Budmal - RBI Letter - PBC - Date Extension - Submission

BUDMAL MOTIBAI HOUSING FINANCE LTD.
CIN no: U65922TN2002PLC049827
Date: 04.06.2020
Ref:
To,
The General Manager,

Department of Non-Banking Supervision,
Reserve Bank of India,
Fort Glacis, Rajaji Salai,
Chennai – 600 001
Sub: Request for extension of time
Refer: Your letter dated --------------- , our response via letter dated 18.01.2020 and our various
visits dated ----------- on the captioned subject
Dear Madam,
We refer to the captioned subject matter and letter dated _______.
In response to same, we most humbly submit that we have made our sincere efforts in reducing
our Financials assets as well as Income from Financial assets.
We hereby submit provisional financials as on 31 March 2020 and asset-income table in Appendix I
for your kind records.
We would like to submit that the company has made efforts in reducing its financial activities and
has accordingly been able to achieve the substantial results in reduction of financial assets. Kindly
refer below few of key statistics for your kind reference based on provisional financials:
- % Reduction in Financial Assets to Total Assets : 29.94%

- Reduction in Total Financial Assets in Amount : Rs. 3.99 Crores
- % Reduction in Financial Income to Total Income : 21.32%
As can be seen there has been substantial decrease in in Financial Assets and Financial Income.
It is submitted that Company is undertaking following steps to achieve the reduction in PBC:
- It has stopped all types of new loans. No new loans are given of whatso ever nature.
- It has requested the all the existing customers to repay the amounts as early as possible.
- The company is in process of deploying new staff to expedite the process of recovery.
We very humbly submit that the recovery cannot be expedited beyond a point as a segment of our
customers are low middle class, poor income group and they have already deployed the funds and
the funds cannot be repaid by them immediately.
“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

VEPERY, CHENNAI – 600 007
Telephone: 044-26618594, 26618265. E-mail: [email protected] Page 1
CIN no: U65922TN2002PLC049827
Date: 04.06.2020
The directors and the Company are making all possible efforts to reduce the financial activities.
However, please appreciate that due to COVID-19 pandemic, we are facing economic instability
and inability to route the business efficiently. Due to the pandemic, we are not able to conduct
normal business transactions and recovery from debtors has become extremely difficult.
We are facing tremendous adversities in business due to lockdown, few of them are listed below:
 Due to slow pace of development of businesses, the lockdown and mortatium on loans
during the period of January 2020 to March 2020, recovery of loans have been negatively
affected. Many small scale industries, Real Estate Developers were finding difficult to repay
since the start of January 2020 and the Pandemic has severe negative effect on speedy
recovery of loans outstanding for 6 months or above.
 Many industries have closed operation in beginning of March and payment towards regular
standard accounts have been immensely affected.
 The interest calculated on accrued basis has increased the financial assets as compared to
previous quarters, as the said interest amount has not been accounted on cash basis.
 The Accrued interest from fixed deposits is not reflecting in Form 26AS. Therefore, the
same cannot be form part of fixed deposits in the books and consequently income for the
current year.
Due to above mentioned adverse impact of COVID-19 pandemic and its direct negative impact on
our business, we humbly request you to grant us a further period up to 30 September 2020 to
further reduce financial activities of the Company.
We would further like to inform you that the Company and its Directors are law abiding persons
and have always complied with the directives of the RBI at all times. We assure that we will
continue to do so in all their future business endeavours.
We remain available at all times for any further information as you may require from time to time.
Hope you shall consider our request and immensely oblige us.
Thanking you,
Yours faithfully,
For BUDMAL MOTIBAI HOUSING FINANCE LIMITED
(P. ANITHA DUGAR)

Director

CIN no: U65922TN2002PLC049827
Date: 04.06.2020
DIN: 02381555
“SUGANKUNJ”
No. 29, Mahaveer Colony,
E.V.K. Sampathy Road, Vepery,
Chennai – 600 007.

CIN no: U65922TN2002PLC049827
Date: 04.06.2020
Appendix 1
Provisional Financials of Budmal Motibai Housing Finance Limited as on 31 March 2020
PROFIT & LOSS ACCOUNT AS ON 31.03.2020
PARTICULARS DEBIT CREDIT

RS. RS.
BUSINESS INCOME 40,23,988.60
FD INTEREST INCOME 9,78,093.00
INTEREST RECIVED 20,72,780.00
BANK CHARGES 60,668.70
OFFICE EXPENSES 6,511.25
STATIONERY A/C 21,000.00
BANK INTEREST 23,18,005.00
OFFICE RENT 2,40,000.00
DONATATION 2,25,000.00
SALARY 8,10,000.00
NET PROFIT 33,93,676.65
TOTAL 70,74,861.60 70,74,861.60

CIN no: U65922TN2002PLC049827
Date: 04.06.2020
BALANCE SHEET AS ON 31/03/2020
Account Name Liabilities Assets
GOD A/C 192.50

SHARE CAPITAL 2,79,00,000.00
CAUTION DEPOSIT 74,58,918.00
OTHER INVESTMENT 1,62,151.00
ADVANCE HOUSING LOAN INTERST 0.50
INDIAN BANK.OCC 1,05,13,227.15
INDIAN BANK CHETPET BRANCH 1,95,36,702.00
S.KANKARIYA & CO 4,000.00
T.D.S. PAYABLE A/C 1.00
T.D.S. RECOVERABLE A/C 1,09,689.00
PROVISIONS FOR INCOME TAX 32,90,272.00
RESERVE & SURPLUS 11,64,14,467.98
SUNDRY CREDITORS:- 6,96,271.00
NET PROFIT 33,93,676.65
INTER CORPORATE CALL MONEY 1,69,90,000.00
HOUSING LOAN ADVANCES:- 9,05,78,399.85
CASH ON HAND 2,34,631.61
STATE BANK OF INDIA.OCC 1,751.62
INDIAN OVERSEAS BANK. OCC 3,183.70
PUNJAB NATIONAL BANK OCC. 21,543.00
T.D.S. RECOVERABLE A/C 22,37,258.00
ADVANCE INCOME TAX 38,72,801.00
INDIAN BANK FD A/C 4,00,00,000.00
STATE BANK OF INDIA FD A/C 50,00,000.00
INVESTMENT - SHARE 28,40,000.00
INDIAN OVERSEAS BANK FD A/C 40,00,000.00
PUNJAB NATIONAL BANK FD A/C 20,00,000.00
FIXED ASSETS 10,00,000.00
INDIAN BANK CHETPET FD A/C. 2,07,00,000.00
ACCRUED FD INTEREST -
TOTAL 18,94,79,568.78 18,94,79,568.78

CIN no: U65922TN2002PLC049827
Date: 04.06.2020
ASSET-INCOME TABLE
PARTICULARS 31.03.2019 31.03.2020

AUDITED PROVISIONAL
FIGURES % FIGURES %

100.0 100.0
TOTAL INCOME 1,55,14,424.31 0 70,74,861.00 0

FINANCIAL
INCOME 51,14,448.31 32.97 40,23,988.00 56.88

OTHER INCOME 1,03,99,976.00 67.03 30,50,873.00 43.12

19,78,37,148.4 100.0 18,94,79,568.7 100.0

TOTAL ASSEST 8 0 8 0

13,33,45,241.8
FINANCIAL ASSEST 5 67.40 9,34,18,399.85 49.30

OTHER ASSEST 6,44,91,906.63 32.60 9,60,61,168.93 50.70


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BUDMAL MOTIBAI HOUSING FINANCE LTD.

CIN no: U65922TN2002PLC049827

The General Manager,

Sub: Request for extension of time

We refer to the captioned subject matter and letter dated _______.

- % Reduction in Financial Assets to Total Assets : 29.94%

“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

(P. ANITHA DUGAR)

“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

Provisional Financials of Budmal Motibai Housing Finance Limited as on 31 March 2020

PROFIT & LOSS ACCOUNT AS ON 31.03.2020

PARTICULARS DEBIT CREDIT

TOTAL 70,74,861.60 70,74,861.60

“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

BALANCE SHEET AS ON 31/03/2020

Account Name Liabilities Assets

GOD A/C 192.50

TOTAL 18,94,79,568.78 18,94,79,568.78

“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

PARTICULARS 31.03.2019 31.03.2020

OTHER INCOME 1,03,99,976.00 67.03 30,50,873.00 43.12

19,78,37,148.4 100.0 18,94,79,568.7 100.0

OTHER ASSEST 6,44,91,906.63 32.60 9,60,61,168.93 50.70

“SUGANKUNJ” 29, MAHAVEER COLONY, E.V.K. SAMPATH ROAD

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