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Notes to Accounts of Aryaman Financial Services Ltd.

Mar 31, 2015

1. Some of the debit/credit balances are subject to confirmation and reconciliation.

2. In view of the number of employees being below the stipulated numbers, the Payment of Bonus and payment of Gratuity Act are not applicable to the company for the year.

3. The advance given to Cochin Stock Exchange towards Corporate membership has been written off to the extent of Rs. 8,30,262/-, to arrive at the current value, as estimated by the Management.

4. Income/Expenditure in foreign currency:

5. The useful life of Fixed Assets has been revised in accordance with Sch II to the Companies Act 2013 which is applicable for accounting period commencing on or after 1st April, 2014. Consequently a sum of Rs. 0.25 lac being the caring amount net of residual value of fixed assets where remaining useful life as at 1st April 2014 in Nil has been charged to retained earnings as permitted by schedule II. In other case carrying amount has been depreciated over the remaining useful life of the assets and the effect on the profit is not material.


Mar 31, 2014

1. Some of the debit/credit balances are subject to confirmation and reconciliation.

2. In view of the number of employees being below the stipulated numbers, the Payment of Bonus and payment of Gratuity Act are not applicable to the company for the year.

3. The advance given to Cochin Stock Exchange towards Corporate membership has been written off to the extent of Rs. 6,64,211/-, to arrive at the current value, as estimated by the Management.

4. RELATED PARTY DISCLOSURES:

As per Accounting Standard 18, the disclosures are as under:

1. List of related parties where control exists: Details of related parties

Sr.

No Category Name of the Related Party

1 Holding Company: Mahshri Enterprises Pvt.Ltd.

2 Subsidiary Company: Aryaman Capital Markets Ltd (Formerly known as Aryaman Broking Ltd)

3 Associates Companies: Overskud Multi Assets Management Pvt. Ltd. Nopea Capital Services Pvt. Ltd. Escorp Industries Ltd Vardhman Investment

4 Key Managerial Personnel: Shripal Shah Shreyas Shah Shrenik Shah (Father)

5 Key Managerial Personnel'': Roopa Shah (Mother) Relatives Meloni Shah (Wife)

Previous period Figures have been regrouped/classified/rearranged wherever necessary to make them comparable to those for the current year.


Mar 31, 2013

1. Some of the debit/credit balances are subject to confirmation and reconciliation.

2. In view of the number of employees being below the stipulated numbers, the Payment of Bonus and payment of Gratuity Act are not applicable to the company for the year.

3. The advance given to Cochin Stock Exchange towards Corporate membership has been written off to the extent of Rs.4,98,158/-, to arrive at the current value, as estimated by the Management.

4. Income/Expenditure in foreign currency:

5. RELATED PARTY DISCLOSURES:

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:


Mar 31, 2012

NOTES

1) Some of the debit/credit balances are subject to confirmation and reconciliation.

2) In view of the number of employees being below the stipulated numbers, the Payment of Bonus and payment of Gratuity Act are not applicable to the company for the year.

3) The advance given to Cochin Stock Exchange towards Corporate membership has been written off to the extent of Rs.3,32,105/-, to arrive at the current value, as estimated by the Management.

3. Till the year ended 31st March, 2011, the company was using pre - revised Schedule VI of the Companies Act, 1956, for preparation & 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 year's classifications.


Mar 31, 2011

1. Contingent Liability Rs. 3.15 Lacs. (P.Y. Rs. 3.15 Lacs)

2. Some of the debit/credit balances are subject to confirmation and reconciliation.

3. In view of the number of employees being below the stipulated numbers, the Payment of Bonus Act is not applicable to the company for the year.

4. The Company is following up the matter in regard to the advance given to Cochin Stock Exchange Corporate membership further necessary action would be taken based on the communication from the Stock Exchange.

5. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of the transactions with the related parties as defined in the Accounting Standard are given below:

(1) List of related parties where control exist and related parties with whom transactions have taken place and relationships:

Sr. Name of the Related party Relationship No

1. Aryaman Broking Ltd Subsidiary Company

2. Vardhaman Investments Firm in which Relative is a partner.

3. D.S.Sharma Key Managerial personnel

(2) Key Management personnel and their relatives.

Name of relatives and key management personnel with whom the Co. had transactions during year-

D. S. Sharma Key Managerial personnel

Shripal Shah Key Managerial personnel

6. Previous years figures have been regrouped and rearranged wherever necessary.


Mar 31, 2010

1. Contingent Liability Rs. 3.15 lacs. (P.Y. Rs. 42.98 Lacs)

2. Some of the debit/credit balances are subject to confirmation and reconciliation.

3. In view of the number of employees being below the stipulated numbers, the Payment of Gratuity Act is not applicable to the company for the year. The same is the case with respect to payment of Bonus Act.

4. The accounts of the Company are not signed by a Company Secretary, as the Company despite its efforts is not in a position to fill the vacant position of a Company Secretary.

5. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of the transactions with the related parties as defined in the Accounting Standard are given below:

(1) List of related parties where control exist and related parties with whom transactions have taken place and relationships:



Sr.No Name of the Related party Relationship

1. Aryaman Broking Ltd Subsidiary Company

2. Mahshri Enterprises Pvt Ltd Promoter

3. Vardhaman Investments Firm in which Relative is a partner.

4. Roopa S Shah Relative



(2) Key Management personnel and their relatives.

Name of relatives and key management personnel with whom the Co. had transactions during year-

D. S. Sharma Key Managerial personnel

12. Previous year figures are for the period starting from October 01, 2008 to March 31, 2009. Previous years figures have been regrouped and rearranged wherever necessary.

V Generic names of Principal Products , Services of the Company

Item Code No. (ITC Code) Not Applicable

Production Description 1. Financial Services

2. Project Consultancy

3. Merchant Banking



Code No. for the services rendered by the Company is not available in the Publication of Indian Trade classification for ITC Code of Products by Ministry of Commerce, Directorate General of Commercial Intelligence and Statistics, Calcutta 700 001

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE PERIOD ENDED MARCH 31, 2010.

i. In respect of Fixed Assets

The company has no fixed assets and in view of this Para 4 (i) (a), (b) & (c) of the said order are not applicable to the company.

ii. In respect of inventories

The company is in the business of providing broking services and in view of this Para 4 (ii) (a), (b) & (c) of the said order are not applicable to the company.

iii. In respect of loans, Secured and unsecured, Granted or taken by the company to / from Companies, firms or other parties listed in the register maintained under Section 301 of the companies Act. 1956:

a) The company has not granted any loan to Companies, Firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956.

b) In view of our comment in Para 4 (iii) (a) the clauses (b), (c) and (d) are not applicable to the company.

c) The company has not taken loan from Companies, Firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

d) In view of our comment in para 4 (iii) (c) the clauses (f) and (g) are not applicable to the company.

iv. In our opinion and according to information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and the nature of business with regard to purchase of fixed assets and sale of services. During the course of our audit we have not observed any continuing failure to correct major weakness in the aforesaid internal control system.

v. In respect of transactions covered under Section 301 of the Companies Act,1956

a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Act, have been so entered.

b) As per the information and explanations given to us, there are no transactions of purchase and sales of services have been made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more in respect of each party.

vi. As per the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act and rules framed there under.

vii. In our opinion the company has an internal audit system, which is commensurate with the size and nature of its business.

viii. We have been informed that the central government has not prescribed maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

ix. In respect of statutory dues there are no undisputed statutory dues payable by the Company.

x. The Companys has accumulated losses at the end of the financial year.

xi. Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the company has not defaulted in repayments of dues to the financial institution, banks or debenture holders.

xii. In our opinion and according to the information and explanations given to us no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debenture & other securities.

xiii. The company is not a chit fund or a nidhi / mutual benefit funds / society. Therefore para 4 (xiii) is not applicable to the company.

xiv. Based on information and explanation given to us, the company is not dealing or trading in shares, securities, debentures and other investments and hence the requirements of para 4 (xiv) of the order are not applicable to the company.

xv. In our opinion and according to the information & explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi. The company has not raised any term loans during the year.

xvii. On the basis of our examination of balance sheet it appears that the company has not raised funds raised on short term basis are not used for long term investment basis and vice versa.

xviii. The company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. The company has not issued any debentures during the year and therefore para 4 (xix) of the order is not applicable to the company.

xx. The company has not raised any money by way public issue during the period.

xxi. During the course of our examination of the books and records of the company carried out in accordance with generally accepted auditing practices in India and according to information and explanation given to us we have neither come across any instance of fraud on or by the company during the year, nor have we been informed of such case by the management.

 
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