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Notes to Accounts of Apple Finance Ltd.

Mar 31, 2015

As at As at 31st March 31st March 2015 2014 (Rs.) (Rs.)

(1) As the business was unviable, the Company surrendered its Certificate of Registration of Non-Banking Financial Institution to Reserve Bank of India. Reserve Bank of India has cancelled the said Certificate of Registration vide their letter No. DNBS. MRO.No.4716 & 4869 / 02.01.60.Apple / 2003-04 dated January 13, 2004 and January 18, 2004. In view of this, in terms of Section 45-IA of the RBI Act, 1934, now the Company is not entitled to carry on the business of Non-Banking Financial Institution. However, the Company can in future carry on the business of Non-Banking Financial Institution after taking necessary approval from Reserve Bank of India. The Company does have business income from Interest, etc. and also have Stock-in- Trade for business and hence, accounts have been prepared on the Going Concern Basis and Historical Cost Method.

(2) Contingent Liabilities in respect of:

In the matter of assignment of the Company's rights, title and interest arising out of the Agreement to Lease dated April 3, 1995 made between the Company and MMRDA and the lease of the land and the building constructed thereon, pursuant to the Consent Terms entered into by the Company with Kotak Mahindra Bank Limited and another in Suit No.162 of 2002 before the Bombay High Court, Rs.10 crore have been retained by Kotak Mahindra Bank Limited under a lien marked Fixed Deposit of the said Bank, for meeting any contingent liability that may arise in future. The Company's liability, however, shall in any event not exceed Rs.10 crore in terms of Clause 4 of the Agreement between the Company as the Borrower and Apple Credit Corporation Limited, Just Software Private Limited and Seismograph Securities Private Limited (all Confirming Parties) and Kotak Mahindra Bank Limited as Lender and Kotak Mahindra Prime Limited as Confirming Party in the Indenture dated March 30, 2009. 100,000,000

(3) The Company has been advised that it does 100,000,000 not have taxable income under the Income- tax Act, 1961 for the current financial year and accordingly, no provision for Income Tax has been made in the Profit and Loss Account of the Company. Further, the Wealth Tax is accounted in the year in which it is paid and hence, no provision for the Wealth Tax has been made in the Profit and Loss Account of the Company.

(4) (a) All investments are in the name of the Company, except those under transfer/ delivery.

(b) All the investments are held by the Company as long-term investments, except shown as Stock-in-Trade.

(5) In accordance with the provisions of Schedule II to the Companies Act, 2013, in the case of fixed assets which have completed their useful life as at 1st April 2014, the carrying value amounting to Rs. 6,27,441 as a transitional provision has been recognized in the retained earnings/loss.

Further, in the case of other assets acquired prior to 1st April 2014, the carrying value of assets is depreciated over the remaining useful life of such assets. Depreciation expenses charged to Profit and Loss Account for the year would have been lower by ' 7,69,396, had the Company continued with the previous assessment of useful life of such assets.

(6) Confirmation of balances from parties have not been received. The balances, therefore, are as per the books of account of the Company.

(7) There are no separate reportable segments.

(8) Demat Account holding statement as on 31.3.2015 includes 500 equity shares of Swelect Energy Systems Limited, which were already sold by the Company. However, the same have not been transferred by the transferee in its own name. Consequently, dividends received on said shares have been considered as current liability.

(9) Consequent to the issuance of the Accounting Standard 22 "Accounting for Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory, the Company has had Deferred Tax Assets (net) of ' 16,84,51,676. In the opinion of the Board of Directors, it is unlikely that the Company would be able to take advantage of Deferred Tax Assets in the near future and accordingly, Deferred Tax Asset has not been considered.

(10) As per the Accounting Standard 13, Stock-in-Trade (Shares) is required to be recognized at cost or fair value whichever is less. However, the same has not been followed as fair value of the shares are not available because those companies' shares are not quoted in the stock market. Hence, provision for the same has been made.

(11) Cash Flow is prepared as per Indirect Method.

(12) The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year's financial statement and are to be read in relation to the amount and other disclosure relating to the current year.


Mar 31, 2014

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

Notes:

1. Cash and cash equivalents include cash and cheques in hand and balances with scheduled banks.

2. Previous year''s figures have been regrouped/rearranged wherever necessary.

Notes forming part of the Accounts for the year ended 31st March, 2014

As at As at 31st Mar 2014 31st Mar2013

(1) As the business was unviable, the Company surrendered its Certificate of Registration of Non-Banking Financial Institution to Reserve Bank of India. Reserve Bank of India has cancelled the said Certificate of Registration vide their letter No. DNBS. MRO. No.4716 & 4869 / 02.01.60.Apple / 2003-04 dated January 13, 2004 and January 18, 2004. In view of this, in terms of Section 45-IA of the RBI Act, 1934, now the Company is not entitled to carry on the business of Non-Banking Financial Institution. However, the Company can in future carry on the business of Non-Banking Financial Institution after taking necessary approval from Reserve Bank of India. The Company does have business income from Interest, etc. and also have Stock-in-Trade for business and hence, accounts have been prepared on the Going Concern Basis and Historical Cost Method.

(2) Contingent Liabilities in respect of:

(a) Claims against the Company not acknowledge as debts 100,000,000 100,000,000

(3) The Company has been advised that it does not have taxable income under the Income-tax Act, 1961 for the current financial year and accordingly, no provision for Income Tax has been made in the Profit and Loss Account of the Company. Further, Wealth Tax is accounted in the year in which it is paid and hence, no provision for Wealth Tax has been made in the Profit and Loss Account of the Company.

(4) (a) All investments are in the name of the Company, except those under transfer/ delivery.

(b) All the investments are held by the Company as long-term investments, except shown as Stock-in-Trade.

(5) Prior period expesnes details:-

* Value of perquisites is determined as per the Income-tax Rules, 1962.

(b) Since no commission is paid/payable to any Director, the computation of profits under Section 349 of the Companies Act, 1956 has not been made.

(6) Confirmation of balances from parties have not been received. The balances, therefore, are as per the books of account of the Company.

(7) There are no separate reportable segments.

(8) Demat Account holding statement as on 31.3.2014 includes 500 equity shares of Swelect Energy Systems Limited, which were already sold by the Company. However, the same have not been transferred by the transferee in its own name. Consequently, dividends received on said shares have been considered as current liability.

(9) Consequent to the issuance of the Accounting Standard 22 "Accounting for Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory, the Company has had Deferred Tax Assets (net) of Rs.18,84,49,777. In the opinion of the Board of Directors, it is unlikely that the Company would be able to take advantage of Deferred Tax Assets in the near future and accordingly, Deferred Tax Asset has not been considered.

(10) As per the Accounting Standard 13, Stock-in-Trade (Shares) is required to be recognised at cost or fair value whichever is less, however, the same has not been followed as fair value of the shares are not available because those Company''s shares are not quoted in the stock market. Hence, provision for the same has been made.

(11) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year''s financial statement and are to be read in relation to the amount and other disclosure relating to the current year.


Mar 31, 2013

(1) Confirmation of balances from parties have not been received. The balances, therefore, are as per the books of account of the Company.

(2) There are no separate reportable segments.

(3) Demat Account holding statement as on 31.3.2013 includes 500 equity shares of Numeric Power Systems Limited, which were already sold by the Company. However, the same have not been transferred by the transferee in his own name. Consequently, dividends received on said shares have been considered as current liability.

(4) As per the Accounting Standard 13, Stock-in-Trade (Shares) is required to be recognised at cost or fair value whichever is less. However, the same has not been followed as fair value of the shares are not available because those Company''s shares are not quoted in the stock market. Hence, provision for the same has been made.

(5) Cash Flow is prepared as per Indirect Method.

(6) The Previous Year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year''s financial statement and are to be read in relation to the amount and other disclosure relating to the current year.


Mar 31, 2010

As at As at 31st March,2010 31st March,2009 Rupees Rupees

(1)Contingent Liabilities in respect of:

(a)Claims against Company not acknowledge as debts . 100,000,000 100,000,000

(b)There is a contingent liability towards charges for extension of time for completing construction of Apple Tower at Bandra-Kurla Complex,payable toMumbai Metropolitan Region Development Authority. 107,816,237 107,816,237



(2)The Company has been advised that it does not have taxable income under the Income-tax Act,1961 for the current financial year and accordingly,no provision for Income Tax has been made in the Profit and Loss Account of the Company.

(3)Further,Wealth Tax is accounted in the year in which it is paid and hence, no provision for Wealth Tax has been made iri the Profit and Loss Account of the Company.

(4)(a)All investments are in the name of the Company,except those under transfer/delivery. (b)All the investments are held by the Company as long term investments,except shown as stock-in-trade.

(5)Confirmation of balances from parties have not been received. The balances, therefore,are as per the books of account of the Company.

(6)There are no separate reportable segments.

(7)Figures in the brackets pertain to the previous year.Figures for the previous year have been regrouped /rearranged wherever necessary.

 
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