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Notes to Accounts of Autoriders Finance Ltd.

Mar 31, 2015

1. The accounts have been prepared on the basis of the assumption that the Company is "not a going concern".

2. The company negotiated with both the entitles of erstwhile Unit Trust of India for One Time Settlement (OTS) for a Lump sum amount Rs. 9.00 crores against the total outstanding along with reimbursement of legal expenses of Rs. 5929145/- as per the letter dated 20th February, 2015. And the balances lying in the accounts of Unit Trust of India written back and transferred to reserves and surplus.

3. As reported earlier, the company's proposal vide its letter dated 6.11.2007 for One Time Settlement (OTS) with Consortium Banks has been accepted for Rs. 14.29 crores by them vide letter dated 28.2.2008 of lead bank and accordingly the Company has complied with all the terms including the handing over of the mortgaged property. And the balances lying in the accounts of Consortium of Banks written back and transferred to reserves and surplus. Balances lying in current assets and current liabilities, no longer payable or receivable written Off/written back and the net balance transferred to reserves and surplus.

4. The Company at present is not pursuing any business activity and hence there are no reportable segments as per the Accounting Standard on Segment Reporting (AS 17).

4. Contingent Liabilities and Commitments NIL (previous year NIL).

5. The Company has not received information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the QUARTER end together with interest paid / payable under the Act has not been given.

6. RELATED PARTY DISCLOSURES:

(A) NAME OF RELATED PARTIES AND RELATIONSHIP

Name Relationship

Bhupesh R. Patel Key Management Personnel (KMP)

(B) TRANSACTION WITH RELATED PARTIES

Name Transaction Details

Bhupesh R. Patel Loan Taken Rs. 539.08 Lakhs

Notes: Related parties relationship is as identified by the Company on the basis of information available with them and accepted by the Auditors.

7. In the absence of any business activities, most of the other information required to be disclosed by Revised Schedule VI is not applicable during the year under review.

8. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and classified, where ever necessary to correspond with the current year's classification / disclosure.




Mar 31, 2014

1. The accounts have been prepared on the basis of the assumption that the Company is "not a going concern".

2. In respect of debentures issued to UTI, the Administrator of the Specified Undertaking of UTI and UTI Trustee Co. Pvt. Ltd., successors in interest of the erstwhile UTI had filed an application in Debts Recovery Tribunal (DRT) at Mumbai for recovery of Rs. 10598.02 lacs which includes Rs. 4150.00 lacs towards principal outstanding alongwith further interest thereon @ 18% p.a. from 21 September 2002, till payment and / or realisation and for enforcement of securities and appointment of receiver, commissioner and other reliefs, more particularly set out in the said application. On 15 April 2005 the Hon.P.O. has partially allowed the said application and has authorised to issue Recovery Certificate is issued for a total amount of Rs. 10389.17 lacs with future interest @ 12% p.a with quarterly rests from the date of the application till realisation of the amount.

The Company is in negotiation with both the aforesaid entities for one time settlement (OTS) and as a part of the proposal Rs. 3.00 crores has been paid.

The Company has not provided for:

a) the overdue and penal interest claimed by the UTI amounting ro. Rs. 2734.15 lacs upto 21 September 2002; and

b) interest and other claims, if any, from 21 September 2002 onwards.

3. As reported earlier, the Company''s proposal vide its letter dated 6.11.2007 for One Time Settlement (OTS) whith Consortium Banks has been accepted for Rs. 14.29 crores by them letter dated 28.02.2008 of lead bank and accordingly the Company has complied with all the terms including the handing over of the mortgaged property. Pending release of no due certificate from Consortium Bank and related documents, no accounting entries are passed to that effect till date and no depreciation has been provided on the aforesaid property.

4. The Company at present is not pursuing any busines activity and hence there are no reportable segments as per the Accounting Standard on Segment Reporting (AS 17).

5. Contingent Liabilities and Commitments NIL (previous year NIL).

6. The Company has not received information from suppliers regarding their status under the Micro, Small and Medium Enterprises Develpoment Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under the Act has not been given.

7. RELATED PARTY DISCLOSURES:

(A) NAME OF RELATED PARTIES AND RELATIONSHIP

Name Relationship

Bhupesh R. Patel Key Management Personnel (KMP)

Notes: Related parties relationship is as identified by the Company on the basis of information available with them and accepted by the Auditors.

8. In the absence of any business activities, most of the other information required to be disclosed by Revised Schedule VI is not applicable during the year under review.

9. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and classified , whereever necessary to correspond with the current year''s clasification / disclosure.


Mar 31, 2012

1. The accounts have been prepared on the basis of the assumption that the Company is "not a going concern".

2. In respect of debentures issued to UTI, the Administrator of the Specified Undertaking of UTI and UTI Trustee Co Pvt. Ltd., successors in interest of the erstwhile UTI had filed an application in Debts Recovery Tribunal (DRT) at Mumbai for recovery of Rs. 10598.02 lacs which includes Rs. 4150.00 lacs towards principal outstanding alongwith further interest thereon @ 18% p.a. from 21st September, 2002, till payment and/or realisation and for enforcement of securities and appointment of receiver, commissioner and other reliefs, more particularly set out in the said application. On 15th April, 2005 the Hon.P.O. has partially allowed the said application and has authorised to issue Recovery Certificate is issued for a total amount of Rs. 10389.17 lacs with future interest @ 12% p.a with quarterly rests from the date of the application till realisation of the amount.

However, the Company has not provided for:

a) the overdue and penal interest claimed by the UTI amounting to Rs. 2734.15 lacs upto 21st September, 2002; and

b) interest and other claims, if any, from 21st September, 2002 onwards.

3. As reported earlier, the Company's proposal vide its letter dated 6.11.2007 for One Time Settlement (OTS) with Consortium Banks has been accepted for Rs. 14.29 crores by them letter dated 28.02.2008 of lead bank and accordingly the Company has complied with all the terms including the handing over of the mortgaged property. Pending release of no due certificate from Consortium Bank and related documents, no accounting entries are passed to that effect till date and no depreciation has been provided on the aforesaid property.

4. The Company at present is not pursuing any business activity and hence there are no reportable segments as per the Accounting Standard on Segment Reporting (AS 17).

5. Contingent Liabilities and Commitments NIL (previous year NIL).

6 The Company has not received information from suppliers regarding their status under the Micro, Small and Medium Enterprises Develpoment Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under the Act has not been given.

7. RELATED PARTY DISCLOSURES:

(A) NAME OF RELATED PARTIES AND RELATIONSHIP

Name Relationship

Bhupesh R. Patel Key Management Personnel (KMP)

Notes: Related parties relationship is as identified by the Company on the basis of information available with them and accepted by the Auditors.

8. In the absence of any business activities, most of the other information required to be disclosed by Revised Schedule VI is not applicable during the year under review.

9. PREVIOUS YEAR FIGURES

The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year figures have been regrouped, rearranged and reclassified, wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2010

1. The Company surrendered its registration as Non-Banking Financial Company to the Reserve Bank of India in January 2002. The Company wanted to start trading and other activities in precious metals which could not be pursued due to non availability of funds. For the same reason it is not possible to start any other business activity. As a consequence, the management has decided to discontinue the business. Hence, the accounts for the year have been prepared on the assumption that the Company is not a going concern. In view of this assets and liabilities have been adjusted to realisable and payable values, wherever ascertainable and necessary.

2. In respect of debentures issued to UTI, the Administrator of the Specified Undertaking of UTI and UTI Trustee Co. Pvt. Ltd. successors in interest of the erstwhile UTI, had filed an application in the Debts Recovery Tribunal (DRT) at Mumbai for the recovery of Rs. 10598.02 lacs which includes Rs.4150 lacs towards principal outstanding along with further interest thereon @18% p.a. from 21 September, 2002, till payment and/or realisation and for enforcement of securities and appointment of receiver, commissioner and other reliefs, more particularly set out in the said application. On 15 April, 2005 the Hon. P. O. has partially allowed the said application and has authorised to issue Recovery Certificate for a total amount of Rs. 10389.17 lacs with future interest @. 12% p.a with quarterly rests from the date of the application till realisation of the amount.

However, the Company has not provided for:

(i) the overdue and penal interest claimed by the Unit Trust of India amounting to Rs. 2734.15 lacs up to 21 September, .2002; and

(ii) interest and other claims, if any, from 21 September, 2002 onwards.

3. As reported earlier, the Companys proposal dated 6 November 2007 for One Time Settlement (OTS) with Consortium Banks has been accepted for Rs. 14.29 crores by them by letter dated 28 February 2008 of lead bank. The Company has complied with all the terms including the handing over of the mortgaged property. Pending release of no due certificate, collateral securities and related documents from consortium Banks, no effect has been given in books of accounts till date in respect of transfer of property, deed of cancellation pertaining to right in property etc. No depreciation has been provided on the aforesaid property.

4. The balance in sundry creditors, deposits, loans and advance, etc. are subject to confirmation.

5. The Company has not received information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under the Act has not been given.

6. RELATED PARTY DISCLOSURES:

NAME OF RELATED PARTIES AND RELATIONSHIP

Name Relationship

Mr. Bhupesh Patel Key Managerial Person

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

7. EARNING PER SHARE:

31.03.2010 31.03.2009 Rs. Rs.

Profit/(Loss) After Taxation (247,271) (39,96,855)

Weighted Average Number of Shares 1,31,07,000 1,31,07,000

Earning per Share (Basic & Diluted) (0.02) (0.30)

Face Value Per Share 10 10

8. In the absence of any activity during the year under review and status of the Company being not going concern: (a) Segment Reporting under Accounting Standard - 17 is not applicable and (b) additional information required to be disclosed as per clauses 3, 4C and 4D of Schedule VI of part II of the Companies Act, 1956, are not applicable.

9. No provision for taxation has been made in the absence of taxable income.

10. Previous year figures have been regrouped, rearranged and reclassified, wherever necessary.


Mar 31, 2009

1. The Management surrendered its registration as Non-Banking Financial Company to the Reserve^ Bank of India in January 2002. Since then the Company wanted to start trading and other activities in precious metals which could not be pursued due to non availability of funds. For the same reason it is not possible to start any other business activity. As a consequence, the management has decided to discontinue the business. Hence, the accounts for the year have been prepared on the assumption that the Company is not a going concern. In view of this assets and liabilities have been adjusted to realisable and payable values, wherever ascertainable and necessary.

2. The Administrator of the Specified Undertaking of UTI and UTI Trustee Co. Pvt Ltd. successors in interest of the erstwhile UTI, had filed an application in the Debts Recovery Tribunal (DRT) at Mumbai for the recovery of Rs.10598.02 lacs which includes Rs.4150 lacs towards principal outstanding along with further interest thereon @18% p.a. from 21st September, 2002, till payment and/or realisation and for enforcement of securities and appointment of receiver, commissioner and other reliefs, more particularly set out in the said application. On 15, April, 2005 the Hon. P.O. has partially allowed the said application and has authorised to issue Recovery Certificate for a total amount of Rs.10389.17 lacs with future interest @ 12% p.a with quarterly rests from the date of the application till realisation of the amount.

However the Company has not provided for:.

(i) the overdue and penal interest claimed by the Unit Trust of India amounting to Rs. 2734.15 lacs up to 21st September, 2002; and

(ii) interest and other claims, if any, from 21st September, 2002 onwards.

3. As reported earlier the Companys proposal for One Time Settlement (OTS) with Consortium Banks has been accepted for Rs.14.29 crores and accordingly the company has complied with all the terms including the handing over of the mortgaged property. Pending release of no due certificate from consortium of Bank and related documents no accounting entries have been passed in the year under review.

4. In view of not going concern status of the company, charge of the consortium of the Banks to the fixed assets and providing depreciation on written down value, the management considers it not necessary to make any provision for the loss on Impairment of assets for the year under review.-As per the valuation Report the fixed assets stated in the books are approximately at the realisable value.

5. Additional information required to be disclosed as per clauses 3, 4C and 4D of Schedule VI of part II of the Companies Act, 1956, are not applicable during the year under review.

6. Information pursuant to Part IV of Schedule VI of the Companies Act, 1956. -

i) Information u/s.211 R.W. Part I Sch. VI Dues to SSI Units - There is no outstanding to SSI Units (further no activities is being undertaken by the company).

ii) Sch. VI - Obtaining of Confirmation of Bank Balances - as the OTS was in progress in spite of sending letters for confirmation, no bank was ready to confirm the balance.

iii) U/s. 211(3A) r.w. AS18) - Transaction with related party - There are no materially significant transactions made by the Company with its promoters, directors or the management, their subsidiaries or relatives, etc. which have potential conflict with the interests of the Company at large (further no activities is being undertaken by the company).

7. Figures of previous year have been regrouped wherever necessary and are shown in the brackets.

 
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