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Notes to Accounts of KIFS Financial Services Ltd.

Mar 31, 2015

The Company has issued only one class of shares referred to as Equity Shares having a par value of Rs. 10/-. All Equity Shares carry one vote per share wthout restrictions and are entitled to Dividend, as and when declared. All shares rank equally with regard to the Company's residual assets.

1. Previous year figures have been re-grouped/re-classified whenever necessary to correspond with the current year classification/disclosure.

2. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

3. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realized in the ordinary course of business.

4. Disclosure required for Employee Benefit (Revised 2005) as per Accounting Standard 15 of ICAI is not given as it is not applicable to the company for the year.

5. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2015. This information is required to disclose 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.

6. Consequent to the accounting standard AS-22 effective from 1st April, 2002 dealing with "Accounting for taxes on Income " issued by the ICAI

7. Segment Reporting

The Company is engaged in the finance activity having mainly the interest income and there are no separate reportable segments as per Accounting Standard 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India.

8. Leases

Lease payments made under cancellable operating lease amounting to Rs. 67,416.00/- (Previous year Rs. 67,416.00/-) disclosed as rent and the same have been recognized as an expenses in the profit and loss account.

9. Impairment of Assets

Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

10. Contingent Liability

No contingent liability existed as at the date of Balance Sheet.

11. Disclosure regarding depreciation

During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Company revised the estimated useful life of its assets to align the useful life with those specified in Schedule II.

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on 01 April, 2014 and has written off an amount of Rs. (-) 21,602/- to Profit and Loss Account (Reserve & Surplus).

12. Related Party Disclosure

As per the Accounting Standard on "Related Party Disclosures" (AS-18) issued by the Institute of Chartered Accountants of India, the related parties and the details of transactions with them are as follows.

List of Related Parties and Relationships:

Holding Company: KIFS Securities Limited

Associate Company: Aristo Traders Private Limited Khandwala Commercial Private Limied Khandwala Enterprise Private Limited Khandwala Fin Stock Private Limied MINK Tradecom Private Limited KIFS Trading LLP KIFS Motor Private Limited KIFS Reality Private Limited

Key Managerial Personnel: Rajesh P. Khandwala

Relatives of Key Managerial : Jayesh P. Khandwala Personnel Vimal P. Khandwala Minaxi P. Khandwala Kinnary J. Khandwala Sonal R. Khandwala Priyanka V. Khandwala


Mar 31, 2014

1. SHARE CAPITAL

The Company has issued only one class of shares referred to as Equity shares having a par value of Rs. 10/-. All Equity Shares carry one vote per share without restrictions and are entitled to Dividend, as and when declared. All shares rank equally with regard to the Company''s residual assets.

2. The Company prepares and presents its financial statements as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. The previous year''s figures have been accordingly regrouped/reclassified to conform to the current year''s classification

3. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

4. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realised in the ordinary course of business.

5. None of the employee has completed five years of service and hence liability of gratuity does not arise.

6. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2013. This information is required to disclose 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.

7. Segment Reporting

The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segment as per Accounting Standard 17 -" Segment Reporting" issued by the Institute of Chartered Accountants of India.

8. Impairment of Assets

Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

9. Related Party Disclosure

As per the Accounting Standard on "Related Party Disclosures" (AS -18) issued by the Institute of Chartered Accountants of India, the related parties and the details of transactions with them are as follows

a) List of Related Parties and Relationships:

Holding Company: KIFS Securities Ltd.

Associate Companies: Aristo Traders Pvt. Ltd.

Khandwala Enterprise Pvt. Ltd.

Khandwala Fincap Pvt. Ltd.

Key Managerial Personnel: Rajesh P. Khandwala

Relatives of Key Managerial Personnel: Jayesh P. Khandwala

Vimal P. Khandwala

Minaxi P. Khandwala

KinnaaryJ. Khandwala

Sonal R. Khandwala Priyanka V. Khandwala


Mar 31, 2013

1. The Company prepares and presents its financial statements as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. The previous year''s figures have been accordingly regrouped/reclassified to conform to the current year''s classification.

2. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are there fore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

4. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realized in the ordinary course of business.

5. None of the employee has completed five years of service and hence liability of gratuity does not arise.

6. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2013. This information is required to disclose 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.

7. Consequent to the accounting standard AS-22 effective from 1st April, 2002 dealing with "Accountingfortaxeson Income" issued by the ICAI

The significant component and classification of deferred tax Assets and liabilities on account of timing differences are.

8. Segment Reporting

The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segment as per Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

9. Impairment of Assets

Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

10. Utilisation of Preferential Issue:

The Company during the Financial Year has issued 54,09,000 Preferential Shares of Rs. 10/- each at a premium of Rs. 9 aggregating to Rs. 10,27,71,000.

The company has utilized Rs. 10,19,51,811 towards the working capital and Rs. 8,19,189 towards expenses incurred for preferential issue.

11. Related Party Disclosure

As perthe Accounting Standard on "Related Party Disclosures" (AS -18) issued by the Institute of Chartered Accountants of India, the related parties and the details of transactions with them are as follows

a) List of Related Parties and Relationships:

Holding Company : KIFS Securities Ltd.

Aristo Traders Pvt. Ltd. Associate Companies:

Khandwala Enterprise Pvt. Ltd.

Key Managerial Personnel: Rajesh P. Knandwala

Relatives of Key Managerial Personnel: Jayesh P. Khandwala

Vimal P. Khandwala Minaxi P. Khandwala KinnaryJ. Khandwala Sonal R. Khandwala Priyanka V. Khandwala


Mar 31, 2012

1. The Company prepares and presents its financial statements as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. In view of revision to the Schedule VI. as per a notification issued during the year by the Central Government, the financial statements for the financial year ended 31st March, 2012 have been prepared as per the requirements of the Revised Schedule VI to the Companies Act, 1956. The previous year''s figures have been accordingly regrouped/reclassified to conform to the current year''s classification.

2. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

3. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realised in the ordinary course of business.

4. None of the employee has completed five years of service and hence liability of gratuity does not arise.

5. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2012. This information is required to disclose 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.

6. Consequent to the accounting standard AS-22 effective from 1st April, 2002 dealing with "Accounting for taxes on Income " issued by the ICAI

The significant component and classification of deferred tax Assets and liabilities on account of timing differences are.

7. Segment Reporting

The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segment as per Accounting Standard 17-" Segment Reporting" issued by the Institute of Chartered Accountants of India.

8. Related Party Disclosure

As per the Accounting Standard on "Related Party Disclosures" (AS-18) issued by the Institute of Chartered Accountants of India, the related parties and the details of transactions with them are as follows

a) List of Related Parties and Relationships:

Holding Company: KIFS Securities Ltd.

Associate Companies: Aristo Traders Pvt. Ltd.

Khandwala Enterprise Pvt. Ltd.

Key Managerial Personnel:

Parmanand G. Khandwala

Rajesh P. Khandwala

Relatives of Key Managerial Personnel:

Jayesh P. Khandwala

Vimal P. Khandwala

Minaxi P. Khandwala

Kinnaary J. Khandwala

Sonal R. Khandwala

Priyanka V. Khandwala

9. Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.


Mar 31, 2011

1. Paise are rounded up to the nearest rupee.

2. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realised in the ordinary course of business.

3. None of the employee has completed five years of service and hence liability of gratuity does not arise.

4. The provision for tax is based on the assessable profits of the Company computed in accordance with the Income Tax Act, 1961 and has been made for the year from 1st April, 2010 to 31st March, 2011, as the same will be assessed in the assessment year 2011-12.

5. Previous year''s figures have been re-arranged and re-grouped wherever necessary to make them comparable with the figures of current years.

6. Additional information pursuant to the provisions of paragraph 3 & 4 of Schedule VI of the Companies Act, 1956 is not applicable.

7. Consequent lo the accounting standard AS-22 effective from 1st April, 2002 dealing with Accounting for taxes on Income " ISSUED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA",

8. Segment Reporting

The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segment as per Accounting Standard 17 - " Segment Reporting" issued by the institute of Chartered Accountants of India.

(i) Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.


Mar 31, 2010

(a) Paise are rounded up to the nearest rupee.

(b) In the opinion of the board, current assets, loans & advances are approximately of the value stated if realised in the ordinary course of business.

(c) None of the employee has completed five years of service and hence liability of gratuity does not arise.

(d) The provision for tax is based on the assessable profits of the Company computed in accordance with the Income Tax Act, 1961 and has been made for the year from 1st April, 2009 to 31st March, 2010, as the same will be assessed in the assessment year 2010-11.

(e) Previous years figures have been re-arranged and re-grouped wherever necessary to make them comparable with the figures of current years.

(f) Additional information pursuant to the provisions of paragraph 3 & 4 of Schedule VI of the Companies Act, 1956 is not applicable.

(g) Consequent to the accounting standard AS-22 effective from 1st April, 2002 dealing with Accounting for taxes on Income " ISSUED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA",

(h) Expenditure in Foreign Currency Rs. Nil

(i) Earning in Foreign Currency Rs. Nil

(j) Segment Reporting

The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segment as per Accounting Standard 17 - " Segment Reporting" issued by the Institute of Chartered Accountants of India.

(k) Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

 
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