Home  »  Company  »  JM Financial Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of JM Financial Ltd.

Mar 31, 2015

1.1 (A) MONIES RECEIVED AGAINST WARRANTS

During the year, the Company received an aggregate amount of Rs. 3,328.11 lakh as consideration towards the issue and allotment of 2,32,93,878 equity shares of the face value of Rs. 1/- each (being balance 75% of the issue price of Rs. 19.05 per equity share). The said consideration has been received upon the exercise of right by the Warrant holders to convert 2,32,93,878 Warrants held by them into equity shares and the said amount has been fully utilised for the general corporate purpose.

Notes:

i. Redeemable at the option of the issuer at any time but not later than October 24, 2022 being 10 years from the date of allotment.

ii Redeemable at the option of the issuer at any time but not earlier than September 22, 2017 being 3 years from the date of allotment .

iii. Represents initial contribution as a ''Sponsor'' towards setting up of JM Financial Mutual Fund, which cannot be sold/ transferred.

iv. Net asset value of the mutual fund units as on March 31,2015 is Rs. 3.69 Lakh (previous year Rs. 2.56 Lakh).

2.1 CONTINGENT LIABILITY

Contingent liability in respect of income tax demands for various years disputed in appeal is Rs. 1,272.05 Lakh (previous year Rs. 37,964.57 Lakh).

The Income Tax Authorities had ongoing dispute with the Company relating to them treating the long term capital gain on sale of equity shares on termination of joint venture with Morgan Stanley as taxable under the head "Business Income" and not under the head "Capital Gains". The reduction in the contingent liability is due to the Company receiving a favourable ruling from the Commissioner of Income Tax (appeals) in respect of the said matter.

CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs. 65.42 Lakh (previous year Rs. 70.42 Lakh).

2.2 EMPLOYEE STOCK OPTION SCHEME (ESOS)

The Employee Stock Option Scheme (''the Scheme'') provides for grant of stock options to the eligible employees and/or directors ("the Employees") of the Company and/or its subsidiaries. The Stock Options are granted at an exercise price, which is either equal to the fair market price, or at a premium, or at a discount to market price as may be determined by the Nomination and Remuneration Committee (erstwhile Compensation Committee) of the Board of the Company.

During the year, the Nomination and Remuneration Committee of the Board has granted stock options under Series 7, to the Employees that will vest in a graded manner, which are to be exercised within a specified period. The Committee granted 44,85,267 Options (previous year 36,45,774 Options) at an exercise price of Rs. 1/- per option to the Employees.

The Company follows intrinsic value based method of accounting for determining compensation cost for its stock-based compensation scheme.

The estimated fair value of each stock option granted in Series 7 and 6 is mentioned in the table below. The fair value has been calculated by applying Black-Scholes-Merton model as valued by an independent valuer. The model inputs the share price at respective grant dates, exercise price of Rs. 1/-, volatility of 54.95% to 57.40% (previous year 54.64% to 58.06%), dividend yield of 3.63% (previous year 2.16%), expected term of options in the range of 5 years to 6 years (previous year 4 years to 5 years), and a risk-free interest rate of 8.96% to 9.04% (previous year 7.53% to 7.60%).

2.27 Under the head "Trade Payables" outstanding amount(s) due to Micro, Small and Medium Enterprises (MSME) as defined under Micro, Small and Medium Enterprises Development Act 2006 is being disclosed as "Nil", as the Company has not received any reply from its vendors to the letter written by it to them. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Valuation assumptions:

- The estimates of future salary increases takes into account inflation, seniority, promotion and other relevant factors in the employment market.

- The above information is certified by the actuary, b) Compensated absences

As per the Company''s policy, a provision of Rs.18.85 Lakh (previous year Rs.11.24 Lakh) has been made towards compensated absences, calculated on the basis of unutilised leave as on the last day of the financial year.

B. Defined contribution plans

Amount recognised as an expense and included in the ''Contribution to provident & other funds'' Rs. 25.46 Lakh (previous year Rs.18.96 Lakh).

2.3 The Company has been granted registration as a Core Investment Company (CIC) by the Reserve Bank of India on April 11, 2014. The Company has been classified as a Systemically Important Non-Deposit Taking Core Investment Company (CIC-ND-SI). The Company is not in the business of asset financing.

2.4 Schedule to the Balance Sheet of a Non-Banking Financial Company as required by RBI as per their Circular RBI/ 2008-09/ 116 DNBS(PD).CC.No.125/ 03.05.002/ 2008-2009, Guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms (as applicable to Core Investment Company) is given below:

2.5 There are no restructured advances as on March 31, 2015, Hence disclosure of information as required in terms of sub- Para 9 of Paragraph 20B of Non Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 (as amended vide Notification No. DNBS(PD).No.272/CGM(NSV)-2014 dated January 23, 2014) is not warranted.

2.6 To ensure that Non-Banking Financial Companies (NBFC) create a financial buffer to protect them from the effect of economic downturns, the Reserve Bank of India (RBI) issued a notification No. DNBS 22 / CGM (US) dated January 17, 2011, requiring all NBFCs to make a general provision at 0.25 per cent of outstanding standard assets. The Company has created provision for standard assets, and is in compliance with the aforesaid RBI Notification.

2.7 a) As the Company is a Core Investment Company, its ''investments and lending activities'' is considered as the only segment in the contextof AS 17 on "Segment Reporting".

b) The Company does not have any reportable geographical segment.

2.8 Disclosure in respect of related parties is attached as Annexure ''I''

2.9 Statement of cash flow is attached as Annexure ''II''

2.10 Figures of the previous year have been regrouped/reclassified/ rearranged wherever necessary to correspond with those of the current year''s classification /disclosure.


Mar 31, 2014

1. CONTINGENT LIABILITY

Contingent liability in respect of income tax demands for various years disputed in appeal is Rs. 37,964.57 Lakh (previous year Rs. 311.74 Lakh). During the year, the Company received a notice of demand from the income tax department pursuant to the completion of fresh adjudication by the assessing officer for the assessment year 2008-09. The additional tax liability arising out of the aforesaid notice, net of relevant deferred tax liability is Rs. 37,282.45 Lakh, inclusive of interest of Rs. 15,587.00 Lakh. The demand of additional tax is mainly on account of income tax department treating the long term capital gain on sale of equity shares held in joint venture company with Morgan Stanley as taxable under the head "Business Income" and not under the head "Capital Gains".

The Company has challenged the above assessment order before the appellate authority.

CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs. 70.42 Lakh (previous year Rs. 65.42 Lakh).

2. EMPLOYEE STOCK OPTION SCHEME (ESOS)

The Employee Stock Option Scheme (''the Scheme'') provides for grant of stock options to the eligible employees and/or directors ("the Employees") of the Company and/or its subsidiaries. The Scheme is in accordance with the Securities and Exchange Board of India (Employees Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. The Stock Options are granted at an exercise price, which is either equal to the fair market price of the underlying equity shares, or at a premium, or at a discount to market price as may be determined by the Compensation Committee of the Board of the Company.

During the financial year, the Compensation Committee of the Board has granted stock options under Series 6, to the Employees that will vest in a graded manner, which are to be exercised within a specified period. The Committee has granted 36,45,774 options (previous year 73,02,669 options) at an exercise price of Rs. 1/- per option to the Employees.

The Company follows intrinsic value based method of accounting for determining compensation cost for its stock-based compensation scheme.

The estimated fair value of each stock option granted in Series 6 and 5 is mentioned in the table below. The fair value has been calculated by applying Black-Scholes-Merton model as valued by an independent valuer. The model inputs were the share price at respective grant dates, exercise price of Rs. 1/-, volatility of 54.64% to 58.06% (previous year 60.04% to 61.90%), dividend yield of 2.16% (previous year 1.48%), expected term of options in the range of 4 years to 5 years (previous year 4 years to 5 years), and a risk-free interest rate of 7.53% to 7.60% (previous year 8.36% to 8.37%).

3. LEASE TRANSACTION

Finance lease

The Company has acquired vehicles under the finance lease agreement. The tenure of the lease agreements ranges between 36 and 48 months with an option for prepayments/foreclosure.

Operating lease

a) The Company had taken premises on cancellable operating lease for a period of not more than 24 months. Lease payment recognised in the statement of profit and loss for the year in respect thereof aggregates to Rs. 142.58 Lakh (Previous year Rs. 38.11 Lakh).

Valuation assumptions:

– The estimates of future salary increases, takes into account inflation, seniority, promotion and other relevant factors in the employment market.

– The above information is certified by the actuary.

b) Compensated absences

As per the Company''s policy, a provision of Rs. 11.24 Lakh (previous year Rs. 10.56 Lakh) has been made towards compensated absences, calculated on the basis of unutilised leave as on the last day of the financial year.

B. Defined contribution plans

Amount recognised as an expense and included in the ''Contribution to provident & other funds'' Rs. 18.96 Lakh (previous year Rs. 17.80 Lakh).

2.31 a) As the Company is a Core Investment Company, its ''investment activities'' is considered as the only segment in the context of AS 17 on "Segment Reporting".

b) The Company does not have any reportable geographical segment.

4. Disclosure in respect of related parties is attached as Annexure ''I''

5. Statement of cash flow is attached as Annexure ''II''

6. Figures of the previous year have been regrouped / reclassified / rearranged wherever necessary to correspond with those of the current year''s classification / disclosure.

DISCLOSURE IN RESPECT OF RELATED PARTIES PURSUANT TO AS 18 ON ''RELATED PARTY DISCLOSURE''

A. List of related parties

I) Parties where control exists: Subsidiaries

JM Financial Institutional Securities Limited (Institutional Securities)

JM Financial Investment Managers Limited (Investment Managers)

JM Financial Services Limited (Financial Services)

JM Financial Commtrade Limited (Commtrade)

JM Financial Insurance Broking Private Limited (Insurance Broking)

JM Financial Products Limited (NBFC)

JM Financial Properties and Holdings Limited (Properties)

JM Financial Asset Management Limited (AMC)

JM Financial Overseas Holdings Private Limited (Overseas)

JM Financial Singapore Pte Ltd(JMFS)

PT JM Financial Securities Indonesia (JMF Indonesia)

JM Financial Securities Inc. (JMF USA)

Infinite India Investment Management Private Limited (Infinite)

CR Retail Malls (India) Limited (CRRM)

FICS Consultancy Services Limited (FICS) (w.e.f. March 28, 2014)

II) Other parties with whom the Company has entered into transactions during the year:

a) Associates

JM Financial Asset Reconstruction Company Private Limited (ARC) JM Financial Trustee Company Private Limited (Trustee)

b) Key management personnel

Mr. Nimesh Kampani (NNK)

c) Relative of key management personnel

Ms. Aruna N Kampani (ARNK) Mr. Vishal Kampani (VNK) Ms. Amishi Kampani (AMNK)

d) Enterprise over which Key management personnel is able to exercise significant influence

J.M. Financial & Investment Consultancy Services Private Limited (JMFICS)

J. M. Assets Management Private Limited (J.M.Assets)

JSB Securities Limited (JSB)

Kampani Consultants Limited (KCL)

Persepolis Investment Company Private Limited (PICPL)

SNK Investments Private Limited (SNK)

FICS Consultancy Services Limited (FICS) (upto March 27, 2014)

Kampani Properties and Holdings Limited (KPHL)

Financial Engineering Solutions Private Limited (FES)

B. Related party relationships have been identified by the management and relied upon by the auditors.


Mar 31, 2013

1.1 CONTINGENT LIABILITY

Contingent liability in respect of income tax demands for various years disputed in appeal is Rs.311.74 Lakh (previous year Rs.636.23 Lakh).

CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs.65.42 Lakh (previous year Rs.65.42 Lakh).

1.2 EMPLOYEE STOCK OPTION SCHEME (ESOS)

The Employee Stock Option Scheme (''the Scheme'') provides for grant of stock options to the eligible employees and/ or directors ("the Employees") of the Company and/or its subsidiaries. The Scheme is in accordance with the Securities and Exchange Board of India (Employees Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. Options are granted at an exercise price, which is either equal to the fair market price of the underlying equity shares, or at a premium, or at a discount to market price as may be determined by the Compensation Committee of the Board.

During the financial year, the Compensation Committee of the Board has granted stock options under Series 5, to the Employees that will vest in a graded manner, which are to be exercised within a specified period. The Committee has granted 7,302,669 options at an exercise price of Rs.1/- per option to the Employees.

The details of options are as under:

The Company follows intrinsic value based method of accounting for determining compensation cost for its stock- based compensation scheme.

The estimated fair value of each stock option granted under the Scheme is mentioned in the table below. The fair value has been calculated by applying Black-Scholes-Merton model as valued by an independent valuer. The model inputs were the share price at respective grant dates, exercise price of Rs.1/-, volatility of 60.04% to 61.90% (previous year 60.98% to 62.62%), dividend yield of 1.48% (previous year 1.24%), expected term of options in the range of 4 years to 5 years (previous year 4 years to 5 years), and a risk-free interest rate of 8.36% to 8.37% (previous year 8.04% to 8.05%).

1.3 Under the head "Trade Payables" outstanding amount(s) due to Micro, Small and Medium Enterprises (MSME) as defined under Micro, Small and Medium Enterprises Development Act 2006 is being disclosed as "Nil", as the Company has not received any reply from its vendors to the letter written by it to them. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

1.4 LEASE TRANSACTION

Finance lease

The Company has acquired vehicles under the finance lease agreement. The tenure of the lease agreements ranges between 36 and 60 months with an option to prepayments/foreclosure.

Operating lease

a) The Company had taken premises on cancellable operating lease for a period of not more than 24 months. Lease payment recognised in the statement of profit and loss for the year in respect thereof aggregates Rs.38.11 Lakh (Previous year Rs.99.30 Lakh).

Valuation assumptions:

- The estimates of future salary increases, takes into account inflation, seniority, promotion and other relevant factors in the employment market.

- The above information is certified by the actuary.

b) Compensated absences

As per Company''s policy, provision of Rs.10.56 Lakh (previous year Rs.25.02 Lakh) has been made towards compensated absences, calculated on the basis of unutilised leave as on the last day of the financial year.

B. Defined contribution plans

Amount recognised as an expense and included in the ''Contribution to provident fund & other funds'' Rs.17.80 Lakh (previous year Rs.35.91 Lakh).

1.5 a) As the Company is a Core Investment Company, its ''investment activities'' is considered as the only segment in the context of AS 17 on "Segment Reporting".

b) The Company does not have any reportable geographical segment.

1.6 Disclosure in respect of related parties is attached as per Annexure ''I''

1.7 Statement of cash flow is attached as per Annexure ''II''

1.8 Figures of the previous year have been regrouped / reclassified / rearranged wherever necessary to correspond with those of the current year''s classification / disclosure.

A. List of related parties

I) Parties where control exists:

Subsidiaries

JM Financial Institutional Securities Private Limited (Institutional Securities)

JM Financial Investment Managers Limited (Investment Managers)

JM Financial Services Limited (Financial Services)

JM Financial Commtrade Limited (Commtrade)

JM Financial Insurance Broking Private Limited (Insurance Broking)

JM Financial Products Limited (NBFC)

JM Financial Properties and Holdings Limited (Properties)

(formerly known as JM Financial GILTS Limited)

JM Financial Asset Management Private Limited (AMC)

JM Financial Overseas Holdings Private Limited (Overseas)

JM Financial International Private Limited (JMFI)

JM Financial Singapore Pte Ltd (JMFS)

PT JM Financial Securities Indonesia (w.e.f. August 15, 2012)

JM Financial Securities, Inc. (w.e.f. November 16, 2012)

Infinite India Investment Management Private Limited (Infinite)

CR Retail Malls (India) Limited (CRRM)

II) Other parties with whom the Company has entered into transaction during the year:

a) Associates

JM Financial Asset Reconstruction Company Private Limited (ARC)

JM Financial Trustee Company Private Limited (Trustee)

b) Key management personnel

Mr. Nimesh Kampani (NNK)

c) Relative of key management personnel

Ms. Aruna N Kampani (ARNK)

Mr. Vishal Kampani (VNK)

Ms. Amishi Kampani (AMNK)

d) Enterprise over which Key management personnel is able to exercise significant influence

J.M. Financial & Investment Consultancy Services Private Limited (JMFICS)

J. M. Assets Management Private Limited (J.M.Assets)

JSB Securities Limited (JSB)

Kampani Consultants Limited (KCL)

Persepolis Investment Company Private Limited (PICPL)

SNK Investments Private Limited (SNK)

FICS Consultancy Services Limited (FICS)

Kampani Properties and Holdings Limited (KPHL)

Financial Engineering Solutions Private Limited (FES)


Mar 31, 2012

1. Notes to financial statements

Note a:

The Company has only one class of shares referred to as equity shares having a face value of Rs 1/-. Each holder of equity share is entitled to one vote per share.

Notes:

i. Being renamed as JM Financial Institutional Securities Private Limited.

ii. Redeemable at the option of the issuer at any time but not later than 10 years from the date of allotment (i.e. January 11, 2012).

iii. Represents initial contribution as a 'Sponsor' towards setting up of JM Financial Mutual Fund, which cannot be sold/ transferred.

iv. Net asset value of the mutual fund units as on March 31, 2012 is Rs2.14 Lakh (previous year Rs2.42 Lakh) against book value of Rs1.49 Lakh (previous year Rs1.49 Lakh).

2.1 Contingent Liability

Contingent liability in respect of income tax demands for various years disputed in appeal is Rs636.23 Lakh (previous year Rs29,453.34 Lakh). During the previous year, the additional tax liability, net of relevant deferred tax liability, arrived at Rs29,093.22 Lakh, was mainly due to the treatment of long term capital gains on sale of equity shares on termination of joint venture with Morgan Stanley as "Business Income" and not "Capital Gains" along with other ground, pursuant to the assessment of Assessment Year 2008-09. The same has been set aside and restored to the Assessing Officer for fresh adjudication by the Income Tax Appellate Tribunal, Mumbai.

Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs65.42 Lakh (previous year Rs65.42 Lakh).

2.2 Employee stock option scheme

The Employee Stock Option Scheme ('the Scheme') provides for grant of stock options to the eligible employees and/or directors ("the Employees") of the Company and/or its subsidiaries. The Scheme is in accordance with the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. Options are granted at an exercise price, which is either equal to the fair market price of the underlying equity shares, at a premium, or at a discount to market price as may be determined by the Compensation Committee of the Board.

During the financial year, the Compensation Committee of the Board has granted stock options under Series 4, to the Employees that vests in a graded manner, which are to be exercised within a specified period. The Company has granted 7,500,000 options at an exercise price of Rs1/- per option to the employees.

The Company follows intrinsic value based method of accounting for determining compensation cost for its stock-based compensation scheme.

The estimated fair value of each stock option granted under the Scheme is mentioned in the table below. The fair value has been calculated by applying Black-Scholes-Merton model as valued by an independent valuer. The model inputs were the share price at respective grant date, exercise price of Rs1/-, volatility of 60.98% to 62.62%, dividend yield of 1.24%, expected term of options in the range of 4 years to 5 years, and a risk-free interest rate of 8.04% to 8.05%.

2.3 Under the head "Trade Payables" outstanding amount(s) due to Micro, Small and Medium Enterprises (MSME) as defined under Micro, Small and Medium Enterprises Development Act 2006 is being disclosed as "Nil", as the Company has not received any reply from its vendors to the letter written by it to them. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

2.4 Lease transaction Finance lease

The Company has acquired vehicles under the finance lease agreement. The tenure of the lease agreements ranges between 36 and 60 months with an option to prepayments/foreclosure.

Operating lease

a) The Company had taken two premises under operating lease for the period of 22 months and 42 months respectively. The same were non-cancellable for an initial period of 11 month and 24 months respectively. However, both the operating lease were terminated during the previous year. The amount debited to the statement of profit & loss with respect to the same was Rs8.00 Lakh.

b) The Company had taken certain assets (premises and furniture & fixtures) on cancellable operating lease for a period of not more than 24 months. Lease payment recognized in the statement of profit & loss for the year in respect thereof aggregates to Rs99.30 Lakh (Previous year Rs102.01 Lakh).

Valuation assumptions:

- The estimates of future salary increases, takes into account inflation, seniority, promotion and other relevant factors in the employment market.

- The above information is as certified by the actuary.

b) Compensated absences

As per the Company's policy, provision of Rs25.02 Lakh (previous year Rs20.88 Lakh) has been made towards compensated absences, calculated on the basis of unutilized leave as on the last day of the financial year

B. Defined contribution plans

Amount recognized as an expense and included in the Contribution to provident fund & other fundsRs39.16 Lakh (previous year Rs47.65 Lakh).

2.5 The Company had made an application to the Central Government for waiver of the excess remuneration of Rs65.15 Lakh paid to the Managing Director for the financial year 2010-11 on June 10, 2011. The Central Government, vide its letter dated April 11, 2012, has rejected the application made by the Company on the ground that the Company has paid the remuneration in excess of the remuneration approved by the Government vide its letter dated July 14, 2011. The Company has represented the matter vide its letter dated April 27, 2012 explaining in detail therein the rationale for the Central Government to reconsider its decision of rejection and accord its approval for the waiver of the excess amount thus paid. The Company is awaiting the response from the Central Government.

2.6 a) As the Company is a Core Investment Company, its 'investment activities' is considered as the only segment in the context of AS 17 on "Segment Reporting'.

b) The Company does not have any reportable geographical segment.

2.7 Disclosure in respect of related parties is attached as Annexure 'I'

2.8 Statement of cash flow is attached as Annexure 'II'

2.9 Miscellaneous income includes Rs Nil (Previous year Rs11.55 Lakh), being the net reversal of provision for diminution in the value of investments.

2.10 The financial statements are prepared in accordance with Revised Schedule VI to the Act. Figures of the previous year have been regrouped / reclassified / rearranged wherever necessary to correspond with those of the current year's classification / disclosure.

A. List of related parties

I) Parties where control exists:

Subsidiaries

JM Financial Consultants Private Limited (IBD)

JM Financial Institutional Securities Private Limited (IED)

JM Financial Investment Managers Limited (Investment Managers)

JM Financial Ventures Limited (SSF)

JM Financial Services Private Limited (Financial Services)

JM Financial Commtrade Limited (Commtrade)

JM Financial Insurance Broking Private Limited (Insurance Broking)

JM Financial Products Limited (NBFC)

JM Financial Securities Private Limited (FID)

JM Financial GILTS Limited (GILTS)

JM Financial Asset Management Private Limited (AMC)

JM Financial Overseas Holdings Private Limited (Overseas)

JM Financial International Private Limited (JMFI) (from October 6, 2011)

JM Financial Singapore Pte. Ltd. (JMFS) (from October 14, 2011)

Infinite India Investment Management Private Limited (Infinite)

Oracle Enterprises Private Limited (Oracle)

Latitude Mercantile Private Limited (Latitude) (from January 10, 2012)

Ardour Trading Private Limited (Ardour) (from January 27, 2012)

Saptarishi Sales & Trading Private Limited (Saptarishi) (from January 27, 2012)

Persepolis Investments Limited (PIL) (up to August 4, 2011)

Persepolis PIPE Investments Limited (PPIL) (up to August 4, 2011)

Partnership Firm

Stellar Investments (Stellar)

II) Other parties with whom the Company has entered into transactions during the year:

a) Associates

JM Financial Asset Reconstruction Company Private Limited (ARC)

JM Financial Trustee Company Private Limited (Trustee)

Financial Engineering Solutions Private Limited (FES) (up to June 29, 2011)

b) Key management personnel

Mr. Nimesh Kampani (NNK)

c) Relative of key management personnel

Mr. Ashith Kampani (ASNK)

d) Enterprise over which Key management personnel is able to exercise significant influence

J.M. Financial & Investment Consultancy Services Private Limited (JMFICS)

J. M. Assets Management Private Limited (J.M. Assets)

JSB Securities Limited (JSB)

Kampani Consultants Limited (KCL)

Persepolis Investment Company Private Limited (PICPL)

SNK Investments Private Limited (SNK)

FICS Consultancy Services Limited (FICS)

Kampani Properties and Holdings Limited (KPHL)

Financial Engineering Solutions Private Limited (FES) (from June 30, 2011)

B. I) No amounts in respect of related parties have been written off/back during the year.

II) During the year, the amount provided for diminution in the value of investments in respect of one of the related parties is Rs Nil (Previous year Rs60.00 Lakh). As on the balance sheet date, the provision in respect thereof is Rs Nil (previous year Rs210.00 Lakh).

III) Related party relationships have been identified by the management and relied upon by the auditors.

 
Subscribe now to get personal finance updates in your inbox!