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Notes to Accounts of Richfield Financial Services Ltd.

Mar 31, 2015

1. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful life as specified in Schedule II. Accordingly the unamortised carrying value is being depreciated / amortised over the revised / remaining useful life. The written down value of Fixed Assets whose lives have expired as at 15t April 2014 have been adjusted with the retained earning amounting to Rs. 26391/-

2. An amount of Rs. 1,70,848/- from the Net Profit for the year ended 31.3.2015 has been transferred to RBI Reserve Fund in accordance with section 45-IC of the RBI Act, 1984 and Provision for Contingent Provisions against Standard Assets @ 0.25% of Standard Assets has been Provided as per RBI Notification No. DNBS.222/ CGM(US)-2011 dated January 17, 2011.

3. Related Parties with whom transactions are taken place during the year 2014-15 and relationship:

a) List of Related Paties and Relationship:

Key Management Personnel

Abhijit Puglia - Chief Financial Officer Meenakshi Daga - Executive Director Khushboo Kedia - Company Secretary

4. In the absence of necessary information with the company relating to the registration of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 the information required under the Act Could not be Complied and Disclosed.

5. Previous year figures have been regrouped or rearranged wherever necessary.


Mar 31, 2014

1) There were no employees receiving remuneration to the extent laid down in section 217(2A) of the Companies Act, 1956,

2) An amount of Rs. 262,238/- from the Net Profit for the year ended 31.3.2014 has been transferred to RBI Reserve Fund in accordance with section 45-IC of the RBI Act, 1984 and Provision for Contingent Provisions against Standard Assets @ 0.25% of Standard Assets has been Provided as per RBI Notification No. DNBS.222/CGM(US)-2011 dated January 17,2011.

i) The Company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of product, services, the different risks and results, the organisation structure and internal reporting system. The Company's operations predominantly relates to trading in Shares & Finance. Other business comprises brokerage etc.

ii) The Company's operations wholly relate to domestic market. The export turnover is nil. As such there are no reportable geographical segments.

iii) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocated corporate cost. Assets and liabilities that cannot be allocable between the segments are shown as unallocated corporate assets and liabilities respectively.

3) The Company is a Smali And Medium Sized Company (SMC) as defined in the general instruction in respect of the Accounting Standards notified under the Companies Act, 1956.Accordingly the company has Complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

4) In the absence of necessary information with the company relating to the registration of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 the information required under the Act Could not be Complied and Disclosed,

5) Previous year figures have been regrouped or rearranged wherever necessary.




Mar 31, 2013

1) There were no employees receiving remuneration to the extent laid down in section 217(2A) of the Companies Act, 1956.

2) An amount of Rs. 37,426/- from the Net Profit for the year ended 31.3.2013 has been transferred to RBI Reserve Fund in accordance with section 45-IC of the RBI Act, 1984 and Provision for Contingent Provisions against Standard Assets @ 0.25% of Standard Assets has been Provided as per RBI Notification No. DNBS.222/ CGM(US)-2011 dated January 17,2011.

i) The Company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of product, services, the different risks and results, the organisation structure and internal reporting system. The Company's operations predominantly relates to trading in Shares & Finance. Other business comprises brokerage etc.

ii) The Company's operations wholly relate to domestic market. The export turnover is nil. As such there are no reportable geographical segments.

iii) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocated corporate cost. Assets and liabilities that cannot be allocable between the segments are shown as unallocated corporate assets and liabilities respectively.

3) The Company is a Small And Medium Sized Company (SMC) as defined in the general instruction in respect of the Accounting Standards notified under the Companies Act, 1956.Accordingly the company has Complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

4) In the absence of necessary information with the company relating to the registration of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 the information required under the Act Could not be Complied and Disclosed.

5) Previous year figures have been regrouped or rearranged wherever necessary.




Mar 31, 2012

1) There were no employees receiving remuneration to the extent laid down in section 217(2A) of the Companies Act, 1956.

2) No amount of the Net Profit for the year ended 31.3.2012 has been transferred to RBi Reserve Fund in accordance with section 45-iC of the RBI Act, 1984 as there is no profit available in the concerned year and Provision for Contingent Provisions against Standard Assets @ 0.25% of Standard Assets has been Provided as per RBI Notification No. DNBS.222/ CGM(US)-2011 dated January 17, 2011.






Mar 31, 2011

1 Fixed assets both tangible and intangible assets are tested for impairment every year and impairment loss if any is provided/adjusted as applicable.

2 As per information given to us and as per information available with the company there are no outstanding to Small Scale Industries at the year end.

3 There were no employees receiving remuneration to the extent laid down in section 217(2A) of the Companies Act, 1956.

4 An amount of Rs 66469/- comprising 20% of the Net Profit for the year ended 31.3.2011 has been transferred to RBI Reserve Fund in accordance with section 45-IC of the RBI Act, 1984 and Provision for Contingent Provisions against Standard Assets @ 0.25% of Standard Assets has been Provided as per RBI Notification No. DNBS.222/ CGM(US)-2011 dated January 17, 2011.

5 No provision for Gratuity has been made as none of the employees have completed the required years of service.

6 The Company is a Small And Medium Sized Company (SMC) as defined in the general instruction in respect of the Accounting Standards notified under the Companies Act, 1956.Accordingly the company has Complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

7 In the absence of necessary information with the company relating to the registration of suppliers under the Micro,Small and Medium Enterprises Development Act, 2006 the information required under the Act Could not be Complied and Disclosed.

8 Previous year figures have been regrouped or rearranged wherever necessary.



 
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