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Notes to Accounts of Baid Leasing and Finance Company Ltd.

Mar 31, 2015

1. There is a contingent liability upon the company due to Income tax department''s appeal before Rajasthan High Court seeking disallowance of company''s claim for deduction u/s 80 HHC totaling Rs. 117.83 lac in respect of a. yr. 9596 and 9697.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value on realization in ordinary course of business at least to the amount at which they are stated.

3. Balance standing to the debit or credit of Sundry debtors, Sundry creditors, Unsecured loans and Loans & advances are subject to their confirmation.

4. Details of Auditors remuneration: Current Year Previous Year

a. Statutory Audit Fees 21,000 21,000

b. Income tax and allied works 19,000 19,000

5. Previous year figures have been regrouped and rearranged wherever considered necessary.

6. There is no creditor relating to trade or expenses which has intimated its identity as a S.S.I. Unit and payment to whom is outstanding for a period exceeding 6 months.

7. Related Party Disclosure in compliance to AS18 of I.C.A.I.

KEY MANAGEMENT PERSONNELS: (1) Panna Lai Baid (Chairman and MD)

(2) Rakesh Kumar Baid [Director(retired)]

(3) Aman Baid (Director)

(4) Manoj Kumar Jain (CFO)

(5) Namrata Sajnani (CS) /


Mar 31, 2014

1. Company has provided a corporate guarantee to ICICI Bank Ltd. against Rs. 4.75 Crore financed by said bank to Baid Finance, the proprietorship concern of Mahendra Kumar Baid(HUF).

2. Current maturities of long term debts include Rs. 12.46 lac. repayable to ICICI Bank by way of installments against two car loans maturing within 12 months from the date of the balance sheet.

3. There is a contingent liability upon the company due to Income-tax department''s appeal before Rajasthan High Court seeking disallowance of company''s claim for deduction u/s 80 HHC totaling Rs. 117.83 lacin respect of a. yr. 95-96 and 96-97.

4. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value on realization in ordinary course of business at least to the amount at which they are stated.

5. Balance standing to the debit or credit of Sundry debtors, Sundry creditors, Unsecured loans and Loans & advances are subject to their confirmation.

6. Details of Auditors remuneration: Current Year Previous Year

a. Statutory Audit Fees 21,000 21,000

b. Income-tax and allied works 19,000 19,000

7. Previous year figures have been re-grouped and re-arranged wherever considered necessary.

8. There is no creditor relating to trade or expenses which has intimated its identity as a S.S.I. Unit and payment to whom is outstanding for a period exceeding 6 months.

9. Segment Reporting In Compliance To As 17

10. Related Party Disclosure In Compliance To AS18 Of I.C.A.I.

Key Management Personnels: (1) Panna Lal Baid (Managing Director)

(2) Rakesh Kumar Baid (Director)

Relatives of Key (1) Sobhag Devi Baid

Management Personnel (2) Mahendra Kumar Baid

(3) Meena Baid


Mar 31, 2013

1. Company has provided a corporate guarantee to ICICI Bank Ltd. against Rs. 4.75 Crore financed by said bank to Baid Finance, the proprietorship concern of a related party, Mahendra Kumar Baid (HUF).

2. Other Advances include Rs. 92.0 lac. (previous year 157.0 lac) advanced to Pragati Land Developers Pvt. Ltd. against land at Kishan Garh. Said advance is refundable as said deal has been cancelled.

3. There is a contingent liability upon the company due to Income-tax department''s appeal before Rajasthan High Court seeking disallowance of company''s claim for depreciation allowance amounting to Rs. 167.77 lac on leased assets in respect of a. yr. 97-98 and deduction u/s 80 HHC totaling Rs. 117.83 lac in respect of a. yr. 95-96 and 96-97.

4. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value on realization in ordinary course of business at least to the amount at which they are stated.

5. Balance standing to the debit or credit of Sundry debtors, Sundry creditors, Unsecured loans and Loans & advances are subject to their confirmation.

6. Previous yearfigures have been re-grouped and re-arranged wherever considered necessary.

7. There is no creditor relating to trade or expenses which has intimated its identity as a S.S.I. Unit and payment to whom is outstanding for a period exceeding 6 months.

8. RELATED PARTY DISCLOSURE IN COMPLIANCE TO AS 18 OF ICAI

Key Management Personnels:

1. Panna Lai Baid (Managing Director)

2. Rakesh Kumar Baid (Director)

Relatives of Key Management Personnels:

1. Sobhag Devi Baid

2. Mahendra Kumar Baid

3. Meena Baid


Mar 31, 2012

1. Term Loan from ICICI Bank is repayable in 36 monthly installments of Rs. 1,03,680/- each. It is secured against company's Car. There is no default in its repayment.

2. The CC limit of Rs. 5.0 Crore provided by the UC Bank, Mid Corporate Branch, Ban park, Jaipur, is against the charge over all stocks of vehicles financed by the company, book debts and other current assets and the corporate guarantee provided by Care well Builders Pvt. Ltd. along with equitable mortgage over said company's house property as Jaipur.

3. Company has provided a corporate guarantee to Bank of Baroda against term loan and CC facility of Rs 1 Cr. and Rs 5 Cr. respectively, provided by said bank to Baid Motors Pvt. Ltd.

4. Other advances includes Rs. 157.0 lac. advanced to Pragmatic Land Developers Pvt. Ltd. for land at Kishangarh against which Rs. 125.0 lac have been received as advance from 6 parties. Such advances received have been reflected among other current liabilities.

5. There is a contingent liability upon the company due to Income-tax department's appeal before Rajasthan High Court seeking disallowance of company's claim for depreciation allowance amounting to Rs. 167.77 lac on leased assets in respect of a. yr. 97-98 and deduction u/s 80 HHC totaling Rs. 117.83 lac in respect of a. yr. 95-96 and 96-97.

6. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value on realization in ordinary course of business at least to the amount at which they are stated.

7. Balance standing to the debit or credit of Sundry debtors, Sundry creditors, Unsecured loans and Loans & advances are subject to their confirmation

8. There is no creditor relating to trade or expenses which has intimated its identity as a S.S.I. Unit and payment to whom is outstanding for a period exceeding 6 months.

9. Trade Receivables includes Rs. 46.58 lac that is outstanding for more than 6 months period.

10. Schedules 1 to 13 form an integral part of the Balance Sheet and Profit & Loss Account.


Mar 31, 2010

1 The Company is of the opinion that the computation of Net Profit under section 349 of the Companies Act, 1956 need not be made since no commission is payable to the Directors for the period ended on 31-03-2010.

2 All the moveable and immovable properties of the Company are charged to The Bank of Rajasthan Limited, Bani Park Branch, Jaipur by way of security against the working capital loans granted by it.

3 In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value on realisation in ordinary course of business at least to the amount at which they are stated.

4 There is a contingent liability upon the company due to Income-tax departments appeal before Rajasthan High Court seeking disallowance of companys claim for depreciation allowance amounting to Rs. 167.77 lac on leased assets in respect of a. yr 97-98 and deduction u/s 80 HHC totaling Rs. 117.83 lac in respect of a. yr. 95-96 and 96-97.

5. Balance standing to the debit or credit of Sundry debtors, Sundry creditors, Unsecured loans and Loans & advances are subject to their confirmation.

6. Previous year figures have been re-grouped and re-arranged wherever considered necessary.

7. RELATED PARTY DISCLOSURE IN COMPLIANCE TO AS18 OF I.C.A.I. RELATED PARTIES:

(A) KEY MANAGEMENT PERSONNELS: (1) Panna Lal Baid (Managing Director)

(2) Rakesh Kumar Baid (Whole-Time Director)

(B) ASSOCIATE CONCERNS (Relative of Key Management Personnel Director)

(1) Sobhag Devi Baid

(2) Mahendra Kumar Baid

(3) Meena Baid

8. Earning pershare in terms of AS 20 of I.C.A.I.:

Basic EPS calculated on the basis of net profit after tax, is Rs. 0.96. During the year there is no change in companys equity capital.

9. There is no creditor relating to trade or expenses which has intimated its identity as a S.S.I, unit and payment to whom is outstanding for a period exceeding 6 months.

10. Schedule 1 to 15 form an integral part of the Balance Sheet and Profit & Loss Account.

 
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