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" Â 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.