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Notes to Accounts of Abhishek Finlease Ltd.

Mar 31, 2014

1. Debtors and Creditors balances as appearing in the Balance-Sheet are subject to confirmation by the respective parties.

2. (i) The company has classified loans and advances amounting to Rs. 10,90,000 as a sub- standard assets and has made provision in accordance with the Non- Banking Financial Companies Prudential Norms (Raserve Bank) Direction 2007 and Rs. 397000/- has been recovered during the year out of sub-standerad assets hence, effect has been given accordingly.

(ii) In respect of loans amounting to Rs. 45,04,077 the Company has resorted to available legal remedies, Civil and Criminal as advised, therefore parties has already given possession of immovable properties for the said loans and hence, no provision has been made on such loan in accordance with the Non Banking Financial Companies Prudential Norms(Reserve Bank) Directions 2007. The management is in the process of recovering the dues by disposing off the said security so offered and received and in possession.

(iii) In respect of loans and advances of Rs. 1,22,318 against which company has filed suit and recovery if any will be credited to the said accounts as per court''s order. The company has not made any provision in accordance with the Non - Banking Financial Companies Prudential Norms (Reserve Bank) Direction 2007.

3. NO Provision for Income-Tax has been made due to available carried forward unabsorbed depreciation and carried, forward business loss and MAT provision is made as per rules of Income -Tax Act.

4. The company has carried forward losses and unabsorbed depreciation under the Tax Laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognised by way of prudence in accordance with Accounting Standard (AS)22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

5. The Company does not anticipate any gratuity liability because the Gratuity Act, 1972 is not applicable to the Company and therefore no provision is made for gratuity.

6. The previous year''s figures have been reworked, regrouped and reclassified wherever necessary.

7. The stock in trade has been physically verified by the management as on the last day of the year. The value of the closing stock has been stated in the accounts as certified by the management.

10. The cash on hand on the last day of the accounting, year has been physically verified by the management and the cash on hand has been taken as found and certified by the management.

12. Shares stock closing value: 3449944/-


Mar 31, 2013

1. Debtors and Creditors balances as appearing in the Balance-Sheet are subject to confirmation by the respective parties.

2. (i) The company has classified loans and advances amounting to Rs. 1522400/- as a sub- standard assets and has made provision in accordance with the Non- Banking Financial Companies Prudential Norms (Raserve Bank ) Direction 2007 and Rs.397000/- has been recovered during the year out of sub-standerad assets hence, effect has been given accordingly.

(ii) In respect of loans amounting to Rs.4504077/- the Company has resorted to available legal remedies, Civil and Criminal as advised, therefore parties has already given possession of immovable properties for the said loans and hence, no provision has been made on such loan in accordance with the Non Banking Financial Companies Prudential Norms(Reserve Bank) Directions 2007. The management is in the process of recovering the dues by disposing off the . said security so offered, and received and in possession.

(iii) In respect of loans and advances of Rs. 653781/-, against which company has filed suit and recovery if any will be credited to the said accounts as per court's order. The company has not made any provision in accordance with the Non - Banking Financial Companies Prudential Norms ( Reserve Bank ) Direction 2007.

3. NO Provision for Income-Tax has been made due to available carried forward unabsorbed depreciation and carried forward business loss and MAT provision is made as per rules of Income -Tax Act.

4. The company has carried forward losses and unabsorbed depreciation under the Tax Laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognised by way of.prudence in accordance with Accounting Standard (AS)22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

5. The Company does not anticipate any gratuity liability because the Gratuity Act, 1972 is not applicable to the Company and therefore no provision is made for gratuity.

6. The previous year's figures have been reworked, regrouped and reclassified wherever * necessary.

7. The stock in trade has been physically verified by the management as on the last day of the year. The value of the closing stock has been stated in the accounts as certified by the management.

8. The cash on hand on the last day of the accounting year has been physically verified by the management and the cash on hand has been taken as found and certified by the management.


Mar 31, 2012

1. Debtors and Creditors balances as appearing in the Balance-Sheet are subject to confirmation by the respective parties.

2. (i) The company has classified loans and advances amounting to Rs.1919400/- as a sub- standard assets and has made provision in accordance with the Non- Banking Financial Companies Prudential Norms (Raserve Bank ) Direction 2007.and Rs.713000/- has been recovered during the year out of sub-standard assets hence, effect has been given accordingly.

(ii) In respect of loans amounting to Rs.4504077/- the Company has resorted to avail legal remedies, Civil and Criminal as advised, therefore parties has already given possession of immovable properties for the said loans and hence, no provision has been required for such amounts in accordance with the Non Banking Financial Companies Prudential Norms(Reserve Bank) Directions 2007. The management is in the process of recovering the dues by disposing off the security so offered, and received and in possession.

(iii) In respect of loans and advances of Rs. 996162/-, against which company has filed suit and recovery if any .will be credited to the said accounts as per court's order, The company has not made any provision in accordance with Non - Banking Financial Companies Prudential Norms ( Reserve Bank ) Direction 2007.

3. NO Provision for Income-Tax has been made due to available carried forward unabsorbed depreciation and carried forward business loss and MAT provision is made as per rules of Income -Tax Act.

4. The company has carried forward losses and unabsorbed depreciation under the Tax Laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognised by way of prudence in accordance with Accounting Standard (AS)22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

5. The Company does not anticipate any gratuity liability because the Gratuity Act, 1972 is not applicable to the Company and therefore no provision is made for gratuity.

6. The previous year's .figures have been reworked, regrouped and reclassified wherever necessary.

7. The stock in trade has been physically verified by the management as on the last day of the year. The value of the closing stock has been stated in the accounts as certified by the management.

8. The cash pn hand on the last day of the accounting year has been physically verified by the management and the cash on hand has been taken as found and certified by the management.