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Notes to Accounts of Arman Financial Services Ltd.

Mar 31, 2023

Provisions, contingent liabilities and contingent assets

A. Provisions

Provisions are recognised when the Company
has a present obligation (legal or constructive)
as a result of past events, and it is probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation, and
a reliable estimate can be made of the amount of
the obligation. When the effect of the time value of
money is material, the Company determines the level
of provision by discounting the expected cash flows
at a pre-tax rate reflecting the current rates specific
to the liability. The expense relating to any provision
is presented in the statement of profit and loss net of
any reimbursement.

B. Contingent liability

A possible obligation that arises from past events
and the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or; present obligation that arises
from past events where it is not probable that an
outflow of resources embodying economic benefits
will be required to settle the obligation; or the amount
of the obligation cannot be measured with sufficient
reliability are disclosed as contingent liability and not
provided for.

C. Contingent asset

A contingent asset is a possible asset that arises
from past events and whose existence will be
confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not wholly
within the control of the Company. Contingent assets
are neither recognised nor disclosed except when
realisation of income is virtually certain, related asset
is disclosed.

3.17 Taxes

A. Current tax

Current tax assets and liabilities for the current and
prior years are measured at the amount expected to
be recovered from, or paid to, the taxation authorities.
Current tax is the amount of tax payable on the taxable
income for the period as determined in accordance
with the applicable tax rates and the provisions of the
Income Tax Act, 1961.

B. Deferred tax

Deferred tax is recognised on temporary differences
between the carrying amounts of assets and
liabilities in the standalone financial statements and
the corresponding tax bases used in the computation
of taxable profit.

Deferred tax liabilities and assets are measured at
the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the
reporting period. The carrying amount of deferred tax
liabilities and assets are reviewed at the end of each
reporting period.

Deferred tax relating to items recognised outside
profit or loss is recognised outside profit or loss
(either in other comprehensive income or in equity).

Deferred tax items are recognised in correlation to
the underlying transaction either in OCI or equity.

Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same
governing tax laws and the Company has a legally
enforceable right for such set off.

C. Goods and services tax paid on acquisition of
assets or on incurring expenses

Expenses and assets are recognised net of the goods
and services tax paid, except when the tax incurred
on a purchase of assets or availing of services is

not recoverable from the taxation authority, in which
case, the tax paid is recognised as part of the cost
of acquisition of the asset or as part of the expense
item, as applicable.

The net amount of tax recoverable from, or payable
to, the taxation authority is included as part of
receivables or payables in the balance sheet.

3.18 Earnings per share

Basic earnings per share ("EPS”) is computed by
dividing the profit after tax (i.e. profit attributable to
ordinary equity holders) by the weighted average
number of equity shares outstanding during the year.

Diluted EPS is computed by dividing the profit after
tax (i.e. profit attributable to ordinary equity holders)
as adjusted for after-tax amount of dividends and
interest recognised in the period in respect of the
dilutive potential ordinary shares and is adjusted for
any other changes in income or expense that would
result from the conversion of the dilutive potential
ordinary shares, by the weighted average number of
equity shares considered for deriving basic earnings
per share as increased by the weighted average
number of additional ordinary shares that would
have been outstanding assuming the conversion
of all dilutive potential ordinary shares Potential
equity shares are deemed to be dilutive only if their
conversion to equity shares would decrease the net
profit per share from continuing ordinary operations.
Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless
they have been issued at a later date. Dilutive potential
equity shares are determined independently for each
period presented. The number of equity shares and
potentially dilutive equity shares are adjusted for
share splits / reverse share splits, right issue and
bonus shares, as appropriate.

3.19 Dividends on ordinary shares

The Company recognises a liability to make cash
or non-cash distributions to equity holders of
the Company when the distribution is authorised
and the distribution is no longer at the discretion
of the Company. As per the Act, final dividend is
authorised when it is approved by the shareholders
and interim dividend is authorised when the it is
approved by the Board of Directors of the Company.
A corresponding amount is recognised directly in
equity. Non-cash distributions are measured at the
fair value of the assets to be distributed with fair
value re-measurement recognised directly in equity.
Upon distribution of non-cash assets, any difference

between the carrying amount of the liability and
the carrying amount of the assets distributed is
recognised in the statement of profit and loss.

4. Standards issued but not yet effective

Ministry of Corporate Affairs ("MCA”) notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. On March 31,2023,
MCA amended the Companies (Indian Accounting
Standards) Rules, 2015 by issuing the Companies
(Indian Accounting Standards) Amendment Rules,
2023, applicable from April 1, 2023, as below:

• Ind AS 1 - Presentation of Financial Statements
The amendments require companies to disclose
their material accounting policies rather than their
significant accounting policies. Accounting policy
information, together with other information, is
material when it can reasonably be expected to
influence decisions of primary users of general
purpose financial statements. The Company does
not expect this amendment to have any significant
impact in its financial statements.

• Ind AS 12 - Income Taxes

The amendments clarify how companies account
for deferred tax on transactions such as leases and
decommissioning obligations. The amendments
narrowed the scope of the recognition exemption
in paragraphs 15 and 24 of Ind AS 12 (recognition
exemption) so that it no longer applies to
transactions that, on initial recognition, give rise to
equal taxable and deductible temporary differences.
The Company is evaluating the impact, if any, in its
financial statements.

• Ind AS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors

The amendments will help entities to distinguish
between accounting policies and accounting
estimates. The definition of a change in accounting
estimates has been replaced with a definition of
accounting estimates. Under the new definition,
accounting estimates are "monetary amounts in
financial statements that are subject to measurement
uncertainty”. Entities develop accounting estimates
if accounting policies require items in financial
statements to be measured in a way that involves
measurement uncertainty. The Company does not
expect this amendment to have any significant
impact in its financial statements.


Mar 31, 2018

1.1 The Company has two classes of shares referred to as i) Ordinary equity shares having face value of RS. 10/-. Each holder of equity share is entitled to 1 vote per share and ii) Class “A” ordinary shares having face value of RS. 10/-. Each holder of Class “A” ordinary shares is entitle to one vote for one lakh shares.

1.2 In the event of liquidation of the Company, the holders of both type of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by shareholders.

1.3 The Company declares and pays dividends in Indian rupees. The Board of Directors have recommended for the approval of Members a final dividend of RS. 1.00/- per equity share of RS. 10/- each for the Financial Year 2017-18. As per the requirement of Accounting Standard 4 (Revised), the Company has not recognised any provision in financial statements.

1.4 Details of shareholders holding more than 5 % of ordinary shares of the Company are as follows:

@@ Security:

Term Loans are secured under hypothecation of exclusive first charge on specific assets portfolio & personal guarantee of some of the Directors. The same are further secured by cash collateral security in the form of fixed deposit which are shown under “Other Bank Balance”.

Interest:

Secured Term Loan carries an interest rate ranging from 8.35 % to 15.00 % p.a.

Unsecured Term Loan carries an interest rate at 15% p.a.

Repayment:

Term Loan Facilities are repayable in following schedule in monthly / half yearly instalments as follows:-

@ Security:

Working Capital Loans are secured under hypothecation of specific assets portfolio & personal guarantee of some of the directors. The same are further secured by cash collateral security in the form of fixed deposit which are shown under “Other Bank Balance”.

2.1 Unpaid dividend is not due for transfer to investor education and protection fund by the Company.

3.1 Loans secured by hypothecation of assets (vehicles) are secured by hypothecation of the assets (vehicles) under finance. In the opinion of the Board, the market value of the hypothecated assets (vehicle) as on Balance Sheet date is more than the amount of loan outstanding.

3.2 Loans secured by hypothecation of vehicle includes RS. 1,40,78,002/- (P.Y. RS. 91,63,625/-) outstanding portfolio on which NPA provision of RS. 14,07,800/- (P.Y. RS. 9,23,699/-) has been made.

3.3 Deposits includes deposits given as collateral security against loans from financial Institutes.

4.1 Sundry debtors includes RS. 2,15,07,790/-(P.Y. RS. 1,37,24,801/-) outstanding portfolio on which NPA provision of RS. 21,56,848/-(P.Y. RS. 13,80,480/-) has been made.

5.1 Current account with banks includes RS. 19,99,455/- (P.Y. RS. 19,62,913/-) in Unpaid Dividend Account.

5.2 Deposits includes deposits given as cash collateral security against bank loans.

6.1 The disclosure in respect of employee benefit as defined in the accounting standard 15 is given below:

7.1 Bad debts & irrecoverable w/o are shown net off bad debts recovery during the year amounting to RS. 32,70,661/- (P.Y. RS. 6,95,821/-).

7.2 NPA provisions are shown net off NPA provision written back during the year amounting to Rs. Nil (P.Y. Rs. Nil).

8. Contingent liabilities not provided for: -

(a) Disputed Demand of Income Tax of RS. 750.85 Lakhs (Previous year RS. 792.51 Lakhs). (against which the Company has paid RS. 148.56 Lakhs [Previous year RS. 8.79 Lakhs] under protest which are shown as advances).

(b) Guarantee given by Company of RS. 13586.20 Lakhs (P.Y. RS. 6478.53 Lakhs) for working capital / Term Loan taken by its wholly owned subsidiary Company.

9. Related Party Disclosures:

List of Related Parties with whom transactions have taken place during the year:

A) Subsidiary

Namra Finance Limited

B) Key Managerial Personnel

Mr. Jayendra Patel Mr. Aalok Patel

Mr. Amit Manakiwala (Up to 31st August 2017)

10. Stock Option Scheme

The Company has instituted ‘ARMAN-EMPLOYEE STOCK OPTION PLAN 2016’ (“ESOP 2016”), pursuant to the approval of the shareholders of the company at their annual general meeting held on 22.09.2016.

During the year ended March 31, 2018, Company has granted 97,500 stock options (out of total 1,25,000 option available for being granted to eligible employees of the Company / Subsidiary Company/ies) to various employees of Company/ subsidiary Company on 26.05.2017 under the scheme of ‘ARMAN-EMPLOYEE STOCK OPTION PLAN 2016’ (“ESOP 2016”). The details are as under:

11. Balances are subject to confirmation.

12. Borrowing costs attributable to the acquisition or construction of qualifying assets amounting to Rs. Nil (P. Y. Rs. Nil)

(ii) As per Master Circulars - “Miscellaneous Instructions to all Non-Banking Financial Companies” dated July’1, 2015 (updated as on April 11, 2016) vide ref. no. RBI/2015-16/107 DNBR (PD) CC.No.056/03.10.119/2015-16 any profit / premium arising on account of securitization of loans should be amortized over the life of the securities issued or to be issued by the SPV. The amount of profit received in cash may be held under an accounting head styled as “Cash Profit on Loan Transfer Transactions Pending Recognition” maintained on individual transaction basis. The amortization of cash profit arising out of securitization transaction will be done at the end of every financial year.

13. Lease:

The Company has entered into certain rent agreements and amounts of RS. 17.62 Lakhs (P.Y. RS. 7.81 Lakhs) paid under such agreements have been charged to the statement of profit and Loss. These rents agreements are generally not cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

14. During the year, the Company has impaired the assets to the tune of Rs. Nil (P.Y. Rs. Nil).

15.In the opinion of the Board, current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

16 .As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognised in respect of Non-Performing Assets.

17. As required in terms of paragrapRs. 13 of Non-Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, schedule to the Balance Sheet of a Non-Banking Financial Company are annexed hereto.

18 .Additional disclosures required by the RBI A) Capital to risk assets ratio (CRAR)

C) Derivatives

The Company has no transactions /exposures in derivatives in the current year and previous year. Un-hedge foreign currency exposure as on 31st March, 2018 is Rs. Nil (P.Y. is Rs. Nil).

D) Disclosure relating to securitization

The Company has entered in to transaction of Securitization (Sales) of RS. 18,00,96,178/- and previous years (Sales) of RS. 13,52,50,000/-.

E) Details of non-performing assets purchase / sold

The Company has not purchased/sold non performing financial assets in the current and previous year.

F) Assets Liability Management

Maturity pattern of certain Assets and Liability as on 31.03.2018

G) Exposure

The Company has no exposure to real estate sector and capital market directly or indirectly in the current and previous year.

H) Details of financing of parent Company products:

This disclosure is not applicable as the Company does not have any holding / parent Company.

I) Registration obtained from other financial sector regulators.

The Company is registered with following other financial sector regulators (financial regulators as described by Ministry of Finance):

a) Ministry of Corporate Affairs

b) Ministry of Finance

J) Disclosure of penalties imposed by RBI and other regulators.

No penalties imposed by RBI and other regulator during current year and previous year.

K) Rating assigned by credit rating agencies and migration of ratings during the year

19. Previous year’s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.


Mar 31, 2016

1. RELATED PARTY DISCLOSURES :

Unsecured Loan repayments includes

Paid to Shri Jayendra Patel Rs.Nil (PY. Rs. 9,33,904), to Smt. Ritaben J. Patel Rs.Nil (PY. Rs. 2,59,493), to Shri Aalok Patel Rs.Nil (PY. Rs. 2,59,370), to Aaksh Patel (HUF) Rs.6,39,204 (PY. Rs. 2,98,623), to Namra Holdings & Consultancy Services Pvt. Limited Rs.Nil (PY. Rs. 1,24,438), to Chinubhai R. Shah (HUF) Rs.12,05,425 (PY Rs. 9,23,238), to Namra Finance Limited Rs.70,86,15,216 (PY Rs. Nil)

Unsecured Loan granted includes

Paid to Namra Finance Limited Rs.27,06,85,830 (PY. Rs. 31,25,37,802).

Unsecured Loan received back includes

Received from Namra Finance Limited Rs.28,36,99,353 (PY. Rs. 32,79,14,263).

Interest Income includes

Received from Namra Finance Limited Rs.65,64,866 (PY. Rs. 1,03,53,560).

Interest Expenses includes paid to Shri Jayendra Patel Rs. Nil (P.Y. Rs. 33,904), to Shri Aalok Patel Rs. Nil (PY. Rs. 9,370), to Smt. Ritaben J Patel Rs. Nil (P.Y. Rs. 9,493), to Aakash Patel (HUF) Rs.1,42,047 (P.Y. Rs. 91,777), to Namra Holdings & Consultancy Services Pvt. Limited Rs. Nil (P.Y. Rs. 4,438) to C.R. Shah Rs. 5,425 (P.Y. Rs.12,32,38), Namra Finance Limited Rs.31,58,084 (P.Y.Rs. Nil).

Remuneration and perquisites includes payment to Shri Jayendrabhai Patel Rs.15,55,000 (P.Y. Rs. 15,32,600) and to Shri Amit Manakiwala Rs.10,70,000 (P.Y. Rs. 9,50,000), to Shri Aalok Patel Rs.4,83,600 (P.Y. Rs. 5,11,100)

Sitting Fees included paid to Smt. Ritaben Patel Rs. 37,500 (P.Y. Rs. 37,500).

Rent includes paid to J B Patel & Co. Rs. 20240 (P.Y. Rs. 20240) and to Ritaben Patel Rs. 95,25,560 (P.Y. Rs. 5,55,660)

Dividend Paid includes paid to Shri Aalok Patel Rs.2,96,976 C 2,47,480), to Jayendrabhai Patel HUF Rs.2,35,200 (P.Y. Rs.1,96,000), to Shri Aakash Patel Rs. 3,34,596 (P.Y. Rs.2,47,480), to Shri Jayendrabhai Patel Rs.3,40,690 (PY. Rs. 2,83,908), to Smt. Ritaben Patel Rs. Nil 3,56,009 (P.Y. Rs. 2,78,830), to Namra Holdings & Cons. Services Pvt. Limited Rs.1,98,480 (PY. Rs. 1,65,400), to Shri Amitbhai Manakiwala Rs. 2,32,804 (PY. Rs. 1,94,003), to Smt. Himani Manakiwala Rs.60,000 (P.Y. Rs. 50,000),to Maulik A Manakiwala Rs.960 (P.Y. Nil), Namra Holdings & Consultancy Services Pvt. Limited Rs. 1,98,480 (P.Y. Rs. 1,65,400).

Investments in Subsidiary Company includes investment into Namra Finance Limited Rs. 42,18,750 (P.Y. Rs. Nil).

Purchase of Receivables under Securitization included transaction with Namra Finance Limited of Rs. 24,42,88,000 /- (P.Y. Rs. 22,31,50,400)

2. Balances are subject to confirmation.

3. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (P. Y. Rs. Nil)

4. LEASE:

The Company has entered into certain rent agreements and amounts of Rs 16.60. Lacs (PY. Rs. 15.92 Lacs) paid under such agreements have been charged to the Statement of Profit and Loss. These rents agreements are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

5. During the year, the company has impaired the assets to the tune of Rs. Nil (PY. Rs. Nil).

6. In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

7. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognized in respect of Non Performing Assets.

8. ADDITIONAL DISCLOSURES REQUIRED BY THE RBI

C) Derivatives

The company has no transactions /exposures in derivatives in the current year and previous year. Un-hedge foreign currency exposure as on 31st March, 2016 is Rs. Nil (P.Y. is Rs. Nil).

D) Disclosure relating to securitization

The company has no transactions of securitization in the current year and previous year.

E) Details of non-performing assets purchase / sold.

The company has not purchased/sold non performing financial assets in the current and previous year.

G) Exposure

The company has no exposure to real estate sector and capital market directly or indirectly in the current and previous year.

H) Details of financing of parent company products:

This disclosure is not applicable as the company does not have any holding / parent company.

I) Registration obtained from other financial sector regulators.

The company is registered with following other financial sector regulators (financial regulators as described by Ministry of Finance):

(i) Ministry of Corporate Affairs

(ii) Ministry of Finance

9. Previous year''s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.


Mar 31, 2015

1. Contingent liabilities not provided for: -

(a) Disputed Demand of Income Tax Rs,42.06 Lacs (Previous year Rs,17.12 Lacs) (Against which the Company has paid Rs, Nil [Previous year Rs,11.41 Lacs] under protest which are shown as advances).

(b) Guarantee given by company of Rs,3800 Lacs (P.Y. Rs,2200 Lacs) for Working Capital / Term Loan taken by its subsidiary company.

2. Related Party Disclosures : (contd.)

List of Transaction, out of the transaction reported in the above table, where the transaction entered in to with single party exceeds 10 % of the total related party transactions of similar nature are as under:

Unsecured Loan taken includes

Taken from Shri Jayendra Patel Rs,900000 (P.Y. Rs,5085000), from Smt. Rs,imani A. Manakiwala Rs,Nil (P.Y. Rs,1300000), from Smt. Ritaben J. Patel Rs,250000 (P.Y. Rs,1487500), from Shri Aalok J. Patel Rs,250000 (P.Y Rs,3050000), from Jayendra Patel (HUF) H Nil (P.Y. Rs,2675000) , from Namra Holdings & Consultancy Services Pvt. Limited Rs,120000 (P.Y. Rs,1965000), from Shri Aakash J. Patel ( HUF ) Rs,680000 (P.Y. Rs,2375000).

Unsecured Loan repayments includes

Paid to Shri Jayendra Patel Rs,9 33 904 (P.Y. Rs,5576248), to Smt. Himani A. Manakiwala H Nil (P.Y. Rs,1426409), to Smt. Ritaben J. Patel Rs,259493 (P.Y. Rs,1793825), to Shri Aalok Patel Rs,2 59 370 (P.Y. Rs,3443157), to Aakash Patel (HUF) Rs,2 98 623 (P.Y. Rs,2438618), to Amit Manakiwala(HUF) H Nil (P.Y. Rs,1512271), to Jayendra Patel (HUF) H Nil (P.Y. Rs,3000229), to Namra Holdings & Consultancy Services Pvt. Limited H124438 (P.Y. Rs,2206101), to Chinubhai R. Shah (HUF) Rs,923238 (P.Y. Rs,125310).

Unsecured Loan granted includes

Paid to Namra Finance Limited Rs,312537802 (P.Y. Rs,404042640).

Unsecured Loan received back includes

Received from Namra Finance Limited Rs,327914263 (P.Y. Rs,405794793).

Interest Income includes

Received from Namra Finance Limited Rs,10353560 (P.Y. Rs,13223711).

Interest Expenses includes

paid to Shri Jayendra Patel Rs,33904 (P.Y. Rs,491218), to Shri Aalok Patel H9370 (P.Y. Rs,393157), to Smt. Ritaben J Patel Rs,9493 (P.Y. Rs,306325), to J B Patel (HUF) Rs, Nil (P.Y. Rs,325229), to Aakash Patel (HUF) Rs,91777 (P.Y. Rs,263618), to Smt. Himani Manakiwala Rs, Nil (P.Y. Rs,126409), to Namra Holdings & Consultancy Services Pvt. Limited Rs,4438 (P.Y. Rs,241101) to C.R. Shah 123238 (125310).

Remuneration and perquisites includes

payment to Shri Jayendrabhai Patel Rs,1532600 (P.Y. Rs,1532600) and to Shri Amit Manakiwala Rs,950000 (P.Y. Rs,900000), to Shri Aalok Patel Rs,511100 (P.Y. Rs,549600)

Sitting Fees included

paid to Smt. Ritaben Patel Rs,37500 (P.Y. Rs,50000)

Rent includes

paid to J B Patel & Co. Rs,20224 (P.Y. Rs,20224) and to Smt. Ritaben Patel Rs,555660 (P.Y. Rs, Nil)

Dividend Paid includes

paid to Shri Aalok Patel Rs,247480 (Rs,197984), to Jayendrabhai Patel HUF Rs,1 96 000 (P.Y. Rs,156800), to Shri Aakash Patel Rs,247480 (P.Y. Rs,223064), to Shri Jayendrabhai Patel Rs,283908 (P.Y. Rs,226355), to Smt. Ritaben Patel Rs,278830 (P.Y. Rs,237339), to Namra Holdings & Cons. Services Pvt. Limited Rs,165400 (P.Y. Rs,132320), to SRs,ri Amitbhai Manakiwala Rs,194003. (P.Y. Rs,155202), to Smt. Himani Manakiwala Rs,50000 (P.Y. Rs,40000).

Investments in Subsidiary Company includes

investment into Namra Finance limited Rs, Nil (P.Y. Rs,50000000).

Purchase of Receivables under Securitization included

transaction with Namra Finance limited of Rs,223150400/- (P.Y. 49500000)

3. Balances are subject to confirmation.

4. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs, Nil (P. Y. Rs, Nil)

5. Share Application Money forfeited during the year and transferred to General Reserve of Rs, Nil (P.Y. Rs,14.99 Lacs).

6. Lease:

The Company has entered into certain rent agreements and amounts of Rs,15.92 Lacs (P.Y. Rs,22.99 Lacs) paid under such agreements have been charged to the Statement of Profit and Loss. These rents agreements are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

7. During the year, the company has impaired the assets to the tune of Rs, Nil (P.Y. Rs, Nil).

- In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

8. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognized in respect of Non Performing Assets.

9. As required in terms of Paragraph 13 of Non-Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, schedule to the Balance Sheet of a Non-Banking Financial Company are annexed hereto.

A) Details of non-performing assets purchase / sold.

The company has not purchased/sold non performing financial assets in the current and previous year.

B) Exposure

The company has no exposure to real estate sector and capital market directly or indirectly in the current and previous year.

C) Details of financing of parent company products:

This disclosure is not applicable as the company does not have any holding / parent company.

D) Registration obtained from other financial sector regulators.

The company is registered with following other financial sector regulators (financial regulators as described by Ministry of Finance):

(E) Ministry of Corporate Affairs (ii) Ministry of Finance

F) Disclosure of penalties imposed by RBI and Other regulators.

No penalties imposed by RBI and other regulator during current year and previous year.

Previous year's figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.-


Mar 31, 2014

1. The Company has two classes of shares referred to as i) Ordinary Equity shares having face value of Rs. 10/-. Each Holder of Equity Share is entitled to 1 vote per share and ii) Class "A" Ordinary Shares having face value of Rs. 10/-. Each Holder of Class "A" Ordinary Shares is Entitle to one Vote for one lac Shares.

2. In the event of liquidation of the Company, the holders of both type of Equity shares will be entitled to receive any of the remaining assets of the company , after distribution of all preferential amounts. However, no such preferential amounts exist currently The distribution will be in proportion to the number of Equity shares held by shareholders.

3. The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting.

4. During the year ended 31st March2014, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 81,01,498/-(Rs.1.00). The Total dividend appropriation for the year ended 31st March,2014 amounted Rs. 69,24,653/-(PY Rs. 45,19,115/-) excluding corporate dividend tax of Rs. 11,76,845/- (P.Y. 7,68,023/-).

Interest:

Term Loan carries an interest rate ranging from @ 8.25 % to @ 16.25 % p.a. Vehicle Loan carries an interest rate @ 12 % .

Loans from relatives carries interest rate @ 15 to 18 %

5. Loans secured by hypothecation of Assets (Vehicles) are secured by hypothecation of the Assets (Vehicles) under finance. In the opinion of the Board, the market value of the hypothecated Assets (Vehicle) as on Balance Sheet date is more than the amount of Loan Outstanding.

6. Loans secured by Hypothecation of Vehicle includes Rs. 21,00,713/- (P.Y. 14,72,820/-) outstanding portfolio on which NPA provision of Rs. 2,10,345/- (P.Y. Rs. 1,47,280/-) has been made.

7. Loans to Companies, Firms & Individuals includes Rs. Nil (P.Y. 57,457/-) outstanding portfolio on which NPA provision of Rs. Nil (P.Y. Rs. 5,748/-) has been made

8. Bad debts & Irrecoverable W/off are shown net off bad debts recovery during the year amounting to Rs. 7,42,973/- (P.Y. 5,00,941/-).

9. NPA provisions are shown net off NPA Provision written back during the year amounting to Rs. 3,72,539/- (P.Y. Rs. 2,12,144/-)

10. Contingent liabilities not provided for: -

(a) Disputed Demand of Income Tax Rs. 17.12 Lacs (Previous year Rs. 19.27 Lacs) (Against which the Company has paid Rs. 11.41 Lacs [Previous year Rs. 19.27 Lacs] under protest which are shown as advances).

(b) Guarantee given by company of Rs. 2200 Lacs (P.Y. Rs. Nil) for Working Capital Loan taken by its subsidiary company.

11. Related Party Disclosures :

List of Related Parties with whom transactions have taken place during the year:

A) Subsidiary Namra Finance Ltd.

B) Key Management Personnel

Mr. Jayendrabhai Patel

Mr. Aalokbhai Patel

Mr. Amitbhai Manakiwala

C) Relatives of Key Management Personnel

Name of Party Related party Relationship

Mrs. Ritaben J. Patel Relative of Key Management Personnel

Mr. Aakash J. Patel Relative of Key Management Personnel

J.B.Patel HUF Key Management personnel is Karta

Raj Enterprise Key Management personnel is Proprietor

Mrs. Himani Manakiwala Relative of Key Management Personnel

J B Patel & Co. Key Management personnel is co-owner

Mrs. Sachi Patel Relative of Key Management Personnel

Aalok Patel (HUF) Key Management personnel is Karta

Amit Manakiwala (HUF) Key Management personnel is Karta

Aakash Patel (HUF) Relative of Key Management Personnel

Namra Holdings & Cons. Relative of Key Management Personnel

Services Pvt. Limited Is Director

List of Transaction, out of the transaction reported in the above table, where the transaction entered in to with single party exceeds 10 % of the total related party transactions of similar nature are as under:

Unsecured Loan taken includes

taken from Shri Jayendra Patel Rs. 5085000 (P.Y. Rs. 7615000), from Smt. Himani A. Manakiwala Rs. 1300000 (PY Rs. 800000), from Smt. Ritaben J. Patel Rs. 1487500 (P.Y. Rs 3275000), from Shri Aakash J. Patel Rs. Nil (PY. 5.180.000) , from Shri Aalok J. Patel Rs. 3050000(P.Y Rs. 2880000), from Jayendra Patel (HUF) Rs. 2675000 (PY. Rs.1630000), from Smt. Sachi Patel Nil (P.Y. Rs. 1193000), from Amit Manakiwala (HUF) Rs.Nil (PY. Rs. 1120000), from Namra Holdings & Consultancy Servises Pvt. Limited Rs.1965000 (P.Y. Rs. 790000), from Shri Aakash J. Patel ( HUF ) Rs. 2375000 (P.Y. 150000). Unsecured Loan repayments includes paid to Shri Jayendra Patel Rs. 5576248(P.Y. Rs. 8267416), to Smt. Himani A. Manakiwala Rs. 1426409 (P.Y. Rs. 941239), to Smt. Ritaben J. Patel Rs. 1793825 (PY Rs. 3517351), to Shri Aakash Patel Rs. Nil (P.Y. Rs. 5908718 ), to Shri Aalok Patel Rs. 3443157 (PY Rs. 3250328), to Aaksh Patel (HUF) Rs.2438618 (P.Y. Rs. 174991), to Smt. Sachi Patel Rs. Nil (P.Y. Rs. 1395145), to Amit Manakiwala(HUF) Rs.1512271 (P.Y. Rs. 1308714), to Jayendra Patel (HUF) Rs.3000229 (PY Rs. 18,19,361), to Namra Holdings & Consultancy Services Pvt. Limited Rs.2206101 (P.Y. Rs. 904016).

Unsecured Loan granted includes paid to Namra Finance Limited Rs. 404042640(P.Y. Nil).

Unsecured Loan received back includes Received from Namra Finance Limited Rs. 405794793(P.Y. Nil).

Interest Income includes Received from Namra Finance Limited Rs. 13223711 (P.Y. Nil).

Interest Expenses includes paid to Shri Jayendra Patel Rs. 491218 (PY Rs. 587175), to Shri Aakash Patel Rs. Nil (P.Y. Rs. 582973), to Shri Aalok Patel Rs. 393157 (P.Y. Rs. 333293), to Smt. Ritaben J Patel Rs. 306325 (PY Rs. 218115), to J B Patel (HUF) Rs. 325229 (P.Y. Rs. 170424), to Aakash Patel (HUF) Rs.263618 (P.Y. Rs. 22,491), to Smt. Sachi Patel Rs. Nil (P.Y. Rs. 161716), to Amit Manakiwala(HUF) Rs. Nil (P.Y. Rs. 169843), to Smt. Himani Manakiwala Rs. 126409 (PY Rs. 127114), to Namra Holdings & Consultancy Services Pvt. Limited Rs.241101 (PY Rs. 102614).

Remuneration and perquisites includes payment to Shri Jayendrabhai Patel Rs. 1532600 (PY Rs. 1535536) and to Shri Amit Manakiwala Rs. 900000 (P.Y. Rs. 390000), to Shri Aalok Patel Rs. 549600 (P.Y. 550000)

Professional Fees includes payment to Shri Amit Manakiwala Rs. Nil (P.Y. Rs. 390000),

Sitting Fees included paid to Smt. Ritaben Patel Rs. 50000 (P.Y. Rs. 62500) and Shri Amitbhai R. Manakiwala Rs. Nil (PYRs. 22500),

Rent includes paid to J B Patel & Co. Rs. 20224 (P.Y. 20224),

Dividend Paid includes paid to Shri Aalok Patel Rs. 197984 (Rs. 161432), to Jayendrabhai Patel HUF Rs.156800 (P.Y. Rs. 156800), to Shri Aakash Patel Rs. 223064 (P.Y. Rs. 186512), to Shri Jayendrabhai Patel Rs. 226355(PY Rs. 188952.80), to Smt. Ritaben Patel Rs. 237339 (P.Y. Rs. 200248), to Namra Holdings & Cons. Services Pvt. Limited Rs. 132320 (P.Y. Rs. 132320), to Shri Amitbhai Manakiwala Rs. 155202 (P.Y. Rs. 130080), to Smt. Himani Manakiwala Rs. 40000 (PY Rs. 40000).

Investments in Subsidiary Company includes investment into Namra Finance limited Rs. 50000000/- (P.Y. Rs. 30110000/-).

Transfer of Receivables under Securitization included transaction with Namra Finance limited of Rs. 11791300/ - (PY 49500000)

Purchase of Shares of Subsidiary includes purchase made from Shri Jayendrabhai Patel Rs. Nil (PY 2,000) , to Shri Amit Manakiwala Rs. Nil (PY Rs. 2,000), to Shri Aalok Patel Rs. Nil (PY 2,000), Smt. Ritaben Patel Rs. Nil (PY 1.000) .

12. Balances are subject to confirmation.

13. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (P. Y. Rs. Nil)

14. Share Application Money forfeited during the year is transfer to General Reserve of Rs. 14.99 Lacs (P.Y. Rs. Nil).

15. Lease:

The Company has entered into certain rent agreements and amounts of Rs. 22.99 Lacs (P.Y. Rs. 25.82 Lacs) paid under such agreements have been charged to the Statement of profit and Loss. These rents agreements are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

16. During the year, the company has impaired the assets to the tune of Rs. Nil (P.Y. Rs. Nil).

17. In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

18. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognised in respect of Non Performing Assets.

19. Previous year's figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.


Mar 31, 2013

1. Contingent liabilities not provided for: -

(a) Disputed Demand of Income Tax Rs. 19.27 Lacs (Previous year Rs. 19.27 Lacs) (Against which the Company has paid Rs.19.27 Lacs [Previous year Rs. 19.27 Lacs] under protest which are shown as advances)

2. Related Party Disclosures :

List of Related Parties with whom transactions have taken place during the year:

A) Subsidiary Namra Finance Ltd.

B) Key Management Personnel Mr. Jayendrabhai Patel

Mr. Aalokbhai Patel

Mr. Amitbhai Manakiwala

3. Balances are subject to confirmation.

4. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (P. Y. Rs. Nil)

5. Lease:

The Company has entered into certain operating lease agreements and amounts of Rs.25.82 Lacs (P.Y. Rs. 18.60 Lacs) paid under such agreements has been charged to the Statement of rofit and Loss. These lease are generally not non cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

6. During the year, the company has impaired the assets to the tune of Rs. Nil (P.Y. Rs. Nil).

7. In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

8. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognised in respect of Non Performing Assets.

9. Previous year''s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.


Mar 31, 2012

1.1 The company has only one class of shares referred to as Equity shares having face value of Rs. 10/-. Each Holder of Equity Share is entitled to 1 vote per share.

1.2 In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive any of the remaining assets of the company , after distribution of all preferential amounts.However, no such preferential amounts exist currently.The distribution will be in proportion to the number of Equity shares held by the shareholder.

1.3 The Company declares and pays dividends in Indian Ruppes. The Dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting.

1.4 During the year ended 31st March, 2012, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 32,61,280/- (Rs. 0.80).The Total dividend appropriation for the year ended 31st March,2012 amounted Rs. 32,61,280/-(P.Y.32,61,280/-) excluding corporate dividend tax Tax of Rs.5,28,980/- (P.Y. 5,41,666/-).

2.1 Loan from related party carry interest rate 18 %.

2.2 Loan from Corporates carry interest rate 18 %.

3.1 Current Account with Banks includes Rs. 5,58,852/- (Prev. Year Rs. 2,49,508/-) in Unpaid Dividend Account.

4.1 Bad debts & Irrecoverable W/off are shown net off bad debts recovery during the year amounting to Rs. 11,69,860/- (P.Y. 3,91,570/-).

5. Contingent liabilities not provided for: -

(a) Disputed Demand of Income Tax Rs. 19.27 Lacs (Previous year Rs. 38.69 Lacs) (Against which the Company has paid Rs. 19.27 Lacs [Previous year Rs. 29.73 Lacs] under protest which are shown as advances)

6. Segment Reporting:

In the opinion of the management, the Company is mainly engaged in the business of providing commercial finance. All other activities of the Company revolve around the main business, and as such, there are no separate reportable segments.

7. Related Party Disclosures :

List of Related Parties with whom transactions have taken place during the year.

A) Subsidiary

Namra Finance Ltd.

B) Key Management Personnel

Mr. Jayendrabhai Patel

Mr. Aalokbhai Patel

Mr. Amitbhai Manakiwala

C) Relatives of Key Management Personnel

Name of Party Related party Relationship

Mrs. Ritaben J. Patel Relative of Key Management Personnel

Mr. Aakash J. Patel Relative of Key Management Personnel

J.B.Patel HUF Key Management personnel is Karta

Raj Enterprise Key Management personnel is Proprietor

Mrs. Himani Manakiwala Relative of Key Management Personnel

Mr. Maulik Manakiwala Relative of Key Management Personnel

J B Patel & Co. Key Management personnel is co-owner

Mrs. Sachi Patel Relative of Key Management Personnel

Amit Manakiwala (HUF) Key Management personnel is Karta

Aakash Patel (HUF) Relative of Key Management Personnel

Namra Holdings & Cons. Relative of Key Management Personnel

Services Pvt. Limited is Director

List of Transaction, out of the transaction reported in the above table, where the transaction entered in to with single party exceeds 10 % of the total related party transactions of similar nature are as under:

Unsecured Loan taken includes taken from Shri Jayendra Patel Rs. 47,65,000 (P.Y. Rs. 20,10,000), from Smt. Himani A. Manakiwala Rs. 7,25,000 (P.Y. Rs. 1,50,000), from Smt. Ritaben J. Patel Rs. 37,75,000 (P.Y. Rs21,00,000), from Shri Aakash J. Patel Rs. 37,00,000 (P.Y. 5,95,000), from Shri Aalok J. Patel Rs. 17,55,000 (P.Y Rs.15,45,000), from Jayendra Patel (HUF) Rs.13,30,000 (P.Y. Rs.2,05,000), from Smt. Sachi Patel 10,78,000 (P.Y. Rs. 6,58,000), from Amit Manakiwala (HUF) Rs.7,25,000 (P.Y. Rs. 7,00,000), from Namra Holdings & Consultancy Servises Pvt. Limited Rs.13,50,000 (P.Y. Rs. 15,00,000) , from Shri Aakash J. Patel – (HUF) Rs. 1,25,000 (P.Y. Nil) Unsecured Loan repayments includes paid to Shri Jayendra Patel Rs. 54,96,878 (P.Y. Rs. 31,24,114), to Smt. Himani A. Manakiwala Rs. 8,51,567 (P.Y. Rs. 7,91,839), to Smt. Ritaben J. Patel Rs. 40,52,448 (P.Y. Rs. 35,40,297), to Shri Aakash Patel Rs.44,76,016 (P.Y. Rs. 33,58,848), to Shri Aalok Patel Rs. 20,52,496 (P.Y. Rs. 39,39,204), to Aaksh Patel (HUF) Rs.1,46,417 (P.Y. Rs. 1,19,530), to Smt. Sachi Patel Rs,12,08,575 (P.Y. Rs. 7,17,287), to Amit Manakiwala(HUF) Rs.8,51,567 (P.Y. Rs. 7,89,088), to Shri Maulik Manakiwala Rs,Nil (P.Y. Rs. 4,96,551), to Jayendra Patel (HUF) Rs.15,59,853 (P.Y. Rs. 14,97,208), to Namra Holdings & Consultancy Servises Pvt. Limited Rs.14,84,877 (P.Y. Rs. 15,53,013), Acquisition of shares includes investments made in Namra Finance Limited Rs. 1,99,90,000 (P.Y. Nil)

Interest paid includes to Shri Jayendra Patel Rs. 6,58,689 (P.Y. Rs. 3,80,108), to Shri Aakash Patel Rs. 4,76,939 (P.Y. Rs. 4,42,612), to Shri Aalok Patel Rs. 2,67,744 (P.Y. Rs. 5,08,432), to Smt. Ritaben J Patel Rs. 2,49,703 (P.Y. Rs. 4,49,126), to J B Patel (HUF) Rs. 2,06,867 (P.Y. Rs. 2,17,683), to Aakash Patel (HUF) Rs.19,276 (P.Y. Rs. 17,754), to Smt. Sachi Patel Rs. 1,04,460 (P.Y. Rs. 53,359), to Amit Manakiwala(HUF), Rs. 1,13,911 (P.Y. Rs. 80,179), to Smt. Himani Manakiwala Rs.1,13,911 (P.Y. Rs. 1,07,252), to Shri Maulik Manakiwala Rs. Nil (P.Y. Rs. 21,551), to Namra Holdings & Consultancy Services Pvt. Limited Rs.1,21,390 (P.Y. Rs. 53,013) Balance Outstanding includes of Aakash Patel Rs. Nil (P.Y. Rs. 1,80,639) Remuneration includes payment to Shri Jayendrabhai Patel Rs. 15,32,603 (P.Y. Rs. 15,32,603) and to Shri Amit Manakiwala Rs. Nil (P.Y. Rs. 44,625), to Shri Aalok Patel Rs.5,50,000 (P.Y. 4,62,436) Sitting Fees included paid to Smt. Ritaben Patel Rs. 57,500 (P.Y. Rs. 30,000) and Shri Amitbhai R. Manakiwala Rs.37,500 (P.Y.Rs.20,000), Rent includes paid to J B Patel & Co. Rs. 19,856 (P.Y. 19,856), Professional Fees includes paid to Shri Amitbhai R. Manakiwala Rs. 7,80,000 (P.Y.Rs.6,88,000), Dividend Paid includes paid to Sh. Aalok Patel Rs. 1,61,432 (Rs. 1,21,074), to Jayendrabhai Patel HUF Rs.1,56,800 (P.Y. Rs. 1,17,600), to Sh. Aakash Patel Rs. 1,86,512 (P.Y. Rs. 1,39,881), to Sh. Jayendrabhai Patel Rs. 1,70,458 (P.Y. Rs. 1,27,843), to Smt. Ritaben Patel Rs. 1,83,848 (P.Y. Rs. 1,37,886), to Namra Holdings & Cons. Services Pvt. Limited Rs. 1,32,320 (P.Y. Rs. 99,240), to Sh. Amitbhai Manakiwala Rs. 1,30,080 (P.Y. Rs. 97,560)

8. Balances are subject to confirmation.

9. In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

10. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognised in respect of Non Performing Assets.

11. As required in terms of Paragraph 13 of Non-Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, schedule to the Balance Sheet of a Non-Banking Financial Company are annexed hereto.

12. Previous year's figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year. Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012, the revised schedule VI notified under the Companies Act, 1956, has become applicable to the company. The Company has reclassified previous year figures to conform to this classification. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statement. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.


Mar 31, 2010

1. Contingent liabilities not provided for: -

(a) Disputed Demand of Income Tax Rs. 58.70 Lacs (Previous year Rs.58.70 Lacs) (Against which the Company has paid Rs. 11.00 Lacs [Previous year Rs.11.00 Lacs] under protest which are shown as advances)

2. Segment Reporting:

In the opinion of the management, the Company is mainly engaged in the business of providing commercial finance. All other activities of the Company revolve around the main business, and as such, there are no separate reportable segments.

3. Related Party Disclosures :

List of Related Parties with whom transactions have taken place during the year:

A) Key Management Personnel

Mr. Jayendrabhai Patel Mr. Amitbhai Manakiwala

B) Relatives of Key Management Personnels

Name of Party Related party Relationship

Mrs. Ritaben J. Patel Relative of Key Management Personnel

Mr. Aakash J. Patel Relative of Key Management Personnel

Mr. Alok J. Patel Relative of Key Management Personnel

J.B.Patel HUF Key Management personnel is Karta

Raj Enterprise Key Management personnel is Proprietor

Himani Manakiwala Relative of Key Management Personnel

Maulik Manakiwala Relative of Key Management Personnel

J B Patel & Co. Key Management personnel is co-owner

List of Transaction, out of the transaction reported in the above table, where the transaction entered in to with single party exceeds 10 % of the total related party transactions of similar nature are as under:

Unsecured Loan taken includes taken from Sh.Jayendra Patel Rs. 21,70,000 (P.Y. Rs. 16,91,484), from Smt. Himani A. Manakiwala Rs. 5,25,000 (P.Y. Rs. 10,00,000), from Smt. Ritaben J. Patel Rs. 25,50,000 (P.Y. Rs. 2,00,000), from Aakash J. Patel Rs. 15,00,000 (P.Y. Nil), from Aalok J. Patel Rs. 13,65,000 (P.Y. Nil), from Jayendra Patel (HUF) Rs.80,000 (P.Y. Rs.Nil), Unsecured Loan repayments includes paid to Sh.Jayendra Patel Rs. 24,84,664 (P.Y. Rs. 24,35,692), to Smt. Himani A. Manakiwala Rs. NIL (P.Y. Rs. 19,75,000), to Smt. Ritaben J. Patel Rs. 23,20,709 (P.Y. Rs. 21,32,800), to Aakash Patel Rs. Nil (P.Y. Rs. 13,65,543), to Aalok Patel Rs. 2,41,277 (P.Y. Rs. 13,29,436), Interest paid includes to Sh. Jayendra Patel Rs. 2,58,740 (P.Y. Rs. 2,42,682), to Sh. Aakash Patel Rs. 3,86,585 (P.Y. Rs. 3,19,219), To Sh. Aalok Patel Rs. 3,07,798 (P.Y. Rs. 2,86,622), to Smt. Ritaben J Patel Rs. 3,49,312 (P.Y. Rs.3,54,304), to J B Patel (HUF) Rs. 1,82,789 (P.Y. Rs. 1,75,501), Balance Outstanding includes of Sh.Jayendra Patel Rs. 7,74,076 (P.Y. Rs. 8,30,000), of sh. Aakash Patel Rs. 25,32,165 (P.Y. Rs. 9,60,000), Sh.Aalok Patel Rs.18,86,535 (P.Y. Rs. 6,20,000), of Smt Ritaben Patel Rs. 10,28,603 (P.Y. Rs. 4,50,000), of J B Patel (HUF) Rs. 10,96,964 (P.Y. Rs. 9,75,000), Remuneration includes payment to Sh. Jayendra Patel Rs. 6,39,749 (P.Y. Rs. 5,54,255) and to Sh. Amit Manakiwala Rs. 2,50,231 (P.Y. Rs. 3,10,409), Sitting Fees included paid to Smt. Ritaben Patel Rs. 40000 (P.Y. Rs. 40000) and Sh.Amitbhai R. Manakiwala Rs. 5,000 (PYRs.Nil), Rent includes paid to Sh. J B Patel & Co. Rs. 19,856 (P.Y. Nil), Professional Fees includes paid to Sh.Amitbhai R. Manakiwala Rs. 2,10,000 (PYRs.Nil)

4. Balances are subject to confirmation.

5. In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realised in ordinary course of business.

6. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognised in respect of Non Performing Assets.

7. Share Trading Income includes Rs. 1,16,507/- (P.Y. Rs. 1,22,271/-) on account of (diminution)/ increase in the market value of closing stock. There is no an actual sale or purchase of shares during the year.

8. Loans Secured by Hypothecation includes Rs. 8,39,176/- (P.Y. Rs. 14,29,202/--) out standing portfolio on which NPA provisions of Rs. 83,918/- (P.Y. Rs. 1,42,920/-) has been made.

9. Loans to Companies, Firms & Individual includes Rs. 5,04,100 /- (P.Y. Rs. 9,63,907/-) out standing portfolio on which NPA provisions of Rs. 50,410/- (P.Y. Rs. 96,391/-) has been made.

10. Sundry Debtors includes Rs. 32,73,426/- (P.Y. Rs. 24,09,816/-) principal out standing on which NPA provisions of Rs. 3,51,650/- (P.Y. Rs. 2,43,654/-) has been made.

11. Bad debts & Irrecoverable W/off are shown net off bad debts recovery during the year amounting to Rs.1,40,077/-(P.Y. Rs. 1,79,641/-).

12. NPA Provision are shown net off NPA Provision written back during the year amounting to Rs. 4,08,258/-. (P.Y. 3,53,131/-).

13. Current Account with Banks includes Rs. 74,590/- (Prev. Year Rs. 74,590/-) in Unpaid Dividend Account.

14. Loans secured by hypothecation of Assets (Vehicles) are secured by hypothecation of the Assets (Vehicles) under finance. In opinion of the Board, the market value of the hypothecated Assets (Vehicle) as on Balance Sheet date is more then the amount of Loan Outstanding.

15. To the extent of available information, at the year-end, there were no outstanding amounts due to S.S.I Units in excess of Rs. 1,00,000/-.

16. As required in terms of Paragraph 13 of Non-Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, schedule to the Balance Sheet of a Non-Banking Financial Company are annexed hereto.

(Amount in Rs.)

17. Earning in foreign currency - Nil (Nil)

18. Expenditure in foreign Currency Nil (Nil)

19. Previous years figure have been regrouped / rearranged wherever necessary so as to make them comparable with those of the current year.

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