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Notes to Accounts of Birla Capital And Financial Services Ltd.

Mar 31, 2014

1. Earnings per share

The basic earnings per equity share are computed by dividing the net profit attributable to the equity shareholders for the reporting period by the weighted average number of equity shares outstanding during the reporting period.

The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving basic earnings per share and also the weighted average number of equity shares, which may be issued on the conversion of all dilutive potential shares, unless the results would be anti dilutive.

2. Contingent liabilities not provided for in respect of:

The details of the suit filed against the company pending for disposal is as under: (Amount in lacs)

1. Income Tax Authority Matter pending Filed Appeal against before CIT Appeal the Demand Raised for Rs.63.24 lacs.

2. Income Tax Authority Matter pending Filed Appeal against before ITAT- B. the Demand Raised for Rs.7.24 lacs.

3. Balances in respect of certain sundry debtors, sundry creditors and loans and advances are taken as shown by the books of account and are subject to confirmation and consequent adjustments and reconciliation, if any.

4. As per Management opinion Current assets, loans and advances have a value on realization which in the ordinary course of the business would not be less than the amount at which they are stated in the balance sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reasonably required.

5. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

There are no micros, small and medium enterprises, to which the Company owes dues, which are outstanding for more than 45 days as at March 31, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. Figures in brackets represent those of the previous year.

7. Figures for the previous year have been regrouped / amended wherever necessary.


Mar 31, 2013

1. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the balance sheet unless otherwise stated.

2) Sundry Debtors, Sundry Creditors , Loans and advances are subject to adjustments due to verification and reconciliation of amount as per books.

3) No provision has been made in respect of the following:

Income Tax Demand aggregating to Rs. 5,32,21,791/- against which the company has referred the matter to the Settlement Commission. The Settlement Commission has passed the order in favour of the Company and has directed the Assessing Officer to recalculate the net tax liability/ Refund.

(i) Income matters of earlier years in appeals, rectification towards which the liability is not ascertained , will be accounted for in the year in which the matters are settled.

(ii) Gratuity amounting to Rs. 46,500/- upto March 2013, since the same will be accounted for at the time of settlement of the employees accounts.

4. Deferred Tax:

In accordance with the requirements of Accounting Standard 22 on " Accounting for taxes on income" issued by the Institute of Chartered Accountants of India , the Company has given effect to Deferred Tax accounting. The break-up of deferred tax assets/ liabilities as on 31st March, 2013 is as under: -

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

6. The Company does not have any business other than its main business of Merchant Banking hence segment information is not applicable.


Mar 31, 2012

1. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the balance sheet unless otherwise stated.

2. Sundry Debtors, Sundry Creditors, Bank accounts, Loans & Advances, are subject to adjustments due to verification and reconciliation of amounts as per books.

3. No provision has been made in respect of the following: -

(i) Income Tax Demand aggregating to Rs. 5,32,21,791/- against which the company has referred `the matter to the Settlement Commission. The Settlement commission has admitted the `company's application under section 245D(1) of the Income Tax Act, 1961,

(ii) Income matters of earlier years in appeals, rectification, towards which the liability is not ascertained, will be accounted for in the year in which the matters are settled.

(iii) Gratuity amounting to Rs. 122333/- upto March 2012, since the same will be accounted for at the time of settlement of the employees accounts.

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

5. The Company does not have any business other than its main business of Merchant Banking hence segment information is not applicable.

6. The information with respect to Note No.6A (d)(e)(f)(h)(i)(j)(k)(l), 6B (b)(c)(d)(e)(f)(g), 6C, 6D, 6E, 6 F, 6G(a) to 6G(i), 6J, 6L (iii)(iv), 6M, 6N, 6O, 6 P, 6Q (ii)(iii)(iv), 6R (iii)(iv), 6U, 6V, 6W of Part I (Form of Balance Sheet) of Schedule VI are not given in this statement to the extent it is inapplicable to the Company.

7. The information with respect to Note No. 1, 2(A), 3, 4(a)(b)(c), 5 of Part II (Form of Statement of profit & loss) of Schedule VI are not given in this statement to the extent it is inapplicable to the Company.

NOTE 8.1

Contingent liabilities and As at 31 March As at 31 March 2012 2011 commitments (to the extent not provided for) In Rupees In Rupees

Contingent Liabilities

(a) Claims against the company Please Refer Please Refer not acknowledged as debt NOTE 1 (B) 3 NOTE 1 (B) 3

(b) Guarantees - -

(c) Other money for which the Please Refer Please Refer company is contingently liable NOTE 1 (B) 3 NOTE 1 (B) 3


Mar 31, 2010

1) In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the balance sheet unless otherwise stated.

2) Sundry Debtors, Sundry Creditors, Bank accounts, Loans & Advances, Assets on Lease in custody of the parties, Stock on hire in custody of the parties are subject to adjustments due to verification and reconciliation of amounts as per books.

3) No provision has been made in respect of the following. -

(i) Income Tax Demand aggregating to Rs. 5,32,21,791/- against which the company has referred the matter to the Settlement Commission. The Settlement commission has admitted the companys application under section 245D(1) of the Income Tax Act, 1961,

(ii) Income matters of earlier years in appeals, rectification, towards which the liability is not ascertained, will be accounted for in the year in which the matters are settled.

(iii) Gratuity amounting to Rs. 61725/- Upto March 2010, since the same will be accounted for at the time of settlement of the employees accounts.

4) Previous years figures have been regrouped rearranged wherever necessary.

5) The Company does not have any business other than its main business of Finance hence segment information is not applicable.

6) Provision for taxation has not been made due carried forward losses.

7) Disclosure pursuant to The Reserve Bank of India Notification DNBS. 167 / CGM (OPA) - 2003 dated March 29, 2003 (As per Annexure )

 
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