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Notes to Accounts of Prism Finance Ltd.

Mar 31, 2015

1. Contingent Liability : NIL

2. Balances under the head of current & non-current liabilities, long term loans & advances and current assets including few bank balances and certain investments are subject to confirmation and reconciliation.

3. In the opinion of the management of the company, the current & non-current assets are approximately of the same value stated if realized in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary.

4. Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available, no disclosures have been made in the Accounts.

5. All the non-current investments are held by the company in its own name in demat/physical form. Regarding certain investments held in the physical form, the company is in the process to dematerialize the same.

6. In the opinion of the management, as there is a book loss and the company has no taxable income for the year under review as per the normal provisions of the Income Tax Act, 1961, the question of provision for current tax does not arise.

7. The Company has revised the useful life of fixed assets based on Schedule II to the Companies Act, 2013 for the purpose of providing depreciation on its fixed assets. Accordingly, the carrying amount of the assets as on April 1, 2014 has been depreciated over the remaining revised useful life of the fixed assets. Consequently, the depreciation for the year ended March 31, 2015 is higher and the profit /(loss) before tax is lower to the extent of Rs. 46,562/-

8. Depreciation and amortization expenses (net) stated in statement of profit and loss includes excess provision of depreciation write back during the year amounting to Rs. 44,037/-.

9. In view of Accounting Standard As-18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India and made mandatory in respect of accounting year commencing on or after April 2001, the disclosure in respect of the related party transactions for the year ended 31st March, 2015 are given below:

(Note: Related party relationship and transactions thereof are as certified by the company and relied up on by the auditors as such.)

A. Relationship

1. Subsidiaries

Opel Securities Ltd. up to 26th March, 2015

2. Associates of the Company

a) Samurai Holding Pvt. Ltd.

b) Som Shive (Impex) Ltd.

c) Spectratek Industries

d) Khadayta Decor Ltd up to 26th March, 2015

3. Key Management Personnel/Relatives/Individuals

a) Shri Kashyap Rajendra Mehta - Director

b) Smt. Anal Desai - Director

c) Shri Udayan D. Velvan - Director

d) Shri Chirag J Desai - Chief financial officer

e) Ms. Palak D. Parekh - Company Secretary

4. Promoters and their relatives having control:

a) Shri Pranay A Patel

b) Shri Rahul A Patel

c) Ms. Poonam Patel


Mar 31, 2014

1. Contingent Liability : NIL

2. The legal and professional expenses includes payment to Auditors as under :

Year Year 2013-2014 2012-2013

Audit Fees 50,000 45,000

3. Balances under the head of current& non-current liabilities, long term loans & advances and current assets including few bank balances and certain investments are subject to confirmation and reconciliation.

4. In the opinion of the management of the company, the current & non-current assets are approximately of the same value stated if realized in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary.

5. Under the Micro, Small and Medium Enterprises Development Act,2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available, no disclosures have been made in the Accounts.

6. The Company has adopted Accounting Standard - AS- 22 " Accounting for Taxes on Income",issued by The Institute of Chartered Accountants of India. The Company has net deferred tax liability as under:- The breakup of Net deferred tax liability as At 31.03.2014 arising on account of timing difference in respect of:

7. All the non-current investments are held by the company in its own name in dmat/physical form. Regarding certain investments held in the physical form, the company is in the process to dematerialize the same.

8. In the opinion of the management, the company has no tax liability computed under the ordinary provisions of the Income Tax Act,1961 therefore provision for Income tax has been made as per the provisions of Minimum Alternate Tax u/s 115JB of Income Tax Act, 1961.

9. In view of Accounting Standard As-18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India and made mandatory in respect of accounting year commencing on or after April2001,the disclosure in respect of the related party transactions for the year ended 31st March,2014 are given below:

(Note: Related party relationship and transactions thereof are as certified by the company and relied up on by the auditors as such.)

A. Relationship

1. Subsidiaries

Opel Securities Ltd.

2. Associates of the Company

a) Samurai Holding Pvt. Ltd.

b) Som Shive (Impex) Ltd.

c) Spectratek Industries

3. Key Management Personnel/Relatives/Individuals

a) Shri Kashyap Rajesndra Mehta - Director

b) Smt. Anal Desai - Director

c) Shri Udayan D.Velvan- Director


Mar 31, 2013

1. Contingent Liability : NIL

2. Balances under the head of current & non-current liabilities, long term loans & advances and current assets including few bank balances and certain investments are subject to confirmation and reconciliation.

3. In the opinion of the management of the company, the current & non-current assets are approximately of the same value stated if realized in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary.

4. Under the Micro, Small and Medium Enterprises Development Act,2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available, no disclosures have been made in the Accounts.

5. All the non-current investments are held by the company in its own name in demat/physical form. Regarding certain investments held in the physical form, the company is in the process to dematerialize the same.

6. In the opinion of the management, the company has no tax liability computed under the ordinary provisions as well as under the provisions of Minimum Alternate Ta x u/s 115JB of Income Ta x Act, 1961 and therefore no provision for income tax is required to be made.

7. In view of Accounting Standard As-18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India and made mandatory in respect of accounting year commencing on or after April2001,the disclosure in respect of the related party transactions for the year ended 31st March.2013 are given below:

(Note: Related party relationship and transactions thereof are as certified by the company and relied up on by the auditors as such.)

A. Relationship

1. Subsidiaries

Opel Securities Ltd.

2. Associates of the Company

a) Samurai Holding Pvt. Ltd.

b) Som Shive (Impex) Ltd.

c) Spectratek Industries

3. Key Management Personals/Relatives/Individuals

a) Shri Naresh P. Raval - Director

b) Smt. Anal Desai - Director

c) Shri Kashyap Mehta - Director


Mar 31, 2012

1. Contingent Liability : NIL

2. Balances under the head of unsecured loans, current assets, loans and advances, current liabilities and provisions,few bank balances and certain investments are subject to confirmation and reconcilation.

3. In the opinion of the management of the company, the Current Assets, Loans & Advances are approximately of the same value stated if realised in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary.

4. Under the Micro, Small and Medium Enterprises Development Act,2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available, no disclosures have been made in the Accounts.

5. The Company has adopted Accounting Standard - AS- 22 " Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India. The Company has net deferred tax liability as under:- The breakup of Net deferred tax liability as At 31.03.2012 arising on account of timing difference in respect of.

6. In view of Accounting Standard As-18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India and made mandatory in respect of accounting year commencing on or after April 2001, the disclosure in respect of the related party transactions for the year ended 31st March, 2012 are given below:

(Note : Related party relationship and transactions thereof are as certified by the company and relied up on by the auditors as such.)

A. Relationship

1. Subsidiaries

Opel Securities Ltd.

2. Associates of the Company

a) Samurai Holding Pvt. Ltd.

b) Som Shive (Impex) Ltd.

c) Spectratek Industries

3. Key Management Personals/Relatives/Individuals

a) Shri Naresh P. Raval - Director

b) Smt. Anal Desai - Director

c) Shri Kashyap Mehta - Director

7. The particulars of information pursuant to Part IV of Schedule: VI of the Companies Act, 1956 is as per Annexure attached herewith.

8. There are no other particulars required to be given under part II of schedule VI of the Companies Act, 1956.

9. The revised Schedule VI to the Companies Act, 1956 has become effective from 1st April,2011 for preparation and presentation of financial statements. This has significantly impacted the disclosure and presentation made in financial statements. Accordingly, the figures for the previous year have been reclassified, wherever necessary to conform with the current year's classification.


Mar 31, 2011

1. Contingent Liability : NIL

2. Balances under the head of unsecured loans, current assets, loans and advances, current liabilities, few bank balances and provisions and certain investments are subject to reconciliation and confirmation.

3. In the opinion of the management of the company, the Current Assets, Loans & Advances are approximately of the same value stated if realised in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary.

4. Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available, no disclosures have been made in the Accounts.

5. The Company has adopted Accounting Standard - AS-22 "Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India. The Company has net deferred tax liability as under :-

6. In view of Accounting Standard AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India and made manadatory in respect of accounting year commencing on or after April 2001, the disclosure in respect of the related party transactions for the year ended 31st March, 2011 are given below

(Note : Related party relationship and transactions thereof are as certified by the company and called up on by the auditors as such.)

A. Relationship

1. Subsidiaries

Opel Securities Ltd.

2. Associates of the Company

a) Samurai Holding Pvt. Ltd.

b) Som Shive (Impex) Ltd.

c) Spectratek Industries

3. Key Management Personals/Relatives/Individuals

a) Shri Naresh P. Raval - Director

b) Smt. Anal Desai - Director

c) Shri Kashyap Mehta - Director

7. The particulars of information pursuant to Part IV of Schedule VI of the Companies Act, 1956 is as per Annexure attached herewith.

8. There are no other particulars required to be given under part II of Schedule VI of the Companies Act, 1956.


Mar 31, 2010

1. Contingent Liability : NIL

2. Balances under the head of unsecured loans, current assets, loans and advances, current liabilities, few bank balances and provisions and certain investments are subject to reconciliation and contirmation.

3 In the opinion of the management of the company, the Current Assets, Loans 8 Advances are approximately of the same value stated if realised in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary.

4. Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available, no disclosures have been made in the Accounts.

5. The Company has adopted Accounting Standard - AS-22 "Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India. The Company has net deferred tax liability as under :-

6. In view of Accounting Standard AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India and made manadatory in respect of accounting year commencing on or after April 2001. the disclosure in respect of the related party transactions for the year ended 31st March, 2009 are given below

(Note ; Related party relationship and transactions thereof are as certified by the company and called up on by the auditors as such.)

A. Relationship

1. Subsidiaries

Opel Securities Ltd.



2. Associates of the Company

a) Akshar Construction

b) Akshar Estate Pvt. Ltd.

c) Som Shive (Impex) Ltd.

d) Spectratek Industries

e) Bar Megnet Investment Pvt. Ltd.

f) Prominent Plastics Limited



3. Key Management Personals/Relatives/lndividuals

a) Shri Naresh P. Raval - Director

b) Smt. Anal Desai - Director

c) Shri Kashyap Mehta - Director

d) Shri Arunprasad P Patel

e) Shri Pranay A. Patel

f) Shri Rahul A. Patel

7. The particulars of information pursuant to Part IV of Schedule VI of the Companies Act. 1956 is as per Annexure attached herewith.

8. There are no other particulars required to be given under part II of Schedule VI of the Companies Act, 1956.

 
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