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Notes to Accounts of Hasti Finance Ltd.

Mar 31, 2015

1. There was no amount due as on March 31, 2015, as reported to us from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.

2. Receivables and Loan & advances made to parties are taken as available from the books of account and are subject to confirmation.

3. Out of the amount receivable a few accounts are in moratorium period, as per Agreement with the borrowers these amounts are recognized as income for the current financial year though not received.

4. During the year advances of Rs. 54,02,174/- (Previous Year Rs. 36,18,061/-) were identified as loss assets and were written off . Except these all other advances, Receivables and investment made are recoverable and performing, therefore management has not made any provisions for bad or doubtful asset, however 0.25% of the Standard Assets is being provided as per the notification No. DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by the Reserve Bank of India (RBI) vide its Directions to all NBFCs to make a general provision of 0.25% of the standard assets The company has made a provision of Rs 4,70,000/- (Previous Year Rs. 4,60,000/-) on the standard assets as on March 31, 2015. The amount of provision on Standard assets is shown separately as Contingent provision against Standard Assets under Long Term Provisions in the Balance Sheet.

Pursuant to section 45 IC of the Reserve Bank of India, 1934, during the year the company has transferred an amount of Rs. 4,70,000/- (Previous Year Rs. 4,60,000/-) to Statutory Reserve.

Note: Amount in bracket indicate previous year's figures

5. Estimated amount of contracts remaining to be executed on Capital account and not provided for Rs. 239.24 Lacs (Previous Year 239.24 Lacs).

6. The Company has taken premises on operating lease. Gross rental expenses for the year ended 31 March 2015 aggregated to Rs. 3,36,700/- (Previous Year: Rs. 4,43,600/-) which is shown under head 'Rent' of Note '18 'Other Administrative expenses' in the profit and loss account.

The company has entered into agreement in the nature of leave and license agreement with licensor. This is in the nature of leave and license and period of agreements is for one year or more and renewable / cancellable at the option of the lessee or lessor.

7. The Company has obtained the certificate of Registration from the RBI as a "Non Banking Financial Institution – Non Deposit Taking" on September 22, 1998 under Section 45-IA of the Reserve Bank of India Act, 1934

8. Financing activities are mostly in nature of loans repayable on demand and are unsecured. At the time of giving loan, there is no stipulation towards the period of principal repayment for which KYC norms and guidelines on Fair Practices Code are followed wherever necessary.

9. Directors Remuneration paid during the year Rs. 1,92,000/- to The Managing Director Mr. Nitin Somani. (Previous year Rs. 1,92,000/-)

10. Disclosure pursuant to Accounting Standard 15(Revised)-Employee benefits Defined contribution plan (Provident fund) :

Amount of Rs. 1,09,715/-(Previous year: 1,82,282) is recognized as expenses and included in "Employment Benefit Expenses" – Schedule 15 in the profit and loss account.

Defined benefit plan (Gratuity):

The following tables summarize the components of the net benefit expenses recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the Gratuity benefit plan.

Profit and loss account

Net employee benefit expenses (recognized in employee cost)

11. Previous year figures have been regrouped/reclassified wherever necessary.

Notes :

1. Cash flow statement has been prepared under indirect method as set out in the Accounting Standard (AS) 3 " Cash Flow Statement " .

2. Cash and cash equivalents represent cash and bank balances.

3. Previous year figures have been regrouped/ reclassified wherever applicable.


Mar 31, 2014

1. Corporate Information

Hasti Finance Limited is a Non Banking Finance Company (Non Deposit accepting company) having Registered Office at Chennai. The Company is engaged in financing activities.

2. There was no amount due as on March 31, 2014, as reported to us from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.

3. The interest on Self Assessment tax for AY 2012-2013 is not provided for in the books.

4. Receivables and Loan & advances made to parties are taken as available from the books of account and are subject to confirmation.

5. Out of the amount receivable a few accounts are in moratorium period, as per Agreement with the borrowers these amounts are recognised as income for the current financial year though not received.

6. During the year advances of Rs. 36,18,061(Previous Year Rs.61,86,457/-) were identified as loss assets and were written off . Except these all other advances, Receivables and investment made are recoverable and performing, therefore management has not made any provisions for bad or doubtful asset, however 0.25% of the Standard Assets is being provided as per the notification No. DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by the Reserve Bank of India (RBI) vide its Directions to all NBFCs to make a general provision of 0.25% of the standard assets The company has made a provision of Rs 4,60,000/- (Previous Year Rs.4,70,000) on the standard assets as on March 31, 2014. The amount of provision on Standard assets is shown separately as Contingent provision against Standard Assets under Long Term Provisions in the Balance Sheet.

Pursuant to section 45 IC of the Reserve Bank of India, 1934, during the year the company has transferred an amount of Rs.4,90,000/- (Previous Year Rs.17,50,000)to Statutory Reserve.

7. Segment Reporting

The Company has single reportable segment "Financing Activity " for the purpose of accounting standard 17 on ''''Segment Reporting".

8. The Company has taken premises on operating lease. Gross rental expenses for the year ended 31 March 2014 aggregated to Rs. 4,43,600/- (Previous Year: Rs. 5,09,144/-) which is shown under head ''Rent'' of Note ''18 ''Other Administrative expenses'' in the profit and loss account.

The company has entered into agreement in the nature of leave and license agreement with licensor. This is in the nature of leave and license and period of agreements is for one year or more and renewable / cancellable at the option of the lessee or lessor, In view of above, there are no disclosures required as per Accounting Standard 19 ''Leases'' as prescribed by Companies (Accounting Standard) Rules, 2006.

9. Due to transfer of Shareholding in subsidiary companies, they ceased to be subsidiary and therefore standalone annual accounts are made during the year.

10. Financing activities are mostly in nature of loans repayable on demand and are unsecured. At the time of giving loan, there is no stipulation towards the period of principal repayment for which KYC norms and guidelines on Fair Practices Code are followed wherever necessary.

11. Disclosure pursuant to Accounting Standard 15(Revised)-Employee benefits Defined contribution plan (Provident fund):

Amount of Rs. 1,82,282/-(Previous year: 2,36,278) is recognised as expenses and included in "Employment Benefit Expenses" - Schedule 15 in the profit and loss account.

Defined benefit plan (Gratuity):

The following tables summarize the components of the net benefit expenses recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the Gratuity benefit plan.


Mar 31, 2013

Corporate Information

Hasti Finance Limited is a Non Banking Finance Company (Non Deposit accepting company) having Registered Office at Chennai. The Company is engaged in financing activities. The company is having four subsidiaries which are engaged in the business of Printing of advertisement materials and Logistics.

1) There was no amount due as on March 31, 2013, as reported to us from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.

2) Receivables and Loan & advances made to parties are taken as available from the books of account and are subject to confirmation.

3) During the year advances of Rs. 61,86,454 were identified as loss assets and were written off . Except these all other advances, Receivables and investment made are recoverable and performing, therefore management has not made any provisions for bad or doubtful asset, however 0.25% of the Standard Assets is being provided as per the notification issued by the Reserve Bank of India (RBI).

4) In accordance with the notification No. DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by the Reserve Bank of India (RBI) vide its Directions to all NBFCs to make a general provision of 0.25% of the standard assets The company has made a provision of Rs. 4,70,000/- on the standard assets as on March 31, 2013. The amount of provision on Standard assets is shown separately as Contingent provision against Standard Assets under Long Term Provisions in the Balance Sheet.

5) Pursuant to section 45 IC of the Reserve Bank of India, 1934, during the year the company has transferred an amount of Rs. 17,50,000/- to Statutory Reserve.

6) Segment Reporting

The Company has single reportable segment "Financing Activity " for the purpose of accounting standard 17 on "Segment Reporting".

7) Estimated amount of contracts remaining to be executed on Capital account and not provided for Rs.52.80 Lacs (Previous Year 52.80 Lacs).

8) The Company has taken premises on operating lease. Gross rental expenses for the year ended 31 March 2013 aggregated to Rs. 5,09,144/- (Previous Year: Rs. 2,53,389/-) which is shown under head ''Rent'' of Note ''18 ''Other Administrative expenses'' in the profit and loss account.

9) The company has entered into agreement in the nature of leave and license agreement with licensor. This is in the nature of leave and license and period of agreements is for one year or more and renewable / cancellable at the option of the lessee or lessor, In view of above, there are no disclosures required as per Accounting Standard 19 ''Leases'' as prescribed by Companies (Accounting Standard) Rules, 2006.

10) Disclosure pursuant to Accounting Standard 15(Revised)-Employee benefits

A) Defined contribution plan (Provident fund):

Amount of Rs. 2,36,278/-(Previous year: 74,643) is recognised as expenses and included in "Employement Benefit Expenses" - Schedule 15 in the profit and loss account.

B) Defined benefit plan (Gratuity):

The following tables summarize the components of the net benefit expenses recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the Gratuity benefit plan.

11) Previous Year Figures:

Previous year figures have been reclassified to conform to this year''s classification. The reclassification of previous year figures does not impact recognition and measurement principles followed for preparation of Financial Statements.


Mar 31, 2012

Corporate Information

Hasti Finance Limited is a Non Banking Finance Company (Non Deposit accepting company) having Registered Office at Chennai. The Company is engaged in financing activities. The company is having Four subsidiaries which are engaged in the business of Printing of advertisement materials and Logistics.

1) Change in method of Depreciation:

The company has changed the method of depreciation from Rates prescribed under Income Tax Act, 1961 on Written Down Value to Rates prescribed under Schedule XIV of the Companies Act, 1956 on Straight Line. The method of providing Depreciation is changed with retrospective effect from the period of providing depreciation and the amount of net difference of Rs. 15,890/- is written back to profit and Loss Account.

2) During the current year 52,31,700 Equity Warrants were converted at the price of Rs.27 in to fully paid Equity Shares of Rs. 10/- each at premium of Rs. 17/- in four tranches of the first quarter of the current year.

3) There was no amount due as on March 31, 2012, as reported to us from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.

4) Receivables and Loan & advances made to parties are taken as available from the books of account and are subject to confirmation.

5) The management is of the opinion that the loans advanced, Receivables and investment made are recoverable and has not identified any Non- performing Assets, therefore management has not made any provisions for bad or doubtful asset, however 0.25% of the Standard Assets is being provided as per the notification issued by the Reserve Bank of India (RBI).

6) In accordance with the Notification No. DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by the Reserve Bank of India (RBI) vide its Directions to all NBFCs to make a general provision of 0.25% of the standard assets The company has made a provision of Rs. 3,75,000/- on the standard assets as on March 31, 2012. The amount of provision on Standard assets is shown separately as Contingent provision against Standard Assets under Provisions in the Balance Sheet.

7) Pursuant to section 45 IC of the Reserve Bank of India, 1934, during the year the company has transferred an amount of Rs. 37,50,000/- to Statutory Reserve.

8) Segment Reporting

The Company has single reportable segment "Financing Activity " for the purpose of accounting standard 17 on ''Segment Reporting".

9) Related parties disclosures

Related Party Details:

Nature of Relationship Name

i) Key Management Person Mr. Nitin Prabhudas Somani

Mrs. Sonal Nitin Somani

Mr. Salim Ismail Shaikh

Mr. Nizamuddin Shaikh

Mr. Vilas Shankar Daware

Mr. Vishal Nanalal Budhdev

ii) Subsidiaries Finex Express Cargo Pvt. Ltd.

Shirish Express Logistics Pvt. Ltd.

Spider Prints Pvt. Ltd.

Spider Display Systems Pvt. Ltd.

ii) Associates Fast train Cargo Private Limited

Shree Fast Courier & Cargo Pvt. Ltd.

Fast Air Cargo Private Limited

Fast Transport & Cargo (Pune)

Fast Realty Private Limited

First International Hotels

10) Estimated amount of contracts remaining to be executed on Capital account and not provided for Rs. 52.80 Lacs (Previous Year 92.80 Lacs).

11) The Company has taken premises on operating lease. Gross rental expenses for the year ended 31 March 2012 aggregated to Rs. 2,53,389/- (Previous Year: Rs. 90,000/-) which is shown under head 'Rent' of Note '18 'Other Administrative expenses' in the profit and loss account.

The company has entered into agreement in the nature of leave and license agreement with licensor. This is in the nature of leave and license and period of agreements is for one year or more and renewable / cancellable at the option of the lessee or lessor, In view of above, there are no disclosures required as per Accounting Standard 19 'Leases' as prescribed by Companies (Accounting Standard) Rules, 2006.

12) Disclosure pursuant to Accounting Standard 15(Revised)-Employee benefits

A) Defined contribution plan (Provident fund):

Amount of Rs. 74,643/-(Previous year: Nil) is recognised as expenses and included in "Employement Benefit Expenses" - Schedule 15 in the profit and loss account.

B) Defined benefit plan (Gratuity):

The following tables summarize the components of the net benefit expenses recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the Gratuity benefit plan.

13) Previous Year Figures:

The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule, VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the Financial Statements for the year ended 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of Financial Statements.


Mar 31, 2011

1. The Board of Directors of the Company, at the meeting held on October 7, 2010 and pursuant to special resolution passed by the members on 10 th November 2010 had approved the increase in authorized capital of the company from Rs.5.00 crores to Rs. 12.01 crores.

Pursuant to the passing of the above resolution in accordance with chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended the Company has issued 52,31,700 Equity warrants at a price of Rs.27/- including Premium of Rs. 17/- per warrant. Out of which Rs.3.53 Crore being 25% of the total amount of Rs. 14.13 Cr was received at the time of allotment of warrants on 12th January 2011. The warrants are converted into

Fully paid Equity Shares of Rs. 10/- each in 4 instalments during the first quarter of Fiscal Year 2011-2012. The funds were mainly deployed in providing business and personal loans.

2. There was no amount due as on March 31, 2011, as reported to us from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.

3. Loan advance amounts are taken as available from the books of account and are subject to confirmation from some of the parties to whom the loans are advanced.

4. The management is of the opinion that the loans advanced and investment made are recoverable and has not identified any Non- performing Assets and the company has not accepted any deposits from the public, therefore management no provisions are made for bad or doubtful asset, however 0.25% of the Standard Assets is being provided for as General Reserve as per the notification issued by the Reserve Bank of Indoa (RBI).

5. In accordance with the notification No. DNBS.222/CGM(US)-2011 dated 17-01- 2011 issued by the Reserve Bank of India (RBI) vide its Directions to all NBFCs to make a general provision of 0.25% of the standard assets The company has made a provision of Rs. 3,16,000/- on the standard assets as on March 31, 2011. The amount of provision on Standard assets is shown separately as Contingent provision against Standard Assets under Provisions in the Balance Sheet.

6. During the year Rs. 13,40,000 was transferred to Statutory Reserve which represent the Reserve Fund created U/s 45-IC of the Reserve Bank of India Act, 1934.

7. Earning Per Share as per Accounting Standard 20: Calculation for Basic and Diluted Earnings per Share (EPS):

8. Segment Reporting

The Company has single reportable segment "Financial Services" for the purpose of accounting standard 17 on ''Segment Reporting'.

9. Estimated amount of contracts remaining to be executed on Capital account and not provided for Rs. 92.80 Lacs.

10. Rent payable for premises taken on lease as per agreement validity period upto one year and not provided for is Rs. 2.7 Lacs.

11. In view of the company's business, generally there is no specific physical measure or standard classification for its products / services.

Consequently, Additional information pursuant to part II of Schedule VI of the companies Act, 1956 are either Nil or not applicable.

12. Previous years figures have been re-grouped and re-arranged wherever considered necessary.


Mar 31, 2010

1. There was no amount due as on March 31, 2010, as reported to us from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.

2. Loan advance amounts are taken as available from the books of account and are subject to confirmation from the parties to whom the loans are advanced.

3. The management is of the opinion that the loans advanced and investment made are recoverable and has not identified any Non- performing Assets and the company has not accepted any deposits from the public, therefore management has not worked out the prudential norms for Income Recognition and provisioning for Non performing Assets as prescribed by The Reserve Bank of India for Non-Banking Financial Companies.

4. During the year the company earned profit from disposing off all its Fixed Assets ( movable property) .

5. During the year Rs. 1,32,000 was transferred to Statutory Reserve which represent the Reserve Fund created U/s 45-IC of the Reserve Bank of India Act, 1934.

6 Segment Reporting

As the company operates in only one business and operates only in one geographical segment i.e. domestic, the disclosure requirements under Accounting Standard 17 - "Segment Reporting" is not required.

7 Related parties disclosures

There are no transactions as reported with any key management persons and with any of the Enterprises owned and controlled by Key management persons.

Related Party Details:

Nature of Relationship Name

i) Key Management Person Mr. Nitin Prabhudas Somani

Mrs. Sonal Nitin Somani Mr. Salim Ismail Shaikh Mr. Chandrakant Baburao Tupe

ii) Associates Fast train Cargo Private Limited

Shree Fast Courier 8s Cargo Pvt. Ltd.

Fast Air Cargo Private Limited

Fast Realty Private Limited

NST Realty Private Limited

Shabd Brahma Developers Private Limited

Fast Transport 8s Cargo

8 In view of the companys business, generally there is no specific physical measure or standard classification for its products / services. Consequently, Additional information pursuant to part II of Schedule VI of the companies Act, 1956 are either Nil or not applicable.

9 Previous years figures have been re-grouped and re-arranged wherever considered necessary.

 
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