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Notes to Accounts of Abans Enterprises Ltd.

Mar 31, 2018

BACKGROUND

ABans Enterprise Limited (the Company) is a public company limited by shares domiciled in India, incorporated under the provisions of Companies Act, 1956. Its shares are listed on BSE Limited. Its registered office is situated at 36/37/38A, 3rd Floor, 227, Nariman Bhavan Backbay Reclamation, Nariman point, Mumbai - 400021 IN. The Company is engaged in General Trading of commodities (Gold, Guar, Jeera, Soya bean Etc.) and Trading in Derivatives.

a) Remuneration paid to Abhishek Bansal Rs.7,76,072/- ( Py Rs.6,00,000)

b) Remuneration paid to Ruchi Trivedi Rs.1,72,874/-( Py Nil)

c) Remuneration paid to Amit Gupta Rs.4,41,484/-(Py Rs.2,43,952/- )

d) Rent Paid to Abans Finance Private limited Rs.1 96 980 (P.Y.Rs.1,93,060/-)

e) Purchases(excluding VAT/GST) from M/s. Abans Commodities (I) Pvt Ltd Rs 5,60,12,500/-(P.Y. Rs.99 46 710/-) were made during the year

f) Purchases(excluding VAT/GST) from Abans Broking Services Pvt Ltd Rs.1,87,78,750/-(P.Y.NIL) were made during the year

g) Sales (excluding VAT/GST) from M/s. Abans Commodities (I) Pvt Ltd Rs 4,42,70,040/-(P.Y.NIL) were made during the year

h) Loan of Rs.50,000(P. Y.NIL) was given to Mr.Amit Gupta which was repaid during the year

i) Brokerage paid to Abans Securities Private Limited Rs.1,96,603/- (PY.NIL)

j) Balances with Broker- Abans Securities Private Limited (Excl. minimum span Margin required on account of positions O/S as on 31st March-2018) is Rs. 1,38,086/-(P.Y. NIL) (Cr.Balance) as on 31st March-2018

1. SEGMENT REPORTING AS PER IND AS 108 Business Segment:

The Company is Operating in two different business segments i.e. General Trading of commodities (Gold ,Gaur , Jeera ,Soya been etc.) and Trading in Derivatives . Segments have been identified and reported taking into account Nature of products and services, the different risks and returns and the Internal business reporting Systems . The accounting policies adopted for Segment reporting are in line with the accounting policies of the Company

2. Debtors , Creditors , Loans and advances are subject to confirmations and reconciliation.

3. The previous year figures have been regrouped , reclassified , wherever necessary , to confirm to the current year presentation.

4. The Figures are rounded to the nearest value of Rupee.


Mar 31, 2015

1. Loans and advances are subject to confirmations and reconciliation

2. In the opinion of the Company, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business

3. The company does not have, nor does it require under any statute to have any short/Long term defined contribution plan or any defined benefit plan for employees. There are also no short/long term employee benefits which become due during or post employment period of Employees. In the absence of aforesaid employee benefits, the requirement to comply with AS 15 does not arise

4. RELATED PARTY DISCLOSURE

Ashish Shah

Key Management Personnel - Category I Resahamsingh

Pyarasingh

Relatives of key management personnel - Category II None

Enterprise owned or significantly influenced by the key management personnel of Reshamsingh & Co their relatives company - Category III Pvt Ltd

Enterprise owned or significantly influenced None by the group of individuals or their relatives who have control or significant influence over the company - Category IV

Sale of Fixed Assets to Reshamsingh & Co. Pvt Ltd - Rs. Nil (P.Y Rs. 2,94,042/-)

5. There are no separate reportable segments under Accounting standard 17 "Segment Reporting", hence the required disclosure under Accounting Standard 17 is not made by the company.

6. Figures are rounded off to nearest value of Rupee.


Mar 31, 2014

1. CONTINGENT LIABILITIES

As stated by the directors, company does not have any contingent liabilities in the contract Execution/Completion.

Previous years figures are regrouped whereever if found necessary, so as to make it comparable with those of current year''s figures.


Mar 31, 2013

1 RELATED PARTY TRANSACTIONS

As per the Accounting standard -18 issued by the Institute of Chartered Accountants of India, the disclosure of transaction with related parties as defined in the accounting standard are given below:

Previous years figures are regrouped whereever if found necessary, so as to make it comparable with those of current year''s figures.


Mar 31, 2011

Previous years figures are regrouped whether if found necessary, so as to make it comparable with those of current year''s figures.


Mar 31, 2010

Previous years figures are regrouped whether if found necessary, so as to make it comparable with those of current year''s figures.

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