Mar 31, 2015
NOTE 1 BACKGROUND:
Vibrant Global Capital Limited ('the Company') is registered as a Non-Banking Financial Company ('NBFC') as defined under Section 45-lA of the Reserve Bank of India Act, 1934. The Company is principally engaged in lending and investing activities. During the year, the company has made an initial public offer of 30 lakhs shares & the company has been listed in Bombay Stock Exchange (BSE)- SME Platform on 21st October 2014.
NOTE 2 CONTINGENT LIABILITIES
Contingent Liability NIL NIL
NOTE 3 SHARE CAPITAL
a) Terms and Rights attached to Equity Shares
i. The Company has only one class of Equity Shares having a par value of Rs.10 per share. Each holder of Equity Shares is entitled to one vote per share except Vibrant Global Infraproject Pvt. Ltd and Vibrant Global Trading Pvt. Ltd. as the Company is holding company of these companies. As per the provisions of Section 19(1) of Companies Act,2013, these shareholders will not have voting rights at the meetings of Vibrant Global Capital Ltd.
ii. They are also entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
iii. In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their share holding.
NOTE 4 In the opinion of the Board Current Assets. Loans and Advances have a realisable value at an amount at which they are stated in the balance sheet, if realised in the ordinary course of business.
NOTE 5 The stock of shares is valued at lower of cost or net realisable value whichever is less. Cost is ascertained on FIFO basis.
NOTE 6 Initial Public Offer
i) During the year, the company has made an Initial Public Offer (IPO) through Book Building process of 3,000,000 numbers of Equity Shares @ Rs.10/- each. The equity shares have been priced and allotted at Rs.19/- per equity share. (Including Share premium at Rs.9/- per equity share) The company has raised Rs.5.70 crore out of the IPO. The equity shares offer to the public have been allotted on 17th October 2014 and have been listed in the Bombay Stock Exchange (BSE) - SME Platform on 21st October 2014. Accordingly issued and paid up share capital has increased from R5.19.91 crore to Rs.22.91 crore and an amount of Rs.2.28 crore (Net of Issue expenses of Rs.0.42 crore) has been credited to securities premium account. The proceeds of the issue (net of issue expenses) are being utilized for the purpose mentioned in the prospectus.
NOTE 7 Long term loans and advances includes Rs. 58 Lakhs being part payment made for purchase of property. The company has filed a suit in the High Court of Judicature at Mumbai for specific performance of this agreement for purchase.
NOTE 8 The Company has borrowed interest free loan from certain corporate entities. Opening balance of such borrowings is Rs. 43,53,90,000/- and further accepted loan during the year is Rs. 13,86,50,000/-. Closing balance of such loan is Rs. 17,40,00,000/-.
NOTE 9 The Company has granted interest free loan to certain corporate entities. Opening balance of such loan is Rs.14,19,37,500/- and further grant of loan during the year is Rs, 8,57,77,500/-. Closing balance of such loan is Rs. 4,24,50,000/-.
Similarly, the Company has alos granted interest free loan to certain non-corporate entities. Opening balance of such loan is Rs. 2,85,09,155/- and further grant of loan during the year is Rs. 3,70,00,000/-. Closing balance of such loan is Rs. 1,66,75,000/-. Out of this, Rs. 29,25,000/- is classified as Sub-Standard Asset.
NOTE 10 RELATED PARTY DISCLOSURE-AS-18
According to the Accounting Standard 18 (Related Party Disclosure) issued by the Institute of Chartered Accountants of India, the disclosure of transactions with the related parties as defined in the Accounting Standard are given as per Annexure I attached.
NOTE 11 SEGMENT REPORTING - AS - 17
According to the Accounting Standard 17 (Segment Reporting) issued by the Institute of Chartered Accountants of India, the disclosure of reportable segments as defined in the Accounting Standard are given as per Annexure II attached.
DISCLOSURE REQUIREMENT AS PER AS-18 : RELATED PARTY DISCLOSURE (01.04.2014 TO 31.03.2015)
List of related parties and relationship
Sr.No NAME OF THE RELATED PARTIES Relation
1 Vaibhav Vinod Garg
2 Vinod Ramnwos Garg
3 Rahul Ramesh Bagdia
4 Harsh Raj kumar Metiadra
5 DipitShanna Key Management Personnel
6 Nitai shrivas (retired on 05 09.14)
7 Lokesh Jain (retired on 10 09.14)
8 Kartik Jain (retired on 05 09.14)
1 Vibrant Global Infraproject Pvt Ltd
2 Vibrant Global Taring Pvt Ltd Subsidiary
1 Vibrant Global Salt Pvt Ltd
2 Vibrant Global Vidyut Pvt Ltd Associate 3 Tapaoa Polyesteis Pvt Ltd.(ceases to be associate on 31.03.15)
1 Val Pack Solutions Private Ltd
2 Lokesh Industrial Services Pvt Lid (coasts to have significant influence Enterprises on which on 05.09.14) Key Management Personnel along with 3 Lokesh Motalbcs (ceases to have Relatives Have significant influence on 05.09.14) Significant Influence
1 Precision Ispat Pvt Ltd
2 Allyis India Pvl Lid
3 Interior Vibrant Stool Private Limited
4 Vibrant Global Broking (India) Enterprise on which Pvt Ltd Key Management Personnel Have 5 Vibrant Global Housing Finance Control Pvl Ltd
6 Lokesh lnlrapro
1 Huai Kamam
2 Riddhima Garg Relatives or Key Management Personnel 3 Govmd Narayan Garg