Mar 31, 2015
NOTE 1 : LONG TERM LOANS AND ADVANCES
(1) Presently, the Company is involved in Marketing of Mutual Funds.
It is not involved in any NBFC Activity. Therefore, in the opinion of
the Management, relevant provision involving NBFC activity is not
applicable.
(2) Other Loans includes 40,00,000/- [P.Y. 40,00,000/-] which is
sub-judice and pending final outcome of the claim preferred by the
Company, no additional write off/provisioning is considered necessary.
Further, the Company has been allotted fully paid equity shares at par
against other loans of 66,90,001/- outstanding as at April 01, 2014,
which was a related subject matter of the aforesaid sub-judice loan.
Since the Company plans to dispose off the shares allotted against the
loan amount in the near future, the same has been classified as
Stock-in-Trade.
(3) Advances to related parties have been duly confirmed by the
concerned related parties.
(4) In the opinion of the Management, the Long Term Loans and Advances
are stated at amounts which are fully recoverable.
NOTE 2 : OTHER NON-CURRENT ASSETS
- Against the Long Term Trade Receivables of Rs 64,82,240/ - due from a
party outstanding as at April 01, 2014 [which was a related subject
matter of an advance amount of 40,00,000/- against which the Company
has preferred a claim and the matter is sub-judice], the Company has
been allotted fully paid equity shares at par. Since the Company plans
to dispose off the shares allotted in the near future, the same has
been classified as Stock-in-Trade.
NOTE 3 : INVENTORIES
(1) Stock-in-Trade is valued at lower of cost or net realizable value.
The net realizable value has been taken as the Fair Market Value,
determined on the basis of Rule 11U and 11UA of the Income Tax Rules.
However, where the Fair Market Value of unquoted shares is not readily
available, the same has been taken at the cost price. In the opinion
of the Management, there would be no diminution in the value of such
shares held as Stock-in-Trade and the amount realizable would not be
lower than the cost price.
(2) M/s. Innovative Capital Strategies Private Limited is classified
as an Associate Company as per Section 2(6) of the Companies Act,
2013, since more than 20% of the Equity Share Capital of the Entity is
held by the Company. However, in the opinion of the Management, since
the same are held as Stock-in-Trade and would be disposed off in the
near future, consolidation of the accounts of the said Entity would
not be required as per Clause 7 of Accounting Standard 23.
NOTE 4 : CASH AND CASH EQUIVALENTS
- Certain balance lying in Dormant Banking Accounts aggregating to
2,48,569/- [P.Y. 2,48,569] has not been adjusted/ written off, pending
final outcome of the appeal preferred by the Company against the
erstwhile Bank of Rajasthan Limited [since taken over by ICICI Bank
Limited]
(5) CONTINGENT LIABILITIES
(Rs/000s)
SI. Particulars As On As On
No. March 31, 2015 March 31, 2014
1. Contingent Liabilities [not -- --
provided for] in respect of
claims against the Company not
acknowledged as debts
2. Estimated amount of contracts -- --
remaining to be executed on
Capital Account
[Net of Advances]
(6) Pursuant to the orders of the Hon'ble High Court dated June 14,
1999 and the Debts Recovery Tribunal-I, Kolkata dated December 06,
1999, no further amounts are payable by the Company to ICICI Bank
Limited [formerly Bank of Rajasthan Limited]. The Hon'ble High Court
vide its order dated June 14, 1999 directed the Company to collect all
balance lease rentals. ICICI Bank Limited [formerly Bank of Rajasthan
Limited] has filed an Appeal on February 21, 2000 challenging the
order dated June 14, 1999. No stay has yet been obtained although the
final result of the Appeal is awaited. Therefore, in the opinion of
the Management no provision is considered necessary, since no further
amounts are payable by the Company to ICICI Bank Limited [formerly
Bank of Rajasthan Limited].
(7) Balances of Sundry Creditors, Deposits, certain Bank Accounts and
Advances are subject to confirmation and reconciliation. However, in
the opinion of the Management, all the Loans and Advances are
considered good and recoverable.
(8) No provision for Current Income Tax [including Minimum Alternate
Tax] has been made in view of the Carried Forward Losses, including
unabsorbed Depreciation.
(9) Based on the information/ documents available with the Company,
there are no dues to Micro, Small and Medium Enterprises as defined in
the Micro, Small and Medium Enterprises Development Act, 2006 as at
March 31, 2015.
(10) Impairment/Loss of Assets ~ Since the Company does not have any
significant Assets, the provisions of AS 28 relating to impairment of
Assets is not applicable for the relevant year. Also, in the opinion
of the Management, the Current Assets, Loans and Advances are fully
recoverable and no Losses are anticipated.
(11) There have been no Earnings or Expenses in Foreign Currency
during the relevant year.
Mar 31, 2014
1) Presently, the company is involved in Marketing of Mutual Fund .It
is not involved in any NBFC activity. Therefore, in the opinion of the
management, relevant provision involving NBFC activity is not
applicable.
2) Other loans includes Rs.40,00,000/- (Previous Year Rs.40,00,000/-) which
is sub-judice, and pending the final outcome of the claim preferred by
the Company. No additional write off/provisioning is considered
necessary at present. Other loan also includes an amount of
Rs.66,90,001/- (Previous Year Rs.66,90,001) due from another party, which
is a related subject matter of the aforesaid sub-judice loan against
which the Company has preferred a claim. Pending outcome of the
sub-judice claim, no additional write off/provisioning is considered
necessary at present for this loan amount also. Against the said two
loan amounts an aggregate amount of Rs.46,70,000/- has already been
provided in the books
3) Advances to related parties have been duly confirmed by the
concerened related parties.
4) In the opinion of the Management, the long term loans and advances
are stated at amounts which are fully recoverable.
NOTE 5 : CONTINGENT LIABILITIES (Amount in Rupees)
Sl.
No. Particulars As On As On
March 31, 2014 March 31, 2013
1. Contingent Liabilities (not
provided for) in respect of Claims
against the Company not acknowledged
as Debts NIL NIL
The Company is contingently liable along with VCK Investments Private
Limited for the Corporate Guaran- tee given to J.M. Financial Products
Limited for the Term Loan Facility of Rs.10,00,00,000/- (Rupees Ten
Crores Only) (Previous Year Rs.10,00,000,00/-) taken by VCK Share & Stock
Broking Services Ltd.
2. Estimated Amount of Contracts remaining to be executed on NIL NIL
Capital Account (Net of Advances)
6. Pursuant to the orders of the Hon''ble High Court dated June14,1999
and the Debts Recovery Tribunal -I Kolkata dated December 06,1999 no
further amounts are payable by the Com- pany to ICICI Bank Ltd
(Formerly known as The Bank of Rajasthan Ltd ) The Hon''ble High Court
vide its Order dated June 14, 1999 directed the Company to collect all
balance lease rentals. The ICICI Bank Ltd (Formerly Bank of Rajasthan
Ltd) has filed an Ap- peal on February 21, 2000 challenging the Order
dated June 14, 1999. No stay has yet been obtained although the final
result of the appeal is awaited. Therefore, in the opinion of the
Manage- ment no Provision is considered necessary since no further
amounts are payable by the Company to The Bank of Rajasthan Limited.
7. Balances of Sundry Creditors, Deposits, certain Bank accounts and
Advances are subject to confirmation and reconciliation. However, in
the opinion of the Management, all the loans and advances are
considered good and recoverable.
8. No provision for current income tax (including Minimum Alter- nate
Tax) has been made in view of the carried forward losses, including
unabsorbed depreciation.
9. Based on the information/documents available with the com- pany,
there are no dues to Micro, Small and Medium Enterprises as defined in
the Micro, Small and Medium Enterprises Develop- ment Act, 2006 as at
March 31, 2014.
10. Impairment/loss of Assets  Since the Company does not have any
significant assets other than freehold Land, the provisions of AS 28
relating to impairment Assets is not applicable for the rele- vant
year. Also, in the opinion of the Management, the current assets, loans
and advances are fully recoverable and no losses are anticipated.
11. Since investments in shares are securities are not considered as
goods, quantitative information thereof are not given.
12. There have been no earnings or expenses in foreign currency during
the relevant year.
13. Previous year''s figures have been regrouped and rearranged
wherever necessary.
14. Figures have been rounded off to the nearest thousand rupees.
Mar 31, 2013
NOTE 1 : CONTINGENT LIABILITIES
(Amount in Rupees)
Sl.
No. Particulars As On As On
March 31,
2013 March 31,
2012
1. Contingent Liabilities
(not provided for) in respect
of Claims gainst the Com-
pany not acknowledged as Debts NIL NIL
The Company is contingently liable along with VCK Investments Private
Limited for the Corporate Guarantee given to J.M. Financial Prod- ucts
Limited for the Term Loan Facility of Rs.10,00,00,000/- (Rupees Ten
Crores Only) (Previous Year Rs.10,00,000,00/-) taken by VCK Share & Stock
Broking Services Ltd.
2. Estimated Amount of Contracts remaining to be executed on Capital
Account NIL NIL (Net of Advances)
2. Pursuant to the orders of the Hon''ble High Court dated June14,1999
and the Debts Recovery Tribunal -I Kolkata dated December 06,1999 no
further amounts are payable by the Company to ICICI Bank Ltd (Formerly
known as The Bank of Rajasthan Ltd) The Hon''ble High Court vide its
Order dated June 14, 1999 directed the Company to collect all balance
lease rentals. The ICICI Bank Ltd (Formerly Bank of Rajasthan Ltd) has
filed an Appeal on February 21, 2000 challenging the Order dated June
14, 1999. No stay has yet been obtained although the final result of
the appeal is awaited. Therefore, in the opinion of the Management no
Provision is con- sidered necessary since no further amounts are
payable by the Company to The Bank of Rajasthan Limited.
3. Balance of Sundry Debtors, Sundry Creditors, Deposits, certain
Bank accounts and Advances are subject to confirmation and recon-
ciliation. However, in the opinion of the Management, the sundry
debtors and loans and advances are considered good and recoverable.
4. No provision for current income tax (including Minimum Alternate
Tax) has been made in view of the carried forward losses, including
unabsorbed depreciation.
5. Based on the information/documents available with the company,
there are no dues to Micro, Small and Medium Enterprises as defined in
the Micro, Small and Medium Enterprises Development Act, 2006 as at
March 31, 2013.
6. Impairment/loss of Assets  Since the Company does not have any
significant assets other than freehold Land, the provisions of AS 28
relating to impairment Assets is not applicable for the relevant year.
Also, in the opinion of the Management, the current assets, loans and
advances are fully recoverable and no losses are anticipated.
7. Since investments in shares are securities are not considered as
goods, quantitative information thereof are not given.
8. There have been no earnings or expenses in Foreign Currency during
the relevant year.
NOTE 9 : RELATED PARTY DISCLOSURE
Details of Transactions with Related Parties as per AS 18 :
1. Individuals Exercising Significant Influence : Mr. Madhukar V.
Kampani, Chairman
Mr. Samir Kothari, Managing Director Mr. Hemal Kampani, Director
2. Relatives of the above : None Associated with the Company.
Mr. Hemal Kampani is the son of Mr. Madfhukar V. Kam- pani
3. Entities in which persons listed in 1 and 2 exercise significant
influ- : VCK Share & Stock Broking Services Limited ence VCK Commodity
Services Private Limited
VCK Forex Services Private Limited VCK Investments Private Limited
Note : Related Party Relationship are as identified by the Management
and relied upon by the Auditors''
10. Previous year''s figures have been regrouped and rearranged
wherever necessary.
11. Figures have been rounded off to the nearest thousand rupees.
Mar 31, 2012
Provident Fund contribution are made to the Employees Provident Fund
Scheme of the Government of India. The Company does not have
Superannuation Pension Plan since the same is covered by contributions
to the Pension Scheme under Employees Provident Fund Act The
Company has not made any in- vestment in Plan Assets towards the
Gratuity Liability.
UNCLAIMED DEPOSIT
Against the amount lying under Unclaimed Public Deposit, an Investors
Education and Protection Fund has been opened. The amount lying in
Investor Education and Protection Fund as on March 31, 2012 is
Rs.45,533/-
In compliance with the Accounting Standard - AS 22 relating to
"Accounting For Taxes on Income" issued by the Institute of Chartered
Accountants of India, the Company has adjusted the Deferred Tax
Liability (Net) a rising out of timing differences for the period up
to March 31, 2012. An amount of Rs.2,474/- has been written back in the
Profit and Loss Account for the year ending March 31, 2012
Income of Rs. Nil (Nil) accrued on the above loans/lease debtors has
not been credited in the accounts as per Reserve Bank of India
guidelines.
As per Reserve Bank of India Guidelines, Loans & Advances and Sundry
Debtors aggregating Rs.76,91,349/- (Previous year Rs.76,91,449/-) and
Rs.63,18,425/- (Previous year Rs.63,17,427/-) respectively are
"Sub-Standard" and Rs.40,00,000 /- and Rs.1,64,811/- are "Doubtful Assets".
Necessary provision on account of the above have been made on doubtful
assets. In the opinion of the management, provision for sub-standard
asset would be made on the final outcome of the negotiations with them.
As per Reserve Bank of India Guidelines, Income on Non-Performing
Assets have only been recognized to the extent realized
Presently, the Company is involved in Marketing of Mutual Fund. It is
not involved in any NBFC activity. So in the opinion of the management,
relevant provision in involving NBFC activity is not applicable.
Pursuant to the Orders of the Honble High Court dated June 14, 1999
and the Debts Recovery Tribunal-1, Kolkata dated December06, 1999, no
fur there amounts are payable by the Company to ICICI Bank Limited
(Formerly known as The Bank of Rajasthan Limited). The Hon'ble High
Court vide its Order dated June 14, 1999 directed the Company to
collect all balance Lease Rentals. ICICI Bank Limited (Formerly Bank of
Rajasthan Limited) has filed an Appeal on February 21, 2000 challenging
the Order dated June 14, 1999. No Stay has yet been obtained although
the final result of the Appeal is awaited. Therefore, in the opinion of
the Management no provision is considered necessary.
NON MOVING BANKACCOUNTS
Certain balance lying in dormant Banking Accounts aggregating
To Rs.2,48,569/- (Previous Year Rs.2,48,569) has not been adjusted/ written
off pending final outcome of the aforesaid appeal
DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES
Based on the information/documents available with the company, there
are no dues to Micro, Small and Medium Enterprises as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 as at March
31,2012.
The Company has income from one Segment (i.e Retail Mobilization
Services) so AS-17 (Segment Reporting) is not applicable.
All expenses are accounted for on an accrual basis, except statutory
payments which are accounted for as and when paid (under Income/
Expenditure Recognition).
As required by the Accounting Standard - AS 18 "Related Parties
Disclosure" issued by "The Institute of Chartered Accountants of India
are as follows".
List of Related Parties with whom transactions have taken place during
the year:
A) CONTROLLING COMPANIES :
None
B) SUBSIDIARY COMPANIES :
None
C) ASSOCIATE COMPANIES :
a) VCK Share & Stock Broking Services Limited
b) VCK Forex Services Private Limited
c) VCK Commodity Services Private Limited
d) VCK Investments Private Limited
D) KEY MANAGEMENT PERSONNEL :
a) Mr. Madhukar V. Kampani
b) Mr. Samir Kothari
c) Mr. Hemal Kampani
CONTINGENT LIABILITIES:
The Company is contingently liable along with VCK Investments Private
Limited for the Corporate Guarantee to J. M. Financial Products Limited
for the Term Loan Facility of Rs.10,00,00,000/-(Rupees Ten Crores only)
taken by VCK Share & Stock Broking Services Limited
ADDITIONAL INFORMATION :{To the extent applicable to the Company}
Shares/Securities are not considered as goods and hence, quantitative
information thereof are not given.
Previous Year's Figures are given in Parenthesis and these have been
regrouped and/or rearranged wherever necessary.
Mar 31, 2011
1. There is a shortfall of Rs. 1,05,84,483/- in the Market Value of
quoted Investments as compared to their book value as on the Balance
Sheet date. Since all these are long term in nature with no permanent
diminution in their values, particularly in view of present market
position, no provision is considered necessary.
2. As per Reserve Bank of India Guidelines, Loans & Advances and
Sundry Debtors aggregating Rs. 76,91,449/- (Previous year Rs.
85,52,779/-) and Rs. 63,17,427/- (Previous year Rs. 63,16,563/-)
respectively are "Sub-Standard" and Rs.40,00,000 /- and Rs. 1,64,811/-
are "Doubtful Assets". Necessary provision in terms of the above
guidelines has been made in the accounts. Necessary legal steps have
been taken by the Company, wherever considered appropriate.
3. DUES TO MICRO SMALL AND MEDIUM ENTERPRISES
Based on the information/documents available with the company, there
are no dues to Micro, Small and Medium Enter- prises as defined in the
Micro, Small and Medium Enterprise Development Act,2006 as at March 31,
2011.
4. Income of Rs. Nil (Nil) accrued on the above loans/lease debtors
has not been credited in the accounts as per Reserve Bank of India
guidelines.
5. As per Reserve Bank of India Guidelines, Income on Non-Performing
Assets have only been recognized to the extent realized.
6. In compliance with the Accounting Standard à AS 22 relating to
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountant of India, the Company has adjusted the Deferred Tax
Liability (net) arising out of timing differences for the period upto
March 31, 2011. Rs. 19,438/- has been written back in the Profit and
Loss Account for the year ending March 31, 2011.
7. The Company has income from one Segment (i.e Retail Mobilization
Services) so AS-17 (Segment Reporting) is not applicable.
8. All expenses are accounted for on an accrual basis, except
statutory payments which are accounted for as and when paid (under
Income/ Expenditure Recognition).
9. (i) Consequent to the Orders of the Hon'ble High Court dated June
14, 1999 and the Debts Recovery Tribunal-I, Kolkata dated December 06,
1999, no further amounts are payable by the Company to ICICI Bank
(erstwhile Bank of Rajasthan Limited). The Hon'ble High Court vide its
Order dated June 14, 1999 directed the Company to collect all balance
Lease Rentals. ICICI Bank (erstwhile Bank of Rajasthan Limited) has
filed an Appeal on February 21, 2000, cha- llenging the Order dated
June 14, 1999, no Stay has yet been obtained although the final result
of the Appeal is awaited. Therefore, in the opinion of the Management
no provision is considered necessary.
(ii) NON MOVING BANK ACCOUNTS
Certain balance lying in dormant Banking Accounts aggregating Rs.
2,48,569/- (Previous year Rs. 2,48,569/-) has not been adjusted /
written off pending final outcome of the aforesaid appeal.
10. UNCLAIMED DEPOSIT
Unclaimed Public Deposit aggregating Rs. 30,000/- (Previous Year Rs.
30,000/-) is in the process of being transferred to the Inves- tor
Education and Protection Fund.
11. As required by the Accounting Standard à AS 18 "Related Parties
Disclosure" issued by "The Institute of Chartered Account- ants of
India are as follows".
List of Related Parties with whom transactions have taken place during
the year:
A) CONTROLLING COMPANIES :
None
B) SUBSIDIARY COMPANIES :
None
C) ASSOCIATE COMPANIES :
a) VCK Share & Stock Broking Services Limited
b) VCK Forex Services Private Limited
c) VCK Commodity Services Private Limited
d) VCK Investments Private Limited
D) KEY MANAGEMENT PERSONNEL :
a) Mr. Madhukar V. Kampani
b) Mr. Samir Kothari
c) Mr. Hemal Kampani
12. ADDITIONAL INFORMATION : {To the extent applicable to the Company}
Shares/Securities are not considered as goods and hence, quantitative
information thereof are not given.
13. Previous Year's Figures are given in Parenthesis and these have
been regrouped and/or rearranged wherever necessary.
Mar 31, 2010
1. There is a shortfall of Rs. 1,03,99,645/- in the Market Value of
quoted Investments as compared to their book value as on the Balance
Sheet date. Since all these are long term in nature with no permanent
diminution in their values, particularly in view of present market
position, no provision is considered necessary.
2. As per Reserve Bank of India Guidelines, Loans & Advances and
Sundry Debtors aggregating Rs. 85,52,779/- (Previous year Rs.
74,14,350/-) and Rs. 63,16,563/- (Previous Year Rs. 63,16,563/-)
respectively are "Sub-Standard" and Rs. 40,00,000/- and Rs. 1,64,811/-
are "Doubtful Assets". Necessary provision in terms of the above
guidelines has been made in the accounts. Necessary legal steps have
been taken by the Company, wherever considered appropriate.
3. DUES TO MICRO. SMALL AND MEDIUM ENTERPRISES
Based on the information/documents available with the Company, there
are no dues to Micro, Small and Medium Enter- prises as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 as at March
31, 2010.
4. Income of Rs. Nil (Nil) accrued on the above loans/lease debtors
has not been credited in the accounts as per Reserve Bank of India
Guidelines.
5. As per Reserve Bank of India Guidelines, Income on Non-Performing
Assets have only been recognized to the extent real- ized.
6. In compliance with the Accounting Standard - AS 22 relating to
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India, the Company has adjusted the Deferred Tax
Liability (net) arising out of timing differences for the period upto
March 31, 2010. Rs. 42,215/- has been written back in the Profit and
Loss Account for the year ending March 31, 2010.
7. The Company has income from one Segment (i.e. Retail Mobilization
Services) so AS-17 (Segment Reporting) is not applica- ble.
8. All expenses are accounted for on an accrual basis, except
statutory payments which are accounted for as and when paid (under
Income/Expenditure Recognition).
9. Consequent upon the Orders of the Honble High Court dated June
14, 1999 and the Debts Recovery Tribunal-I, Kolkata dated December 06,
1999, no further amounts are payable by the Company to The Bank of
Rajasthan Limited. The Honble High Court vide its Order dated June 14,
1999 directed the Company to collect all balance Lease Rentals. The
Bank of Rajast- han Limited has filed an Appeal on February 21,
challenging the Order dated June 14, 1999, no Stay has yet been
obtained although the final result of the Appeal is awaited. Therefore,
in the opinion of the Management no provision is considered necessary.
10. As required by the Accounting Standard - AS 18 "Related Parties
Disclosure" issued by The Institute of Chartered Account- ants of
India are as follows".
List of Related Parties with whom transactions have taken place during
the year:
A) CONTROLLING COMPANIES :
None
B) SUBSIDIARY COMPANIES:
None
C) ASSOCIATE COMPANIES :
None
D) KEY MANAGEMENT COMPANIES :
None
11. ADDITIONAL INFORMATION : {To the extent applicable to the Company}
Shares/Securities are not considered as goods and hence, quantitative
information thereof are not given.
12. Previous Years Figures are given in Parenthesis and these have
been regrouped and/or rearranged wherever necessary. Signature to
Schedule 1 to 13