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Notes to Accounts of Libord Finance Ltd.

Mar 31, 2015

1 Pursuant to transitional provisions prescribed in schedule II to the Companies Act, 2013, the Company has adjusted an amount of 5.23 Lacs against the opening balance in the statement of Profit & Loss under Reserve and Surplus

2 The Company has given interest free security deposit of Rs 50,00,000 to Mr. Lalit Dangi, a Director of the Company, in respect of the office premises taken on lease from him, with the stipulation that no compensation will be payable to him.

3 In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2015, if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.

4 The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company does not have the information about the registration of small scale industries.

5 RELATED PARTY DISCLOSURE

(As Identified & Certified by The Management Of Company)

(1) Relationship:

(a) Parties Where control exist : Nil

(b) Other Parties with Whom the Company has entered into transaction or not during the year : (i) Libord Securities Limited

(ii) Libord Consultants Limited

(iii) Libord Export Private Limited

(iv) Neha System Service Private Limited

(v) Vikrmaditya Trading Limited

(vi) Libord Advisors Private Limited

(vii) Libord Stock Brokers Private Limited

(viii) Libord Asset Reconstruction Company Private Limited

(ix) Libord Commodity Futures Private Limited

(x) Vee Global Financial Services Private Limited

(c) Key Management Personnel

1. Vandna Dangi

2. Nawal Agrawal


Mar 31, 2014

1. CONTINGENT LIABILITIES

Corporate Guarantees given to financial Institutions against

credit facilities extended to other bodies corporate 800,000 800,000

2. The Company has given interest free security deposit of Rs 50,00,000 to Mr. Lalit Dangi, a Director of the Company, in respect of the office premises taken on lease from him, with the stipulation that no compensation will be payable to him.

3. In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2014, if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.

4. The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company does not have the information about the registration of small scale industries.

5. RELATED PARTY DISCLOSURE (As Identified & Certified by The Management Of Company)

(1) Relationship:

(a) Parties Where control exist : Nil

(b) Other Parties with Whom the Company has entered into transaction or not during the year :

Libord Securities Limited

Libord Consultants Limited

Libord Export Private Limited

Neha System Service Private Limited

Vikrmaditya Trading Limited

Libord Advisors Private Limited

Libord Stock Brokers Private Limited

Libord Asset Reconstruction Company Private Limited

Libord Commodity Futures Private Limited

Vee Global Financial Services Private Limited

(c) Key Management Personnel Vandna Lalit Dangi

6. The balances of certain Trade Receivables/ Payables/ Short term loans and advances are subject to confirmation and reconciliation thereof, if any.

7. Previous year figures have been regrouped / rearranged wherever necessary / possible.


Mar 31, 2013

1. In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2013, if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.

2. The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company does not have the information about the registration of small scale industries.

3. Related Party Disclosure

(As identified & Certified by The Management Of Company)

(1)Relationship:

a)Parties Where control exist: Nil

b)Other Parties with Whom the Company has entered into transaction or not during the year - Associates

1 Vikrmaditya Trading Limited

2 Libord Securities Limited

3 Libord Consultants Limited

4 Libord Export Private Limited

5 Neha System Service Private Limited

6 Libord Advisors Private Limited

4. The balances of certain Trade Receivables/ Payables/ Short term loans and advances are subject to confirmation and reconciliation thereof, if any.

5. Previous year figures have been regrouped / rearranged wherever necessary / possible.

c) Key Management Personnel 1. Vandna Dangi]


Mar 31, 2012

1 The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company had requested the vendors to furnish the information with SSI Registration Number. Due to non receipt of feedback from Vendors the company is unable to provide such information in its accounts.

2 The balances of certain Trade Receivables/ Payables/ Short term loans and advances are subject to confirmation and reconciliation thereof, if any.

3 Previous year figures have been regrouped / rearranged wherever necessary / possible.

4 Loans and advances includes Rs 17,50,000 as an advance against purchase of immovable properties. The Company doesn't have the documents in relation to those proerties other than the receipts. The Company has taken necessary steps including filing of cases. The management is quite confident about the recovery of the said dues and accordingly no provision for doubtful debts has been considered necessary by the management.

5 The Company has given interest free security deposit of Rs 50,00,000 to Mr Lalit Dangi, a director of the Company, in respect of the office premises taken on lease from him, with the stipulation that no compensation will be payable to him.

6 RELATED PARTY DISCLOSURE

(As Identified & Certified by The Management Of Company)

(1) Relationship:

a) Parties Where control exist: Nil

b) Other Parties with Whom the Company has entered into transaction or not during the year - Associates

Vikramaditya Trading Limited

Libord Securities Limited

Libord Consultants Limited

Libord Export Pvt. Limited

Neha System Service Pvt Limited

c) Key Management Personnel

Lalit Dangi

Vandna Lalit Dangi


Mar 31, 2011

1. Contingent Liabilities not provided for: Rs 8 Lacs (Previous Year Rs 8 Lacs)

2. (a) Company has paid a sum of Rs.60,00,000/- as advance towards purchase of immovable properties in earlier year.

Company does not have any document other than receipts, The Company has taken appropriate steps to recover the said amount. Hence in the opinion of the management the provision for doubtful debts has not been considered necessary.

3. The Company has given an interest free security deposit of Rs.25,00,000/- to Mr.Lalit Dangi, a director of the Company in respect of office premises taken from him on leave & licence basis with the stipulation that no compensation would be payable to him.

4. The Company had given an interest free Security Deposit of Rs.25,00,000/- to Mrs. Vandna Dangi, Director of the Company in respect of the office premises taken from her on leave and license basis with the stipulation that no compensation would be payable to her.

5. Balances of Sundry Debtors, Sundry Creditors, Loans and advances are subject to confirmation, reconciliation and consequential adjustments, if any.

6. In the opinion of the Board, current assets, loans & advances have a realisable value in the ordinary course of business at least equal to the amount at which they are stated, except Doubtful Debts, Loans & Advances mentioned in para 2 above.


Mar 31, 2010

1. Contingent Liabilities not provided for: NIL

2. (a) Loans and advances and interost thereon aggregating to Rs. 1,14,62,641/- and Advances given to staff aggregating to Rs 55,210/- are overdue from parties concerned. The Company has taken suitable measures including filing legal cases wherever considered appropriate to recover the said dues and is hopeful of recovering the same in due course.

(b) Debtors aggregating to Rs.70,13,889/- are overdue from parties concerned. The Company has taken suitable measures including filing legal cases wherever considered appropriate to recover the said dues and is hopeful of recovering the same in due course.

(c) Company has paid a sum of Rs. 67,35,000/- as advance towards purchase of immovable properties in earlier year. Company does not have any document other than receipts, considered to be doubtful and not provided for

3. The Company has given an interest free security deposit of Rs.25,00,000/- to Mr.Lalit Dangi, a director of the Company in respect of office premises taken from him on leave & licence basis with the stipulation that no compensation would be payable to him.

4. The Company had given an interest free Security Deposit of Rs.25,00,000/- to Mrs. Vandna Dangi, wife of the Managing Director of the Company in respect of the office premises taken from her on leave and license basis with the stipulation that no compensation would be payable to her.

5. Balances of Sundry Debtors, Sundry Creditors, Loans and advances and one Bank account with State Bank of Hyderabad showing a balance of Rs. 39,915 are subject to confirmation, reconciliation and consequential adjustments, if any.

6. In the opinion of the Board, current assets, loans & advances have a realisable value in the ordinary course of business at least equal to the amount at which they are stated, except Doubtful Debts, Loans & Advances mentioned in para 2 above.

7. The Company has complied revised AS-15 in respect of provision of Gratuity in the books of account for the previous year as well as for the current year.

8. The figures of the previous year have been regrouped / rearranged wherever considered necessary.

 
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