Mar 31, 2015
1. Gratuity Scheme
The liability towards gratuity as at the yearend has been ascertained on the basis of adularia valuation. Gratuity liability has been funded with Kotak Mahindra Old Mutual Life Insurance Limited during the year. The premium paid during the year after adjusting provision in the books has been charged to profit and loss account. The additional liability as per actuarial valuation at the yearend has been provided for.
2. Leave Encashment
The liability towards Leave Encashment to employees as at the yearend has been ascertained on the basis of actuarial
Which the Company has preferred an appeal
3) Balances of Sundry debtors. Sundry creditors and loans and advances are subject to confirmation and reconciliation if any.
4) The Company''s main business is financing, investment m shares I debentures, investment in mutual funds, investment n properties etc. and all the activities of the Company are related to its main business. As such there are no separate reportable segments as defined by Accounting Standard-17 on ''Segment Reportingâ.
5) Related Party Information: Pursuant to AS-18
i) Relationships
a) Where control exists
Anju R. Innani - Managing Director.
Estate of Late Shri. Ramesh R. Innani- Husband of Managing Director.
Ramesh R. Innani HUF - Karla Anju R. Innani (M.D.)
Mikhil R. Innani - Son of Managing Director.
7) Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, current tax is determined at the amount of tax payable in respect of estimated taxable income of the year. Deferred Tax resurfacing from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted on the balance sheet date. Deferred Tax Asset has not been recognized due to uncertainty of future profit. The wording of the same is as under -
8) Estimated amounts of contracts remaining to be executed (Net of Advances) Rs. 1.62.12.928/- (Previous Year Rs. 1.76.44,050/-)
9) Disclosures m accordance with Revised AS - 15 ''Employee Benefits*.
A. Defined Contribution Plan
The company has recognized the Mowing amounts in the profit and loss accounts for the year
10) Figures are rounded off to the nearest rupee and previous year''s figures are regrouped and rearranged wherever necessary
Mar 31, 2014
1) Contingent Liabilities not provided for: Year ended Year ended
31.3.2014 31.3.2013
(Rs. in Lacs.) (Rs. in Lacs.)
Demand raised by Income Tax department
against which the Company has preferred
an appeal 145.57 145.57
2) Balances of sundry debtors, sundry creditors and loans and advances
are subject to confirmation and reconciliation if any.
3) The Company''s main business is financing, investment in shares /
debentures, investment in mutual funds, investment in properties etc.
and all the activities of the Company are related to its main business.
As such there are no separate reportable segments as defined by
Accounting Standard-17 on "Segment Reporting".
4) Related Party Information pursuant to AS-18: i) Relationships
a) Where control exists
Anju R. Innani - Managing Director,
Estate of Late Shri Ramesh R Innani - Husband of Managing Director,
Ramesh R. Innani HUF - Karta Anju R. Innani (Managing Director)
Mikhil R. Innani - Son of Managing Director,
b) Key Management Personnel
Anju R. Innani Managing Director
Umanath R. Agarwal Executive Director
5) Pursuant to Accounting Standard-22 issued by the Institute of
Chartered Accountants of India, current tax is determined at the amount
of tax payable in respect of estimated taxable income of the year.
Deferred Tax resulting from ''timing difference'' between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted on the balance sheet date. Deferred Tax
Asset has not been recognized due to uncertainty of future profit. The
working of the same is as under:-
6) Estimated amounts of contracts remaining to be executed (Net of
Advances) Rs 1,76,44,050/ - (Previous Year Rs. 1,80,75,173/-)
7) Other informations pursuant to the provisions paragraph 3, 4C and 4D
of Part II of Schedule VI to the Companies Act, 1956 are not
applicable.
8) Figures are rounded off to the nearest rupee and previous years
figures are regrouped and rearranged wherever necessary.
Mar 31, 2013
1) (a) The Company has made Provision for Diminution in value of Long
Term Investment of Rs. 1,44,76,374/- (Previous Year Rs. 1,63,87,787/-).
(b) Company has made provision for NPA assets as per RBI Prudential
Norms as applicable to NBFC amounting to Rs. 8,00,273/- (Previous year
Rs.8,00,273/-).
2) Balances of sundry debtors, sundry creditors and loans and advances
are subject to confirmation and reconciliation if any.
3) The Company''s main business is financing, investment in shares /
debentures, investment in mutual funds, investment in properties etc.
and all the activities of the Company are related to its main business.
As such there are no separate reportable segments as defined by
Accounting Standard-17 on "Segment Reporting".
4) Related Party Information pursuant to AS-18: i) Relationships
a) Where control exists
Anju R. Innani - Managing Director,
Estate of Late Shri Ramesh R Innani - Husband of Managing Director,
Ramesh R. Innani HUF - Karta Anju R. Innani (Managing Director) Mikhil
R. Innani - Son of Managing Director,
5) Estimated amounts of contracts remaining to be executed (Net of
Advances) Rs 1,80,75,173/- (Previous Year Rs. 3,31,70,597/-)
6) Other informations pursuant to the provisions paragraph 3, 4C and
4D of Part II of Schedule VI to the Companies Act, 1956 are not
applicable.
7) Figures are rounded off to the nearest rupee and previous years
figures are regrouped and rearranged wherever necessary.
Mar 31, 2012
1) Contingent Liabilities not provided for:
Year ended Year ended
31.3.2012 31.3.2011
(Rs. in Lacs.) (Rs. in Lacs.)
i) Allotment/Call Money payable 15.97 15.97
ii) Demand raised by Income Tax
department against
which the Company has preferred an appeal 145.57 123.47
2) Directors' Remuneration:
Salary 36.18 34.24
Perquisites 0.30 0.30
3) Details of Auditors' Remuneration:
(a) Statutory Audit Fees 0.98 0.80
(b) Taxation Matters 2.01 1.87
4) (a) The Company has made Provision for Diminution in value of Long
Term Investment of Rs. 1,63,87,287/- (Previous Year Rs. 1,39,97,172 /-).
(b) Company has made provision for NPA assets as per RBI Prudential
Norms as applicable to NBFC amounting to Rs. 8,00,273/- (Previous year
Rs.45,17,997/-).
(c) Loss on lease adjustment of Rs. 32,43,492/- has been adjusted
against excess provision for NPA and balance amount has been written
back during the year.
5) Balances of sundry debtors, sundry creditors and loans and advances
are subject to confirmation and reconciliation if any.
6) The Company's main business is financing, investment in shares /
debentures, investment in mutual funds, investment in properties etc.
and all the activities of the Company are related to its main business.
As such there are no separate reportable segments as defined by
Accounting Standard- 17 on "Segment Reporting".
7) Related Party Information pursuant to AS-18: i) Relationships
a) Where control exists
Anju R. Innani - Managing Director,
Estate of Late Shri Ramesh R Innani - Husband of Managing Director,
Ramesh R. Innani HUF - Karta Anju R. Innani (Managing Director)
Mikhil R. Innani - Son of Managing Director,
8) Pursuant to Accounting Standard-22 issued by the Institute of
Chartered Accountants of India, current tax is determined at the amount
of tax payable in respect of estimated taxable income of the year.
Deferred Tax resulting from 'timing difference' between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted on the balance sheet date. During the year
the company has written back deferred tax liability as on 31st March
2012 amounting to Rs. 14,71,036/- .Deferred Tax Asset has not been
recognized due to uncertainty of future profit. The working of the same
is as under:-
9) Estimated amounts of contracts remaining to be executed (Net of
Advances) Rs. 3,31,70,597/- (Previous Year Rs. 3,84,47,895/-)
10) Other informations pursuant to the provisions paragraph 3, 4C and
4D of Part II of Schedule VI to the Companies Act, 1956 are not
applicable.
11) Figures are rounded off to the nearest rupee and previous years
figures are regrouped and rearranged wherever necessary.
Mar 31, 2011
1) Contingent Liabilities not provided for:
Year ended Year ended
31.3.2011 31.3.2010
(Rs. in Lacs.) (Rs. in Lacs.)
i) Allotment/Call Money payable 15.97 15.97
ii) Demand raised by Income Tax
department against which the
Company has preferred an appeal 123.47 76.56
iii) Estimated amount of contract
remaining to be remaining to
be executed on capital account
and not provided for Nil 10.07
2) (a) The Company has made Provision for Diminution in value of Long
Term Investment of Rs. 1,39,97,172/- (Previous Year Rs. 2,26,29,171/-).
(b) Company has made provision for NPA assets as per RBI Prudential
Norms as applicable to NBFC amounting to Rs. 45,17,997/- (Previous year
Rs. 49,98,771/-).
3) Balances of sundry debtors, sundry creditors and loans and advances
are subject to confirmation and reconciliation if any.
4) Sundry creditors do not include any amount payable to SSI Units.
5) The Company's main business is financing, investment in shares /
debentures, investment in mutual funds, investment in properties etc.
and all the activities of the Company are related to its main business.
As such there are no separate reportable segments as defined by
Accounting Standard- 17 on "Segment Reporting".
6) Related Party Information:- i) Relationships
a) Where control exists
Anju R. Innani - Managing Director,
Estate of Late Shri Ramesh R Innani -
Husband of Managing Director,
Ramesh R. Innani HUF - HUF of Managing Director,
Mikhil R. Innani - Son of Managing Director,
b) Key Management Personnel
Anju R. Innani Managing Director
Umanath R. Agarwal Executive Director
Narayan T. Rathi Director
Sandeep Maheshwari Director
7) Other information's pursuant to the provisions paragraph 3, 4C and
4D of Part II of Schedule VI to the Companies Act, 1956 are not
applicable.
8) Figures are rounded off to the nearest rupee and previous years
figures are regrouped and rearranged wherever necessary.
Mar 31, 2010
1) Contingent Liabilities & Provisions for:
Year ended Year ended
31.3.2010 31.3.2009
(Rs. in Lacs.) (Rs. in Lacs.)
i) Allotment/Call
Money payable 15.97 15.97
ii) Demand raised by Income
Tax department against which
the Company has preferred
an appeal 76.56 45.86
iii) Estimated amount of
contract remaining to be
remaining to be executed on
capital account and not
provided for Nil 10.07
2) (a) The Company has made Provision for Diminution in value of Long
Term Investment of Rs. 2,26,29,171/- (Previous Year Rs.
4,55,71,356/-). (b) Company has made provision for NPA assets as per
RBI Prudential Norms as applicable to NBFC. Accordingly, Company has
made provision of Rs. 49,98,771/- (Previous Year Rs 49,98,771/-).
3) Balances of sundry debtors, sundry creditors and loans and advances
are subject to confirmation and reconciliation if any.
4) Sundry creditors do not include any amount payable to SSI Units.
5) Company does not have a full time Company Secretary as it has not
been able to find a suitable person looking to the size of the Company.
However, Company has assigned a secretarial work to a practicing
Company Secretary.
6) The Companys main business is financing and all the activities of
the Company are related to its main business. As such there are no
separate reportable segments as defined by Accounting Standard-17 on
"Segment Reporting".
7) Related Party Information:
i) Relationships:
a) Where control exists
Anju R. Innani - Managing Director,
Estate of Late Shri Ramesh R Innani - Husband of Managing Director,
Ramesh R. Innani HUF - HUF of Managing Director,
Mikhil R. Innani - Son of Managing Director.
8) Other informations pursuant to the provisions paragraph 3, 4C and
4D of Part II of Schedule VI to the Companies Act, 1956 are not
applicable.
9) Figures are rounded off to the nearest rupee and previous years
figures are regrouped and rearranged wherever necessary.