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Notes to Accounts of Kwality Credit & Leasing Ltd.

Mar 31, 2015

I. RELATED PARTIES DISCLOSURE AS PER ACCOUNTING STANDARD 18 A. List of Related Parties: -

Party Relationship

Bhagwan Das Soni Managing Director

Amu Thapa Director

Suresh Kumar Jain Director

KCL Chemical Limited Wholly owned Subsidiary Companies

KCL Iron & Steels Limited Wholly owned Subsidiary Companies

II. Previous year's figures have been regrouped/rearranged whenever considered necessary to confirm to current year's grouping and classification.

Disclosure:

1. There has been no change/ movements in number of shares outstanding at the beginning and at the end of the Year.

2. The company has only one class of issued shares i.e Ordinary Shares having par value of Rs.10/- per share. Each holder of Ordinary Shares is entitled to One vote per share and equal right for dividend. In the event of liquidation , the ordinary shareholders are eligible to receive the remaining assets of the Company after payment of all preferential amounts, in proportion to their Shareholding.

3. The Company does not have any Holding Company/ ultimate Holding Company .

4. Details of Shareholders holding more than 5% Shares:

5. No Ordinary Shares have been reserved for issue under option and contracts/ commitments for the sale of shares/ disinvestment as at the Balance Sheet date.

6. No Shares has been bought back by the company during the period of 5 years preceding the date at which the balance sheet is prepared

7. No Securities convertible into Equity/ Preference Shares issued by the company during the year.

8. No calls are unpaid by any director or officer of the company during the year.

9. As per records of the Company, including its register of shareholder/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.


Mar 31, 2014

ADDITIONAL NOTES

I. RELATED PARTIES DISCLOSURE AS PER ACCOUNTING STANDARD 18

A. List of Related Parties: -

Party Relationship

Bhagwan Das Soni Managing Director

Amu Thapa Director

Suresh Kumar Jain Director

KCL Chemical Limited Wholly owned Subsidiary Companies

KCL Iron & Steels Limited Wholly owned Subsidiary Companies

II. Previous year''s figures have been regrouped/rearranged whenever considered necessary to confirm to current year''s grouping and classification.

Year ended Year ended 31 March, 2014 31 March, 2013

NOTE NO. 1 CONTINGENT LIABILITIES NIL NIL


Mar 31, 2012

1. The company has only one class of shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.

2. In the event of liquidation of the company, the holders of equity shares wilt be entitled to receive remaining assets of the Company, after distribution of all preferential allotments. The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the Company, including its register of shareholder/members and other declarations received from shareholders regarding beneficial interest,the above shareholding represents both legal and beneficial ownership of shares.

NOTE No.: 3

CONTINGENT LIABILITIES

NIL NIL

NOTE No.: 4

PREVIOUS YEAR FIGURES

Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to confirm to this year's classification.


Mar 31, 2010

1. Rates & Taxes are accounted for on cash basis.

31-03-2010 31-03-2009

2. Expenditure in Foreign Currency - Nil Nil

3. Earning in Foreign Currency - Nil Nil

4. Contingent Liability - Nil Nil

5. As informed by the Management The Payment of Gratuity Act, 1972 is not applicable to the Company as the number of staffs is less than the minimum number specified under the Act.

6. The Director of the Company are of the opinion that there is no deferred is no deferred tax assets/liabilities for the year ended 31st March, 2010 as per Accounting Standard AS-22 as prescribed by ICAI.

7. The Directors of the Company are of the opinion that the realizable value of the fixed assets as on 31st march 2010 are more than the value stated as on the date of Balance Sheet, hence impairment of Fixed Assets as per AS-28 prescribed by ICAI is not applicable for the year under review.

8. Segment Reporting : The Company is mainly in the business of Non-Banking Financial activities, hence segment reporting is not required.

9. During the year, the Company has not entered into any transactions with related parties, hence no disclosure is required.

10. As required by the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directors, 1998 a schedule to the balance sheet containing additional particulars as per format prescribed by the bank has been attached separately.

11. The Balances of Sundry Creditors, Deposit & Loans & Advances are subject to confirmation from parties and subsequent adjustment, if any, on reconciliation.

12. The Company has not received any information from the suppliers claiming their status as micro small or medium enterprise. Consequently the amount paid or payable to the parties during the year is Nil. ;

13. ADDITIONAL INFORMATION AS REQUIRED UNDER PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956.

14. Previous Year figures have been regrouped and rearranged wherever considered necessary in order to make them comparable with those of the current year figures.

 
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