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Notes to Accounts of Shri Niwas Leasing and Finance Ltd.

Mar 31, 2015

1. The company has only one class of equity Shares having Par Value of Rs. 10 per Share. All these Shares have Same right & preferences with respect to payment of dividend, repayment of Capital & Voting.

2. Previous years figures have been reworked, regrouped, & reclassified wherever necessary to confirm to the current year presentation.

3. In the opinion of Board of Director, the current Assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.

4. There is no employee drawing remuneration in excess of RS. 60, 00,000 during the year ending 31st March, 2015 or RS. 5, 00,000 per month. (Previous Year Nil).

5. Any provision no longer required written back.

23. Statutory Reserve represents the Reserve Fund created u/s 45-IC of the Reserve Bank of India Act, 1934. An amount of RS. 690. (Previous Year RS. 297,910] representing 20% of net Profit is transferred to the fund for the year.

6. Provision for Standard & Nonperforming Assets:

The company has made provision towards loan Assets, based on the management's best estimates. Provision of 0.25% on Standard Assets has been made during the year, as per stipulation of RBI on standard assets. Company has made provision for standard Assets as per table

7. The company's business activity falls within single primary/ Secondary business segment viz.. Finance Activity. The disclosure requirement of Accounting standard (AS] -17 " Segment Reporting " issued by the Institute of chartered Accountants of India, therefore is not applicable.

8. There is a pending Tax demand of RS. 10,10,977/- against the company. The above demand was raised by Department during the course of assessment proceeding in A.Y. 2006-07. The appeal against above assessment order is pending before CIT (A) till date. The Company is hopeful to get relieved from CIT (A), New Delhi.

9. Related Party disclosure:

As per Accounting Standard 18 on related Party disclosure issued by the Institute of chartered Accountants of India, the nature and volume of transaction of the company during the year with the related parties were as follows:

10. Information as required by Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007 is Furnished vide Annexure -1 Attached Herewith.

11. The Company has Outstanding Loan to the Suncity Projects Pvt. Ltd. of Rs. 38,000,000 as on 31-03-2015, the borrower company is involved in the business of Real estate.

12. The Company estimates the deffered tax created / (credit] using the applicable rate of Taxation based on the impact of timing Differences between financial Statements and Estimated taxable income for the current Year.

13. There are no micro , Small and Medium Enterprises, to Whom the Company owes dues which outstanding for more than 45 days as at 31st March 2015. This information as required to be disclosed under the micro, small and medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.


Mar 31, 2014

A) Previous years figures have been reworked, regrouped, & reclassified wherever necessary to confirm to the current year presentation.

b) In the opinion of Board of Director, the current Assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.

c) There is no employee drawing remuneration in excess of Rs. 60,00,000 during the year ending 31st march , 2013 or Rs. 5,00,000 per month.(previous Year Nil).

d) Any provision no longer required written back.

e) Statutory Reserve represents the Reserve Fund created u/s 45-IC of the Reserve Bank of India Act, 1934. An amount of Rs. 297910. (previous Year Nil) representing 20% of net Profit is transferred to the fund for the year.

f) Provision for Standard & Nonperforming Assets:

The company has made provision towards loan Assets , based on the management''s best estimates. Provision of 0.25% on Standard Assets has been made during the year, as per stipulation of RBI on standard assets. Company has made provision for standard Assets as per table below:

g) The company''s business activity falls within single primary/ Secondary business segment viz.. Finance Activity. The disclosure requirement of Accounting standard (AS) -17 " Segment Reporting " issued by the Institute of chartered Accountants of India, therefore is not applicable.

h) Related Party disclosure:

As per Accounting Standard 18 on related Party disclosure issued by the Institute of chartered Accountants of India, the nature and volume of transaction of the company during the year with the related parties were as follows:

i) Earning per Share "AS-20" issued by the Institute of chartered Accountants of India:

j) Information as required by Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007 is Furnished vide Annexure -1 Attached Herewith.

k) The Company has Outstanding Loan to the Suncity Projects Pvt. Ltd. of Rs. 38,000,000 as on 31-03-2014, the borrower company is involved in the business of Real estate .

l) The Company estimates the deffered tax created /( credit) using the applicable rate of Taxation based on the impact of timing Difference s between financial Statements and Estimated taxable income for the current Year.

m) There are no micro , Small and Medium Enterprises, to Whom the Company owes dues which outstanding for more than 45 days as at 31st March 2014. This information as required to be disclosed under the micro, small and medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.


Mar 31, 2013

1. The figures for the previous year have been regrouped or rearranged wherever necessary , so to make them comparable with those of the current year.

2. Revenue Recognition: Income & Expenditure is accounted for on accrual basis

3. Expenditure & Earning in foreign currency : Nil Previous Year : Nil

4. The Company has not paid any managerial remneration and the remuneration paid to employee is not exceeding the limit prescribed under the Companies Act, during the financial year 2012-13.

5. Details of Opening Stock, Purchase, Sales, Closing Stock during the year.

6. Notes form an integral part of the Balance Sheet and Profit & Loss Account.

7. Company has not provided for deferred Taxation as per AS-22.

8. The company has followed Income Tax Method for writing off its Preliminary Expenses i.e. It has write off its preliminary expenses in 5 years.


Mar 31, 2012

1. The figures for the previous year have been regrouped or rearranged wherever necessary, so to make them comparable with those of the current year.

2. Revenue Recognition: Income & Expenditure is accounted for on accrual basis.

3. Expenditure & Earning in foreign currency : Nil Previous Year: Nil

4. The Company has not paid any managerial remuneration and the remuneration paid to employee is not exceeding the limit prescribed under the Companies Act, during the financial year 2011-12.

5. Details of Opening Stock, Purchase, Sales, Closing Stock during the year,

6. None of shareholders holds more than 5% share capital of the company.

7. Notes form an integral part of the Balance Sheet and Profit & Loss Account.

8. Company has not provided for deferred Taxation as per AS-22.


Mar 31, 2011

1. The figures for the previous year have been regrouped or rearranged wherever necessary, so to make them comparable with those of the current year.

2. Revenue Recognition: Income & Expenditure is accounted for on accrual basis.

3. Expenditure & Earning in foreign currency : Nil

Previous fear: Nil

4. The Company has not paid any managerial remuneration and the remuneration paid to employee is not exceeding the limit prescribed under the Companies Act, during the financial year 2010 -11.

5. Details of Opening Stock, Purchase Sales, Closing Stock during the year.

6. Schedule 1 to 6 is the form an integral part of the Balance Sheet and Profit & Loss Account

7. Company has not provided for deferred Taxation as per AS-22.

 
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