Mar 31, 2014
1. BASIS OF PREPERATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared in accordance with
generally accepted accounting principles in India. The company has
prepared these financial statements to comply in all material respects
with the notified accounting standard by Companies (Accounting
Standards) Rules, 2006 (as amended) and the relevant provisions of the
Companies Act, 1956 (as amended) to the extent applicable read with the
circular 15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013 and as per
the guidelines issued by the Reserve Bank of India (RBI) as applicable
to a Non Banking Finance Company(NBFC). The financial statements have
been prepared under the historical cost convention on an accrual basis
except as otherwise stated elsewhere. The accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year, except for the change in presentation and
disclosure of financial statements explained below.
2 a. Reconcilation of the shares outstanding at the beginning and at
the end of the reporting period
The Company has neither issued nor bought back any shares during the
financial year, hence there is no change in number of shares
outstanding at the beginning & end of the year.
b. Terms / rights attached to equity shares
The Company has only equity shares having a par value of Rs.10/- per
share. Each holder of equity share is entitled to one vote per share
and the dividend if proposed by the Board of Directors and approved by
the shareholders in the ensuing Annual General.
c. The Company is not a subsidiary company.
d. The Company has neither issued any bonus shares nor allot any
shares pursuant to contract without payment received in cash nor bought
back any shares during the financial year and in immediately preceding
five financial years.
f. There is no Shares reserved for issue under options.
g. There is no convertible securiities outstanding at the end of the
reporting period.
Note 3
EMPLOYEE BENEFITS
During the year the company has only one employee,hence Leave
Encashment and Gratuity benefits at the undiscounted amount are charged
off during the previous year in which the employee has rendered
service.
4. Based on the information available with the company, the balance
due to Micro, Small and Medium Enterprises as defined under the "The
Micro, Small and Medium Enterprises Development Act,2006" is rupees
Nil.
5. There is no small-scale industrial undertaking to whom the company
owes amount outstanding for more than 30 days as at March 31, 2014.
6. The Company has received the certificate from Reserve Bank of India
for registration as non-banking financial company as non-deposit taking
company vides certificate no. 05.00237 dated 20-02-1998.
7. The board of director''s of the company has passed a resolution for
non acceptance of deposit and consequently the company has not accepted
any public deposit during the year under reference.
8. The company has transferred 20% of net profit i.e., Rs 55,793/- to
reserve fund as required u/s 45 IC of Reserve Bank of India Act, 1934.
9. Under the provision of Non-Banking Financial (Non- Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, 2007, the company has made Contingent Provision against
Standard Assets @ 0.25% of the standard assets as at 31.03.2014.
10. Previous year''s figures have been regrouped/rearranged, wherever
considered necessary.
11. The company has adopted AS-22 " Accounting for Taxes On Income"
notified in terms of the company (Accounting Standards) Rules,2006 as
amended. The company has not recognised deferred tax assets as at
31.03.2014 due to uncertainity of future taxable income against which
the same can be adjusted. The company has no deferred tax liability as
on 31.03.2014.
12. Schedules to Balance Sheet of a non deposit taking non-banking
financial company as required in terms of paragraph 13 of non-banking
financial (non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directions, 2007.
Notes :
1. As defined in Paragraph 2 (I) (xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,1998.
2. Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
3. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of Investments and other Assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted Investments and break-up/fair value/NAV in respect of
unquoted Investments should be disclosed irrespective of whether they
are classified as long term or current in column(4) above.
Mar 31, 2013
BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared in accordance with
generally accepted accounting principles in India. The company has
prepared these financial statements to comply in all material respects
with the notified accounting standard by Companies (Accounting
Standards) Rules, 2006 (as amended) and the relevant provisions of the
Companies Act, 1956 and the guidelines issued by the Reserve Bank of
India (RBI) as applicable to a Non Banking Finance Company(NBFC). The
financial statements have been prepared under the historical cost
convention on an accrual basis except as otherwise stated elsewhere.The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year, except for the
change in presentation and disclosure of financial statements explained
below.
1. Based on the information available with the company, the balance
due to Micro, Small and Medium Enterprises as defined under the "The
Micro, Small and Medium Enterprises Development Act,2006" is rupees
Nil.
2. There is no small-scale industrial undertaking to whom the company
owes amount outstanding for more than 30 days as at March 31, 2013.
3. The Company has received the certificate from Reserve Bank of
India for registration as non-banking financial company as non- deposit
taking company vides certificate no. 05.00237 dated 20-02-1998.
4. The board of director''s of the company has passed a resolution for
non acceptance of deposit and consequently the company has not accepted
any public deposit during the year under reference.
5. The company has transferred 20% of net profit i.e., Rs 26,766/- to
reserve fund as required u/s 45 IC of Reserve Bank of India Act, 1934.
6. Under the provision of Non-Banking Financial (Non- Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, 2007, the company has made Contingent Provision against
Standard Assets @ 0.25% of the standard assets as at 31.03.2013.
7. Previous year''s figures have been regrouped/rearranged, wherever
considered necessary.
8. Schedules to Balance Sheet of a non deposit taking non-banking
financial company as required in terms of paragraph 13 of non- banking
financial (non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directions, 2007.
Mar 31, 2012
Note"1"
BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared in accordance with
generally accepted accounting principles in India. The company has
prepared these financial statements to comply in all material respects
with the notified accounting standard by Companies (Accounting
Standards) Rules, 2006 (as amended) and the relevant provisions of the
Companies Act, 1956 and the guidelines issued by the Reserve Bank of
India (RBI) as applicable to a Non Banking Finance Company(NBFC). The
financial statements have been prepared under the historical cost
convention on an accrual basis except as otherwise stated elsewhere.
The accounting policies have been consistently applied by the Company
and are consistent with those used in the previous year, except for the
change in presentation and disclosure of financial statements explained
below.
a. Reconcilation of the shares outstanding at the beginning and at the
end of the reporting period
The Company has neither issued nor bought back any shares during the
financial year, hence there is no change in number of shares
outstanding at the beginning & end of the year.
b. Terms/rights attached to equity shares
The Company has only equity shares having a par value of Re. 10/- per
share. Each holder of equity share is entitled to one vote per share
and the dividend if proposed by the Board of Directors and approved by
the shareholders in the ensuing Annual General.
c. The Company is not a subsidiary company.
d. The Company has neither issued any bonus shares nor allot any
shares pursuant to contract without payment received in cash nor bought
back any shares during the financial year and in immediately preceding
five financial years.
EMPLOYEE BENEFITS
As per Accounting standard 15 "Employees Benefits" the disclosures of
employee benefits as defined in the Accounting Standard are given
below:
Defined Benefit Plan
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
VI. Actuarial assumptions
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment
market. The above information is certified by the actuary.
The expected rate of return on plan assets is determined considering
several applicable factors mainly, the composition of plan assets held,
assessed risks, historical results of return on plan assets and the
Company's policy for plan assets management.
During the year Company has withdrawn from the Group gratuity Fund
facility availed by it on resignation of all its employee except one.
RELATED PARTY DISCLOSURES
As per Accounting Standard 18 issued by the Institute of Chartered
Accountants of India, disclosures in respect of "Related Parties" are
as follows:
List of related parties and relationships
a) Name of related parties Relationship
Vintage Capital Markets Ltd : Associated Concern
Century Aluminium Mfg. Co. Ltd : Associated Concern
b) Key Management Personnel & their relatives
i) Shri Vijay Kumar Mohatta : Non-Executive
Director
Relatives of Shri Vijay Kumar Mohatta
Satyam Mohatta : Wife
Nandini Sutodia : Daughter
Suhashini Baheti : Daughter
Molushree Jhunjhunwala : Daughter
ii) Shri Rahul Sarda : Non Executive &
Independent
Director
Relatives of Shri Rahul Sarda
Sangeeta Sarda : Wife
Raghav Sarda : Son
Ragini Sarda : Daughter
Ravi Sarda : Father
Chitra Sarda : Mother
iii) Shri Sanjay Modi : Non Executive &
Independent
Director
Relatives of Shri Sanjay Modi
Sarita Modi : Wife
Shaurya Modi : Son
Maurya Modi : Son
Savitri Devi Modi : Mother
iv) Shri Laxmikant Parwa : Non Executive &
(w.e.f. 22.09.2011) Independent
Director
Relatives of Shri Laxmikant Parwa
Premlata Parwa : Wife
Srikant Parwa : Son
Saloni Parwa : Daughter
Ratna Devi Parwa : Mother
v) Shri Bhanwar Lal Rathi : Non Executive &
(upto 09.11.2011) Promoter Director
Relatives of Shri Bhanwar Lal Rathi
Anita Rathi : Wife
Harshit Rathi : Son
Arpit Rathi : Son
Kamala Devi Rathi : Mother
Murlidhar Rathi : Father
vi) Shri Subrata Roy : Company Secretary &
(w.e.f. 15.06.2011) Manager Finance
Note "2"
PREVIOUS YEAR FIGURES
The Company was using pre-revised Schedule VI to the Companies Act
1956, for preparation and presentation of its financial statements till
the year 31st March,2011. During the year ended 31st march,2012, the
revised schedule VI notified under the Companies Act, 1956, has become
applicable to the company. The Company has reclassified previous year
figures to conform to this year's classification. The adoption of
revised schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. However,
it significantly impacts presentation and disclosures made in the
financial statements, particularly presentation of balance sheet.
3. Based on the information available with the company, the balance
due to Micro, Small and Medium Enterprises as defined under the "The
Micro, Small and Medium Enterprises Development Act,2006" is rupees
Nil.
4. There is no small-scale industrial undertaking to whom the company
owes amount outstanding for more than 30 days as at 31st March, 2012.
5. The Company has received the certificate from Reserve Bank of
India for registration as non-banking financial company as non-deposit
taking company vides certificate no. 05.00237 dated 20-02-1998.
6. The board of director's of the company has passed a resolution for
non acceptance of deposit and consequently the company has not accepted
any public deposit during the year under reference.
7. Due to loss incurred by the company, the company has not
transferred any amount to reserve fund as required u/s 45 IC of Reserve
Bank of India Act, 1934.
8. Under the provision of Non-Banking Financial (Non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, 2007, the company has made Contingent Provision against
Standard Assets @ 0.25% of the standard assets as at 31st March, 2012.
9. Schedule to Balance Sheet of a non deposit taking non-banking
financial company as required in terms of paragraph 13 of non-bankina
financial (non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directions. 2007.
Particulars As at As at
31st March, 2012 31st, March 2012
Rs. in ('000) Rs. in('000)
Amount Outstanding Amount Overdue
Liabilities Side:
1. Loans & Advances
availed by the non-
banking financial
company inclusive of
interest occurred
thereon but not paid :
a. Debentures :
Secured NIL NIL
Unsecured NIL NIL
(Other than faling
within the meaning
of public deposits*)
b. Deferred Credits NIL NIL
c. Term Loans NIL NIL
d. Inter-Corporate
Loans & Borrowings NIL NIL
e. Other Loans
(specify nature) NIL NIL
* Please see note 1 below
Assets Side: Amount outstanding
(Rs. in '000)
2. Break-up of Loans
& Advances including
bills receivables
(other than those
included in (4)
below) :
a. Secured NIL
b. Unsecured 4,281.12
3. Break-up of
Leased Assets
and stock on hire
and other assets
counting towards
AFC activities :
i. Lease assets
including lease
rentals under
sundry debtors
a. Financial Lease NIL
b. Operating Lease NIL
ii. Stock on hire
including hire
charges under
sundry debtors
a. Assets on hire NIL
b. Repossessed
Assets NIL
iii. Other loans
counting towards
AFC activities
a. Loans where
assets have been
Repossessed NIL
b. Loans other than
(a) above NIL
4. Break-up of
Investments :
Current
Investments
1. Quoted :
i. Shares
a. Equity NIL
b. Preference NIL
ii. Debentures
and Bonds NIL
iii. Units of
Mutual Funds NIL
iv. Government
Securities NIL
v. Others
(Please
specify) NIL
2. Unquoted :
i. Shares
a. Equity NIL
b. Preference NIL
ii. Debentures
and Bonds NIL
iii. Units of
Mutual Funds NIL
iv. Government
Securities NIL
v. Others
(Please
specify) NIL
Amount outstanding
(Rs. in '000)
Long Term Investments
1. Quoted :
i. Shares
a. Equity (refer
note 11 of the
Balance Sheet) 12,084.71
b. Preference NIL
ii. Debentures
and Bonds NIL
iii. Units of
Mutual
Funds NIL
iv. Government
Securities NIL
v. Others (Please
specify) NIL
2. Unquoted:
i. Shares
a. Equity
(refer note
11 of the
Balance
Sheet) 23,820.22
b. Preference NIL
ii. Debentures and
Bonds NIL
iii. Units of Mutual
Funds NIL
iv. Government
Securities NIL
v. Others
(Please
specify) NIL
7. Other Information : Rs. in ('000)
Particulars Amount
i. Gross Non-Performing Assets
a. Related Parties NIL
b. Other than related Parties NIL
ii. Net Non-Performing Assets
a. Related Parties NIL
b. Other than related Parties NIL
iii. Assets acquired in
satisfaction of debt NIL
Notes :
1. As defined in Paragraph 2 (I) (xii)of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
2. Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
3. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of Investments and other Assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted Investments and break-up/fair value/NAV in respect of
unquoted Investments should be disclosed irrespective of whether they
are classified as long term or current in column(4) above.
Mar 31, 2011
A) The Company has received the certificate from Reserve Bank of India
for registration as non-banking financial company as non-deposit taking
company vides certificate no. 05.00237 dated 02-12-1998.
B) The Board of director's of the company has passed a resolution for
non acceptance of deposit and consequently the company has not accepted
any public deposit during the year under reference.
C) Based on the information available with the company, the balance due
to Micro, Small and Medium Enterprises as defined under the ÃThe Micro,
Small and Medium Enterprises Development Act,2006Ã is rupees Nil.
D) There is no smallÃscale industrial undertaking to whom the company
owes amount outstanding for more than 30 days as at March 31, 2011.
E) i) Due to loss incurred by the company, the company has not
transferred 20% of the net profit to reserve fund as required u/s 45
IC.
ii) Under the provision of Non-Banking Financial (Non-Deposit Accepting
or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007,
the company has made Contingent Provision against Standard Assets @
0.25% of the standard assets as at 31.03.2011.
F) Debtors, Creditors and Advances are as per books maintained by the
company and are subject to confirmation. In the opinion of the
directors, current assets, loans and advances have the value at which
they are stated in the Balance Sheet, if realized in the ordinary
course of business.
G) Deferred Tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable-
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets, including assets arising from loss carried forward, are not
recognized unless there is virtual certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
H) Related party disclosures in accordance with the Accounting Standard
18 issued by the Institute of Chartered Accountants of India.
a) Names of Related party
SL NAME OF RELATED PARTY RELATIONSHIP
NO.
1 VINTAGE CAPITAL ASSOCIATE CONCERN
MARKETS LTD
2 CENTURY ALUMINIUM ASSOCIATE CONCERN
MFG. CO. LTD.
b) Key Management Personnel & their relatives
(i) Shri Vijay Kumar Mohatta Managing Director
Relatives of Shri Vijay
Kumar Mohatta
a) Satyam Mohatta à Wife
b) Nandini Sutodia à Daughter
c) Suhashini Baheti à Daughter
d) Molushree Jhunjhunwala Ã
Daughter
ii) Shri Bhanwar Lal Rathi Non Executive & Promoter Director
Relatives of Bhanwar Lal Rathi
a) Anita Rathi à Wife
b) Harshit Rathi à Son
c) Arpit Rathi à Son
d) Kamala Devi Rathi à Mother
e) Murlidhar Rathi à Father
iii) Shri Rahul Sarda Non Executive & Independent Director
Relatives of Rahul Sarda
a) Sangeeta Sarda à Wife
b) Raghav Sarda à Son
c) Ragini Sarda à Daughter
d) Ravi Sarda à Father
e) Chitra Sarda à Mother
iv) Sanjay Modi Non Executive & Independent Director
Relatives of Sanjay Modi
a) Sarita Modi à Wife
b) Shaurya Modi à Son
c) Maurya Modi à Son
d) Savitri Devi Modi à Mother
I) As per Accounting standard 15 ÃEmployees Benefitsà the disclosures
of employee benefits as defined in the Accounting Standard are given
below:
Defined Benefit Plan
The employees' fund scheme managed by a Trust is a defined benefit
plan. The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
J) The Hon'ble Court of the City Civil Judge at Bangalore has ordered
in favour of Company for vacating the possession of the property by the
tenant. No rent income is accounted since April 2009 as per non-banking
financial non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directions, 2007 it will recognized on receipt basis.
N) Salary includes a sum of Rs. 421,000 paid to Managing Director.
O) As required under part IV of the schedule of the Companies Act,
1956, the company's profile is given in the Annexure-A.
P) Schedules to Balance Sheet of a non deposit taking non-banking
financial company as required in terms of paragraph 13 of non-banking
financial (non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directions, 2007 is attached herewith.
Q) Previous year figures have been re-grouped and re-arranged, wherever
considered necessary.
Mar 31, 2010
A. The Company has received the certificate from Reserve Bank of India
for registration as non-banking fianncial company as non-deposit taking
company vide certificate no. 05.00237 dated 02.12.1998.
B. The Board of Directors of the company has passed a resolution for
non acceptance of deposit and consequently the company has not accepted
any public deposit during the year under reference.
C. Based on the information available with the company, the balance
due to Micro, Small and Medium Enterprises as defined under the "The
Micro, Small and Medium Enterprises Development Act, 2006" is rupees
Nil.
D. There is no small - scall industrial undertaking to whom the
company owes amount outstanding for more than 30 days as at March 31,
2010.
E. Due to loss incurred by the company, the company has not
transferred 20% of the net profit to reserve fund as required u/s 45
IC.
F. Debtors, Creditors and Advances are as per books maintained by the
company and are subject to confirmation. In the opinion of the
directors, current assets, loans and advances have the value at which
they are stated in the Balance Sheet, if realized in the ordinary
course of business.
G. Deferred Tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between
taxable-income and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods. Deferred tax
assets, including assets arising from loss carred forward, are not
recognized unless there is virtual certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
H. Related party disclosures in accordance with the Accounting
Standard 18 issued by the Institute of Chartered Accountants of India.
a) Names of Related party
SL NO. NAME OF RELATED PARTY RELATIONSHIP
1 VINTAGE CAPITAL MARKETS LTD ASSOCIATED CONCERN
b) Key Management Personnel & their relatives
(i) Shri Vijay Kumar Mohatta : Managing Director
Relatives of Vijay Kumar Mohatta
a) Satyam Mohatta - wife
b) Nandini Sutodia - Daughter
c) Suhasini Baheti - Daughter
d) Molushree Jhunjhunwala - Daughter
(ii) Shri Bhanwar Lal Rathi : Non Executive &
Promoter Director
Relatives of Bhanwar Lal Rathi
a) Anita Rathi - Wife
b) Harshit Rathi - Son
c) Arpit Rathi - Son
d) Kamala Devi Rathi - Mother
e) Murlidhar Rathi - Father
(iii) Shri Rahul Sarda : Non Executive &
Independent
Director
Relatives of Rahul Sarda
a) Sangeeta Sarda - Wife
b) Raghav Sarda - Son
c) Ragini Sarda - Daughter
d) Ravi Sarda - Father
e) Chitra Sarda - Mother
(iv) Shri Sanjay Modi : Non Executive &
Independent
Director
Relatives of Sanjay Modi
a) Sarita Modi - Wife
b) Shaurya Modi - Son
c) Maurya Modi - Son
d) Savitri Devi Modi - Mother
I. As per Accounting standard 15 "Employees Benefits" the disclosures
of employee benefits as defined in the Accounting Standard are given
below :-
Defined Benefit Plan
The employees fund scheme managed by a Trust is a defined benefit
plan. The present value of obligation is determined based on acturial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
The estimates of rate of escalation in salary considered in acturial
valuation, take into account inflation, seniority, promotion and the
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
The expected rate of return on plan assets is determined considering
several applicable factors mainly, the composition of plan assets held,
assessed risks, historical results of return on plan assets and the
Companys policy for plan assets management.
J. The Company had made a provision of Rs. 15,200/- against the rent
receivable for the earlier year due to non-reciept of the same & Rs.
86,906 due from Rashmi Vypaar Pvt. Ltd against interest amount of
earlier years. For the current year, no rent income have been
recognized as in the opinion of the management, the recovery is
uncertain. The matter is sub-judice.
K. Particulars in respect of Opening Stock, Purchase, Sale and Closing
Stock of Inventory :
L. Salary includes a sum of Rs. 430,000 paid to Managing Director.
M. As required under part IV of the schdule of the Companies Act, 1956
the companys profile is given in the Annexure - A.
N. Schedules to Balance Sheet of a non deposit taking non-banking
financial company as required in terms of paragraph 13 of non-banking
financial (non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directors, 2007 is attached herewith.
O. Previous year figures have been re-grouped and re-arranged,
wherever considered necessary.
Notes:
1. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in column (5) above.