Mar 31, 2014
(1) As required by revised schedule VI, the Company has classified
assets and liabilities into current and non-current based on the
operating cycle. An operating cycle is the time between the acquisition
of assets for processing and their realisation in cash and cash
equivalents. Since the normal operating cycle is not determinable, the
operating cycle has been considered as 12 months and the Assets &
Liabilities are segregated between Current & Non Current on the basis
of management''s decision.
(2) Loan against security of vehicles
Loan against security of vehicle are valued at agreement value less
Installment received and Unmatured interest.
(3) Related Party disclosures as required by Accounting Stanadard (AS
18)
Related Party Disclosures" are as under:
Names of related parties with whom transactions have taken place during
the year
a) Key Management Personnel
Mr.Sanjay Kumar Gupta - Executive Director
Mr. Aloke Kumar Gupta - Director
Mr Manoj Kumar Gupta - Director
Mrs Reena Gupta - Director
b) Relative of Key Management Personnel
Gayatri Gupta - Mother of Director
c) Enterprises over which management Personnel, or his relative has
significant influence :
Saharsh Estates Pvt. Ltd.
(4) Deffered T ax Assets
In terms of Accounting Standard 22, issued by the Institute of
Chartered Accountants of India. For the Current year, there is a net
deferred tax asset of 1,38,603/-. The Deffered Tax Asset as on 31st
March, 2014 was 4,84,138/- due to Timing Difference in depreciable
assets.
(5) Business Segments
The Company is engaged primarily in the business of financing and there
are no separate reportable segments as per Accounting Standard 17
(Segment Reporting).
(6) The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM(US) - 2011 dated 17th January, 2011 has issued directions to
all NBFCs to make provision of 0.25% against Standard Assets with
immediate effect. Accordingly, the Company has reversed provision of
94,937/- during the year against Standard Assets which has been charged
to Profit & Loss Account.
(7) Contingent Liabilities :
A Search & Seizure operation was conducted by the Service Tax
Department on 19.07.2006 and subsequently the Service Tax
Commissionerate raised a demand of Service Tax including Education Cess
amounting to 26,81,414/- vide their order dated 31.03.2009. In
respect of the said demand, the Company has obtained legal opinion and
accordingly an appeal before the Appropriate Authority is preferred.
Consequently no provision has been made in the Accounts.
(8) Expenditure in Foreign Currency for
Directors'' Foreign Travelling Expenses - 2.21 lakhs
(9) Previous year figures have been regrouped and re-arranged,
wherever necessary, to confirm to the current year''s classification.
(b) Terms/Rights 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.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive 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.
Note - 1.1 : (i) Loan from Citicorp Finance (India) Ltd. is secured by
Pledge of Shares
(ii) Loan from Oriental Bank of Commerce is secured against Vehicle.
Mar 31, 2013
1) As required by revised schedule VI, the Company has classified
assets and liabilities into current and non-current based on the
operating cycle. An operating cycle is the time between the acquisition
of assets for processing and their realisation in cash and cash
equivalents. Since the normal operating cycle is not determinable, the
operating cycle has been considered as 12 months and the Assets &
Liabilities are segregated between Current & Non Current on the basis
of management''s decision.
2) Loan against security of vehicles
Loan against security of vehicles are valued at agreement value less
Installment received and Unmatured interest.
(3) Related Party disclosures as required by Accounting Standard (AS
18) Related Party Disclosures" are as under :
Names of related parties with whom transactions have taken place during
the year
a) Key Management Personnel
Mr. Sanjay Kumar Gupta - Executive Director Mr. Aloke Kumar Gupta -
Director Mr. Manoj Kumar Gupta - Director Mrs. Reena Gupta - Director
b) Relative of Key Management Personnel Gayatri Gupta - Mother of
director
c) Enterprises over which management Personnel or his relative has
significant influence : Saharsh Estates Pvt. Ltd. - Gayatri Gupta
Mother of director
(4) Deffered Tax Assets
In terms of Accounting Standard 22, issued by the Institute of
Chartered Accountants of India. For the Current Year, there is a net
deferred tax asset of " 66,859/-. The Deffered Tax Asset as on 31st
March, 2013 was " 3,45,535/- due to Timing Difference in depreciable
assets.
(5) Business Segments
The Company is engaged primarily in the business of financing and there
are no separate reportable segments as per Accounting Standard 17
(Segment Reporting).
(6) The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM(US) - 2011 dated 17th January, 2011 has issued directions to
all NBFCs to make provision of 0.25% against Standard Assets with
immediate effect. Accordingly, the Company has made provision of "
88,875/- during the year against Standard Assets which has been charged
to Profit & Loss Account.
(7) Contingent Liabilities :
A Search & Seizure operation was conducted by the Service Tax
Department on 19.07.2006 and subsequently the Service Tax
Commissionerate raised a demand of Service Tax including Education Cess
amounting to " 26,81,414/- vide their order dated 31.03.2009. In
respect of the said demand, the Company has obtained legal opinion and
accordingly an appeal before the Appropriate Authority is preferred.
Consequently no provision has been made in the Accounts.
(8) Loans & Advances under Note ''13'' include " 3,00,000/- being the
cash seized by the Income Tax Department.
(9) Additional Information pursuant to the provisions of paragraph 3,
4C and 4D of Part II of Schedule VI to the Companies Act, 1956 to the
extent presently applicable to the Company - NIL
(10) Previous year figures have been regrouped and re-arranged,
wherever necessary, to confirm to the current year''s classification.
Mar 31, 2012
1) 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 statements.
The adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of financial
statements. However, it has significant impact on presentation and
disclosure made in the financial statements. The company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
2) Loan against security of vehicles
Loan against security of vehicles are valued at agreement value less
Installment received and Unmatured interest.
(3) Deferred Tax Assets
In terms of Accounting Standard 22, issued by the Institute of
Chartered Accountants of India. For the Current year, there is a net
deferred tax asset of " 39,429/-. The Deffered Tax Asset as on 31st
March, 2012 was " 2,78,6767- due to Timing Difference in depreciable
assets.
(4) Business Segments
The Company is engaged primarily in the business of financing and there
are no separate reportable segments as per Accounting Standard 17
(Segment Reporting)
(5) Related Party disclosures as required by Accounting Standard (AS
18) Related Party Disclosures are as under :
Names of related parties with whom transactions have taken place during
the year
a) Key Management Personnel
Mr. Sanjay Kumar Gupta - Executive Director
Mr. Aloke Kumar Gupta - Director
Mr. Manoj Kumar Gupta - Director
Mrs. Reena Gupta - Director
b) Relative of Key Management Personnel
Gayatri Gupta - Mother of director
c) Enterprises over which management Personnel or his relative has
significant influence : Saharsh Estates Pvt. Ltd. - Gayatri Gupta
Mother of director
(6) The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM(US) - 2011 dated 17th January, 2011 has issued directions to
all NBFCs to make provision of 0.25% against Standard Assets with
immediate effect. Accordingly, the Company has made provision of "
1,10,939/- during the year against Standard Assets which has been
charged to Profit & Loss Account.
(7) Contingent Liabilities :
A Search & Seizure operation was conducted by the Service Tax
Department on 19.07.2006 and subsequently the Service Tax
Commissionerate raised a demand of Service Tax including Education Cess
amounting to " 26,81,414/- vide their order dated 31.03.2009. In
respect of the said demand, the Company has obtained legal opinion and
accordingly an appeal before the Appropriate Authority is preferred.
Consequently no provision has been made in the Accounts.
(8) Loans & Advances under Note 33Dinclude " 3,00,000/- being the cash
seized by the Income Tax Department.
(9) Additional Information pursuant to the provisions of paragraph 3,
4C and 4D of Part II of Schedule VI to the Companies Act, 1956 to the
extent presently applicable to the Company - NIL
(a) Terms/rights attached to equity shares :
The company has only one class of equity shares having per value of "
10/- per share. Each holder of equity shares is entitled to one vote
per share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive 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.
Notes :
1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
2. Provisioning norms shall be applicable as prescribed in the Non -
Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007
3. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debts. However, market value in
respect of quoted investments and break up / fair value / NAV in
respect of unquoted investment should be disclosed irrespective of
whether they are classified as long term or current in column (4)
above.
** As per Accounting Standard of ICAI (Please see Note 3)
Mar 31, 2010
(1) Assets on Finance / Loan against security of vehicles
I. Assets on Finance include assets given on Hire purchase and valued
at agreement value less instalment received and unmatured hire charges.
II. Loan against security of vehicle are valued at agreement value
less installment received and Unmatured interest.
(2) Deferred Tax Liability
In terms of Accounting Standard 22, issued by the Institute of
Chartered Accountants of India, For the Current year, there is a net
deferred tax asset of Rs 47,738/-. The Deferred Tax Asset as on 31st
March, 2010 was Rs. 2,24,967/- due to Timing Difference in depreciable
assets.
(3) Overdrafts from Banks are secured by hypothecation of Fixed
Deposits.
(4) Cash credits Account from Banks are secured by hypothecation of
Finance Documents and Personal Guarantees of Directors.
(5) Loan taken from Citicorp Finance (India) Ltd. is secured by Pledge
of Shares.
(6) Previous year figures have been regrouped and re arranged, wherever
necessary, to confirm to the current years classification.
(7) Business Segments
The Company is engaged primarily in the business of financing and there
are no separate reportable segments as per Accounting Standard 17
{Segment Reporting)
(8) Related Party Disclosure :
Related Party disclosures as required by Accounting Standard {AS 18)
Related Party Disclosures" are as under:
A. Names of related parties with whom transactions have taken place
during the year
a) Key Management personnel
Mr. Sanjay Kumar Gupta, (SKG) Executive Director and Company Secretary
Mr. Aloke Kumar Gupta (AKG), Director
b) Relative of key management personnel Gayatri Gupta (GG) - Directors
Mother
c) Enterprises over which key management personnel, or his relative,
has significant influence
i) Mars Viniyog Pvt. Ltd. (MARS)
ii) Naman Barter Pvt. Ltd. (NBPL)
iii) Mahant Vanijya Pvt. Ltd. (MVPL)
iv) Kit Commercial Pvt. Ltd. (KCPL)
v) Raga Commercial Pvt. Ltd. (RCPL)
vi) Vedant Financial Consultants Pvt. Ltd. VFCPL)
vii) Paragon Infrastructure Pvt. Ltd. (PIPL)
viii) Basera Abasan Pvt. Ltd. (BAPL)
ix) Ipsa Credit Pvt. Ltd. (IPSA)
x) Olympia Credits & Mercantile Ltd. (OCML) - Subsidiary
(10) Contingent Liabilities :
A Search & Seizure operation was conducted by the Service Tax
Department on 19.07.2006 and subsequently the Service Tax
Commissionerate raised a demand of Service Tax including Education Cess
amounting to Rs. 26,81,414/- vide their order dated 31.03.2009. In
respect of the said demand, the Company has obtained legal opinion and
accordingly an appeal before the Appropriate Authority is preferred.
Consequently no provision has been made in the Accounts.
(11) Loans & Advances under Schedule J include, Rs. 3,00,000/- being
the cash seized by the Income Tax Department.
(12) Additional Information pursuant to the provisions of paragraph 3,
4C and 4D of Part II of Schedule VI to the Companies Act, 1956 to the
extent presently applicable to the Company - NIL
Signature to Schedule A to Q forming part of Balance Sheet and
Profit and Loss Account.