new design annual reportuttrayan-mfi.com/admin/report/new-design-annual-report... · 2019-02-20 ·...

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UTTRAYANUTTRAYAN

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UTTRAYANUTTRAYANUTTRAYANUTTRAYANUTTRAYANUTTRAYAN

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1 > About the Company

2 > Letter from Managing Director

3 > Board of Directors

4 > Group Pictures

5 > Key Trends

6 > Milestones Achieved

7 > Awards & Recognitions

8 > Operational Presence

9 > Operational Result

10 > The Year at a Glance

11 > Case Study

12 > Directors' Report

13 > Auditors' Report

14 > Balance Sheet & Statement of Profit & Loss

15 > Operational Projecion for coming years

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contents

UTTRAYANUTTRAYAN

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Uttrayan Financial Services Private Limited (UFSPL) is a registered NBFC-MFI

providing comprehensive financial solution to the people who are deprived

from mainstream financial services through formal sources /channels.

Uttrayan works for alleviation of poverty through economic intervention and

social empowerment of the underprivileged class of the society, with special

focus on women and promotes work empowerment. Uttrayan is equipped with

technology-driven delivery model ensuring low cost operations and innovative

products which best suit the requirement of its clientele.

During June 2008, the management acquired an NBFC in the mane and style of

Chotanagpur Trade and Investment Pvt. Ltd.

On 4th June, 2009 the name of the Company has changed from Chotanagpur

Trade and Investments Private Limited to Uttrayan Financial Services Private

Limited on 10th June, 2014 the Company received NBFC-MFI License from

Reserve Bank of India.

ABOUT THE COMPANY

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To generate Livelihood solutions across the length and breadth of the country;To complement world-class delivery practices with IT enabled services for sustainable growth;To offer a supportive and rewarding environment for employees;To execute the role of a responsible corporate citizen.

MISSION

VISSIONProvide access of financial services to more than 7,25,000 underserved customers by 2020 and in the process unleash maximum value to the stakeholder of the Company.


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Corporate Identification Number : U67120WB1995PTC071237Incorporation Details : Incorporate on 26th April 1995 with ROC, KolkataRegistered Office Address : CF- 32, Salt Lake City, Sector-I, Kolkata- 700 064Registration with RBI : Registered with RBI as NBFC-MFIPermanent Account Number : AABCC0070EPhone No. : 7044048874E-mail : [email protected] : www.uttrayan-mfi.com

K.N. Jain & Co.Chartered Accountant2, Lal Bazar Street, 2nd Floor, Room No. 204 & 205Kolkata- 700 001Email : [email protected] : www.knjainco.com

LEGAL CREDENTIALS

STATUTORY AUDITORS


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Letter to the StakeholdersDear Stakeholders,

I am thankful and glad to say that this year started with

HBS-Accion Programe on strategy Leadership in Inclusive Finance at Harvard Business School, Boston, United States of America in the month of April 2017. The said programme was sponsored by SIDBI therefore I thank them for this opportunity of gaining vast knowledge and experience.

This financial year 2017-2018 has been a milestone in a way that we have crossed a benchmark portfolio of Rupees One Hundred Crore. We have started our business in the state of Odisha capturing five districts namely, Bhadrak, Maturbhanj, Khurda, Jajpur and Balasore. Overall the total number of Branches of the company has increased from 63 to 76 in this financial year.

Your company has implemented technological advancement by installing biometric equipments in all its 76 Branches along with Head Office in Kolkata. Now, the disbursement of loan amounts to all our clients are completely done only in electronic mode without a any cash disbursement.

As you know the company's Mission is to provide cost effective financial services and integrated community development, for economic and social empowerment of women leading to better livelihood opportunities and the Vision of the Company is to spread in West Bengal and neighboring states through different financial and development activities with 3,00,000 outreach by 2019. Standing on the vision of the Company we are currently operating in 5 states (West Bengal, Assam, Bihar, Meghalaya and Odisha; having 76 branches, 28 Districts) compared to 4 states and 63 Branches in the previous year.

The outstanding portfolio of the company for the financial year 2017-2018 is Rs. 185.65 Crores (including managed portfolio) in comparison to the previous year which was Rs. 137.08 crores making ture. Uttrayan Financial Services Private Limited under the bracket of Rs. 100 to Rs. 500 crores asset NBFC-MFI. The company is focused on reducing its cost and allocation of funds through various financial strategies as a financial crisis can be felt in the coming years in the industry. I thank all my staff members and especially the field staffs say CROs, Branch Managers and Regional Managers for this progressive achievements year on year.

The Profit After Tax has increased tremendously to Rs. 5.33 crores for the financial year 2017-2018 from Rs. 2.65 crores in the previous financial year. In keeping with the trend of recent years, and considering the adverse affect of demonetization, our Company's performance in the year under review was, by all measures, again remarkable. The Company has also started its operation in the states of Odisha counting a total of 76 Branches. The Company is determined in opening its Branches in the states of North Western parts of the country in the succeeding financial year keeping our mission and vision in mind. I am looking forward for your support for our healthy business propagates in fu


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Board of Directors of the CompanyMr. Kartick Biswas (Managing Director) Mr. Kartick Biswas is a B. Sc graduate from Calcutta University. He brings with him an enriched experience of Micro Finance Industry for over 16 years. He has a clear vision about the organization in the dynamic Micro Finance Industry and has detailed knowledge in finance, fund raising, ground level operations and other allied activities. His leadership qualities and communication skills has taken him to the position of Managing Director of the Company and also a member of the Audit committee of the Company. He has enriched his knowledge by attending different programs and seminars on this field organized by different leading institutions. Being the Managing Director of the Company he looks after the Finance, Administration and Audit of the Company.

Mr. Apu Dhar (Director) Mr. Apu Dhar is a graduate from Calcutta University and has over 14 years of experience in the Micro Finance sector. Prior to his directorship in Uttrayan he had worked in different Micro Finance Organizations for more than a decade. He has expertise in all the areas of microfinance from field operation to business strategy formulations. Mr. Dhar is a team leader and has the traits of leading his team from the front and is phenomenal in team building and imparting operational training. He is proactive towards the sensitivity of the Micro Finance market. He possesses profound expertise in delinquency management.

Mr. Probindu Kumar Biswas (Additional Director) th

Mr. Probindu Kumar Biswas was appointed on 27 of September, 2016 as the Additional Director of Uttrayan Financial Services Private Limited. He was earlier associated with Sampark and NBFC giant Bandhan. Mr. Biswas is a B.Sc graduate from Calcutta University. He started his career in the year 2005 as ground level executive in Micro Finance Industry and today he is a treasury of experience in field operation management.

Mr. Bijon Kanti Choudhury (Non-Executive Director) Mr. Bijon Kanti Choudhury was associated with UCO bank and retired as Deputy General Manager before joining the Boards of Uttrayan. He comes with vast knowledge and enriched experience in the domain of credit, treasury and investment activities of the Banks and Financial Institutions. During his tenure with UCO Bank, he served as the Zonal Head of the bank and was in charge of Industrial Finance Branch, Kolkata. He has more than 41 years of work experience in Banking and Financial Services. His education qualifications are M.Sc, CAIIB, CFA (Prelims). In Uttrayan, he extends his expertise in Policy making, Internal Control, Risk management and an active member of Audit Committee.

Mr. Anindya Sen (Non-Executive Director) Mr. Anindya Sen had retired from the designation of Senior Vice President (eastern Zone) of Axis Bank Limited. He has a vast experience in Financial and Banking sector with profound knowledge in Risk Management and modern Banking and Financial systems. He has more than 42 years of work experience in Banking and Financial services especially in Risk Management domain. His education qualifications include B.Sc in Chemistry, B.A, and CAIIB. In Uttrayan, he looks after the Risk Management and Internal Audit being an active member of the Audit Committee.

Mr. Arata Kumar Sahoo (Nominee Director) Mr. Arata Kumar Sahoo is engaged with Small Industries Development Bank of India (SIDBI) for more than 20 years, presently managing the post of Deputy General Manager and looking after the NBFC-MFI operation. On behalf of SIDBI he is officially engaged with Uttrayan as a Nominee Director. His educational qualifications are PG in AAE.

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Mar.14

Mar.15

Mar.16

Mar.17

Mar.18

Managed Portfolio

Own Portfolio

200.00

180.00

160.00

140.00

120.00

100.00

80.00

60.00

20.00

40.00

00.00

Portfolio in crores :

19.30 32.60

19.00

37.40

52.70

64.63

73.15

147.46

38.19 Mar. 14

Mar. 15

Mar. 16

Mar. 17

Mar. 18

19.30

32.60

37.40

73.15

147.46

19.00

52.70

64.63

38.19

Gross Revenue :

5.70

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18

Amt.

Amt.8.20

14.53

20.20

35.64

Mar. 14

Mar. 15

Mar. 16

Mar. 17

Mar. 18

YearAmount

(in Crores)

5.70

8.20

14.53

20.20

35.64

YearOwn

PortfolioManaged Portfolio

-


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Profit After Tax:

Amt.

0.080

1

2

3

4

5

6


Amt.

0.16

1.65

2.64

5.53

0.87

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1


0.90

0.340.32

0.75

Mar. 14

Mar. 15

Mar. 16

Mar. 17

Mar. 18

YearAmount

(in Crores)

0.08

0.16

1.65

2.64

5.53

Mar. 14

Mar. 15

Mar. 16

Mar. 17

Mar. 18

YearAmount

(in Crores)

0.08

0.34

1.65

2.64

5.53

Portfolio At Risk (PAR) >30 Days :


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Crossed benchmark of Rs. 100 Crores portfolio

Started business operation in the state of Odisha capturing five districts of the state. New branches opened in Bihar and Assam also. A total of 16 new branches were opened in Bihar, Assam and Odisha.

Financial assistance received from five new Banks/Financial Institutions namely: Laxmi Vilas Bank, South Indian Bank, Yes Bank, Capital First, Dhanlaxmi Bank, Mahindra and Mahindra and AVANSE Financial Services

4th time winner of “ Best Financial Institution-Financing MSME or Vocational Skill Development “ by ASSOCHAM (Summit-Cum-Awards Skilling India 2017-2018).

20172018

20162017

20152016

Started Business Operations in the state of Bihar and Meghalaya.

Addition of 5 more Banks and Financial Institutions as fund providers to the Company (Namely, Union Bank, Bank of Baroda, Bandhan Bank, Ananya Finance Private Limited and Habitat Microbuild India Finance Company Private Limited)

Sponsored ASSOCHAM (Summit-Cum-Awards Skilling India 2016-2017)rdFor the 3 time won award for “Best Financial Institution-Financing MSME or

Vocational Skill Development” by ASSOCHAM.

Started Business Operations in the state of Assam.

MFI Loan disbursed through Borrower's Bank Account- First step towards achievement of national goal of “Financial Inclusion”

Highest ever Profit (PAT) reported (as on 31.3.2016) being 12% of Revenue… Jump of 1000%+ from previous year.

Lowest PAR >30 days: 0.32% (as of 31.3.16)

MFI Operation started in Bihar.

Introduction of E-Payment platform for disbursement of loans to borrowers.

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Uttrayan has been honored with Gold Trophy in Summit-Cum-Awards on Skilling India 2018 by ASSOCHAM

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As on March, 2018 Uttrayan Financial Services Private Limited has 76 branches which is spread across 28 districts of 5 States in the Eastern and North-Eastern India.

24 Parganas (N) : Barasat, Narayanpur, Habra, Machlandapur, Badar, Bhurkunda, Agarpara, Palta, Naihati

24 Parganas (S) : Amtala, Diamond Harbour, Chariwal, Shibanipur, Usti.

Nadia : Krishnanagar, Ranaghat, Fulia, Dhubulia, Bagula, Nabadwip, Sutragarh, Plassey Karimpur.

Hoogly : Bandel, Chandannagar, Pandua, Boinchi, Sheuraphuly, Konnagar, Begumpur, Kuntighat.

Burdwan : Kalna, Katowa.

Murshidabad : Berhampur, Kandi, Aurangabad, Raghunathgunj, Dhulian, Domkol, Islampur.

Birbhum : Suri, Rampurhat, Dubrajpur.

Maldah : Maldah, Mothabari, Bulbulchandi, Mathurapur, Samsi, Harishchandrapur.

North Dinajpur : Durgapur, Raigunj, Kaliagunj.

9 BranchesAssam

52 BranchesWest Bengal

9 Branch

Bihar

Vaishali : Mahua, LalgunjBegusarai : Teghra, BakhriPatna : BakhtiyarpurMuzaffarpur : MotipurNalanda : ChandiSamastipur : Tajpur, Kalyanpur

Kamrup : Jalukbari, BokoKamrup Metro : SonapurBarpeta : ChengaRibhoi : NongpohGoal Para : KrishnaiChirang : BijniSonitpur : Bhekiajuli BaliparaDarrang : Kharupetia

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Mayurbhanj : BaripadaBhadrak : BhadrakKhorda : KhordaDharmasala : DharmasalaBalasore : Balasore

Ribhoi : Nongpoh

1 BranchMeghalaya

5 BranchesOdisha

UTTRAYANUTTRAYAN

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Operational PresenceA

B

C

D

E

No. of States

No. of Districts

No. of Villages

1

2

3

Organizational Data

Total Branch Strength

Employee Strength

Credit Recovery Officers (CRO)

Branch Support Staff

HO Staff

1

2

No. of Centres

No. of Groups

No. of Borrowers (Active)

No. of Members

Operational Presence

1

2

3

4

1

2

3

4

5

6

1

2

3

4

5

6

7

8

9

i

ii

10

No. of Semi-Urban Borrowers

No. of Rural Borrowers

Adv. for Agriculture (‘ Lac)

Adv. for Trading Activity (‘ L)

Adv. for Mftd. Activity (‘ L)

Adv. for Others (‘ Lac)

Operational Presence

Portfolio Details

No. of Loans Disbursed during the year (incl. BC)

Total Amount of Disbursement during the year (‘ Lac)

Average Loan size disbursed during the ys (‘ )

Cumulative Disbursement (since inception) (‘ Lac)

Principal Due during the year (‘ Lac)

Principal Collected during the year (‘ Lac)

Recovery % for the year

No. of Loan Outstanding at the end of the year

Portfolio O/S at the end of the year (‘ Lac)

Own Portfolio

Managed Portfolio

Total Portfolio (AUM)

Portfolio At Risk (>30 Days)

5

28

3,128

76

387

246

106

35

12,939

51,756

1,30,644

1,65,830

67,530

63,114

2,193.57

12,321.47

1,221.11

2,828.94

1,19,646

27,880

23,302

82,647

22,840

22,287

99.77%

1,30,644

14,745.99

3,819.10

18,565.09

0.90%

4

15

2,042

63

310

181

94

35

4,556

9,111

1,04,716

1,26,168

63,447

41,269

5,676

6,900

189

1,013

94,971

19,357

20,382

54,767

14,648

14,627

99.86%

1,04,716

7,314.78

6,463.12

13,777.90

1.05%

3

12

1,920

55

284

179

77

28

3,128

6,255

71,844

83,427

36,500

35,344

3,571

4,667

653

118

77,295

14,798

19,145

35,410

10,958

10,950

99.93%

83,427

3,740

5,269

9,010

0.32%

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2015 - 2016 2016 - 2017 2017 - 2018

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Dear Shareholders,

Your Directors have pleasure in presenting their Director's Report of the Company together with the Audited stStatements of Accounts for the Company for the year ended 31 March, 2018.

1 FINANCIAL SUMMARY (Amount in Rs.)

2 DIVIDEND

The Directors are please to recommend Dividend of 9% on the Cumulative and Optionally Convertible Preference Share allotted to SIDBI.

3 REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS :

Your Board of Directors are very positive and confident about company's business of better outcome and results with increased revenue in succeeding year 2018-2019. There was no major change in the nature of business of the Company. The Company has crossed the benchmark of Rupees One Hundred Crore as its own portfolio consdering itself as Non-Systimatically Non-Deposit taking NBFC. Your company had started its operation in the states of Orissa, Meghalaya, Bihar and Assam in the Financial Year 2017-2018. The Board is very hopful of capturing more districts and states for expanding its business and providing services to the needy at large. Long Term Rating of the Company from BRICKWORK has rated BBB. Further SIDBI has also increased its capital exposure in the company by way of Optionally Convertible Cumulative Preference shares which will surely have positive effect on the CAR of the Company and will assist in raising additional funds for furtherance of MFI Business. The management is hoping to reach total Asset Under Management of Rupees Three hundred Crores by the end of Financial year 2018

2019.

ParticularsstAs at 31 March,

2018

stAs at 31 March,

2017

Total Revenue

Total Expenses

Profit or Loss before Exceptional and Extraordinary

items and Tax

Less: Exceptional Items

Less: Extraordinary Items

Profit or Loss before Tax

Less: Current Tax

Deferred Tax

Profit or Loss After Tax

Add: Balance as per last Balance Sheet

Add: Adjustment for TDS and Provision of Earlier Years

Less: Transfer to Reserves

Less: Proposed dividend and Dividend tax (SIDBI)

Balance Transferred to Balance Sheet

36,70,62,706

28,90,69,645

7,79,93,061

-

-

7,79,93,061

2,27,19,927

(32,621)

5,53,05,755

2,98,91,161

1,80,658

1,10,61,151

43,60,884

6,99,55,539

20,91,06,353

16,82,67,776

4,08,38,577

-

1,14,357

4,07,24,220

1,44,98,648

(2,35,595)

2,64,61,167

1,22,56,255

-

52,92,233

30,38,206

3,03,86,983

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MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORTNo material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGOThe particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review. There was no foreign exchange inflow or Outflow during the year under review.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANYRisk Management is the process of identification, assessment and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximise the realization of opportunities. The Company has laid down a comprehensive Risk Assessment and minimization procedure which is reviewed by the Board from time to time. These procedures are reviewed to ensure that executive management controls risk through means of a properly defined framework. The major risks have been identified by the Company and its mitigation process/measures have been formulated in the areas such as business, project execution, event, financial, human, environment and statutory compliance. However major concern perceived in the developent of the Company is seen as fresh Equity Capital which would enable the Company to maintain the Capital Adequecy Ratio and raise additional funds to keep the growth rate at the incresing levels.

DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVESThe Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable for the period 2017-2018, however company is carrying out certain CSR activity time to time with the borrowers which are largely rural women.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIESAll transactions entered by the Company with the Related Parties were in the Ordinary Course of business and at Arms' length pricing basis. Therefore, the provisions of Section 188 of the Companies Act, 2013 were not attracted. Further, there are no materially significant related party transactions during the year under review made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. Thus, disclosure in Form AOC-2 is not required.

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTSThere are no qualifications, reservations or adverse remarks made by the Auditors in their report. The provisions relating to submission of Secretarial Audit Report is not applicable to the Company.

4

5

6

7

8

9


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COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIESThe provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee are not applicable to the Company.

EXTRACT OF ANNUAL RETURNThe extract of Annual Return in form no. MGT-9 as required under Section 92 of the Companies Act, 2013 for the financial year ending March 31, 2018 is annexed hereto as Annexure I and forms part of this report.

NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEWThe Company has conducted 10 Board Meetings during the financial year under review. Dates of Board Meeting are 01.04.2017, 13.04.2017, 12.05.2017, 18.05.2017, 09.06.2017, 31.07.2017, 14.08.2017, 17.10.2017, 30.10.2017 and 30.01.2018.

DIRECTORS RESPONSIBILITY STATEMENTIn accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement: a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period; c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d) the directors had prepared the annual accounts on a going concern basis; e) the Company being unlisted, sub clause (e) of section 134(3) of the Companies Act, 2013 pertaining to laying down internal financial controls is not applicable to the Company; and f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIESThe Company does not have any Subsidiary, Joint venture or Associate Company during the year under review.

DEPOSITSThe Company has neither accepted nor renewed any deposits during the year under review.

DIRECTORSThere has been regularisation of additional director Mr. Probindu Kumar Biswas in the Annual General Meeting held on 25/08/2017. Further there has been no change in the constitution of Board during the year under review i.e. the structure of the Board remains the same.

DECLARATION OF INDEPENDENT DIRECTORSThe provisions of Section 149 for appointment of Independent Directors do not apply to the company.

10

11

12

13

14

15

16

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ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTSThe Company has in place adequate internal financial controls with reference to financial statements. During the year under review, such controls were tested and no reportable material weakness in the design or operation were observed.

STATUTORY AUDITORSthThe Statutory Auditors of the Company M/s K.N. Jain & Co., has given their resignation to be effective from 28

September, 2018. In view of the same the company has approached M/s. Ray & Ray, Chartered Accountants as the new Statutory Auditors of the Company for a term of 5 years. The company has received the consent and certificate from M/s. Ray & Ray, Chartered Accountants for appointment as the Statutory Auditors for five years commencing from the Annual general Meeting to be held for Financial year 2018-2019 till the conclusion of Annual General Meeting to be held for FinancialY ear 2022-2023.Y our Directors recommended their appointment.

DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISMThe provisions of Section 177 of the Companies Act, 2013 read with Rule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 is not applicable to the Company. However, the company had formed an Internal Audit Committee which conveyed six meetings in the FinancialY ear 2017-2018. The dates of the meetings are 03.04.2017, 07.09.2017, 17.10.2017, 28.11.2017, 29.12.2017 and 06.02.2018.

18

19

20

21During the year under review, the company has undertaken following transactionsSHARES

Increase in Share Capital

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil Nil

Nil

Nil

Nil

Nil

Nil Nil

Nil Nil

Buy Back Sweat Equity

Bonus Shares

Splitting of Share Certificates

Certificate No. 72 of 35,000 equity shares

spilitted to Certificate No. 112







Transfer of Shares

35,000 Equity Shares

7,000 Equity Shares

4,000 Equity Shares

3,300 Equity Shares




ESOP

Redemption of 7,50,000 9% Optionally Convertible Cumulative Preference Shares to SIDBI of Rs.10 each per share.


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DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALSNo signicant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.

TRANSFER TO RESERVEAn amount of Rs. 1,10,61,151 equivalent to 20% of the net prot (after adjustment of Income Tax Liability and before Dividend) was during to the year transferred to Statutory Reserve fund U/S 45IC of the RBI Act, 1934. Balance of the Prot and Loss Account after the said transfer and other adjustments/ Dividend was transferred to Reserve and Surplus.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has

thbeen notied on 9 December, 2013. Under the said Act every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of any women employee. Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up Committee for implementation of said policy. During the year Company has not received any complaint of harassment.

HUMAN RESOURCESYour Company treats its “human resources” as one of its most important assets. Your Company continuously invest in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.

ACKNOWLEDGEMENTSYour Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and condence reposed on your Company.

22

23

24

25

26

For and on Behalf of the Board of DirectorsthDate: 29 June, 2017Place: Kolkata

Apu DharDirector

(DIN:01726461)

Kartick BiswasManaging Director(DIN:02207249)


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Annexure IFORM NO. MGT 9

EXTRACT OF ANNUAL RETURNAs on financial year ended on 31.03.2018

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014

I. REGISTRATION & OTHER DETAILS :

1.

2.

3.

4.

5.

6.

7.

CIN

Registration Date

Name of the Company

Category/Sub-category of the Company

Address of the Registered office & contact details

Whether listed company

Name, Address & contact details of the Registrar & Transfer Agent, if any.

U67120WB1995PTC071237

26/04/1995

Uttrayan Financial Services Private Limited

NBFC-MFI

CF-32, Salt Lake, Sector-1, Bidhan Nagar, North 24 Parganas, Kolkata- 700 064 Phone: 7044048874 Email: [email protected]

Not Applicable

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

II.

S. No.

1

Name and Description of main products / services

Micro Finance

NIC Code of the Product/service

649

% to total turnover of the company

100%


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SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)(i) Category-wise Share Holding

III.

Category of Shareholders

No. of Shares held at the beginning of the year [As on 1-April-2017]

No. of Shares held at the end of the year[As on 31-March-2018]

% Changeduring

the year Demat

% of Total

Shares

Physical Total Demat

% of Total

Shares

Physical Total

A. Promoters

(1) Indian

a) Individual/ HUF

b) Central Govt

c) State Govt(s)d) Bodies Corp.

e) Banks / FI

f) Any other

Total shareholding of Promoter (A)

B. Public Shareholding

1. Institutions

a) Mutual Funds

b) Banks / FIc) Central Govtd) State Govt(s)

e) Venture Capital Funds

f) Insurance Companies

g) FIIs

h) Foreign Venture Capital Funds

i) Others (specify)

Sub-total (B)(1):-

2. Non Institutions

a) Bodies Corp.

i) Indianii) Overseas

b) Individuals

i) Individual shareholders holding nominal share capital up to Rs. 1 lakh

ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh

c) Others (Trust)

Non Resident Indians

16,67,100

16,67,10

2,00,000

4,73,500

16,52,800

16,52,800

2,00,000

4,73,500

16,52,800

16,52,800

2,00,000

4,73,500

16,67,100

16,67,100

2,00,000

4,73,500

52.54%

52.54%

6.30%

14.92%

52.09%

52.09%

6.30%

14.92%

(0.45%)

14,300 14,300 0.45%


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Overseas Corporate

Bodies

Foreign Nationals

Clearing Members

TrustsForeign Bodies - D R

Sub-total (B)(2):-

Total Public

Shareholding (B)=(B)(1)+ (B)(2)

C. Shares held by Custodian for GDRs & ADRs

Grand Total (A+B+C)

8,32,150 8,32,150

15,05,650 15,05,650

15,05,650 15,05,650

31,72,750 31,72,750

26.24%

47.46%

47.46%

100%

8,32,150 8,32,150

15,19,950 15,19,950

15,19,950 15,19,950

31,72,750 31,72,750

26.24%

47.91% 0.45%

47.91% 0.45%

100%

(ii) Shareholding of Promoters-

SN Shareholder's NameShareholding at the beginning of the

year Shareholding at the end of the year % change in

shareholding

during the

year

No. of Shares

% of total

Shares of the

company

% of Shares Pledged /

encumbered to total shares

No. of Shares

% of total

Shares of the

company

% of Shares Pledged /

encumbered to total shares

1

2

3

4

5

6

7

8

9

Kartick Biswas

Apu Dhar

Soma Biswas

Biju Biswas

Tripty Biswas

Raghubibha Sen

Rima Nandi

Ranu Dhar

Arup Das

5,92,000

4,87,000

3,08,000

52,500

63,400

60,000

35,000

40,000

29,200

18.66%

15.35%

9.71%

1.65%

2%

1.89%

1.10%

1.26%

0.92%

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

5,92,000

4,87,000

4,44,600

0

0

60,000

0

40,000

29,200

18.66

15.35

14%

0

0

1.89%

0

1.26%

0.92%

-

-

4.29%

(1.65%)

(2%)

-

(1.10%)

-

-

-TOTAL 16,67,100 52.09 16,52,800 52.09


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(iii) Change in Promoters' Shareholding (please specify, if there is no change)

Mr. Kartick Biswas

At the beginning of the year

Date wise increase/decrease in

Promoters Share holding during the

year specifying the reasons for

increase/decrease (e.g.

allotment/transfer/bonus/sweat

equity etc)

At the end of the year

Mrs. Soma Biswas







equity etc)






equity etc)






equity etc)

Shareholding at the beginning of the year

Cumulative Shareholding during the year

SN

1

2

ParticularsNo. of shares % of total

shares of the company

No. of shares % of total shares of the company

Date: 14/08/2017

Increase in

Shareholding due to

Transfer of 52,500

Equity shares from

Mr. Biju Biswas

(Folio No. 47)

Date: 14/08/2017

Increase in

shareholding due to

Transfer of 35,000

Equity shares from

Mrs. Rima Nandy

(Folio No. 53)

Date: 14/08/2017

Increase in

shareholding due to

Transfer of 63,400

Equity shares from

Mrs. Tripty Biswas

(Folio No. 49)

5,92,000

0

5,92,000

3,08,000

17.80%

0

17.80%

9.71%

1.10%

2%

5,92,000

0

5,92,000

3,08,000

3,95,500

4,58,900

17.80%

0

17.80%

9.71 %

1.65% 3,60,500 11.36%

12.46%

14.46%


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3

4

5

Date wise increase/decrease inPromoters Share holding during theyear specifying the reasons forincrease/decrease (e.g.allotment/transfer/bonus/sweatequity etc)


Mr. Arup Das




Mr. Apu Dhar




Mr. Raghubibha Sen



Date: 11/09/2017 Decrease in shareholding due to Transfer of 7,000, 4,000 and 3,300 Equity shares to Oyshee Mahalanabish (Folio No. 76) Mr. Deepak Mahalanabish (Folio No. 75), Ms. and Mrs. Rita Mahalanabish (Folio No. 77) respectively

4,44,600

29,200

29,200

4,87,000

0

4,87,000

60,000

0

0

(0.45%)

14.01%

0.92%

0

0.92%

15.35%

0

15.35%

1.89%

0

4,44,600

4,44,600

29,200

0

29,200

4,87,000

0

4,87,000

60,000

0

14.01%

14.01%

0.92%

0

0.92%

15.35%

0

15.35%

1.89%

0


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6


Mrs. Ranu Dhar







equity etc)


60,000

40,000

0

40,000

1.89%

1.26%

0

1.26%

60,000

40,000

0

40,000

1.89%

1.26%

0

1.26%

(iv) Shareholding Pattern of top ten Shareholders : (Other than Directors, Promoters and Holders of GDRs and ADRs) :

SN For Each of the Top 10

Shareholders

Shareholding at the beginning of the year


Srijanee Foundation







equity etc)


Sampark







equity etc)

1

2

No. of shares

6,07,150

6,07,150

2,25,000.

% of total shares of the Company

19.14%

19.14%

7.09%

No. of

shares

6,07,150

6,07,150

2,25,000

% of total shares of

the Company

19.14%

0 0 0 0

19.14%

7.09%

0 0 0 0


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3

4

5

6


Arihant Enterprises Ltd.


Date wise increase/decrease inPromoters Share holding during theyear specifying the reasons forincrease/decrease (e.g.allotment/transfer/bonus/sweat

equity etc)


Kedia Trade and Investments



equity etc)


Mrs. Suvasree Saha



equity etc)


Mr. Shubhendu Shekhar Biswas



2,25,000

1,25,000

0

1,25,000

75,000

0

75,000

68,000

0

68,000

50,000

7.09%

3.34%

0

3.34%

2.36%

0

2.36%

2.14%

0

2.14%

1.57%

2,25,000

1,25,000

0

1,25,000

75,000

0

75,000

68,000

0

68,000

50,000

7.09%

3.34%

0

3.34%

32.53%

0

32.53%

2.14%

0

2.14%

1.57%

0 0 0 0


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7

8

9

10









0

0

0

0

0

0

0

0

0

0

0

0

Mr. Baikantha Nath Biswas


equity etc)

Mrs. Mrinalini Biswas


equity etc)

Mrs. Sraboni Biswas


Mrs. Gouri Sen


50,000

45,000

0

45,000

42,500

0

42,500

30,000

0

30,000

29,500

0

1.57%

1.42%

1.42%

1.34%

1.34%

0.95%

0.95%

0.93%

50,000

45,000

45,000

42,500

42,500

30,000

30,000

29,500

1.57%

1.42%

1.42%

1.34%

1.34%

0.95%

0.95%

0.93%


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At the end of the year 29,500 0.93% 29,500 0.93%

V) Shareholding of Directors and Key Managerial Personnel :

SN Shareholding at the beginning of the year



1

No. of shares

0

% of total shares of the

Company

% of total shares of the

Company

0

No. of shares

0

5,92,000 17.80% 5,92,000 17.80%

0

Shareholding of each Directors

and each Key Managerial

Personnel

Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)

Mr. Kartick Biswas

At the end of the year 5,92,000 17.80% 5,92,000 17.80%


2

0 0 0

4,87,000 15.35% 4,87,000 15.35%

4,87,000 15.35% 4,87,000 15.35%

0


Mr. Apu Dhar



3

0 0 0

1,10,000 3.46% 1,10,000 3.46%

1,10,000 3.46% 1,10,000 3.46%

0


Mr. Probindu Kumar Biswas



4

35,000 1.10% 35,000 1.10%

Mr. Bijon Kanti Choudhury


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5

0 0 0

41,000 1.29% 41,000 1.29%

41,000 1.29% 41,000 1.29%

0


Promoters Share holding during

the year specifying the reasons for



equity etc)

Mr. Anindya Sen




1.10% 1.10%35,000 35,000

IV. INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment.

ParticularsSecured Loans

excluding deposits

Unsecured

Loans Deposits Total Indebtedness

Indebtedness at the beginning of the financial year

I Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due

Total (i+ii+iii)

Change in Indebtedness during the financial year

* Addition

* Reduction

Net Change

Indebtedness at the end of the financial year

I Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due

Total (i+ii+iii)

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

83,60,27,295

-

43,02,252

84,03,29,547

1,33,10,80,000

60,89,65,961

1,94,00,45,961

1,56,33,41,479

-

77,28,662

1,57,10,70,141

83,60,27,295

-

43,02,252

84,03,29,547

1,33,10,80,000

60,89,65,961

1,94,00,45,961

1,56,33,41,479

-

77,28,662

1,57,10,70,141


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V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL -

A. Remuneration to Managing Director, Whole-time Directors and/or Manager :

Total Amount (Rs.)

SN.

SN.

Particulars of Remuneration Name of MD/WTD/ Manager/ED

Mr. Kartick Biswas

Mr. Apu Dhar Mr. Probindu Kumar Biswas

Gross salary

(a) Salary as per provisions contained in

section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax

Act, 1961

(c) Profits in lieu of salary under section 17(3)

Income- tax Act, 1961

Stock Option

Sweat Equity

Commission

- as % of profit

- others, specify…

Others, please specify

Total (A)

Ceiling as per the Act

1

2

3

4

5

1

2

45,00,000 p.a.

- - -

- - -

- - -

- - -

45,00,000

Within Limit Within Limit Within Limit Within Limit

37,50,000 p.a. 15,60,000 p.a. 98,10,000

37,50,000 15,60,000 98,10,000

B. Remuneration to other directors

Particulars of Remuneration Name of Directors Total Amount

Independent Directors

Fee for attending board committee meetings

Commission


Total (1)

Other Non-Executive Directors

Fee for attending board committee meetings

Commission


Total (2)

Total (B)=(1+2)

Total Managerial Remuneration

Overall Ceiling as per the Act

-

-

-

-

-

Mr. Bijon Kanti Choudhury

65,429

-

-

65,429

65,429

-

-

-

-

-

-

Mr. Anindya Sen

85,430

-

-

85,430

85,430

-

-

-

-

-

-

1,50,859

-

-

1,50,859

1,50,859

99,60,859


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C. Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD

1

2

3

4

5

SN. Particulars of Remuneration Key Managerial Personnel

CEO CS CFO Total

Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

Stock Option

Sweat Equity

Commission

- as % of profit

others, specify…


Total

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- - - -

-

-

-

-

-

-

-

-

VI. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the

Companies Act

Brief

Description

Details of Penalty /

Punishment/ Compounding

fees imposed

Authority

[RD / NCLT/

COURT]

Appeal made, if any (give Details)

A. COMPANY

Penalty

Punishment

Compounding

B. DIRECTORS

Penalty

Punishment

Compounding

C. OTHER OFFICERS IN DEFAULT

Penalty

Punishment

Compounding

None

None

None

None

None

None

None

None

None


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2, Lal Bazar Street, 2nd Floor,R. No-204, 205 Kolkata - 700 001

Phone: 033 2231- 6502/03, Fax: 033 31-6504E-mail: [email protected], Web www.knjainco.com

UTTRAYAN FINANCIAL SERVICES PRIVATE LIMITED

For the Year 2017-18

By

AUDITORS' REPORT

Chartered Accountants

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K. N. Jain & Co.


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UTTRAYANUTTRAYAN

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To the Members of

UTTRAYAN FINANACIAL SERVICES PRIVAT LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone nancial statements of UTTRAYAN FINANACIAL SERVICES PRIVATE LIMITED (‘the Company’), which comprise the balance sheet as at 31 March 2018 the statement of prot and loss and the cash ow statement for the year then ended. and a summary or signicant accounting policies and other explanatory information.

Hanagement Responsibility for the Standalone Financial StatementsThe Company’s Board of Directors responsible for the matters stated in Section 134(5) of the Companies Act. 2013 (“the Act”) with respect to the preparation and presentation of these standalone nancial statements that give a true and fair view of the nancial position, nancial performance and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specied under Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility 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 nancial controls. that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud of error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these standalone nancial statements based on our audit. We have taken into account the provisions of the Act. the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specied under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the nancial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the nancial statements. The procedures selected depend on the auditor’s judgment. including the assessment of the risks of material misstatement of the nancial statements. whether due to fraud or error. In making those risk assessments, the auditor considers internal nancial control relevant to the Company’s preparation of the nancial statements that give a true and fair view in order to design audit procedures that are appropriate in tne circumstances An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors. as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion on the standalone nancial statements.

OpinionIn our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone nancial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of the Company as at 31 March 2018 and its prot and its cash ow for the year ended on that date.

Independent Auditor’s Report


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Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issues by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specied in the paragraph 3 and 4 of the order.

2 As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purposes of our audit;

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;

c) The balance sheet, the statement of prot and loss and the cash ow statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone nancial statements comply with the Accounting Standards specied under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of the written representations received from the directors as on 31 March 2018 taken on record by the Board of Directors, none of the directors is disqualied as on 31 March 2018 from being appointed as a director in terms of Section 164 (2) of the Act;

f) with respect to the adequacy of the internal nancial controls over nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B” to this report;

g) 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. 2014, in our opinion and to the best of our information and according to the explanations given to us; i The Company has no pending litigations which would materially impact its nancial position;

ii The Company did not have any long term contacts including derivative contracts for which there were any material foreseeable losses;

iii There is no amount required to be transferred. to the investor Education and Protection Fund by the Company;

For K. N. JAIN & Co. Chartered Accountants Firm Reg. No-319119EDate:29th June, 2018Place: Kolkata CA Samya Sengupta Partner Membership No. 059027


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’ANNEXTURE TO THE AUDITORS REPORT

The Annexure-A referred to in our report to the members of UTTRAYAN FINANACIAL SERVICES PRIVATE LIMITED (“the Company”) for the year ended 31st March 2018. We report

1. Fixed Asset

a. The Company has maintained proper records showing full particular including quantitative details and situation of xed assets.

b. As per the information and explanation given to us the Company has carried out physical verication of its assets. No material discrepancies were noticed on such verication.

c. According to the information and explanations given to us and on the basis of our examination of the records of the Company. the title deeds of immovable properties are held in the name of the Company.

2. The Company is a Non Banking Financial Company (Micro Finance) accordingly; it does not hold any physical inventories. Accordingly, paragraph 3(ii) of the Order is not applicable to the Company and hence not commented upon.

3. According to the information and explanations given to us the Company has not granted any loans. secured or unsecured to companies, rms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act. 2013. Accordingly, the provisions of clause 3 (iii)(a), (b) and © of the Order are not applicable to the Company and hence not commented upon.

4. In our opinion and according to the information and explanations given to us, there are no loans, investments guarantees and securities granted in respect of which provision of section 185 and 186 of the Act are applicable and hence not commented upon.

5. The Company has not accepted any deposits from public.

6. To the best of our knowledge and as explained, the Central Government has not specied the maintenance of cost records under section 148(1) of the Act. for the product/services of the Company.

7. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax. duty of customs, service tax, GST, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax sales tax, value added tax, duty of customs, service tax, GST, cess and other material statutory dues were in arrears as at 31 March 2018 for a period of more than six months from the date they became payable.

b. According to the records of the Company, there was no dues outstanding of Income-tax sales tax, service tax, GST duty of custom, duty of excise, value added tax and cess or on the on account of any dispute.


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8. In our opinion and according to the information and explanations given by the management, the Company has not defaulted in repayment of dues to a nancial institution, bank, debenture holder or government.

9. According to the information and explanations given by the management, the Company has not raised any money by way of initial public offer or farther public offer, hence not committed upon.

Further, monies raised by the Company by way of term loans were applicable for purpose for which those were raised, though idle/surplus funds which were not required for immediate utilization were gainfully invested in liquid assets payable on demand.

10. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the nancial statements and according to the information and explanations given by the management. we report that no material fraud by the Company or on the Company by the executives and employees of the Company has been noticed or reported during the year.

11. According to the information explanations given by the management, the managerial remuneration has been paid and provide in accordance with the requisite approvals maintained by the provisions of section 197, read with schedule V to the Act.

12. In our opinion the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

13. According to information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and details have been disclosed in the notes to the nancial statements as required by the applicable accounting standards.

14. According to the Information and explanations given to us and on an overall examination of the balance sheet the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year and hence, reporting requirements under clause 3(xiv) are not applicable to the company.

15. According to the Information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with them.

16. According to the Information and explanations given to us, we report that the company has registered as required under section 45-IA of the Reserve Bank of India Act. 1934.

For K. N. JAIN & Co. Chartered Accountants Firm Reg. No-319119EDate : 29th June, 2018Place : Kolkata

CA Samya Sengupta Partner Membership No. 059027


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The Annexure- B referred to in our report to the members of UTTRAYAN FINANACIAL SERVICES PRIVATE LIMITED (“the Company”) for the year ended 31st March 2018. We report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal nancial controls over nancial reporting of Uttrayan Financial Services Private Limited (“the Company”) as of 31 March 2018 in conjunction with our audit of the standalone nancial statemants of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal nancial controls based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’), These responsibilities include the design, implementation and maintenance of adequate internal nancial controls that were operating effectively for ensuring the orderly and efcient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable nancial information, as required under the Companies Act. 2013

Auditors’ Responsibility

Our rasponsibility is to express an opinion on the Company’s internal nancial controls over nancial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing. issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls, both applicable to an audit of internal nancial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal nancial controls over nancial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal nancial controls system over nancial reporting and their operating effectiveness. Our audit of internal nancial controls over nancial reporting included obtaining an understanding of internal nancial controls over nancial reporting. assessing the risk that a material weakness exists. and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of tht risks of material misstatement of the nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion of the Company’s internal nancial controls system over nancial reporting.


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Meaning of internal Financial Controls over Financial Reporting

A company's internal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial statements for external purposes in accordance with generally accepted accounting principles. A company's internal nancial control over nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial 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 management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the nancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancial reporting, including the possibility 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 nancial controls over nancial reporting to future periods are subject to the risk that the internal nancial control over nancial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal nancial controls system over nancial reporting and such internal nancial controls over nancial reporting were operating effectively as at 31 March 2018, based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For K. N. JAIN & Co.Chartered AccountantsFirm Reg. No-319119E

CA Samya SenguptaPartnerMembership No. 059027

Date : 29th June, 2018Place : Kolkata


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In Pursuance of Non Banking Financial Companies Auditor's Report (Reserve Bank) Directions 2008, in terms of Clause 3A & 3C of Notication No. DNBS 201/DG(VL)-2008, Dated 18-09-2008, following

stmatters are being reported for the Financial Year ending as on 31 March, 2018 in case of Uttrayan Financial Services Private Limited having its registered ofce at CF-32, Sector-1, Salt Lake, Kolkata - 700064:

Matters to be Reported in terms of clause 3(A)

I. The Company is engaged in the business of Non-Banking nancial Institution and has been granted registration to carry on business of Non Banking Financial Company as provided by Section 45 IA of the Reserve bank of India, 1934 (2 of 1934) in terms of certicate of registration granted by the Reserve Bank of India. Vide Certicate of Registration No.

rd 05.00575 dated 3 March 1998.

II The Company is authorised to continue to hold the COR issued by Reserve Bank of India to carry on the business of Non-Banking nancial Institution in terms of its assets/ income

st pattern as March 31 2018.

III The Company is not an Asset Finance Company (AFC) as dened in Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

IV Based on the criteria set forth by the Bank in the Notication viz; Non-Banking Financial Company- Micro Finance Institutions (Reserve Bank) Directions, 2011 dated December 02, 2011 for classication of NBFCs as NBFC-MFIs. the non-banking nancial company has been correctly classied as NBFC-MFI as dened in the said Directions with reference to the business carried on by it during the applicable nancial year.

Matters to be Reported in terms of clause 3(C)

(i) The Board of Directors of the Company in its meeting held on 01.06.2009 has passed resolution to the effect that the Company shall not invite and accept any deposit from public

1 nd as dened as 'Public Deposit vide RBI notication no. DFC 114/DG (STP)-98 dated 2 January 1998

(ii) As explained and information given to us. the Company has not accepted any Public Deposits during the year.

(iii) As explained and information given to us. the Company has complied with the prudential norms related to income recognition, Accounting standards. Assets Classication and provisioning for bad & doubtful debts, wherever applicable in terms of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

(iv) The Company is not an 'Systematically important non-deposit taking non-banking nancial company' in terms of paragraph 2(1)(xix) of the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

For K. N. JAIN & Co.Chartered Accountants

CA Samya SenguptaPartnerM. No. 059027FRN. 319119E

Date : 29th June, 2018

Place : Kolkata


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66727500 54227500

141178832 89675298

- 20000000

665871620 297310592 - -

925869101 564667763

41826799 24851633

1841473853 1050732786

8717807 8634581 151429 118808 190110024 126850890

138059418 161193822 1496906072 749891944 7529104 4042741

1841473853 1050732786

UTTRAYAN FINANCIAL SERVICES PRIVATE LIMITEDReg. Off. CF-32, Sector 1, Salt Lake, Kolkata - 700064

CIN: U67120WB1995PTC071237 Email: [email protected]

Balance Sheet as at 31st March, 2018

Amount in (Rs.)

ParticularsNote No

As at 31st March,2018

As at 31st March,2017

I. EQUITY AND LIABILITIES

(1) Shareholder's Funds(a) Share Capital(b) Reserves and Surplus

(2) Share application money pending allotment

(3) Non-Current Liabilities(a) Long-term borrowings(b) Deferred tax liability (net)

(4) Current Liabilities(a) Other current liabilities(b) Short-term provisions

II. Assets Total

(1) Non-current assets(a) Fixed assets (i) Tangible assets(b) Deferred tax asset (net) (3) Other non-current assets

(2) Current assets(a) Cash and cash equivalents(b) Short-term loans and advances(c) Other current assets

1

2

3

4

5

6

7

8910

Total

Notes To The Balance Sheet enclosed

As per our Report of even date

For K.N. JAIN & Co.Chartered AccountantsFirm Registration l\lo.319119E

CA Samya Sengupta PartnerMembership No. 059027

Date: 29th June, 2018 Place: Kolkata

On behalf of the Board For Uttrayan Financial Services Pvt. Ltd.

Kartick Biswas Managing DirectorDIN : 02207249

Apu Dhar DirectorDIN : 01726461

Chandan Singhania Company SecretaryMembership No. A 48272


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356436106 202017614 10626600 7088739 367062706 209106353

52869134 45138891 166989825 80016396 2414707 2682076 45347334 34625261 14017436 2230783 7431209 3574369 289069645 168267776

77993061 40838577

- -

77993061 40838577

- 114357

77993061 40724220

22719927 14498648 (32621) (235595)

55305755 26461167

- -

- -

- -

55305755 26461167

16.29 8.49

16.29 8.49

Statement of Prot and Loss for the year ending on 31st March, 2018

Amount in (Rs.)

ParticularsNote No

As at 31st March, 2018


I. Revenue from operationsII. Other Income III. Total Revenue (I +II)IV. Expenses :Employee benet expenseFinancial ExpensesDepreciation and amortization expenseOther expensesBad debt Written OffProvision for Portfolio risk

IV. Total Expenses :

V. Prot before exceptional and extraordinary items and tax

VI. Exceptional Items

VII. Prot before extraordinary items and tax

VIII. Extraordinary Items (1) Prior period Adjustment for reversal of Service Tax CenvatIX. Prot before tax

X. Tax expense : (1) Current tax (2) Deferred tax liability/(Asset)

XI. Prot(Loss) from the period from continuing operations

XII. Prot/(Loss) from Discontinuing operations

XIII. Tax expense of discounting operations

XIV. Prot/(Loss) from Discontinuing operations

XV. Prot/(Loss) for the period

XVI. Earning per equity share: (1) Basic (2) Diluted

1112

1314615

5

(III - IV)

(V-VI)

(VII-VIII)

(VII-VIII)

(XII-XIII)

(XI+XIV)

17

17

Notes To Prot and Loss Statement enclosed

As per our Report of even date

For K.N. JAIN & Co.Chartered AccountantsFirm Registration l\lo.319119E

CA Samya Sengupta PartnerMembership No. 059027

Date: 29th June, 2018 Place: Kolkata


Kartick Biswas Managing DirectorDIN : 02207249

Apu Dhar DirectorDIN : 01726461

Chandan Singhania Company SecretaryMembership No. A 48272




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Kartick Biswas Managing Director

DIN : 02207249

77993061 40724220 - (495822)

2414707 2682076 7431209 3574369 3426410 2876950

(3381363) (1851682) (5894514) (2235908) (249069) 768330

81740441 46042532

(2617372192) (1178933886) 1874251218 821498235 (3749085) (6799156) (21167577) (3686650)

(768037636) (367921458)

(686297195) (321878925)

(2497933) (3916900) (57364619) (39295535)

(59862552) (43212435)

1331080000 778000000 (608965961) (317915735) - - - - (7500000) 47350000 8411304 (6088109)

723025343 501346157

(23134404) 136254797

161193822 24939025

138059418 161193822



Cash Flow Statement For the year ended on 31st March, 2018

Amount in (Rs.)

Particulars As at 31st March, 2018


A CASH FLOW FROM OPERATING ACTIVITIES: Net Prot before Tax Payment Previous Year’s Income Tax Adjustment for Non Cash Expenditure: Depreciation on Fixed Assets Loan Loss Provision Accrued Interest on Borrowing Adjustment for Non Cash Income Accrued Interest on Loan Accrued Interest on FDR Commission Accrued on BC Loan Operating Prot before Working Capital Change

Adjustment for (Increase)/Decrease in Operating Assets Disbursements of Loan to Borrowers Recovery of aforesaid Loans Other Advances/ Recoverable Increase/ (Decrease) in Operating Liability Cash Flow Before Extraordinary Items

Net Cash Flow From Operating Activities (A)

B CASH FLOW FROM INVESTING ACTIVITIES: Purchase of Fixed Assets Fixed Deposit (Pledged against Secured Loan) Fixed Deposit (In hand) Net Cash Flow From Investing Activities (B)

C CASH FLOW FROM FINANCING ACTIVITIES: Secured Loan taken during the period Repayment of Secured Loan Unsecured Loan taken during the period Repayment of Unsecured Loan Proceeds from Issue of Share Capital Increase/ (Decrease) in Cash Credit Account Net Cash Flow From Financing Activities (C)

Net Increase or Decrease in Cash and Cash Equivalents (A+B+C)Add : Opening Cash and Cash Equivalents

Closing cash and cash equivalents as per Book

As per our Report of even dateFor K.N. JAIN & Co.

Chartered AccountantsFirm Registration l\lo.319119E

CA Samya Sengupta

PartnerMembership No. 059027

Date: 29th June, 2018

Place: Kolkata


Apu Dhar Director

DIN : 01726461

Chandan Singhania

Company SecretaryMembership No. A 48272


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GENERAL DISCLOSURES

Basis of Preparation

The Company follows mercantile system of accounting. The accounts are prepared on the historical cost basis, as a going concern and are consistent with applicable Accounting Standards specied under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) to the extent applicable, except otherwise stated and stipulated in the directions issued by the Reserve Bank of India (RBI) for Non Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 and other directions from time to time.

Basis of Estimates

The presentation of nancial statements in conformity with Indian Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disciosure of contingent assets and liabilities at the date of the nancial statements and reported amounts of revenues and expenses during the reporting period. Although such estimates are made on a reasonable and prudent basis taking into account all available information, actual results may differ from those estimates.

Fair Practice in lending

The Company has followed Fair Practice in lending ( FPC ) as dened in the RBI Notication No. RBI/2011-12/470 DNBS.CC.PD.NO.266/03.10.01/11-12 dated March 26, 2012, RBI/2012-13/27 DNBS (PD) CC NO.286/03.10.042/12-13 dated July 2, 2012 and RBI/2014-15/43 DNBS (PD) CC NO.395/03.10.38/14-15 dated July 1, 2014 and No. DNBR(PD)CC.No. 047103.10,119 /2015-16 dated July 1, 2015 and as updated/modied from time to time.

KYC/AML Norms

The Company has complied with the KYC/AML norms in terms of RBI Master Circular dated July 01.2015 on “KYC Guidelines - AML Standards including the latest instructions circulated by RBI relating to Prevention of Money Laundering Act. 2002 - Obligation of NBFCs in terms of Rules notied there under [RBI/2008-09/120 DNBS (PD) CC 126/03.10.042 /2008-09 dated August 5, 2008 applicable to NBFCs and as updated/modied from time to time.

Notes on Business Operations

The Company provides livelihood promotion services mainly to the low -income rural, urban, semi-urban and peri-urban households, comprising of livelihood and other micro nancial services to those population segments which are mostly un-reached by the formal banking systems with the principal purpose of promoting sustainable livelihoods. To increase its outreach the Company started providing micro loans through Banking Correspondence Model from February 2015, along with its own operations.

The Company is classied as NBFC-MFI in terms of Rbi Circular No. RBI/2012-13/161 DNBS (PD) CC.No.300 /03.10.038/2012-13 dated August 03, 2012 and RBI (PD) CC.250 dated December 02, 2011.

The Company does not provide any savings services as it does not take any deposit.


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9% Optional Convertible Preference Share of Rs.10/- each

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NOTE - 1SHARE CAPITALAuthorised Share Capital50,00,000 Equity Share of Rs. 10/- each50,00,000 Preference Share of Rs. 10/- each

Issued, Subscribed and Paid up :3172750 Equity Shares of Rs. 10/- each fully paid up in cash(Previous Yr. 3172750 Eq. Shares of Rs.10/- each fully paid up)

9% Cumulative optionally Convertible Preference Share capital3500000 shares of Rs.10/- each fully paid up(Previous Yr. 2250000 Shares of Rs.10/- each fully paid up)

Notes Annexed to and Forming Part of Balance Sheet

Amount in (Rs.)

100000000

31727500

22500000

54227500

100000000

31727500

35000000

66727500

The company has not issued any Equity shares during the current nancial year. During the current nancial year the company has redeemed 750000 Cumulative Optionally Convertible Preference shares of Rs.10/-each to Small Industrial Development Bank of India (SIDBI) out of the earlier issue of 1500000 Preference shares of Rs.10/-each (issued in the year 2012-13).

Small Industrial Development bank of India (SIDBI) was investment of Rs.20000000 towards 2000000 Cumulative Optionally Convertible Preference shares of Rs.10/- each in the year 2016-17. The preference share allotment was pending as on 31.03.2017 and pending the allotment the said amount was taken into account as 'Share Application Money Pending Allotment'. The said Preference Shares were allotted to SIDBI on 13.04.2017.

Reconciliation of the number of Shares and amount outstanding at the beginning and at the end of the Reporting Period:

Particulars Opening Balance

Freshissue

Bonus Buy back Other changes (Redeemed)

Closing Balance

Equity shares with voting rights of Rs.10/- each

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

317275031727500

317275031727500

317275031727500

317275031727500

225000022500000

7500007500000

350000035000000

200000020000000

300000030000000

7500007500000

225000022500000

Year ended 31 March, 2018Number of sharesAmount (Rs.)




Details of Shareholders with Holding above 5% has been given as per Annexture-1 to the Note 1 of the Balance sheet




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Prot as per last A/CAdd: Prot for the periodAdd: Adjustment of last year income Tax

Less: Adjustment of last year income TaxLess: Adjustment for TDS and Provision of Earlier YearsLess: Transfer to Statutory Reserve Fund U/s 45ICLess: Proposed Dividend (Preference Share)Less: Dividend TaxNet Surplus(A)B. Statutory Reserve Fund (U/s 45IC of RBI Act, 1934)Statutory Reserve as per last A/CAdd: Transfer during the yearTotal (B)C. Share Premium AccountShare Premium as per last A/CAdd: Received during the yearTotal (C)

RESERVES & SURPLUS (A+B+C)

2989116155305755

739322

85936238 -

180658110611513619726741158

70333544

1000663711061151

21067788

49777500 -

1225625526461167

38717422495822

52922332524315513891

29891161

47144045292233

10006637

2437750025400000

-

The company has declared dividend @9% for the year 2017-18 against 9% Cumulative Optional Convertible Preference Share Capital of SIDBI and created provision for dividend distribution tax at applicable rate.

An amount 20% of the net surplus (after adjustment for income tax liability) of the current year has been transferred to Statutory Reserve Fund (U/s 45IC of the RBI Act, 1934).

Deferred Tax and Taxes on IncomeTaxes on income have been accounted for in accordance with the Accounting Standard 22 of the Institute of Chartered Accountants of India. Deferred tax liability and assets have been recognized subject to consideration of prudence and timing difference.

Calculation of Deferred Tax Liability / (Assets)

Depreciation as per I.T. Act up to 31.03.18 (Rs)

Timing difference (Rs)

Rate of Tax Deferred tax Liability/ (Assets)

(Rs)

A B C=(A-B) D E=(CXD)

7348468 6858405 (490063) 30.90% (151429)

Depreciation as per Companies Act up to

31.03.18 (Rs)

Deferred Tax Asset as on 31.03.2018 is Rs.151429. Opening balance of Deferred Tax Assets was Rs.118808. An amount of Rs.32621 has been adjusted for the current year (Rs. Rs.151429 - Rs. 118808).

Amount in (Rs.)NOTE - 2RESERVES AND SURPLUS


As at 31st March, 2017A. Prot and Loss Account

49777500

141178832

49777500

89675298


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Amount in (Rs.)NOTE - 3LONG TERM BORROWINGS





A. UNSECURED LOAN

Capital Fast Ltd.(Subordinate unsecured term loan(Tire-II Capital)

Total-A

50000000

50000000

B. SECURED LOAN: TERM LOANLoan from SIDBI(Secured against Outstanding Portfolio)Loan from IDBI(Secured against Outstanding Portfolio)Loan from Maanaveeya Dev. & Finance Pvt. Ltd.(Secured against Outstanding Portfolio)Loan from Union Bank(Secured against Outstanding Portfolio)Loan from Bank of Baroda(Secured against Outstanding Portfolio)Loan form MAS Financial Services Pvt. Ltd.(Secured against Outstanding Portfolio)Loan from Bandhan Bank(Secured against Outstanding Portfolio)Loan form Ananya Finance(Secured against Outstanding Portfolio)Loan form Habitat Micro build(Secured against Outstanding Portfolio)Lakshmi Vilas Bank(Secured against Outstanding Portfolio)South India Bank(Secured against Outstanding Portfolio)Yes Bank(Secured against Outstanding Portfolio)Capital Fast Ltd.(Secured against Outstanding Portfolio)Dhanlaxmi Bank(Secured against Outstanding Portfolio)Mahindra & Mahindra(Secured against Outstanding Portfolio)Avanse Financial services(Secured against Outstanding Portfolio)

Loan from UCO Bank(Secured against Outstanding Portfolio)

Total-B

TOTAL LONG TERM BORROWINGS (A+B)

615871620

665871620

-

-

21310000

-

50060000

22931114

4680000

93749998

58571427

-

50708031

40832746

18000000

59285720

29166665

10759601

23592293

31806991

100417035

1818200

13750000

15000000

12216890

11240000

86805552

41428573

6666662

33482574

-

-

-

-

-

-

-

74902141

297310592

297310592

NOTE - 4OTHER CURRENT LIABILITIES

(Instalments of Term Loans due within 12 months)Loan form SIDBILoan from IDBILakshmi Vilas BankCapital Fast Term LoanSouth India BankYes BankDhanlaxmi BankMahindra & MahindraLoan From UCO BankLoan form MAS Financial Services Pvt. Ltd.Loan from Bandhan BankLoan from Maanaveeya Dev. & Finance Pvt. Ltd.Loan from Union BankLoan form Ananya FinanceLoan from Bank of BarodaLoan form Habitat Micro build(All term loans are secured against Book Debts)

Total-A

A. CURRENT MATURITIES OF LONG-TERM DEBT

17838200 -

84999961666666812000000

1267857099240000

2458040863278179

19305555290000003

10037000016595532

- 6560000

16136249

701606496 331888763

727272022500000

------

3726740216652778438571427200000006672000

2000000465600006517426


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B. Short Term Loan(Instalments of Term Loans due within 12 months)Loan from Reliance CapitalLoan form Ananya FinanceLoan from IDBICash Credit from BGV Bank(Secured against Book Debts)

Total-B

63657195177777741500000099428395

195863363

11259961--

91017091

203616781

OTHER LIABILITIESInterest Accrued on loan but not dueAudit Fees PayableGST PayableSHG Insurance Premium PayableService Tax PayableMargin Money on Buy-Out Portfolio TDS PayableBanking Correspondence Liability - Yes BankBanking Correspondence Liability - IDBI BankInsurance SettlementProvident FundEmployee State InsuranceLiability for Professional TaxOther Liabilities

Total-C

TOTAL OTHER CURRENT LIABILITIES (A+B+C)

7728662153000645246

2109891 - -

1053369 -

1560148833492033296223803818130

183537

28399243

925869101

4302252195500

- 344441

14048331638589865079

213808316740250

8853133043262121358995341465

29162219

564667763

Banking Correspondence Liability with Yes Bank and IDBI Bank is on account of undisbursed Loan and repayment of Instalments.

NOTE - 5PROVISION Amount in (Rs.)


As at 31st March, 2017SHORT-TERM PROVISIONS

Income TaxProvision for Portfolio Risk ReserveDividend Payable on Preference SharesDividend Tax Payable

22719927147459883619726741158

41826799

1449864873147792524315513891

24851633

Regarding dividend and dividend tax please see Note - 2

As per the guidelines of RBI, 'on the basis of age of portfolio' required provision was Rs.8562441 as on 31.03.2018, which is less than 1% of total outstanding portfolio; As such 1% of the total outstanding SHG loan portfolio has been provided.

Provision for Portfolio Risk as per RBI Circular No. DNBS(PD)CC No-347/03.10.38/2013-14 dated 1st July, 2013.

Particulars No of accounts

Overdue Amount

(Rs)

Loan Outstanding Balance (Rs)

Classication Loan loss Reserve (%) as

per RBI

Loans loss Reserves as

per RBI (Rs.)

Current loans<30 days past due31-60 days past due61-90 days past due

91-120 days past due



>365 days

Total

(A)

101955576191155109

214

883

0

104083

(B)

-

776493572290726887602247

1458903

6792887

0

10929707

(C)

14559800105393428169520714709711022577

1970956

7065674

0

1474598823

(D)

StandardStandardStandardStandardSub-Standard (Unsecured)

Sub-Standard (Unsecured)

Sub-Standard (Unsecured)

stDoubtful 1 year (unsecured)

(E)

0%0%0%0%

50%

50%

100%

100%

(F)=(C)*E)

----

511289

985478

7065674

-

8562441

Loans loss Reserves as per RBI (1% of loan outstanding)Less: Provision b/f as on 01.04.2017Additional Provision for 2017-18

1474598873147797431209


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Fixed assets are stated at cost, net of depreciation. The cost of an asset comprises of its purchase price and any cost directly attributable for bringing the asset to its working condition and location for its intended use.

Depreciation is provided on the assets following W.D.V. method at the rates appropriate as per the Companies Act, 1956. In respect of addition of xed assets, depreciation is provided at pro-rata basis from the date of acquisition/installation.

All assets of the Company are tangible xed assets. During the current nancial year xed assets worth Rs.2497932.77 have been purchased. No asset has been disposed off during the year.

Details of xed assets have been given in separate sheet as Annexure 2 to the Note-6 of the Balance Sheet.

NOTE-6FIXED ASSETS

NOTE - 7OTHER NON CURRENT ASSETS

Investment in FDRAccrued Interest on FDR

17578058714329437

190110024

Amount in (Rs.)

1184159688434922

126850890

Amount in (Rs.)

Present total of xed deposits of the company of Rs.175780587 are pledged with different banks and nancial institutions against various Term Loans/ Cash Credit availed from those banks and nancial institutions. Accrued Interest on Fixed deposit has been taken into account. TDS amounting to Rs.1007199.10 has been deducted by banks during the current year.

Cash ow statementThe Cash Flow Statement is prepared in accordance with the indirect method prescribed in Accounting Standard 3.

Cash Flow Statement has been given in separate sheet along with the Balance Sheet.

NOTE - 9SHORT-TERM LOANS AND ADVANCES



Amount in (Rs.)NOTE - 8CASH AND CASH EQUIVALENTS

Balances with BankCash in hand (As certied by the management)

1361098841949534

138059418

1578104433383379

161193822

Balance as per last accountAdd: Loans disbursed during the yearAdd: Portfolio Purchased

Less: Loan repaymentsLess: Written off during the year

Total-AB. OTHER LOANS AND ADVANCESAdvance Tax for A.Yr. 17-18Advance Tax for A.Yr. 18-19Advance to OthersT.D.S. ReceivableCommission on BC loan ReceivableAdvance for Bi-CycleAdvance for Ofce rentStaff Advance

Total-B

Total (A+B)

7314778492370090000247282192

33488500411860233782

140174361474598823

- 13100000

22514424743715663974

8500638275196985

22307249

1496906072

3740421981162547996

163858901552976084

8192674532230782.65731477849

8300000-

101910430135285414905

600064812512433

18414095

749891944


As at 31st March, 2017Non Current Investments (Pledged with Banks)

A. LOAN PORTFOLIO (Micro Credit)As at 31st

March, 2018As at 31st

March, 2017


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UTTR

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00064

CIN

: U

67120W

B1995PTC071237 E

mail:

info

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Annexure

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Amount in (Rs.)NOTE -10OTHER CURRENT ASSETS

Security Deposits (Electricity Meter)Deposit With DHFL (Insurance Service Provider)Income Tax Refundable A.Y. 12-13Accrued Interest on Loan to Member

59482205000166490

7098132

7529104

59482100000

1664903716769

4042741



Amount in (Rs.)

Security deposit has been given to West Bengal State Electricity Board for installation of electricity meter at head ofce.

The company has a policy to collect interest on fortnightly basis from the members. The company has provided for interest on the outstanding loan portfolio of current loan as on 31.03.2018.

NOTE ON MANAGED PORTFOLIO

A. Details of Managed Portfolio through Bank Correspondence (BC) Model and Buy Out Portfolio

Banking Correspondence Loan with YES BankBanking Correspondence Loan with IDBITotal Managed Portfolio (A)

381909899

381909899

239645843406665731

646311574

Own Portfolio (9A)Managed Portfolio (A)

Overall portfolio managed by UFSPL (9 A+A)

1474598823381909899

1856508722

731477849646311574

1377789423

UFSPL has achieved 34.74% growth in the overall portfolio managed by the Company with an increase of 101.59% growth in the own portfolio.




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Amount in (Rs.)

Amount in (Rs.)

Amount in (Rs.)

Notes Annexed to and Forming Part of The Prot and Loss Statemen

NOTE - 11REVENUE FROM OPERATIONS

Interest received from Micro Credit LoansLoan Processing ChargesPass Books SoldCommission against Banking Correspondence (BC) LoansInterest from Buy Out Portfolio

27601346823662930

- 556537091105999

356436106

12851846611780383

40091761317848

-

202017614

The Company provides livelihood promotion services mainly to the low-income rural, urban, semi-urban and peri-urban households, comprising of livelihood and other micro nancial services to those population segments which are mostly un-reached by the formal banking systems with the principal purpose of promoting sustainable livelihoods.

Revenue Recognition

The Company follows the guidelines applicable to NBFC- MFI, as issued and modied from time to time by the Reserve Bank of India, in respect of income recognition and provisioning requirements for non-performing assets.

All incomes arising from various business segments and micro nance are recognized on accrual basis, unless otherwise stated.

Interest on loans are charged and accounted for on diminishing balance method. Allied income and loan processing charges are accounted for as per contracts with the borrowers i.e. at the time of disbursement of loan, entire loan processing charges are booked in the account as and when collected from the borrower since the service delivery is completed before such collection.

However, income on non-performing assets (NPA) is recognized only when it is realized and unrealized interest on Non Performing Assets (NPA) is reversed from the current interest, when an asset becomes NPA.

The Company has a policy to collect interest on weekly/fortnightly basis from the members.' Interest on Micro Credit Loan is inclusive of accrued interest of Rs.7098132.

Commission against 'Banking Correspondence Loan' is taken into account on accrual basis. Details of Commission income are as follows:





A. Commission on BC loan Received during the yearFrom Yes bankFrom IDBI Bank

Total-AB. Commission on BC loan Receivable (Commission Claimed But not Received)From Yes bankFrom IDBI Bank

Total-B

Total (A+B)

1345197736537758

49989735

-

5663974

5663974

55653709

2812773033190118

61317848.00

19473682761245

4708613

66026461

NOTE -12OTHER INCOME

Interest on FDProt on sale of AssetsReimbursement Received from SIDBIMisc. Income

10055010-

200000371589

10626600

6784430

120102-

184207

7088739

Interest on xed deposit is inclusive of accrued interest of Rs.4629585.05


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Amount in (Rs.)NOTE - 13EMPLOYEES' BENEFIT EXPENSES

SalaryStaff WelfareTelephone AllowanceOutside State allowanceNorth Bengal AllowanceExgratiaGratuityESI Employer ContributionPF Employer Contribution

452232331112790

- 957758140425972200435864

19742482052616

52869134

38266568111433720845254765351466

738500717141

16055491889225

45138891

Employee benet expenses are accounted for on accrual basis. Employer’s contribution to ESI and PF related to the current nancial year has been considered under Employee Benet expenses.

Amount of gratuity has been deposited to LICI as per valuation received, under 'Group Gratuity Scheme' vide policy Number: NGG/CA/402004939 dated 16th October, 2015.

Amount in (Rs.)



NOTE - 14FINANCIAL EXPENSES

Interest on LoansLoan Processing Charges Loan processing Charges for part payment of YBLInterest on Part-payment of IDBI BC Instalment/Interest on Part-payment of YBL

15245803313578999

39802628475

526292

166989825

7091786884154146194973118332434

80016396

Interest and other cost incurred in connection with the borrowing of funds are charged to revenue on proportionate basis of time unless otherwise stated. Accordingly Interest on loan has been taken into account on accrual basis.

The Loan processing charges is inclusive of 50% of the service tax/GST paid which has not been allowed as input service/GST tax credit.




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Amount in (Rs.)

Amount in (Rs.)

NOTE - 15OTHER EXPENSES

Bank ChargesDirectors' RemunerationsStationeryROC ExpensesROC Filing Expenses Postage and CouriersRounding offTravelling and ConveyanceOfce RentElectricityMiscellaneous ExpensesTrade License FeesBusiness DevelopmentStatutory Audit FeesInternal Audit FeesInterest on Service Tax/GSTInterest/penalty on Income TaxRating ExpensesTelephone and MobileMembers Welfare ExpensesOfce ExpensesProfessional TaxRepairs and MaintenanceTraining and Conference ExpensesInterest on TDSAdvertisementConsultancy and Professional Services ChargesCredit Information ChargesInsurance premiumWebsite & Software Maintenance ExpensesDirector Sitting FeesMembership FeesGST on Loan Disbursement to SHGCharges/penalty for ESI, PF and P tax payment

158457498100003493961

-5400

315862599

8875221648737167838418362920100

113285657240026400026396

4046541469320420553

-3998666

2500712511421786

196284909526304828753138580

188822615085962960119155

10

45347334

9714507380000422103333810026248

3145404

376884656383635953664879345630

135490858607526800044055

32311168790118853936444

26143942500

10835141057702143377174558868046433701123846755480123913400836

-5988

34625261

Other Expenses has also been taken into account on accrual basis. Expenditure has been provided wherever necessary.

Note 16: Disclosures under Accounting Standards- AS18Directors' Remunerations

Name Appointment Date

Remuneration Remarks

Kartick Biswas

Apu Dhar

Probindu Kumar Biswas

TOTAL

Directors Sitting Fees

Bijon Kanti Choudhury

Anindya Sen

TOTAL

Details of Related Parties:

(a) Holding Company(b) Subsidiary & Fellow Subsidiaries

(c) Key Management Personnel (KMP)

Note: Related parties have been identied by the Management.

08.08.2008

25.03.2009

27.09.2016

27.04.2012

18.06.2014

4500000

3750000

1560000

9810000

65429

85430

150859

For one year

For one year

For one year

For one year

For one year

Names of Related Parties

NilNil

(1) Kartick Biswas

(2) Apu Dhar

(3) Probindu Kumar Biswas


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Amount in (Rs.)

Amount in (Rs.)

Note 16: Disclosures under Accounting Standards- AS18 (Contd...)

Entities in which KMP /

Relatives of

Particulars Holding Company

Subsidiaries KMP Relatives of KMP

TOTAL

Current Year

Directors RemunerationDirectors Sitting Fees

Previous year

Directors RemunerationDirectors Sitting Fees

--

--

--

--

--

--

--

--

9810000

150859

7380000

123913

9810000

150859

7380000

123913

Note - 17Disclosures under Accounting Standards- AS20

Earnings per shareBasicProt/(loss) attributable to eq. shareholders

Average number of equity sharesEarning per Share

Particulars

Particulars

Diluted

51684193

3172750

16.29

22927139

2700250

8.49

The diluted earnings per share has been computed by dividing the Net Prot After Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective periods. Since, the effect of the conversion of Preference shares was anti-dilutive, it has been ignored.



Earnings per shareProt/(loss) attributable to eq. shareholders

Add: Interest expense and exchange fluctuation on convertible bonds (net)

Prot/(loss) attributable to eq. shareholders from continuing operations (on dilution)Average number of equity sharesEarning per Share

51684193

-

51684193

3172750

16.29

22927139

-

22927139

2700250

8.49


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Note-18

Annexure forming part of notes on accountAuditorial Remuneration


As at 31st March, 2017Particulars

Audit Fees 572400 586075


As at 31st March, 2017Particulars



i) Contingent Liabilitiesa) Claim against the company not acknowledge as debt

b) Guarantees

c) Other money for which company for which company contingently liable

ii) Commitments

a) Estimated amount of contacts remaining to be executed on capital account and not provided for

b) Uncalled liability on shares and other investments partly paidc) Other commitments

Particulars

Nil Nil

Nil Nil

Nil Nil

Nil Nil

Nil

Nil

Nil

Nil

Nil Nil

Expenditure on employees drawing remuneration of Rs.200000 or More

Balance lying as debtors, creditors, loan and advances are subject to conrmation to be received from parties.

Contingent Liability and Commitments


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Apu Dhar

Kartick Biswas

Soma Biswas

Sampark

Srijanee Foundation

Equity

Equity

Equity

Equity

Equity

9% OCPSmall Industrial Development Bank of India*

487000

592000

444600

225000

607150

3550000

15.35

18.66

14.01

7.09

19.14

100.00

* 9% Cumulative Optionally Convertible Preference Share of Rs.10 each fully paid up

Annexure-1 to the Note-1 of the Balance Sheet

List of Shareholders with Holding above 5%

Name Type/ Class of Share

Number of Shares as

on 31 March 2018

% age of Holding


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Associations, Partnership & Strategic Alliances

IDBI BankTerm Loan

Funding Partners

UCO BankTerm Loan

Bangiya Gramin Vikash Bank

Cash Credit Limit

SIDBITerm Loan & Preference Shares

Reliance Capital Ltd.Term Loan

MAS Financial Services Ltd.Term Loan

Maanaveeya Development& Finance Private Limited (Indian Subsidy of –Oiko Credit)

Term Loan

Banking Correspondent Program

Union BankTerm Loan

Habitat for Humanity

Term Loan

Bandhan BankTerm Loan

Yes BankTerm Loan

South Indian BankTerm Loan

Mahindra Finance

Dhanlaxmi Bank

Term Loan

Term Loan

Avanse

Lakshmi Vilas Bank

Term Loan

Term Loan

FINANCE FOR INCLUSIV GROTH PRIVAT LIMITED

Ananya Finance for Inclusiv Groth Privat LimitedTerm Loan

Bank of BarodaTerm Loan

Registered Office :

CF-32, Sector-1, Salt Lake City, Bidhan NagarKolkata- 700 064, West Bengal,

: 7044048874 : [email protected] : www.uttrayan-mfi.com

Lakshmi Vilas Bank

UTTRAYANUTTRAYAN

TM

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