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Notes to Accounts of Apoorva Leasing Finance & Investment Co. Ltd.

Mar 31, 2015

1. The company has only one class of equity Shares having Par Value of Rs 10 per Share. All these Shares have Same right & preferences with respect to payment of dividend, repayment of Capital & Voting.

2. The reconciliation of the number of Shares outstanding is set out Below

3. Previous years figures have been reworked, regrouped, & reclassified wherever necessary to confirm to the current year presentation.

4. In the opinion of Board of Director, the current Assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.

5. As per the Provision of AS-13, Accounting of Investments, investment purchased for the resale purpose should be valued at cost or market price whichever is lower, so that the company has valued it's currently purchased all stock in trade at less value that is cost.

6. During the year, the company purchased a commercial property (Shop) from Delhi development Authority situated at Narela, New Delhi for consideration of Rs 9, 06,405/-.

7. The company has invested Rs 44,23,30,733/- in the Fixed deposit, is part of Cash & Cash equivalents and further the fixed Deposit are easily marketable Assets.

8. During the year, the company has traded in Commodity, and the company has to suffered loss of Rs 1,71,50,668. Earlier the company has adopted the policy of showing these purchases and sale as trading in security thus the company had counted this sale as turnover of the company later the statutory auditor of the company raised objection for adoption of wrong policy. Actually these trading are in futures & options segment of the commodity, and as per the prescribed provision, these transactions could not be treated as trading. And the whole loss arising through trading in futures & options segment should be taken into consideration directly by "Marked to market".

9. Earlier the company has invested ' 2 Crore funds in convertible warrants but during the year, the board of Directors of the company finds that these convertible warrants cannot be converted into shares as well as cannot be redeemed. So the board of the directors took decision to written off these convertible warrants from the Retained earnings.

10. The company's business activity falls within single primary/ secondary business segment viz. Finance Activity. The disclosure requirement of Accounting standard (AS) -17 "Segment Reporting "issued by the Institute of chartered Accountants of India, therefore is not applicable.

11. Related Party Disclosure:

As per Accounting Standard 18 on Related Party disclosure issued by the Institute of chartered Accountants of India, there is no related Party transaction during the year.

12. Contingent Liabilities & Pending Litigations:

There is a pending Tax demand of Rs 60,02,240/- against the company. The above demand was raised by Department in A.Y. 2012-13. The demand of appeal is pending before CIT (A) till date. The Company is hopeful to get relieved from.

13. Earning per Share "AS-20" issued by the Institute of chartered Accountants of India:

14. The Company estimates the deferred tax created / (credit) using the applicable rate of Taxation based on the impact of timing Difference s between financial Statements and Estimated taxable income for the current Year. The company has reversed differed tax liabilities, created last year, because of Property purchased.

15. There are no micro, Small and Medium Enterprises, to whom the Company owes dues which outstanding for more than 45 days as at 31st March 2015. This information as required to be disclosed under the micro, small and medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

16. Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto.

17. Details of contracts or arrangements or transactions not at arm's length basis

(a) Name(s) of the related party and nature of relationship: NIL

(b) Nature of contracts/arrangements/transactions: NIL

(c) Duration of the contracts / arrangements/transactions: NIL

(d) Salient terms of the contracts or arrangements or transactions including the value: NIL

(e) Justification for entering into such contracts or arrangements or transactions: NIL

(f) Date of approval by the Board: NIL

(g) Amount paid as advances: NIL

(h) Date on which the special resolution was passed in general meeting as required under first proviso to section 188: NIL

18. Details of material contracts or arrangement or transactions at arm's length basis

(a) Name(s) of the related party and nature of relationship: NIL

(b) Nature of contracts/arrangements/transactions: NIL

(c) Duration of the contracts / arrangements/transactions: NIL

(d) Salient terms of the contracts or arrangements or transactions including the value: NIL (e)

Date(s) of approval by the Board: NIL

(f) Amount paid as advances, if any: NIL


Mar 31, 2014

For the purpose of calculating diluted earning per share, the net profit or loss for the year attributable to a; it reholders and the weighted average number of shares outstanding during the year are adiu ted for the effects of all diluted potential equity shares.

(1) Cash and Cash equivqlents

cash and cash in the cash llow statements comprise cash at bank and in hand and highly liquid in that are readily convertible into known amount of cash.

1. Previous years have been reworked, regrouped, & reclassified wherever necessary to confirm to presentation.

2. Balance standard & credit oi parlies are subject to confirmation.

3. In the opinio of Director, the current Assets, loans & advances have a value on realization in y course of business at least equal to the amount at which these are stated.

4. During the y ny has purchased Quoted Securities and Commodities that is considered as st e by the Management.

5. As per the hr. AS-2, Accounting of inventories, Stock in trade should be valued at cost or mark , whichever is lower, so that the company has valued it's currently purchased all se at less value that is cost.

6. The company property on profit of 8, 79,968, purchased last year, which do not affect the i n of the company and depreciation charges as per schedule XIV.

 
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