1. Terms/rights attached to equity shares.
The Company has only one class of equity shares having par value of
Rs.10/- per shares. Each holder of equity shares is entitled to one vote
per share. Any dividend, if proposed by the Board of Directors is
subject to the approval of shareholders.
2. Satin Employees Welfare Trust has transferred 1,98,457 Equity
Shares to various employees of the Company. At present, Satin Employees
Welfare Trust holds 2,26,543 equity shares under Satin ESOP 2009 and
1,00,000 equity shares under Satin ESOP 2010 and 1,50,000 equity shares
aggregating to 4,76,543 Equity Shares as on 31st March, 2016.
a) Employee stock option schemes:
Satin ESOP 2009: 4,25,000 equity shares of Rs. 20/- each (including
premium of Rs. 10/- each) were allotted to Satin Employees Welfare Trust
on 27th November 2009. Out of which 1,50,000 Options were granted to 2
employees on 12th January 2010. The entire options are properly vested,
and exercised by the employees and accordingly transferred to their
DEMAT account. The Company has also granted 98,300 Options to 29
employees on 02nd December, 2013. Out of 98,300 Equity Shares, 25,824
Equity Shares were exercised and transferred to 25 Employees in
Financial Year 2014-15 and 22,633 Equity Shares were exercised and
transferred to 23 Employees in Financial Year 2015-16.
Satin ESOP 2010: 1,00,000 equity shares of Rs. 22/- each (including
premium of Rs. 12/- each) were allotted to Satin Employees Welfare Trust
on 22nd June, 2010.
Satin ESOP II2010: 1,50,000 equity shares of Rs. 25/- each (including
premium of Rs. 15/- each) were allotted to Satin Employees Welfare Trust
on 21st April, 2011.
4. The Company has Rs. 10,480,860.00 (Previous year Rs. 10,933,520.00)
recoverable from Satin Employees Welfare Trust pursuant to ESOP
5. During the year Company has allotted 3,230,000 Equity Shares of
face value of Rs. 10/- each at an issue price of Rs.130/- including a
premium of Rs.120/- each to the persons belonging to promoter and
non-promoter group and 2,870,000Fully Convertible Warrants were also
allotted to the same persons at an issue price of Rs.130/- each
convertible into or exchangeable for one Equity Shares of face value
of Rs. 10/- each within 18 months from the date of Allotment i.e. June
6. Further, the person to whom the warrants were allotted on June 3,
2015 have exercised their option for exchange of warrants into Equity
Share and accordingly the Company has allotted 1,470,000 Equity Shares
pursuant to conversion of equivalent number of warrants to persons
belonging to Promoters Group vide resolution passed by the Board of
Directors in their Meeting held on February 10,2016.Further, 1,400,000
Equity Shares were also allotted pursuant to conversion of equivalent
number of Warrants vide resolution dated March 21, 2016 passed by the
Working Committee of the Board of Directors.
The objective of preferential allotment of equity shares is to fund the
growth and operations of the Company. A portion of the proceed of
investment received from the concerned promoters was used to redeem 12%
Cumulative, Rated, Non- participative, Non-Convertible, Compulsory,
Redeemable 6,000,000 Preference Shares on November 27,2015
1. For Provision for Leave Encashment refer Note No.6.
2. As per prudential norms prescribed by the Reserve Bank of India on
income recognition and provisioning for Standard/Non-Performing Assets,
a provision of Rs. 227,472,401.54 (Previous year Rs. 146,447,720.22)
stood at 31st March 2016 towards provision for non-performing assets
and contingent provision against standard assets. This includes an
amount of Rs. 206,256,941.92(Previous year Rs. 144,329,067.41) as
Contingent provision against standard assets as per notification no.
BNBR.009/CGM(CDS)-2015 dated March 27th, 2015 issued by Reserve Bank
Of India. As per the said notification the same has been shown as
"Provision for Non-Performing Assets and Contingent provisions against
Standard Assets" under "Short-Term Provisions".
3. The Company has followed the following provisioning norms during
the current and previous year:
The aggregate loan provision is maintained by the Company at any point
of time shall not be less than the higher of:-
a) 1% of the outstanding loan portfolio, or
b) 50% of the aggregate loan installments which are overdue for more
than 90 days and less than 180 days and 100% of the aggregate loan
installments which are overdue for 180 days or more.
7. With the enactment of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility) Rules, 2014 read with various
clarifications issued by Ministry of Corporate Affairs, the Company has
undertaken activities as per the Corporate Social Responsibility
("CSR") Policy. During the financial year 2015-16, the Company has
incurred a sum of Rs. 5,100,000.00 (Previous Year 2,064,260.00) towards
corporate social responsibilities in accordance with section 135 of the
Companies Act 2013.
8. The figures of the previous year have been regrouped/ reclassified
wherever necessary to make them comparable with the figures of the