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Notes to Accounts of Rajath Finance Ltd.

Mar 31, 2015

Right, Preferences and Restriction attached to shares Equity shares

The company has only one class of Equity having a par value Rs. 10.00 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

Note No. 1 Transactions with Related Parties

As per Accounting Standard 18, issued by the ICAI, the disclosure of transactions with the related parties as defined in the Accounting Standard are as given below:

Names of related parties and description of relationship

1. Hitraj Realities Pvt. Ltd.

Enterprise under significant influence

Hitraj Traders of key management personnel or

their relatives

Balaji Nandan Infracon Developers Pvt. Ltd.

Akash Enterprise

Chaitanya Cineworld Pvt. Ltd.

Bleach Marketing Pvt. Ltd.

Radheshyam Land Developers Pvt. Ltd.

Maruti Nandan Hotel Estate Pvt. Ltd.

Primerose Mercantile Pvt. Ltd.

Hitraj Developers Pvt.Ltd.

2. Key Management Personnel Mr. Hitesh M Bagdai

Kantilal Kalidas Khakhar Ketan Dhuleshia Janish N Ajmera Bhavdeep V Vala

3. Relatives of Key Management Poonam H Bagdai Personnel

Note No. 2 Income Tax Provision

The Hon'ble Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favour of the company relate to A.Y. 1988-89 to 1994-95. In view of the ITAT's order in favour of the company no provision for tax liability has been made.

Note NO. 2 Deferred Tax

Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India with effect from 1st April 2001.

The breakup of net Deferred Tax Liability as on 31st March, 2015 is as under:

Notes :

1. As defined in paragraph 2(1)(xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisions norms shall be applicable as prescribed in non banking financial (Non deposit accepting or holding) companies prudential norms (Reserve Bank) Directions, 2007.

3. All accounting standards and guidance note issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.


Mar 31, 2014

Note No. 1 Transactions with Related Parties

As per Accounting Standard 18, issued by the ICAI, the disclosure of transactions with the related parties as defined in the Accounting Standard are as given below:

a. Names of related parties and description of relationship

Note No. 2 Income Tax Provision

The Hon''ble Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favour of the company relate to A.Y. 1988-89 to 1994-95. In view of the ITAT''s order in favour of the company no provision for tax liability has been made.

Note NO. 3 Deferred Tax

Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India with effect from 1st April 2001.

Note No. 4 Balance of Short Term Loans & Advances

The balance of short term loan and advances are subject to reconciliation and confirmation.


Mar 31, 2013

Note No. 1 Income Tax Provision

The Hon''blc Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favour of the company relate to A.Y. 1988-89 to 1994-95. In view of the VAT''s order in favour of the company no provision for lax liability has been made.

Note NO. 2 Deferred Tax

Deferred Tax has been provided in accordance will) AS-22 Accotinling for Taxes on Income issued by The institute of Chartered Accountants of India with effect from Ifl April 2(X) I.

Note No. 3 Balance of Short Term Loans & Advances

The balance of short term loan and advances are subject to reconciliation and confirmation.

Notes :

As defined in Paragraph 2(1) (xii) of the Non Banking financial Companies Acceptance of Public Deposits (Reserve Bank) Directions. I998.

4. Provisions norms shall be applicable as prescribed in nun banking financial (Non deposit accepting or holding) companies prudential norms (Reserve Bank) Directions, 2007.

5.All accounting standards and guidance note issued by ICAI arc applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.


Mar 31, 2012

Right, Preferences and Restriction attached to shares Equity shares

The company has only one class of Equity having a par value Rs. 10.00 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

Company has issued and allotted 4,00,000 convertible share warrants of Rs. 300/- each (out of which Rs. 75/- warrant to be paid on application and balance to be paid before the date of conversion) on preferential basis convertible into 1 equity share of Rs. 10/-each.

The company had purchased 23,300 Nos. of UTI Master Gain. The same were misappropriated in transit. The Company had filed suit before the Hon'ble Civil Court Rajkot. The same was disposed in favour of the Company and an execution application has also been filed, which is pending for disposal before the Hon'ble Civil Court, Rajkot.

Note No. 1(b) Loans and advances : Classification of Loans and advances

The Company has complied with the norms prescribed by Reserve Bank of India for making provision on Standard Assets and Non Performing Assets. At the year end the positing of standard assets and Non Performing Assets are as follows:

Note No. 2 Income Tax Provision

The Hon'ble Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favor of the company relate to A.Y. 1988-89 to 1994-95. In view of the ITAT's order in favor of the company no provision for tax liability has been made.

Note NO. 3 Deferred Tax

Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India with effect from I5,1 April 2001.

Note No. 4 Balance of Short Term Loans & Advances

The balance of short term loan and advances are subject to reconciliation and confirmation.

Notes :

1 As defined in paragraph 2(1)(xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2 Provisions norms shall be applicable as prescribed in non bankng financial (Non deposit accepting or holding) companies prudential norms (Reserve Bank) Directions, 2007.

3 All accounting standards and guidance note issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.


Mar 31, 2010

(A) Deferred Tax:

(i) Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by the Institute of chartered Accountants of India with effect from 1st April 2001

(b) The Honble Gujarat high Court has admitted appeal of the income-tax Department against the order of the Income-tax Appellate Tribunal Deciding the Interest Tax matter in favour of the company related to A. Y. 1988-89 to 1994-95. In view of ITATs order in favour of the company no provision for tax liability has been made.

(c) The Company had purchased 23,300 nos. of Master Gain. The same were misappropriated in transit. The Company had filed suit before the Honble Civil Court Rajkot. The same was disposed in favour of the Company and an execution application has also been filed, which is pending for disposal before the Honble Civil Court Rajkot,

(d) The figures have been rounded off to the nearest rupee and figures of previous year have been regrouped or rearranged wherever necessary to make them comparable with current years figures.

(e) The balance of short term loan and advances receivable in cash or kind are subject to reconciliation and confirmation.

Notes :

(1) As defined in paragraph 2(1) (xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Direction, 1998

(2) Provisions norms shall be applicable as prescribed in non banking financial (Non deposit accepting or holding companies prudential norms (Reserve Bank) Directions, 2007.

(3) All accounting standards and guidance note issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term of current in (4) above.

 
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