Mar 31, 2015
1. Contingent Liabilities not provided for in respect of pledge of
certain shares held by the Company in respect of loan availed by third
party amounting to Rs.4723.03 Lacs.
2. The Company has been registered as a Non-Banking Financial Company
with the Reserve Bank of India.
3. In respect of items of Fixed Assets covered by Revaluation as
mentioned in Note 8(a) depreciation has been calculated on their
respective revalued amounts and includes additional charge of
Rs.86,718/ - (previous year Rs.95,884/-)which has been transferred from
Revaluation Reserve, such transfer according to an authoritative
professional view, being acceptable for the purpose of the Company's
financial statements.
4. The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM (US) - 2011 dated 17th January, 2011 has issued direction to
all NBFCs to make provision of 0.25% against standard assets with
immediate effect. Accordingly, the Company has made provision of Rs.
9,38,250/- for the year (previous year provision written back
Rs.7,793/-) against standard assets which has been charged to the
Statement of Profit and Loss.
5. Provision for diminution in the value of Long Term Investments for
unquoted shares is not made in the financial statements as it is not
permanent in nature.
6. Provisions for Non-Performing Assets in Note 4 to the Balance
Sheet includes the following:
7. The Company is engaged in the business of financial services, which
as per Accounting Standard 17 is considered the only reportable
business Segment. The geographical segmentation is not relevant, as the
Company did not have any overseas operations during the year.
8. Information given in accordance with the requirements of Accounting
Standard 18 on Related Party Disclosures issued by the Institute of
Chartered Accountants of India:
A) List of Related Parties
i ) Name of the Key Management Personnel of the Company
a) Non Executive Directors - Mr. Aditya Khaitan
Mr. Amritanshu Khaitan
(Appointed as Additional Director wef 31st March, 2015)
Mr. Deepak Khaitan
(Expired on 9th March, 2015)
Mr. T. R. Swaminathan
Mr. R. S. Jhawar
Mr. K. K. Baheti
Mr. C. K. Pasari
Mr. J Hazarika
Mr. G. Saraf
Ms. N.Khaitan
(Appointed wef19th September, 2014)
b) Manager Mr. S.R.Mundhra
c) Company Secretary Mr. P. Bandyopadhyay
d) Relative of Key Management Personnel Mrs. Krishna Mundhra
e) Enterprise Exercising Significant Influence Williamson Maknam
Limited, U.K
ii) Name of the Company in which Key Management Personnel is interested
Kanta Management Services Private Limited
B) Disclosure of transactions with Key Management Personnel and the
Company in which Ke Management Personnel is having substantial interest
and the status of outstanding amount.
i) Transactions during the year with
iii) Details of remuneration to Key Management Personnel is disclosed
in Note 26.
iv) Amount paid to relative of Key Management Personnel amounting to
Rs. 2,79,600/- (Previous year Rs. 1,90,800/-)
9. The timing difference relating mainly to depreciation and
unabsorbed losses results in net deferred credit as per Accounting
Standard 22 "Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India. As a prudent measure the net deferred
tax asset relating to the above has not been recognized in the
financial statements.
10. As per section135 of the Companies Act 2013, the Company is
required to spend, in every financial year, at least 2% of the average
net profit made during the three immediately preceding financial years.
Since the Company has an average net loss of Rs.15,54,63,867 during the
said period, hence the Company did not spend any amount in Corporate
Social Responsibility activities during the current Financial Year.
11. Previous years' figures have been regrouped / rearranged wherever
necessary.
Mar 31, 2014
1.a) i) 4,78,793 Shares out of the issued and subscribed share capital
were allotted pursuant to a contract without payment received in cash.
ii) 46,76,103 Shares out of the issued and subscribed share capital
were allotted pursuant to the schemes of Amalgamtion without payment
received in cash.
iii) 20,78,825 Shares out of the issued and subscribed share capital
were allotted as Bonus Shares by capitalisation of General Reserve.
b) The shareholders have the right to declare and approve dividends, as
proposed by the Board of Directors for any financial year, to be paid
to the members according to their rights and interest in the profits.
However, no larger dividend shall be declared than is recommended by
the Board of Directors.
c) In the event of liquidation of the Company, the holders of Equity
Shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of Equity Shares held
by the shareholders.
*Note: Created in accordance with the Reserve Bank of India(Ammendment)
Act, 1997 as applicable to Non-Banking Financial Companies.
2. Contingent Liabilities not provided for in respect of pledge of
certain shares held by the Company in respect of loan availed by third
party amounting to Rs.5472.80 Lacs.
3. The Company has been registered as a Non-Banking Financial Company
with the Reserve Bank of India.
4. In respect of items of Fixed Assets (covered by Revaluation as
mentioned in Note 9(a) depreciation has been calculated on their
respective revalued amounts and includes additional charge of
Rs.95,884/ - (previous year Rs.100,931/-) which has been transferred
from Revaluation Reserve, such transfer according to an authoritative
professional view, being acceptable for the purpose of the Company''s
financial statements.
5. The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM (US) - 2011 dated 17th January, 2011 has issued direction to
all NBFCs to make provision of 0.25% against standard assets with
immediate effect. Accordingly, the Company has written back provision
of Rs. 7,793/- for the year (previous year Rs.15,187/-) against
standard assets which has been charged to the Statement of Profit and
Loss.
6. Provision for diminution in the value of Long Term Investments for
unquoted shares is not made in the financial statements as it is not
permanent in nature.
7. The Company is engaged in the business of financial services, which
as per Accounting Standard 17 is considered the only reportable
business Segment. The geographical segmentation is not relevant, as the
Company did not have any overseas operations during the year.
A) Disclosure of transactions with Key Management Personnel and the
Company in which Key Management Personnel is having substantial
interest and the status of outstanding amount.
i) Details of remuneration to Manager is disclosed in Note 27.
ii) Amount paid to relative of Key Management Personnel amounting to
Rs. 1,90,800/- (Previous year Rs. 1,62,000/-)
8. The timing difference relating mainly to depreciation and
unabsorbed losses results in net deferred credit as per Accounting
Standard 22 "Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India. As a prudent measure the net deferred
tax asset relating to the above has not been recognized in the
financial statements.
9. Previous years'' figures have been regrouped / rearranged wherever
necessary.
Notes:
1 As defined in paragraph 2(1)(xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
2 Provisioning norms shall be applicable as prescribed in 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 currrent in (4) above.
Mar 31, 2013
1. Contingent Liabilities not provided for in respect of pledge of
certain shares held by the Company in respect of loan availed by third
party amounting to Rs. 6,109.23 Lacs.
2. The Company has been registered as a Non-Banking Financial Company
with the Reserve Bank of India.
3. In respect of items of Fixed Assets [covered by Revaluation as
mentioned in Note 9(a)] depreciation has been calculated on their
respective revalued amounts and includes additional charge of
Rs.1,00,931/- (previous year Rs.1,06,243/-) which has been transferred
from Revaluation Reserve, such transfer according to an authoritative
professional view, being acceptable for the purpose of the Company''s
financial statements.
4. The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM (US) - 2011 dated 17th January, 2011 has issued direction to
all NBFCs to make provision of 0.25% against standard assets with
immediate effect. Accordingly, the Company has made provision of
Rs.15,187/- for the year (previous year Rs.1,08,420/-) against standard
assets which has been charged to Statement of Profit and Loss.
5. Provision for diminution in the value of Long Term Investment for
unquoted shares is not made in the financial statements as it is not
permanent in nature.
6. Provisions for Non-Performing Assets in Note 5 to the Balance
Sheet includes the following :
7. The Company is engaged in the business of financial services, which
as per Accounting Standard (AS) 17 is considered the only reportable
business Segment. The geographical segmentation is not relevant, as the
Company did not have any overseas operations during the year.
8. Information given in accordance with the requirements of
Accounting Standard (AS) 18 on Related Party Disclosures issued by the
Institute of Chartered Accountants of India :
A) List of Related Parties
i) Names of the Key Management Personnel of the Company
a) Non Executive Directors - Mr. A. Khaitan
Mr. D. Khaitan Mr. T. R. Swaminathan Mr. R. S. Jhawar Mr. K. K. Baheti
Mr. C. K. Pasari Mr. J. Hazarika Mr. G. Saraf
b) Manager - Mr. S. R. Mundhra
c) Relative of Key
Management Personnel - Mrs. Krishna Mundhra
d) Enterprise Exercising Significant Influence - Williamson Maknam
Limited
ii) Name of the Company in which Key Management Personnel is interested
Kanta Management Services Private Limited
B) Disclosure of transactions with Key Management Personnel and the
Company in which Key Management Personnel is having substantial
interest and the status of outstanding amount.
9. The timing difference relating mainly to depreciation and
unabsorbed losses results in net deferred credit as per Accounting
Standards (AS) 22 "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India. As a prudent measure the
net deferred tax asset relating to the above has not been recognized in
the financial statements.
10. Previous years'' figures have been regrouped / rearranged wherever
necessary.
Mar 31, 2012
1. Contingent Liabilities not provided for in respect of pledge of
certain shares held by the Company in respect of loan availed by third
party amounting to Rs. 5225.32 Lacs.
2. The Company has been registered as a Non-Banking Financial Company
with the Reserve Bank of India.
3. In respect of items of Fixed Assets (covered by Revaluation as
mentioned in Note 9a) depreciation has been calculated on their
respective revalued amounts and includes additional charge of
Rs.1,06,243 (previous year Rs.1,11,835) which has been transferred from
Revaluation Reserve, such transfer according to an authoritative
professional view, being acceptable for the purpose of the Company's
Accounts.
4. The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM (US) - 2011 dated 17th January 2011 has issued direction to all
NBFCs to make provision of 0.25% against standard assets with immediate
effect. Accordingly, the Company has made provision of Rs. 1,08,420
for the year against standard assets which has been charged to
Statement of Profit and Loss.
5. Provision for diminution in the value of Long Term Investment for
unquoted shares is not made in the financial statement as it is not
permanent in nature.
6. Provisions for Non-Performing Assets in Note 5 to the Balance
Sheet includes the following :
7. The Company is engaged in the business of financial services, which
as per Accounting Standard 17 is considered the only reportable
business Segment. The geographical segmentation is not relevant, as the
Company did not have any overseas operations during the year.
8. The timing difference relating mainly to depreciation and
unabsorbed losses results in net deferred credit as per Accounting
Standards 22 "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India. As a prudent measure the
net deferred tax asset relating to the above has not been recognized in
the Accounts.
9. Previous years' figures have been regrouped / rearranged
wherever necessary.
Mar 31, 2011
1. Contingent Liabilities not provided for in respect of pledge of
certain shares held by the Company in respect of loan availed by third
party amounting to Rs. 113.67 Lacs.
2. The Company has been registered as a Non-Banking Financial Company
with the Reserve Bank of India.
3. In respect of items of Fixed Assets (covered by Revaluation as
mentioned in Note 1 in Schedule 3) depreciation has been calculated on
their respective revalued amounts and includes additional charge of
Rs.1,11,835 which has been transferred from Revaluation Reserve, such
transfer according to an authoritative professional view, being
acceptable for the purpose of the Company's Accounts.
4. As per terms of the Lease Agreement, during the year Leased Assets
have been transferred to the respective lessees as they have exercised
their option to purchase the Leased Assets Accordingly, Lease
Equalization Fund amounting to Rs 60,01,291 has been adjusted against
written down value of Assets and the balance amount of Rs. 9,35,574
has been recognised in the accounts as Profit on Sale of Assets.
5. The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM (US) - 2011 dated 17th January, 2011 has issued direction to
all NBFCs to make provision of 0.25% against standard assets with
immediate effect. Accordingly, the Company has made provision of Rs.
87,796 for the year against standard assets which has been charged to
Profit and Loss Account.
6. The Company is engaged in the business of financial services, which
as per Accounting Standard 17 is considered the only reportable
business Segment. The geographical segmentation is not relevant, as the
Company did not have any overseas operations during the year.
7. Information given in accordance with the requirements of
Accounting Standard 18 on Related Party Disclosures issued by the
Institute of Chartered Accountants of India :
A) List of Related Parties
i) Names of the Key Management Personnel of the Company
a) Non Executive Directors - Mr. A. Khaitan
Mr. D. Khaitan
Mr. T. R. Swaminathan
Mr. R. S. Jhawar
Mr. K. K. Baheti
Mr. C. K. Pasari
Mr. J. Hazarika
Mr. G. Saraf
b) Manager Mr. S. R. Mundhra
c) Relative of Key Management Personnel : Mrs. Krishna Mundhra
ii) Names of the Company in which Key Management Personnel is
interested Kanta Management Services Private Limited
8. The timing difference relating mainly to depreciation and
unabsorbed losses results in net deferred credit as per Accounting
Standard 22 "Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India. As a prudent measure the net deferred
tax asset relating to the above has not been recognized in the
Accounts.
9. Previous year's figures have been regrouped / rearranged wherever
necessary.
Mar 31, 2010
1. Contingent Liabilities not provided for in respect of pledge of
certain shares held by the Company in respect of loan availed by third
party amounting to Rs. 1217.45 Lacs.
2. The Company has been registered as a Non-Banking Financial Company
with the Reserve Bank of India.
3. In respect of items of Fixed Assets (covered by Revaluation as
mentioned in Note 1 in Schedule 4) depreciation has been calculated on
their respective revalued amounts and includes additional charge of
Rs.1,17,721 which has been transferred from Revaluation Reserve, such
transfer according to an authoritative professional view, being
acceptable for the purpose of the Companys Accounts.
4. The loan provided by IL&FS Financial Services Ltd. to the Company
Rs.Nil (previous year Rs.17,50,00,000/-) is primarily secured against
the maturity proceeds of cumulative security deposit placed with them,
year-end deposit Rs. Nil and interest accrued Rs. Nil (previous year
deposit Rs. 7,45,75,667/- and interest accrued Rs. 84,819,026).
5. Salary, Wages, Bonus etc. is net of surplus arising on Actuarial
valuation amounting to Rs.2,19,273.
6. The Company is engaged in the business of financial services, which
as per Accounting Standard 17 is considered the only reportable
business Segment. The geographical segmentation is not relevant, as the
Company did not have any overseas operations during the year.
7. Information given in accordance with the requirements of
Accounting Standard 18 on Related Party Disclosures issued by the
Institute of Chartered Accountants of India :
B) Disclosure of transactions with Key Management Personnel and the
Company in which Key Management Personnel is having substantial
interest and the status of outstanding amount.
8. The timing difference relating mainly to depreciation and
unabsorbed losses results in net deferred credit as per Accounting
Standards 22 "Accounting for Taxes on Incomeà issued by the Institute
of Chartered Accountants of India. As a prudent measure the net
deferred tax asset relating to the above has not been recognized in the
Accounts.
9. Previous years figures have been regrouped / rearranged wherever
necessary.
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