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Notes to Accounts of V B Desai Financial Services Ltd.

Mar 31, 2015

1. Contingent Liabilities

There are no contingent liabilities.

2. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

Details of related parties:

Description of relationship Names of related parties

Enterprise in which KMP/ Relatives of KMP can exercise Arodyne Chemicals Ltd. significant influence Aum Financial Consultants

Avd hoot Finance & Investment Pvt. Ltd.

Bahl & Co. Pvt. Ltd.

Desai Industrial Finance Pvt. Ltd.

J R Shroff HUF

Som Holding & Trading Co. Pvt. Ltd.

Key Management Personnel (KMP) Mr. Pradeep R. Shroff

Mr. Manoj T. Shroff

3. In the opinion of Board of Directors all assets other than non-current investments, have a realizable value in the ordinary course of business which is not different from the amount at which it is stated and the provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary.

4. No personal expenses have been debited to Profit and Loss Account except those payable under contractual obligation or normal business practices.

5. Segment Reporting

The Company has only one segment i.e. Merchant Banking and financial services, therefore segment wise reporting has not been given as required by Accounting Standard 17.

6. Previous year's figures

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

CORPORATE INFORMATION

The Company is registered with Securities and Exchange Board of India as Category - I Merchant Banker to carry out merchant banking and related activities.

1. Contingent Liabilities

There are no contingent liabilities.

29. During the year, unquoted securities held as Inventories amounting to Rs. 477.47 lacs have been transferred at book value to Non-Current Investments.

2. In the opinion of Board of Directors all assets other than non-current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated and the provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary.

3. No personal expenses have been debited to Profit and Loss Account except those payable under contractual obligation or normal business practices.

4. Segment Reporting

The Company has only one segment i.e. Merchant Banking and financial services, therefore segmentwise reporting has not been given as required by Accounting Standard 17.

5. Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

CORPORATE INFORMATION

The Company is registered with Securities and Exchange Board of India as Category -1 Merchant Banker. The Company also renders other financial consultancy services.

1. Contingent Liabilities -

There are no contingent liabilities.

2. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

Details of related parties:

Description of relationship Names of related parties

Enterprise in which KMP / Relatives of Arodyne Chemicals Ltd.

KMP can exercise significant influence Aum Financial Consultants

Avdhoot Finance & Investments Pvt. Ltd.

Avdhoot Housing Finance Co. Pvt. Ltd.

Bahl & Co. Pvt. Ltd.

Desai Industrial Finance Pvt. Ltd.

J R Shroff HUF

Som Holding & Trading Co. Pvt. Ltd. Key Management Personnel (KMP) Mr. Pradeep R. Shroff

Mr. Manoj T. Shroff

3. Employee Benefit

The Company has not provided gratuity/leave encashment on the basis of actuarial valuation as required by Accounting Standard 15.

4. Sundry Debtors

The company has not provided for doubtful debts of Rs. 17.51 lac (Previous Year Rs.25.83 lac).

5. In the opinion of Board of Directors all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated and the provisions for all known liabilities are adequate and not in excess of the amounts reasonably necessary.

6. No personal expenses have been debited to Statement of Profit and Loss except those payable under contractual obligation or normal business practices.

7. The balance due to / from parties are subject to confirmation.

8. Segment Reporting

The Company has only one segment i.e. Merchant Banking and related services, therefore segmantwise reporting has not been given as required by Accounting Standard 17.

9. Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

CORPORATE INFORMATION

The Company is registered with Securities and Exchange Board of India as Category -1 Merchant Banker to carry out merchant banking and related activities.

1. Contingent Liabilities

There are no contingent liabilities.

2. Professional Fees

Professional fees are accounted on accrual basis. However, in one of the cases, the Company has accounted professional fees on the basis of bill raised for the future period resulting into over-statement of income by Rs. 32.50 lac. The same practice of accounting will be followed till the expiry of such agreement. .

3. Employee Benefit

The Company has not provided gratuity/leave encashment on the basis of actuarial valuation as required by Accounting Standard 15.

4. Sundry Debtors

The company has not provided for doubtful debts of Rs.26.03 lac (Previous Year Rs.25.83 lac).

5. In the opinion of the Board of Directors, Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

6. No personal expenses have been debited to Profit and Loss Account except those payable under contractual obligation or normal business practices.

7. Segment Reporting

The Company has only one segment i.e. Merchant Banking and related services, therefore segment wise reporting has not been given as required by Accounting Standard 17.

8. Previous year's figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. CONTINGENT LIABILITIES

We have been informed that there are no contingent liabilities

2. PROFESSIONAL FEES

Professional fees are accounted on accrual basis. However, in one of the cases, the Company has accounted professional fees on the basis of bill raised for the future period resulting into over-statement of income by Rs. 32.50 lac. The same practice of accounting will be followed till the expiry of such agreement.

3. EMPLOYEES BENEFIT

The Company has not provided gratuity on the basis of actuarial valuation as required by Accounting Standard 15 (revised). We are unable to quantify the effect on profits / loss, if any, had such gratuity been provided on the basis of actuarial valuation.

4. SUNDRY DEBTORS

Rs.25.83 lac (Previous Year Rs.25.83 lac) is considered doubtful of recovery. No provision is made for the same.

5. Confirmation letters are being obtained from some of the debtors, creditors, certain loans taken and for certain bank accounts and loans and advances given. Hence, the balances of these accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

6. WRITE-OFF OF ACCUMULATED LOSSES

During the year the Company has written off accumulated losses of Rs.480.25 lac against Share Premium Account as per the Order dated 18th March, 2011 passed by the Hon'ble Bombay High Court.

7. INVESTMENT HELD UNDER STOCK IN TRADE

The Investments are shown as Stock-in-Trade and valued at cost or market /realization value whichever is lower. The Book Value of quoted and un-quoted investments is Rs.6.88 lac, Rs.472.33 lac, respectively (previous year Rs.6.47 lac, Rs.456.20 lac). The Market/realisable value of quoted and un-quoted investments are Rs.8.85 lac and Rs.472.33 lac respectively. Loss of Rs.0.11 lac has been provided on account of fall in market price of quoted investments.

8. AMOUNT DUE TO SAME

The Company does not owe any sum payable to Creditors registered under Micro, Small and Medium Enterprises Development Act, 2006.

9. DEFERRED TAX ASSETS(NET)

Major components of deferred tax assets and liabilities arising on account of timing differences as on 31st March, 2011 are mentioned below:

10. In the opinion of the Board of Directors, Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

11. RELATED PARTY DISCLOSURE

Related party disclosure as required by Accounting Standard No. 18 is given below:

12. No personal expenses have been debited to Profit and Loss Account except those payable under contractual obligation or normal business practices.


Mar 31, 2010

1. CONTINGENT LIABILITIES IN RESPECT OF: As at 31/03/2010 As at 31/03/2009

Income Tax disputed in Appeal NIL Rs. 21.43 lac

2. PROFESSIONAL FEES

Professional fees are accounted on accrual basis. However, in one of the cases, the Company has accounted professional fees on the basis of bill raised for the future period resulting into over-statement of income by Rs. 32.50 lac. The same practice of accounting will be followed till the expiry of such agreement.

3. EMPLOYEES BENEFIT

The Company has not provided gratuity on the basis of actuarial valuation as required by Accounting Standard 15 (revised). We are unable to quantify the effect on profits / loss, if any, had such gratuity been provided on the basis of actuarial valuation.

4. LOANS AND ADVANCES

Rs. Nil {Previous Year Rs.15.54 lac) due from a Company where directors of the company are interested.

5. SUNDRY DEBTORS

Rs.25.331 lac (Previous Year Rs.25.83 lac) is considered doubtful of recovery. No provision is made for the same. Current year Nil (Previous year Rs. 9.86 Lacs is due from the private companies where the Directors are interested

6. Confirmation letters are being obtained from some of the debtors, creditors, certain loans taken and for certain bank accounts and loams and advances given. Hence, the balances of these accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

7. INVESTMENT HELD UNDER STOCK IN TRADE

The Investments ate shown as Stock-in-Trade and valued at cost or market /realization value whichever is lower. The Book Value of quoted and un-quoted investments is Rs.6.47 lac, Rs.456.20 lac, respectively (previous year Rs.12.64 lac, Rs.451.52 lac). The Market/realisable value of quoted and un-quoted investments are Rs. 11.44 lac and Rs.453.04 lac respectively. Loss of Rs.0.45 lac has been provided on account of fall in market price of quoted investments.

8. AMOUNT DUE TO SME

The Company does not owe any sum payable to Creditors registered under Micro, Small and Medium Enterprises Development Act, 2006.

9. In the opinion of the Board of Directors, Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

10. RELATED PARTY DISCLOSURE

Related party disclosure as required by Accounting Standard No.18 is given below :

List of related parties and the transactions taken place during the year:

11. No personal expenses have been debited to Profit and Loss Account except those payable under contractual obligation or normal business practices.

12. Previous years figures are regrouped/rearranged wherever found necessary.

 
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