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Notes to Accounts of Banas Finance Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITY & CAPITAL COMMITMENT:

2014-2015 2013-2014 Amount in Amount in Rs. Rs.

Contingent Liabilities not provided for* 7,74,50,120 6,58,17,580

Capital Commitment not provided for NIL NIL

Others NIL NIL

*The demand was raised by the jurisdictional assessing officer of the Income Tax Authorities u/s 143(3) of the Income Tax Act, 1961 for the Assessment Year 2011-12. The management feels that demand raised is likely to be either deleted or substantially reduced. Also, the company has filed an appeal and deposited tax of Rs. 1,50,00,00 in response to the demand raised by the assessing officer and accordingly no provision is considered.

2. EARNING PER SHARE:

Earnings per Share, as required by the Accounting Standard 20- "Earning Per Share" issued by the Institute of Chartered Accountants of India, is given below:

Particulars 2014-15 2013-14 Amount in Rs. Amount in Rs.

Net profit for the period attributable to Equity Shareholders (Rs.) (1,91,04,588) 3,27,730

Weighted Average No of Equity 11.37.60.000 11,37,60,000 shares outstanding for Basic Earnings per share

Weighted Average No. of Equity 11.37.60.000 11,37,60,000 shares outstanding for Diluted earnings per share

Basic Earning Per Shares (0.168) 0.003 (face value of Rs. 1/-each ) (Rs)

Diluted earnings per share (face valued of Rs.1/-each) (Rs) (0.168) 0.003

3. RELATED PARTY TRANSACTION:

List of Related Parties:-

a) Key Management personnel :-

i) Giriraj Kishor Agrawal

b) Relatives of Key Management Personnel

i) Girraj Kishor Agarwal HUF

ii) Tanu Agarwal

iii) Saloni Agarwal

c) Related parties over which Key Management personnel have significant influence :-

i) Agrawal Bullion Limited (Formerly known as Kayaguru Health Solutions Limited)

ii) Axon Finance Limited (Formerly known as Axon Infotech Limited)

iii) Five X finance & Investment Ltd

iv) Handful Investrade Pvt Ltd

v) Kayaguru Capital Market Private Limited

vi) Rockon Capital Market Private Limited

vii) Rockon Fintech Limited

viii) Shree Nath Commercial & Finance Ltd

ix) Tilak Finance Limited (Formerly known as Out of City Travel Solutions Limited)

4. MAJOR COMPONENTS OF DEFERRED TAX LIABILITIES:

PARTICULARSI 2014-2015 2013-2014 Amount in Rs. Amount in Rs.

Deferred Tax Asset on Account of Carry Forward Losses NIL 4,03,365 Deferred Tax Asset / (Liability) on Account of Depreciation 1,22,315 (2,48,462)

Deferred Tax Assets 1,22,315 1,54,903

5. INCOME IN FOREIGN CURRENCY:

PAR.TICULARS 2014-2015 2013-2014 Amount in Rs. Amount in Rs.

Income in foreign currency NIL NIL

6. EXPENDITURE IN FOREIGN CURRENCY:

PARTICULARS 2014-2015 2013-2014 Amount in Rs. Amount in Rs.

Expenditure in Foreign Currency NIL NIL

7. PRUDENTIAL NORMS OF NBFC:

i. Majority of the loans given are demand loans, therefore in some cases the terms of repayment including interest and loan agreement including KYC documents etc are not available. Demand and other loans given are governed by the Board policies. Considering the close monitoring of Board no appraisal, renewal, Policies, Procedure, Committee or documents have been prescribed and executed.

ii. In view of the management all the loans outstanding are considered good and therefore provision on Non- Performing Assets not provided.

iii. Pre and post sanction generally accepted procedures are not in place.

iv. Provision on standard assets @ 0.25% is yet to be provided.

8. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

9. As the intention is to hold the unquoted securities for sale in short term and in absence of flow of periodic data, absence of liquidity and market related data closing stock of unquoted shares are valued at cost.

10. The Full time Company Secretary of the Company has resigned on 7th February, 2015. However, no one has been appointed till the date of signing the Balance sheet.

11. The company does not have Internal Auditors for conduct of Internal Audit.

12. Trade Receivable, Trade Payable, Borrowings and Loans and Advances balances are subject to confirmation and reconciliation.

13. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

14. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2014

1. Employee benefits

Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account

2. Income in Foreign Currency NIL

3. Expenditure in Foreign Currency NIL

4. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

5. Trade Receivable, Trade Payable, Short Term Borrowings and Short Term Loans and Advances balances are subject to confirmation and reconciliation.

6. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

7. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current''s classification/ presentation.


Mar 31, 2013

1. Employee benefits

Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account.

2. CONTINGENT LIABILITY:

2012-2013 2011-2012 Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for '' NIL NIL

Others NIL NIL



3. RELATED PARTY TRANSACTION:

List of Related Parties:-

a) Key Management person :-

i) Giriraj Kishor Agrawal ii) Tanu Agrawal iii) Saloni Agrawal

b) Related parties over which Key Management personnel have significant influence :-

i) Axon Infotech Ltd.

ii) Shree Nath Commercial & Finance Ltd

iii) Rockon Fintech Limited

iv) Out of City Travel Solutions Ltd

v) Five X finance & Investment Ltd

vi) Kayaguru Health Solutions Limited

vii) Handful Investrade Pvt Ltd

viii) Girraj Kishor Agrawal HUF

4. Income in Foreign Currency NIL [^"nilt|

5. Expenditure in Foreign Currency NIL

6. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium.enterprises Development Act, 2006.

7. Trade Receivable, Trade Payable, Short Term Borrowings and Short Term Loans and Advances balances are subject to confirmation and reconciliation.

8. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

9. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current''s classification/ presentation.


Mar 31, 2012

1 The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements except for accounting for dividend on investments in subsidiaries.

2. Contingent Liabilities not provided for:

Particulars : 2011-2012 2010-2011

[Rs] [Rs.]

Claims against the company not acknowledged as debts NIL NIL

Others NIL NIL

3. Balances of* Loans and Advances, Sundry Creditors are subject to confirmation and reconciliation and consequential adjustments, if any.

4. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

5. Related Party Transaction :

List of Related Parties:

(i) Kev Management person

- G.K. Agrawal

- Tanu Agrawal

(ii) Associates

- Five X Finance & Investment Ltd

- Out of City Travel Solutions Pvt Ltd

- Shree Nath Commercial & Finance Ltd.

- Rockon Fintech Ltd -

. Kayaguru Health Solutons Ltd.

- Handfu-l Investrade Pvt. Ltd

- Axon InfoTech Ltd

- Kayaguru Insurance Broker Pvt Ltd

- Kayaguru Wellness Pvt Ltd

As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006. The company has no dues to Micro, Small and Medium Enterprises during the year ended March 31st, 2012 and March 31st 2011.

6. Segment Information :

The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

7. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2011

*Excluding Service Tax

1. Contingent Liabilities not provided for :

2010-2011 2009-2010 (Rs.) (Rs.)

Claims against the company not acknowledged as debts NIL NIL

Others NIL NIL

2. Balances of Loans and Advances, Sundry Creditors are subject to confirmation and reconciliation and consequential adjustments, if any.

3. In the opinion of the Board & to the best of their knowledge & belief the value of realisation of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

4. Related Party Transaction : List of Related Parties:

Key Management person

G.K. Agrawal Tanu Agrawal

Associate

Axon Infotech Ltd.

Tilak Finance Ltd.

Shree Nath Commercial & Finance Ltd.

Rockon Fintech Ltd.

Kayagu Health Solutons Pvt. Ltd.

Handful Investrade P. Ltd.

5. Balance Sheet Abstract & Company's general business profiles as required by part IV of Schedule VI to the Companies Act, 1956 are enclosed.

6. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

The company has no dues to Micro, Small and Medium Enterprises during the year ended March 31st, 2011 and March 31st 2010.

7. Segment Information:

The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

8. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2010

1. Balances under Unsecured Loans, Sundry Debtors, Sundry Creditors, Loans and Advances are subject to confirmation from the parties

2. Since the Company is not a manufacturing Company, the requirement under Clause 4-C of part II to Schooke VI to the Companies Act, 1956 does not apply.

3. Accounting Standard (AS-22) on Accounting of Taxes on Income issued by the Institute of Chartered Accountants of India (ICAI) :

The timing difference relating mainly to Unabsorbed Depreciation / Business Loss for the earlier years have resulted in net Deferred Tax Asset/Liability for the year which has not been recognised in the accounts as prudent policy-

4. As per Accounting Standard 18 (AS-18) on Related party disclosures issued by the Institute of Chartered Accountants of India, the disclosure of transactions with the related party as defined in the Accounting Standard are given below ;

5. Previous Year figures have been regrouped/rearranged wherever necessary

 
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