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Notes to Accounts of Money Masters Leasing & Finance Ltd.

Mar 31, 2015

B) ACCOUNTING STANDARDS :

In compliance of the guidelines issued by Reserve Bank of India, the following information is disclosed as per Accounting Standards issued by The Institute of Chartered Accountants of India.

1. Prior Period Items (AS-5)

There were no material prior period items of income/expenditure during the year requiring disclosure as per Accounting Standards - 5.

2. Revenue Recognition (AS-9)

Income is recognized on accrual basis. In case of non-performing assets, income is recognized to the extent of realization. Income from Commission, Exchange & Brokerage and Dividends is taken on receipt basis.

3. Related Party Transactions (AS-18)

The details pertaining to related party transactions in respect of Key Management Personnel of the Company are as follows:

4. Taxes on Income (AS-22)

The Company has provided for the Income tax in the Profit and Loss Account for the year.

5. Impairment of Assets (AS-28)

There is no material impairment of fixed assets and as such no provision is required as per AS- 28.

c) Disclosure of complaints for the year 2014-15

7. Customer Complaints

a) No. of Complaints pending at the beginning of the year Nil

b) No. of Complaints received during the year Nil

c) No. of Complaints redressed during the year Nil

d) No. of Complaints pending at the end of the year Nil

D. ADDITIONAL DISCLOSURE

In terms of RBI guidelines, the following additional disclosures have been made

8. NPA written off

During the year following Advances provided 100% as bad and in the view of the Management is irrecoverable have been written off to the extent of Rs.8,49,750/-.

The corresponding NPA reserve of Rs.8,49,750/- has been written back since the same is no more required. However the Company will continue to maintain memorandum record of the same.

9. No Public Deposits will be accepted

The Board of Directors had met on 27th December 2011 to consider a change in policy with regard to the source of funds. Considering the prevailing economic and regulatory scenario a policy decision has been taken that henceforth the sourcing of funds will be through enhancement of the Capital base by an increase in the Equity and Preference shares and mobilization of deposits from the Directors and their relatives. No new Public Deposits has been accepted nor existing ones renewed during the period.


Mar 31, 2014

In compliance of the guidelines issued by Reserve Bank of India, the following information is disclosed as per Accounting Standards issued by The Institute of Chartered Accountants of India.

1. Prior Period Items (AS-5)

There were no material prior period items of income/expenditure during the year requiring disclosure as per Accounting Standards - 5.

2. Revenue Recognition (AS-9)

Income is recognized on accrual basis. In case of non-performing assets, income is recognized to the extent of realization. Income from Commission, Exchange & Brokerage and Dividends is taken on receipt basis.

3. Related Party Transactions (AS-18)

The details pertaining to related party transactions in respect of Key Management Personnel of the Company are as follows:

a) Key Management Personnel

Name : Mr. Hozef Darukhanawala

Designation : Managing Director

4. Taxes on Income (AS-22)

The Company has provided for the Income tax in the Profit and Loss Account for the year.

5. Impairment of Assets (AS-28)

There is no material impairment of fixed assets and as such no provision is required as per AS- 28.

C. Disclosure of complaints for the year 2013-14

1. Customer Complaints

a) No. of Complaints pending at the beginning of the year Nil

b) No. of Complaints received during the year Nil

c) No. of Complaints redressed during the year Nil

d) No. of Complaints pending at the end of the year Nil

D. ADDITIONAL DISCLOSURE

In terms of RBI guidelines, the following additional disclosures have been made

1. CAPITAL ADEQUACY : The Company has complied with Capital Adequacy Norms Prescribed by the Reserve Bank of India. Capital Adequacy ratio as on 31.3.2014 Works out to 55.36after taking into account the market risk on investment as Per Reserve Bank of India guidelines.

3. NPA written off

During the year following Advances provided 100% as bad and in the view of the Management is irrecoverable have been written off to the extent of Rs.9,25,825/-.

The corresponding NPA reserve of Rs.9,25,825 /- has been written back since the same is no more required. However the Company will continue to maintain memorandum record of the same.

4. No Public Deposits will be accepted

The Board of Directors had met on 27th December 2011 to consider a change in policy with regard to the source of funds. Considering the prevailing economic and regulatory scenario a policy decision has been taken that henceforth the sourcing of funds will be through enhancement of the Capital base by an increase in the Equity and Preference shares and mobilization of deposits from the Directors and their relatives. No new Public Deposits has been accepted nor existing ones renewed during the period.

 
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