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Notes to Accounts of Nalin Lease Finance Ltd.

Mar 31, 2015

1.Related Party Disclosures

A List of Related Parties where control exists and related parties with whom transactions have taken place and relationship

Sr. Name of the Related Party Relationship No.

1 Dilipkumar Nalinkant Gandhi Key Management Personnel

2 Pallaviben Dilipkumar Gandhi Key Management Personnel

3 Harsh Dilipkumar Gandhi Key Management Personnel

4 Nipurnaben Nalinkant Gandhi Relative

2. In the opinion of the board the current assets, loans and advances are having value at least equal to the amount at which they are stated if realized in the ordinary course of business. Further provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary and no personal expenses have been charged to revenue accounts.

3. Outstanding Debit Credit Balances are Subject to Confirmations from the Parties.

4. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available, we relied on the information/authentication given by the management.

5. Company is registered as NBFC with RBI and mainly engaged in the business of financing against two wheelers. The said advance is generally recoverable in 36 monthly install- ments. As the advance is realizable in 36 months, the operating cycle, is considered of 36 months (3 years) for classification of current / non current assets and liabilities as required under Revised Schedule VI for the Balance sheet as at 31.03.2015.

6. Previous year''s figures have been regrouped and/or rearranged wherever considered nec- essary.


Mar 31, 2013

1. In the opinion of the board the current assets, loans and advances are having value at least equal to the amount at which they are stated if realized in the ordinary course of business. Further provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary and no personal expenses have been charged to revenue accounts.

2. Outstanding Debit Credit Balances are Subject to Confirmations from the Parties.

3. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available, we relied on the information/authentication given by the management.

4. Company is registered as NBFC with RBI and mainly engaged in the business of financing against two wheelers. The said advance is generally recoverable in 36 monthly installments. As the advance is realizable in 36 months, the operating cycle, is considered of 36 months (3 years) for classification of current / non current assets and liabilities as required under Re- vised Schedule VI for the Balance sheet as at 31.03.2013.

5. Previous year''s figures have been regrouped and/or rearranged wherever considered neces- sary.

Additional information pursuant to para 3, 4C, and 4D, of part II of schedule VI of Companies Act, 1956 are not applicable in the case of the Company.


Mar 31, 2012

Not Available


Mar 31, 2011

1 Deferred tax provision as required by AS 22

The depreciation difference on the assets being negligible, no provision is made as required by AS 22.

2 The Company has been advised that the payment of bonus Act, 1965 and the pay ment of gratuity Act, 1972 are not applicable.

3 Provision for Income Tax is made after considering deductions and exemptions available at the rates applicable under the income tax Act, 1961.

4 In the opinion of the board the current assets, loans and advances are having value at least equal to the amount at which they are stated if realised in the ordinary course of business. Further provision for all known liabilities are adequate and not in excess of the amount reasonably necessary and no personal expenses have been charged to revenue accounts..

5. Outstanding Debit Credit Balances are Subject to Confirmations from the Parties.

6. As required by Section 45 - IC of Reserve Bank Of India Act , 1934, Company has appropriated 20% of its profits to Special Reserve Account.

7 During the year under audit, company has seized/repossessed the assets of the borrowers in default. The entries of profit (if any) is made on sale which is credited to other income and the entries of loss (if any) is made on sale which is debited to Bad Debts / Loss on sale of repossessed assets. Further the assets which are not sold they are shown as repossessed assets at outstanding balance of respective borower's account.

8. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available , we relied on the information/ authentication given by the management.

9. Earning per Share : (AS-20)

(i) The amount used as numerator in calculating basic earning per share is the profit after depreciation and taxes i.e. Rs. 44,46,826/-

10. Segment Reporting : (AS-17)

Based on the guiding principle given in Accounting standard on 'Segment Reporting' (AS-17) issued by the ICAI, the Company's primary business is of providing finance mainly for auto vehicles which mainly have similar risk and returns, hence , in our opinion , there is no separateble segment.

11. Related Party Disclosures : (AS-18)

(a) Relationships: Associates

Nalin Consultancy Services Ltd.

Nalin Services Ltd.

Key Management Personnel

Dilipbhai N. Gandhi

Nipurnaben N. Gandhi Pallaviben D. Gandhi

Harsh D. Gandhi

12. Previous year's figures have been regrouped and/or rearranged wherever considered necessary.

13. Information required in terms of part IV of schedule VI of the Companies Act, 1956 is attached.

14. Additional information pursuant to para 3,4C, and 4D, of part II of schedule VI of Companies Act, 1956 are not applicable in the case of the Company.


Mar 31, 2010

1 Deferred tax provision as required by AS 22

The depreciation difference on the assets being negligible, no provision is made as required by AS 22.

2 The Company has been advised that the payment of bonus Act, 1965 and the pay ment of gratuity Act, 1972 are not applicable.

3 Provision for Income Tax is made after considering deductions and exemptions available at the rates applicable under the income tax Act, 1961.

4 In the opinion of the board the current assets, loans and advances are having value at least equal to the amount at which they are stated if realised in the ordinary course of business. Further provision for all known liabilities are adequate and not in excess of the amount reasonably necessary and no personal expenses have been charged to revenue accounts..

5 Bank balances include balances of following non scheduled Banks. The details of which is given hereunder.

6 Remuneration to Auditors:

7 Remuneration to the directors:

8 The details of Investments held by the Company as on 31.03.2010 is given here under.

9. Outstanding Debit Credit Balances are Subject to Confirmations from the Parties.

10. As required by Section 45-IC of Reserve Bank Of India Act , 1934, Company has appropriated 20% of its profits to Special Reserve Account.

11 During the year under audit, company has seized / repossessed the assets of the borrowers in default. The entries of profit (if any) is made on sale which is credited to other income and the entries of loss (if any) is made on sale which is debited to Bad Debts / Loss on sale of repossessed assets. Further the assets which are not sold they are shown as repossessed assets at outstanding balance of respective borowers account.

12. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available, we relied on the information/ authentication given by the management.

13. Earning per Share : (AS-20)

(i) The amount used as numerator in calculating basic earning per share is the profit after depreciation and taxes i.e. Rs. 3579000/-

(ii) The number of ordinary shares used as the denominator in calculating the basic earning per share is 3262000/-

14. Segment Reporting : (AS-17)

Based on the guiding principle given in Accounting standard on Segment Reporting (AS-17) issued by the ICAI, the Companys primary business is of providing finance mainly for auto vehicles which mainly have similar risk and returns, hence, in our opinion , there is no separateble segment.

15. Related Party Disclosures : (AS-18)

(a) Relationships: Associates

Nalin Housing Finance Ltd. Nalin Services Ltd. (Pre.-Nalin Orchared Ltd.) Amee Finance Ltd. Key Management Personnel Mahendrakumar P. Shah Dilipbhai N. Gandhi Nipurnaben N. Gandhi Pallaviben D. Gandhi The following transaction were carried out with the related parties in the ordinary course of business as under:

16. Previous years figures have been regrouped and/or rearranged wherever considered necessary.

17. Information required in terms of part IV of schedule VI of the Companies Act, 1956 is attached.

18. Additional information pursuant to para 3,4C, and 4D, of part II of schedule VI of Companies Act, 1956 are not applicable in the case of the Company.

 
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