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Notes to Accounts of Shalibhadra Finance Ltd.

Mar 31, 2013

(I) PRUDENTIALNORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc.,the following additional information is given: No new provisions for non-performing assets are required in current year.

(II) Exceptional item represents Contingent Provision against standard Assets at 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010- 11 dated 17 January ,2011

(I) The company has not prepared bank reconciliation statement for a few bank accounts for the period under review.

The company is finding it very difficult to reconcile for a few bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

(II) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(III) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL (P. Y: NIL).

(IV) Other information required by Part II Schedule VI of the Companies Act, 1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(V) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(VI) Previous year''s figures have been regrouped, recasted and rearranged wherever necessary.


Mar 31, 2012

I) PRUDENTIAL NORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given:

No new provisions for non-p6rforming assets are required in current year.

II) Exceptional item represents Contingent Provision against standard Assets at 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010-11 dated 17 January ,2011

(IV) The company has not prepared bank reconciliation statement for a few bank accounts for the period under review.

The company is finding it very difficult to reconcile for a few bank accounts in time due to similar installment cheques, non-computerization by bank etc.

However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

III) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

IV) Managerial Remuneration lis 198 of Companies Act 1956 is NIL (P.Y: NIL).

V) Other information required by Part II Schedule VI of the Companies Act, 1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

VI) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

VII) Previous gear,s figures have been regrouped, recasted and rearranged wherever necessary.

(A) Income Tax is computed in accordance with Accounting standard 22- n accounting for taxes on Income, notified by companies (Accounting Standards) Rules, 2006. Tax expenses are accounted in the same period to which the revenue and expenses relate.

(B) Deferred Tax, other than unabsorbed depreciation and brought forward losses, is recognized only if there is reasonable certainty that will be realized in future and are reviewed for their appropriatenesse


Mar 31, 2010

(I) The company has not prepared bank reconciliation statement for certain bank accounts for the period under review.

The company is finding it very difficult to reconcile certain bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

(II) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(III) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL (P.Y: NIL).

(IV) Other information required by Part II Schedule VI of the Companies Act.1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(V) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(VI) Previous years figures have been regrouped, recasted and rearranged wherever necessary.


Mar 31, 2009

(I) CONTINGENT LIABILITY

(1) No provision for gratuity has been made in accounts since there is no liability for payment of gratuity till date. However it is the policy of the Company to account gratuity on cash basis in the year of actual payment.

(II) PRUDENTIAL NORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given:

a. No new provision for non-performing assets are required in current year.

b. As certified by the management, all investments are intended to be held for more than one year from the date on which such investments are long term investments and not current investment and have been valued at cost.

(III) The company has not prepared bank reconciliation statement for certain bank accounts for the period under review.

The company is finding it very difficult to reconcile certain bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and made bank reconciliation statement for most of bank accounts and only few are left.

(IV) The company is in the process of complying the accounting standards:

Accounting for Taxes on income and accounting standard on Employees Benefits.

(V) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(VI) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL(P.Y: NIL).

(VIII) Other information required by Part II Schedule VI of the Companies Act,1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(IX) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(X) Previous years figures have been regrouped, recasted and rearranged wherever necessary.

(XI) RELATED PARTIES DISCLOSURES UNDER ACCOUNTING STANDARD 18 OF ICAI:

(A) Particulars of Party where control exists/Relative of parties where control exists:

Name of the Related Party Nature of Relationship

(i) M/s Shalibhadra Properties Pvt. Ltd. Party where control exists

(ii) M/s Shalibhadra Capital Market Ltd. Party where control exists

(iii)Mr. Amit M.Doshi Relative Party where control exist

(iv)Mr. Amit M.Doshi HUF Relative Party where control exist

(v) Mrs.Heena A.Doshi Relative Party where control exist

(vi)Mrs.Kala M.Doshi Relative Party where control exist

(vii) Mr. Minesh M.Doshi HUF Relative Party where control exist

(viii)Mr. Minesh M. Doshi Relative Party where control exist

(ix)Mr. Mukund H.Doshi Relative Party where control exist

(x)Mr. Mukund H .Doshi HUF Relative Party where control exist

(xi) Mrs. Sheetal M Doshi Relative Party where control exist

(xii) Mr. Vinaychandra H.Doshi HUF Relative Party where control exist

(B) Key Management Personnel:

Name of the Related Party Nature of Relationship

Mr. Minesh M. Doshi Managing Director

 
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