Mar 31, 2018
24. No Contingent Liabilities/other commitments existed on the Balance Sheet date.(PY Nil).
25. Related Party Disclosures
During the year, the Company entered into transactions with the related parties. List of related parties along with nature and volume of transactions and balances as at March 31, 2018 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 Bhangoo & Co. (Partnership Firm)
* The Company has given an advance of Rs. 2,99,09,490/- against purchase of claim backed by land at Dehradun to Diana. Later due to technical issues, both parties on mutual consent agreed to sell the land to third party. The Company has received Rs. 2, 85, 00,000/- from Diana out of advance received by the Diana from the Third party. The management has treated both transactions separately as advance given and advance received in the books of accounts. Advance received against sale of claim is liable to be refunded to third party in case deal is not materialized.
Notes:
4 Related party relationships are as identified by the company on the basis of available information and accepted by the Auditor as correct.
5 Figures for the previous year have been given in brackets.
6 No amount has been written off or written back during the year in respect of debts due from or to related parties.
7. 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.
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. Previous year''s figures have been regrouped/restated wherever necessary to confirm to this year''s classification.
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.
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