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Notes to Accounts of Contil India Ltd.

Mar 31, 2015

1.Incorporation

The company was incorporated on October 2 7, 1994, in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. Vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id :531067. The Company is a Non-Banking Finance Company (not accepting public deposits) registered with Reserve Bank of India as an Investment company.

2.NBFC Certificate

The company has received the certificate of registration under section 45( 1 )A of the Reserve Bank of India Act, 1934 to commence the business of non Banking Financial Institution since 20.03.1998. The company has been carrying on the business of NBFC and in terms of the condition of the certificate it has not accepted Public deposits. Necessary resolution is to be passed by the company every year.

3.Applicability of Prudential Regulations to NBFCs-ND with Assets less than Rs. 500 crore

Consequent to the redefining of 'systemic significance' the NBFCs-ND with asset size of less than Rs. 500 crore, are exempted from the requirement of maintaining CRAR and complying with Credit Concentration Norms. They shall not be subjected to any regulation either prudential or conduct of business regulations viz.. Fair Practices Code (FPC), KYC, etc., if they have not accessed any public funds and do not have a customer interface. Accordingly this provision is not applicable to this company.




Mar 31, 2014

Incorporation

The company was incorporated on October 27, 1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id : 531067. The Company is a Non Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

NBFC Certificate

The Company has received the certificate of registration under section 45(1) A of the Reserve Bank of India Act,1934 to commence the business of non Banking Financial Institution since 20/03/1998. The company has been carrying on the business of NBFC and a terms of the condition of the certificate it has not accepted public deposits.


Mar 31, 2013

COMPANY''S OVERVIEW Incorporation

The company was incorporated on October 27, 1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26,2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id : 531067. The Company is a Non Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

NBFC Certificate

The Company has received the certificate of registration under section 45( 1) A of the Reserve Bank of India Act,1934 to commence the business of non Banking Financial Institution since 20/03/1998. The company has been carrying on the business of NBFC and a terms of the condition of the certificate it has not accepted public deposits.


Mar 31, 2012

Notes 1 to 15 annexed to and forming part of Financial Statement for the Year ended 31st March,2012.

The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current year presentation.

The formates which are necessary to reflect the details of the relevant account balance or transaction are only presented.

COMPANY'S OVERVIEW

Incorporation

The company was incorporated on October 27, 1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26,2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id : 531067. The Company is Non Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

NBFC Certificate

The Company has received the certificate of registration under section 45(1) A of the Reserve Bank of India Act, 1934 to commence the business of Non Banking Financial institution since 20/03/1998. The company has been carrying on the business of NBFC and a terms of the condition of the certificate it has not accepted public deposits.


Mar 31, 2011

1) The company has received the certificate of registration under section 45(1 )A of the Reserve Bank of India Act, 1934 to commence the business of Non Banking Financial Institution since 20/03/1998. The company has been carrying on the business of NBFC and in terms of the condition of the certificate it has not accepted Public Deposits.

2) In the opinion of the Management, the Provident Fund and ESI Act are not applicable. Hence, no provisions or payment have been made for the same as explained by the management, the company do not provide any retirement benefits to its employees. Adhoc retirement benefits, if any, to be given are not provided for in the accounts.

3) Balance of debtors, Loans & Advances and bank balances are subject to confirmation and reconciliation. In the opinion of the Board, the current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4) During the year some advances are found to be inoperative and stagnant since long, hence the management is advised to take suitable measures for the recovery or else necessary provision may be made for the same.

5) There are no dues payable to small scale industrial undertakings in view of the nature of the business of the company.

6) Suppliers covered under the Micro, small and medium enterprise have not furnished the information regarding filling of necessary memorandum with appointed authority. In view of this, the information required under Schedule VI of the Companies Act, to that extent is not given.

7) Contingent liabilities not provided for contingencies which are material and future outcome of which cannot be ascertained, with reasonable certainty are treated as contingent liabilities. There are no contingent liabilities as on 31st March, 2011.


Mar 31, 2010

1) The company has received the certificate of registration under section 45(1 )A of the Reserve Bank of India Act, 1934 to commence the business of Non Banking Finoncial Institution since 20/03/1998. The company has been carrying on the business of NBFC and in terms of the condition of the certificate it has not accepted Public Deposits.

2) In the opinion of the Management, the Provident Fund and ESI Act are not applicable. Hence, no provisions or payment have been made for the same as explained by the management, the company do not provide any retirement benefits to its employees. Adhoc retirement benefits, if any, to be given are not provided for in the accounts.

3) Balance of debtors. Loans & Advances and bank balances are subject to confirmation and reconciliation. In the opinion of the Board, the current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4) During the year some advances are found to be inoperative and stagnant since long, hence the management is advised to take suitable measures for the recovery or else necessary provision may be made for the same.

5) There are no dues payable to small scale industrial undertakings in view of the nature of the business of the company.

6) Suppliers covered under the Micro, small and medium enterprise have not furnished the information regarding filling of necessary memorandum with appointed authority. In view of this, the information required under Schedule VI of the Companies Act, to that extent is not given.

7) Contingent liabilities not provided for contingencies which are material and future outcome of which cannot be ascertained, with reasonable certainty are treated as contingent liabilities. There are no contigent liabilities as on 31st March, 2010.

8) Disclosurein respect of Global Venture

In terms of the Global Venture integrated as a Corporate Alliance, The Company through the Canadian business House Viz. CONTIL CANADA LTD. has embarked upon the development of commodity trading in global arena and has subscribed 43.70% of the capital of the CONTIL CANADA LTD.

NAME : CONTIL CANADA LTD.

DESCRIPTION OF INTEREST : CORPORATEALLIANCE

DESCRIPTION OF JOB : TO DEVELOP A BUSINESS OF

COMMODITYTRADING

PROPORTION OF OWNERSHIP INTEREST : 43.70%

COUNTRY OF INCORPORATION : CANADA

Note: During the year, no income has been received or accrued from the corporate alliance company.

Notes:

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

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) 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 (4) above.

Notes:

1. The above cash flow statement has been prepared under the "Indirect Method" set out in AS-3, issued by ICAI

2. Cash and Cash Equivalents represent Cash and bank Balances.

 
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