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Notes to Accounts of Octal Credit Capital Ltd.

Mar 31, 2015

1. The Company has complied with the prudential norms as per NBFC's (Reserve Bank) Directions 1998 with regard to Income Recognition, Assets Classification, Accounting Standard and Provision for Bad & Doubtful Debts as applicable to it. Schedule in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is annexed hereto separately

2. Provision of Current Tax is made with reference to taxable income computed for the accounting period for which the financial statement are prepared by applying the tax rates as applicable. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Asset/Liabilities are reviewed as at balance sheet date based on the development during the year and reassess realization/Liabilities in terms of AS-22 Issued by ICAI.

3. Related Party Disclosure :

Related party disclosures as required by AS-18 – 'Related Party Disclosure' are given below:

Key Management Personnel (KMP) : Mr. Dilip Kumar Patni & Mr. J. M. Saraogi

4. Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the Company as at March 31, 2015.

5. The Company has received Order Under Section 143(3) of the Income Tax Act, 1961 for the financial year 2011-12 (Asst Year 2012-2013) in which certain additions were made by the income tax department while computing the tax liability of the company and accordingly demand of Rs. 8.40 Lacs has been raised by the Authority. But an appeal has been preferred by the Company with CIT(Appeals) for defending the case and management is hoping that the case will be decided in the favour of the company, so no provision has been made in regard to demand raised by the Income Tax Department. Subsequently, the Company has paid Rs. 4.00 Lacs (under protest) to the Income Tax Department.

6. Previous year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2014

1.1.1 Terms attached to Equity shares

The company has only one class of shares having par value of '' 10 per share. Each holder of Equity shares is entitled to one vote per share.

1.2.1 Loan given to Toorsa Tea Company ('' 62,568/-) & to East India Transport Agency ('' 62,817/-) has been considered as Doubtful. Hence 100% provision has been made.

1.2.2 Loan given to Mr. Sujet Kumar Bose ('' 7,90,756/-) has been considered as Non Performing Asset. Hence 20% provision has been made.

1.2.3 Provision on Doubtful Debts of '' 5,00,450/- has been made @ 100%.

1.3.1 Contingent Provision against Standard Assets have been provided @ 0.25% of Total Standard Assets (Loans)

2.1 The Company has complied with the prudential norms as per NBFC''s (Reserve Bank) Directions 1998 with regard to Income Recognition, Assets Classification, Accounting Standard and Provision for Bad & Doubtful Debts as applicable to it.

2.2 Provision of Current Tax is made with reference to taxable income computed for the accounting period for which the financial statement are prepared by applying the tax rates as applicable. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Asset/Liabilities are reviewed as at balance sheet date based on the development during the year and reassess realization/Liabilities in terms of AS-22 Issued by ICAI.

2.3 Related Party Disclosure :

Related party disclosures as required by AS-18 - ''Related Party Disclosure'' are given below :

Key Management Personnel (KMP) : Mr. Dilip Kumar Patni & Mr. J.M.Saraogi

2.4 Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the Company as at March 31,2014.

2.5 Previous year figures have been regrouped and/or rearranged whereever necessary.


Mar 31, 2013

1 Terms attached to Equity shares

The company has only one class of shares having par value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote per share.

2 Loan given to Toorsa Tea Company (7 62,568/-) & to East India Transport Agency (7 62,817/-) has been considered as Doubtful. Hence 100% provision has been made.

3 Loan given to Sandeep Kapoor (RS. 2,23,347/-) & to Sujeet Kumar Bose (RS. 7,90,756/-) has been considered as Non Performing Asset. Hence 10% provision has been made.

4 Provision on Doubtful Debts of RS. 5,00,450/- has been made @ 100%.

5 Contingent Provision against Standard Assets have been provided @ 0.25% of Total Standard Assets (Loans)

6 The Company has complied with the prudential norms as per NBFC''s (Reserve Bank) Directions 1998 with regard to Income Recognition, Assets Classification, Accounting Standard and Provision for Bad & Doubtful Debts as applicable to it.

7 Provision of Current Tax is made with reference to taxable income computed for the accounting period for which the financial statement are prepared by applying the tax rates as applicable. The deferred tax charge Is recognized using the enacted tax rate. Deferred Tax Asset/Liabilities are reviewed as at balance sheet date based on the development during the year and reassess realization/ Liabilities in terms of AS-22 Issued by ICAI.

8 Related Party Disclosure :

Related party disclosures as required by AS-18 - ''Related Party Disclosure'' are given below:

Key Management Personnel (KMP): Mr. Dilip Kumar Patni & Mr. J.M.Saraogi

9 Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the Company as at March 31, 2013.

10 Previous year figures have been regrouped and/or rearranged whereever necessary. As per our report of even date.


Mar 31, 2012

1 Terms attached to Equity shares

The company has only one class of shares having par value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote per share.

2 Contingent Provision against Standard Assets have been provided @ 0.25% of Total Standard Assets (Loans)

3 During the year Captain Vinimay (P) Ltd. amalgamated into Shardha Projects Ltd. in the ratio (10:1)

4 Khaitan Chemical & Fertilisers Ltd. (FV changed from RS. 10/- per share to RS. 1/- per share)

(The Market Value of Quoted Investments as on 31.3.2012 is RS. 47,30,492.30 and as on 31.3.2011 is RS. 1,745,079.90)

5 The Company has complied with the prudential norms as per NBFC''s (Reserve Bank) Directions 1998 with regard to Income Recognition. Assets Classification, Accounting Standard and Provision for Bad & Doubtful Debts as applicable to it.

6 Provision of Current Tax is made with reference to taxable income computed for the accounting period for which the financial statement are prepared by applying the tax rates as applicable. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Asset/Liabilities are reviewed as at balance sheet date based on the development during the year and reassess realization/Liabilities in terms of AS-22 Issued by lCAI.

7 Related Party Disclosure :

Related party disclosures as required by AS-18 - ''Related Party Disclosure'' are given below:

Key Management Personnel (KMP): Mr. Dilip Kumar Patni & Mr. J.M.Saraogi

8 Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the Company as at March 31, 2012.

9 Presentation and disclosure of financial statements.

During the year ended 31st March, 2012 the Revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company, for preparation and presentation of its financial statement. The adoption of Revised Schedule VI does not impact recognition and measurement of principle followed for preparation of financial statement. However it has significant impact on presentation and disclosures made in the financial statement. The company has also reclassified the previous year figures in accordance with the requirement applicable in current year.


Mar 31, 2011

1. The Company has complied with the prudential norms as per NBFC''s (Reserve Bank) directions 1998 with regard to income recognition, assets classification, accounting standard and provision for bad and doubtful debts as applicable to it.

2. Provision of Current Tax is made with reference to taxable income computed for the accounting period for which the financial statement are prepared by applying the tax rates as applicable The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Asset / Liabilities are reviewed as at balance sheet date based on the development during the year and reassess realization/ Liabilities in terms of AS-22 Issued by ICAl.

3. Management has determined that there was no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the Company as at March 31, 2011.

4. 1 /5th of the Net Profit after tax has been transferred to Reserve as per as per section 45(IC) of the RBI Act, 1934.

5. The quantitative information of opening stock, purchases, sales and closing stock of shares & Securities as per clause 3(i)(a) and 3(ii)(b) of part II of Schedule VI to the companies Act, 1956 has been annexed as Annexure I hereto.

6. A statement as required by schedule VI in respect of In vestment and stock in Shares & Securities has been annexed as Annexure ll-A and ll-B hereto.

7. A statement as required by schedule VI part IV of the Companies Act 1956 has been annexed as Annexure III hereto.

8. Previous year*s figures have been regrouped, reclassified and/or renamed to conform to this year''s classification.

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