Mar 31, 2023
The Company has elected to exercise the option permitted under section 115BAA of Income Tax Act, 1961 as introduced by Taxation laws (Amendment) Ordinance 2019. Accordingly, the Company has recognised provision fbrcurrent tax/ deferred tax for the year ended 31st March 2023 and also remeasured its deferred tax assets on the basis of rate as prescribed in the said section.
Interest accrued on Loan and Deposits includes Rs NIL (Rs. 2.97 Lakhs) from Wholly Owned Subsidiary- IM Investments and Capital Private Limited.
Due from related party includes due from SMC & IM Capital Investment Manager LLP - NIL (PY- Rs 44.45 Lakhs) and IM Investments & Capital Pvt. Ltd. - NIL (PY - 2.72 Lakhs)
The aforesaid disclosure is based upon percentages computed separately for class of shares outstanding, as at the balance sheet date. As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Terms/rights attached to paid up equity shares
The Company has only one class of equity shares having a par value of Rs 10/-. Each holder of equity shares sentitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.
The information as required to be disclosed under The Micro, Small and Medium Enterprises Development Act, 2006 ("the Act") has been determined to the extent such parties have been identified by the Company, on the basis of information and records available with them. This information has been relied upon by the auditors.
Financial Risk Management
The Company''s activities expose it to a variety of financial risks: interest rate risk, credit risk and liquidity risk. The Company''s overall risk management strategy seeks to minimize adverse effects from the unpredictability of financial markets on the Company''s financial performance. These risks are managed by the Management of the Company under Board of Directors of the Company to minimize potential adverse effects of the financial performance of the Company.
Interest rate risk
Interest rate risk primarily arises from floating rate borrowings. The Company do not have any borrowings from outside parties. The loan given to wholly owned subsidiary Company is interest bearing and, therefore, interest rate risk is minimized.
Credit risk
Credit risk is the risk of financial loss to the Company, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables.
Investments / Inter Corporate Loan
The Company has given loan to its wholly owned subsidiary which is also interest bearing and therefore less prone to credit risk. The Company has also invested in real estate properties by giving advances and are also less prone to credit risk.
Cash & cash equivalents
With respect to credit risk arising from financial assets which comprise of cash and cash equivalents, the Company''s risk exposure arises from the default of the counterparty, with a maximum exposure equal to the carrying amount of these financial assets at the reporting date. Since the counter party involved is a bank, Company considers therisks of non-performance by the counterparty as non-material.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company''s finance department is responsible for fund management. In addition,processes and policies related to such risks are overseen by senior management.
The Company has no secured or unsecured borrowings and has adequate and sufficient liquidity as detailed above to meet any kind of exigencies. In addition, the Company has recourse to recall loans given to wholly owned subsidiary Company. These measures are considered by the management adequate to ensure that the Company is not exposed to any kind of liquidity risk.
Capital Risk
The Company has no borrowings, therefore, not prone to capital risk
The Ministry of Corporate Affairs (MCA) through Companies (Indian Accounting Standards) Amendment Rules 2019 and Companies (Indian Accounting Standards) Second Amendment Rules has notified Ind AS 116 ''Lease'' which replaces existing lease Standard, Ind AS 17 leases and other Interpretations. Ind AS 116 sets out the principles for recognition, measurement, presentation and disclosure of leases for both lessee and lessor. It introduces a single lease accounting model for lessees.
The Company has adopted Ind AS 116 effective annual reporting period beginning April 1, 2019. The lease payments including interest have been disclosed under cash flow from financing activities. The weighted average incremental borrowing rate of 9% has been applied to lease liabilities recognised in balance sheet at the date of initial application. On application of IndAs 116, the nature of expense has changed from lease rent in previous periods to depreciation cost for right to use asset and finance cost for interest accrued on lease liability.
The Company had made an investment in SMC & IM Capital Investment Manager LLP for Rs 1,50.00 Lakhs and is classified as non-current investment. The said LLP has reported losses, the current account balance of Company in said LLP is negative by Rs 82.20 Lakhs. The said LLP is engaged in business of management of Real estate fund & the Company foresees future prospects in the business of LLP.
Impairment in the value of such investment has not been made, as in the opinion of management such impairment in value of investment is of temporary in nature and being non-current investment has been carried at cost.
Note- 38
The provisions of sections 135 of Companies Act, 2013 relating to expenditure on the Corporate Social Responsibility are not applicable to the company, as networth/ Turnover/ net Profit criteria are not achieved. Note- 39
The Ministry of Corporate Affairs (MCA) notifies new Indian Accounting Standards or amendments there to. There is no such notification which would have been applicable from April 1st 2022.
Note - 40
Borrowings from banks and financial institutions were applied for the specific purpose for which the borrowings were obtained at the balance sheet date. However, Company has not borrowed any money during the year.
Note - 41
The company does not have any relationship with companies struck off under section 248 of the Companies Act, 2013
Note - 42
During the year, the company has not been declared willful defaulter by any bank or financial institution or other
lender
Note- 43
There is no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period Note- 44
Previous Years figures have been re-arranged/re-grouped, wherever necessary to confirm to current year classification, all amount shown in Rupees Lakhs unless otherwise specifically mentioned.
Note-45
Details of Crypto Currency or Virtual Currency
During the year, the company has not entered into any transaction related to the Crypto Currency or Virtual Currency.
Mar 31, 2015
1. Terms/rights attached to paid up equity shares
The company has only one class of equity shares having a par value of '
10/-. Each holder of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive 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. Details of shareholders holding more than 5% shares in the company
The aforesaid disclosure is based upon percentages computed separately
for class of shares outstanding, as at the balance sheet date. As per
records of the company, including its register of shareholders/members
and other declarations received from shareholders regarding beneficial
interest, the above shareholding represents both legal and beneficial
ownerships of shares.
The disclosure under Section 22 of Mirco, Small and Medium Enterprises
Development Act, 2006 is not applicable to company as the Company is
neither a trading nor a manufacturing company and accordingly do not
have any such suppliers.
(Amount in Rs.)
Particulars As at 31st As at 31st
March 2015 March 2014
31.03.2015 31.03.2014
3 Contingent Liabilities & Capital
Commitments not provided for :- Nil Nil
4 Expenditure, Earnings and remittance
in foreign currency Nil Nil
5. Related party disclosures
Related party disclosures as required by Accounting Standard (AS)-18 of
The Institute of Chartered Accountants of India.
A List of related parties and relationships
a Subsidiaries
1 M/s IM Investments & Capital Private Limited
b Key Management Personnel
1 Mr. Mukesh Kumar Chaubey (CFO)
2 Mr. Rahas Bihari Panda (Company Secretary) - Period - 13.02.2015
onwards
c Enterprises over which key management personnel and their relatives
exercise significant influence
1 M/s New Modern Buildwell Pvt. Ltd.
2 M/s Rudrabhishek Infrastructure Trust
In respect of loan granted to the wholly owned subsidiary Company
namely IM Investments & Capital Pvt. Ltd. prior to 1st April 2014 no
interest has been charged. The Company has been legally advised that
the wholly owned subsidiary Company is not required to give interest
for the financial year 2014-15 for the loan taken prior to 1st April
2014 under section 372 A of the erst while Companies Act 1956 as the
provisions of the section 186 of the Companies Act 2013 has not been
implemented with retrospective effect. This has been relied upon by the
Auditors.
6. Particulars in respect of Loans and Advances in the nature of
loans as required by the Listing Agreements:
7. Loans and Advances, Non-Current Investments and all other current
and non-current assets are in the opinion of the management do not have
a value on realisation in the ordinary course of business less than the
amount at which they are stated in Balance sheet.
8. The Company is engaged in the investment Services. These in context
of Accounting Standard 17 (AS 17) on Segment Reporting issued by
Institute of Chartered Accountants of India are considered to
constitute one single primary segment
9. The figures of previous period have been regrouped and reclassified
wherever necessary to confirm the current period's classification
Mar 31, 2014
1. Share Capital
Rights, preferences and restrictions attached to shares
Equity Shares: The company has one class of equity shares having a par
value of Rs.10 per share. Each shareholder is eligible for one vote per
share held.
2. Other Current Liabilities
The company is required to transfer dividends which have remained
unpaid / unclaimed for a period of seven years to the Investor
Education and Protection Fund established by the government. The
Company has, in December 2013 transferred dividends to the Investor
Education and Protection Fund of Rs. 1,44,923/- for the year ended
March 31,2006 which have remained unclaimed / unpaid.
3. Contingent Liabilities & Capital Commitments not provided for :-
(Rs. in Lacs)
31.03.2014 31.03.2013
a) Contingent Liabilities
1) Claims against the Company not
acknowledged as debts Nil Nil
b) Capital Commitments
1) Estimated amount of contracts remaining
to be executed on capital account
(Net of Advances) Nil Nil
4. As per Accounting Standard 20 "Earning Per Share'''' issued by
Institute of Chartered Accountant of India the Company gives following
disclosure for the year.
5. Disclosure requirements as per Accounting Standard 18 (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India
I. List of Related Parties :
a) Parties Where Control Exists:
(i) Subsidiary Companies
IM Investments & Capital Pvt Ltd (Formerly Known as Brescon
Finance Pvt Ltd)
b) Associate companies where present directors or relatives of present
director are Directors:
(i) Nusarwar Merchants Pvt Ltd.
(ii) Mermaid Dealers Private Limited.
(iii) Caravan Mercantile Private Limited
c) Associate companies where Ex-directors or relatives of Ex-director
are Directors:
(i) Brescon Research Private Limited
(ii) Ind Finance & Securities Trust Private Limited
(iii) Brescon Marketing Services Private Limited
(iv) I Tenable India Ltd
(v) Brescon Corporate Advisors Pvt Ltd
6. The Company is engaged in the investment Services. These in context
of Accounting Standard 17 (AS 17) on Segment Reporting issued by
Institute of Chartered Accountants of India are considered to
constitute one single primary segment.
7. The figures of previous period have been regrouped and reclassified
wherever necessary to confirm the current period''s classification.
Mar 31, 2013
1. Consolidated Financial Results :-
Consolidated financial statements forming part of the accounts with the
auditor''s report thereon are attached herewith.
2. Contingent Liabilities & Capital Commitments not provided for :-
(Rs. in Lacs)
31.03.2013 31.03.2012
a) Contingent Liabilities
1) Claims against the Company not
acknowledged as debts Nil Nil
b) Capital Commitments
1) Estimated amount of contracrs
remaining to be executed Nil Nil
on capital account (Net Advance)
3. Managerial Remuneration :-
Salary and other benefits include remuneration paid to Managing
Director as under :- Salary Rs. 27,00,000/- (till 30.06.2012) Previous
Year Rs. 1,08,00,000/-)
Central Government has approved remuneration to the tune of Rs..9.00 Lacs
per month vide latter no. A-68187376-CL. VII dated 18th May 2012 hence
calculation of Remuneration in accordance with Section 309 (5) of the
Companies Act, is not applicable.
4. Expenditure, Earnings, and remittance in foreign currency ( Rs. in
Lacs)
1. Expenditure (Travelling) - Rs. Nil (Previous year Rs. Nil)
2. Earnings (Advisory Fees) - Rs. Nil (Previous year Rs. Nil)
5. Disclosure requirements as per Accounting Standard 18 (AS-18)
"Related Party Disclosure" issued by the Institute of
Chartered Accountants of India I. List of Related Parties :
a) Parties Where Control Exists:
(i) Subsidiary CompaniesBrescon Finance Pvt. Ltd
b) Associate companies where present directors or relatives of present
director are Directors: (i) Nusarwar Merchants Pvt Ltd.
(ii) Mermaid Dealers Private Limited. (iii) Caravan Mercantile Private
Limited
c) Associate companies where Ex-directors or relatives of Ex-director
are Directors: (i) Brescon Research Private Limited
(ii) Ind Finance & Securities Trust Private Limited (iii) Brescon
Marketing Services Private Limited (iv) I Tenable India Ltd (v) Brescon
Corporate Advisors Pvt Ltd
d) Key Management Personnel
(i) Kamlesh Agarwal - Director
(ii) Vinit Agarwal - Director
(iii) Ankit Choudhary
(iv) Nirmal Gangwal - Ex Managing Director
6. The Company is engaged in the investment Services. These in
context of Accounting Standard 17 (AS 17) on Segment Reporting issued
by Institute of Chartered Accountants of India are considered to
constitute one single primary segment.
7. SALE OF ADVISORY BUSINESS
During the year Company has entered into binding business transfer
agreement and ancillary agreement / deeds on 2nd July 2012 to transfer
the Advisory Business Undertaking of the Company comprising all its
business in respect of the same including the assets, employees,
ongoing clients, suppliers and other partner relationships and
including verbal agreements and formal contracts, mandates, causes of
actions, claims and all other assets and properties, tangible assets,
intangible assets (including Trademarks), not stated herein but related
to Advisory Business Undertaking as well as all liabilities relating to
the Advisory Business Undertaking as a going concern on slump sale
basis, to Brescon Corporate Advisors Pvt. Ltd (which was wholly owned
subsidiary Company )as a going concern on slump sale basis.The Above
transaction is in accordance with the approval given by the Board of
Directors at its meeting dated February 2, 2012 and subsequently
approved by the shareholders by Postal ballot on March 22, 2012.
8 CHANGE IN MANAGEMENT AND CONTROL OF THE COMPANY TO THE ACQUIRER AND
TO INDUCT THE ACQUIRER AS THE PROMOTERS OF THE COMPANY.
M/s. Nusarwar Merchants Private Limited has become the new promoter of
the Company upon acquisition of 11,81854 (33.75%) equity shares through
the Share Purchase Agreement dated 29th September, 2012 and 1,99,716
(5.70%) through open offer, Consequently, the management control of the
Company has vested in M/s. Nusarwar Merchants Private Limited with
effect from 14.02.2013 and existing promoters have ceased to be the
promoters of the Company.
9. The figures of previous period have been regrouped and reclassified
wherever necessary to confirm the current periods classification.
Mar 31, 2012
1. Shares reserved for issue under options
Refer note 24 for details of shares to be issued under the Employee
Stock Option Plan.
(a) The disclosure under Section 22 of Micro, Small and Medium
Enterprises Development Act, 2006 is not applicable to our company as
we are neither a trading nor a manufacturing company and accordingly do
not have any such suppliers.
(a) The company is required to transfer dividends which have remained
unpaid / unclaimed for a period of seven years to the Investor
Education and Protection Fund established by the government. The
Company has, in September 2011 transferred dividends to the Investor
Education and Protection Fund of Rs 1,05,100/- for the year ended March
31,2004 which have remained unclaimed / unpaid.
(a) The diminution of Rs 132.15 Lacs (Previous Year Rs 285.46 Lacs) in
the value of non current long term investments in quoted equity
instruments has not been provided as in the view of the management such
diminution is temporary in nature and as such there is no requirement
of making any provision.
(a) The Company has unadjusted Capital Loss under the Income Tax Act,
1961. However as a matter of prudence and in the absence of virtual
certainty of sufficient future taxable Capital Gains, deferred tax
asset on the same has not been recognised in accounts.
(a) Liability for gratuity as at the year end is provided on the basis
of actuarial valuation and funded with Life Insurance Corporation of
India. The Company has taken a Key Man Insurance Policy of the Managing
Director with Life Insurance Corporation of India.
2. consolidated Financial Results :-
Consolidated financial statements forming part of the accounts with the
auditor's report thereon are attached herewith.
3. contingent Liabilities & capital commitments not provided for :-
(Rs in Lacs)
31.03.2012 31.03.2011
a) contingent Liabilities
1) Claims against the Company not
acknowledged as debts Nil Nil
b) capital commitments
1) Estimated amount of contracts remaining
to be Nil 239.60
executed on capital account (Net of Advances)
4. The company had introduced stock option scheme for its employees /
directors in the year 2006.
The Board vide its resolution dated May 18, 2006 approved ESOP 2006 for
granting Employee Stock Options in the form of Equity Shares linked to
the completion of a minimum period of continued employment to the
eligible employees of the Company monitored and supervised by the
Compensation Committee of the Board of Directors in compliance with the
provisions of SEBI (Employee Stock Option Scheme And Employee Stock
Purchase Scheme) Guidelines, 1999 (SEBI Guidelines) and amendments
thereof from time to time. The eligible employees, including directors,
for the purpose of ESOP 2006 will be determined by the Compensation
Committee from time to time.
The Company has adopted the intrinsic value method as permitted by the
SEBI Guidelines and the Guidance Note on Accounting for Employee Share
Based Payment issued by the Institute of Chartered Accountants of
India" in respect of stock options granted. The value of the
underlying Shares has been determined by an independent valuer. The
fair values of the option have been calculated using the Black- Scholes
Option pricing formula.
5. Managerial Remuneration :-
Salary and other benefits include remuneration paid to Managing
Director, as under :- Salary Rs 1,08,00,000/- (Previous Year Rs
1,08,00,000/-)
Central Government has approved remuneration to the tune of Rs .9.00
Lacs per month vide latter no.A-68187376-CL.VII dated 18th May 2010
hence calculation of Remuneration in accordance with Section 309(5) of
the Companies Act,1956 is not applicable.
6. Disclosure requirements as per Accounting Standard 18 (AS-18)
"Related Party Disclosure" issued by the Institute of chartered
Accountants of India
I. List of Related Parties :
a) Parties Where Control Exists:
(i) Subsidiary Companies :
Brescon Finance Private Limited (formerly known as Cognizant Finance
Pvt. Ltd.)
Brescon Corporate Advisors (P) Limited (formerly known as Brescon Fund
Advisors Pvt. Ltd.)
b) Associate companies where managing directors or relatives of
managing director are Director
(i) Brescon Research Private Limited
(ii) Ind Finance & securities Trust Private Limited
(iii) Brescon Marketing Service Private Limited
(iv) I Tenable India Limited
c) Key Management Personnel
(i) Nirmal Gangwal - Managing Director
7. The Company is engaged in the intermediation and advisory services
of Debt Resolution & Recapitalisation, Debt Syndication and Other
Corporate Financial Services. These in context of Accounting Standard
17 (AS 17) on Segment Reporting issued by Institute of Chartered
Accountants of India are considered to constitute one single primary
segment.
8. Till the year ended 31 March 2011, the company was using
pre-revised Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended 31
March, 2012 the revised Schedule VI notified under the Companies Act,
1956, has become applicable to the company. the company has
reclassified previous year figures to conform to this year's
classification. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of
financial statements. However, it significantly impacts presentation
and disclosures made in the financial statements, particularly
presentation of balance sheet.
Mar 31, 2011
1. Consolidated Financial Results :-
Consolidated financial statements forming part of the accounts with the
auditor's report thereon are attached herewith.
2. Contingent Liabilities not provided for :-
(Rs. in Lacs)
31.03.2011 31.03.2010
1) Estimated amount of contracts remaining
to be executed 239.60 Nil
on capital account (Net of Advances)
2) Uncalled liabilities of partly paid-up
convertible warrants
a) 4.77 Lacs fully convertible warrants of
Multi-Flex Lami Print Ltd. Nil 240.34
of payable @ Rs.50.35 each
3. Managerial Remuneration :-
Salary and other benefits include remuneration paid to Managing
Director, as under :- Salary Rs.1,08,00,000/- (For 12 Months) (Previous
Year Rs. 81,00,000/- for 9 Months.)
4. Expenditure, Earnings, and remittance in foreign currency (Rs. in
Lacs)
1. Expenditure (Travelling) - Rs.0.46 (Previous year Rs. 1.10 )
2. Earnings (Advisory Fees) - Rs.Nil (Previous year Rs. 12.13 )
5. The disclosure under Section 22 of Micro, Small and Medium
Enterprises Development Act, 2006 is not applicable to our company as
we are neither a trading nor a manufacturing company and accordingly do
not have any such suppliers.
6. The Company is engaged in the intermediation and advisory services
of Debt Resolution & Recapitalisation, Debt Syndication and Other
Corporate Financial Services. These in context of Accounting Standard
17 (AS 17) on Segment Reporting issued by Institute of Chartered
Accountants of India are considered to constitute one single primary
segment.
7. Disclosure requirements as per Accounting Standard 18 (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India
I. List of Related Parties :
a) Parties Where Control Exists:
(i) Subsidiary Companies
Cognizant Finance Pvt. Ltd.
b) Associate companies where managing directors or relatives of
managing director are Directors.
(i) Brescon Research Pvt. Ltd.
(ii) Ind Finance & securities Trust Pvt. Ltd.
(iii) Brescon Marketing Service Pvt. Ltd.
(iv) Deep Investrade (Bombay) Pvt. Ltd.
(v) I Tenable India Ltd.
c) Key Management Personnel
(i) Nirmal Gangwal - Managing Director
8. Diminution in Value of Long Term Investment
The diminution of Rs 285.46 Lacs (Previous Year Rs 38.49 Lacs) in the
value of long term investments in quoted equity shares and diversified
Mutual Fund Schemes has not been provided as in the view of the
management such diminution is temporary in nature and as such there is
no requirement of making any provision.
9. During the financial year 2006-07 the Company had subscribed fully
convertible 4,77,334 Warrants of Multi Flex Lami Print Ltd @ Rs. 53 per
warrants. By making a payment of 5% i.e. Rs 2.65 per Warrant. The
Company was entitled to apply for and be allotted 4,77,334 equity
shares at a price of Rs 53/- per share on payment of the balance
amount. The last date for such payment was 07.09.2010. Due to subdued
and delay in IPO by the Multi Flex Lami Print Ltd , the Company has
decided not to exercise its option by not paying the balance amount due
against the Warrants. In terms of the provisions of Chapter XIII of the
Securities and Exchange Board of India (Disclosure and Investor
Protection) Guidelines, 2000, Multi Flex Lami Print Ltd forfeited the
said Warrants. The loss amounting to Rs.12,64,936/- due to forfeiture
of Warrants has been shown under the head loss on sale of investment.
10. The figures of the previous year have been regrouped and recast
wherever necessary to confirm to the groupings of the current year.
Mar 31, 2010
1. Consolidated Financial Results :-
Consolidated financials statements forming part of the accounts with
the auditors report thereon are attached herewith.
2. Contingent Liabilities not provided for:- (Rs.in Lacs)
31.03.2010 31.03.2009
1) Estimated amount of contracts
remaining to be executed
on capital account Nil Nil
2) Uncalled liabilities of partly
paid-up convertible warrants
a) 4.77 Lacs fully convertible warrants
of Multi-Flex Lami Print Ltd. 240.34 240.34
of payable @ Rs.50.35 each
3. Managerial Remuneration :-
Salary and other benefits include remuneration paid to Managing
Director, as under :- Salary Rs.81,00,000 /- (For 9 Months) (Previous
Year Rs. 12,00,000/- for 4 Months.)
4. Expenditure, Earnings, and remittance in foreign currency (Rs. in
Lacs)
1. Expenditure (Travelling) - Rs. 1.10 (Previous year Rs. 5.35 )
2. Earnings (Advisory Fees) - Rs.12.13 (Previous year Rs. Nil)
5. The disclosure under Section 22 of Micro, Small and Medium
Enterprises Development Act, 2006 is not applicable to our company as
we are not a trading company and accordingly do not have any such
suppliers.
6. The Company is engaged in the intermediation and advisory services
of Debt Resolution & Recapitalisation, Debt Syndication and Other
Corporate Financial Services. These in context of Accounting Standard
17 (AS 17) on Segment Reporting issued by Institute of Chartered
Accountants of India are considered to constitute one single primary
segment.
7. Disclosure requirements as per Accounting Standard 18 (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India
I. List of Related Parties :
a) Parties Where Control Exists:
(i) Subsidiary Companies Cognizant Finance Pvt. Ltd.
b) Associate companies where Relatives of the Managing Director / Chief
Executive Officer are Directors.
(i) Brescon Research Pvt. Ltd. (ii) Ind Finance & securities Trust
Pvt. Ltd. (iii) Brescon Marketing Service Pvt. Ltd. (iv) Deep
Investrade ( Bombay ) Pvt. Ltd.
c) Key Management Personnel
(i) Nirmal Gangwal - Managing Director / Chief Executive Officer
(ii) N.D. Prabhu - Chairman
(iii) C.L. Jain - Director
(iv) Premchand Godha - Director
(v) B.Vasanthan - Director
d) Relative of Key Manager Personnel
(i) Pooja Gangwal - Head - HR
8. Diminution in Value of Long Term Investment
The diminution of Rs 38.49 lacs (Previous Year Rs 493.98 lacs) in the
value of long term investments in quoted equity shares and diversified
Mutual Fund Schemes has not been provided as in the view of the
management such diminu- tion is temporary in nature and as such there
is no requirement of making any provision.
9. The figures of the previous year have been regrouped and recast
wherever necessary to confirm to the groupings of the current year.
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