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Notes to Accounts of KBS India Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITY NOT ASCERTAINED:

In the opinion of management there are no contingent liabilities for the year.

2. In the opinion of the management, Current Assets, Deposits, Loans and advances have value equal to the amounts shown in the Balance Sheet. The provision for depreciation and all the liabilities is not in excess of the amount reasonably necessary.

3. The foreign currency rate fluctuation balance as on 31/03/2015 of Rs. 53,56,593/- is credited to the Profit & Loss Account is in accordance with AS 11(Revised) The Effects of Changes in Foreign Exchange Rates.

4. During the year The Company has debited to Profit and Loss A/c. as Bad debts of Rs. 1,07,00,000/-.

5. During the year, the company has made payments of ESIC for the period April – June 2014.

6. Service tax liability for the year is still partly unpaid.

7. Rate of Interest on ICD given to Supama Financial Services, RSM Exim and Oasis Heights Developers LLP is charged @ 12% P.A.

8. As per Accounting Standard (AS) 18, 'Related Party Disclosures' prescribed under the Accounting Standard Rules, the disclosures of the details of the related parties and the transactions entered with them are given below:

I - List of Related Parties

Sr No. Nature Name of the person

1 Key Management Personnel Tushar Suresh Shah

2 Key Management Personnel Ketan Babulal Shah

3 Relatives of KMP Namita T Shah

4 Relatives of KMP Tanay T Shah

5 Relatives of KMP Rajeshri Ketan shah

6 Relatives of KMP Ketan Babulal Shah HUF

7 Relatives of KMP Tushar Suresh Shah HUF

8 Relatives of KMP Madhu Suresh Shah

9 Others (Independent Director) Mr VinodKumar G Bapna

10 Others (Independent Director) Mr Nilesh Dharia

9. Segment Reporting

The Company is engaged in two business segments, one is to provide brokerage services to its clients in the capital markets within India from which revenue is Rs. 89,76,550/- and other is trading of shares from which loss is Rs. (1,09,774/-)

10. Principal of Consolidation:

a) The consolidated financial statements relate to KBS India Limited, the holding company and its foreign subsidiary. The consolidation of accounts of the company with its subsidiary has been prepared in accordance with the Accounting Standard (AS) 21 'Consolidated financial Statements' taking into considerations the stipulations mentioned in Accounting Standard (AS) 11 'The Effects of Changes in Foreign Exchange Rates'. The financial statements of the parent and its Foreign Subsidiary are combined on a line by line basis and intra group balances, intra group transactions and unrealized profits or losses are fully eliminated.

b) Foreign Currency Translation Gain of Rs. 53,56,593/- is been added to the Profit & Loss Account.

c) As it is a 100% Foreign Subsidiary the Minority Interest is NIL

11. Previous year's figures have been regrouped wherever necessary to confirm the classification adopted in the current year.


Mar 31, 2014

1. CONTINGENT LIABILITY NOT ASCERTAINED:

In tlie opinion of management there are no contingent liabilities for the year.

2 In the opinion of the management. Current Assets, Deposits. Loans and advances have value equal to the amounts shown in the Balance Sheet The provision for depreciation and all the liabilities is not in excess of the amount reasonably necessary

3. The foreign currency rate fluctuation on balance as on 31.03/2014 of US S 21.02,105.38 - is Rs. 12.654.674 credited to the Profit & Loss Account is in accordance with AS 11 (Revised) The Effects of Changes in Foreign Exchange Rates

4. During the year The Company has debited to Profit and Loss Ac. as Bad debts of Rs. 1,42,57,465.44-.

5. During the year, the company has made payments of ESIC for the periods May-13 and June-13..

6. The company has not filed the TDS return for the last quarter.

7. Service tax liability for the year is still partly unpaid. IS Profession Tax for the month of March 14 is unpaid

8. Rate of Interest on ICD given to Supama Financial Services. RSM Exim arid Oasis Heights Developers LLP is charged @ 9%PA.

9. Loan given by PJ Mewawala and Divya Finance and Investment are no longer payable and hence has been written back amounting to Rs.650 000

10, Segment Reporting

The Company is engaged in two business segment",, one is to provide brokerage services to its clients in the capital markets within India from which revenue is Rs. 6.549.19 - and other is trading of shares from which lossrsRs. (407.299''-)

11. Principal of Consolidation:

a) The consolidated financial statements relate to KBS India Limited, the holding company and its foreign subsidiary7 The consolidation of accounts of the company with its subsidiary has been prepared m accordance with the Accounting Standard (AS) 21 "Consolidated financial Statements'' taking into considerations the stipulations mentioned in Accounting Standard (AS) 11 ''The Effects of Changes in Foreign Exchange Rates''. The financial statements of the parent and its Foreign Subsidiary are combined on a luie by line basis and intra group balances, intra group transactions and unrealized profits or losses are fully elumnated.

b) Foreign Currency Translation Gain of Rs 12.654.674 - is been added to the Profit & Loss Account.

c) As it is a 100% Foreign Subsidiary the Minority Interest is NIL

12. Previous year''s figures have been regrouped wherever necessary to confirm the classification adopted in the current year.


Mar 31, 2013

1. Balances of Sundry Debtors, Sundry Creditors and payables, deposits, loans & advances given or taken from the parties, are subject to confirmation.

2. As Company being share and stock broking and Investment Company additional information as required under part II of Schedule – VI of Companies Act, 1956, is irrelevant and not applicable.

3. Number of Employees of the Company in respect of or entitled to receive Emolument in the aggregate of Rs. 12, 00,000/- or more per annum or Rs. 1, 00,000/- or more per month employed for part of the year: ONE (Previous year: Nil)

4. As there is no remuneration paid in excess of the minimum limit as specified under section 349 of the Companies Act, 1956 to the Managerial Persons, calculation of net profit under the said section 349 is not required.

5. DEFERRED TAX LIABILITY/(ASSETS):

As per AS 22 ''Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the net deferred tax liability/asset provided in the books of account as under:

As on 31st March, 2013, the Depreciation as per Companies Act, 1956 Rs. 4,50,519/-

As on 31st March, 2013, the Depreciation as per Income Tax Act, 1961 Rs. 3,34,257/-

Current year Timing Difference Rs. 1,16,262/-

Deferred Tax Asset not recognized @30.90% on Rs. 1,16,262/- Rs. 35,925/-

6. As required by AS 20 ''Earning Per Share", issued by the Institute of Chartered Accountants of India, the Earning Per

Share (EPS) is calculated by dividing the profit attributable to the equity share holders by the average number of equity shares outstanding during the year and is ascertained as follows:

7. CONTINGENT LIABILITY NOT ASCERTAINED:

In the opinion of management there are no contingent liabilities for the year.

8. In the opinion of the management, Current Assets, Deposits, Loans and Advances have value equal to the amounts shown in the Balance Sheet. The provision for depreciation and all the liabilities is not in excess of the amount reasonably necessary.

9. The foreign currency rate fluctuation on balance as on 31st March, 2013 of US $ 20,54,091 is Rs. 69,22,287/-, credited to the Statement of Profit & Loss is in accordance with AS 11(Revised) ''The Effects of Changes in Foreign Exchange Rates''.

10. During the year the Company has debited to Statement of Profit and Loss as Bed debts of Rs. 37,23,744/-.

11. Rate of Interest on Inter Corporate Deposit given to Supama Financial Services is charged @ 6 % p.a.

12. Segment Reporting

The Company is engaged in two business segments, one is to provide brokerage services to its clients in the capital markets within India from which revenue is Rs. 36,66,302/- and other is trading of shares from which Profit is Rs. 99,856/-.

13. Previous year''s figures have been regrouped wherever necessary to confirm the classification adopted in the current year.


Mar 31, 2011

1. Balances of Sundry Debtors, Sundry Creditors and payables, deposits, loans & advances given or taken from the parties, are subject to confirmation.

2. As Company being share and stock broking and Investment Company additional information as required under part II of Schedule VI of Companies Act, 1956, is irrelevant and not applicable.

3. Number of Employees of the Company in respect of or entitled to receive Emolument in the aggregate of Rs.12,00,000/- or more per annum or Rs. 1, 00,000/- or more per month employed for part of the year: ONE (Previous year: Nil)

4. As there is no remuneration paid in excess of the minimum limit as specified under section 349 of the Companies Act, 1956 to the Managerial Persons, calculation of net profit under the said section 349 is not required.

5. CONTINGENT LIABILITY NOT ASCERTAINED:

In the opinion of management there are no contingent liabilities for the year.

6. in the opinion of the management, Current Assets, Deposits, Loans and advances have value equal to the amounts shown in the Balance Sheet. The provision for depreciation and all the liabilities is not in excess of the amount reasonably necessary.

7. The Company has loaned an amount equivalent of US $23, 52,202 (Rs 10, 70, 01, 703/-) as on 19/05/2010 to its 100% subsidiary KBS Capital Management (Singapore) PTE. The foreign currency rate fluctuation on the above as on 31/03/2011 is Rs.19, 75,848, debited to the Profit & Loss Account is in accordance with AS 11 (Revised). The Effects of Changes in Foreign Exchange Rates.

8. In the opinion of the management , the following Debtors shown in the Balance sheet are consider more than six months:

9. The Company has issued 12,50,000 GDRs @ Rs.88.7056 each GDRs equivalent to 2 Equity Shares of Rs.10 each. An amount of Rs.34.3528 per share is credited to the Share Premium Account. As on 31/03/2011 1,00,000 GDRs equivalent to 2,00,000 Equity Shares have been converted.

10. The name of the company was changed from KBS Capital Management Limited to KBS India Limited w.e.f. 11/01 /2011.

11. Previous year's figures have been regrouped wherever necessary to confirm the classification adopted in the current year.


Mar 31, 2010

1. Balances of Sundry Debtors, Sundry Creditors and payables, deposits, loans & advances given or taken from the parties, are subjectto confirmation.

2. The estimated amount of contract remaining to be executed on Capital Account and not provided for: Nil Previous year Rs: Nil

3. As Company being share and stock broking and Investment Company additional information as required under part II of Schedule VI of Companies Act, 1956, is irrelevant and not applicable.

4. (a) Earning in foreign Currency: Rs. Nil (Previous year Rs.: Nil) (b) Expenditure in foreign currency: Rs. Nil (Previous year Rs.: Nil)

5. Number of Employees of the Company in respect of or entitled to receive emolument in the aggregate of Rs. 12,00,000/- or more per annum or Rs. 1,00,000/- or more per month employed for part of the year: Nil. (Previous year: Nil)

6. As there is no remuneration paid in excess of the minimum limit as specified under section 349 of the Companies Act, 1956 to the Managerial Persons, calculation of net profit underthe said section 349 is not required.

7. Deferred Tax Liability/(Assets):

The concept of Deferred Revenue Expenditure was recognized by the Companies Act, 1956. However, this concept was not recognized by the Income Tax Act, 1961, hence same was disallowable in the tax computation. As per AS 22 " Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the net deferred tax liability/asset provided in the books of accounts as under:

As on 31st March 2010, the Depreciation as per Companies Act, 1956 Rs. 6,65,203/-

As on 31st,March 2010, the Depreciation as per lncome Tax Act,1961 Rs. 3,65,474/-

Current yearp ermanent differential Rs 2,99,729/-

Deferred TaxAsset not recognized ©33.9966% on Rs. 2,99,729/- Rs. 1,01,898/-

8. As required by Accounting Standard AS 20 "Earning Per Share", issued by the Institute of Chartered Accountants of India, the Earning Per Share (EPS) is calculated by dividing the profit attributable to the equity share holders by the average numberof equity shares outstanding during the year and is ascertained asfollows:

9. Contingent liability not ascertained:

In the opinion of management there are no contingent liabilities forthe year.

10. In the opinion of the management, Current Assets, Deposits, Loans and advances have value equal to the amounts shown in the Balance Sheet. The provision for depreciation and all the liabilities is not in excess of the amount reasonably necessary.

11. Events after Balance Sheet Date:

The company has issued and allotted 12.50 Lakhs Global Depository Receipts (GDRs) underlying 25 Lakhs equity shares of Rs.10/- each on 19th May 2010 and is of the opinion that although the requirement for filing e-form 5 with the Registrar of Companies, Maharashtra, Mumbai with in a period of 30 days of passing resolution i.e. by or up to 30th January 2010 is not complied with, the issue and allotment of GDRs is regular and not violating the provision of the Companies Act 1956.

12. Previous years figures have been regrouped wherever necessary to confirm the classification adopted in the current year.

 
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