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Notes to Accounts of Oscar Investments Ltd.

Mar 31, 2016

(b) Rights. preference and restriction attached to equity shares

The company has only one class of equity shares having par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of Liquidation of the company, the holder of equity shares will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(e) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding March 31, 2016) - NIL

(f) There are no shares bought back by the Company since the incorporation of the Company.

1 Security

Loan taken from a bank is secured by way of pari passu charge on the current assets of the company both present & future, Personal Guarantee of Promoters and Charge on immovable property situated in Delhi and Gurgaon held by its Group Companies.

2. The Company has created contingent provision at the rate of 0.30 percent (Previous year 0.25 percent) on Standard Assets in accordance with provision of Section 45-JA of the RBI Act, 1934.

3. Contingent Liability not provided for : -

a) The Income Tax assessment u/s 148 for the Asstt. Year 2008-09 has been completed and a demand of Rs.12.99 lakhs was raised therein, which has been disputed by the company.

Further, the Income Tax assessments u/s 263 for the Asstt. Years 2010-11 & 2011-12 have been completed and demand(s) of Rs. 9.25 lakhs and 66.27 lakhs respectively were raised therein, which have been disputed by the company. Against the aforesaid demand an amount of Rs. 9.25 lakhs has been adjusted by the Department against refunds due to the Company.

Based on past decisions by the first appellant authority and judicial precedents of Jurisdictional Hon''ble High Court, the Company expects that the said above demands shall be deleted in the appeals filed by it. Therefore no provision has been made in the accounts and as such there would be a contingent liability of Rs. 79.26 lakhs.

b) Levy of service tax on legal services are stayed by Hon''ble High Court of Delhi in the matter of DELHI TAX BAR ASSOCIATION AND ANR Vs. UNION OF INDIA AND ORS W.P(c) 5957/2012 dated 21.09.2012. Recently judgement of Hon''ble Bombay High Court upholding the levy of service tax on legal services has also been stayed by Hon''ble Supreme Court. Consequent to such stay, the Company has not deposited Rs. 17.43 lakhs on account of Service Tax for the period from 1st July 2012 to 31st March 2016.

However, in case the final outcome of the judgments will be in favor of Central Government then service tax would be payable on the same along with interest.

4. Detail of financing of parent company products

There has been no product of the parent company financed by the company during the current and previous year.

5. Unsecured Advances

The Company has not financed any projects wherein intangible collateral such as rights. Licenses, authority etc. have been taken as a security.

6 Miscellaneous

7. Registration obtained from other financial sector regulators.

The Company is registered with Reserve Bank of India (Department of Non Banking Supervision) as Systemically Important Non Deposit taking Non Banking Finance Company vide registration no. B-14.01958 dated 7th September 2000.

8. Disclosure of Penalties imposed by RBI and Other Regulators

There is no instance of penalty or stricture imposed on the Company by the RBI or any other regulator on any matter during the current and previous year.

9. Net Profit or Loss for the period, prior period items and changes in accounting policies

Prior Period Item has decreased the current year profit by Rs. 0.97 lakhs. Also there is no change in accounting policies during the current year.

10. Revenue Recognition

There is no transaction in which revenue recognition has been postponed or pending the resolution of significant uncertainty.

11. Draw Down from Reserves

The Company has not drawn down any reserve during the current and previous year.

12. Concentration of Deposits, Advances, Exposures and NPAs

13. Concentration of Deposits (for deposit taking NBFCs)

The Company is Non-Deposit taking non Banking Finance Company, hence, concentration of Deposit detail is not applicable.

14. Overseas Assets (for those with Joint Ventures and Subsidiaries abroad)

The Company does not have any joint venture and subsidiary abroad.

15. Off-balance Sheet SPVs sponsored (which are required to be consolidated as per accounting norms)

The Company does not have Off-balance sheet SPVs sponsored which is required to be consolidated as per accounting norms.

16. Customer complaints received and attended to during the financial year 2015-16

a. There has been no complaints received from customers during the current and previous year.

17 In the opinion of the management, there is only one reportable segment as envisaged by AS 17 '' Segment Reporting''. Accordingly, no separate disclosure for segment reporting is required to be made in the financial statements of the Company.

18. Other Notes

(a) In an arbitration dispute between Daiichi Sankyo ("Claimant") and the sellers of Shares of erstwhile Ranbaxy Laboratories Limited ("Respondents"), which includes Oscar Investments Limited as a party, the Arbitration Tribunal has issued an award, by a majority of 2:1 in favor of the Claimant for damages of an amount of Rs. 2,56,278.00 Lakhs (approx.) , quantified interest, costs and expenses of the arbitration till the date of award and interest on above until date of payment, against all the Respondents, jointly and severally.

The Company intends to challenge the enforceability of award in the Indian Courts. Accordingly the said award is not binding and cannot be legally enforced till the time a final non appealable order is passed against the company in proceedings challenging the award. The Company has been legally advised that the likelihood of payment by respondents of damages awarded in the award is remote and accordingly as per AS 29 no provision or contingent liabilities has been provided for.

(b) There are no transactions during the year ended March 31, 2016 with Micro, Small and Medium Enterprises and as such there is no balance outstanding as at March 31, 2016.

(c) The Board of Directors of Oscar Investments Limited at their meeting held on 14th December, 2015, inter-alia, considered and approved the Scheme of Amalgamation under Section 391 to 394 under the Companies Act, 1956 and corresponding Sections of the Companies Act, 2013 (as and when such corresponding Sections are notified in the Official Gazette by the Central Government) amalgamating Health fore Technologies Limited into Oscar Investments Limited.

19. Previous Year Figures

The previous year figures have been regrouped/reclassified whenever necessary to conform to current year''s classification.


Mar 31, 2015

1. Contingent Liability not provided for : -

The Income Tax assessment of the Company has been completed for the Assessment year 2012-13 and a demand of Rs. 171.86 Lakhs was raised therein, which has been disputed by the Company. Based on judicial precedents of Jurisdictional Hon'ble High Court, the Company expects that the said demand shall be deleted in the first appeal filed by it. Therefore no provision has been made in the Accounts and as such there would be a contingent liability of Rs. 171.86 lakhs.

2 a. Disclosure of details as required in terms of Annexure 4 of Revised Regulatory Framework for Non-Banking Financial Companies, Circular number RBI/2014-15/299, DNBR(PD) CC. No 002/03.10.001/2014-15 dated November 10,2014.

3 Detail of financing of parent company products

There has been no product of the parent company financed by the company during the current and previous year.

4. Unsecured Advances

The Company has not financed any projects wherein intangible collateral such as rights. Licenses, authority etc. have been taken as a security.

5 Miscellaneous

5.1 Registration obtained from other financial sector regulators.

The Company is registered with Reserve Bank of India (Department of Non Banking Supervision) as Systemically Important Non Deposit taking Non Banking Finance Company vide registration no. B-14.01958 dated 7th September 2000.

6. Disclosure of Penalties imposed by RBI and Other Regulators

There is no instance of penalty or stricture imposed on the Company by the RBI or any other regulator on any matter during the current and previous year.

7. The Company did not had any rating during F.Y. 2013-14.

8. Net Profit or Loss for the period, prior period items and changes in accounting policies Prior Period Item has decreased the current year profit by Rs. 2.53 lakhs. Also there is no change in accounting policies during the current year.

9. Revenue Recognition

There is no transaction in which revenue recognition has been postponed or pending the resolution of significant uncertainty.

10 Additional Disclosure

10.1 Draw Down from Reserves

The Company has not drawn down any reserve during the current and previous year.

11. Concentration of Deposits, Advances, Exposures and NPAs

11.1 Concentration of Deposits (for deposit taking NBFCs)

The Company is Non-Deposit accepting Core Investment Company, hence, concentration of Deposit detail is not applicable.

12 Overseas Assets (for those with Joint Ventures and Subsidiaries abroad)

The Company does not have any joint venture and subsidiary abroad.

13. Off-balance Sheet SPVs sponsored (which are required to be consolidated as per accounting norms)

The Company does not have Off-balance sheet SPVs sponsored which is required to be consolidated as per accounting norms.

14 Customer complaints received and attended to during the financial year 2014-15

a. There has been no complaints received from customers during the current and previous year.

b. Disclosure of details as required in terms of Paragraph 13 of Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

15 In the opinion of the management, there is only one reportable segment as envisaged by AS 17 ' Segment Reporting'. Accordingly, no separate disclosure for segment reporting is required to be made in the financial statements of the Company.

16 Other Notes

(a) There are no transactions during the year ended March 31, 2015 with Micro, Small and Medium Enterprises and as such there is no balance outstanding as at March 31, 2015.

17 Previous Year Figures

The previous year figures have been regrouped/reclassified whenever necessary to conform to current year's classification.


Mar 31, 2014

Overview

Oscar Investments Limited (OIL) was incorporated with the main objects to carry on the business of an investment company and to finance industrial enterprise and to promote companies engaged in industrial and trading business.

The Company is a Non Deposit taking Non Banking Finance Company and is granted certificate of registration no. B-14.01958 dated September 7, 2000 by Reserve Bank of India. In view of significant investments made by the company in its group companies, the board of directors of the company has decided to convert the status of the company to Core Investment Company.

2 Contingent Liability not provided for : -

The Income Tax assessment of the Company has been completed for the Assessment year 2011-12 and a demand of Rs. 67.57 Lakhs was raised therein, which has been disputed by the Company. Based on judicial precedents of Jurisdictional Hon''ble High Court, the Company expects that the said demand shall be deleted in the first appeal filed by it. Therefore no provision has been made in the Accounts and as such there would be a contingent liability of Rs. 67.57 lakhs.

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

3. RELATED PARTY DISCLOSURES

Names of related parties and nature of relationship :

(i) Subsidiary Company : Shimal Research Laboratories Ltd.

(ii) Associates : RHC Finance Pvt. Ltd.

(iii) Company holding substantial interest : RHC Holding Pvt. Ltd. in voting power

(iv) Key Management Personnel : Mrs. Japna Malvinder Singh - Managing Director Mr. Malvinder Mohan Singh - Director

(v) Enterprises over which (iii) and (iv) above (directly) or indirectly) are able to exercise significant influenc and with whom transactions have taken place during the year : ANR Secruities Pvt Ltd Dion Global Solutions Ltd Finserve Shared Services Ltd Formerly known as religare Corporate Services Ltd Fortis Flt .Lt.Rajan Dhall Charitable Trust Fortis Healthcare Holdings Pvt. Ltd. Healthfore Technologies Ltd. (Formerly known as Religare Technologies Ltd.) Ligare Aviation Ltd. (Formerly known as Religare Aviation Ltd.) Ligare Travels Ltd. Ligare Voyages Ltd. Lowe Infra & Wellness Pvt. Ltd. Malav Holdings Pvt. Ltd. Medsource Healthcare Pvt. Ltd. Ranchem Ltd. REL Infrafacilities Ltd. RHC IT Solutions Pvt. Ltd. (Formerly known as Religare Infotech Ltd.) RWL Healthworld Ltd. (Formerly known as Religare Wellness Ltd.) Religare Enterprises Ltd. Religare Finvest Ltd. Religare Securities Ltd. Shivi Holdings Pvt. Ltd.

4 The Company is a Non-Deposit Accepting Non Banking Financial Company and is granted Certificate of Registration No. B-14.01958 dated September 7, 2000 by Reserve Bank of India. The Board of Directors of the Company has decided to convert the status of the Company as a "Core Investment Company ("CIC")" with Reserve Bank of India, and would be filing an application for registration as CIC upon completing the requisite requirements.

5 Disclosure of details as required in terms of Paragraph 13 of Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

6 There are no transactions with Micro, Small and Medium enterprises during the period and as such there is no balance outstanding as at March, 31 2014.

7 Previous Year Figures

Previous Year figures have been reclassified to conform with the current years'' classification/ presentation, whenever applicable.


Mar 31, 2013

Company Overview

Oscar Investments Limited (OIL) was incorporated with the main objects to carry on the business of an investment company and to finance industrial enterprise and to promote companies engaged in industrial and trading business.

The Company is a Non Deposit taking Non Banking Finance Company and is granted certificate of registration no. B-14.01958 dated September 7, 2000 by Reserve Bank of India. In view of significant investments made by the company in its group companies, the board of directors of the company has decided to convert the status of the company to Core Investment Company.

1 The Company had entered into Forward exchange contract for hedging purposes against an underlying liability. The said forward exchange contract was terminated on February 21, 2013 and the effect of which has been considered in the accounts.

2 Contingent Liability not provided for : -

a) The Income Tax assessment of the Company has been completed for the Assessment ^ear 2010-11 ard a dan and cf Rs. 6.38 Lakhs was raised therein, which has been disputed by the Company. Based on judicial precedents of Jurisdictional Hon''ble High Court, the Company expects that the said demand shall be deleted in the first appeal filed by it. Therefore no provision has been made in the Accounts and as such there would be a contingent liability of Rs. 6.38 lakhs.

b) The Income Tax assessment for the Assessment year 2009-10 of the Company has been completed and the Income Tax authorities had raised a demand of 7 484 Lakhs therein, which has been disputed by the Company. The same was reduced to 7 157 Lakhs after adjustment of Income Tax Refund for the Assessment year 2009-10 due to the Company. The Company has also deposited an amount Rs. 60 Lakhs against the balance demand. Based on the decision of the Appellate authorities, and the interpretation of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made and as such there would be a contingent liability of 7 97 Lakhs.

3 Actuarial valuation has been done with the following assumptions for the following defined benefit schemes:

a. Gratuity

b. Leave Encashment

4 The Company is a Non-Deposit Accepting Non Banking Financial Company and is granted Certificate of Registration No. B-14.01958 dated September 7, 2000 by Reserve Bank of India. The Board of Directors of the Company has decided to convert the status of the Company as a ''Core Investment Company ("CIC")" with Reserve Bank of India, and would be filing an application for registration as CIC upon completing the requisite requirements.

5 Disclosure of details as required in terms of Paragraph 13 of Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

6 There are no transactions with Micro, Small and Medium enterprises during the period and as such there is no balance outstanding as at March, 31 2013.

7 Previous Year Figures

Previous Year figures have been reclassified to conform with the current years'' classification/ presentation, whenever applicable.


Mar 31, 2012

Company Overview

Oscar Investments Limited (OIL) was incorporated on January 25, 1978 with the Registrar of Companies, Maharashtra with the main objects to carry on the business of an investment company and to finance industrial enterprise and to promote companies engaged in industrial and trading business. The date of commencement of business is May 19,1978.

OIL shifted its registered office from Maharashtra (Mumbai) to New Delhi on April 23, 1999, At present the company having registered office at 55, Hanuman Road, Connaught Place, New Delhi.

(a) Rights, preference and restriction attached to equity shares

The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of Liquidation of the company, the holder of equity shares will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1.1 In terms of Notification No. DNBS 222/CGM (US)-2011 dt. January 17, 2011 issued by Reserve Bank of India, Department of Non Banking Supervision and in terms of Non - Banking Financial (non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions the Company has made contingent (general) provision of 0.25% of the outstanding standard assets amounting to Rs. 69.01 Lakhs during the year.

2 The Company has entered into Forward exchange contract for hedging purposes against an underlying liability. The exchange difference on the underlying liability and the forward exchange contract has been recognized in Statement of Profit and Loss in accordance with AS 11.

b) The OCD's have a period of ten years, however the Company has the option to convert the OCD's into equity shares at any time after the expiry of 24 month from the date of allotment (March 31, 2011) as per the terms of the issue.

In case, the conversion option is not exercised by the Company before the date of maturity, the issuer company will redeem the OCD's along with redemption premium @ 8.50% per annum from the date of allotment to the date of redemption.

3 Contingent Liability not provided for : -

The Income Tax assessments of the Company have been completed upto Assessment year 2009-10. The Income Tax authorities had raised a demand of Rs. 484 Lakhs for the Assessment Year 2009-10 which has been disputed by the Company, the same was reduced to Rs. 157 Lakhs after rectification order was passed. However, the Company has deposited an amount Rs. 60 Lakhs against this demand. Based on the decision of the Appellate authorities, and the interpretation of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made and as such there would be a contingent liability of 7 97 Lakhs.

4 The Company is a Non-Deposit Accepting Non Banking Financial Company and is granted Certificate of Registration No. B-14.01958 dated September 7, 2000 by Reserve Bank of India. The Board of Directors of the Company has decided to convert the status of the Company as a "Core Investment Company" with Reserve Bank of India, and is in process of filing the application for registration as "Core Investment Company" with Reserve Bank of India.

5 There are no transactions with Micro, Small and Medium enterprises during the period and as such there is no balance outstanding as at March, 31 2012.

6 Previous Year Figures

The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped /reclassified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2010

1. Share Capital includes 42,45,808 Equity Shares of Rs. 10/- each alloted on 30.11.2001 as fully paid-up pursuant to a Scheme of Amalgamation without payment being received in cash.

2 Particulars of privately placed Secured Redeemable Non - Convertible Debentures :

- 40000000 Nos Floating Rate Secured Redeemable Non - Convertible Debentures of Rs. 100/- each -Rated A1 + by ICRA - of the aggregate nominal value of Rs. 400 Crores carrying interest 6iMIBOR + 600 base points with a floor of 6.20% and a cap of 6.25% pa on pnvate placement basis on 20.10.2009. The same are redeemable at par at the end of 358 days from the date of allotment. .

3. The Company has transferred a sum of Rs.10,15,90,000/- to Statutory Reserve Fund being 20% of Net Profit after tax during the year as required by Sec.45-IC of RBI Act, 1934.

4. The Company has entered into Forward exchange contract for hedging purposes against an underlying liability. The .exchange difference on the underlying liability and the forward exchange contract has been recognised in Profit and Loss Account in accordance with AS 11.

5. In the opinion of the management, there is only one reportable segment as envisaged by AS 17 Segment Reporting. Accordingly, no separate disclosure for segment reporting is required to be made in the financial statements of the Company.

The Company operates in one geographic segment namely "Within India" and hence no separate information for geographic segment wise disclosure is required.

6. Previous Years Figures

Previous year figures have been regrouped/recast to make the same comparable with those of the current year, previous years figures are strictly not comparable with those of the Current Year.


Mar 31, 2002

1. The Company had allotted 60,00,000 10.80% Secured Non-Convertible Debentures of Rs. 100/- each aggregating to Rs. 60 Crores on private placement basis on 26.03.2002. The same are redeemable at par at the end of 24 months from the date of allotment i.e. 25.03.04. The said debentures are secured by corporate guarantee & pledge of shares by third party along with a first charge on the immovable property which has been created on 18.06.2002.

2. The Company has not created any Debenture Redemption Reserve on 10.80% Secured Non-Convertible Debentures of Rs. 100/- each issued by the Company in view of the clarification issued by Ministry of Law & Justics & Company Affairs, Department of Company Affairs on 18th April 2002 exempting the requirement of creating the Debenture Redemption Reserve by NBFCS on privately placed debentures.

3. Debenture Issue Expenses incurred on issue of debentures is amortised over the tenure of the debentures.

4. Miscellaneous income includes realised on capital contribution made for trading in Shares & Securities.

5. Interest income includes interest of Rs. 1,44,478/- on Income/Interest Tax Refunds received during the year.

6. Deferred Tax Liability:

a. In accordance with Accounting Standard 22 (Accounting for Taxes on Income) issued by the Institute of Chartered Accountants of India, the net deferred tax liability of Rs. 39,48,370/- for the period up to 31st March 2001 has been charged to General Reserve.

7. Related Party Disclosure:

a. List of Related Parties where control exists or with whom transactions have taken place during the year are given hereunder:

i.Company holding substantial Ranbaxy Holding Company interest in voting power :-

ii.Subsidiary Company:- Shimal Research Laboratories Private Limited

iii.Companies in which substantial Speciality Ranbaxy Limited interest in voting power is held :- Fortis Healthcare Holdings Limited

iv.Partnership firm in which Company Oscar Traders is a major partner:-

v.Key management personnel:- - Mrs. Aditi Shivinder Singh (up to 31st December, 2001) - Mrs. Japna Malvinder Singh

vi.Relatives of key management Mr. Malvinder Mohan Singh personnel:- (Husband of Mrs. Japna Malvinder Singh)

Mr. Shivinder Mohan Singh (Husband of Mrs. Aditi Shivinder Singh)

vii.Entities over which key Malav Holdings Private Limited management personnel are able to Luxury Farms Private Limited exercise significant influence :- Shivi Holdings Private Limited Ranbaxy Healthcare Private Limited Tripoli Investment and Trading Company

14.Additional information pursuant to the Provisions of para 3 and 4 of part II of Schedule VI to the Companies Act, 1956 :

2001-2002 2000-2001

a.Expenditure in Foreign Currency during the year NIL NIL

b.Amount remitted during the year in Foreign Currency by way of Dividend NIL NIL

c.Earnings in Foreign Currency NIL NIL

8. Previous Years Figures

Previous year figures have been regrouped/recast to make the same comparable with those of the current year.