',t',| 3,63,7 19
(Secured by Hl'potheation of Vehicle, Term loan is
repayable in 84 mouthly installmeni starting from
November 2019 & ending on October 2026)
0) SecuredTeru laan from Banks
AU Small Finauce Bank # 84,68,?37

(Secured by Hypotheation of present & future recei.vables
and persona.l guarmtee by directors.Repayable in 36
Monthly Insta.Iments starting from ApriL 201? to March
AU Small Finance Bank # 2, 16,2 I,613 2,16,21.613 3,24,82,436

(Secured by Hypothecation of preseot & future receivables
and personal glarantee by directors & relatives.
Repayable in 37 monthly Instalmenis siarting from
October 201? to October 2020)
AU Small Fiuance Bauk #

(Secured by Hypothecation of present & future receivables 2,50,00,002 2,77 ,'.t7,773 5,27,77,782 3,33,33,336
and personal guarantee by dircctors & relatives.
Repayable in 36 monthly Instalments starting from
NoYember 2018 to Oetober 2021)
AU Small Finance Banh # 1,94,44,442 1,38,88,890 3,33,33,336 1,66,66,668

(Secured by Hypoihecation of present & future receivables
and personal guarantee by directors & relatives.
Repayable in 36 monthly Instalments starting from April
2019 to March 2022)
Bank of India # I,20,38,290 84,70,000 2,00,68,801 1,45,20,000
Gmured by Hypothmation of present & future receivables
and personal guilmtee by directors & relatives.
Repayable in
54 Equal Monthly Iustalmeuts starting from
May 20U to October 2021)
IDFC First Baok # 8.33,33.334 1.66,66,666 10,00,00,002 3.33.33,332
(Secured by Hlaothecation of present & future receivables
and personal guilantee by directors. Repayable in 18
Equated Quarterly Instalments starting from November
2018 to February 2023)
IDFC First Banli # 23,33.33,334 1,94,05,70? 25,00.00,030

(Secured by lllpotheation of present & future reeivables
and personal guarmtee by direiors. Repayable in 30
Equated Mouthly Instalments starting from Feb 2021 to
Juty 2023)
Fincare Small Fiuance Banh Limited r,59,25,37 1
(Secured by Hlpothmation of present & future

rmeivables, Repayable in 24 Monthly Instalments starting
ftom November 201? to October 2019)
Fincare Small Finance BanL Limited 4,49.19,6 t2 4,50,10.618 4,76,02,744

(Secured byHypothmation of present & future
reeivables, Repayable in 24 Monthly Instalments stailing
from Feb 2019 to Jan 2021)
Fincare Small Finance Bank Limited 4,04,94,?03 4,28,'.t3,t28

(Secured by Hypothecation of present & futurc
rffeivables, &epayable ia 24 Monthly Iustalments starting
ftom Feb 2020 to Jm 2022)
Urited Bank of Iudia (Merged with Punjab Natioual 5,40,00,000 3,60,00,000
BanD *
(Secured by Hypothecation of present & future
receivables. AdcLtional security of CC limit. Repayable in
10 Quarterly Instalments starting from June 2020 to Dec
2022\
Uttarsh Small Finance Bank # 6,94.44.453 2,7'.t.',17,',170

(Secured by Hr?othecation of plesent & future
receivables, Eepayable in 36 Monthly Instalments starting
from March 2020 to Feb 2023)
DCB Bank bmited # 57 ,7I,Otz 54,54,545 r,09,09,092

(Secured by Hypothecation of present & future receivables
and personal guarantee by directors & relatives. Cash
collateral of 10% of loan amount Gn form of FDs lien
marked upfront in favour of the bank). Repayable in 32
Monthly lnstalments starting from January 2018 to
september 2020)
Indusind Bank Limited # 3,10,75,7 47 1,98,23,305 5,69,02,003 2.85.54.t52

(Secured by HrTothecation of present & future receivables
and personal glarantee by directors. Repayable 36in
Monthly lnstalments starting from November 2018 to
October 202 l)
Iudusind Bank Limited # 7,3 I,58,?88 I,73,95,42 1

and personal guarantee by drrectors. Repayable in 36
Monthly Instalments starting from Dec 2019 to Nov 2022)
Esaf Small Finance BaDk # 2,82,60,800 1,52,r',7,440

receivables, Repayable in 24 Monthly Instalments sta$ing
from Jan 2020 to Nov 2021)
(c) Secured Term Loan from Others
Northern Arc Capital Limited # 3,78,86,69 1
(Secured by Hypoihecation of present & future receivables

and personal guarantee by directors.Repayable 36in
Monthly Instalments starting from May 201? to March
2020)
Northern Arc Capital I,95,95,123 1,95,95,122 3,52,8 1,269

(Secured by of present & future receivables
and personal by directors B.epayable in 36
Monthly Instalments from October 2017 to
Spnrpmher 2020)
Northern Arc Capital 3.4 1,06,694 3,4 r,06,694 4,82,72,357

and personal by directors Repayable in
36
Monthly Instalments from November 2017 to
October 2020)
MAS Financial Limited # 3,33,33,328

and personal by directors.Repayable in 36
Monthly Instalments from April 201? to March
2020)
Limited # 2,77,'.t7,795 5,55,55,550 6,66,66,660

rnofpresent & future receivables
and personal guarantee directors.Rpayable in 36
Monthly Instalments from July 2018 to June
202t)
MAS Finaucial Seryices Limited # 1,25,00,023 4,16,66,660 5.41.66,658 4,99,99,992

(Secured by Htpotheation ofpresent & future receivables
and personal guarantee by directors.&epayable in 36
Monthly Insialments starting from May 2018 to April
202r\
5,55,56,842 6.94,44,440 12,50,0 t,271 8,33,33,328
MAS Financial Se: Limited # 2,08,33,353 2,08,33,330 4,),6,66,672 2,49,99,996

(Secured by H!?othecar
by directors.Repayable in 36
Monthly Instalments ,g from Dec 2018 to Oct 2021)

MAS Financial Services Limited # 2, l 3,88,906 t,94,44,440 4,08,33,340 2,33,33,328
Gecured by Hypothmation of present & future receivables
ud personal guarantee by dirmtors.Bepayable in 36
Monthly Instalments startiug from Jan 2019 to Dec 202 t)
MAS I'inancial Seryices Limited # 1,94,44,446 1,3E,EE,E90 3,33,33,336 1,66,66,66E

(Secured by Hypothecation of present & future rmeivables
and persona) guarantee by directors.Repayable in 36
Monthly Insta-lmeDts starting from April 2019 to March
2022)
Maanaveeya Developmeut & Finance Private Limited # 58,37,000 1,74,99,000 2,33,35,997 2.33.32.000
(Secured by Hpothecation of present & future receivables
and personal guarantee by directors Repayable in 12
Quarterly Instalnents starting from June 2018 to March
202r)
Mauaveeya Developnent & Finance Private Limited # 6,25.00,000 3.75,00.000 5.00,00,000 2.50,00.000
(Smured by l{ypotheation of present & future receivables
and personal guarantee by dirmtors Repayable ia 12
Quarterly Instalments starting hom June 2019 to March
2022)
Hinduja Levland Finance Limited # l,25,00,000

rrceivables, personal guarantee of diretors & Northern
Arc Capital Limited. Repayable in 24 Monthly Instalments
starting from July 201? to June 2019)
Hinduja Levland Finue Limited # 1,75,90,462 r,9?,00,746 2,19,90,895

(Seured by Hyaothmation of present & future
rmeivables,persoualguarmtee of directors & Northern
Arc Capital Limited Repayable in 36 Monthly
Instalments sta*ing from January 2018 to Dmember
2020)
Hinduia Leylaud Finauce Limited # 64,41,728 3,05,32,656 3,69,?4,376 3,32,05,262

(Secured by Hruothecation of present & future
receivables, personal guarantee of diretors & Northern
Arc Capital Limited Bepayable in 30 Monthly Instalments
starting from April 2018 to Sepiember 2020)
Manappurau Fiuance limited 2,62,27,709 2,62,27,'.t09 2,32,18,22'.t

Repayable in 36 Monthly Instalments starting from April
2018 to march 2021)
Muthoot Capital Services Limited # 1,04,16,677 r,45,83,3er 2,50.00,00? 2,49,99,996

(Seured by Hypothecation of present & future reeivables
and personal guarantee by directors. Bepayable in 36
Monthly Instalments starting from April 2018 to march
2021)
Nabsamruddhi Finauce Limiteil # 2,49,98,407 2,50,00,000 5,00,00,000 2,50,00,000

(Secured by llypothmation of present & future receivables
and personal guarantee by dirmtors. Cash collateral to
the extent of 5% with lien marked in favour of
Nabsamruddhi. &epayable in 16 Quarierly Instalments
starting from April 2018 to January 2022 )
Nabsamruddhi Fiuance Limited # 3,32, r8.983 3,33.33,332 5.83.33.33 I 3,33,33,332

(Secured by HlTothecation of plesent & futute receivables
and personal guarantee by directors. Cash collateral to the
extent of 5% with lien marked in favour ofNabsamruddhi.
Repayable in 12 Quartcrly Instalments startinB from
March 2019 to Dmember 2021 )
Magma Fincorp Limited # 3,12,31,842 3.4 r,97,395 3,08,54,9 15
(Secured by Hlpothecation of present & future

receivables,personal gutrmtee of directors & Northem
Arc Capital bmiied Bepayable in 36 Monthly Instalments
starting from march 2018 to Feb 202 1)
Mahindra & Mahiudra Finaucial Services Limited # 24,23,2r',| t,63,73,202 1.a7.96.412 2,58,06,064
receivables, Guarantee of Northern Arc Capital Limited
Bepayable in 36 Monthly lnstalments starting from
December 201? to November 2020
Muthoot Capital Servi@s Limited # 48.61,12? 4E,61,r08 91,22,233 83.33,328

(Smured by Hypothmation ofpresent & future receivables
and personal guarantee by rlirectors. Repayable in 36
Monthly Instalments starting from Oct 2018 to Oct 202 1)
fQa
Avanse Finaucial Seryices Limited # 96,80,129 1,05,58,43 r 2,02,38.560 1.64.10.146
(Secured by HrTothecation of present & future receivables
and personal grrarantee by directors. Repayable in 36
Monthly Instalments starting from May 2018 to April
2021)
Capri Global Capital Limited # l,66,66.66 7 2.77,77 .778 4.44.44.444 3.33.33.333

(Secured by HlTothecation of present & future receivables
and personal guarantee by ditectors. Repayable in
36
Monthly Instalments starting from June 2018 to June
202r\
Nablisan Finance Limited # 5,79,68,705 3,40,64,422 8.28,12.500 3.31,25.000

Gecured by HlTotheation of present & future
receivables. Repayable in 16 Quartely Instalments
starting from Jan 2019 to Oct 2022)
NabLisan Fiuance Limited # 4,2t,78,048 1,87,50,000 6,09,37,500 r,40,62,500

(Secured by Hyaothecation of present & future receivables
and personal guarantee by directors. Repayable in 16
Quartely Instalmenis starting from August 2019 to May
2023)
Sundaram Finance Limited # 2.r8.67.932 97,03,636 3.15,?1.568 1,49.65.834

(Secured by Hwothecation of present & future receivables
and personal guarantee by directors. Repayable in 36

Monthly Instalments starting from Jan 2019 to Dec 202 1)
MAS Fioancial Services Linited # 2,08,33,33 1 1,38,88,895

and personal guarantee by directors,Repayable in 36
Monthly Instalments starting from May 2019 to April
2022)
MAS Finaucial Seryices Limited # 2,'t7,77,792 I,38,88,880

(Secured by HlTothecation of present & future receivables
and personal guarantee by directors.Repayable iu 36

Monthly Instalments starting from Oct 2019 to Sep 2022)
Hinduja Leyland Finance Limited # ?,4 1,55,370 4.00.4 1.327

receivables, personal guarantee of directors, Repayable in
36 Monthly Instalments startinB from June 2019 to May
2022)
Ilinduia Levland Finance Limited # 10. I 5.87.6 15 4,39,72,843

(Secured by Hr?othecation of present & future
receivables, personal guarantee of directors, payable in 36
Monthly Instdments siarting from Oct 2019 to Sep 2022)
Magma Fincorp Limited # 6,8 1,87,129 2,48,54,358

(Secured by Hypothecatiou of present & future
receivables. Repayable in 36 Monthly Instalments starting
from Jan 2020 to Dec 2022)
Usro Capital Limited # 1,3?,85.248 2.10.15.5 I 7

(Secured by HlTothecation of present & future
receivables,persoual guarantee of directors . Repayable in
24 Monthly Instalments starting Irom Aug 2019 to July
2021)
Hiranaudani Financial Service Pvt Ltd # 4.00,00,005 2,22,22,220

(Secured by HlTothecation of present & future
receivables. Repayable in 36 Monthly Insta-lments starting
from Sep 2019 to Aug 2022)
(d) Unsecured Term Loan from Banks
IDFC First Bant (Subordiuate (Tier 2) Debt) # 10,00,00,000 10,00,00,000

(Repayment shall be made at the end of 84 months i.e
February 2025)
(e) Unsecured Term Loan from Others
Northern Arc Capital Limited # 3,83,1 1,780

(Repayable in 36 Monthly Instalments starting from May
201? to March 2020)
(0 Debentures
Uusecured :
Redeemable Non Convertible Debentures

* 20,00.00,000 20.00.00.000
(g) Other Loans

From Director & its Relatives 3,01,4?,891
*
Note : There is no default, continuing or otherwise, As at the balance
sheet date, in repayment of any of the above loans.
Note : The average rate oflong tem bonowings of the Company is lg.B3yo.
# As represented by the milagement the company has taken moratorium
*vivriti capital Private Limited : for these loans from respective financial institutions.
The company has issued and ailoted 200, 143i% unsecured Non.convertible debentures(NcDs) of
face value of
Rs 10'00,000/- each aggregatinE upto Rs. 20,00,00,000/' on 20.03.2019, whi.ch are redeemable
on .20.04.2024.These debentures are privately placed and also
formed part ofTier-II capital as per the RBI guidelines.
In respect of privately placed Non convertible debentures (NCD) , no debenture Redemption Reserve (DRR) is
required in terms of the clarfication issue4 by
MinistryofLawJusticeandCompanyAffairsbyCircularNo.ll/2i2012'CL.v(d date<LFebruaryll,z0lgasthecompanyisregistere4withBeseryeBmkof
India under Section 45-IA of the RBI (Amenrlment) Act, 199?, similady as per the Nle 18(7) ib) (ii) of Companies (Sha"e Caipita and Debentures)
Rules,
2014 no DRB is required to be maintained in case ofprivately placed debentures by NBFCs.
6. P&OVISIONS:
(Amounts in I
PANTICULANS
Contingent Provision for Standard Assets 46,t7,270 1,20,09,?8 I 4',t,18,877 93,80,?59

Provision for Employee Benefit Expenses
-Gratuity
'Bonus
1,05, r 1,60 1 91,087 34,75,889 33,666
5,15,558
Provision for income ta (Net ofAdvance Tu) '15,0't,794
7. SHORT TE&M BOBBOWINGS
PARTICULANS
(d Loans Repavable on Demaud

Secured : Cash Cred.it facihty
United Bank of Iodia (Merged with Punjab Natioual Bauk) # t5,97,45,429 7,30,38,743
(Secured by Hlpothecation of specfic receivables of
present & future and personal guarantee by directors.
Additional security in the fom ofproperty.)
Uuion Bank of India # 6,90,63,056 5,26,51,134
(Secured by Hypothecation of specfic receivables of
Additional security in the form ofproperty.)
Puujab NatioBal Bank # 4,39,89,899 i.93,55.234
(Secured by Hypothecation of specifi.c receivables of
present & future and personal guarautee bv directots.
(Out of total Sactioned l-imit of 5 Crore, Rs. 4 Crore is
availed from PNB Telibandha, Raipur and Rs. I Crore
from PNB Baloda Bazar)
Bank of Baroda # 10,2 1,60,755 5,86. 15.0 l6
(Secured by Hypothecatiotr of specific receivables of
Additional security in the form of property)
Dena Bauk (Mereed with Bank Of Baroda) # r3,26,15,006 (33225173)
(Secured by Hpothecation of sprcfic receivables of
present & future and personal guarautee by directors.
Allahabad Bank # 2,86,18,488 4.94,873
(Secured by Hlpothecation of specfic receivables of
Additional security in the form of property.)
Bank of Maharashira # 4.9t.47.215 2.59.86.678
(Secured by Hypothecation ofspecifrc receivables of
present & future and personal guarantee by directors.)
Au Small Fiuance Bank # \.44.57.384

(Secured by Hypothecation of specific receivables of
present & future and personal guarantee by directors.)
Note : There is no default, As at the balance sheet date, iu repayment and interest of above lpans.
Note : The average rate of short term borowings of the Company is I 1.95%.
TOTAJ-: 59.98,17,292 19,69,16,505

(Amounts in INR)
As at As at
"*''t'*t ,r.or.roro ,,.or.ro*
Cuuent Maturities of Iong term borrowinss (Refer Note 5) 1,12,81,81,372 1,09,96,25,808
Payable to Dealers 6,20,44,632 3,22,97,318
Interest Accrued and Not Due 1,15,09,068 70,03,158
Security Deposits 2,45,224 3,25,836
TDS Payable 37.60.698 54,04,293
Other Payables 33.?5.241 1.98.060
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ro. porEnnno tex essnr (Nrt) Grnounts in INB)
pABTICULARS As at As at
Openils 33,87,334 18,40,259

Additions during the veat 52,r2,O75 15,47,015
Closing 85,99,409 33,87,334
O"t"- "- TOTAI:: 85
The major components of deferred tax assets and liabilities are :
CA,mounts in INR)
Particulars 3 1.03.2020 3 1.03.20 19
x) Depreciation 8.19.600 t.59.74.64'
b) Provision on Loans and Advances 2.47.83.679 41.63.88',i
:) Provision for Employee Benefits 1.06.02.688 35.09.555
il Others
Iotal 6.72.05.96' 3.36.,18.084
Net Deferred Tax Asset 85,99,409 33,8?,334
ll. ADVANCES
LOANS AND ({mounts in INR)
pARTICULARS As at 3r.03.2020 As at 31.03.2019
Non'Ourrent Current Non-Currcnt Crrrrpnt
Receivable Agaiust Financiug Activity (Refer Note 34)

Secured #
(d Considered good 1,04,93,62,801 2,8t,59,22,322 92,3r,21,266 2,35.01,ri,132
(b) Considered doubtful 30.83,034 2,03,91,445 18,33,226 35.10.959
r,05,24,45,835 2,E3,63,r3,767 92,49,60,492 2,35,36,22,091
(Less) : Provision for doubtful assets (20391445) ( l8sB226)
1,04.93,62,801 2.8r.59,22.322 92.3r.27.266 2.35.01.11,r32
Unsecured
(d Considered good 14,57,69,060 11,00,39,091 28,81,20,761 4.03,52,537
(b) Considered doubtful ?8.138
r4,57,69,499 11,04,17,229 28,81,20,761 4,04,40,134
(Less) : Provision for doubtful assets (4s9) (2?8138) (8?89?)
14,57,69,060 11,00,39,091 28,81,20,'.t6t 4,03,52,537
Secured Advances
Retained interesl under securitisation 41,65,218 1,99,41,216
# fpans are srcured against vehicles, equipments, stmk and property
12. CASH & CASH EQUMLENTS

GrlrorrtsiolllE)
PARTICULANS As at As at
3 1.03.2020 31 03.2019
(d Balances with Banks in cunent accounts 6,04,59,236 33,45,533

6) Cash in hand 5,38,89,259 5,2r,46,220
13. OTHERASSETS:.
(Amounts in INR)
pARTIC1LARS 31.03.2020
As at As at 31'03'2019
Non'Curreut Curent Non'Curreut Current
Unsecured, considered good

Fixed Deposit (including Interest) with Banks and Financial 2,25,57,635 2,39,74,929 3,64,94,719 3,47,10,107
Iostitutions #
Prepaid Expenses 48,00,000 20,30,'t52 64,00,000 16,00,000
Advances Recoverable in Cash or in Kind or for value to be received 69,34,630 1.43,7 r,352 50,16,565 29,46,797
Balance with Authorities 50,62,876 ' 56,83,558
Advance Tax net of Provision for tax 48,93,4't4
Other Deposrts 1,55,07,500 1,49,82,456
# Fixed deposits are lien marked with Banks and Financial Institutions.
14. Bevenue From Operations
(amounts in INR)
PATTICULANS For the year ended
Bevenue from Interest Income 1,23,85,42,108 87,12,56,663

Revenue from Others Charges 2,23,90,329 2,75,57,468
15. Other Income

(Amounte in INR)
For the year ended
,ABTICULABS
3r.03.2020 31.03.2019
TOTAL: 66,68,4 15 3 r,98,449
16. EMPLOYEES BENET'IT EXPNESES

(Amounts in INR)
,ARTICULAIS For the year ended

3r.03.2020 31.03.2019
Salaries, Wages & Other Benefits 22,',18,81,22',1 16,39,49,677

Contribution to Proyident Fund 62,69,262 39,?E,419
Contribution to Employee State Insurance Scheme 39,29,969 46,34,443
TOTAL:: 24,45,',t4,6t6 17,85,89,305
17. FINANCIAL COSTS

(Amounts in INR)
For the year euiled
PANTICULARS
31.03.2020 31.03.2019
Interest on BorrowinEs 44,'.t5,97,',t35
34,12,23,035
Interest on Unsecured Loaus 45,83,032 20,83,r78
Other Bouowins Cost 3,25,91,004 2.95.26'145
TOTAL:: 4!,41,11J11 31
18. OTHER EXPENSES

(Amounts in INR)
For the Year ended
PARTICULARS 31.03.2020 31.03.2019
Auditor's Remuneration ' Refer Details Below 19,50,000 12,00,000

Advertisement Expenses 17,23,785 14,37,469
Computer Maintenance 46,21,889 25,23,538
Director's &emuneration 66,00,000 48,00,000
Electricitv Charses 36,54,052 2 1,92,1 16
Commission Expenses 59,78,369 69,54,233
Legal Expenses 64,81,484 61,99,250
Office Expenses 85,18,496 64,06,911
General Expenses 10,90,223 9,34,867
yt,92,258 t2,280
CSR Expenses
Postage Expenses 12,1 1,338 3,73,56 I
Printine & Stationery Expenses 43,42,468 5 1,86,884
Repair & Maintenance 26,50,161 2,32,162
Seized Vehicle Transportation 5,11,266 16,000
Rent Expenses 3.91,48,484 2,27,5l,',164
Interest on TDS t7,623
GST Expenses 48,11,629 38,06,190
Telephone Expenses 46,97,50? 30,93,615
Travellinq Expenses 49,85,596 60,81,02?
Vehicle Running Expenses . !.0Q'41'831 l'00'14'103
TOTAL:: I 1.81,16,840 8,42,33,693
(Amounts in INR)
For the year ended
Payment to Statutory Auilitors 31.03.2020 31.03.2019
9,00,000
T
a" e"dit Fees '- -.. 9'99'999
TOTAL:: 19,50,000 12,00,000
19. PRO\TSIONS & WRITE OFFS

(Amounts in INR)
PAXTICULARS 31.03.2020 31.03.2019
Bad debts written ofl 13,85,08,754 2,89,45,706

Provision For Sub Standard Assets r3,28,249 40,74,50 I
Provision For Doubtful Assets 1,69,93,024 61,78',1
20. EARNING PER DQUITY SHARE
(Amounts in INR)
PA.BTICULARS As at As at
Profit after Taxationas per Profit & Loss Account 18,56,75,426 15,05,57,2',t2
Weighted Avg. No. of Equiiy Share OutstandinF r,31,29,923 1,14,37,389
Basic / Diluted Earnins Der Equltv Share (Face Value of Rs. 10/' per share) 14.14 13.16
21- GRATUITY
Defrued Benefit Plan :'
The Company has a defined benefrt gratuity plar. Every employee who has completed five years or more of seryice gets a gratuity on departure at 15 ilays
salary 0ast drawn salary) for each completeil year of serice or part thereof in excess of 6 month and its payable on retirement / temination/ resigaation. The
benefrt yests on the employees after conpletion of 5 Yea of service. The scheme is funded with an irsurance company in the fom of qualifying insurance
policy.
The present value ofobligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period ofsewice as
giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
(Amounts in INR)
Gratuity Gon'funded)
I) Reconciliation ofopening & closing balances ofdeflned benefit obhgation
Defrued Benefit obligatiou at beginning of year 36,66,934
Present value of Past Service Benefit
Current SeNice Cost 63,02,;95 26,69,1g;
Interest Cost 2,82,354 1,76,280
Actuarial (sain) / Ioss 5,19,128 (14,68,490)
Benefits paid
Defined Benefit obligation at year end 1,07,7r,411 36,66,934
II) Reconciliation of fair value of assets and obligations

Defitred Benefit oblisation 1,07,7 t,4 r l 36,66,934
Fair value of PIan assets (1,68,?23) (r,5?,3?9)
1,06,02,688 35,09,555
Less : Uuecognised Past Sewice Cost
Amount recognised in Balance Sheet 1,06,02,688 35,09,555
lll) Expenses rrcoroised during the year

Present value of Past Service Benefit
Cuuent Service Cost 63,02,995 26.69,797
Interest Cost, 2,82,?-54 r,76,280
Expecied return on Plan assets
5, r9, r28 (r4,68,490)
Actuarial (gain) / loss
Net Cost 1,07,71,411 36,66,934
IV) Investment Details :

The Gratuitv liability is a non-funded liability and is manaqed in'house in the Company s Gratuity fund.
V) Actuarial assumptions
Mortality Table (LIC) Ultimate 2012-14 ultiBate 2006'08 ultimate

Discount rate (per annum) 'l .00o/. 7.'lO%
Exprcied rate ofretuln on plan asseis (per annum) 'l .O0o/o 7 .70'/o
Rate of escalatiotr in salarv (per annum) 7.OO% 7.OOoA

?.81% depending lo/o to loh
upon on ago ilepending upon
Employee Turnover
on age
ExDected Average remainj.nq working lives of emDloyees Years) 33. 12 33.56
Principal Plan is under Payment of Gratuitv Act 19?2 (as amended up to date) .
The estimates ofrate of eralation il salary considered in actuarial valuation, take into account in{lation, seniority, promotion and other relevant
factors
including supply antl demand in tbe employment market. The above information is certified by the actuary.
The expected rate of retum on plan assets is determined considering several applicable factors, mainly the composition ofPlan assets
held, assessed risks,
historical results ofreturn on plan assets and the Company's policy for plan assets management.
22. STATUTORYRESERYE
According to the NBFC (ND) prudencial norms issued by Reserve Bank of India company has created Statutory reserye md as per the requirment of th€
aforesaid norms company has transferred 20% of Net Proit amounting to Rs. .37135085/' to this Statutory Resene for the year 20 19'20 (PY Rs. '301 I 1454/') .
23. 'Ihe company has made a provision of Rs. 18,12,345 €Y Rs. 59,50,68 1/') during the year on the standard assets outstanding as on 3 lst March 2020 as per
the Reserue Bank oflndia directions to all NBFC'g to make 0.40 % on the standard assets."
24. The Company has received Cerhficate ofRegistration dated July 15,2008 from the Beserve Bank oflndia to carry on the business ofNon Banking
Finaucial Institution without aeepting cleposits. Accotdingly, the Company is bmome a Non'deposit taking Non'Banking Finance Company (NBFC'ND)
(Asset ffnance Company) .
25. In opiuion ofthe Board, the value ofrealizatiou ofloaus, advauces and current assets in the ordinary course ofbusiness will uot be less than the uouut
at which they are stated in the balance sheet.
26. The compuy operate in a single reportable segments i.e financing , which has similar risk and return for the purpose of AS'17 on "Segment Reporting"
notified under the compauies (Acouuting standard) rule 2014. The company operates in a single geographical segment i.e domestic. Hence, no further
requilement ofSesment Reportitrs for the year.
27. The compauy has obtained credit rating of (CRISIL BBB) from CBISIL Gating agency) and (ACUITE BBB+) from ACUITE Batings Gating agency) for
its loaus faci.lities duritrg the yed.
28 There are no forward contract hedging insturement o! exchange traded derivatives during the year.
29 Customer Complaints
(a) No. ofcomplaints pending at the begining ofthe year NIL NIL
6) No. ofcomplaints received during the year NIL 7 00
(c) No. ofcomplaints redressed during the year NIL 7.00
(d) No. ofcomplaints pendiug at the end ofthe year NIL NIL
30. During the year ended 3 1st March 2020, no penalties have been Ievied by Reserye Bank of India on the company.
31. Movement of Advances

(d Net NPAS to Advances (o/o) 3.1to/o 1.34%
6) Gross NPAs to Advances (%) 3.68% 1.49%
(c) MovementofAdvances
G) Opening Balance 3,60.17,11.696 2,06.34.68.580
G) Closiag balance 4.12.10,93,273 3,60,17,11,696
(d Movement of NPA's (Net)
(il Opening Balance 4,81,71,607 r,12,29,955
G) Closing balance 12.80.97.952 4,81.71.607
(e) Movement of NPA's (Gross)
G) Opening Balance 5.36.03.389 1,25.19,450
G) Closing balance 15.18.51,008 5.36,03,389
42. In respect ofnon'cancellable operating leases as per Accounting Standard on Leases (AS"t9), the miuimum lease rentals are as follows
:
(Amounts in INR)
Total Miuimum Lease paymeots
Particulars qa oi
^,r+at.n,lin,
1.03.2020 3 1.03.20 19
9?,20,000 97,20,000
Not later than one year
3,88,80,000 3,88,80,000
Later than one year and not Iater than five years
2.9 1,60,O00 3,88,80,000
More than five years
Medium
38. Based on and to the extent ofinfomation received by the Company from the suppliers regarding their status under the Micro' Small and
Enterprises Development Act, 2OOO OISMED Act) and relied upou by the auditors, the relevant particulas As at the yea!'eud are furnished below:
(Amounts in INR)
Particulars 3 1.03.2020 31.03-2019
Priucipal amount ilue to suppliers under MSMED Act, As at the year end (since paid)
Interest amrued and due to suppliers under MSMED Act, on the above amount As at the year end
Payment made to suppliers (other than interest) beyond the appointed day, durirg the year
Iuterest paid to suppliers uniler MSMED Act (other thm smtion 16)
Interest paid to suppliere under MSMED Act Gection 16)
Interesi due and payable to suppliers under MSMED Act, for payments already made
Interest accrued and remaining unpaid at the year end to suppliers under MSMED Act
puty re required by Accounting Standdd'18, "Eelated Party Dislosures" isued by The Institute of Chartered Accountanta
of
84. Infomation on Related
India, ue given below :
il Relateil Puties
d KeYManagementPersounel b) Belative of KMP
' Gmesh Bhattu Sarla Bhattar
' Gaurav Bhattar Swati Bhata
'Radha Bansal Sarita DeYi Bhutda
Raclha Devi Bhattar
Durga Kalantry
d Firm in wbich director is a partner Rekha Mundra
Gopal Rice Mill Naresh Bhattar
Bhanwarlal Bhattar HUF
Ganesh Bhattar HUF
Gaurav Bhattar HUF
Garima Mund.ra
Transaction with Related Parties iu the ordinarv course of business
Loans Given
Firm in which
director is a
partner
Gopa.l Rice Mill r5.00.000
Key Bhanwarlal Bhattar HUF t.47.874 92.00.700
Managemeut anesh Bhattar r 7.06.893 1.03.03.464
Personuel & Bhattar HUF 38.76.956 I ?.60.000
Their Relatives Gaurav Bhattar .12.81.127 1.O4.96.14',?
Gaurav Bhattar HUF 3.88.007 r.04,3?9
Sarla Bhattar 55 33 900 45.23.1 94

Sq,ati Bhattar 42 82 100 34 85 405
Repayments received
Firm in which
director is a
partner
Gnnal Ricp Mill 25,00.000
Key Bhanwarlal Bhattar HI IF 84.70.t]6 I 50.000
Managemeut Bhattar I 13.43.0 l6
Personnel & Bhattar HUF 56.23.9 12
Their Relativ Bhattar 1.34.56.850 23.87.044
Gaurav Bhattar HUF 1.53.65.238 ,1 2,500
Rhrtf 10 00 000
Sarla Bhattar 99.14.086
Swati Bhattar 45.69.982 33.?4.000
u, Loans Balances outstanding pertaining to Related Parties (Amounts in INR)

As at As at
3 1.03.2020 31.03.2019
Firm in which
dirmtor is a
partner 5 1,38,750 53,60,482
Gonel Ricp Mil

Key Naresh Bhattar 54,70,896 4A 41 50
Management Bhattar 1.83.439 96.36.123
Personnel & Bhattar 90 nA 164 21 lF 2R7
rattar HUF i 7.46,956

qwati Bhattar 2.81.282
rattar 43.80.186
rlal Bhattar HIIF 83.22.987
HIIF t.49.77.231
iv) Deposit Balances outstanding periaiuiug to nelated Parties

v) Receivable Balances outstanalinq pertaining to Related Parties (Amounts in INR)
As at As at
Key
3 r.03.2020 3 1.03.20 19
Management
Persounel &
Their Relatives 2,13,902
Bhanwarlal Bhattar HUI'
Gaurav Bhattar 6,20,481
vi) Uusecured borrowings outstmding pertaiuing to Relateal Parties (Amounts in INR)
Key 3 1.03.2020 3 1.03.20 19

Management
Personnel & Rhettrr HIIF 1,4 1,0 1,065
Their Relatives Bhattar 17,13,704
Gaurav Bhattar HUF 1,43,33, r22
(Amounts in INR)
35. PARTICULATS As at As at
Expenditure in Foreign Currency 0n Rs.) Nil Nil

Eaminss in Foreisn Exchanee (In Rs.) Nil Nil
36. COBPOBATE SOCIAL RESPONSIBILITY EXPENDITURE

(a) Gross amount required to be spent. by the company during the year Rs.17,82,400
(b) Amount spent during the year on:
Sl. No. Particulare Iu Cash/Bank fet to be Paid Total

a) 0onstruction/acquisition of any asset
b) Jn other purposes 11,92,258.00 17 92 269 00
37. CONTINGENT LIABILTY AND COMMITMENTS

Under the Busines Conespondence trausactiou with Small Industries Developmeut Bank ofludia (SIDBD, the Company hm provided First kss
Default Guumtee (FLDG)/ Perfomance Guomtee/ S*urity to the tuDe of 6% of 8s.6,78,15,000 disbursed (Previous year Nil).
There are no outstanding commitments as at March 2020 (Previous year Nil).
38. Impact of COVID ' 19 pandemic

The outbreak of COVID'19 pandemic across the globe and in India has contribuied to a significant decline and volatilily in the frnancial markets and
slowdown in the economic activities. The Beserye Bank of India (RBD has issued guidelines relating to COVID'19 &egulatory Package and in
acordance therewith, the Company had provided moratolium on the payment of all principal mounts and-/or interest, as applicable, falling due
between March 1, 2O2O md August 31, 2020 to all eligible borrowers classiffed as standard. For all such accounts, where the moratorium was gxanted,
the asset classification remained at a standstill during the moraiorium period.
In assessing the rmoverability of loms, rmeivables under financing activity and intangible assets, the Compmy has considered infomation available
with the Company, upto the ilate of approval of tbese finucial statements. The Company expets to recover the caryiDg mount of these assets. The
eventual outcome ofimpact of the global health pmdemic may be different from those estimated as on the date of approval ofthese ffnancial
statements and the Compmy will continue to monitor any material changes to the future monomic condiiions. Further, t}te Company has assessed that
it would be able to navigate curently prevailing uncertai.n eonomic conditions based on its business model, profrle of assets and liabilities and
availability ofliquidity and capital at its disposal.
39. Write Off

Due to the current pandemic wenario and its impact on ffonomic activities, the Company has written ofl assets amounting to Rs. 13,85,08,754 during
the current year (Preyious year: Rs. 2,89,45,?06).
40. Disclosure pursuant to Beserye Bmk of India Circulu OR.No.BP.BC.63/21.04.04812O20'2l dated l7 April 2020
Moratoriup as per BBI Circulu Dt.1?.04.2020 pertaining to Aseet Classification and Provisioning in tems of COVID 19 Begulatory PacLage
Sl No Particulars s at 3 lst March 2020

Respective amounts in SM.A/overdue categories, where the
Accounts having outstanding ofRs. 1,31,01,391 were
I moratorium/defermeni was extended in respect of all accounts classfied
extended moratorium as on 3 lst Malch 2020.
aq crandqrd qq nn Fehnrerw 2a 2020
Accounts having outstanding ol Hs.l,3l,0l'391 wele
Eesp@tive amount where asset classfication benefits is extended . sxtended moraiorium as on 31st March 2020 and
{aocifirqtinn hanaffi ie pYfonded
Provisions made durilg the Q4FY2020 in respect of accounts in default Provision at the rate of 5% which amounts to Bs 6,55,0?0
)ut standard ' made in Q4 FY 2020.
Provisions adjusted during the respective accounting periods against No provision was adjusted against sUppages
4
rlippages and the residual provisions.
4I. SECURITIZATION TRANSACTION
a.Intermoftheaccountingpoliciesstatedin2j,SecuritisationincomeisrecogxrisedasperRBlguidelines.Amordingly,Interestonly(I/o) striprepresenting
present value ofinterest spread has been recognised and rellected under loan and advances and equivalent amount of unrealised gain has been recognised as
liabilities in the previous vear.
b. Excess Interest spread of Special Purpose Vehicle Tlust (SPV Trust) has been redeemed and received durinB the year and has been recognized as i.ncome
and included in income from securitisation.
c.Disclosure in the notes to accounts in respect of smuritisation trmsaction isued by RBI vide circular no. DNBS.PD.NO.301/3.10.0 U20 t2.rg dated
21.08.2012. Applicable for transactions effected after the date ofcirculr.
The Company has mld finucial assets to struritisation/reonstruction compuy duriug the fiuaucial yeu ender 31 March 2020.
Sl. No Particulars 2019-20 20 18-19
No. / Amount No. / Amount
t No of SPVs sponsored by the NBFC for securitisation transactions I

2 Total amount ofsecuritised assets as per books of the SPVs sponsored by the NBFC 16.24,15,6 l6
3 Iotal mount of exposures retained by the NBFC to comply with MRB as on the date of
)alance sheet
J Ofl'balance sheet exposures
I First loss credit enhacement 1,62,41,562
I Others
b) On'balance sheet exposures
D First loss creilit enhacement in form offixed deposit 1,29,93,24f,
I Others
Amount of exposures to securitisation transactions other than MRR

d Off-balance sheet exposures
i) Exposure to own securitisations
il First loss
I Others
iJ Exposure to third puty securitisations
ir First Loss
L- Others
r) On'balance sheet exposures
) Exposure to own securitisations
I First loss
i Oihers
j) Exposure to third party securitisations
r First loss
42. DIRECT ASSIGNMENT TRANSACTION

DuringtheyearthecompanyhasassignedloanrmeivableamountingtoRs.s6,40,S3,446(PYRs.14,94,32,5?3) foraconsiderationofRs.36,40,83,446 (PY
Rs.14,94,32,5?3) and derecogini*d the asset from the book.
Disclosure in the notes to aeounts in resprct of assiglment transactions as required under revisied guidelines on securitisation transaction issuecl by RBI
vide circular no. DNBS.30V3.10.01/2012'13 DATED 21.08.2012
Sl.No. Particulars 20t9-20 20 18.19
No. / Amount No. / Amouut
in Rc
1 No of transactions assiBned by the company 4 1
lotal mount outstanding 29,82,2 r,898 t5,72,97,441
3 Iotal amount ofexposures retained by the NBFC to comply with MRR as on the date of
J Ofl'balance sheet exposures

-- First loss credit enhacement
r Othe$
b) Ou-balance sheet exposures
o First loss credit enhacement in form offrxed deposit
u Others
Anount ofexposures to assignment transactions other than MRR
a) Off'balance sheet exposures
J Exposure to owtr assigned transactious
First loss
r Others
ii) Exposure to third party assigned transactions
.. First loss
fi Others
b) On'balance sheet exposures
il Exposure to own assigaed transactions
tr Firsi loss
E Others
ii) Exposure to third party assigred transactions
! First loss
:- Others
43. BUSINESS CON&DSPONDENCE TRANSACTION

(SIDBI) in the partnership
The company has undertaken a business conespondence transaction with Small Industries Development Bank oflndia
anangemenl under the Scheme of {irect credit to clients, in June 20 19, with sanction limit of Rs. 10 o
(Rupees Ten Crore Only) Only the income spread
reognized in the statement ofprofit and los.

44' Disclosure of details as required by Revised Para 19 of Non-Banklng Financial Company - Non-systematically lmportant Non-Deposit taking Company
(Reserve Bank) Directions,2016 (updated as on February f7,2O2Ol, earlier Para 13 of Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007, earlier Para 9BB of Non-Bankin8 Financial Companies Prudential Norms (Reserve Bank) Directions, 1999. Rs, ln Lakh!
Particulars Amount Outstanding Amount Overdue
Liablities side 2019-20 2018-19 2019-20 2018-19
1 Loan and advance availed by the non-banking financial company inclusive of interest accured thereron but
not paid:
(a) Debenture:
:Secured
: U nsecured 2,000 2,000
(other than falling within the meaning of public deposit)
(b) Deferred Credits
(c) Term Loans 27,420 28,093
(d) lnter -corporate loans and borrowing
(e) Commercial Paper
{f) Public deposits*
(e) Other loan (Working capital loan) s,gsa r,geg
*Please see notel below
2
Sreak-up of (1Xf) above (outstanding public deposits lnclusive of interest accured thereon but not paid):
(a) ln the form of Unsecured debentures
(b) ln the form of party secured debentures
i.e. debentures where there is a shortfall
in the value of security
(c) Other public deposits
'Please see notel below
2019-20 2018-19
Assets side
3
Break-up of Loan and Advances including bills receivables (other than those included in (4) below:
(a) secured 38,653 32,973
(b) U nsecured 2,5s8 3,28s
4 Break-up of Leased Assets and stock on hire and other assets countint towards AFC activities
(i) Lease asset including lease rentals under
sundary debtors:
(a) Financial lease
(b) OperatinE lease
(ii) Stock OperatinB lease
sundary debtors:
(a) Assets on hire
(b) Repossessed Assets
(iii) Other loans counting towards AFC activities
(a) Loans where assets have been
Repossessed
{b) Loans other than (a) above
5 lBreak-up of lnvestment
Current lnvestment
1 Quoted
(i) Shares
(a) Equity
{b) Preference
(ii) Debenture and Bonds
(iii) Units of mutual funds
(iv) GovernmentSecurities
(r) Others(pleasespecify)
2 Unouoted
(i) Shares
(a) Equity
{b) Preference
(v) Others{pleasespecify)
Lont Term lnvestment
1 Quoted
(i) Shares
(a) Equity
(b) Preference
(v) Others(pleasespecify)
2 Unouoted
(i) Shares
(a) Equity
(b) Preference
(v) others(pleasespecify)
6 Borrower groups-wise classification of assets financed as in (3) and (4) above :
Please see note 2 below Amount net of Provision

Secured Unsecured Total
Particulars
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
a) Subsidiaries
tb) :ompanies in the same group
(c) Jther related parties 148 517 148 5L7
f,ther than related parties 38,6s3 32,973 2,410 2,768 41,063 35,742
Total 38,653 32,973 2,558 3,28s 4t,2t1 36,258
tnvestor troup-wise classification of all investment (current and long term ) inshare and secutities(both
7
quoted and unquoted)
Please see note 3 below
Market Value/Break uP or fair

Book Value (Net of Provisions)
Category value or NAV
2019-20 2018-19 2019-20 2018-19
L ielated Parties**
a) Subsidiaries
ib) Companies in the same group
c) Other related parties
2 Other than related parties
Total
+r As perAccounting Standards of lcAl(please see note 3)
1 As defined in point xxvi of paragraph 3 of Chapter -2 of those Directions.

z Provsioning norms shall be applicable as prescribed in these Direction.
However market value in respect of quoted tnvestments and break up / fair value / NAV in reapect of unquoted investment shall be disclosed irresePective of whether they are
classified as long term or current in (5) above.
45. Amounts have been rounded off to the nearest rupees and previous year's frgures have been regroupedand reclassified wherever considered necessary to
coufi.ro to the current presentation
Sigaature to Notes to Accouots

fi ^
Ior aud on behau of the Bqilrl of Directors
MW Ganesh
(Dirmtor) \\-O.
DIN' 0 r248202
l,W-
Radha Bansal
(Company Secretary)
Raipur, 28th
Deloitte lndiabulls Finance Centre,

27th-32nd Floor, Tower 3,
Haskins & Sells LLP Senapati Bapat Marg, Elphinstone Mill

Compound,
Elphinstone (W), Mumbai - 400 013,
Maharashtra, lndia.
Phone: +91 22 6185 4000

Fax: +9!22 5185 4501/4601
The Board of Directors, www.deloitte.com/in
Shri Ram Finance Corporation Private Limited,
Raipur Road,
Baloda Bazar,
Chhattisgarh 492-OO7
Statutorv Auditor's Certificate

1. The repoft is issued in accordance with the terms of our engagement letter January 15,
2020.
2. We Deloitte Haskins & Sells LLP, Mumbai, Chartered Accountants (Firm Registration
Number 117366W/W-100018), have examined the audited books of account as at and for
the yearended March 3t,2O2O and other relevant records and documents maintained by
Shri Ram Finance Corporation Private Limited (the "Company") for the purpose of
certifying the accompanying Statement of information as at March 31, 2020 (the
"statement") which has been initialed by us for identification purposes only, prepared by
the Management of the Company pursuant to the specification laid down in Annex 1 of
the Master Direction DNBS.PPD,02166.15,00712016-17 dated September 29, 2016, issued
by the Reserve Bank of India (the "RBI"),
Management's Responsibility
3. The preparation of the Statement from the audited books of account, other relevant
records and documents maintained by the Company for the year ended March 3L, 2020
is the responsibility of the Management of the Company including the preparation and
maintenance of all accounting and other relevant suppofting records and documents' This
responsibility includes the design, implementation and maintenance of internal controls
relevant to the preparation and presentation of the Statement and applying an appropriate
basis of preparation; and making estimates that are reasonable in the circumstances'
4. The Management of the Company is also responsible for the adherence with the Master
Direction DNBS.PPD.02166,15.00t12O16-17 dated September 29, 2OL6, issued by the RBI
in the preparation of the Statement.
Auditor's ResponsibilitY
5. Pursuant to the requirement of Master Direction DNBS,PPD,02/66.!5.001/2016-17 dated
September 29,20!6, issued by the RBI our responsibility is to provide a reasonable
assurance whether the information contained in the aforesaid Statement are in agreement
with the audited books of account, other relevant records and documents maintained by
the Company for the year ended March 31,2020'
6. The financial statements as of and for the year ended March 37,2020 have been audited
by us, on which we issued an unmodified audit opinion vide our report dated November
ZB,ZO2O. Our repoft included an emphasis of matter paragraph relating to the potential
impact of the COVID-19 pandemic on the Company's financial statements are dependent
f)
K,
II
on future developments, which are highly uncertain as more fully described in Note 38 to
the financial statements. Our report on the financial statements was not modified in
respect of this matter. Our audit of these financial statements was conducted in
accordance with the Standards on Auditing specified under Section 143(10) of the
Companies Act, 2013. Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement.
7, We conducted our examination of the Statement in accordance with the Guidance Note on
Reports orCertificates for Special Purposes issued by the Institute of Chartered
Accountants of India (ICAI) and Standards on Auditing specified under Section 1a3(10) of
the Companies Act 2013, The Guidance Note requires that we comply with the ethical
requirements of the Code of Ethics issued by the ICAI.
B. We have complied with the relevant applicable requirements of the Standard on Quality
Control (SQC) 1, Quality Control for Firms that perform Audits and Reviews of Historical
Financial Information, and Other Assurance and Related Services Engagements.
Opinion
9, Based on our examination, as above, and the information and explanations and
representations as provided to us by the Management of the Company, we are of the
opinion, that the information furnished by the Company in the said Statement are in
agreement with the audited books of account, other relevant records and documents
maintained by the Company for the year ended March 37,2020.
Restriction on Use
10.This report is addressed and provided to the Board of Directors of the Company at the
request of the Company for onward submission to RBI pursuant to Master Direction
OtitgS.ppO.O2166.15.OO1lZOtO-tl dated September 29, 20t6, issued by the RBI and
should not be used for any other purpose without our prior written consent. Accordingly,
we do not accept or assume any liability or any duty of care for any other purpose or to
any other person to whom this report is shown or into whose hands it may come without
our prior consent in writing'
For Deloitte Haskins & Sells LLP

Chaftered Accountants
(Firm's Registration No. 117366W / W-100018)
Lt.**4
va
G. K. Subramaniam
Pa rtner
MembershiP No. 109839
Mumbai, December L5, 2020 UDIN : 20109839AAAA2C5286
Statutory Auditors Certificate
We have examined the books of accounts ancl other records of Shri Ram Finance Corporation Private Limited for the
Financial Year ending March 31, 2020. 0n the basis of the information submitted to us, we certifiz the following:
S.No. Particulars Details

1 Name of the company Shri Ram Finance Corporation Private Limited
2 Certifi cate of Registration No. B-03.00170
3 Resistered offi ce Address Raipur Road, Baloda Bazar fChhattisgarhJ
4 Corporate offi ce Address B-7 Plot No, 29, Shri Ram Nagar Phase-I, In front ofDoordarshan
TV Tower, Shankar Nagar, Raipur-492007
5 The company has been classified by RBI as : AFC

(lnvestment Company / Loan Company /AFC
/ NBFC-MFI / NBFC- Factor / IFC / IDF-
NBFC)
6 Net 0wned Fund (in Rs. Crore)

(Calculation of the same is given in the 75.77
AnnexJ
.f
Total Assets fin Rs. Crore] 450,88
8 Asset-lncome pattern: a) 93.94o/o
(in terms of RBI Press Release 1998'
99 I 1269 dated April 8, 1999J
aJ 0/o of Financial Assets to Total Assets
b) 98.94o/o
b) 0/o of Financial Income to Gross Income
(NBFC-Factor / NBFC-MFI / ArC / IFC may
also report separately below)
9 Whether the company was holding any No

Public Deposits, as on March 31, 2020
If Yes, the amount in Rs. Crore
10 Has the company transferred a sum not less Yes
than 20% of its Net Profit for the year to
Reserve Fund?
(in terms of Sec 45-lC of the RBI Act, 1934J'
77 Has the company received any FDI? No

IfYes, did the company comply with the
minimum capitalization norms for the FDI?
1Z If the company is classified as an NBFC Not Applicable

Factor;
aJ 0/o of Factoring Assets to Total Assets
b) 0/o of Factoring Income to Gross Income
13 If the company is classified as an NBFC- MFI; Not Applicable

% of Qualifying Assets to Net Assets
(referto Notification DNBS.PD.No.234 CGM
(US) 2011 dated December 02, 2011)
2 ffi
14 If the company is classified as an AFC; a) 88.260/o
a) o/o of Advances given for creation ol
physical /real assets supporting economic
activity to Total Assets
bJ % of income generated out of these assets b) 95.67o/o
to Total Income
15 If the company is classified as an NBFC- IFC Not Applicable

%o of Infrastructure Loans to Total Assets
t6 Has there been any takeover/ acquisition of No

control/change in shareholding/
Management during the year which required
prior approval from RBI?
fplease refer to Master Directions issued by
DNBR
i) Master Direction- Non-Banking Financial
Company- Non Systemically Important Non-
Deposit taking company (Reserve Bank)
Direction; and
ii) Master Direction- Non Banking Financial
Company- Systemically Important Non-
Deposit taking Company and Deposit taking
Company (Reserve BankJ Directions.l
In terms of chapter II of the Master Direction- Non Banking Financial companies Auditor's Report (Reserve Bank)
Directions, 20!6, aseparate report to the Board of Directors of the company has been prepared.
I have read and understood Chapter III of the Master Direction- Non Banking Financial Companies Auditor's Report
[Reserve bank) Directions, 2016
For and on
5th December 2020

Annexure
Capital Funds - Tier I [Rs. In crore)
1 Paid up Equity Capital 13.13
2 Pref. shares to be compulsorily converted into equity

3 Free Reserves:
a. General Reserve
b, Share Premium 23.99
c. Capital Reserves
d. Debenture Redemption Reserve
e. Capital Redemption Reserve
f, Credit Balance in P&L Account 31.67
s. Statutorv Reserves 7.90
4 Special Reserves
Total of 1 to 4 76.63
5 Less: i. Accumulated balance of loss
ii. Deferred Revenue Expenditure
ii. Deferred Tax Assets [NetJ 0.86
iii. Other intangible Assets
Owned Fund 75.77
6 Investment in shares of:
(iJ Companies in the same group
[iil Subsidiaries
iii) Whollv Owned Subsidiaries
[ivJ Other NBFCs
7
Book value ofdebentures, bonds, outstanding loans and
advances, bills purchased and is counted [including H,P.
and lease finance) made to, and deposits with
il Companies in the same group
(ii) Subsidiaries
(iii) Wholly Owned Subsidiaries/Joint Ventures Abroad

B Total of 6 and 7
9 Amount in item B in excess of 100/o of Owned Fund NA

10 Net Owned Fund* 75.77
xExcludes Revaluation reserve ofRs. 6.7 crores.
(
v

SRFC Annual Report 2019-20

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SRFC Annual Report 2019-20

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SHRI RAM FINANCE CORPORATION PRIVATE

INDEPENDENT AUDITORS' REPORT

To The Members of shri Ram Finance corporation private Limited

Basis for Opinion

irLi ldcnlif,r,lt:o{r l.ln }OB .!7}7)

Management's Responsibility for the Financial Statements

Auditors' Responsibility for the Audit of the Financial Statements

. Evaluate the appropriateness of accounting policies used and the reasonableness of

Conclude on the appropriateness of management's use of the going concern basis

We also provide those charged with governance with a statement that we

Our opinion on the financial statements is not modified in respect of the

Report on Other Legal and Regulatory Requirements

and according to the explanations given

ANNEXURE "A'TO THE INDEPENDENT AUDITOR'S REPORT and Regulatory

Management's Responsibility for Internal Financial Controls

Inherent Limitations of Internal Financial Controls Over Financial Reporting

For DELOITTE HASKINS & SELLS LLP

(b) The loans are repayable on demand.

For DELOITTE HASKINS & SELLS LLP

I. ESUITY AND LIABILITIES

II, ASSETS TOTAI,::

a.., ompanying notes are anl"t"S;l p;.t of nancial

As per our attached report

Raipur, 28th Novcmber 2020

Revenue From Operatione

Profit Before Tax

Profit After Tax

As per our attached report

Raipur, 28th November 2020

L Figures for the prevrous ve: nave been reg.ortped,

As per our attached report

Raipur, 28th November 202(

a. Basis of Preparation of Financial Statements

e. Cash and Cash equivalents (For Purposes of Cash Flow Statement)

f. Receivables und"r Fi.".

Classification of assets as per policy of the current Financial yeai

DPD uPto 120 days 0.40'2, of Outstanding

Asset Type Percentage of provision - Write off

ii) Fee Income:

iii) Other operating Income:

iv) Income from Deposits:

o, lmpairment of Assets other than Loans and Advances

p. Property, plant & equipment. depreciation/amortisation and impairment

q. Provisions and Contingent Liabilities

i) Defined contribution plans:

iii) Short term employee benefits:

s. Goods and seryices Tax

u. Eamings per Share

(A) Authorised. Issued, Subscribed and paid-up share capital

No of shares outstanding As at the berinning of the year r,31,29.923 l.10.49.923

4. RESERVIS & SUBPLUS

Securities Premium Resewe ' Opening Balance 23,98,68,818 18,31,98,818

Revaluation Reserve- opening Balance 6,70,17,962 5,93,31,607

Surplus Brought forward from previous year 16,76,06,r49 4,71,60,331

fOTAf ,r, ?O-r0.t l

0) SecuredTeru laan from Banks

AU Small Finauce Bank # 84,68,?37

AU Small Finance Bank # 2, 16,2 I,613 2,16,21.613 3,24,82,436

AU Small Fiuance Bauk #

AU Small Finance Banh # 1,94,44,442 1,38,88,890 3,33,33,336 1,66,66,668

IDFC First Banli # 23,33.33,334 1,94,05,70? 25,00.00,030

Fincare Small Fiuance Banh Limited r,59,25,37 1

(Secured by Hlpothmation of present & future