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Notes to Accounts of Capital Trust Ltd.

Mar 31, 2015

1 Actual receipts of foreign currency is Rs.NIL (previous Year Rs.NIL).

2 Foreign currency outflow on travelling and business promotion expenses are Rs. 7,13,575 /- (previous year Rs. 1,44,41,14/-)

3 Contingent Liabilities

1) The company has entered into an agreement with MAS Financial Services Ltd for managing of their portfolio and is contingently liable to an extent of Rs. 50,88,66,484 (Interest & Principal) not accounted for in the Accounts.

2) There are 3 legal cases pending against the company with a total amount involved is Rs. 2,81,156/-.

4 Pursuant to enactment of Companies Act, 2013, the company has applied the estimated useful lives as specified in Schedule II, accordingly the unamortized carring value is being depreciated/amortized over the revised/remaining useful life of the Asset In respect of the Fixed Assets whose life has been expired as at 1st of April 2014, Rs. 1,61,659 has been adjusted net of tax from the opening balance of profit and loss account.

5 The depreciation expense in the Statement of Profit and Loss for the year is higher by Rs. 1.89 Lacs consequent to the change in the useful life of the assets.

6 The management is of the opinion that there is a virtual certainty of realizing DTA of Rs 29,57,355/- created in the books (including Rs 23,39,160/- for the previous year )

7 Sundry debtors/ Advances as at the Balance Sheet date in view of management represent bonafide sums due from debtors for services arising on or before that date and advances for value to be received in cash or in kind respectively. Some of the balances however are subject to confirmation from respective parties

8 Sundry Creditors and other payables as at the Balance Sheet date in view of management represent bonafide sums payable by the company against the services / sums received, which would be paid / disbursed in due course of time. Some of the balances wich are duly reconciled but, are subject to confirmation except related parties who have confirmed the balance outstanding in their account.

9 Segment Reporting

The Company has only one business segment ''Financing'' as its primary segment and hence disclosure of segment-wise information is not required under Accounting Standard 17 - ''Segmental Information'' notified pursuant to the Companies (Accounting Standards) Rules, 2006 (as amended).

The Company has only one Geographical Segment. The Company caters mainly to the needs of the domestic market.

10 Schedule to the Balance sheet of NBFC (as required in terms of paragraph 9BB of Non Banking Financial Companies prudential norms (Reserve Bank ) directions, 1998

11. Related Party Information:

1. Relationship

(a) Key Management Personnel

1 Mr. Yogen Khosla (Managing Director)

2 Mr. Surendra Mahanti (Director)

3 Mr. Vijay Kumar (Director)

4 Mr. Hari Bhaskaran (Director)

5 Mrs. Anju Khosla (Director)

6 Mr. Mukesh Sehgal (C.F.O)

7 Ms. Tanys sethi (C.S.)

(b) Relatives of Key Management Personnel

1 Mrs. Anju Khosla

2 Yogen Khosla & Sons HUF

(c) Other Related Parties where control exists:

1 M/S Moonlight Equity Pvt Ltd.

2 M/S Italindian Trade & Financial Services P. Ltd.

3 M/S Indo Crediop Pvt Ltd.

4 M/S Vaibhav Farms Pvt Ltd.

5 M/S Vishwas Credit & Livelihood Programme.

6 M/S Parikarma Investments & Financial Services Pvt Ltd.

12 MSME undertakings as defined under the Micro, Small and Medium Development Act 2006, to whom the Company owes a sum are Rs .NIL Previous year NIL.

13 Previous year figures have been regrouped/reclassified wherever considered necessary, to make them comparable with current year figures.


Mar 31, 2014

1. Vehicle Loans are secured against hypothication of respective Vehicles

i. HDFC Bank Auto Loan No. 16774738 repayble in 60 monthly equal instalments of Rs.18,537/- including interest @10.76% P A commencing from 5th July 2010.

ii. HDFC Bank Auto Premium Loan No.20464597 repayable in 60 monthly equal instalments of Rs.41,852/- including interest @11.57% PA commencing from 5th March 2012

iii. HDFC Bank Auto Premium Loan No.25239755 repayable in 60 monthly equal instalments of Rs.15,133/- including interest @10.75% PA commencing from 7th October 2013.

iv. HDFC Bank Auto Loan No.26837649 repayable in 60 monthly equal instalments of Rs.6598/- including interest @11.50% PA commencing from 7th Feb 2014

1) The liability for gratuity is covered under the group gratuity scheme with Life Insurance Corporation of India and Contributions made for the current year have been charged to profit and loss account as per certificate provided by LIC of India and counter certificate from certified Actuary as on 31st March 2014.

Contributions made to the current year have been charged to Profit & Loss Account as per certificate provided by LIC of India and counter certificate from Certified Actuary as on 31st March 2014.

1. Cash Credit from Vijaya Bank secured against assignment of Small Enterprise Finance receivables on 1st charge on specific book debts and personal guarantee of Managing Director

Cash Credit Limit for a period of 12 months repayable monthly along with interest @ 16.25% PA as per drawing power based on monthly stock statement.

2 Term Loans from others (unsecured) except Mount Nathan are secured against assignment of Micro & Small Enterprise Finance receivables on 1st charge on specific book debts. Terms of Loans given in the table.

a) In the opinion of the Board of Directors aggregate value of the Current Assets, Loans & Advances on realization in the ordinary course of the business shall not be less than the amount at which they are stated in the Balance Sheet.

b) (i) Contingent Provision Against Standard Assets/Loan Loss Provision had been Provided as per RBI Guidelines

(ii) Contingent Liabilities on account of Sale of Portfolio/Advance Funding Facility extended by Mas Financial Services Ltd principal and interest Rs.45,88,07,649/- (Previous Year Rs.24,94,85,188)

c) Aggregate amount of debtors/loans due from directors and companies in which they are directors/members are Rs.NIL Lacs. (Previous Year Rs.NIL Lacs)

1. Other Income includes Rs.149000/- (Previous Year Rs.223990/- ) in respect of amount received on closure of two wheler finance division of the company as out of court settlement of NPA''s Civil cases pending in District Courts.

The Company has subscribed the "Group Gratuity Scheme of LIC" for purpose of discharging the gratuity liability under the payment of Gratuity Act. The provision of Gratuity is made as per premium due/payable for the year as per calculation of premium on Actuarial basis certified by a Certified Actuary as required by AS-15. Out of this provision of gratuity, some portion is also funded by LIC of India. Contributions to the Provident Fund and Superannuation Fund are charged to the Profit & Loss Account.

3 Actual receipts of foreign currency is Rs.NIL (previous Year Rs.NIL).

4 Foreign currency outflow on travelling and business promotion expenses are Rs.14,44,114 /- (previous year Rs.168,346/-)

5 Segment Reporting

The Company has only one business segment ''''Financing" as its primary segment and hence disclosure of segment-wise information is not required under Accounting Standard 17 - ''''Segmental Information'''' notified pursuant to the Companies (Accounting Standards) Rules, 2006 (as amended).

The Company has only one Geographical Segment. The Company caters mainly to the needs of the domestic market.

6 Schedule to the Balance sheet of NBFC (as required in terms of paragraph 9BB of Non Banking Financial Companies prudential norms (Reserve Bank ) directions, 1998.

7. Related Party Information:

1. Relationship

(a) Key Management Personnel

1 Mr. Yogen Khosla (Managing Director)

2 Mr. Surendra Mahanti (Director)

3 Mr. Vijay Kumar (Director)

4 Mr. Hari Bhaskaran (Director)

(b) Relatives of Key Management Personnel

1 Mrs. Anju Khosla

2 Yogen Khosla & Sons HUF

(c) Other Related Parties where control exists:

1. M/s. First Realtors Pvt Ltd.

2. M/s. Italindian Trade & Financial Services P. Ltd.

3. M/s. Indo Crediop Pvt Ltd.

4. M/s. Vaibhav Farms Pvt Ltd.

5. M/s. Vishwas Credit & Livelihood Programme

6. M/s. Dreamcann Foods Pvt Ltd.

7. M/s. I C Construction & Services Ltd.

8. M/s. VELO Sportive Pvt Ltd.

9. M/s. V.K. Consultant Pvt. Ltd.

Note:

1 Related party relationship on the basis of requirements of Accounting Standard 18 (AS-18) is identified by the Company and relied upon by the Auditors.

2 Transaction carried out with related parties referred in 1 above, in ordinary course of business:

8 MSME undertakings as defined under the Micro, Small and Medium Development Act 2006, to whom the Company owes a sum are Rs .NIL Previous year NIL.


Mar 31, 2013

1 As per Certificate obtained from Certified Actuary the company is having an excess provision of gratuity to the extent of 1.54 Lacs. However, no provision is reversed during the year. As per the certificate of Actuary certain previous year figures including "Experience Adjustment on Plan Liabilities-(Gain)/Loss" arenot available.

2 Segment Reporting

The Company has only one business segment "Financing" as its primary segment and hence disclosure of segment-wise information is not required under Accounting Standard 17 - "Segmental Information" notified pursuant to the Companies (AccountingStandards) Rules, 2006 (asamended).

The Company has only one Geographical Segment. The Company caters mainly to the needs of the domestic market.

3 Schedule to the Balance sheet of NBFC (as required in terms of paragraph 9BB of Non Banking Financial Companies prudential norms (Reserve Bank ) directions, 1998.

4. Related Party Information:

1. Relationship

(a) Key Management Personnel

1 Mr YogenKhosIa (Managing Director)

2 Mr. Surendra Mahanti (Director)

3 Cdr. K. L. Khullar (Retd.) (Director)

4 Mr. Vijay Kumar (Additional Director)

(b) Relatives of Key Management Personnel

1 Mrs. Anju Khosla

2 Yogen Khosla & Sons HUF

(c) Other Related Parties where control exists:

1. M/s. First Realtors Pvt. Ltd.

2. M/s. Italindian Trade & Financial Services P. Ltd.

3. M/s. IC Construction & Services Ltd.

4. M/s. IndoCrediopPvt. Ltd.

5. M/s. Vaibhav Farms Pvt. Ltd.

6. M/s. Vishwas Credit & Livelihood Programme.

7. M/s. Dreamcann Foods Pvt. Ltd.

5 MSME undertakings as defined under the Micro, Small and Medium Development Act 2006, to whom the Company owes a sum are Rs .NIL Previous year NIL.


Mar 31, 2012

1 Actual receipts of foreign currency is Rs.NIL (previous Year $.12,91,854/-) which is received as consultancy fees and reimbursement of expenses.

2 Foreign currency outflow on travelling and business promotion expenses are $.3,68,774 /- (previous year $.69,775/-)

3 Deferred Tax:

In view of no taxable income in the current year and also due to uncertainty in future taxable income, the Company has not recorded net Deferred Tax Assets of $.67.64 Lacs as on 31.03.2012 (Previous Year $.90.17 Lacs) arising on account of timing difference as stipulated in Accounting Standard-22 on "Accounting for Taxes on Income".

4 As per Certificate obtained from Certified Actuary the company is having an excess provision of gratuity to the extent of 1.54 Lacs. However, no provision is reversed during the year. As per the certificate of Actuary certain previous year figures including "Experience Adjustment on Plan Liabilities-(Gain)/Loss" are not available.

5 Segment Reporting

The Company has only one business segment ''Financing'' as its primary segment and hence disclosure of segment-wise information is not required under Accounting Standard 17 - ''Segmental Information'' notified pursuant to the Companies (Accounting Standards) Rules, 2006 (as amended).

The Company has only one Geographical Segment. The Company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover.

6. Related Party Information:

1. Relationship

(a) Key Management Personnel

1 Mr. Yogen Khosla (Managing Director)

2 Mr. Surendra Mahanti (Director)

3 Cdr. K. L. Khullar (Retd.) (Director)

4 Mr. C.R. Sharma (Director, till 01.02.2012)

(b) Relatives of Key Management Personnel

1 Mrs. Anju Khosla

2 Yogen Khosla & Sons HUF

(c) Other Related Parties where control exists:

1 M/s. First Realtors Pvt. Ltd.

2 M/s. Italindian Trade & Financial Services P. Ltd.

3 M/s. I. C. Construction & Services Ltd

4 M/s. Indo Crediop Pvt. Ltd.

5 M/s. Vaibhav Farms Pvt. Ltd.

7 MSME undertakings as defined under the Micro, Small and Medium Development Act 2006, to whom the Company owes a sum are Rs. NIL Previous year NIL.

8 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2010

1. Contingent Liabilities (not provided for) in respect of Claims against the Company not acknowledged as debt, which are pending in different courts.

Current Year Previous Year

Particulars No of Cases Amount (Rs) No of Cases Amount (Rs)

1. State Commission, New Delhi Nil 0 1 20000

2. National Commission, New Delhi Nil 0 0 0

3. CivilJudge, Tis Hazari Court Nil 0 3 59076

4. Consumer Forum Nil 0 3 60000

Total Rs. Nil 0 7 139076

2. In the opinion of the Board of Directors aggregate value of the Current Assets, Loans & Advances on realization in the ordinary course of the business shall not be less than the amount at which they are stated in the Balance Sheet.

3. Other income includes Rs.25,000/- from trade investments.(Previous year Rs. NIL):

4. The Company has during the year discontinued its Two Wheeler Finance Division and all advances lying there are either provided or settled out of court.

5. Other Income includes Rs. 54,71,688/- in respect of amount received on closure of two wheler finance division of the company as out of court settlement of NPAs Civil cases pending in District Courts.

6. Other Income also includes Rs.67,839/- lying under un-matured Finance Charges in respect of 130 old NPA Cases settled during the year by way of out of Court Settlements

7. Gratuity has been provided on the basis of Actuarial calculations whereas the company has not obtained a certificate from Registered Actuary for the same. Actuarial gains and losses are also not recognized in two cases, due to non availability of Actuarian Value calculated by LIC of India as on 31.03.2009

8. The company has entered into an agreement with Foreign Investment Advisor for raising Equity and Debt from Foreign Market and paid a total advisory cost of USD 16,500/-. The company has decided to treat this expenditure as Deferred Revenue Expenditure spread over next 5 years. One fifth of the total expenditure is charged to revenue under Deferred Expenses written off.

9. The liability for gratuity is covered under the group gratuity scheme with Life Insurance Corporation of India and Contributions made for the current year have been charged to profit and loss account.

10. Aggregate amount of debtors/loans due from directors and companies in which they are directors/members areRs.NIL (Previous Year Rs.NIL)

11. Debt due by directors or other officers of the company is Rs. NIL (previous year NIL) Maximum amount of such debts due at any time during the year was Rs. NIL (Previous year (NIL)

12. Deferred Tax:

Actual receipts of foreign currency is Rs. 16,82,916/- (previous Year Rs.20,32,531/-) which is received as consultancy fees and reimbursement of expenses.

13. Foreign currency outflow on travelling and business promotion expenses are 2 ,89,210/- (previous year4,44,012/-)

14. Small Scale Industrial Undertaking to whom the Company owes a sum are Rs NIL

15. Hire purchase installments are secured against hire purchase contracts.

16. Previous year figures have been re-grouped wherever necessary to correspond with current years presentation.

17. Deferred Tax: In view of no taxable income in the current year and also due to uncertainty in future taxable income, the Company has not recorded net Deferred Tax Assets of Rs.48.45 Lacs as on 31.03.2010 (Previous Year Rs.48.22 Lacs) arising on account of timing difference as stipulated in Accounting Standard-22 on "Accounting for Taxes on Income".

18. The company has been advised that a computation of net profit (for the purpose of calculation of Directors remuneration under section 349 of the Companies Act, 1956) need not be enumerated since no commission is paid to the directors.

19. Related Party Information:

1. Relationship

(a) Key Management Personnel

1 Mr. Yogen Khosla (Managing Director)

2 Mr. K.K.Raj (Director)

3 Mr. Surendra Mahanti (Director)

4 Cdr. K. L. Khullar (Retd.) (Director)

5 J.S.Tomar (Additional Director)

(b) Relatives of Key Management Personnel

1 Mrs. Anju Khosla

2 Yogen Khosla & Sons HUF

(c) Other Related Parties where control exists:

1 First Realtors Pvt. Ltd.

2 Italindian Trade & Financial Services P. Ltd.

3 IC Constructions Services Ltd

4 IndoCrediopPvtLtd

Note:

1 Related party relationship on the basis of requirements of Accounting Standard 18 (AS-18) is identified by the Company and relied upon by the Auditors.

Other Disclosures

1. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organization structure as well as the differential risks and returns of these segments.

2. The Company has disclosed Business segment as the primary segment

3. Types of products and services in each business segment: 1. Leasing HP & Loan & others

4. Inter Segment revenues are NIL

5. The Segment Revenues, Results. Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

 
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