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Notes to Accounts of CFSL Ltd.

Mar 31, 2015

1. SHARE CAPITAL

a) The company has only one class of equity shares having a par value of Rs.2/-. The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.

b) Following Shareholders hold equity shares more than 5% of the total equity shares of the company at the end of the period :

c) Bonus Shares issued during the last 5 Years:-

The company has not issued any bonus shares during the period of last 5 years

AS AT AS AT 31.03.2015 31.03.2014 (Rs.In Lacs) (Rs.In Lacs)

2. Contingent Liabilities not provided for (excluding matters separately dealt with in other notes)

a) Counter guarantees issued to Bankers in NIL NIL respect of guarantees issued by them

b) Guarantees issued on behalf of Ltd. Co's NIL NIL

3. In the opinion of the Board, all Current Assets, Loans & Advances (Except where indicated otherwise) collectively have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

4. Balance confirmation certificates from parties, as appearing in the Balance Sheet under the heads 'Current Liabilities' on the liabilities side and 'Loans & Advances' on the assets side of the Balance Sheet are subject to confirmations of balances to the extent received have been reconciled/under reconciliation.

5. Depreciation and Amortization on tangible and intangible fixed assets: the Company was hitherto charging depreciation on Written Down Value (WDV) at the rates provided in Schedule XIV of the Companies Act, 1956. In the current year, the Company has reassessed the useful life of assets, and adopted the useful life as provided in Schedule II of the Companies Act, 2013.

Consequent to change of useful life as above, an amount of Rs.5493/- representing WDV of those assets whose useful life had already expired as on 1 st April, 2014 has been adjusted against the Surplus / Deficit in Schedule 3, Reserves & Surplus.

Had there been no change, depreciation charge for the year would have been Higher by Rs.1853/- and Loss for the year would have been higher by the same amount.

6. Provision regarding Provident fund and Gratuity Act, 1972 are not applicable to the company during the year under reference.

7. The company is engaged in the business of non-banking financial activity. Since all the activities relate to main activity, in the opinion of the management, there is only one business segment in terms of AS-17 on segment reporting issued by ICAI.

8. Related Party Disclosures:

In accordance with the Accounting Standards (AS-18) on Related Party Disclosure, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, along with description of relationship as identified, are given below:-

A. Relationships

Key Managerial Personnel : Sh. Ashwani K.Gupta

9. Tax Expense is the aggregate of current year tax and deferred tax charged to the Profit and Loss Account for the year.

a) Deferred Tax

The Company estimates the deferred tax asset using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year. The movement of provision for deferred tax is given below:

10. Figures for the previous year have been regrouped or recasted wherever necessary.

11. Disclosure of details as required by revised para 13 of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, earlier para 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

Note 1. Companies in the same group means companies under the same Management as per section 370 (1B) of the Companies Act, 1956.

Note 2. In case of Investments in unquoted shares, it is assumed that market value is same as book value.




Mar 31, 2014

AS AT 31.03.2014 AS AT 31.03.2013 (Rs. in Lacs)

1. Contingent Liabilities not provided for (excluding matters separately dealt with in other notes)

a) Counter guarantees issued to Bankers in NIL NIL respect of guarantees issued by them

b) Guarantees issued on behalf of Ltd. Co''s NIL NIL

2. Value of Imports on CIF Basis NIL NIL

3. Earning in Foreign Currency NIL NIL

4. Expenditure in Foreign Currency NIL NIL

5. Additional information pursuant to the provisions of para 3 and 4(c) of Part 11 ofSchedule VI of the Companies Act, 1956

6. In the opinion of the Board, all Current Assets, Loans & Advances (Except where indicated otherwise) collectively have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

7. Balance confirmation certificates from parties, as appearing in the Balance Sheet under the heads ''Current Liabilities'' on the liabilities side and ''Loans & Advances'' on the assets side of the Balance Sheet are subject to confirmations of balances to the extent received have been reconciled/under reconciliation.

8. Interest on Loans given to two parties have not been provided in the accounts as the parties are not responding accordingly. The same shall be accounted for as and when received.

9. Provision regarding Provident fund and Gratuity Act, 1972 are not applicable to the company during the year under reference.

10. The company is engaged in the business of non-banking financial activity. Since all the activities relate to main activity, in the opinion of the management, there is only one business segment in terms of AS-17 on segment reporting issued by ICAI.

11. Related Party Disclosures:

In accordance with the Accounting Standards (AS-18) on Related Party Disclosure, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, along with description of relationship as identified, are given below:-

A. Relationships

Key Managerial Personnel : Sh. Ashwani K.Gupta a. The following transactions were carried out with related parties in the ordinary course of business:-

12. Tax Expense is the aggregate of current year tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge:

Income Tax provision of Rs. 2.12 Lacs has been made towards tax payable for the year.

13. Figures for the previous year have been regrouped or recasted wherever necessary.

14. The schedule as required in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) directions, 1998 as amended on 29th March, 2003 is appended as per Annexure-I to the balance sheet.


Mar 31, 2013

1. In the opinion of the Board, all Current Assets, Loans & Advances (Except where indicated otherwise) collectively have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

2. Balance confirmation certificates from parties, as appearing in the Balance Sheet under the heads ''Current Liabilities'' on the liabilities side and ''Loans & Advances'' on the assets side of the Balance Sheet are subject to confirmations of balances to the extent received have been reconciled/under reconciliation.

3. Interest on Loans given to two parties have not been provided in the accounts as the parties are not responding accordingly. The same shall be accounted for as and when received.

4. Provision regarding Provident fund and Gratuity Act, 1972 are not applicable to thecompany during the year under reference.

5. The company is engaged in the business of non-banking financial activity. Since all the activities relate to main activity, in the opinion of the management, there is only one business segment in terms of AS-17 on segment reporting issued by ICAI.

6. RELATED PARTY DISCLOSURES

In accordance with the Accounting Standards (AS-18) on Related Party Disclosure, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, along with description of relationship as identified, are given below:-

7. Tax Expense is the aggregate of current year tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge:

Income Tax provision of Rs. 3.00 Lacs has been made towards tax payable for the year.

b) Deferred Tax

No provision for deferred tax liability as required in AS-22 of "Taxes on Income" issued by ICAI, has been done as the taxable income and book profit have no material timing differences.

8. Figures for the previous year have been regrouped or recasted wherever necessary.

9. The schedule as required in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) directions, 1998 as amended on 29th March, 2003 is appended as per Annexure- I to the balance sheet.

 
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