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Notes to Accounts of Bhilwara Tex-Fin Ltd.

Mar 31, 2015

1. Corporate Information

Bhilwara Tex-Fin Limited ("the Company") was incorporated on November 16, 1994 and obtained the certificate for Commencement of Business on November 22, 1994 from Registrar of Companies under the provision of the Companies Act, 1956. The main objects of the company are to provide the fund based financial services etc. During the year under review, the Company continued in business of investment & financing.

2. Contingent Liability is Nil. (Previous Year Nil).

3. Company does not have any employee eligible for gratuity.

4. Debit balances of debtors are subjected to confirmation and reconciliation form respective parties. The final adjustment, if any, in the account of parties shall be known only after confirmation / reconciliation, the amount of which could not be ascertained.

5. Remuneration and perquisites to the directors is Rs. Nil.

6. There are certain parties to whom advances in the nature of loans have been given by the company. As per management, principal and interest thereon is recoverable at a later date as per stipulations made with respective parties. As such, interest income is accounted for on yearly basis, but their recovery is deferred to a later date.

7. Segment Reporting

The Company operates in one segment only namely Finance, Investment and related consultancy. Therefore, information about segment reporting in line with AS-17 of ICAI has not been given.

8. CIF Value of Import of Raw Materials Components, Spare parts & Capital goods: Nil

a) Expenditure in Foreign Currency : Nil

b) Remittance in Foreign Currency : Nil

c) Earning in Foreign currency : Nil

(CIF Value in Exports)

9. Prudential Norms of the Reserve bank of India (RBI)

The Prudential Norms of the RBI require the company to derecognize certain income and make provisions for nonperforming assets.

In compliance with Guidelines prescribed by Reserve Bank of India for NBFCs, the Company has

a) Provided 0.25% of Standard Assets Amounting to Rs 13,97,150/- (Previous year Rs. Nil).

b) Appropriated 20% of the Net Profit Rs.2,12,954/- (Previous year Rs.1,19,601/- ) to Special Reserve fund.

10. Short Term Loans and Advance include Rs NIL due from a Director.

11. The company has no amounts due to suppliers under The Micro Small and Medium Enterprises Development Act, 2006, [MSMED Act] as at 31st March, 2015.

12. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at 31st March, 2015.

13. Previous year's figures have been regrouped and rearranged wherever necessary.


Mar 31, 2014

1. Corporate Information :-

Bhilwara Tex-Fin Limited ("the Company") was incorporated on November 16, 1994 and obtained the certificate for Commencement of Business on November 22, 1994 from Registrar of Companies under the provision of the Companies Act, 1956. The main objects of the company are to provide the fund based financial services etc. During the year under review, the Company continued in business of investment & financing.

2.1 Remuneration and perquisites to the directors is Rs. Nil.

2.2 There are certain parties to whom advances in the nature of loans have been given by the company. As per management, principal and interest thereon is recoverable at a later date as per stipulations made with respective parties. As such, interest income is accounted for on yearly basis, but their recovery is deferred to a later date.

2.3 There is no related party transaction as in accordance with Accounting Standard-18 issued by the institute of Chartered Accountants of India.

2.4 Segment Reporting

The Company operates in one segment only namely Finance, Investment and related consultancy. Therefore, information about segment reporting in line with AS-17 of ICAI has not been given.

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

2.6 Additional information pursuant to the provision of paragraphs 3, 4C & 4D of part II of schedule VI of the Companies Act, 1956.

2.7 CIF Value of Import of Raw Materials Components, Spare parts & Capital goods: Nil

a) Expenditure in Foreign Currency : Nil

b) Remittance in Foreign Currency : Nil

c) Earning in Foreign currency : Nil (CIF Value in Exports)

Notes:

1) As defined in Paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 as amended from time to time.

2) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007 as amended from time to time.

3) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

2.8 None of the employees of the company was in receipt of remuneration exceeding Rs.5,00,000/- per month where employed for part of the year or Rs.60,00,000/- per annum where employed throughout the year.


Mar 31, 2013

1. Corporate Information

Bhilwara Tex-Fin Limited ("the Company") was incorporated on November 16, 1994 and obtained the certificate for Commencement of Business on November 22, 1994 from Registrar of Companies under the provision of the Companies Act, 1956. The main objects of the company are to provide the fund based financial services etc. During the year under review, the Company continued in business of investment & financing,

2) As defined in Paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public - Deposits (Reserve Bank) Directions, 1998 as amended from time to time.

Provisioning norms shall be uppUmtbh1 as put section in

Prudential Norms (Reserve Bank) Directions, 2007 as amended from time to time.

3) All Accounting Standards and Guidance Notes issued by 1CAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair valm/NA V in respect of ''unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column above.

4) None of the employees of the company was in receipt of remuneration exceeding Rs,5,00,000/- per month where employed for part of the year or Rs.60,00,000/- per annum where employed throughout the year,


Mar 31, 2012

1. General :-

Bhilwara Tex-Fin Limited ("the Company") was incorporated on November 16, 1994 and obtained the certificate for Commencement of Business on November 22, 1994 from Registrar of Companies under the provision of the Companies Act, 1956. The main objects of the company are to provide the fund based financial services etc. During the year under review, the Company engaged in business of investment & Financing.

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

2.2 Additional information pursuant to the provision of paragraphs 3, 4C & 4D of part II of schedule VI of the Companies Act, 1956.

2.3 CIF Value of Import of Raw Materials Components, Spare parts & Capital goods: Nil

c) Expenditure in Foreign Currency : Nil

d) Remittance in Foreign Currency : Nil

e) Earning in Foreign currency : Nil (CIF Value in Exports)

Notes:

1) As defined in Paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 as amended from time to time.

2) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007 as amended from time to time.

3) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

2.4 None of the employees of the company was in receipt of remuneration exceeding Rs. 5,00,000/- per month where employed for part of the year or Rs. 60,00,000/- per annum where employed throughout the year.


Mar 31, 2010

1. Foreign Currency converted into Indian Rupee is Nil.

2. Contingent Liability is Nil. (Previous Year Nil).

3. a) No provision for gratuity has been made as no employee has put in the qualifying period of service for entitlement of this benefit.

b) No provision for bonus has been made, as the company is not covered under the payment of Bonus Act.

4. Debit balances of debtors are subjected to confirmation and reconciliation form respective parties. The final adjustment, if any, in the account of parties shall be known only after confirmation / reconciliation, the amount of which could not be ascertained.

5. In compliance of Sec. 45 IC of the Reserve Bank of India Act, 1934, the company has transferred a sum of Rs. Nil to Special reserve Fund. The reserve fund so created is available for utilization for specified purposes as may be prescribed by the Reserve Bank from time to time.

6. Remuneration and perquisites to the directors is Rs. Nil.

7. There are certain parties to whom advances in the nature of loans have been given by the company. As per management, principal and interest thereon is recoverable at a later date as per stipulations made with respective parties. As such, interest income is accounted for on yearly basis, but their recovery is deferred to a later date.

8. There is no related party transaction as in accordance with Accounting Standard 18 issued by the institute of Chartered Accountants of India.

9. Segment Reporting

The Company operates in one segment only namely Finance & Investment and related consultancy. Therefore, information about segment reporting in line with AS - 17 of ICAI has not been given.

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

11. Additional information pursuant to the provision of paragraphs 3, 4C & 4D of part II of schedule VI of the companies Act, 1956.

Notes:

1) As defined in Paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007.

3) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

12. None of the employees of the company was in receipt of remuneration exceeding Rs. 2,00,000/- per month where employed for part of the year or Rs.24,00,000/- p.a. where employed throughout the year.

13. The Requirements of Accounting Standard (AS29) - "Provisions, Contingent Liabilities and Contingent Assets" have been compiled while compiling the accounts.

14. Balance Sheet abstract & general business profile of the company pursuant to Part IV of Schedule VI of Companies Act, 1956 are given in the annexure attached to the notes to accounts

a) Generic Name of Three Principal Product/Services of Company (As per Monetary terms): NA

15. Schedule A to K Annexed herewith forms integral part of Balance Sheet and Profit & Loss Accounts.

 
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