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Notes to Accounts of CSL Finance Ltd.

Mar 31, 2015

Note 1.1 - Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in the Schedule-II. Accordingly the unamortised carrying value is being depreciated/amortised over the remaining useful lives. The above depreciation of Rs.11,73,640/- includes Rs 2,11,276/- i.e the written down value (after residual value) of fixed assets whose lives have expired as at 1st April, 2014 and have been adjusted net of tax in the opening balance of profit and loss.

a) A) Contingent Liabilities:

i) Claims against the company not acknowledged as debts- Nil; Previous Year- Nil

ii) Guarantees to Banks and Financial institutions against credit facilities extended to third parties- Nil; Previous Year- Nil

iii) Other money for which the company is contingently liable

a) Income Tax liability for Assessment year 2006-07, 2008-09 & 2011-12 is Rs.595,782/-, Rs.4,968,594/- and Rs.1,024,631/- respectively (Previous Year Rs.595,782/- for assessment year 2006-07). The company has deposited Rs.595,782/- and Rs.1,282,942/- for Assessment year 2006-07 and 2011-12 under protest. Rs.595,782/- deposited under protest is being shown as Income Tax deposit against appeal in Note no.15 i.e. Other Current Assets and Rs.1,282,942/- has been deposited after 31st March, 2015.

b) The company has entered into loan agreement with various parties and in case the management deems fit in its sole discretion, then, depending upon the circumstances of the case, it grants interest rebate to certain party/parties. Liability, if any, on this account is known only on completion of agreement.

B) Commitments :

i) Uncalled liability on partly paid up shares- Nil; Previous Year- (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL; Previous Year- (Nil)

iii) Other Commitments- Nil; Previous Year- Nil b) In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

c) In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

d) CIF value of Imports- NIL; Previous Year- (Nil)

e) Earning & Expenditure in Foreign Currency- NIL; Previous Year- (Nil)

f) The activities of the company do not involve conservation of energy or absorption of technology.

i ) Company is dealing in shares. So the closing stock of shares has been shown as Stock-in-Trade but some shares purchased during the year by the company for earning income by way of dividends and for long term purposes being strategic/ large investments are shown under investments and accordingly income from these investments have been shown as short term / long term profit.

j) Salary Payable to Mr. Rohit Gupta, Managing Director of the company has been increased from Rs.500000/- to Rs.1000000/- per month w.e.f. 1st October, 2014. The company has filed necessary papers with Ministry of Corporate Affairs for approval. Approval for the same is yet to be received.

m) Related Party Disclosure:

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company's related parties and transactions are disclosed below:

(A) Name of related parties and description of relationship:

(1) Holding Company:

a) CSL Holdings Pvt. Ltd

(2) Other related parties where the Directors / Relatives have significant influence

a) CSL Capital Pvt. Ltd.

(3) Key Management Personal:

a) Mr. Rohit Gupta

b) Mr. Akash Gupta, Company Secretary & Legal Head

(4) Relatives of Key Management Personnel.

a) Mrs. Ridhima Gupta

n) As per information available with the company, no amount is due to any Undertaking/ Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

o) Since the Company is dealing in one segment, No separate Segment reporting is given.

p) Information regarding Purchase and Sale of Stock in trade during the year.

q) The figures of the previous years have been regrouped and rearranged wherever it is considered necessary.


Mar 31, 2014

NOTE-1

a. A) Contingent Liabilities:

1. Claims against the company not acknowledged as debts Nil Previous Year Nil

2. Guarantees to Banks and Financial institutions against credit facilities extended to third parties Nil Previous Year Nil

3. Other money for which the company is contingently liable

a) Income Tax liability for Assessment year 2006-07 and 2007-08 is Rs. 595782/- and Rs. 1089849/- respectively Previous Year Rs. 1089849/- for assessment year 2007-08

b) The Income tax assessment for the Assessment year 2008-09 & 2009-10 has been set aside by the Income Tax Appellate Tribunal and liability if any accrues, the same will be known only after completion of the assessment.

c) The company has entered into loan agreement with various parties and in case of certain agreements as per terms of agreement company will give interest rebate to certain party/parties in case interest/principal payment is regular. Liability, if any, on this account is known only on completion of agreement.

B) Commitments :

i) Uncalled liability on partly paid up shares- Nil Previous Year (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL. Previous Year (Nil)

iii) Other Commitments Nil Previous Year Nil

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. CIF value of Imports: NIL Previous Year (Nil),

5. Earning & Expenditure in Foreign Currency: NIL Previous Year (Nil),

6. The activities of the company do not involve conservation of energy or absorption of technology.

7. Company is dealing in shares. So the closing stock of shares has been shown as Stock-in-Trade but some shares purchased during the year by the company for earning income by way of dividends and for long term purposes being strategic/ large investments are shown under investments and accordingly income from these investments have been shown as short term / long term profit.

8) . As per information available with the company, no amount is due to any Undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

9). Since the Company is dealing in one segment, no separate Segment reporting is given.

10). The figures of the previous years have been regrouped and rearranged wherever it is considered necessary.


Mar 31, 2013

1. A) Contingent Liabilities:

i) Claims against the company not acknowledged as debts Nil Previous Year Nil

ii) Guarantees to Banks and Financial institutions against credit facilities extended to third parties Nil Previous Year Nil

iii) Other money for which the company is contingently liable

a) Income Tax Assessment year 2007-08 Rs 1089849/- Previous Year Nil

b) The Income tax assessment for the Assessment year 2008-09 & 2009-10 has been set aside by the Income Tax Appellate Tribunal and liability if any accrues, the same will be known only after completion of the assessment.

c) The company has entered into loan agreement with various parties and as per terms of agreement company will give interest rebate to certain party/parties in case interest/principal payment is regular. Liability, if any, on this account is known only on completion of agreement.

B) Commitments :

i) Uncalled liability on partly paid up shares- Nil Previous Year (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL. Previous Year (Nil)

iii) Other Commitments Nil Previous Year Nil

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. CIF value of Imports: NIL Previous Year (Nil)

5. Earning & Expenditure in Foreign Currency: NIL Previous Year (Nil)

6. The activities of the company do not involve conservation of energy or absorption of technology.

7. Director''s remuneration: 30,00,000.00 30,00,000.00

8. Company is dealing in shares. So the closing stock of shares has been shown as Stock-in-Trade but some shares purchased during the year by the company for earning income by way of dividends and for long term purposes being strategic/ large investments are shown under investments and accordingly income from these investments have been shown as short term / long term profit.

I). Related Party Disclosure:

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company''s related parties and transactions are disclosed below:

(A) Name of related parties and description of relationship:

(1) Holding Company :

a) Mundra Credit & Investment Pvt. Ltd

(2) Other related parties where the Directors / Relatives have significant influence

a) Deep Deposits & Leasing Pvt. Ltd.

b) CSL Realtors Pvt. Ltd.

(3) Key Management Personnel:

a) Mr. Rohit Gupta

(4) Relatives of Key Management Personnel.

a) Mr. Satpaul Gupta

b) Mrs. Ridhima Gupta

l ). Indicate s figures of Previous year.

m). As per information available with the company, no amount is due to any Undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

n). Since the Company is dealing in one segment, No separate Segment reporting is given.

o). Information regarding Purchase and Sale of Stock in trade during the year.

Note

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 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 required 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.


Mar 31, 2012

A) A) Contingent Liabilities:

i) Claims against the company not acknowledged as debts - Nil Previous Year Nil

ii) Guarantees to Banks and Financial institutions against credit facilities extended to third parties - Nil Previous Year Nil

iii) Other money for which the company is contingently liable - Nil Previous Year Nil B) Commitments :

i) Uncalled liability on partly paid up shares- Nil Previous Year (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- Nil. Previous Year (Nil)

iii) Other Commitments Nil Previous Year Nil

b). In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

c). In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

d). CIF value of Imports: NIL Previous Year (Nil)

e). Earning & Expenditure in Foreign Currency: NIL Previous Year (Nil)

f). The activities of the company do not involve conservation of energy or absorption of technology.

i). Company is dealing in shares. So the closing stock of shares has been shown as Stock-in-Trade but some shares purchased during the year by the company for earning income by way of dividends and for long term purposes being strategic/ large investments are shown under investments and accordingly income from these investments have been shown as short term / long term profit.

l). Related Party Disclosure:

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company's related parties and transactions are disclosed below:

(A) Name of related parties and description of relationship:

(1) Holding Company :

a) Mundra Credit & Investment (P) Ltd

(2) Other related parties where the Directors / Relatives have significant influence

a) Deep Deposits & Leasing (P) Ltd.

(3) Key Management Personnel:

a) Mr. Rohit Gupta

(4) Relatives of Key Management Personnel.

a) Mr. Satpaul Gupta

b) Mrs. Ridhima Gupta

m). As per information available with the company, no amount is due to any Undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

n). Since the Company is dealing in one segment, No separate Segment reporting is given.

p). The figures of the previous years have been regrouped and rearranged wherever it is considered necessary.


Mar 31, 2010

1. Contingent Liability:

a) Unpaid liability on partly paid up shares- Nil (Nil)

b) Estimated amount of contract remaining to be executed on capital accounts- Nil (Nil)

2. Claim againstthe company not acknowledged as debts- Nil (Nil)

3. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

4. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

5. None of the employees was in receipt of annual remuneration as prescribed under the provision of section 217(2A) of the Companies Act, 1956.

6. The activities of the company do not involve conservation of energy or absorption of technology.

7. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

8. Directors remuneration: NIL (NIL)

9. Amount dueto/from the parties are subjectto confirmation.

10. Company is dealing in shares. So the closing stock of shares has been shown as Stock-in-Trade but some shares purchased during the year by the company for earning income by way of dividends and for long term purposes being strategic investments are shown under investments.

11. Provisions:

Provisions are recognized where the company has present legal or constructive obligation, as a result of past event, for which it is probable that an outflow of economic benefits will be required to settle the obligation and the reliable estimate can be made for the amount of the obligation.

12. Impairment of Assets:

The carrying amounts of assets are reviewed at the balance sheet date to determine whether there are any indications of impairment. If the carrying amount of the fixed assets exceeds the recoverable amount at the reporting, the carrying amount is reduced to the recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use, the value in use determined by the present value estimated future cash flows. Here carrying amounts of fixed assets are equal to recoverable amounts.

13. Related Party Disclosure:

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Companys related parties and transactions are disclosed below:

(A) Name of related parties and description of relationship:

(1) Holding Company:

a) Mundra Credit & Investment (P) Ltd

(2) Other related parties where the Directors/ Relatives have significant influence

a) Rajastan Global Securities Ltd.

b) Deep Deposits & Leasing (P) Ltd.

(3) Key Management Personal: a) Mr. Rohit Gupta

(4) Relatives of Key Management Personnel. a) Mr. Satpaul Gupta

14. As per information available with the company, no amount is due to any Undertaking/ Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

15. Since the Company is dealing in one segment, No separate Segment reporting is given.

16. The figure in the brackets pertains to the previous year.

 
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