Home  »  Company  »  Futuristic Solutions  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Futuristic Solutions Ltd.

Mar 31, 2015

1. Terms / rights attached to equity shares

The company has only one class of shares referred to as equity shares having par value of Rs. 10/-. Each holder of equity share is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.

2. The secured Bank Overdraft carries interest @ Bank rate 5.5%. The sum is secured by first charge over current assets of the company and equitable mortgage of properties of group companies. Further, it is secured by the personal guarantees of two directors and the corporate guarantee from two group companies.

3. Due to the nature of business of dealing in claims it is not possible to ascertain the net realizable value of the claims as these are purchased at discounted price and are generally under litigation. The inherent risk of losing the litigation /non-recovery of claim is a part of business risk. However, based upon past track record of the company and the due diligence done by the management at the time of takeover, the management considers that the net realizable value of the claims will be higher than the cost.

4. One Bank account (Andra Bank A/C No. 016211011000662) exists in the previous name of the Company. However, there were no transactions only bank charges in the account during the year. Total balance in this account is Rs 5680/- ( PY Rs.5905).

5. The above Advances are made for purchase of claim/ land and are adjustable in within 12 months from the Balance Sheet date.

6. Income has been recognized as per RBI prudential norms applicable to NBFC.

7. No Contingent Liabilities/other commitments existed on the Balance Sheet date.(PY Nil).

8. Related party relationships are as identified by the company on the basis of available information and accepted by the Auditor as correct.

9. Figures for the previous year have been given in brackets.

10. No amount has been written off or written back during the year in respect of debts due from or to related parties.

11. In the opinion of the Management and to the best of their knowledge and believe, the value on realization of current assets, Loan & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

12. Balances of some Parties ( including of Trade receivables & Trade Payables ) and loans & advances are subject to reconciliation/confirmation from the respective parties. The management does not expect any material difference affecting the financial statement for the year.

13. Other additional information are neither nil or not applicable

14. Previous year''s figures have been regrouped/restated wherever necessary to confirm to this year''s classification


Mar 31, 2014

1.1 Terms / rights attached to equity shares

The company has only one class of shares referred to as equity shares having par value of Rs. 10/-. Each holder of equity share is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.

2.1 Provsion for Stanadard Assets has been made as per RBI-Notification No.DNBS.RD. CC.NO. 207/03.02.002/2010-11 dt 17.01.2011.

3.1 The secured Bank Overdraft carries interest @ Bank rate 5.5% (RY Bank rate 7.5%). The sum is secured by first charge over current assets of the company and equitable mortgage of properties of group companies. Further, it is secured by the personal guarantees of two directors and the corporate guarantee from two group companies.

3.2 The Loan & Advance from related party are interest free and are repayable on demand.

4.1 As per RBI-Notification No.DNBS.RD. CC.NO. 207/03.02.002/2010-11 dt 17.01.2011, the company has reversed provision of Rs. 64,928/- ( RY Rs. 14,002 )on standard assets.

5.1 Due to the nature of business of dealing in claims it is not possible to ascertain the net realizable value of the claims as these are purchased at discounted price and are generally under litigation. The inherent risk of losing the litigation /non- recovery of claim is a part of business risk. However, based upon past track record of the company and the due diligence done by the management at the time of takeover, the management considers that the net realizable value of the claims will be higher than the cost.

6.1 Rs. Nil (PY Rs. Nil) is recoverable from related party

7.1 One Bank account (Andra Bank A/C No. 016211011000662) exists in the previous name of the Company. However, there were no transactions only bank charges in the account during the year. Total balance in this account is Rs 5905/- ( PY Rs.6,051).

8.1 All loans are recoverable on demad, hence classified as Current Assets.

9.1 The above Advances are made for purchase of claim/ land and are adjustable in within 12 months from the Balance Sheet date.

10.1 Income has been recognized as per RBI prudential norms applicable to NBFC.

2. "Exceptional items includedes Nil (PY "341,00,000/-")related to reversal of liability written back during the year."

3. No Contingent Liabilities/other commitments existed on the Balance Sheet date.(PY Nil).

4. Related Party Disclosures

During the year, the Company entered into transactions with the related parties. List of related parties alongwith nature and volume of transactions and balances as at March31, 2014 are presented below

a. Name and relationship with Related Parties

1 Key Management Personnel Mr. Mandeep Sandhu

2 Relatives of Key Management Personnel Mrs. Sangeeta Sandhu (Wife of Mr. Mandeep Sandhu) Mrs. Kuldip Sandhu (Mother of Mr. Mandeep Sandhu)

3 Enterprise over which Key management Moral Holdings Limited

Personnel is able to exercise Significant Influence Mishry Holdings Limited

Futuristic Remedies Limited

Futuristic Minerals Pvt Limited

Futuristic Realty Pvt Limited

Diana Euro - Chem. Pvt Limited

5.1 Related party relationships are as identified by the company on the basis of available information and accepted by the Auditor as correct.

5.2 Figures for the previous year have been given in brackets.

5.3 No amount has been written off or written back during the year in respect of debts due from or to related parties.

6. In the opinion of the Management and to the best of their knowledge and believe, the value on realization of current assets, Loan & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

7. Court cases in respect of 3 advances amounting to Rs. 50.50 lacs given for purchase of land are pending. The management is confident that the net realizable value against the said advance is not less than the amount of the advance made.

8. Balances of some Parties ( including of Trade receivables & Trade Payables ) and loans & advances are subject to reconciliation/confirmation from the respective parties. The management does not expect any material difference affecting the financial statement for the year.

9. Other additional information are neither nil or not applicable

10. Previous year''s figures have been regrouped/restated wherever necessary to confirm to this year''s classification.


Mar 31, 2013

1. No Contingent Liabilities/other commitments existed on the Balance Sheet date.

2.1 Related party relationships are as identified by the company on the basis of available information and accepted by the Auditor as correct.

2.2 Figures for the previous year have been given in brackets.

2.3 No amount has been written off or written back during the year in respect of debts due from or to related parties.

3. In a claim under litigation during the year 1996 an amount of Rs 41,46,568/- was deposited in fixed deposit by Senior Excutive Enginer Mukerian Hydel Channel O & M Division PSPCL Talwara Township District Hoshiarpur, Punjab in the name of company was pledged with the High Court Punjab. Subsequently Rs 10 lacs & 15 lacs were released to the company on 09/09/1996 and 23/12/1996 against Bank Guarantee. The remaining balance with interest continued in fixed deposit with state bank of India Dasuya Punjab. During the current year the High Court settled the claim in favour of the company and accordingly amount of Rs 44,04,305/- being fixed deposit along with accrued interest for entire period was received by the company and accounted for in the current year.

4. In the opinion of the Management and to the best of their knowledge and believe, the value on realization of current assets, Loan & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

5. Balances of some debtors, creditors, loans & advances are subject to reconciliation/confirmation from the respective parties. The management does not expect any material difference affecting the financial statement for the year.

6. Previous year''s figures have been regrouped/restated wherever necessary to confirm to this year''s classification.


Mar 31, 2012

1.1 Terms / rights attached to equity shares

1.1.1 The company has only one class of shares referred to as equity shares having par value of Rs. 10/-. Each holder of equity share is entitled to one vote per share.

1.1.2 The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

1.1.3 The Board of Directors, in their meeting on May 10, 2012, proposed a dividend @ 8% per equity share. The proposal is subject to the approval of shareholders at the Annual General Meeting. The total dividend appropriation for the year ended March 31, 2012 amounted to Rs. 83,78,758 including corporate dividend tax of Rs. 13,59,244.

1.1.4 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.

2.1 As per the requirement of Reserve Bank Of India Act 1934, 20% of the current year profit has been transferred to "Statutory Reserve Fund".

3.1 Fixed Deposits with nationalized bank for Rs. 25 Lakhs has been made against the claim of Mukerian Hydel Canal RD 10600-12000 Mt (from State of Punjab, Govt.). The appeal filed by the State of Punjab is decided in favour of the Company; However the other party has right to in revision before the High Court.

4.1 As per RBI-Notification No.DNBS.PD. CC.NO. 207/03.02.002/2010-11 dt 17.01.2011.

5.1 The Bank Overdraft carries interest @ Bank rate 7.5%. The sum is secured by first charge over current assets of the company and equitable mortgage of properties of group companies. Further it is guaranteed by the personal guarantee of two directors and the corporate guearantee from two group of companies.

5.2 The Loan & Advance from related party is interest free and is repayable on demand.

6.1 The Company has not received any information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under the said act has not been given.

7.1 As per RBI-Notification No.DNBS.PD. CC.NO. 207/03.02.002/2010-11 dt 17.01.2011, the company has made provision of Rs. 41,944 on standard assets.

8.1.2The company has purchased 99% ownership in Bhangoo & Company (Partnership Firm) during the year 2011-12. The same is reversed during the current year keeping in view the guidelines of NBFC.

9.1 The current charge for income tax has been calculated in accordance with the relevant regulations applicable to the Company. Deferred tax liabilities/assets are recognized for future tax consequences attributable to the timing differences.

10.1 Due to the nature of business of dealing in claims it is not possible to ascertain the net realizable value of the claims as these are purchased at discounted price and are generally under litigation. The inherent risk of losing the litigation /non-recovery of claim is a part of business risk. However, based upon past track record of the company and the due diligence done by the management at the time of takeover, the management considers that the net realizable value of the claims will be higher than the cost.

11.1 One Bank account (Andra Bank A/C No. 016211011000662) exists in the previous name of the Company. However, there were no transactions in the account during the year.

11.2 The fixed deposit is due to be matured in Financial Year 2012-2013. Hence, it is considered as current. *Refer to Note 4.1

12. No Contingent Liabilities/other commitments existed on the Balance Sheet date.

13.1 Related party relationships are as identified by the company on the basis of available information and accepted by the Auditor as correct

13.2 No amount has been written off or written back during the year in respect of debts due from or to related parties.

14. In the opinion of the Management and to the best of their knowledge and believe, the value on realization of current assets, Loan & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

15. Court cases in respect of 2 advances amounting to Rs. 35 lacs given for purchase of land are pending. The management is confident that the net realizable value against the said advance is not less than the amount of the advance made.

16. Balances of some debtors, creditors, loans & advances are subject to reconciliation/confirmation from the respective parties. The management does not expect any material difference affecting the financial statement for the year.

17. Previous year's figures have been regrouped/restated wherever necessary to confirm to this year's classification.

Find IFSC