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Notes to Accounts of ISF Ltd.

Mar 31, 2014

Note1

Loans from Companies/Directors and Relatives of Directors are accepted for a term of 12 months and carry an interest rate of 12% pa.

2. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550/- (Rs 760550/-) (Net of Advances) (Being contested by the company)

b) In the opinion of the Board, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

3. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/ reconciliation.

4. The company has created a Reserve Fund of NIL (previous year Rs. 10000/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

5 Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

6 The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with ''Segment Reporting.''

7 The company has assessed its assets for impairment and concluded that there are no impairment losses.

8 Related Party Disclosures under Accounting Standard(AS)-18

a) List of related Parties (As identified by the Management)

i) Subsidiaries- ABG Construction Private Limited, Mulkraj Real Estate Private Limited, Somil Construction Private Limited, Swarg Founder Real Estate Private Limited, Baba Ghanshyam Real Estate Private Limited.

ii) Enterprises owned or significantly influenced by Key Management

Personnel ortheir relatives : ISF Services Pvt. Ltd.,

Simbal Builders Pvt. Ltd.

Simka Hotels & Resorts Pvt. Ltd.

Paradigm Sourcing Solutions Pvt. Ltd.

iii) Key Management Personnel & their relatives

Key Management Personnel : Mr Amaijit Singh,

Relatives : Mr Udayjit Singh

Mrs Simbal Singh Priya Khanna

9. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

10. Notes 1 to 36 form an integral part of Balance Sheet & Statement of Profit & Loss and have been duly authenticated.


Mar 31, 2013

1. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550/- (Rs 760550/-) (Net of Advances) (Being contested by the company) b) In the opinion of the Board, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

2. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/reconciliation.

3. The company has created a Reserve Fund of 10000/- (previous year Rs. 11000/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

4. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

5. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with ''Segment Reporting.''

6. The company has assessed its assets for impairment and concluded that there are no impairment losses.

7. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

8. Notes 1 to 35 form an integral part of Balance Sheet & Statement of Profit & Loss and have been duly authenticated.


Mar 31, 2012

1. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550 (Rs 7601:50) (Net of Advances) (Being contested by the company).

b) In the opinion of the Board, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

2. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/reconciliation.

3. The company has created a Reserve Fund of 11000/- (previous year Rs. 11000/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

4. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

5. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with 'Segment Reporting.'

6. The company has assessed its assets for impairment and concluded that there are no impairment losses.

7. Current Assets, Loans & Advances ( Note-2.14) include amounts due from :-

8. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

9. Notes 1 to 2.20 form an integral part of Balance Sheet & Statement of Profit & Loss and have been duly authenticated.

Term loan from Bank of India is secured against assigment of lease and hire purchase agreements and also against personal guarantee of a Director.

Terms of Repayment

Term loan from ICICI Bank was sanctioned for a term of 60months and carries interest rate of 10.74% per annum.

Term loan from Bank of india was sanctioned for a term of 60 months and carries an interest rate of 16% per annum.However the interest rate is linked to PLR as applicable from time to time.


Mar 31, 2011

1. a) Contingent Liabilities for :

Claims against the company not acknowledged as debts Rs 760550 (Rs 760550 ) ( Net of Advances )( Being contested by the company).

b) In the opinion of the Board, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

2. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/reconciliation.

3. The company has created a Reserve Fund of Rs-11000/(previous year Rs.10500/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

4. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

5. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with 'Segment Reporting.'

6. The company has assessed its assets for impairment and concluded that there are no impairment losses

Note : Figures in brackets above are in respect of previous year.

7. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

8. Schedules 1 to 14 form an integral part of Balance Sheet & Profit & Loss Account and have been duly authenticated.

Note :

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 the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All accounting Standards and Guidance Notes issued by ICAI are applicable including for investments and other assets as also assets acquired for calculation 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 column (5) above.


Mar 31, 2010

1. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550 (Rs 760550 ) (Net of Advances) (Being contested by the company). b) In the opinion of the Board, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

2. The company has created a Reserve Fund of Rs-10500/(previous year Rs.3500) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

3. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

4. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with Segment Reporting.

5. The company has assessed its assets for impairment and concluded that there are no impairment losses.

6. Related Party Disclosures under Accounting Standard (AS)-18 a) List of related Parties (As identified by the Management)

i) Associates

ISF Securities Ltd.,

Paradigm Sourcing Solutions Pvt. Ltd.

ii) Enterprises owned or significantly influenced by Key Management

Personnel or their relatives

ISF Services Pvt. Ltd. ISF Commodity Pvt. Ltd. Spice Towers & Resorts Ltd Simbal Builders Pvt. Ltd. Simka Hotels & Resorts Pvt. Ltd.

iii) Key Management Personnel & their relatives

Managing Director Relatives

Mr. Udayjit Singh, w.e.f. 17.03.2010

Mrs. Amarjit Singh till 17.03.2010

Mrs. Simbal Singh, Mr. R.N. Grover (deceased on 20th

May 2009) Priya Khanna.

7. No. floating charge has been created on statutory liquid assets in terms of RBI circular DNBS (PD)

C.C.No. 87/03.02.004/2006-2007 dated 4.1.2007 because of practical difficulties involved and lack of necessary support facilities from banks etc.

8. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

9. Schedules 1 to 14 form an integral part of Balance Sheet & Profit & Loss Account and have been duly authenticated.

 
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