Mar 31, 2015
A. The financial statements have been prepared under historical cost
convention from books of accounts maintained on an accrual basis
(unless otherwise stated hereinafter) in conformity with accounting
principles generally accepted in India and comply with the Accounting
Standards issued by the Institute of Chartered Accountants of India and
referred to Sec 129 & 133 of the Companies Act, 2013, of India. The
accounting policies applied by the company are consistent with those
used in previous year.
B. The Company is registered as a Non-Banking Financial (Non-Deposit
Accepting) Company with the Reserve Bank of India vide Registration
no.: 05.02088 dated 06.05.1998.
C. INCOME RECOGNITION is based on recognized accounting principles and
as per Accounting Standard-9 issued by Institute of Chartered
Accountants of India. Further, interest Income or any other charges on
NPA are recognized only when they are actually realized.
D. RESERVE FUND: 20% of profits are transferred to Reserve Fund
created u/s 45IC of the Reserve Bank of India Act, 1934.
E. FIXED ASSETS are stated at original cost of acquisition (including
related incidental expenses) reduced by depreciation.
F. DEPRECIATION has been provided under Straight Line Method based on
life assigned to each asset in accordance with Schedule II of the
Companies Act, 2013.
G. INVENTORIES: Inventories being shares and securities are valued in
the following manner:
a. Quoted shares and securities are valued at cost or market value
whichever is lower.
b. Unquoted shares and securities are valued at cost.
H. PROVISIONS:
a. PROVISIONS IN ACCORDANCE WITH NON-BANKING FINANCIAL
(NON-SYSTEMICALLY IMPORTANT NON-BANKING FINANCIAL (NON-DEPOSIT
ACCEPTING OR HOLDING) COMPANIES PRUDENTIAL NORMS (RESERVE BANK)
DIRECTIONS, 2015:
1. The Company has made 100% provision on Doubtful Assets to the
extent to which the advance is not covered by the realizable value of
the security to which the company has a valid recourse.
2. The Company has made a general provision of 10% of total
outstanding Sub-standard assets.
3. The Company has made Contingent Provisions on Standard Assets @
0.25% on Standard Assets.
b. PROVISION FOR TAXES: Provision for the current tax is based on tax
liability computed in accordance with relevant tax rates and tax laws.
Provision on deferred tax is made for all timing differences arising
between taxable incomes and accounting income at rates that have been
enacted or substantively enacted as of the Balance Sheet date. The tax
expense for the year, comprising of the current tax and deferred tax is
included in determining the net profit/loss for the year.
I. CONTINGENT LIABILITIES not provided for in respect of
J. Authorized share capital of the company was resolved to increase
from Rs. 18 Crore to Rs. 74 Crore by creation of 5.60 Crore new equity
shares of Rs. 10/- each at the Annual General Meeting of the company
held on 29th September, 2014. The Board of Directors of the company had
decided not to implement the said resolution and as such did not file
the notice of increase in authorized share capital. Estimated filing
fee amounting to Rs. 44 Lac has neither been provided for nor charged
to Statement of Profit and Loss. In the circumstances, Authorized
capital of the company has remained unchanged at Rs. 18 Crore (refer
Note - 1).
K. As the Company has no activities other than those of an Non-Banking
Financial Company, the segment reporting under Accounting Standard 17 Â
"Segment Reporting" is not applicable. The Company does not have any
reportable geographical segment.
L. There is no liability towards Gratuity, leave pay, PF, ESI and/or
any other type of retirement benefits. Hence, the requirements
prescribed under Accounting Standard-15 have not been complied.
M. Separate disclosures for the amount due to Small Scale Industrial
undertakings under the head Current Liabilities/ Creditors could not be
made as the Company does not possess the requisite information.
N. The Micro, Small and Medium Enterprises Development Act, 2006
mandates disclosure related to payment and accrual of interest on
delayed payments to suppliers classified as Micro, Small and Medium
Enterprises under the Act. The Company has not received intimation from
any of its suppliers regarding the status of their registration under
the said Act and hence separate disclosures could not be made.
O. Information given in accordance with the requirements of Accounting
Standard-18 on Related Party Disclosures issued by Institute of
Chartered Accountants of India:
P. Previous year's figures have been regrouped/rearranged where
necessary to conform to this years, classification.-
Mar 31, 2014
A. The Financial Statements have been prepared in accordance with
applicable Accounting Standards and as per relevant presentation
requirements of the Companies Act, 1956. The Financial Statements have
been prepared according to the double entry system of accounting and on
accrual basis except expenditure on gratuity, leave pay and Bonus etc.
which are accounted for as and when actual payments are made.
B. The Company is registered as a Non-Banking Financial (Non-Deposit
Accepting) Company with the Reserve Bank of India vide Registration
no.: 05.02088 dated 06.05.1998.
C. INCOME RECOGNITION is based on recognised accounting principles and
as per Accounting Standard-9 issued by Institute of Chartered
Accountants of India. Further, interest Income or any other charges on
NPA are recognised only when they are actually realised.
D. RESERVE FUND: Earlier, the Company was of the view that the
requirement of transfer of 20% profit to Reserve Fund created u/s 45IC
of the Reserve Bank of India Act, 1934 does not apply to Non-Banking
Financial (Non-Deposit Accepting) Company. However, as a matter of
abundant caution and on expert advice, the Company has now transferred
Rs.8,12,011/- to Reserve Fund for the years 2009-10 to 2012-13.
Henceforth, accordingly 20% profits shall be appropriated to Reserve
Fund created u/s 45IC.
E. FIXED ASSETS are stated at original cost of acquisition (including
related incidental expenses) reduced by depreciation.
F. Depreciation has been provided on pro-rata basis on the Straight
Line Method at the rates and in the manner as provided in Schedule XIV
to the Companies Act 1956.
G. INVENTORIES: Inventories being shares and securities are valued in
the following manner:
a. Quoted shares and securities are valued at cost or market value
whichever is lower.
b. Unquoted shares and securities are valued at cost.
H. PROVISIONS:
a. PROVISIONS FOR BAD AND DOUBTFUL DEBTS: The Company has made 100%
provision on Doubtful Assets to the extent to which the advance is not
covered by the realisable value of the security to which the Company
has a valid recourse in accordance with Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve
Bank) Directions, 2007
b. CONTINGENT PROVISIONS ON STANDARD ASSETS: The Company has made
Contingent Provisions on Standard Assets @ 0.25% on Standard Assets in
accordance with Non-Banking Financial (Non- Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 as
amended by Notification No. DNBS.223/ CGM(US)-2011 dated January 17,
2011.
c. PROVISION FOR TAXES: Provision for the current tax is based on tax
liability computed in accordance with relevant tax rates and tax laws.
Provision on deferred tax is made for all timing differences arising
between taxable incomes and accounting income at rates that have been
enacted or substantively enacted as of the Balance Sheet date. The tax
expense for the year, comprising of the current tax and deferred tax is
included in determining the net profit/loss for the year.
Mar 31, 2013
A.The Finaceal Statement have been requuriment of the Companeis Act.1956,
The Fnaceal Statement have been per relevent requriment of the Company
System of Accounting and on accrual basis execpt on gratuit leve pay
and Bonus Ets Which Are Account For as When actural Payment are made.
B. The Company is registed as a Non-Deposit Accepting Company With the
Resever Bank of India.
c. fixed assets are Provided on net or Cost realized value and in
accdance deprecition.
D Deprecation has Provied on Pro-rate Basis on the Straight Line Method
at the retes and in the Manner as Proded in schedule.
E.INVENTORIES Inventories are Valued at Lower of Cost or net realized
Value and in Accordance with guidelines issued by Reseve Bank of Indiia
as applicable to NBFC
Mar 31, 2012
A. The Financial Statements have been prepared in accordance with
applicable Accounting Standards and as per relevant presentation
requirements of the Companies Act' 1956 The Financial Statements have
been prepared according to the double entry system of accounting and on
accrual basis except expenditure on gratuity' leave pay and Bonus etc.
which are accounted for as and when actual payments are made'
B. The Company is registered as a Non-Banking Financial (Non-Deposit
Accepting) Company with the Reserve Bank of India.
C. FIXED ASSETS are stated at original cost of acquisition (including
related incidental expenses) reduced by depreciation.
D. Depreciation has been provided on pro-rata basis on the Straight
Line Method at the rates and in the manner as provided in Schedule XIV
to the Companies Act 1956.
E. INVENTORIES: Inventories are valued at lower of cost or net
realizable value and in accordance with guidelines issued by Reserve
Bank of India as applicable to NBFC.
F. CONTINGENT PROVISIONS ON STANDARD ASSETS: The Company has made
Contingent Provisions on Standard Assets @ 0 25% in accordance with
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions. 2007.
Mar 31, 2011
A. The Financial Statements have been prepared in accordance with
applicable Accounting Standards and as per relevant presentation
requirements of the Companies Act, 1956. The Financial Statements have
been prepared according to the double entry system of accounting and on
accrual basis except expenditure on gratuity, leave pay and Bonus etc.
which are accounted for as and when actual payments are made.
B. The Company is registered as a Non-Banking Financial (Non-Deposit
Accepting) Company with the Reserve Bank of India.
C. FIXED ASSETS are stated at original cost of acquisition (including
related incidental expenses) reduced by depreciation.
D. Depreciation has been provided on pro-rata basis on the Straight
Line Method at the rates and in the manner as provided in Schedule XIV
to the Companies Act 1956.
E. INVENTORIES: Inventories are valued at lower of cost or net
realizable value and in accordance with guidelines issued by Reserve
Bank of India as applicable to NBFC.
F. CONTINGENT PROVISIONS ON STANDARD ASSETS: The Company has made
Contingent Provisions on Standard Assets @ 0.25% in accordance with
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
G. Segment reporting as per Accounting Standard-17 is not relevant as
the entire operations of the Company relates to only one segment i.e.
Capital and Financial Markets and also the company did not have any
overseas operations during the year.
H. Information given in accordance with the requirements of Accounting
Standard-18 on Related Party Disclosures issued by Institute of
Chartered Accountants of India:
List of Related Parties Nature of Relationship
i. Beda Nand Choudhary Director
ii. Mathew Easow Fiscal Services Ltd Company under common management
Transaction with Related Parties
Nil.
I. There is no liability towards Gratuity, leave pay, PF, ESI and/or
any other type of retirement benefits. Hence, the requirements
prescribed under Accounting Standard-15 have not been complied.
J. Separate disclosures for the amount due to Small Scale Industrial
undertakings under the head Current Liabilities/ Creditors could not be
made as the Company does not posses the requisite information.
K. The Micro, Small and Medium Enterprises Development Act, 2006
mandates disclosure related to payment and accrual of interest on
delayed payments to suppliers classified as Micro, Small and Medium
Enterprises under the Act. The Company has not received intimation from
any of its suppliers regarding the status of their registration under
the said Act and hence separate disclosures could not be made.
L. Previous year's figures have been regrouped/rearranged where
necessary to conform to this years' classification.
Mar 31, 2010
A. The Financial Statements have been prepared in accordance with
applicable Accounting Standards and as pe relevant presentation
requirements of the Companies Act, 1956. The Financial Statements have
been prepared according to the double entry system of accounting and on
accrual basis except expenditure on gratuity, leave pay and Bonus etc.
which are accounted for as and when actual payments are made.
B. The Company is registered as a Non-Banking Financial Company with
the Reserve Bank of India
C. FIXED ASSETS are stated at original cost of acquisition (including
related incidental expenses) reduced by depreciation.
D. Depreciation has been provided on pro-rata basis on the Straight
Line Method at the rates and in the manner as provided in Schedule XIV
to the Companies Act, 1956.
E. INVENTORIES: Inventories are valued at lower of cost or net
realizable value and in accordance with guidelines issued by Reserve
Bank of India as applicable to NBFC.
F. INVESTMENTS: Investments are valued at cost less diminution in
value of investments in accordance with Accounting Standard-13 issued
by Institute of Chartered Accountants of India.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article