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Notes to Accounts of Parnami Credits Ltd.

Mar 31, 2015

1. Related party disclosures as required in terms of Accounting Standards (AS-18) on Related Party disclosures issued by The Institute of Chartered Accountants of India are as under

1. Key Management Personnel:

T.K.Parnami - Managing Director

2. The related enterprises / persons are:

Anil Kumar Parnami - Promoter

T.K.Parnami - Managing Director

V S Developer Pvt. Ltd. - Associated Company

Suman Villas Pvt. Ltd. - Associated Company

3 Details of transaction / payments:

Name Particulars Amount (Rs.)

T.K.Parnami Remuneration 540000

Anil Kumar Parnami Loan Taken 4350000

Loan Repaid 4350000

Interest Paid (Net of TDS) 45000

V S Developrs P ltd Office Rent & Electricity 585000 Chgs Paid

Suman Villas P Ltd Advance Paid 8400000

Advance received 8738850

Interest Recd (Net of TDS) 388850

a. The above loans /advances are carry interest

b. The above related party information is disclosed to the extent such parties have been identified by the management on the basis of information available.

This is relied upon by the auditors.

2. The Company has not received any information / memorandum from the suppliers ( as required to be filed by Suppliers / Vendors with the notified authority under Micro, Small and Medium Enterprises Development Act,2006), claiming their status as Micro, Small or Medium Enterprises. Consequently, the amount paid / payable together with interest paid / payable to these parties under the Act is Nil.

3. In terms of provisions of Schedule V of the Companies Act,2013 read with the Companies (Particulars of Employees) Rules,1975 none of the employees are in receipt of remuneration in excess of Rs 5,00,000 per month or Rs 60,00,000 p.a.as per the limits stated in the provisions.

4. The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies ( Accounting Standard ) Rules 2006 is not relevant to the Company as informed by the management that retirement benefits are not given to the employees of the Company. Thus no actuarial valuation has been done and provided by the Company.

5. Segment Information (AS 17)

The primary segment reporting format is determined to be business segments as the company's risks and rates of return are affected predominantly by differences in the segments being operated,

The Company operates only in India and therefore the analysis of geographical segments is limited to Indian operations only.

6. Previous year's figures have been rearranged / regrouped wherever necessary.

 
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