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Notes to Accounts of First Financial Services Ltd.

Mar 31, 2015

Note 1.- Amounts due to Micro, Small and Medium Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

Note 2. - Amortisation of Preliminary expenses

The Company had incurred some expenses on account of further issue of equity shares which were treated as Preliminary expenses in the books of Accounts till 31 March 2013 (Rs. 14,69,675/-) and no such expenses were written off in the books of Accounts. However, the management has framed a policy of Amortising the above Preliminary expenses over a period of 5 years starting from the financial year 2013-14.

1. In the opinion of the Board of Directors, the Current Assets, Loans & Advances have realizable value in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and the same has been certified by the Board of Directors.

3. Related Parties Disclosure:

(i) As per Accounting Standard on "Related Party Disclosure" (AS 18), the related parties of the company as at March 31, 2015 are as follows:

(a) Wholly Owned Subsidiary Company : N.A.

(b) Promoter Group/ Holding Company : N.A.

(c) Key Management Personal : Mr. Nirmal Singh Moolsingh Mertia Whole Time Director

(ii) The nature and volume of transaction of the company during the year with the above parties were as follows:

4. Balances of Sundry Debtors, Sundry Creditors, Advances received and recoverable are subject to confirmation and reconciliation, if any from the respective parties.

5. Previous year's figures have been regrouped/ rearranged and Reclassified wherever necessary to make them comparable with current year figures.

6. Identification of accounts relating to small industrial undertaking, information for determining the particulars relating to current indebtedness of such undertaking as required under Schedule III Part I of the Company Act, 2013 are not applicable to this company.

7. All the other information's as required under paragraph 3, 4A, 4B, 4C & 4D of part II of Schedule III of the Companies Act, 2013 is either Nil or Not Applicable to the Company.

8. Contingent liabilities: There is no contingent liability in the opinion of the Management.

9. Changes after Date of Balance Sheet:

There is no material change occurred after the date of Balance Sheet till date of audit affecting the financial statements as on 31.03.2015.

10. Calculation of Deferred Tax:

Provision for income tax has been made as per the existing provision of the Income Tax, 1961 and as required by Accounting standard AS-22 relating to "Accounting for taxes on income" issued by the Institute of Chartered Accountants of India, the provision of deferred tax liability, has been made in respect of difference between books depreciation and income tax depreciation, as under:-


Mar 31, 2014

1. Prior Year Comparatives

a) Previous year''s figures have been regrouped and reclassified wherever necessary to make them comparable to current year''s figures.

b) Figures in brackets pertain to previous year.

2. Fixed Assets.

The Company does not have Fixed Assets on its own. Hence this clause will not applicable to this company.

3. Depreciation

Since the Company does not have any Fixed Assets Depreciation there on cannot be provided for the same.

4. Leases

The company has not taken or leased out any building or asset on operating lease or finance lease.

5. Effects of Changes in Foreign Exchange Rates

a) Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. Monetary items denominated in foreign currency and outstanding at the balance sheet date are translated at the exchange rate ruling on that date

b) The change in value of Foreign Currency liability due to increase or decrease in the exchange rate is adjusted against appropriate fixed assets.

6. Trade Payables

a) There is no due to Micro & Small Enterprises as at 31st march,2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined ti the extent such parties have been identified on thr basis of information available with company.

b) No Interest Paid/Payable during the year to any enterprises registered under the MSME

c) The above Information has been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under the MSME.

7. Employee benefit plans - Gratuity

None of the Employee has completed the service period to become eligible for payment of gratuity.

8. Related Party Disclosures

As per Accounting Standard (AS) -18 issued by The Institute of Chartered Accoutants of India, the Company''s related parties are disclosed below:

A. Related Parties :

Directors / Key Management Personnel

Mr.S KRISHNA RAO Executive Director

Mr.SAMBASIVAIYER SWAMINATHAN Executive Director

Mr.NIRMALSINGH MOOLSINGH MERTIA Whole Time Director

9. Provision for Deferred Tax Liablity

Deferred tax assets/liabilities does not arise for the Company for current year.

10. Contingent Liability

There no Contingent liability to be expected for the Company.

11. Balances of the Sundry Debtors and Sundry Creditors are subject to confirmation.

(a) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i) The Company has only one class of Equity Shares having a par value of Rs. 1/- per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees.

ii) In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

iii) During the year, the Company converted the face value of its share from Rs. 10/- per share to Re.1/- per share.

Note: During the year ended 31.03.2013, Company issued 22,50,000 Shares at a premium of 50% during the year. The said Shares issued against Share application money of 4,05,00,000 and cash received during the year for the balance of Rs. 45,00,000/-

(b) Detailed note on shares reserved to be issued under options and contracts / commitment for the sale of shares / divestments including the terms and conditions.

The company does not have any such contract / commitment as on reporting date.

(c) Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.

The company does not have any securities convertible into shares as on reporting date.

Note 1 - Amounts due to Micro, Small and Medium Enterprises: Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

Note 2-Previous year figures The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.


Mar 31, 2013

1. Prior Year Comparatives

a) Previous year''s figures have been regrouped and reclassified wherever necessary to make them comparable to current year''s figures.

b) Figures in brackets pertain to previous year.

2. Fixed Assets.

The Company does not have Fixed Assets on its own. Hence this clause will not applicable to this company.

3. Depreciation

Since the Company does not have any Fixed Assets Depreciation there on cannot be provided for the same.

4. Leases

The company has not taken or leased out any building or asset on operating lease or finance lease.

5. Effects of Changes in Foreign Exchange Rates

a) Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. Monetary items denominated in foreign currency and outstanding at the balance sheet date are translated at the exchange rate ruling on that date

b) The change in value of Foreign Currency liability due to increase or decrease in the exchange rate is adjusted against appropriate fixed assets.

6. Trade Payables

a) There is no due to Micro & Small Enterprises as at 31st march,2013. 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 thr basis of information available with company.

b) No Interest Paid/Payable during the year to any enterprises registered under the MSME

c) The above Information has been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under the MSME.

7. Earnings per share

Basic earnings per equity share has been computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted earnings per equity share has been computed using the weighted average number of equity

8. Provision for Deferred Tax Liablity

Deferred tax assets/liabilities does not arise for the Company for current year.

9. Contingent Liability

There no Contingent liability to be expected for the Company.

10. Balances of the Sundry Debtors and Sundry Creditors are subject to confirmation.

Note 11 - Amounts due to Micro, Small and Medium Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

Note 12-Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.


Mar 31, 2012

1. Contingent liability not provided for is Rs. Nil (Previous Year amounting Rs. Nil)

4. Foreign Currency Transactions:

Earning / Expenditure in foreign currency Rs. Nil (P.Y. Rs. Nil)

6. Balances of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

7. There are no dues to Micro and Small Enterprises as at 31st March, 2012. 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.

8. During the current fiscal year i.e. F.Y. 2011-12 the Company had received the approval for reduction of capital from High Court, Madras for the paid up capital. Hence, the paid up share capital of the company has been reduced from Rs. 3,74,76,000 divided into 37,47,600 equity share of Rs. 10/- each to Rs. 37,47,600 divided into 3,74,760 equity shares of Rs. 10/- each. Therefore, the Company had cancel 33,72,840 equity shares of Rs. 10/- each by cancelling 9 equity shares for every 10 share of Rs. 10/- each held by the shareholders.

9. During the current financial year i.e. FY 2011-12, Company has issued 54,50,000 Equity Shares of face value of Rs. 10/- at an issue price of Rs. 20/- per Equity Share by way of Preferential Issue making total subscribed, issued and paid up equity share capital to Rs. 58,247,600/- divided into 58,24,760 equity shares of Rs. 10/- each.

10. Details of Stock in Trade: (Shares & Securities)

11. The Previous year's figures have been regrouped / rearranged / reclassified wherever necessary. Amounts and other disclosures for the preceding financial year are included as an integral part of current year's financial statements.

(b) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i) The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. During the year ended 31st March 2012, the Company has not declared any dividend.

ii) On receipt of shareholders' approval in EGM on 25th August, 2011 the Company has increased its authorised share capital from Rs. 5,00,00,000/- (Rupees Five Crores) to Rs. 16,00,00,000/- (Rupees Sixteen Crores) & has altered its Memorandum & Articles of Association accordingly.

iii) In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

(f) The company does not have any such contract / commitment as on reporting date.

Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.

(g) The company does not have any securities convertible into shares as on reporting date.

Note 19 - Amounts due to Micro, Small and Medium Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

Note 20-Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.


Mar 31, 2010

1. Earnings in Foreign Exchange : Nil

2. Contingent liability not provided for: Nil

3. Provision for Income tax: Nil

4. Since the Company ceased lending, deferred tax has not been considered for the accounts and the company has not created defrerred assets though thare are unabsorbed lossed and unabsorbed depreciation.

5. Secured loans represents the bank loan for which settlement has been obtained , net dues to various banks.

6. Confirmed of balances from Debtors & creditors have been received.

7. The previous year figure have been regrouped or reclassified wherever found necessary to confirm to grouping or classification of current year.


Aug 31, 2009

1) No amount is due to any Small Scale Industrial Undertaking as at 31st August 2009.

2) Amortisation Policy: The company has ceased its operations hence it does not apply.

3) Expenditure on Foreign Currency:-

On Travelling : NIL

On Others : NIL

Fixed Deposits includes Rs. 18.88 lakhs of overdue deposits as at Balance Sheet date.

4) Details of Directors Remuneration Nil

5) Since the company ceased lending operation due to cancellation of NBFC registration by Reserve Bank of India, deferred tax has not been considered for the accounts and the company has not created deferred assets though there are un absorbed losses and unabsorbed depreciation.

6) As the company is in the business of operating Finance, quantitative details are Not furnished.

7) Contingent liabilities:

As per the declaration provided by the Management there are no contigent Liabilities to be stated.

8) Confirmation of balances from Creditors, debtors have not been received.

9) Secured loans represent, the Bank loans for which settlement has been obtained, net dues to various Banks.

10) PROVISION FOR INCOMETAX:-

The Company estimated that in view of the operational losses, there will not be Any income tax liability for the year.

11) The previous year figures have been regrouped or reclassified wherever found necessary to confirm to grouping or classifications of current year.

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