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Notes to Accounts of Jagsonpal Finance & Leasing Ltd.

Mar 31, 2014

1. Nature of Business

Jagsonpal Finance & Leasing Ltd.(the Company) is registered as a Non-Banking Financial Company (NBFC) as defined under Section 45-IA of Reserve Bank of India Act, 1934. The company is engaged in the business of Finance, Leasing & Trading of shares and commodities.

NOTE 2: Disclosure of details as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007)

NOTE 3: SEGMENT REPORTING

a) During the year no leasing or hire purchasing activity carried out.

b) As on date the company''s operations are confined to interest on loans, trading of shares securities, commodities and real estate old investment and old recovery of dues from its customers.

NOTE 4: PRIOR YEAR COMPARATIVES

Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2013

1. Nature of Business

Jagsonpal Finance & Leasing Ltd.(the Company) is registered as a Non-Banking Financial Company (NBFC) as defined under Section 45-IA of Reserve Bank of India Act, 1934. The company is engaged in the business of Finance, Leasing & Trading of shares and commodities.

NOTE 2: SEGMENT REPORTING

a) During the year no leasing or hire purchasing activity carried out.

b) As on date the company''s operations are confined to interest on loans, trading of shares securities, commodities and real estate old investment and old recovery of dues from its customers.

NOTE 3: PRIOR YEAR COMPARATIVES

Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

1. Nature of Business

Jagsonpal Finance & Leasing Ltd.(the Company) is registered as a Non-Banking Financial Company (NBFC) as defined under Section 45-IA of Reserve Bank of India Act, 1934. The company is engaged in the business of Finance, Leasing & Trading of shares and commodities.

NOTE 2: SEGMENT REPORTING

a) During the year no leasing or hire purchasing activity carried out.

b) As on date the company's operations are confined to interest on loans, trading of shares securities & commodities, old investment and old recovery of dues from its customers.

NOTE 3: PRIOR YEAR COMPARATIVES

Till the year end March 31, 2011, the company had adopted pre-revised Schedule VI as required by the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the company. Previous Year's figure have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure. The adoption of revised Schedule VI does not impact recognition and measurement principle followed for preparation of financial statements.


Mar 31, 2011

1) The accounts are prepared on the basis of historical costs, as a going concern and are consistent with the generally accepted Accounting Principles and are in accordance with mandatory Accounting Standards specified u/s 211 (3C) of Companies Act, 1956.

2) Receivables and payables are subject to analysis and confirmation by the parties.

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

4) No remuneration has been paid to Directors.

5) There has been no related Party Transaction.

6) The Cases where court proceedings have been initiated the provision for Bad Debts has already been provided in earlier years.

7) The provisions for Doubtful debts in respect of dues from its debtors has already been made in earlier years.

8) Details of Investments referred to in Schedule-3 (Long Term)

Current Year Previous Year

10) Contingent Liability Nil Nil

12) In respect of car shown in balance sheet the lease period is over and amount receivable is disputed and the company has filed cases against lessee.

13) In view of the cumulative losses incurred by the Company no provision for deferred tax liability is needed, as required by the Accounting Standard 22, 'Accounting for Taxes on lncome'(AS22), issued by the Institute of Chartered Accountants of India.

14) Segment Reporting

1} During the year no leasing or hire purchasing activity carried out.

2} As on date the company's operations are confined to interest on loans, trading of shares securities & commodities, old investment and old recovery of dues from its customers.


Mar 31, 2010

1) The accounts are prepared on the basis of historical costs, as a going concern and are consistent with the generally accepted Accounting Principles and are in accordance with mandatory Accounting Standards specified u/s 211 (3C) of Companies Act, 1956.

2) Receivables and payables are subject to analysis and confirmation by the parties.

3) In the opinion of the management, the Current Assets, Loans & Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated.

4) No remuneration has been paid to Directors.

5) There has been no related Party Transaction.

6) The Cases where court proceedings have been initiated the provision for Bad Debts has already been provided in earlier years.

7) The provisions for Doubtful debts in respect of dues from its debtors has already been made in earlier years.

8) Details of Investments referred to in Schedule-3 (Long Term)

Current Year Previous Year

9) Contingent Liability: Nil Nil

11) Payment & Provision for Auditors relating to :

Audit Fees 15000 15000

Other Matters 10000 0

Certification Charges 10000 8750

10) In respect of car shown in balance sheet the lease period is over and amount receivable is disputed and the company has filed cases against lessee.

11) In view of the cumulative losses incurred by the Company no provision for deferred tax liability is needed, as required by the Accounting Standard 22, Accounting for Taxes on Income (AS22), issued by the Institute of Chartered Accountants of India.

12) Segment Reporting

i) During the year no leasing or hire purchasing activity was carried out.

ii) As on date the companys operations are confined to interest on loans, trading of shares securities & commodities, old investment and old recovery of dues from its customers.

13) Expenditure in Foreign Currency Rs. Nil.

Income in Foreign Currency. Rs. Nil.

14) Previous years figures have been regrouped and recast wherever necessary.