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Notes to Accounts of Challani Capital Ltd.

Mar 31, 2015

1. BALANCE SHEET

Secured Loans:

a) Cash Credit from Banks are secured against hypothecation of specified assets covered by tire hypothecation/hire purchase agreements and personal guarantees of whole time Directors, apart from Equitable mortgage by deposit of title deeds of immovable property situated at No.87, G N Chetty Road, T Nagar, Chennai - 17, measuring 5775 Sq.Ft. on pari-passu basis, in favour of Consortium of Banks. However the company has pursuant to the agreement with M/s.Saravana Holdings Limited have transfered the substantial portion of Non Performing hypothecation debtors which are given as primary security to the banks. The company has also entered into Joint development agreement with M/s.Baashyaam Properties for development of the above said property for which equitable mortgage is created by deposit of its title deeds. Subsequently during the year the company have said the substantial protion of the above property given as security and repaid the substantial portion of cash credit facility, and the remaining balance outstanding on account of cash credit facility is closed out of fixed deposit proceeds after te blance sheet date.

c) Other secured loans are secured against the specific assets purchased under hire purchase scheme/securitisation.

d) The stock on hire represents installments & other dues Net of advance hire charges, and the cost of repossessed assets.

e) The sundry debtors and creditors balances are subject to confirmation and reconciliation.

f) The company has entered into an agreement with M/s.Saravana Global Holdings Limited for transfer of non performing hypothecation debtors of the company which is due for the period of more than six months, the arrangement of transfer of such non performing hypothecation debtors are effected with the view to transferring such debts to an asset reconstruction company or other companies on as is wher in basis, in consideration of such transfer the company has acquired 5.00,000 equity shares of Rs.10 each fully paid up amounting to Rs.27.35 crores in M/s.Saravana Realty Private Limited and balance amount of Rs.2.88 Crores being receivable is not recoverable and hence written off as bad debts in the books of account ns at the year end. The said investment is treated as long term and non current investment.

2. PROFIT AND LOSS ACCOUNT

i) Since no commission is paid/payable to any director, the Computation of net profit in accordance with Section 349 of the companies Act, 1956 has not been made.

ii) Managerial remuneration has been made within the limits prescribed under section 198 read with Schedule XIII of the Companies Act, 1956.

3. Related Party Transactions:

As per Accounting Standard 18, issued by The Institute of Chartered Accountant of India, the disclosures of transactions with the related parties as defined in the accounting standard are given below:

List of Related Parties with whom transactions have taken place & relationship

SNO. Name of the related party Relationship Remarks

1 PADHAM J CHALLANI Key Managemcnt Director Personnel

2 N.Subramanian Key Management Director

3 Saravana Global Exim Pvt Ltd Associate

4 Saravana Global Properities Lip Associate

5 Saravana Global Ventures Pvt Ltd Associate

6 Saravana Global Housing Finance Ltd Associate

7 Saravana Global Energy Limited Associate

Relatives of Key

9 Padham J Challani (Huf) Management Relatives Personnel of Managing Director

4. The Company has unclaimed dividend of Rs.3.47 lakhs as on the balance sheet date out. of which a sum of Rsl .94 lakhs are to be tranferred to Investor Education &, Protection Fund, however the company has defaulted in transfer of the sid unclaimed dividend

5. As identified by management and relied upon by the auditors there is no amount due to Small Scale Industries in terms of "The Micro, Small and Medium Enterprises Development. Act,2006'.

6. Previous year figures are regrouped/reclassified/rearranged wherever necessary.

7. The company has made an application before the Registrar of Companies for extension of financial year from 31.03.2014 to 30.09.2014 and accordingly the accounts are for the period of eighteen months from 01.04.2013 to 30,09.2014, The figures for the previous year are for twelve months hence the same is not comparable with the current year figures.

8. Previous year figures are for the period of 18 months and current year figures are for the period of 6 months.


Sep 30, 2014

Balance sheet

Secured Loans:

1) Cash Credit from Banks are secured against hypothecation of specified assets covered by the hypothecation/hire purchase agreements and personal guarantees of whole time Directors, apart from Equitable mortgage by deposit of title deeds of immovable property situated at No.87, G N Chetty Road, T Nagar, Chennai - 17, measuring 5775 Sq.Ft. on pari-passu basis, in favour of Consortium of Banks. However the company has pursuant to the agreement with M/s.Saravana Holdings Limited have transfered the substantial portion of Non Performing hypothecation debtors which are given as primary security to the banks. The company has also entered into Joint development agreement with M/s.Baashyaam Properties for development of the above said property for which equitable mortgage is created by deposit of its title deeds.

2) The company has issued secured redeemable Non Convertible Debentures redeemable at par at the end of one year, the detail thereof as under:

Amount Rate of Interest Security

315.90 12 % Floating Charge on the receivables Lacs from unencumbered Hire Purchase and Leasing Assets

3) Other secured loans are secured against the specific assets purchased under hire purchase scheme/securitisation.

4) The stock on hire represents installments & other dues Net of advance hire charges, and the cost of repossessed assets.

5) The sundry debtors and creditors balances are subject to confirmation and reconciliation.

6) The company has entered into an agreement with M/s.Saravana Global Holdings Limited for transfer of non performing hypothecation assets of the company which is due for the period of more than six months, the arrangement of transfer of such non performing hypothecation debtors are effected with the view to transferring such debts to an asset reconstruction company or other companies on as is wher in basis, in consideration of such transfer the company has acquired 5,00,000 equity shares of Rs.10 each fully paid up amounting to Rs.27.35 crores in Mfs.Saravana Realty Private Limited and balance amount of Rs.2.88 Crores by way of cash. The said investment is treated as long term and non current investment

7) Contingent Liabilities:

S.No. Particulars 30.09.2014 31.03.2013

1 Estimated amount of contracts remaining to be executed on NIL NIL Capital Account and not provided for

2 Disputed Sales Tax liability 92,120 92,120 of Rs. 92,120/- fully covered by deposit with the department Rs.92,120/-

8) Earning in Foreign Currency : NIL

9) Expenditure in Foreign Currency : NIL

10) As identified by management and relied upon by the auditors there is no amount due to Small Scale Industries in terms of "The Micro, Small and Medium Enterprises Development Act,2006

11) Previous year figures are regrouped/reclassified/rearronged wherever necessary.

12) The company has made an application before the Registrar of Companies for extension of financial year from 31.03.2014 to 30.09.2014 and accordingly the accounts are for the period of eighteen months from 01.04.2013 to 30.09.2014. The figures for the previous year are for twelve months hence the same is not comparable with the current year figures.


Mar 31, 2013

A) Cash Credit and term loan from Banks are secured against hypothecation of specified assets covered by the hypothecation/hire purchase agreements and personal guarantees of whole time Directors, apart from Equitable Mortgage by Deposit of Title Deeds of immovable property situated at No.87, G N Chetty Road, T Nagar, Chennai - 17, measuring 5775 Sq.Ft. on pari-passu basis, in favour of Consortium of Banks.

b) Other secured loans are secured against the specific assets purchased under hire purchase scheme/securitization.

c) The stock on hire represents installments & other dues Net of advance hire charges. and the cost of repossessed assets.

d) The sundry debtors and creditors balances are subject to confirmation and reconciliation.

e) Since no commission is paid/payable to any director, the Computation of net profit in accordance with Section 349 of the companies Act, 1956 has not been made.

f) Managerial remuneration has been made within the limits prescribed under section 198 read with Schedule XIII of the Companies Act, 1956.

g) As identified by management and relied upon by the auditors there is no amount due to Small Scale Industries in terms of "The Micro, Small and Medium Enterprises Development Act, 2006.

h) Previous year figures are regrouped/reclassified/rearranged wherever necessary.


Mar 31, 2012

1 BALANCE SHEET

Secured Loans:

a) Cash Credit and term loan from Banks are secured against hypothecation of specified assets covered by the hypothecation/hire purchase agreements and personal guarantees of whole time Directors, apart from Equitable mortgage by deposit of title deeds of immovable property situated at No.87, G N Chetty Road, T Nagar, Chennai -17, measuring 5775 Sq.Ft. on pari-passu basis, in favour of Consortium of Banks.

b) The company has issued secured redeemable Non Convertible Debentures redeemable at par at the end of one year, the detail thereof as under:

c) Other secured loans are secured against the specific assets purchased under hire purchase scheme/securitisation.

d) The stock on hire represents installments & other dues Net of advance hire charges, and the cost of repossessed assets.

e) The sundry debtors and creditors balances are subject to confirmation and reconciliation.

2 PROFIT AND LOSS ACCOUNT

a) Interest paid/credited to directors on Directors Loans." Rs. NIL (previous year Rs. 5,330/-).

d) Since no commission is paid/payable to any director, the Computation of net profit in accordance with Section 349 of the companies Act, 1956 has not been made.

e) Managerial remuneration has been made within the limits prescribed under section 198 read with Schedule XIII of the Companies Act, 1956.

c) Related Party Transactions:

As per Accounting Standard 18, issued by The Institute of Chartered Accountant of India, the disclosures of transactions with the related parties as defined in the accounting standard are given below:

List of Related Parties with whom transactions have taken place & relationship

d) Contingent Liabilities:

SI. No. Particulars 31.03.2012 31.03.2011

1 Estimated amount of contracts remaining to be Nil Nil executed on Capital Account and not provided for

2 Disputed Sales Tax liability of Rs. 92,120/- fully 92,120 92,120 covered by deposit with the department Rs. 1 Rs.92,120/-

e) Earning in Foreign Currency : NIL

f) Expenditure in Foreign Currency : NIL

g) As identified by management and relied upon by the auditors there is no amount due to Small Scale Industries in terms of "The Micro, Small and Medium Enterprises Development Act,2006'.

h) Previous year figures are regrouped/reclassified/rearranged wherever necessary.

The Company has only one class of equity shares having a par value of Rs. 10/-per share. Each shareholder is eligible for one vote per share held. The Equity shareholders are entitled to receive dividend as and when declared subject to the approval of the shareholders in the Annual General Meeting.

For the year ended March 31,2012,the Directors have not recommended any dividend. For the Previous year the Board of Directors had recommended a dividend of Rs. 0.30 per equity Share but the shareholders have not approved the same and no dividend has been paid.

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.

Aggregate number of equity shares issued for consideration other than cash during the period of five years immediately proceeding the reporting date :

60,00,000 Equity Shares were issued and allotted as Bonus shares during the year ended 31st March,2010 in the ratio of 2:1 (Two Shares for every one share held)


Mar 31, 2010

1 BALANCE SHEET

Secured Loans:

a) Cash Credit and term loan from Banks are secured against hypothecation of specified assets cowed by the hypothecation/hire purchase agreements and personal guarantees of whole time Directors, apart from Equitable mortgage by deposit of title deeds of immovable property situated at No 87.6 N Chetty Road. T Nooar, Chennai -17. measuring 5775 Sq Ft on pan-passu basis, in favour of Consortium of Banks.

b) The company has issued secured redeemable Non Convertible Debentures redeemable at par at the end of ore year, the detail thereof as under

c) Other secured loans are secured against the specific assets purchased under hire purchase scheme securitisation

d) The stock on hire represents installments & other dues advance hire charges, and the cost of repossessed assets

e) Deposit with Scheduled banks have been classified as non-trade investments as it forms part of Statutory Liquidity Ratio.

f) The sundry debtors and creditor balances are subject to confirmation and reconciliation,

2 PROFIT AND LOSS ACCOUNT

a) Interest includes Rs. 5,330/- (previous year lis. 72,966/-} poid/credrted to directors on Directors Loans,"

d) 1)Since in commission is poid/payable to any director the Computation of net profit in accordance with Section 349 of the companies Act, 1956 has not been made

c) 11) Monagerial remuneration has been made within the limits prescribed under section 198 read with Schedule XIII of the Compaves Act 1956

3 GENERAL

o) Segmental Information. Company is operating on one brood segment namely hut purchase finance withm the state of Tamilnadu and hence no separate segmental result! have been given

e) Related Party Transactions.

As per Accounting Standard 18. issued by The Institute of Chartered Accountant of India. the disclosures of transactions with the related parties as defined in the accounting standard ore

Contingent Liabilities:

S No. Porticulars 31.03.2010 31.03.2009

1 Estimated amount of contracts remaining to be

executed on Capital Account and not provided for NIl NIL

2 Disputed Sales Tax liability of Rs. 92,120/-fully

covered by outstanding Bank Guarantee Rs

46.060/-ond deposit with the deportment Rs.46.060/- 92.120 92.120

e) Earning Foreign Currency NIL

f) Expenditure in Foreign Currency on account of travel (on payment boas) fts.62.413/-

g) As identified by rrtavagement and relied upon by the auditors there is no amount due to Small Scale Industries tn terms of "The Micro, Small and Medium Enterprises Development Act 2006

h) Previous year figures are itgrouj^/rwlassified/reorrancjed wherever necessary.

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