Mar 31, 2014
1. As per the information and explanation given to us and relied upon by us, the company has been of registered as a Non - Banking Financial Company under the provisions of the Reserve Bank of India Act, 1934 and has obtained a certificate of registration No B-14.01206, dated 2nd January 2003 from the Reserve Bank of India in terms of Section 45IA.
2. As per the information and explanation given to us and relied upon by us, the board of directors of the company has passed a resolution for non-acceptance of public deposits.
3. As per the information and explanation given to us and relied upon by us, the company has not accepted any deposits from the public during the FY 2013 - 14.
4. As per the information and explanation given to us and relied upon by us, the company has complied with the provisions of prudential norms relating to the income recognition, assets classification, accounting standards and provisioning for bad and doubtful debts, to the extent applicable, during the FY ended March 31, 2014.
The other matters stated in paragraph 3 of the directions are not applicable in the case of the company.
1. As defined in paragraph 2(1 )(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.
2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.