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Notes to Accounts of Beryl Securities Ltd.

Mar 31, 2015

1. Background

Beryl Securities Limited (The Company) is a Publice Limited Company Domiciled in India and its Shares are listed on Stock Exchange. The Company is principally Engaged in providing Loans & Advances and is registered as an NBFC under section 45 IA of RBI Act, 1934.

2. BASIS OF PREPATION

The financial statements of the company have been prepared in accordance with generally accepted accounting principle in India (India GAAP). The company has prepared these financial statement to comply with all material respect with the accounting standard notified under section 133 of the companies act 2013,Read with rule 7 of Companies (Accounts) Rules,2014. The Financial Statement has been prepared under the Historical cost convention on the Accrual Basis Except in case of the Asset which has been recorded on fair value and Assets for Which Provision for Impairment is Made. The accounting policy have been consistently applied by the company and are consistent with those used in the Previous Year.

3. Previous year figures have been regrouped, rearranged, reclassified and recasted wherever considered necessary to confirm with current year figure.

4. Investment are classified as non current investment and same are carried at carrying Cost Company has made the investment amounting to Rs.6.61 lakhs (P.Y. Rs.6.61 lakhs) (aggregating 13.99% of their equity shares) in Beryl Drugs Ltd., a Company under the same management.

5. Loans and advances other than doubtful have been considered as good and fully recoverable. However in terms of Reserve Bank of India Guidelines applicable to Non-Banking Finance Companies, a provision for standard assets Rs. 10827.48 and for Sub-standard & doubtful finance aggregating to Rs. 113037.50 has been made by charging them to Profit & Loss Account. Moreover, the receipts, if any, from such old NPA borrowers have been appropriated in order of (a) Principle (b) Interest.

6. The Current Assets, Loan & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they are stated in the books of accounts.

7. The Company has been classified as loan and investment Company by the Reserve Bank of India pursuant to registration as a Non-Banking Finance Company and as per information of the management said registration as Non Banking Finance Company with RBI is also continued for the year.

8. Balances under sundry debtors, sundry creditors and loans and advances are subject to confirmation.

9. Particulars of employees who are in receipt of remuneration aggregating to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00 p.m. are not given since there is no such employees.

10. The Company has filed its return of Income Tax up to F.Y 2014-2015 but assessment up to 2013-14 has been completed.

11. There is no impairment of assets, accordingly no adjustment in respect of loss or impairment of assets is required to be made in the accounts.

12. The Company has paid advance against purchase of one residential flat at JAYPEE GREENS, Noida for Rs.3319966.97/- and one flat at Gurgaon at (Delhi) for Rs. 1779776/-. But the possession and registry of said Flat was pending till 31st march 2015. Thus the amount has been shown as Capital advance. Further Provisional Allotment letter of said flat is subject to verification.

13. Company has created special reserve by Rs. 899228.04/- (P.Y. Rs. 601938.79/-) as stipulated by RBI.

14. Term loan of HDFC Bank is without filing of Charges Document with ROC, M.P., hence classified as unsecured loan.

15. Since the Company's entire business is conducted within India. Hence there is no reportable geographical segment. Moreover the Company's is mainly engaged in the business of "Finance & Investment". All the activity of the Company revolves around the main business and there are no separate reportable segments.

16. Disclosure in respect of related parties as defined in accounting standard (AS-18) issued by the ICAI with whom transaction have taken place in during the year are give below:-

A. List of Related Parties:

Key Management Personnel

* Mr. Sudhir Sethi,Managing Director

* Mr. Kamlesh Gupta, C.S

* Mr. Neeraj Khanwelkar, CFO Entities Having Significant Influence

* Beryl Drugs Ltd.

* Kanchan Developer

17. The company has given advances of Rs. 3600460.00/- to Yogendra Jain but same Advance is subject to Confirmation & Verification of relevant agreement.

18. Contingent Liabilities and Capital Commitments

a) Estimated amount of Rs. 1172098.03 contract remaining to be executed on capital advance not provided.

b) As per 1 stAppeal order of CIT (A), Company have written back the provision of income tax for assessment year (2008-09) in the previous year financial statement of the company. But income tax department has filed the 2nd Appeal before ITAT Indore against 1st Appeal Order. Cash outflow for the said tax effect is determinable after in respect of judgment pending before ITAT Indore.

c) Company has given capital advance of Rs. 3319966.97 for purchase of plot however as per agreement amount payable is Rs. 4492064.00 hence remaining amount of Rs. 1172098.03 as capital commitment require to be executed.

19. Company has classified various loans & Advances & Liabilities as Current asset & Current Liabilities even no realization has been affected from loan & Advance and not repaid to the current liability by the company upto audit period.

20. Provision for current income tax has been made as per provision of the income tax act but liability has been shown net of MAT credit availed amount of entitlement.

21. Company has created MAT credit entitlement assets in accordance with the recommendation contained in the guidance notes issued by ICAI. In pursuance of this Company has recorded the MAT credit entitlement of earlier years as prior period item and net off availed amount i.e. remaining MAT credit is shown under loans and advances in the current year.

22. The Company did not have any long term contract including derivatives contract for which there were any material foreseeable losses.


Mar 31, 2014

NOTE - 1.1

During the year Company has issued Forfeiture notice in respect of call money in arrear and has only received Rs. 209000/- as against call money. But company could not receive the remaining unpaid call money of 217000 no. of equity shares even after final reminder. Thus after passing board resolution dated 21st March 2014, Company has forfeited 217000 no. of Equity Shares (against which amount paid up was Rs. 2014500/ -) in during the year due to non payment of their arrears.

2. Previous year figures have been regrouped, rearranged, reclassified and recasted wherever considered necessary to confirm with current year figure.

3. Investment are classified as non current investment and same are carried at carrying Cost without deducting the diminution in value of Rs.9986/- of Panjon Ltd. due to temporary in nature in the opinion of the management. Company has made the investment amounting to Rs.6.61 lakhs (P.Y. Rs.6.61 lakhs) (aggregating 13.99% of their equity shares) in Beryl Drugs Ltd., a Company under the same management.

4. Loans and advances other than doubtful have been considered as good and fully recoverable. However in terms of Reserve Bank of India Guidelines applicable to Non-Banking Finance Companies, a provision for standard assets Rs. 55947.29 and for Sub-standard & doubtful finance aggregating to Rs. 811542.61 has been made by charging them to Profit & Loss Account. Moreover, the receipts, if any, from such old NPA borrowers have been appropriated in order of (a) Principle (b) Interest.

5. The Current Assets, Loan & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they are stated in the books of accounts.

6. The Company has been classified as loan and investment Company by the Reserve Bank of India pursuant to registration as a Non-Banking Finance Company and as per information of the management said registration as Non Banking Finance Company with RBI is also continued for the year.

7. Balances under sundry debtors, sundry creditors and loans and advances are subject to confirmation.

8. Particulars of employees who are in receipt of remuneration aggregating to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00 p.m. are not given since there is no such employees.

9. The Company has filed its return of Income Tax up to F.Y. 2013-2014 but assessment up to 2012-13 has been completed.

10. There is no impairment of assets, accordingly no adjustment in respect of loss or impairment of assets is required to be made in the accounts.

11. The Company has paid advance against purchase of one residential flat at JAYPEE GREENS, Noida for Rs.3319966.97/- and one flat at Gurgaon at (Delhi) for Rs. 872500/-. But the possession and registry of said Flat was pending till 31st march 2014. Thus the amount has been shown as Capital advance. Further Provisional Allotment letter of said flat is subject to verification.

Note:

i) Company has made the investment in equity shares amounting to Rs.11500/- in Panjon Ltd. But no provision of Rs.9986/- has been made for diminution in value of Securities [(Market Value Rs. 1514] due to temporary in nature.

ii) Company has not de-materialized the Quoted Equity Shares of Panjon Limited & The Byke Hospitality Ltd. up to year end and we considered the said quoted & unquoted shares in physical forms as same were physically verified and certified by management.

12. Company has not appointed a full time Company secretary as per provisions of section 383A of the company act due to non availability of suitable candidate.

13. Company has created special reserve by Rs. 601938.79/- (P.Y. Rs. 516535.51/-) as stipulated by RBI.

14. Term loan of HDFC Bank is without filing of Charges Document with ROC, M.P., hence classified as unsecured loan.

15. Since the Company''s entire business is conducted within India. Hence there is no reportable geographical segment. Moreover the Company''s is mainly engaged in the business of "Finance & Investment". All the activity of the Company revolves around the main business and there are no separate reportable segments.

16. Disclosure in respect of related parties as defined in accounting standard (AS-18) issued by the ICAI with whom transaction have taken place in during the year are give below:-

A. List of Related Parties:

Key Management Personnel

Mr. Sanjay Sethi Mr. Sudhir Sethi

Entities Having Significant Influence

Beryl Drugs Ltd. Kanchan Developers

17. The company has given advances of Rs. 3600460.00/- towards for purchase of assets but same Advances are subject to Confirmation & Verification of relevant Capital Assets agreement.

18. Contingent Liabilities and Capital Commitments:- a) Estimated amount of Rs. 1172098.03 contract remaining to be executed on capital advance not provided. b) As per 1st Appeal order of CIT (A), Company have written back the provision of income tax for assessment year (2008-09) in the previous year financial statement of the company. But income tax department has filed the 2nd Appeal before ITAT Indore against 1st Appeal Order. Cash outflow for the said tax effect is determinable after in respect of judgment pending before ITAT Indore. c) Company has given capital advance of Rs. 3319966.97 for purchase of plot however as per agreement amount payable is Rs. 4492064.00 hence remaining amount of Rs. 1172098.03 as capital commitment require to be executed.

19. Company has classified various loans & Advances & Liabilities as Current asset & Current Liabilities even no realization has been affected from loan & Advance and not repaid to the current liability by the company upto audit period.

20. The company has given advances aggregating to Rs. 23,06,613/- to the directors and relatives during the current year and the year balance is NIL but such advances required prior approval of Central Government u/ s 295 of the act hence unable to comment on the related impact, if any, on the financial statement in respect of the aforesaid non-compliance.

21. Provision for current income tax has been made as per provision of the income tax act but liability has been shown net of MAT credit availed amount of entitlement.

22. Company has created MAT credit entitlement assets in accordance with the recommendation contained in the guidance notes issued by ICAI. In pursuance of this Company has recorded the MAT credit entitlement of earlier years as prior period item and net off availed amount i.e. remaining MAT credit is shown under loans and advances in the current year.

NOTE:

1. Minus Figures is represent cash out flow

2 Cash and cash equivalent represent cash and Bank balance only

3 The above cash flow statement has been prepared under the indirect method as set out in the accounting standard 3 on cash flow statements issued by the Institute of Chartered Accountants of India

4 Previous year figures have been reclassified / regrouped & re-casted wherever considered necessary to confirm to the current year figures


Mar 31, 2013

1. Previous year figures have been regrouped rearranged reclassified and recasted wherever considered necessary to confirm with current year figure.

2. In the opinion of the management loans and advances other than doubtful have been considered as good and fully recoverable. However in terms of Reserve Bank of India Guidelines applicable to Non-Banking Finance Companies a provision for Sub-standard & doubtful finance aggregating to Rs. 1050622.56 has been made by charging them to Profit & Loss Account. Moreover, the receipts if any from such old NPA borrowers have been appropriated in order of (a) Principle (b) Interest.

3. In the opinion of the Management, the Current Assets, Loan & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they are stated in the books of accounts subject to amount referred in Para (2) above.

4. Out of paid-up Equity Shares 678400 nos of Equity Shares (aggregately 13.39%) of the Company are held by Beryl Drugs Limited, a Company under the same management.

5. The Company has been classified as loan and investment Company by the Reserve Bank of India pursuant to registration as a Non-Banking Financial Company and as per information of the management said registration as Non Banking Finance Company with RBI is also continue for the year.

6. Balances of all loans, advances, debtors & sundry creditors are subject to confirmation and consequential reconciliation, if any from the respective parties.

7. Particulars of employees who are in receipt of remuneration aggregating to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00 p.m. are not given since there is no such employees.

8. The Company has filed its return of Income Tax up to F.Y. 2011-2012. But assessment up to March, 2011 has been completed.

9. The Company have paid advance against purchase of one residential flat at JAYPEE GREENS, Noida for Rs.2972891.97/- and one flat at Gurhgaon at (Delhi) for Rs. 872500/-. But the possession and registry of said Flat was pending till 31st march 2013. Thus the amount has been shown as Capital advance without board approval. Further Provisional Allotment letter of said flat is subject to verification.

Note:

i) Investment in Equity Shares is stated at cost. Company has made the investment amounting to Rs.11500 in Panjon Ltd.. But no provision of Rs.9986/- has been made for diminution in value of Securities [(Market Value Rs. 1514] due to temporary in nature in the opinion of the management.

ii) Company has not de-materialized the Quoted and Unquoted share up to year end and we considered the same as physically kept with Company as certified by management.

10. The Profit & Loss Account and the Balance Sheet have been drawn up in accordance with the accounting standard referred in the sub section (3c) of Section 211 of the Companies Act, 1956 except in respect of Non- provision of gratuity as per AS-15 since no employee as such with the Company.

11. The Company has not still appointed full time Company Secretary as per the requirement of Sec. 383 A of the Companies Act.

12. Calls in arrears accounts are subject to reconciliation. However, no amount realized from such accounts during the 2012-2013 since company has not demanded calls in arrear during the year.

13. The Company has not received any communication from out of its supplier regarding applicability of MICRO, SMALL and MEDIUM enterprises development Act, 2006 to them. As such information as required under this act cannot be compiled and therefore not disclosed for the year.

14. (a) Company has created special reserve as stipulated by RBI by Rs. 529153.37/- (P.Y. Rs. 1460612.54/-)

(b) Company has not filed the charges document with ROC MP& CG. against term loan for Car taken form HDFC Bank hence classified as unsecured Loan.

15. Since the Company''s entire business is conducted within India. Hence there is no reportable geographical segment for the year. Moreover the Company''s is mainly engaged in the business of "Finance & Investment". All the activity of the Company revolves around the main business and as such in the opinion of the management. There are no separate reportable segments.

16. Disclosure in respect of related parties as defined in accounting standard (AS-18) issued by the ICAI with whom transaction have taken place in during the year are give below:-

17. Fixed assets possessed by the company are treated as corporate assets and Non cash generated unit as defined by Accounting Standard (AS-28) impairment of assets as on March 31, 2013. There were no events or change in the circumstances which indicate any impairment in the assets.

18. The company has given advances of Rs. 6323460/- towards for purchase of assets but same Advances are subject to Confirmation & Verification of relevant Capital Assets agreement.

19. Contingent Liability:-

a) As per 1st Appeal order of CIT (A) , Company have written back the provision of income tax for assessment year (2008-09) in the financial statement of the company. But income tax department has filled the 2nd Appeal before ITAT Indore against 1st Appeal Order.

b) Commitment not provided for Registration Expenses of Purchase of Flat at Gudgaon & Noida is unascertained.

20. Company has given capital advance of Rs.2972891.97 for purchase of plot and it is require to pay Rs.2902108.03 in the succeeding years , but the company has not recognize such contingent assets in the books of account in anticipation of discharge.

21. Company has clarified various loans & Advances & Liabilities as Current asset & Current Liabilities even no realization has been affected from loan & Advance and not repaid to the current liability by the company upto audit period.


Mar 31, 2012

NOTE:

1. Figures in bracket represent cash out flow

2. Cash and cash equivalent represent cash and Bank balance only

3. The above cash flow statement has been prepared under the indirect method as set out in the accounting standard 3 on cash flow statements issued by the Institute of Chartered Accountants of India.

4. Previous year figures have been reclassified/regrouped & re-casted wherever considered necessary to confirm to the current year figures.

(I) NOTES ON FINANCIAL STATEMENT

1. The revised schedule VI as notified under The Companies Act, 1956 has been applicable to the company for the presentation of financial statement for the year ended 31st March, 2012. The adoption of the revised schedule VI requirement has significantly modified the presentation and disclosure which have been complied with the financial statement. Previous year's figures have been regrouped and re-casted, re-arranged wherever necessary to make them comparable with those of the current year.

2. In the opinion of the management loans and advances other than doubtful have been considered as good and fully recoverable. However in terms of Reserve Bank of India Guidelines applicable to Non-Banking Finance Companies a provision for Sub-standard & doubtful finance aggregating to Rs. 945310.77 (P.Y. Rs. 69700.00) has been made by charging them to Profit & Loss Account. Moreover, the receipts if any from such old NPA borrowers have been appropriated in order of (a) Principle (b) Interest.

3. In the opinion of the Management, the Current Assets, Loan & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they are stated in the books of accounts subject to amount referred in Para (2) above.

4. Out of paid-up Equity Shares 678400 nos of Equity Shares (aggregately 13.39%) of the Company are held by Beryl Drugs Limited, a Company under the same management.

5. Assessee Company has purchase equity shares of Beryl Drugs Ltd. company under same management 51600 no. for Rs. 661090/- during the year.

6. The Company has been classified as loan and investment Company by the Reserve Bank of India pursuant to registration as a Non-Banking Financial Company and as per information of the management said registration as Non-Banking Finance Company with RBI is also continue for the year.

7. Balances of all loans, advances, debtors & sundry creditors are subject to confirmation and consequential reconciliation, if any from the respective parties.

8. Particulars of employees who are in receipt of remuneration aggregating to more than Rs. 60,00,000.00 per annum or Rs. 5,00,000.00 p.m. are not given since there is no such employees.

9. The Company has filed its return of Income Tax upto F.Y. 2010-2011. But assessment upto March, 2009 has been completed. Further scrutiny case for the assessment year A.Y. 2010-2011 is still pending before DCIT 2(1) Indore.

10. The Company have purchase residential plot No. 78 at scheme no. 78 ad measure area of 181 sq. mtr. for Rs. 3924300/- on 28th November, 2011. But purchase deed of the same is subject to verification.

11. The Company has sold land at Basant Vihar for Rs. 18842000/- on 6th January, 2012 to Puspranta Infra Builders, Indore. But Rs. 50,00,000/- is still pending to be received from Puspranta Infra builders, Indore till 31st March, 2012. Further Sale deed of the same is also subject to verification.

12. The Company have paid advance for purchase of one residential apartment flat at JAYPEE GREENS, Noida for Rs. 1381365/-. The acquisition and registry is still pending till 31st march, 2012. Therefore the amount is shown as Short term loans and advance. Further Provisional Allotment letter of the flat is subject to verification.

13. Details of Investment

Note:

a) The company is holding 11500 no. of equity shares of Panjon ltd. but due to suspension of the said company the total market value of share has been considered at Rs. 1/- only, because no market rate was available with the company for the year ended 31st march, 2012.

b) Company has not de-materialized the unquoted share up to year end and we considered the same as physically kept with Company as certified by management.

14. The Profit & Loss Account and the Balance Sheet have been drawn-up in accordance with the accounting standard referred in the Sub-section (3c) of Section 211 of the Companies Act, 1956 except in respect of the followings:

a) Non provisions of gratuity as per AS-15 since no employee as such with the company.

15. The Company has not appointed full time Company Secretary as per the requirement of Sec. 383 A of the Companies Act.

16. Calls in arrears accounts are subject to reconciliation. However, a sum of Rs. 82650/- was realized from such accounts during the previous year 2011-2012.

17. As on the date of this Balance Sheet the company has not received any communication from out of its supplier regarding applicability of MICRO, SMALL and MEDIUM enterprises development Act, 2006 to them. As such information as required under this act cannot be compiled and therefore not disclosed for the year.

18. The Company does have taxable wealth hence provision for Wealth Tax Rs. 12958/- has been made for the year ended 31st March, 2012

19. Company has created special reserve as stipulated by RBI by Rs. 2333385.54/- (P.Y. Rs. 929943.19/-).

20. Since the Company's entire business is conducted within India. Hence there is no reportable geographical segment for the year. Moreover the Company's is mainly engaged in the business of "Finance & Investment". All the activity of the Company revolves around the main business and as such in the opinion of the management. There are no separate reportable segments.

21. Disclosure in respect of related parties as defined in accounting standard (AS-18) issued by the ICAI with whom transaction have taken place in during the year are give below:-

A. List of Related Parties:

Key Management Personnel

Mr. Sanjay Sethi Mr. Sudhir Sethi

Entities Having Significant Influence

Beryl Drugs Ltd.

Kanchan Developers

22. Fixed assets possessed by the company are treated as corporate assets and Non cash generated unit as defined by Accounting Standard (AS-28) impairment of assets as on March 31, 2012. There were no events or change in the circumstances which indicate any impairment in the assets.

23. The company has given advances recoverable in cash or in kind of Rs.7507585.00 towards purchase of assets but the relevant document for verification is not available. However the company is not charging any interest for them.

 
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