Mar 31, 2018
Note 1 DEFERRED TAX ASSET / LIABILITIES (NET)
The Company has accounted for taxes on income in accordance with AS-22 - Accounting for Taxes on Income issued by the Ministry of Corporate Affairs. Consequently, the net incremental deferred tax (liability) / asset is charged / credited to Profit and Loss Account. The year end position of taxes on income is as under:_
2 The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.
3 The Balances of loans and advances, overdraft from bank are subject to confirmation and reconciliation. The necessary adjustment if any will be made in the accounts on receipt thereof.
4 Auditorsâ remuneration in accordance with paragraph 5A (j) of part II of Schedule III to the Companies Act 2013 is as under:
5 The Company is mainly engaged in the business of providing commercial finance and dealing in shares and securities. All other activities of the Company revolve around the main business, and as such in the opinion of the management, there are no separate reportable segments as per Accounting Standard - AS - 17-âSegment Reportingâ Issued by ICAI.
6 Loans and advances given to the employees and associates and for projects do not carry any stipulation as to repayment of principal or payment of interest; and are being repaid periodically. Accordingly, these are considered as good and not considered as part of non-performing assets.
7 The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.
8 Related Party Disclosures, as required by AS-18 are given below:
A. Relationships:
Category I: Subsidiary Company -- Mukesh Babu Securities Limited.
Category II: Key management Personnel -- Shri Mukesh Babu, Ms. Dipali Shah,Shri Pankaj Majithia and Shri Vijay Vora. Category III: Group and Associates Companies
Mukesh Babu Stock Broking P. Ltd, Mukesh Babu Management Consultants P. Ltd.
B. Transactions with related Parties:
9 Income and Expenses in Foreign Currency:
The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses, including derivatives, on such long term contracts has been made in the books of account.
10 The Company has reviewed its pending litigations and proceedings and has adequately provided for where Provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.
11 The previous yearâs figures are regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.
12 Other information pursuant to General Instructions for preparation of Balance Sheet and Profit & Loss Account of Schedule III to the Companies Act 2013 is not applicable.
Mar 31, 2014
1 The value on realization of current assets in the ordinary course
of business would not be less than the amount at which they are stated
in the Balance Sheet. According to the management, provision for all
the known liabilities is adequate.
2 The Balances of loans and advances, overdraft from bank are subject
to confirmation and reconciliation. The necessary adjustment if any
will be made in the accounts on receipt thereof.
3 The Company is mainly engaged in the business of providing
commercial finance and dealing in shares and securities. All other
activities of the Company revolve around the main business, and as
such in the opinion of the management, there are no separate reportable segments as per Accounting Standard - AS - 17-"Segment Reporting"
Issued by ICAI.
4 Loans and advances given to the employees and associates and for
projects do not carry any stipulation as to repayment of principal or
payment of interest; and are being repaid periodically. Accordingly,
these are considered as good and not considered as part of
non-performing assets.
5 The management has made full inquiries and is of the view that assets
of the Company in form of fixed assets and Inventories are good in
nature, and are stated at appropriate value of the respective assts;
and there is no necessity as to impairment / write down provision in
the accounts.
6 Related Party Disclosures, as required by AS-18 are given below:
A. Relationships:
Category I: Subsidiary Company -- Mukesh Babu Securities Limited.
Category II: Key management Personnel -- Shri Mukesh Babu, Shri Pankaj
Majithia and Shri Vijay Vora. Category III: Others Associates -- Sagar
Systech Ltd.
B. Transactions with related Parties:
(Purchases and sales include Bonus Shares and Splits and other
adjustments, if any)
Consolidated transaction value (purchases and sales) on account of cash
and derivative transactions amounts to Rs.4,872,414,907/- (Previous year
Rs.3,602,707,435/-). In case of derivatives transactions, purchases and
sales are accounted after netting off.
The previous year''s figures are regrouped / rearranged / reclassified
wherever considered necessary to correspond with the figures of current
year.
7 Other information pursuant to General Instructions for preparation
of Balance Sheet and Profit & Loss Account of Schedule VI to the
Companies Act, 1956 is not applicable.
Mar 31, 2013
1 The value on realization of current assets in the ordinary course of
business would not be less than the amount at which they are stated in
the Balance Sheet. According to the management, provision for all the
known liabilities is adequate.
2 The Balances of loans and advances, overdraft from bank are subject
to confirmation and reconciliation. The necessary adjustment if any
will be made in the accounts on receipt thereof.
3 The Company is mainly engaged in the business of providing commercial
finance and dealing in shares and securities. All other activities of
the Company revolve around the main business, and as such in the
opinion of the management, there are no separate reportable segments as
per Accounting Standard - AS - 17-"Segment Reporting" Issued by
ICAI.
Loans and advances given to the employees and associates and for
projects do not carry any stipulation as to repayment of principal or
payment of interest; and are being repaid periodically. Accordingly,
these are considered as good and not considered as part of
non-performing assets.
The management has made full inquiries and is of the view that assets
of the Company in form of fixed assets and Inventories are good in
nature, and are stated at appropriate value of the respective assts;
and there is no necessity as to impairment / write down provision in
the accounts.
4 Related Party Disclosures, as required by AS-18 are given below:
A. Relationships:
Category I: Subsidiary Company -- Mukesh Babu Securities Limited.
Category II: Key management Personnel -- Shri Mukesh Babu, Shri Pankaj
Majithia and Shri Vijay Vora. Category III: Others Associates -- Sagar
Systech Ltd.
5 Income and Expenses in Foreign Currency:
(Purchases and sales include Bonus Shares and Splits and other
adjustments, if any)
Consolidated transaction value (purchases and sales) on account of cash
and derivative transactions amounts to Rs. 3,60,27,07,435/- (Previous
year Rs. 5,83,43,81,644/-). In case of derivatives transactions,
purchases and sales are accounted after netting off.
6 The previous year''s figures are regrouped / rearranged / reclassified
wherever considered necessary to correspond with the figures of current
year.
7 Other information pursuant to General Instructions for preparation
of Balance Sheet and Profit & Loss Account of Schedule VI to the
Companies Act, 1956 is not applicable.
Mar 31, 2012
1 The value on realization of current assets in the ordinary course of
business would not be less than the amount at which they are stated in
the Balance Sheet. According to the management, provision for all the
known liabilities is adequate.
2 The Balances of loans and advances, overdraft from bank are subject
to confirmation and reconciliation. The necessary adjustment if any
will be made in the accounts on receipt thereof.
3 The Company is mainly engaged in the business of providing commercial
finance and dealing in shares and securities. All other activities of
the Company revolve around the main business, and as such in the
opinion of the management, there are no separate reportable segments as
per Accounting Standard - AS - 17-"Segment Reporting' Issued by
ICAI.
4 Loans and advances given to the employees and associates and for
projects do not carry any stipulation as to repayment of principal or
payment of interest; and are being repaid periodically. Accordingly,
these are considered as good and not considered as part of
non-performing assets.
5 Fixed Assets of Company are treated as "Corporate Assets" and are
not "Cash Generating Units" as defined by AS-28 issued by the
Ministry of Corporate Affairs. In view of this, the Management is of
Opinion that this Standard is not applicable to the Company.
6 No interest has been charged on loans and advances given to
subsidiary and some associate companies and for projects in view of
commercial considerations of the group.
7 Related Party Disclosures, as required by AS-18 are given below:
A. Relationships:
Category I: Subsidiary Company - Mukesh Babu Securities Limited.
Category II: Key management Personnel - Shri Mukesh Babu, Shri Pankaj
Majithia and Shri Vijay Vora.
Category III: Others Associates - Babu & Parekh Securities Private
Limited, Sagar Systech Ltd,
Consolidated transaction value (purchases and sales) on account of cash
and derivative transactions amounts to Rs. 5,834,381,644 (Previous year Rs.
3,333,609,695). In case of derivatives transactions, purchases and
sales are accounted after netting off.
8 The previous year's figures are regrouped / rearranged /
reclassified wherever considered necessary to correspond with the
figures of current year.
9 Other information pursuant to General Instructions for preparation
of Balance Sheet and Profit & Loss Account of Schedule VI to the
Companies Act, 1956 is not applicable.
Mar 31, 2010
1. The figures of the previous year are regrouped, rearranged and
reclassified wherever necessary to correspond with those of the current
year.
2. The balances of loans & advances, overdraft from bank are subject
to confirmation & reconciliation. The necessary adjustment if any will
be made in the accounts on receipt thereof.
3. The Company is mainly engaged in the business of providing
commercial finance and dealing in shares and securities. All other
activities of the Company revolve around the main business, and as such
in the opinion of the management, there are no separate reportable
segments as per Accounting Standard - AS - 17-"Segment Reporting"
Issued by ICAI.
4. Loans and advances given to the employees and associates and for
projects do not carry any stipulation as to repayment of principal or
payment of interest; and are being repaid periodically. Accordingly,
these are considered as good and not considered as part of non-
performing assets.
5. Directors remuneration RS. 1,480,0007-(Previous year RS.
1,235,000/-) is within the limits of Schedule XIII to the Companies Act
1956.
6. Related Party Disclosures to comply with Accounting Standard - 18
- Related Party Disclosure by ICAI.
List of the related parties with whom transactions entered:.
(i)Subsidiary Company: Mukesh Babu Securities Limited.
(ii) Associates: Istaa Fashions Pvt. Ltd.,Babu & Parekh Securities
Private Limited, IstaaInfotech Private Limited, Sagar Systech Limited,
(iii) Key ManagerialPersonnel: Shri Mukesh Babu, Shri Pankaj Majithia,
Shri Vijay Vora.
7. Fixed Assets of company are treated as "Corporate Assets" and are
not "Cash Generating Units" as defined by AS-28 issued by Institute of
Chartered Accountants of India (ICAI), In view of this, the Management
is of Opinion that this Standard is not applicable to the Company.
8. No interest has been charged on loans and advances given to
subsidiary and some associate companies and for projects in view of
commercial considerations of the group.
9. Other information pursuant to paragraph 3, 4A, 4C and 4D of part
II of Schedule VI to the Companies Act, 1956 is not applicable.
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