CIN : U65992TN1922PLC001974

i>urasawakum Permanentl'o� Fund Nidhi Limited(ESTABLISHED -1922)

PROSPERITY
S R
S E� :��

REGO. OFFICE: APPADURAI BUILDINGS, 174 & 177, VELLALA STREET,PURASAWALKAM, CHENNAI - 600 084. Phone: 2642 3203 / 2642 1212
E-mail : theppf@gmail.com I Web : www.ppfnidhi.com

FRESH JEWEL &SILVER ARTICLES LOAN@ 12%
1•1------llf.ii!·ffi�i·1�1•134•Mli-flei-----m: Interest@ 3% Over and above F.D. Rate.
ON FIXED DEPOSITON RE- INVESTMENT DEPOSIT : Interest@ 5% Over and above R.I.D. Rate
ON RECURRING DEPOSIT: Interest@ 3% Over and above R.D. Rate.

PROPERTY LOAN
Period ofMonthsRate of Interest(with effect from: 01-09-2016)
Per Rs. Lac Loan
Monthly Instalment( 3,070/14.4%( 2,800/15%( 2,380/15%( 1,930/15%
For Houses & Flats Situated within Chennai Corporation City Limites

42
48
60
84

K.Y.C. (KNOW YOUR CUSTOMER)
1) ELECTION ID (VOTER ID) 2 RATION CARD 3. PASSPORT 4. PAN CARD (INCOME TAX)
5. POSTAL ID, 6. BANK PASS BOOK WITH PHOTO, 7. DRIVING LICENCE, 8. AADHAR CARD

_________, 99t,ear�------

1922-2021
CIN : U65992TN1922PLC001974
Phone: 044 • 2642 1212
044 • 2642 3203

Purasawakum Permanent
Fund Nldhi Limited(Establlshed - 1922)

PROSPERITYSERVICE
SECURITY

Registered Office : "APPADURAI BUILDINGS",
No. 174 & 177, VELLALA STREET,PURASAWALKAM, CHENNAI • 600 084.
e-mail : theppf@gmail.com Web : www.ppfnldhl.com

99 YEARS IN SERVICETO ITS MEMBERS
ON DOOR STEPTO CENTENARY

_______....,. 99tJ"",. ..,________

1922-2021

Purasawakum Permanent
Fund Nidhi Limited
CIN : U65992TN1922PLC001974

PROSPERITYSERVICE
SECURITY

Registered Office : "APPADURAI BUILDINGS",
No. 174 & 177, VELLALA STREET, PURASAWALKAM,
CHENNAI - 600 084. Phone : 044-26423203, 26421212
e-mail : theppf@gmall.com Web : www.ppfnldhl.com

OFFICE BEARERS
ChairmanThlru G.S. VENKATARAMAN

Whole Time Director

Thlru A.G. RAVISHANKAR, M.Sc.,

Legal Advisers

Thlru M.A. LAKSHMIPATHI, B.A., B.L.,
Thlru V. RAGHUPATHI, B.A. B.L.,
DIRECTORS

Dr. E. Sakthl Alsvarya, M.B.B.S.,
Thlru G.S. Venkataraman
Thlru M.A. Lakshmlpathl, B.A., B.L.,
Thlrumathl Vasanthl Eswarappan
Thlru P.P. Dhandapanl, B.Sc.,
Thlru V.M.P. Harlprasad, M.Sc., M.B.A.,
Thlru A.G. Ravlshankar, M.Sc.,
Thlru N.M. Manlvannan, B.A.,
Thlru V. Raghupathl, B.A., B.L.,(DIN: 07267018)(DIN: 00419485)(DIN: 00315271)(DIN: 01941814)(DIN: 06588100)(DIN: 07271284)(DIN : 00418872)(DIN: 00157036)(DIN: 00393444)

Mis. P.T. PONNAIAH & CO., Chartered Accountants,
No.36, Old No.72-B, I Floor, L·Block, 21st Street, Anna Nagar East,
Chennai - 600 102. Ph: 044 26202221/26282221
email: ptp@ptpindla.com, Web: www. ptp@ptplndla,
ICAI Membership No.019873, Firm Aegistratlon.No.002669·SInternal Auditor
Mr. ANANTHA PADMANABHA ALSE, Chartered Accountant.
Shop No.G-7, Ground Floor, Halls Towers, Old No.33, New No.56,
Halls Road, Near Children Hospital, Egmore, Chennai - 600 008.
Ph: 044-28190070 E-mail : alseco2011@yahoo.com
ICAI Membership No.200559 Firm Aegistration.No.009992-S1

---------t 99tJ.,a,.---------1922-2021
i=WU3ih�ii

LAKSHMI VILAS BANK LTD(Now DBS Bank Ltd)CANARA BANKCITY UNION BANKINDIAN BANKLAKSHMI VILAS BANK LTD(Now OBS Bank Ltd)INDIAN BANKINDIAN BANK

Purasawalkam Chennai - 600 084

Purasawalkam Chennai - 600 007
Purasawalkam Chennai - 600 084
Purasawalkam Chennai - 600 084
Chennai - 600 091
Madipakkam
Madipakkam
PeravallurChennai - 600 091
Chennai - 600 082

Registered Office :"APPADURAI BUILDINGS",

No.174 & 177, Vellala Street, Purasawalkam,
Chennai - 600 084.
Phone: 044 - 2642 1212 , 2642 3203
E-mail: theppf@gmail.com
Web: www.ppfnidhi.com
Branch Offices :Madlpakkam Branch :No.26, Velacherry Main Road, Sadasivam Nagar,
Madipakkam, Chennai - 600 091.
Phone : 044 4558 3203
E-mail : theppfmadipakkam@gmail.com
Peravallur Branch :No.164, Paper Mills Road,
Peravallur, Chennai - 600 082
Phone : 044 - 4269 3203
E-mail : theppfperavallur@gmail.com

2

--------t1 99tJ �ea,-• _______...,_

1922 - 2021

CIN:IJ65992TN1922PLC001974

Purasawakum Permanent
Fund Nldhl Limited(Established - 1922)

PROSPERITYSERVICE
SECURITY

Regd . Office: "APPADURAI BUILDINGS" No.174 & 1n,
Vellala Street, Purasawalkam, Chennal - 600 084.
Phone : 044 - 2642 3203, 2642 1212
e-mail : theppf@gmall.com Web: www.ppfnldhl.com

Noti ce is hereby given that the Ninety Nlneth Annual General
Meeting of the Shareholders of Purasawakum Permanent Fund Nldhl
Limite d, will be held on Thursday 26th August 2021 at 9.00 A.M.
through Video Conference (VC) or Other Audio Visual Means (OAVM)
f ac i l it y at our Of f i ce p r e m i s es No.174 & 177, Vellala Street,
Purasawalkam, Chennai - 600 084 to transact the business containedin the A genda.

I

AGENDAI

ORDINARY BUSINESS
1.

consider and adopt the Audited Balance Sheet as at
31st March 2021 along with the Profit & Loss Account and Cash Flow
Statement for the year ended on that date together with Notes, Reports of
the Directors and Auditors thereon to the shareholders.
To receive,

2. To declare dividend on Equity Shares (The Board of Directors haverecommended a dividend at 5% on Equity Shares)
3. To appoint a Director in the place of Dr.E.SAKTHI AI SVARYA,{DIN: 07267018) who retires by rotation and being eligible, offers herself
for re-appointment.
4.

To appoint a Director in the place of Thlru M.A. LAKSHM IPATHI,{DIN: 00315271) who retires by rotation and being eligible, offers himself
for re-appointment.

5. To appoint a Director in the place of Thlru G. S. VENKATARAMAN,{DIN: 00419485) who retires by rotation and being eligible, offers himself·..for re-appointment.

3

SPECIAL BUSINESS:
Ordinary Reaolutlon:
6.

Ap p ointmentofThlrumathl

VASANTHIESWARAPPAN(DIN: 01941814) as a Director.
To consider and, if thought fit, to pass with or without modification(s), thefollowing Resolution as an Ordinary Resolution:"RESOLVED THAT Thl rumathl VASANTHI ESWARAPPAN(DIN: 01941814) who was appointed as an Additional Director of theCompany at the Meeting of the Board of Directors of the Company heldon 20.12.2020 and who holds Office as such with effect from 01.01.2021
upto the end of this Annual General Meeting pursuant to the provisionsof Section 161 of the Companies Act, 2013 and in respect of whom theNomination and Remuneration Committee has approved andrecommended the appointment of Thl rumathl VASANTHIESWARAPPAN (DIN: 01941814) who is also member of the Company
and possesses minimum qualification shares, as a candidate for theoffice of the Director of the Company who has also consented, if appointed,
to act as a Director of the Company, be and is hereby appointed as the
Director of the Company who is liable to retire by rotation.
SPECIAL BUSINESS:
Special Resolution:
7.

Re-Ap pointment of Mr. A.G. Ravlshankar (DIN: 00418872) as Whol eTime Director and to fix his remuneration:
To consider and, if thought fit, to pass with or without modification, thefollowing resolution as a Special Resolution:"RESOLVED THAT pursuant to the provisions of Sections 196, 197 ,Schedule V and all other applicable provisions of the Companies Act,
2013, the Rules made thereunder and the Articles of Association of theCompany, and pursuant to the approval of the Board of Directors at its
meeting held on 22.07.2021, approval of the Company be and is hereby
accorded for the re-appointment of Mr. A.G. Ravl shankar (DIN:
00418872) as Whole Time Director of the Company for a period of TWO

4

years with effect from 8th August 2021 on a remuneration of Rs. 45,000/­(Rupees Forty five thousand only) per month and conveyance allowanceofRs.5,000/- (Rupees five thousand only) per month aggregating to
Rs. 50,000/- (Rupees Fifty thousand only) per month".
"RESOLVED FURTHER THAT subject to the approval of the shareholders
at a general meeting and further subject to the provisions of the Companies
Act, 2013, the Board of Directors be and is hereby authorized to makesuch alterations/ modifications, if any, from time to time,on the remuneration/terms and conditions of the re-appointment of
Mr. A.G. Ravlshankar (DIN: 00418872) as they may deem fit andnecessary, in the best interest of the Company and to do all such acts anddeeds as may be necessary to give effect to this resolution".
"RESOLVED FURTHER THAT in the event of loss or inadequacy of profits
Mr. A.G. Ravlshankar (DIN: 00418872) shall be entitled for the above
mentioned remuneration and conveyance allowance, which shall be theminimum remuneration."
SPECIAL BUSINESS:
Speclal Resolution:
8.

A ppointment of Mr.P.P. Dhandapanl (DIN: 06588100) as Whole Time
Director and to fix his remuneration:
To consider and, if thought fit, to pass with or without modification, thefollowing resolution as a Special Resolution:"RESOLVED THAT pursuant to the provisions of Sections 196, 197,
Schedule V and all other applicable provisions of the Companies Act,
2013, the Rules made thereunder and the Articles of Association of theCompany, and pursuant to the approval of the Board of Directors at its
meeting held on 22.07.2021, approval of the Company be and is hereby
accorded for the appointment of Mr.P.P. Dhandapanl (DIN: 06588100) as
Whole Time Director of the Company for a period of ONE year with effectfrom 26.08.2021 on a remuneration of Rs.45,000/- (Rupees Forty five
thousand only) per month and conveyance allowance of Rs.5,000/­(Rupees five thousand only) per month aggregating to Rs.50,000/­(Rupees Fifty thousand only) per month".

5----------11 99t, 9"#a ,. •.,._._______
1922-2021"RESOLVED FURTHER THAt subject to the approval of the shareholders
at the general meeting and further subject to the provisions of theCompanies Act, 2013, the Board of Directors be and is hereby authorized
to make such alterations/modifications, if any, from time to time,on the remuneration/ terms and conditions of the appointment of
Mr.P.P. Dhandapanl (DIN: 06588100) as they may deem fit and necessary,in the best interest of the Company and to do all such acts and deeds as
may be necessary to give effect to this resolution•.
"RESOLVED FURTHER THAT in the event of loss or inadequacy of profits
Mr.P.P. Dhandapanl (DIN: 06588100) shall be entitled for the above
mentioned remuneration and conveyance allowance, which shall be theminimum remuneration.""RESOLVED FURTHER THAT for the purpose of giving effect to the above
Resolutions, Mr. G.S. Venkataraman (DIN: 00419485), Chairman and in
his absence Mr. N.M. Manlvannan (DIN: 00157036), Director of theCompany be and is hereby authorized, on behalf of the Company, to do
all acts, deeds, matters and things as deem necessary, proper or desirable
and to sign and execute all necessary documents, applications and returns
for the purpose of giving effect to the aforesaid Resolution along with filingof necessary E-forms with the Registrar of Companies, Tamil Nadu."
By Order of the Board
A.G. RAVISHANKAR
Whole Time Director
DIN: 00418872

Place: Chennai • 600 084.
Date : 31.07.2021.

6----------11 99t, ¥ea,-•....,________
� NOTE::1----------------------.
1922-2021

1. Pursuant to the Circular No.14/2020 dated 04.08.2020 issued by the Ministry of
Corporate Affairs, the facility to appoint proxy to attend and cast vote for theMembers is not available for this AGM.
2.

In view of the massive outbreak of the COVID-19 pandemic, social distancing is
to be a pre-requisite and pursuant to the Circular No.14/2020 dated 04.08.2020,
issued by the Ministry of Corporate Affairs, physical attendance of the Members
to the AGM venue is not required. Hence, Members have to attend and participate
in the ensuing AGM through Video Conference (VC) or Other Audio Visual Means(OAVM).

3. Those Shareholders whose emails ID are not registered are requested to send
their email ID immediately.
4. The Members can join the AGM in the Video Conference (VC) or Other Audio
Visual Means (OAVM) mode 15 minutes before and after the schedule time of thecommencement of the meeting by following the procedure mentioned In the
Notice. The facility of participation at the AGM through Video Conference (VC) or
Other Audio Visual Means (OAVM) will be made for 1000 members on first comefirst served basis. This will not include large shareholders (Shareholders holding
2% or more shareholding), Promoters, Directors, Key Managerial personal, theChairperson of the Audit Committee, Nomination Remuneration Committee andStakeholders Relationship Committee, Auditors, who are allowed to attend theAGM without restriction on account of first come first served basis.
5. The attendance of the Members attending the AGM through Video Conference(VC) or Other Audio Visual Means (OAVM) will be counted for the purpose ofreckoning the quorum under Section 103 of the Companies Act, 2013.
6.

All documents referred to In the Notice calling the AGM are available on thewebsite of the Company for inspection by the Members.

7. Share holders desiring to have details of information/to raise any query/ or toparticipate in the Video Conference (VC) or Other Audio Visual Means (OAVM)
at the Annual General Meeting are informed to send their request to Whole Time
Director/Manager of the company seven days prior to the date of the meeting.
Only members who have registered will be allowed to participate In the Video
Conference (VC) or Other Audio Visual Means (OAVM). Each member will beallowed to speak only 3 minutes due to shortage of time.
8. Members are requested to intimate the office of any change in the Door numbers
and their addresses with Pin code numbers along with ID proof, address Proof,
Mobile Number and email ID, in order to contribute towards greener environment
and to receive all documents, notices, including Annual reports and othercommunications of the Company.

7

---------- 99tJ,

1-ll'6 ----------

1922-2021

9. a) Members/ Depositors who have not claimed any amount due to them if any,on the maturity dates are requested to claim the amount as otherwise theunclaimed amounts have to be remitted to the Investor Education and Protection
Fund of Government of India after 7 years from the date of maturity of the said
Deposits, as required by the provisions of the Companies Act, 2013 and rules
made thereunder.
b) Shareholders who have not claimed Dividend due to them if any, are requested
to claim the Dividend amount as otherwise the unclaimed Dividend have to beremitted to the Investor Education and Protection Fund of Government ofIndia after 7 years from the date of declaration of the said Dividends, as
required by the provisions of the Companies Act, 2013 and rules madethereunder.
Date of AGM/
Declaration of Dividend

Unclaimed amount as on
31.03.2021

Due date for remittance of
the amount to the IEPF
account

1.

25.07.2018, 1,91,900.76

24.07.2025

2.

06.08.2019'2,84,310.80

05.08.2026

3.

12.10.2020, 3,28,745.53

11.10.2027

S.No.

10. Members who have been allotted shares up to closing hours of 31.07.2021 areentitled to vote in the Annual General Meeting.
11. a) As per Ministry of Corporate Affairs Notification No. GSR.908(E) dated
23.09.2016, Nidhi Companies are exempt from providing a-voting facility.
b) As per Ministry of Corporate Affairs Notification No. GSR.465(E) dated
05.06.2015, Shareholders who hold shares of more than one thousand rupees
in face value or more than 1% of the total paid-up share capital of the Company
whichever is less are eligible to get Notice of AGM and Annual Reportindividually only through email IDs.
12. Shareholders can cast their vote through their registered email ID to the designatedemail viz theppf@gmail.com 48 hours before commencement of Annual General
Meeting.
13. Members are requested to send their request through their email addressed to
the Company 's e-man ID: theppfOgmaU.com to get the ID and Password toparticipate in the AGM to be held through Video Conference (VC) or Other Audio
Visual Means (OAVM) atieast 10 days in advance.

8----------- 99tJ"",.

1922 • 2021

t---------

EXPLANATORY STATEMENT PURSUANT TO SECTION 102
OF THE COMPANIES ACT1 2013

In terms of Section 102 of the Companies Act, 2013, the following explanatory
statement sets out all the material facts relating to the Special Businessstated under Item No.6, 7 & 8 of the accompanying Notice.
SPECIAL BUSINESS:
Ordinary Resolution:
Item No.6
Thlrumathl VASANTHI ESWARAPPAN (DIN: 01941814) born on
05.07.1973 who was appointed as an Additional Director of the Company at
the Meeting of the Board of Directors of the Company held on 20.12.2020 and
who holds Office as such with effect from 01.01.2021 upto the end of thisAnnual General Meeting pursuant to the provisions of Section 161 of theCompanies Act, 2013 and in respect of whom the Nomination andRemuneration Committee has approved and recommended the appointmentof Thirumathi VASANTHI ESWARAPPAN (DIN: 01941814) who is also
member of the Fund and possesses minimum qualification shares, as a
candidate for the office of the Director of the Company who has also consented,
if appointed, to act as a Director of the Company, be and is hereby appointed
as the Director of the Company who is liable to retire by rotation.

The Board recommends the passing of the Ordinary Resolution as set out
in the Item No. 6 of the Notice for the appointment of Thlrumathl VASANTHIESWARAPPAN (DIN: 01941814) as a Director, liable to retire by rotation.
MEMORANDUM OF INTEREST:

Except Thlrumathl VASANTHI ESWARAPPAN (DIN: 01941814) and
Dr.E. SAKTHI AISVARYA (DIN:07267018) are deemed to be interested inthis resolution, the other Directors of the Company or their relatives or any KeyManagerial Personnel or their relatives are not concerned or not interested in
the resolution.
SPECIAL BUSINESS:
Special Resolution:
Item No.7

Taking into consideration the volume of amendments issued under theCompanies Act, 2013 and other laws and the nature of operations of yourCompany and the volume of business, it has been thought fit & proper to have9

----------1 99t,

�a,...,________

1922-2021

atleast two Directors who have the requisite knowledge of various relevant
enactments relating to Nidhi Companies and Corporate Laws on whole timebasis to take care of the administrative and other day to day operations/activitiesof your Company's Head office at Purasawalkam and also at its branches.
Considering the above, it has been thought fit by the Board of Directors to
re-appoint Mr. A.G. Ravlshankar(DIN: 00418872) who has got rich experiencein the activities of Nidhi Companies as Whole time Director of your Company
to take care of the administrative and other day to day operations/activities ofyour Company's Head Office at Purasawalkam and also at its branches.
The re-appointment and terms of remuneration of Mr. A.G. Ravlshankar(DIN: 00418872) and if approved by the Members, will be effective from 8th
day of August, 2021 and will be for a period of TWO years.

The Nomination and Remuneration Committee and the Board of Directors
at their meeting held on 22nd July 2021 have approved the re-appointment
and terms of remuneration of Mr. A.G. Ravishankar(DIN: 00418872) as Wholetime Director of the company, which is subject to approval by members ingeneral meeting.
Subject to the provisions of the Companies Act, 2013 and the Nidhi Rules,
2014, the remuneration as stated in the resolution above shall be the minimum
remuneration, whether there are profits or not in any financial year. The Wholetime Director shall not be eligible for any sitting fees or any other perquisites
during his tenure.
The Board recommends the resolution as a Special Resolution for
approval of the Shareholders of the Company.
MEMORANDUM OF INTEREST:
Mr. A.G. Ravlshankar (DIN: 00418872) being the appointee, may bedeemed to be interested in the proposed resolution, as it concerns his
appointment. None of their relatives, Key Managerial Personnel or their relatives
or other directors are interested or concerned in the resolution.
SPECIAL BUSINESS:
Special Resolutlon:

Item No.8
Taking into consideration the increased activities of your Company andthe volume of business, it has been thought fit & proper to have atleast two
experienced Directors on whole time basis to take care of the administrativeand other day to day operations/activities of your Company's head office atPurasawakum and also at its branches.

10...---------11 99t!J t'f'e-a,.•1----------.
1922-2021

Considering the above, it has been thought fit by the Board of Directors to
appoint Mr.P.P. Dhandapanl (DIN: 06588100) who has got 8 years experiencein the activities of Nidhi Companies as Director and Key Guardian Director ofyour Company to take care of the administrative and other day to day operations/activities of your Company's Head Office at Purasawalkam and also at its
branches.
The appointment and terms of remuneration of Mr.P.P. Dhandapanl(DIN: 06588100) and if approved by the Members, will be effective from 26th
day of August, 2021 and will be for a period of ONE year.
The Nomination and Remuneration Committee and the Board of Directors attheir meeting held on 22nd July 2021 have approved the appointment andterms of remuneration of Mr.P.P. Dhandapanl (DIN: 06588100) as Wholetime Director of the company, which is subject to approval by members ingeneral meeting.
Subject to the provisions of the Companies Act, 2013 and the Nidhi Rules,
2014, the remuneration as stated in the resolution above shall be the minimum
remuneration, whether there are profits or not in any financial year. The Wholetime Director shall not be eligible for any sitting fees or any other perquisites
during his tenure.
The Board recommends the resolution as a Speclal Resolution for approvalof the Shareholders of the Company.
MEMORANDUM OF INTEREST:
Mr.P.P. Dhandapanl (DIN: 06588100) being the appointee, may be deemed
to be interested in the proposed resolution, as it concerns his appointment.
None of their relatives, Key Managerial Personnel or their relatives or otherdirectors is interested or concerned In the resolution.
As required under clause (IV) of Section II of Part II of Schedule V of theCompanies Act, 2013, the requisite information is furnished below:
General Information :I.
1.

Nature of industry:

The company is a Nidhi
Company under Section
406 of the Companies
Act, 2013.

2.

Date or expected date of commencementof commercial production:

11.09.1922.

3.

In case of new companies, expected dateof commencement of activities as per
project approved by financial institutions
appearing in the prospectus.

Not Applicable11

199tJ f(-.11. ,.1
1922-2021

1.

5.

I.

Financial performance based on given indicators

Year ended

Details

31.03.2019

31.03.2021(In Rs)31.03.2020(In Rs)(In Rs)Total Income

13,57,44,640 12,47,52,857 11,99,29,501

Total Expenses

12,97,55,946 11,96,33,417 11,70,60,580

Profit before Tax

59,88,694

51,19,440

28,68,921

Balance carried over in
Profit & Loss Account(after Appropriation)

41,54,963

27,15,045

6,02,679

Foreign investments orcollaborations, if any.

NIL

Information about the appolntee(s)Detalls

Date of birth: 02.03.1948

Mr.P.P.Dhandapanl(DIN: 06588100)
Date of birth: 19.07.1955

Background details

17 years of experience inNidhi Company. Board
member since 2013

8 years of experience inNidhi Company. Board
member since 2013

Past remuneration

Rs.4,73,000/- (Whole Time
Director)

Rs.3,12,400/(Key Guardian Director)

NIL

NIL

Mr. A.G. Ravlshankar(DIN: 00418872)

Recognition or Awards
Job profile and his suitability

Remuneration proposed

Mr.A.G.Ravlshankar(DIN: 00418872)

Mr.P.P. Dhandapanl(DIN: 06588100)

has rich an d varied
experience in administration of Nidhi Company.
His experience would be
utilized for administration of
the Nidhi which also has
branches.

has rich and varied
experience in administration of Nidhi Company.
His experience would be
utilized for administration of
the Nidhi which also has
branches.

Salary:Rs. 45,000/- per month;

Salary: Rs. 45,000/per month;

Conveyance allowance:
Rs. 5,000/· per month.

Conveyance allowance:
Rs. 5,000/- per month.

12

I 99tJ 9'e-a,-•
1922-2021

Comparative remuneration
profile with respect toindustry, size of thecompany, profile of theposition and person (incase of expatriates therelevant details would bewith respect to the countryof his origin).

Nidhl Companies are a
special class of companies
spread over various partsof Southern India. They aresmall, medium or large insize and the remuneration
profile varies depending on
the size of the Nidhi
Company. Compared to
Nidhl Companies of similar
size,
the
proposed
remuneration is nominal.

Nidhi Companies are a
special class of companies
spread over various partsof Southern India. They aresmall, medium or large insize and the remuneration
profile varies depending on
the size of the Nidhi
Company. Compared to
Nldhi Companies of similartheproposedsize,
remuneration is nominal.

Pecuniary relationshipdirectly or indirectly with thecompany, or relationshipwith the managerial
personnel, if any.

NIL, except to the extent of
remuneration and 2,10,004
Equity Shares held by him.
No relationship with any
managerial personnel.

NIL, except to the extent of
remuneration and 1,16,914
Equity Shares held by him.
No relationship with any
managerial personnel.

II.

DISCLOSURES

Reasons of loss
inadequate profitsor

The company has reported Net profit after Tax of
Rs. 43,92,086/- Though the profits have increased
compared to previous year, the company could notachieve higher level of profits due to structural changes
in policy, increased competition from new players, delay
in settlement of court cases and tightness in the money
market.

Steps taken or proposed tobe taken for improvement

Reduction in cost of operations, geographical expansion
and aggressive marketing efforts.

Expected increase inproductivity and profits inmeasurable terms

Considering the nature of the industry, it is difficult toquantify the proposed improvement in measurable terms.
It is expected that the level of profits will improve In the
coming years.

Ill. DISCLOSURES:
The provisions of Corporate Governance are not applicable to the company
and hence the prescribed disclosures are not furnished.

DOCUMENTS FOR INSPECTION:
Copies of the consent letters to act as Whole Time Directors provided by thesaid A.G. Ravishankar and Sri P.P. Dhandapani would be available forinspection by the Members upto the close of the Annual General Meeting of
the Company.

13

----------t1 99tJ 9'e«,-•t,.,--------.
1922-2021

None of the Directors are interested in the above Resolutions except
Mrs.Vasanthi Eswarappan, Dr.E. Sakthi Aisvarya, Sri A.G. Ravishankar and
Sri P.P. Dhandapani. Your directors recommend the proposed Special
Resolution for your approval.
By Order of the Board
For PURASAWAKUM PERMANENT FUND NIDHI LIMITED
A.G. RAVISHANKAR
Whole Time Direct or
DIN: 00418872
Place: Chennai - 600 084.
Date : 31.07.2021.

14

_________,• 99tJ,

9"e-a,-- •..,________

1922-2021

CIN: U65992TN1922PLC001974

Purasawakum Permanent
Fund Nidhl Limited(Established - 1922)

PROSPERITYSERVICE
SECURITY

Regd. Office: "APPADURAI BUILDINGS" No.174 & 177,
Vellala Street, Purasawalkam, Chennal - 600 084.
Phone : 044 - 2642 3203, 2642 1212
e-mail : theppf@gmall.com Web : www.ppfnldhl.com

I DIRECTORS' REPORT •Your Directors hereby present the 99th Annual Report on the working of
the Nidhi along with the Audited Balance Sheet as at 31st March 2021, Profit
and Loss Account and Cash flow Statement tor the year ended on that date.
1) Salient features of the working of the Nidhi during the year 2020-21
are listed below:i)

The Deposits for the year 2020-21 stood at, 10456.32 lacs as against
� 9000.49 lacs in the previous year.

ii)

Business under Jewel loan portfolio increased compared to previous
year. The position as at 31.03.2021, including the business of branches
was , 2073.49 lacs as against � 1892.26 lacs in the previous year.

iii)

Establishment expenses stood at , 301.90 lacs for the year 2020-21
as against� 297.47 lacs in the previous year.

iv)

During the year under report, gross recoveries in TSL mortgage loanaccounts stood at, 150.19 lacs (previous year� 325.59 lacs). Further
12

accounts got settled for � 70.16 lacs. In the case of chronic

accounts before the Courts, negotiated settlements are being
attempted to expedite elimination of NPA chronic default accounts.
v)

The Company during the year under report, has provided a sum of, 25,57,312.80 towards provisioning to cover shortfall in security value,

in respect of mortgage loan accounts (2 borrowers) as required under15

----------t1 99t• f"•a,. 'i--------1922-2021

MCA Notification No.GSA.258(E) dated 31.03.2014 for loans granted
prior to 31.03.2002.
vi)

Further, as per the above Notification, provisioning to be made formortgage loans granted on or after 01.04.2002 and outstanding as on
31.03.2021 is f 6,83,032/- and the value of the properties (8 properties)
is f 7,69,80,238/-. Since the value of the property is more, No
provisioning for NPA is made for this category.

vii) During the year the Company has called for an Extraordinary General
Meeting of Shareholders on 15.02.2021 at its Registered Office throughVideo Conference or Other Audio Visual Means to(i) increase the authorized Share Capital of the Company from theexisting f 2,00,00,000/- (Rupees Two Crores ) Equity Shares of
Rs.1/- each to Rs.8,00,00,000/- (Rupees Eight Crores) divided
into 8,00,00,000 (Eight Crores) Equity Shares of Rs.1/- each bycreation of additional 6,00,00,000 (Six Crores) Equity Shares of
Rs.1/- each ranking pari pasu in all respect with the existing Equity
Shares of the Company. The Company has filed Form SH-7(ii) to mobilize additional Equity Share Capital on 1 :3 ratio basis toimprove the NOF position of the Company, through Rights Issue
2021. We were able to mobilize shares upto Rs.1,12,81,412/­
through the same and achieved NOF Norms to the ratio of 1:17.62.
We take the opportunity to thank the Staff and Shareholders who
made this possible, by their contribution, reposing confidence inthe management.
viii) The working of the Nidhi had resulted in a net profit of f 43,92,086/­
for the year under report after making required provisioning for NPA
accounts (as per Notification (as in Para (v) above) and provision for
Income Tax t 15,46,633/-) as shown below.

16

199tJ ¥-.a,-•
1922-2021

WORKING RESULTS(Figures int)

Current Year

Previous Year

Total Income

13,57,44,640

12,47,52,857

Total Expenses

12,97,55,946

11,96,33,417

Profit Before Tax

59,88,694

51,19,440(Less): Provision for Taxation(Less)/Add: Deferred Tax Liability/Asset(15,46,633)(49,975)(11,16,342)(75,266)

Profit after Tax
Add: Surplus in Profit & Loss Ale

43,92,086
27,15,045

39,27,832
6,02,679

Balance for Appropriation(Less): Transfer to General Reserve
Less: Proposed Dividend including
Dividend Tax

71,07,131(14,76,084)

45,30,511(9,07,733)(14,76,084)(9,07,733)

Balance carried over in Profit & Loss Ale.

41,54,963

27,15,045

Particulars

ix)

OCC Limit for f 490 lacs obtained from Lakshmi Vilas Bank Limited isbeing judiciously utilized. As on 31.03.2021 the Company has utilized
the OCC limit upto " 1,99,38, 145/-. This llmlt is further collaterally
secured by Deposit of Title Deed of Land and Building owned by theCompany duly registered at SRO, Purasawalkam, Chennal - 600 007.
Necessary charges were created as per the provisions of theCompanies Act, 2013 and the charges still continue.

x)

The Net Owned Funds (NOF) of your Company as on 31st March
2021 was f 5,93,40,821/-. The Ratio of Net Owned Funds (NOF) tototal Deposits accepted by the Company is 1 :17.62 (Previous year
1:19.97).

xi)

As on 31st March 2021 your Company was required to make andmaintain unen cumbered Term Deposits with any ScheduleCommercial Bank to the extent of 10% of the total Deposits acceptedby the Company as per Ministry of Corporate Affairs Notification
GSR.258(E) dated 31.03.2014. The Company is complying the sameby maintaining total Fixed Deposits of" 10,50,21,910/- with Lakshmi
Vilas Bank (now DBS Bank Ltd.,), City Union Bank, KarurVysya Bank,
Indian Bank, Canara Bank for the said purpose.

17

199tJ r;.a,. •1922-2021

2) Performance at a glanceA) Deposits

The total of Fixed Deposits, Re-Investment Deposits, Savings
Deposits and Recurring Deposit as at 31.03.2021 increased to
f 10456.32 lacs as .against f 9000.49 lacs in the previous year.
Being a Nidhi Company, disclosure relating to Deposits acceptedby the Company under Rule 8(3)(5)(v) of Companies (Accounts)
Rules 2014 is not applicable to our Company.
B) Loans

The total loans on Deposits, Jewels and immovable properties as
at 31.03.2021 increased to f 9997.95 lacs as against f 8909.57
lacs in the previous year.
C) Sanctions:
1) Property Loans: During the year 9 new loans were sanctioned
amounting to f 70.50 lacs as against f 130.00 lacs for 13 loanaccounts in the previous year.

2) Sanctions of Jewel Loans against Gold/Silver articles amounted tof 2707.06 lacs covering 2999 accounts during 2020-21 as against

f 2719.50 lacs covering 3681 accounts during 2019-20.

3) A comparative position of arrears in property loan for the financial
year ended 31.03.2021 and 31.03.2020 Is given below :tin Lacs

2020-2021
Financial Year No.

cl

%

Ale.
a) Promptb) Default
Term Closed:c)Since settled andon scheduled) Others
Total arrears(a+b+c+d)Loan BalanceOver allAmountin Rs.

2019 · 2020
% to
No.of
Total

%

Ale.

Amountin Rs.

% to
Total

31

41.00

0.18

0.00

34

42.50

0.14

0.00

14

18.00

18.80

0.35

14

17.50

8.93

0.14

31

41.00

6621.61

96.48

32

40.00

5877.9496.22

5887.01

6640.59
222.4576

100.003.24

6863.04 100.00

18

222.1180

100.003.64

6109.12 100.00

________,r 99tJ ¥e-a,.i...,________
1922 -2021

Efforts to get long pending default accounts settled through negotiations
will continue and similarly Court cases also will be closely followed up forgetting early decisions.
4)

Branches:
Branches of the Nidhi opened in Madipakkam and Peravallur are engaged
in mobilizing new business for the Nidhi particularly in Jewel Loan category.
During the year under report, their performance is good as could be seenfrom the chart given below:
BranchMadipakkam
No. of A/e's
Amount(,)
Peravallur
No. of A/e's
Amount(,)

Deposit as on
31.03.2021

L oans as on
31.03.2021'

Remarks

606
5,87,93,116/-

196
1, 16,36,456/-

1230
10,73,51,513/-

479
3,77,95,024/-

These figures
were mergedwith Head
Officebusiness
figures.

'5) Dividend:Your Board recommends a payment of Dividend at 5% on Equity Share
Capital for the year on share value held as on 31.03.2021 (5% on
� 2,95,21,678/-) works out to f 14,76,084/-. An equivalent amount is alsotransferred to General Reserve as per the Nidhl Rules 2014.
6) Directors :a)Director Sri T.S.RAVISANKAR (DIN:00900542) resigned from post of
Director I Whole Time Director with effect from close of business on
31.12.2020 due to health conditions. The Board appreciates the remarkable
service rendered by him during his tenure.

b)

The Directors Dr. E.SAKTHI AISVARYA , (DIN:07267018) Thlru
M.A.LAKSHMIPATHI, (DIN: 00315271) and Thlru G.S. VENKATARAMAN,(DIN: 00419485) being longest in office, retire by rotation at this Annual
General Meeting and offer themselves for re-appointment.

c)Thirumathi VASANTHI ESWAR AP PAN (DIN: 01941814) born on
05.07.1973 who was appointed as an Additional Director of the Company
at the Meeting of the Board of Directors of the Company held on 20.12.2020
and who holds Office as such with effect from 01.01.2021 upto the end of19

__________,., 99t� 9"-. a,. 1�------1922-2021

this Annual General Meeting pursuant to the provisions of Section 161 of
the Companies Act, 2013 and in respect of whom the Nomination andR emuneration Committee has approved and recommended theappointment of Thlrumathl VASANTHI ESWARAPPAN (DIN: 01941814)
who is also member of the Company and possesses minimum qualification
shares, as a candidate for the office of the Director of the Company who
has also consented, if appointed, to act as a Director of the Company, andnecessary Resolution has been placed before the members for theirconsideration. The Board of Directors has recommended her appointment.
d)

The Board has recommended appointment of Thiru A.G. Ravishankar(DIN:00418872) Whole Time Director of the Company with effect from08.08.2021 for a period of TWO years, subject to the approval of the
Shareholders.

e)

The Board has recommended appointment of Mr.P.P. Dhandapani (DIN:
06588100) as Whole Time Director of the Company with effect from26.08.2021 for a period of ONE year, subject to the approval of the
Shareholders.

7) Meeting of the Board
The Board met 16 times during the financial year. The intervening gap
between any two meetings was within the period prescribed by theCompanies Act 2013. The Board Meeting dates are 26.05.2020,
18.06.2020, 27.07.2020, 24.08.2020, 07.09.2020, 28.09.2020,
12. 10.2020, 27.10. 2020, 29.11.2020, 28.12.2020, 18.01.2021,
30.01.2021, 15.02.2021, 27.02.2021, 15.03.2021 & 31.03.2021 andMGT-9 is placed in the website of the Company viz. www.ppfnidhi.com
8)

Reserves:
It is proposed to carry a sum oft 14,76,084/- to Reserves and Surplus thusincreasing the Reserves and Surplus to t 2,98, 19,143/-.

9)Compliance Certificate:a) Your Company is exempted under the Companies Act of 2013 from therequirement of seeking a Secretarial Compliance Certificate from a
Company Secretary in practice.
b) Compliance certificate dated 31.07.2021 for the Financial Year 2020-21
received from Statutory Auditor with regard to compliance by the company
to the provisions of Nidhi Rules & the Notification(s) issued by MCA fromtime to time, attached herewith forms part of this Report.

20

________.,. 99tJ,

�(l,. ----------

1922-2021

10) Auditors:
Mis. P.T. Ponnalah & Co, Firm Registration No.002669-S, Chartered
Accountants, Statutory Auditors of the Company was appointed in the
96th AGM for a period of FIVE years to hold the office from the conclusionsof 96th Annual General Meeting till conclusions of 101st AGM. Accordingly,
this is Fourth Year. Your Company has received a certificate from the
Auditors stating that the appointment if made will be within the limitsprescribed by Section 141 of the Companies Act, 2013.
11) In the year under review, deposits matured up to 31st March 2021 andremaining unpaid is included under unsecured Loans as the same may
be renewed or refunded in the subsequent months. The Company hastaken necessary steps for repaymenVrenewal of these deposits. Out oft 2,42,25,640/- representing 449 accounts and a sum of t 73,07,717/­
representing 93 accounts have since been renewed or repaid up to
20.07.2021.

12) a) During the year under report, a sum of t 72,422/- was remitted toInvestor Education and Protection Fund as per Sec.125 of theCompanies Act, 2013 as detailed here under:
Matured and unclaimed depositst

71,000.00

Interest

t1,422.00

t72,422.00

TOTALb) Further, the provisions of section 125(2) of the Companies Act 2013
do not apply, as there was no unpaid dividend pending for more than
7 years.
13) Since the Company is not a manufacturing Company, there is no matter toreport under the provisions of Section 134(3)(m) of the Companies Act,
2013 read with Rule 8 of Companies (Accounts) Rules,2014 with regard
to conservation of energy and technology absorption and there was no
foreign exchange inflow or outflow.

14) The Company has Risk Management Policy to deal with elements of riskthreatening the Company's existence.

15) The Provisions of Sec.135 relating to Corporate Social Responsibility are

not applicable to the Company.

21

----------e.1 99t, 9"ea,a• _______
1922-2021..._

16) Committees Constituted:i)

The provisions of section 149 of the Companies Act, 2013 pertaining
to the appointment of independent Directors do not apply to ourCompany as we are not a listed Company.

ii)

As per Sec.177 your Company has constituted an Audit Committee
consisting of three members namely Sri N.M. Manivannan,
Sri P.P. Dhandapani and Sri M.A. Lakshmipathi.

iii) As per Section 178(1) your Company has constituted a Nomination
and Remuneration Committee with respect to appointment of Directors
and other related matters.
iv) As per section 178(5) of the Companies Act 2013, your Company has
constituted a Stakeholders Relationship Committee to review andaddress the grievances of the shareholders.
v)

The Company has complied with the provisions of Section 177(9) of
the Companies Act, 2013 relating to Vigil mechanism for Directors
and Employees.

17) There were no loans, guarantees or investments made by the Company
under section 186 of the Companies Act, 2013 during the year underreview and hence the said provisions are not applicable.
18) There was. no contract or arrangements made with related parties as
defined under section 188 of the Companies Act, 2013 during the year
under review except appointment of Whole Time Directors.
19) Disclosure on Sexual Harassment of women at workplace (Prevention,
Prohibition and Redressal) Act, 2013.
Presently the Company does not have any women employee at the work
place. Hence the company has not constituted a separate committee under
the Sexual Harassment of Women at workplace (Prevention, Prohibition
and Redressal) Act, 2013. However, the Company has zero tolerance for
Sexual Harassment at workplace.
20) Directors Responslblllty Statement :In compliance with the provisions of Section 134(3)(c) of the Companies
Act, 2013 your Directors hereby confirm that;(i)in preparing the Annual Accounts for the year ended 31st March 2021 all
the applicable accounting standards have been followed and there areno material departures.

22

_______....,., 99t,

9"ea,.i..,________

1922-2021(ii) accounting policies were adopted consistently and judgments andestimates that are reasonable and prudent were made so as to give a trueand fair view of the state of affairs of the Company as at 31st March 2021
and the profit of the company for the year ended on that date.
(iii) proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 forsafeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities have been taken.
(iv) the Annual Accounts have been prepared on a going concern basis.
{v) the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate
and operating effectively.
21) General:i)

The reports of the Commissioners on the inspection of the immovable
properties and the examination of the Documents, Jewels & Pronotes,
expressing their satisfaction, have been received.

ii)

None of the employees of the Company come under the purview of section
197(12) of the Companies Act 2013 read with Rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.

iii) During the year {2020-21) and upto the date of this Report no events
except slow down of operations due to COVID-19 have occurred which
will have a material bearing on the working of the Nidhi.
iv) The Company has not bought back any of its securities during the year
under review.
v)

The Company has not issued any Sweat Equity Shares during the year
under review.

vi) No Bonus shares were issued during the year under review.
22) Reply to Auditor's Report - Key Audit Matters

Regarding Statutory Auditors Comments in their report on the Audited
Accounts for the year ended 31st March, 2021 and Note No.21 of the
Financial Statements, the Board of Directors hereby explains as under :1) Revenue Recognition

Regarding charging of interest in respect of Mortgage Loans which are
under dispute / court proceedings, we hereby explain that all these Loans

23

_________,., 99tJ¥•«,. --· -------

1922- 2021

were granted several years back and in respect of Loans in which security
is in short, necessary provision is made as per Nidhi Rules, 2014 and inrespect of Loans which are having adequate security, Interest has been
charged as the same is recoverable and charge against the properties.
These matters have been elaborately covered in Note No.21 - clauses (f)and (I).
2) Transfer of amounts to Investor Education and Protection FundOur Company has transferred the amounts regularly to Investor Education
and Protection Fund as per Section 125 of the Companies Act, 2013.
3)

Provision for mortgage loans In respect of shortfall In security
Our Company has complied with the Provisioning Norms as per theprovisions of the Nidhi Rules, 2014 and provision has been made in respectof short fall and the same has been charged as an expense, considering
the fact that interest is recognized as Revenue on Mortgage Loans coveredby security.

4)

Unpaid Interest In settled accounts and doubtful accounts
There are amounts unrealized in respect of default interest in settled
accounts and the same Is carried forward to subsequent years for set off.
Hence, the same has been shown as Loans against Mortgage of Properties- Unsecured and the entire disclosures have been made in Clause (I) in
Note No.21.

5)

We give below a status report on the cases pending before theCourts
atChennal:a.

First Appeal in A.S. No.357 of 2014 filed by P.A. Natraj & Others against
the final decree passed in O.S. No.9952 of 2010 is pending before Hon'ble
High Court of Madras.

b.

i)O.S. No.6192/2011 filed by M. Erajaslmhan against the Purasawakum
Permanent Fund Nidhi Limited and others, is pending on the file of the
Learned XVI Asst. Judge, City Civil Court, Chennai. In the said matter
I.A. No.12898 of 2011 was filed for an injunction restraining thedefendants from convening the AGM dated 11.08.2011 and the
Learned Judge passed an order, to convene the AGM on 11.08.2011
and not to pass any resolution in the said AGM. Against the said
Order, CAP No.2988 of 2011 was preferred before the Hon'ble High
Court which was pleased to suspend the Order of the Learned XVI
Asst. Judge, City Civil Court, Chennai. Counter has been filed in thesaid I.A. No.12898 of 2011 and the matter is pending.

24-----------11 99tJ t'fe, a,-•....,________
1922-2021

ii)

CAP No.2988 of 2011, against I.A. No.12898 of 2011 is pending on
the file of the Hon'ble High Court, Madras.

c.

Writ Petition No.5715 of 2012 filed by the Company against the order ofthe Labour Court, Chennai with regard to the payment of bonus is pending
for final orders of the High Court of Madras.

d.

In the civil suit 596 of 2013 filed against Mr. U. Bhaskaran and Mrs.
Premalatha for recovery of a sum of � 26 lacs, the current position is thatbeyond filing Vakalat on behalf of defendants, no written statement has
been filed till the date of this report. The matter is pending before the
Hon'ble High Court of Madras. Ex-parte evidence is recorded on our side
since the defendants were not present. Honorable Court was pleased toallow the Application No.3048 & 309 of 2017 in C.S. No.596 of 2013 boththe application are adjourned. The above Civil Suit is transferred to City
Civil Court. Not yet numbered. Awaiting hearing Notice from the City Civil
Court Chennai.

23) The Board and Staff members of our Company express our deep
condolences to the Shareholders and their family members who have losttheir lives due to COVID-19.
24) Our thanks are due to all the shareholders and Bankers for continued co­operation and goodwill and also to the officials of Ministry of Corporate
Affairs, New Delhi, Regional Director at Chennai and Registrar ofCompanies, Chennai. We express our thanks to Legal Counsels, Auditors
and Company Secretary. We sincerely thank all members of the Staff of
the Nidhi for their diligent service to the Nidhi.
for and on behalf of the Board of Directors
Place: Chennai - 600 084.
Date: 31.07.2021

A.G. RAVISHANKAR

Whole Time Director(DIN : 00418872)

25

---------- 99tJ

1,(l,. ....,._______

1922-2021

P.T. PONNAIAH & Co.,
Chartered Accountants
ICAI Membership No.019873
Firm Regn. No.002669-S

Old No. 72-B, New No.36,
I Floor, L-Block, 21st Street,Anna Nagar East,
Chennai - 600 102.
Ph: 044 26202221/262822.21
email : ptpOptpindia.com,
Web: www. ptpOptpindla.

I INDEPENDENT AUDITOR'S REPORTITO THE MEMBERS OF PURASAWAKUM PERMANENT FUND NIDHI
LIMITED, CHENNAI.
OpinionWe have audited the accompanying standalone Financial Statements of
PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai which
comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and
Loss, the Cash Flow Statement for the year then ended, and a summary ofsignificant accounting policies and other explanatory information (herein afterreferred to as Standalone Financial Statements).
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements give atrue and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Companies Act, 2013 ('the Act') read with theCompanies (Indian Accounting Standards) Rules, 2014, as amended andother accounting principles generally accepted in India, of the state of affairsof the Company as at March 31, 2021, the Profit and its Cash Flows for the year
ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Standalone Financial Statements sectionof our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together
with the Independence requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules
made there under, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAl's Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement,
were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of26

-----------11 99tJ

9"e-ar ....,_• _______

1922-2021

the standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. We havedetermined the matters described below to be the Key Audit matters to becommunicated in our report.

Key Audit Matters with reference to Note No.21 to Audited Financial
Statements:
1.

Revenue Recognition:
Interest is charged on the outstandings in respect of Mortgage Loans
which are under dispute / court proceedings and recognised as income
under interest on mortgage loans and the details are given in Note No.21
in Clauses (f) and (I).

2.

Provision for mortgage loans in respect of shortfall in security :Provision has been made in respect of 5 mortgage loans for the shortfall
in value of security as per latest valuation and the said provision has
been written off as expense in the Financial statements and the details
have been given in Note no.21 in clause (I).

3.

Unpaid Interest in settled accounts and doubtful accounts.
The company has shown unrealized default interest in settled accounts
under Mortgage Loans as Unsecured Loans under Short Term Loans andAdvances for carrying forward to subsequent years for set off and there
are accounts receivable under dispute. These matters are included in
Note No.21 in Clauses (I) and (s).

Information Other than the Standalone Financial Statement andAuditor's Report thereon
The Company's Board of Directors is responsible for the preparation of
the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board's Report
including Annexures to the Board's Report, Business Responsibility
Report, Corporate Governance and Shareholder's information, but does
not include the standalone financial statements and our auditor's report
thereon.
Our Opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the standalone financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other Information is materially inconsistent with the standalone
financial statements of our knowledge obtained during the course of ouraudit or otherwise appears to be materially misstated.

27

-----------• 99ti f"�a,. 1t--------1922-2021

If, based on the work we have performed, we conclude that there is amaterial misstatement of this other information, we are required to reportthat fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in
Section 134(5) of the Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordancewith the Accounting Standards and accounting principles generally
accepted in India, including the Accounting Standards prescribed under
Section 133 of the Act, read with the provisions 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 theassets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; anddesign, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant to the preparation andpresentation of the standalone financial statements that give a true andfair view and are free from material misstatement, whether due to fraud or
error.
In preparing the standalone financial statements, management is
responsible for assessing the Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern andusing the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. The Board of Directors are responsible foroverseeing the Company's financial reporting process.
Auditor's Responslbllltles for the Audit of the Standalone Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor'sreport that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered materials
if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on these standalone
financial statements.

28

-----------t1 99tJ
9"ea,.. t--------1922-2021
1

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional scepticism throughout the audit. We
also:•

Identify and assess the risks of material misstatement of the standalone
financial statement, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The
risk of out detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery,international omissions, misrepresentations, or the override of internal
control.

•Obtain an understanding of internal financial controls relevant to the audit
in order to design audit procedures that are appropriate in thecircumstances. Under Section 143 (3) (i) of the Act, we are also responsible
for expressing our opinion on whether the Company has adequate internalfinancial controls system in place and the operating effectiveness of suchcontrols.

•

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures madeby management.

•

Conclude on the appropriateness of management 's use of the going
concern basis of accounting and, based on the audit evidence obtained,
Whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company' s ability to continue as agoing concern. If we conclude that a material uncertainty exist, we are
required to draw attention in our auditor's report to the related disclosuresin the standalone financial statements or, if such disclosures are
Inadequate, to modify our opinion. Our conclusions are based on theaudit evidence obtained up to the date of our auditor 's report. However,
future events or conditions may cause the company to cease to continue
as a going concern.

•

Evaluate the overall Presentation, structure and content of the standalone
financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events inmanner that achieves fair presentation.
Materiality Is like the magnitude of misstatements in standalone financial
statements that, individually or in aggregate, make it Probable that
economic decisions of a reasonably knowledgeable user of the financial
statement may be influenced. We consider quantitative immateriality andqualitative factors in (i) Planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.

29----------t1 99tJ f'/e-ar •....,________

1922-2021
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant
audit findings, including any 'significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence,and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and whereapplicable, related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were the most significance in the audit of thestandalone financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor's report
unless law or regulation precludes public disclosure about the matter orwhen, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on other Legal and Regulatory Requirements

1.

As required by section 143(3) of the Act, based on our Audit, we report
that:

a.

We have sought and obtained all the information and explanations whichto the best of our knowledge and belief were necessary for the purpose 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 and the Statement of Profit and Loss and the statementof cash flow dealt with by this report are in agreement with the relevantbooks of accountd.

In our opinion, the aforesaid standalone financial statements comply withthe relevant Accounting Standards specified 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 31st March, 2021 taken on record by the Board of Directors, none of thedirectors is disqualified as on 31st March, 2021 from being appointed as
director in terms of Section 164 (2) of the Act.

f.

With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls,
Refer to our separate Report in "Annexure A". Our report expresses an30

1----------------�r 99t,

're-ar 1
1s22-2021

unmodified opinion on the adequacy and operating effectiveness of thecompany's internal financial controls over financial reporting.

[g.

With respect to the other matters to be included in the Auditor's Report inaccordance with Requirements of section 197(16) of the act, as amended:
In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the company to its
directors during the year is in accordance with the provisions of section
197 of the Act.

h.

With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the companies {audit & auditors) Rules, 2014,as amended in our opinion and to the best of our information and according
to the explanations given to us, we report that :i.

The company has disclosed the impact and details of pending
litigations against the Company and by the company as disclosed in
the Notes on accounts as per Note No.21.

ii.

The Company has not made any provision for material foreseeable
losses, as there are no such Long Term Contracts including derivative
contracts or any other contracts requiring provision.

iii. The Company has transferred required amounts to Investor Education
and Protection Fund during the year and the details are given in Note
21 {m) forming part of the Audited Financial Statements of the Company.
2.

As required by the Companies {Auditor's Report) Order, 2016 {"the Order")issued by the Central Government in terms of Section 143 (11) of the Act,
we give in "Annexure B" a statement on the matters specified in paragraphs
3 and 4 of the order.

For P.T. PONNAIAH & CO.,Chartered Accountants

Place: Chennai - 84.
Date : 31.07.2021.

P.T. PONNAIAH
Partner
ICAI Membership No. 019873
Firm Registration. No. 002669-S
UDIN : 21019873AAAAZV1892

31

-----------t 99tJ... ,_ ......_______

1922-2021

Old No.72-B, New No.36,
I Floor, L-Block, 21st Street,Anna Nagar East,
Chennai • 600 102.
Ph: 044 26202.221/26282221
email : ptpOptpindia.com,
Web: w-. ptpOptplndla.

P.T. PONNAIAH& Co.,
Chartered Accountants
ICAI Membership No.019873
Firm Regn. No.002669-S

I ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT

I(Referred to in paragraph 1 (f) under 'Report on Other Legal & Regulatory
Requirements' section of our report to the members of PURASAWAKUMPERMANENT FUND NIDHI LIMITED).

Report on the Internal Financial Controls over Flnanclal Reporting under

Clause (I) of Sub-section 3 of Section 143 of the Companies Act, 2013.

We have audited the internal financial controls over financial reporting of

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai as of March
31, 2021 in conjunction with our audit of the standalone financial statementsof the Company for the year ended on that date.

Management's Responsibility for Internal Flnanclal Controls
The Board of Directors of the Company is responsible for establishing andmaintaining internal financial controls based on the internal control overfinancial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit

of Internal Financial Controls over Financial Reporting issued by the Instituteof Chartered Accountants of India ('ICAI'). These responsibilities include thedesign, imple�ntation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct ofits business, including adherence to company's policies, the safeguarding of

its assets, the prevention and detection of frauds and errors, the accuracy andcompleteness of the accounting records, and the timely preparation of reliablefinancial information, as required under the Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting and the Standards on Auditing, issued by32

----------- 99tJe-a,.

1922-2021

a---------ICAI and deemed to be prescribed under section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of internal financial controls,
both applicable to an audit of Internal Financial Controls. Those Standards
and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was establishedand maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence amountthe adequacy of the internal financial control system over financial reporting
and their operating effectiveness. Our audit of internal financial controls overfinancial reporting, assessing the risk that a material weakness exists, andoperating effectiveness of internal control based on the assessed risk. The
procedures selected depend upon on the auditor's judgement, including theassessment of the risks of material misstatement of the standalone financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.
Meaning of Internal Flnanclal Controls over Flnanclal Reporting

A company's internal financial control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles. A company's
internal financial control over financial reporting includes those policies andprocedures that (1) pertain to the maintenance of records that, in reasonabledetail, accurately and fairly reflect the transactions and dispositions of theassets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorizedacquisition, use, or disposition of the company's assets that could have amaterial effect on the financial statements.

33

_______....,. 99ti

ea,-.,_________

1922-2021

Limitations of Internal Financial Controls over Flnanclal Reporting

Because of the inherent limitations of internal financial controls overfinancial 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 theinternal financial controls over financial reporting to future periods are subject
to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliancewith the policies or procedures may deteriorate.
OpinionIn our opinion, to the best of our information and according to the
explanations given to us, the Company has, in all material respects, anadequate internal financial controls system over financial reporting and suchinternal financial controls over financial reporting were operating effectively
as at March 31, 2021, based on the internal control over financial reporting
criteria established by the Company considering the essential components ofinternal 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 P.T. PONNAIAH & CO.,Chartered Accountants

Place : Chennai
Dated :

P.T. PONNAIAH
Partner
ICAI Membership No. 019873
Firm Registration. No. 002669-S
UDIN: 21019873AAAAZY1892

31.07.2021.

34

----------t 99tJ
1-a,- .________
1922-2021
Old No.72-B, New No.36,
I Floor, L-Block, 21st Street,Anna Nagar East,
Channel - 600 102.
Ph: 044 26202221/26282221
email : ptpOptplndia.com,
Web: WWW. ptp@ptplndla.

P.T. PONNAIAH & Co.,

Charte red Accoun tants
ICAI Membership No.0198 7 3
F irm Regn. No.002669-S

I ANNEXURE-B TO THE INDEPENDENT AUDITOR'S REPORT

I(Referred to in paragraph 2 under 'Report on Other Legal & Regulatory
Requirements' in our report to the members of PURASAWAKUM PERMANENTFUND NIDHI LIMITED of even date):
i. In respect of the Company's fixed assets:a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of Fixed Assets.
b) The Company has a program of verification to cover all the items of
fixed assets in a phased manner which, in our opinion, is reasonable
and certain fixed assets were physically verified by the management
during the year and no material discrepancies were noticed.
c) According to the information and explanations given to us, the records
examined by us and based on the examination of the conveyancedeeds / registered sale deed provided to us, we report that, the title
deeds, comprising of immovable properties of land and buildings which
are freehold, are held in the name of the Company as at the balance
sheet date.
ii. The Company is a NIDHI Company and does not have any physicalinventories. Accordingly, report under clause 3 (ii) of the Order is notapplicable to the Company.
iii. a) According to the information and explanations given to us, theCompany has not granted any loans secured or unsecured to thecompanies, firms or other parties and the registers as per section
189 and other provisions are not applicable. However, theCompany has accepted deposits from Directors and Relatives(unsecured) amounting to Rs.2,54,981/- (Previous YearRs. 3,23,276/-).
b) In our opinion and according to the records of the Company, therate of interest and other terms and conditions of the Fixed Deposits(unsecured) taken by the Company from the Directors. are prima
facie not prejudicial to the interest of the Company.
c) In our opinion and according to the records, the Company is regular
in repaying the principal amount as stipulated and has been
regular in payment of interest.
iv. In our opinion and according to the information and explanations given
to us, the Company has complied with the provisions of section 185

35

_______....,., 99t,

9'6a,- ,...,.._______

1922-2021

and 186 of the Companies Act, 2013 in respect of loans, investments,
guarantees and security.
v. The Company, being a NIDHI Company, has accepted Deposits fromits Shareholders and has complied with the Directions issued as per
the Notifications of the Ministry of Corporate Affairs and Nidhi Rules,
2014. As such, the provisions of section 73 of the Companies Act,
2013 read with Rules made there under are not applicable to thecompany.
vi. The maintenance of Cost Records has not been specified by theCentral Government under section 148(1) of the Companies Act, 2013
for the business activities carried out by the Company. Thus reporting
under clause 3(vi) of the order is not applicable to the Company.
vii. According to the information and explanations given to us, in respectof statutory duesa) The Company has generally been regular in depositing
undisputed statutory dues, including Provident Fund, Employees
State Insurance, Income-Tax, Goods and Service Tax and otherstatutory dues applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Provident
Fund, Employees State Insurance, Income-Tax, Goods and Service
Tax and other statutory dues applicable to it in arrears as at 31st
March, 2021 for a period of more than six months from the date on
when they become payable.
c) There are no dues of income tax, Goods and Service Tax andother statutory liabilities outstanding on account of any dispute.
viii. In our opinion and according to the information and explanations given
to us, the Company has not defaulted in the repayment of dues tobanks. The Company has taken secured Overdraft against security ofBook Debts and Collateral Security of Land and Building owned by
the Company and Loan against deposits from Lakshmi Vilas Bank,
Purasawalkam and no other loans are taken from financial institutions
or from the government and has not issued any debentures.
ix. Based upon the audit procedures performed and the information andexplanations given by the management, the company has not raised
moneys by way of initial public offer or further public offer including
debt instruments and term Loans.
Accordingly, the provisions of clause 3 (ix) of the Order are notapplicable to the Company and hence not commented upon. Being a
NIDHI Company, Shares are issued to the members for the purpose oftransacting with the company. During the year, the Company has
allotted shares to the extent of Rs.1,13,67,012/-.
x. To the best of our knowledge and according to the information andexplanations given to us, no fraud by the Company or no material36

-------.....i1 99tJ ¥ea,-....,_•------1922-2021

fraud on the Company by its officers or employees has been noticed
or reported during the year.
xi. In our opinion and according to the information and explanations
given to us, the Company has paid managerial remuneration to wholetime directors in accordance with the provisions of section 197 readwith Schedule V to the Companies Act, 2013.
xii. The Company is a NIDHI Company anda) The Company has complied with maintaining more than ten percent of the Total Deposits accepted by the company inunencumbered term deposits.
b) The Company has also complied with the ratio of 1 :20 of Net Owned
Funds to total Deposits accepted by the company as specified in
the Nidhi Rules, 2014.
xiii. In our opinion and according to the information and explanations
given to us, the Company is in compliance with Sec.177 and 188 of
the Companies Act, 2013 where applicable, for all transactions withthe related parties and details of related party transactions have been
disclosed in the standalone Financial Statements as required by theapplicable accounting standards.
xiv. During the year, the Company has not made any preferential allotment
or private placement of shares or fully or partly paid convertible
debentures and hence reporting under clause 3 (xiv) of the Order is
not applicable to the Company.
xv. In our opinion and according to the information and explanation given
to us, during the year the Company has not entered into any non-cash
transactions with its Directors or persons connected to its directors
and hence provisions of section 192 of the Companies Act, 2013 are
not applicable to the Company.
xvi. The company is not required to be registered under Sec.45 IA of the
RBI Act, 1934.

For P.T. PONNAIAH & CO.,Chartered Accountants

Place : Chennai
Dated : 31.07.2021.

P.T. PONNAIAH
Par tner
ICAI Membership No. 019873
Firm Registration. No. 002669-S
UDIN: 21019873AAAAZY189237

---------4· 99t• rr.«,. ·---------1922-2021

P.T. PONNAIAH & Co.,

Old No.72-8, New No.36, I Floor,
L-Block, 21st Street,Anna Nagar East, Chennai - 600 102.
Ph: 044 26202221/26282221
email : ptpCptplndia.com,
Web: www. ptpCptpindia.

Chartered Accountants
ICAI Membership No.019873
Firm Regn. No.002669-S

CERTIFICATE OF STATUTORY AUDITORSThis is to certify that PURASAWAKUM PERMANENT FUND NIDHI
LIMITED has complied with all the directions specified in the various

Notifications issued by the Ministry of Corporate Affairs from time to timeand Nidhi Rules 2014 subject to the Notes on Accounts forming part of
the Audited Statements of Accounts and the Company has been complying
with all the required Provisions of the Companies Act, 2013 as applicableto NIDHI Companies and the books of account are maintained in conformity
with the accounting principles generally accepted in India.
It is also certified that PURASAWAKUM PERMANENT FUND NIDHI
LIMITED has complied with the Prudential Norms as required by the

Notifications of the Ministry of Corporate Affairs as amended from time
to time and Nidhi Rules 2014 and provision for sub-standard assets has
been made to the extent required considering the latest valuation of
Immovable Properties offered as security in respect of such loans andthe details have been given in Notes on Accounts forming part of the
Audited Statements of Accounts of the Company for the year ended
31st March, 2021.

For P.T. PONNAIAH & CO.,Chartered Accountants

P.T. PONNAIAH

Place : Chennai
Dated : 31.07.2021.

Partner
ICAI Membership No. 019873
Firm Registration. No. 002669-S
UDIN : 21019873AAAAZ>f 189238

--------t1 99tJ ¥ea,-.,__• ____
1922-2021

BALANCE SHEETANDPROFIT AND LOSS ACCOUNT
2020 - 2021

39

1 99tJr;... ,..

1922-2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
BALANCE SHEET AS AT 31st MARCH, 2021
Nole
No.

PARTICULARSPeriod Hat(Amount Int)

(Amount Int)122,95,21,678
2,98,19,1..3

1,81,54,666
2,69,03,141

3
4
5

53,83,25,632
63,17,628
1,98,383

46,60,80,825
60,09,729
1,48,408

6

52,12,,5,004
1,96,92,331
64,05,972

48,21,68,729
2,56,44,312
42,90,988

EQUITY AND LIABILITIES
1

2

3

Shareholders Funda. Shareholders Fundb. Reserves & Surplus
Non-Current Liabilities
a. Long Term Borrowrings
b. Other Long-Term Liabilities
C. Deferred Tax Liability
Current Liabilities
a. Short Term Borrowings
b. Other Current Liabilities
C. Short Term Provisions

Reporting

Reporting

PerlodaIat

7

831.03.2020

31.03.2021

115,75,25,771 102,9",00,798

TOTAL

II ASSETS
1

2

Non Current Assets
a. Fixed Assets - Tangible Assets
b. Defferred Tax Asset
C. Long Term Loans & Advances
d. Other Non-Current Assets
Current Assets
a. Cash & Cash Equivalentsb. Short Term Loans & Advancesc. Other Current Assets

9

2,00,03,025

2,05,50,820

10
11

2,07,78,358..,40,676

2,25,95,136
4,40,676

12

11,67,66,647

9,57,99,577

13
14

97,90,16,938
2,05,20,127

86,83,62,112
2,16,52,477

115,75,25,771 102,94,00,798

TOTAL

Notes to the Financial Statements : The Accompanying Notes 1 to 14 and Note 21 - Accounting
Policies and Notes on Accounts form part of this Balance Sheet.

Vida our Report of even date
For P.T. PONNAIAH & Co.,
Chartered Accountants

A.G. RAVISHANKAR
Whole Time Director(DIN : 00418872)

P.T. PONNAIAH
Partner
ICAI Membership No. 019873
Firm Regn. No. 002669-S
UDIN: 21019873AAAAZY1892

G.S.VENKATARAMAN
Chairman(DIN: 00419485)

N.M. MANIVANNAN
Director(DIN: 00157036)

Chennal - 600 084.
Date : 31.07.2021.

40

1 99tJ£/e,a,- •1922-2021
PURASAWAKUM PERMANENT FUND N IDHI LIMITED, Chennai-600 084.
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH 2021
Note
No.

PARTICULARS

Reporting
Perlodaaat
31.03.2021

Reporting
Periodas at
31.03.2020(Amount In t)(Amount In t)

INCOMEI

Revenue from operations

15

II

Other Income

16

13,30,50,924 12, 11,98,566
26,93,716

35,54,291

13,57,44,640 12,47,52,857

Total Income
Ill EXPENSES
a. Employees Benefits Expenses 17

3,01 ,89,684

2,97,46,526

b. Finance Costs

18

9,01 ,61,437

8,04,24,014

Expenses

19

6,74,042

6,85,057

d. Other Expenses

20

87,30,783

87,77,820

C. Depreciation & Amortization

12,97,55,946 11,96,33,417

Total Expenses
IV Profit before Tax (1+11)-111

59,88,694

51,19,440

15,46,633
49,975

11,16,342
75,26643,92,086

39,27,832

0.15
0.15

0.22
0.22

V Tax Expense
Less: Tax Expenses
Current Tax
Deferred Tax
VI Profit for the year (IV-V)
VII Earnings Per Share - Basic
Diluted

NotH to the flnenclal atatemanta: The Accompanying Notes 15 to 20 and Note 21 - Accounting
Pollcles and Notes on Accounts form part of this statement of Profit and Loss.

Vida our Report of even date
For P.T. PONNAIAH & Co.,
Chartered Accountants

A.G. RAVISHANKAR
Whole Time Director(DIN : 00418872)

P.T. PONNAIAH
Partner
ICAI Membership No. 019873
Firm Regn. No. 002669-S
UDIN: 21019873AAAAZY1892

G.S.VENKATARAMAN
Chairman(DIN: 00419485)

N.M. MANIVANNAN
Director(DIN: 00157036)

Chennai - 600 084.
Date: 31.07.2021.

41

199tJ �,,a,.•1922-2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021

Note
No.

A11t

PARTICULARS

A11t

31.03.2021

31.03.2020(Amount In?)

(Amount In?)

8,00,00,000
8,00,00,000

2,00,00,000
2,00,00,000

2,95,21,678
2,95,21,678

1,81,54,666
1,81,54,666

At the beginning of the Year
Allotted during the year

1,81,54,666
1,13,67,012

1,80,68,066
86,600At the end of the year

2,95,21,678

1,81,54,666

1. SHARE CAPITAL
A. AUTHORISED CAPITAL

8,00,00,000 Equity Shares of ' 1/- each
B. ISSUED, SUBSCRIBED AND FULLY PAID-UP
2,95,21,678 Equity shares of ' 1/- each

Number of Equity Shares

C. List of Shareholders holding more than 5% of Total Equity Shares
Current Year %19,20,000 (6.50%)

Mr. G.S. Vtnkataraman (Curr. Year 6.50%)

Previous Year %Mrs. Vuanthl E1w1rappan

11,95,494 (6.59%)

Ms. E Sakthl Alsvarya

10,91,103(6.01%)

2. RESERVES AND SURPLUS
General Reserves-I Opening 2,40,64,216i

Add: Transferred during the year

14,76, 084

ii General Reserves - II Openingiii Capital Reserve - Opening
iv Capital Redemption Reserve - Opening
V Surplus in Profit & Loss Ale
APPROPRIATION
Opening Surplus in Statement of Profit & Loss
Surplus from Statement of Profit & Loss (VI)
Transfer to General Reserve
Proposed Dividend
Closing Surplus transferred to Balance Sheet

42

2,55,40,300
90,49833,261
121
41,54,963
2,98,19,143

2,40,64,216
90,49833,261
121
27,15,045
2,69,03,141

27,15,045
43 92 086
71 07 131
14,76,084
14,76,084
41,54,963
71,07,131

6,02,679
39.27 832
45 30,511
9,07,733
9,07,733
27,15,045
45,30,511

r 99tJ 9'e-ar 1

1922-2021
PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021

Note
No.

PARTICULARS

3. NON CURRENT LIABILmES:
Long Term Borrowings:
a. Secured Loansb. Unsecured Loans(Total Deposits from Shareholders)
Fixed Deposit�
Re-Investment Deposits
Recurring Deposits
Savings Deposits
Deposits from Related Parties
Less: Deposits maturing within aperiod of 12 months transferred to
Short - Term Borrowings
Break up of Long Term Borrowings
Fixed Deposits
Re-Investment Deposits
Recurring Deposits
4 OTHER LONG TERM LIABILITIES:i Accrued Interest on Total Deposits
Fixed Deposits
Re-Investment Deposits
Recurring Deposits
Savings Deposits
Deposits from Related Parties

Less: Interest payable on Deposits maturing
within 12 months transferred to other
Current Liabilities
Break up of Accrued Interest on
Long Term Borrowings (Deposits)
Fixed Deposits
Re-Investment Deposits
Recurring Deposits
43

As at
31.03.2021

Asat
31.03.2020(Amount In �)(Amount In �)--

86,41,95,864 72,12,36,215
13,50,69,818 13,34,75,312
3,41,93,450 3,43,43,350
1,19,22,549 1,06,89,267
3,04,996
2,50,810
104,56,32,491 90,00,49,140
50,73,06,859 43,39,68,315
53,83,25,632 46,60,80,825
50,12,12,020 42,53,73,512
3,06,56,112 3,30,80,063
76,27,250
64,57,500
53,83,25,632 46,60,80,825
92,62,600
94,17,374
22,45,893
37,4204,171
2,09,67,457

75,55,920
1,03,27,386
22,44,909
33,42018,276
2,01,79,911

1,46,49,829
63,17,628

141,70,182
60,09,729

48,17,624
11,42,083
3,57,921
63,17,628

38,29,364
16,97,872
4,82,493
60,09,729

199t,'7,-4.,. •1922-2021
PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021
Asat
31.03.2021

Aut
31.03.2020(Amount In , )(Amount In , )1 98,383.00
1,98,383.00

1 48 408.00
1,48,408.00---

Overdraft from Lakshmi Vilas Bankagainst security of Book Debts with
Colleteral security of Office Land andBuilding owned by the company.

1,99,38,145

4,82,00,414

TOTAL-A

1,99,38,145

4,82,00,414

Fixed Deposits
Re-Investment Deposits
Recurring Deposits
Savings Deposits
Deposits from Related Parties

36,29,83,844
10,44,13,706
2,77,35,950
1,19,22,549
2,50,810

29,58,62,703
10,03,95,249
2,67,16,100
1,06,89,267
3,04,996

TOTAL(B)

50,73,06,859

43,39,68,315

Grand Total (A+B)

52,72,45,004

48,21,68,729

44,44,974
82,75,167
18,88,097
37,4204,171

37,26,544
86,29,514
17,62,428
33,42018,276

1,46,49,829

1,41,70,182

Nolle
No.

PARTICULARS

5. DEFERRED TAX LIABILITY:
Opening Balance
Add : Current Year

1,48,408
49,975CURRENT LIABILITIES6.

SHORT TERM BORROWINGSa. Secured Loan:
Overdraft from Lakshmi Vilas Bankagainst security of Fixed Deposits
with Bankb. Unsecured Loans(Deposits from
Share holders): Deposits maturing
within a period of 12 months

7. OTHER CURRENT LAIBILITIES(a) Interest Payable on Deposits maturing
within 12 months
Fixed Deposits
Re-Investment Deposits
Recurring Deposits
Savings Deposits
Deposits from Related Parties
Total A44

----------1 99tJ f'i ,. • _______
1

1,a

.,__

1922-2021
PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennal-600 084.
NOTES TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021
Asat
31.03.2021

Asat
31.03.2020(Amount In �)(Amount In�)RD Closed Accounts

5,21,999

8,99,771

Locker Caution Deposits

8,00,150

8,12,150

Exgratia Payable to Staff

15,70,173

15,81,383

Sundry Creditors - Expenses

1,42,000

1,24,000

Note
No.

PARTICULARS(b) OTHERS:

Sundry Creditors
Staff Security Deposits
OthersTotal B

1,00,000
80,56,826
20,08,180
19,08,180-------11-------+-------1
50,42,502
1,14,74,130

Grand Total (A+B)

1,96,92,331

2,56,44,312

8. SHORT TERM PROVISIONS
Provision for Taxation

49,29,888

33,83,255

Proposed Dividend

14,76,084

9,07,733

64,05,972

42,90,988

2,00,03,025

2,05,50,820

2,00,03,025

2,05,50,820

9. NON-CURRENT ASSETSFIXED ASSETS

Tangible Assets as per the
Schedule of Fixed Assets withdetails of Gross Block,
Depreciation and
Net Block separately enclosed.

45

NOTE No.9
TANGEBLEASSETS

As at
01-04-2020

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
FIXED ASSETS AS ON 31sr MARCH 2021

Gross Block
Additions Deletions
As at
Duringduring31-03-2021
the Year the year

UsefulLife(years)Upto
31-03-2020

1. Land61,64,250

61,64,250

2. Building

1,89,99,894

1,89,99,894

60

57,47,787

35,11,413

35,11,413

10

33,35,842

39,94,731

10

30,44,090

7,56,847

7,56,847

6

19,33,114

19,33,114

3

Depreciation
For theDeletionYear
for the31.03.2021
year

Upto
31-03-2021

Net Block
W.D.V.
W.D.V.
As on
As on
31-03-2021 31-03-2020
61,64,250

61,64,250

60,47,985

1,29,51,909

1,32,52,107

33,35,842

1,75,571

1,75,571

34,17,934

5,76, 797

8,24,394

7,19,005

7,19,005

37,842

37,842

18,36,458

18,36,458

96,65696,656

3,00,198

3. Furniture &Fittings
4. Electrical
Installations& Equipments
5. Motor Car

38,68,484

1,26,247

3,73,844

6. Computer &Softwares

TOTAL =

3,52,34,002

1,26,247

3,53,60,249

1,46,83,182

6,74,042

1,53,57,224

2,00,03,025

2,05,50,820

Previ our Year

3,48,66,237

3,67,765

3,52,34,002

1,39,98,125

68,50,570

1,46,83,182

2,05,50,820

2,08,68,112

199t� f'r,,.a,. •1922-2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES ,TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021

Note
No.

PARTICULARS

31.03.2021

Asat

Asat
31.03.2020(Amount In�)

(Amount in�)

10. LONG TERM LOANS & ADVANCES :Secured • considered Good Realisable
after a Period of 12 months

Loans against Mortgage of House
Properties
Loans against Mortgage of House
Properties - Staff
Loans against Deposits

1,66,37,349 1,76,51,429-

41,41,009-

49,43,707

2,07,78,358 2,25,95,136
11. OTHER NON-CURRENT ASSETS:

TNEB Deposits
Minimum Alternate Tax

1,92,971
2,47,705

1,92,971
2,47,705

4,40,676

4,40,676

80,71,856

54,07,683

32,000

1,99,446

12. CURRENT ASSETSCASH AND CASH EQUIVALENTS

Balance with BanksIn Current Ale with Banks
Cheques on hand
Fixed Deposits with Banks

10,50,21,910 8,90,15,000

Fixed Deposits with Bank - Employees

1-,00,000

1,00,000

Cash on Hand

35,40,881

10,77,448

11,67,66,647 9,57,99,577

47

----------t1 99tJ t:f'ea,-

1...,________ _1922-2021
PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021

Note
No.

PARTICULARS

13. SHORT· TERM LOANS AND ADVANCES:

A11t
31.03.2021

A11t
31.03.2020(Amount In t)(Amount In �)

Loans against mortgage of House
Properities (under dispute /68,31,36,657
Court Proceedings)
Less: Provision for

NPA Accounts (Loan
granted before 01.04.2002
and Loans under Dispute) 3,41,25,826

64,90,10,831 56,65,03,349

Loans against Mortgage ofHouse Properties - Secured
and Considered good
2,22,12,669
Less: Provision for NPA Accounts(Loan granted after 01.04.2002)
Loans against Mortgage ofHouse properties - Unsecured-

2,22,12,669

2,22,11,123

10,88,76,045

10,36,54,500

Loans against Mortgage ofproperties - Staff
20,73,49,406
Jewel and Silver Loans

41,41,009

49,43,707-

20,73,49,406

18,92,25,951

Loans against Deposits ( FD & RID)

79,16,736

43,56,914

Loans against Recurring Deposits

2,88,600

61,704

Less: Provision for NPA Accounts

99,97,95,296 89,09,57,248
Less : Loan realisable after 12 months
transferred to Long Term Loans andAdvances

48

2,07,78,358

2,25,95,136

97,90,16,938

86,83,62,112

----------1 99tJ /(eQ,.• _______
1.,__

1922-2021
PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES TO ACCOUNTS ATTACHED TO BALANCE SHEET AS AT 31st MARCH 2021

Note

Asat

Asat

PARTICULARS

31.03.2021

31.03.2020(Amount Int)

(Amount Int)

64,90,10,831

56,65,03,349

55,75,320

45,59,694

Break up of Short Term Loans & Advancesloans against mortgage of House
Properities (under dispute / Court
Proceedings)
loans against mortgage ofHouse Properities
loan against Mortgage of House
properties -Unsecured
Jewel and Silver Loans
Loans against Deposits ( FD & RID)
loan against Recurring Deposits

10,88,76,045 10,36,54,500
20,73,49,406 18,92,25,951
79,16,736
43,56,914
2,88,600
61,704
97,90, 16,938

86,83,62,112

63,40,574
1,01,222
19,236
21,62,509
13,58,212

73,45,776
71,33013,887
20,13,941
11,68,496

51,50,321

42,85,983

6,48,057
7,92,730
6,52,427
24,15,989

8,64,338
3,84,361
6,52,427
24,15,989

6,00,000
2,78,850

6,00,000
8,62,350

14. OTHER CURRENT ASSETS

Accrued Interest on Loans
Jewel Loan
Loans against FD and RID
Loans against Recurring Deposits
Bank Fixed Deposits Interest Receivable
Staff LoansTDS on Interest from Bank Deposits
upto FY 2020-21
TDS on Interest from Bank Deposits
Current Year
Other TDS and Prepaid Taxes
Accounts Receivables
Building Sale (Capital Expenditure)
Rental Advance(Madipakkam & Peravallur)
RD Subscriptions Receivable
Employees Bonus Amount Court
Case Investment-

2,05,20,127
49

9,73,599
216,52,478

-----------t1 99ti /:(ear• _______
1922-2021.._

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES ATTACHED TO STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH 2021

Note
No.

PARTICULARS

15. REVENUE FROM OPERATIONSInterest on Mortgage Loans
Interest on Special Loans(Gold and Silver)
Interest on Depsoit Loans
Interest on Recurring Deposit Loans
Interest on Staff Loans
Interest on Bank DepositsAsat
31.03.2021

Asat
31.03.2020(Amount In �)(Amount Int)

9,79,23,976

8,96,20,934

2,82,30,375
7,23,158
1,00,525
73,92759,98,963
13,30,50,924

2,45,04,275
6,17,499
74,135
1,00,984
62,80,739
12,11,98,566

18,28,475
6,75,000
1,90,241

18,20,019
6,49,800
10,84,472

26,93,716

35,54,291

2,02,72,758
23,17,625
46,52,746
6,26,674
15,70,173
014,708
7,35,000

2,06,09,561
23,24,068
30,43,635
3,90,409
15,81,383
9,41,438
16,032
8,40,000

3,01,89,684

2,97,46,526

8,48,37,149

7,75,20,944

53,24,288

29,03,070

9,01,61,437

8,04,24,014

16. OTHER INCOME

Jewel Appraiser Fees
AMC of Lockers
Miscellaneous Income

17. EMPLOYEE BENEFIT EXPENSES

Salary and Allowances
Contribution to Providend Fund & other Fund
Staff Gratuity with UC
Staff Leave Encashment with UC
Ex-Gratia to Staff
Payment of Back wages 115th Written Off
ESI Contribution
Remuneration to Whole Time Directors

18. FINANCE COSTS

Interest paid to Share holders on
Deposits accepted by the Company
under Unsecured Loans
Interest on Bank Overdraft50

-----------11 99tJ /'/e-a,- 1--------1

1922 - 2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES ATTACHED TO STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH 2021

Note
No.

Asal

PARTICULARS

19. DEPRECIATION AND
AMOR TIZATION EXPENSES

Depreciation as per Schedule of Fixed assets

Asat

31.03.2021

31.03.2020(Amount In t)(Amount In t)

6,74,042
6,74,042

6,85,057
6,85,057

71,133
2,15,199
41,13885,337
2,46,231
1,30,000
2,39,928
2,55,628
1,99,598
02,57,900
86,00022,850
4,15,383
14,58,000

1,38,557
2,22,468
53,401
92,076
3,47,033
1,20,000
3,03,727
3,51,656
3,54,034
2,856
2,95,800
1,20,000
35,0704,68,478
15,00,000

92,25044,05025,991
9,270
1,50,788
2,51,459
3,000

95,073
13,90011,62011,0002,00,171
2,31,550
16,00020. OTHER EXPENSES

A. Administrative Expenses
Corporation Tax & Others Taxes
Printing & Stationary
Postage & Telegrams
Telephone Charges
Electricity Charges
Remuneration to Auditor
Insurance (Fire, T ransit & Fidelity)
Refreshment Expenses
Miscellaneous Expenses
Advertisement
Conveyance to Directors
Conveyance to Whole T ime Directors
Conveyance to Others
Bank charges
Sitting Fees to Directors
Computer Programmer &Consulting Charges
Building MaintenanceElectrical Maintenance
Genarator Fuel Maintenance
Other periodical Maintenance & Repairs
Professional charges
Legal Charges

51

-----------· 99tJ rfe,11. ,-. •..,_________
1922-2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITED, Chennai-600 084.
NOTES ATTACHED TO STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH 2021

Note

No.

As at
31.03.2021

PARTICULARS

As at
31.03.2020

Security Guard Charges
Donations & Charity
Office Car Fuel & Maintenance
Filling Fees
Internal Auditor Fees
AGM /EGM Expenses
GST Payment (Net)Rent paid

3,96,000
45,37028,131
26,00048,000
1,76,018
3,51,852
8,00,966

3,51,000
49,17046,85042,90048,0003,97,596
1,60,831
7,95,372

Total (A)61,73,470

68,76,189

25,57,313

19,01,631

Total (B)25,57,313

19,01,631

Grand Total (A+B)

87,30,783

87,77,820

B. OTHERS
Provision for TSL NPA Accounts(prior to 1.4.2002)

Notes to the Financial Statements : The Accompanying Notes 15 to 20 and Note 21 - Accounting
Policies and Notes on Accounts form part of this Statement of Profit and Loss.

Vide our Report of even date
For P.T. PONNAIAH & Co.,
Chartered Accountants

A.G. RAVISHANKAR
Whole Time Director(DIN : 00418872)

G.S.VENKATARAMAN
Chairman(DIN: 00419485)

N.M. MANIVANNAN
Director

P.T. PONNAIAH
Partner(DIN : 00157036)

ICAI Membership No. 019873
Firm Regn. No. 002669-S
UDIN : 21019873AAAAZY1892

Chennai - 600 084.
Date : 31.07.2021.

52

-----------41 99tJ ¥�a,.•..,_________
1922-2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED
31st MARCH, 2021
FORTHEVEARFORTHEVEAR
ENDED 31.03.2021

ENDED 31.03.2020

A. CASH FLOW FROM OPERATINGACTIVITIES(Amount In�)

(Amount Inf)

NET PROFIT BEFORE TAX

59,88,694

51,19,440

Depreciation

6,74,042

6,85,057

Deferred Revenue Expenditure w/o.
Provision for NPA

25,57,313

19,01 ,631

PARTICULARS

Adjustments for :Bad debts written off-

Loss on sale of Assets--

Profit on sale of Assets--

Income Tax Paid--

92,20,049

77,06,128(2,82,62,269)

1,29,62,854(59,51,981)

24,52,985

1,132,349(11,10,175)(2,38,61,852)

2,20, 11,792(2,38,61,852)

2,20,11,792

Operating Profit before Working
Capital Changes-

Adjustments for :Increase / (Decrease)in Bank Overdraft
Inc rease/(Decrease)in Other Current Liabilities
Decrease/ (Increase)in Other Current Assets(excluding Deferred Revenue
Expenditure)
Cash generated from operations
Less: Income Tax paid
Net Cash used in Operating activities53----------1'99tJ

t--------

9"ea�1
1922-2021

PURASAWAKUM PERMANENT FUND NIDHI LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED
31st MARCH, 2021
FORTHEYEAR
ENDED 31.03.2021

FORTHEYEAR
ENDED 31.03.2020(Amount In�)

(Amount In�)

(1,26,247)(3,67,765)(1,26,247)(3,67,765)

1,13,67,012

86,60014,55,83,351

9,63,65,988

3,07,899

21,63,706(10,88,38,047)(11,50,72,599)

Increase In NPA Provision (net)(25,57,313)(19,01 ,631)

Dividend Paid

(9,07,733)(10,61,860)

4,49,55,169(1,94,19,796)

PARTICULARS
B

CASH FLOW FROM INVESTING
ACTIVITIES
Purchase of Fixed Assets
Sale of Fixed Assets
Deferred Revenue Expenditure(Long Term)

Net Cash flow from
Investing activities

C

CASH FLOW FROM FINANCING
ACTIVITIESIssue of Shares
Increase / (Decrease) in Deposits
from Shareholders (net)Increase / (Decrease) in Other Long
Term Liabilities (net)(Increase) / Decrease in Loans (net)

Net Cash flow fromfinancing activities54---------t 99tJ 9"-a,. • _______
1

1922-2021.,_

PURASAWAKUM PERMANENT FUND NIDHI LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED
31st MARCH, 2021
FORTHEYEARFORTHEYEAR
ENDED 31.03.2021

ENDED 31.03.2020(Amount Inf)

(Amount Inf)Net Increase In Cash & Cash
Equivalent, during the year(A+B+C)

2,09,67,070

22,24,231

Cash and Cash equivalents as at
beginning of the year

9,57,99,Sn

9,35,75,348

Cash and Cash equivalent• asat end of the year

11,67,66,647

9,57,99,Sn

PARTICULARS

Vide our Report of even date
For P.T. PONNAIAH & Co.,
Chartered Accountants

A.G. RAVISHANKAR
Whole Time Director(DIN : 00418872)

G.S.VENKATARAMAN
Chairman(DIN: 00419485)

N.M. MANIVANNAN
Director

P.T. PONNAIAH
Partner(DIN: 00157036)

ICAI Membership No. 019873
Firm Regn. No. 002669-S
UDIN : 21019873AAAAZY1892
Chennai • 600 084.
Date : 31.07.2021.

55

_________,,. 99tJ,,.,. ----------

1922-2021

Purasawakum Permanent Fund Nldhl Limited,
Chennal - 600 084.

NOTE NO.21
Notes on Accounts forming part of Audited Balance Sheet as at
31 "' March, 2021 and Statement of Profit and LoH Account for the year ended
on that date.
Significant Accounting Policlea(a) Basia of Preparation
The accompanying financial statements have been prepared in compliance withthe requirements under section 133 of the Companies Act,2013 (to the extent)read with Rule? of the Companies{Accounts)Rules,2014 and other generally
accepted accounting principles(GAAP) in India, to the extent applicable under
the historical cost convention, on accrual basis of accounting. GAAP comprises
mandatory accounting standards as specified in Companies (AccountingStandards) Rules, 2006.
(b) Use of Estimates
The preparation of Financial statement of the company require management tomake estimates that affect the reported amount of assets and liabilities as at thedate of the Financial Statement and the reported amounts includes revenue andexpenses. Although these estimates are based on management's best knowledgeof current events and actions, actual results may ultimately differ from theseestimates, which are recognized in the period in which the results are materialized.
( C)

Fixed AHeta
Fixed Assets are stated at cost in compliance with AS 10 (Accounting for
Property, Plant and Equipment). Cost includes taxes, duties, freight and otherincidental expenses related to acquisition, improvements and installation of theassets. The Intangible assets {Computer Software acquired for internal use) are
capitalized in accordance with the relevant Accounting Standard and included
with the Cost of Computers and Accessories.

{d) Depreciation
Depreciation on all assets has been provided as per Schedule II of the Companies
Act, 2013 based on the useful life and on pro· rata basis with reference to thedate of acquisition of the assets in accordance with AS-6 {Depreciation for Fixed
Assets)(e) Term Deposits/ Investmentsi)

The Company is required to maintain 10% of its total deposits (Unsecured
Loans) accepted from the Members with Scheduled Banks as per regulatory
directives contained in Nidhi Rules 2014. The Company is holding total
deposits of l' 10,50,21,910/- with Scheduled Banks which is in excess of
10% of the Total Deposits accepted by the Company as on 31.01.2021.

ii)

Staff security Deposits of l' 1,00,000/- is invested in Fixed Deposit with
Canara Bank and shown under the head of Cash and Cash Equivalents in
Note No.12.

iii) Investments: NIL

56

-----------.• 99t� Vea,-•..________
1922-2021(f) Revenue Recognition
The Revenue of the company includes Interest on Loans granted to Members
and has been recognized on Accrual basis. The Company has been charging
Interest on the outstanding in respect of Mortgage Loans which are under
Dispute/Court Proceedings in respect of cases, where security is available.
All these mortgage loans were granted several years back and majority of thecases are pending before the courts as the borrowers moved the courts for stayof recovery proceedings through public auction, initiated by the Company. The
company is taking all steps to recover the above outstanding dues through court
and also through negotiations with borrowers wherever possible. The company
has filed recovery suits in three cases, situated outside the Madras Corporation
jurisdiction, which are also included in the total dues.
The outstanding under Loans against Mortgage of properties which are under
dispute /court proceedings with Interest charged on such loans have beengrouped together and shown under Short Term Loans as Loans against Mortgageof properties (Under dispute/court proceedings) in order to have better control
which are amounting to t 68,03, 13, 117/- There are 21 loans included in thiscategory given in clause (I) below. Interest on Total Loan outstanding in respectof Term closed accounts under this category was charged at 2% p.m. from
01.04.2006 onwards as per the provisions contained in the Mortgage Deeds.
Subsequently, the company has provided interest on these outstanding onmonthly rest basis with effect from 01.04.2012 and recognized the same as
Interest Income in the Statement of Profit & Loss Ale. The same practice has
been followed for the year ended 31st March, 2021 also as in the earlier years.
Anyway charging of interest has been stopped in respect of 16 accounts outof 21 Terms Closed Loan Accounts. The provision for TSL NPA Accounts (prior
to 01.04.2002) to the extent of t 25,57,312/- has been charged by the Company
as Expenses in the Statement of Profit & Loss under Note No.20(B)-Other
Expenses, due to reason that the liability exceeded the value of security.
(g) Employee Benefits(I) Provident Funds and Employees State Insurance Fund (Defined Contribution
Schemes) are administered by Central Government of India and contributions
to the said funds are charged by the company to Profit and Loss Accounton accrual basis.
(ii) Leave encashment benefits to employees and Gratuity Benefits to theemployees are covered under the Group Insurance Policy with Life Insurance
Corporation of India and the contributions are charged to Profit and Loss
Account under Defined Contribution Plan in accordance with AS-15 (Employee
Benefits)(iii) Loans on mortgage of House Properties includes t 41,41,009/- (Previous
year t 49,43,707/-) under staff housing loan scheme.
(iv) Staff Loans and Advances are granted on the personal security andassignment of their L.I.C. Policies in favour of the company. All such loans
to employees are thus secured and good and recovery of such Loans are
by way of monthly deductions from their salary.
(v) The Bonus dispute before the Labour Court under ID No.93/2009 was
decided in favour of the petitioners upholding their plea of customary bonus57

1 99tJ¥•a,-•

1922-2021

without quantifying the bonus award. However, the company has filed a Writagainst the award in the High Court vide W.P.No.5715 of 2012. The Writ wasadmitted & stay granted with the condition to pay one month minimum Bonusto staff who are on rolls which is subject to disposal of the case. The
Company has been paying one month salary to each staff members as a
Customary Bonus. It will be subject to the final verdict in the pending Writ
Petition W.P.5715 of 2012. As per interim order dated 20th November 2018
of Honable Madras High Court, the dispute is reserved for conciliation
between Management and Employees.

(h) Treatment of Prior Period and Extra Ordinary Items
There are no Prior Period Items and Extra-Ordinary Items occurred during
the year(I) Taxation
Current tax has been provided to the extent of the amount of tax payable
in respect of taxable income for the year for , 15,46,633/-. Deferred Tax
Liability has been created to the extent of timing differences for an amountof , 49,975/- The component of Deferred tax is only on account of the noncash charge of Depreciation.

(j) Borrowing Coat
No Borrowing cost has been capitalized during the year(k) Foreign Currency Transactions
There are no Foreign Currency transactions during the year(I) Provisions, Contingent llebllltlea end Contingent Assets(a) As. per the Notification of the Ministry of the Corporate Affairs vide GSA
No.258(E) dated 31.03.2014 and Nidhi Rules, 2014, the provision on
Non-Performing Assets in respect of Mortgage Loans disbursed by theCompany (21 Loans prior to 31.03.2002) and outstanding as on 31.03.2021
is furnished below:

Breakup Details for 21 mortgage loan accounts (19 Borrowers) as on 31.03.2021
amounting to , 59,96,47,965/- out of overall loans under dispute/court proceedings:
Particulars

16 Accounts,

Total outstanding in respect of mortgage
loans
The Fair market value of the properties
as valued and certified by Registered
ValuerShortfall in Security

44,91,87,624

23,11,25,492

61,69,20,465

19,69,99,667

NIL

Leas : Provision already made upto
31.03.2020

5 Accounts,

3,41,25,825
3,15,25,825

Balance to be provided

25,57,312

Provision made for the current year:

25,57,31258

-----------1 99t,ea,.

1922-2021

t----------(b) Further, as per the above said Notification, provisioning to be made formortgage loans granted on or after 01.04.2002 and outstanding
as on 31.03.2021 is t6,83, 030/· and the value of the property is
t7,69,80,238/-. Since the value of the property is more, no provision for NPA
is required to be made.
(c) In respect of 13 chronic default accounts settled upto 2020-21 with interest
concession left an unrealized default interest oft 10,88,76,045/· being carriedover to subsequent years to be adjusted against Profits. This is shown as
unsecured loan under Note No.13.
The company has not recognized any contingent liability or contingent asset.
(m)

Investor Education and Protection Funda) During the year under report, a sum of t 72,422/- was remitted toInvestor Education and Protection Fund as per Sec.125 of the Companies
Act, 2013 as detailed here under:
Matured and unclaimed deposits
Interest

71,000.00
1,422.00

Total

72,422.00b) Further, the provisions of section 125(2) of the Companies Act 2013 do
not apply, as there was no unpaid dividend pending for more than 7
years.
In the year under review, deposits matured up to 31st March 2021 and remaining
unpaid is included under unsecured Loans as the same may be renewed or
refunded in the subsequent months. The Company has taken necessary steps
for repayment/renewal of these deposits. Out of t2,42,25,640/- representing 449
accounts and a sum of t73,07,717/· representing 93 accounts have since beenrenewed or repaid up to 20.07.2021.
(n) Managerial Remuneration
The Directors excluding Whole Time Directors have waived their remuneration
for the year 2020-21.

59----------t 99tJ

ea,...,.._______

1922-2021(o) Auditor's Remuneration Includes:

2020-2021

2019-2020

Statutory Audit

80,00075,000Tax Aduit (Paid)

50,00045,000

1,30,000

1,20,000

PARTICULARS

t

TOTAL

t

(p) Related Parties Disclosure:i.

The Company has accepted Deposits from Directors and their
Relatives which amounts to t 2,54,981/- as at 31.03.2021 (Previous Yeart3,23,272/-).

ii.

Sri N.M. Manivannan, Director had availed Jewel Loan of t14, 16, 100/­(however he has closed Jewel Loan amounting to t 7, 18,600/-),
Sri.P.P.Dhandapani, Director had availed Jewel Loan of ?2,48,600/- andSri.M.A .Lakshmipathl, Director had availed Jewel Loan of t5,00,000/­
the loan are subsisting as on 31.03.2021 and the rate of Interest for theabove loan is at par with other shareholders.

(q) Earnings Per share (EPS):
The Earnings Per Share (t1/-) of the company is t0.15 against from t0.22
from previous year.
(r) S egment Reporting:Segment Reporting issued by the Institute of Chartered Accountants of India,
considering the nature of the Company's business and its activities/operations
which are based on financing activities, in the domestic market.
(s) General
1. The clauses relating to Inventory, Quantitative Details, Sundry Debtors,
Sundry Creditors and Payables to SSI Units are not applicable to theCompany.
2. Accounts Receivable:
D.V. Balasubramalam : ,3,53,100/The Fund has filed E.P. at City Civil Court, Chennai and the same has beennu mbered as 3141/2005 and the notice has been sent to
D.V.Balasubramanian. The said D.V. Balasubramanian has enteredappearance through his advocate in the E.P.No.3141/2005 and then he has60

-----------41 99tJ �a,.• _______
1922-2021..,__

filed CAP No.1699 of 2006 and obtained interim stay of all further proceedingsin the above EP. The Respondent Counsel has filed Xerox copy of orderobtained by him In M.P.No.1 of 2006 In CAP No.1699 of 2006. Now, CAP
No.1699 of 2006 was dismissed by Honorable High Court by order dated
08.10.2013. In E.P. No.3141 of 2005 order were pronounced by Hon'ble
Court and judgment debtor Mr. D.V. Balasubramanian has to be arrested.
One of our senior Staff Member accompanied with the bailiff to arrest andhe was not available and his house was locked. We have obtained permission
from the Court for local Police help to arrest him which has been granted
and the matter Is still pending.
3. Advance - Capital Expenditure:
Advance of t 24, 15,989/- towards expenses for Sale of Building is included
under Building Sale Capital Expenditure.

A.G. RAVISHANKAR
Whole Time Director(DIN : 00418872)

Vide our Report of even date
For P.T. PONNAIAH & Co.,
Chartered Accountants

G.S.VENKATARAMAN
Chairman(DIN: 00419485)

P.T. PONNAIAH
Partner
ICAI Membership No. 019873

N.M. MANIVANNAN
Director(DIN: 00157036)

Firm Regn. No. 002669-S
UDIN: 21019873AAAAZY1892
Chennal - 600 084.
Date : 31.07.2021.

61

Po�

CIN : U65992TN1922PLC001974

i>urasawakum Permanent (99��Fund Nidhi LimitedJ���c�
__,..

(ESTABLISHED -1922)
PROSPERITYSERVICE
SECURITY

REGO. OFFICE: APPADURAI BUILDINGS, 174 & 177, VELLALA STREET,PURASAWALKAM, CHENNAI • 600 084. Phone : 2642 3203 / 2642 1212
E-mail : theppf@gmail.com / Web : www.ppfnidhi.com

SAFE DEPOSIT LOCKER
FACILITY AVAILABLE
CLASS

Nos

Deposit
Rs.

Rent perLocker Size
Volume of
space
year
Height Width Length (in c. inches)
Rs.

A

66

1000

1000

4.5

6.0

21

567.0

B

106

1200

1200

6.0

7.5

21

945.0

C

6

1600

1600

4.5

13.0

21

1228.5

D

240

2000

2000

7.0

9.5

21

1396.5

E

2

2200

2200

6.0

16.0

21

2016.0

F

87

2800

2800

10.5

15.0

21

2800.0

G

12

3000

3000

7.0

20.0

21

2940.0

H

2

3400

3400

12.5

16.0

21

4200.0

H1

1

2000

2000

12.5

7.0

21

1837.5

L

14

4400

4400

15.5

20.0

21

6510.0: WORKING HOURS :ON WEEKDAYS
9--00 a.m. to 12-30 Noon & 1-30 p.m. to 4-30 p.m.
: 9-00 a.m. to 12-30 Noon Only
ON SUNDAYSWEEKLY HOLIDAYS : FRIDAY (Full Day) & SUNDAY (Afternoon)
NO CASH TRANSACTION
after 4.00 p.m. on week Days & after 12-00 Noon on Sundays.,::::1;;a1111a111tt�i::::l:J.."1r!\T/!,1IJ!,:t1::a1�•·11:::1=-::::a:1:1�1-I

Printed by• Kalaivani Art Printers, Chennai - 7. ({) 2661 3560 / 91501 77670