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Notes to Accounts of Quest Capital Markets Ltd.

Mar 31, 2023

All the above loans are held in India and given to body corporates (Private Sector) at a interest rate which is not lower than market rate of interest.

* Including Interest receivable

** Not a related party as per section 2(76) of Companies Act, 2013.

7.1 The company has elected an irrevocable option to designate its investments in equity instruments through FVOCI, as the said investments are not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which it believes to have potential to remain accretive over the long term.

7.2 During the end of previous reporting period the Company has reclassified Investments in Mutual funds from FVOCI to FVTPL category as per the business model of the Company. Cumulative gain of Rs. 1.16 lac has been transferred to retained earnings.

7.3 During the previous year, the Company has dispossed off some off its Investments measured at FVOCI to acheive it business objective. The Fair value of Invesments at sold is Rs. 230.61 lac and cumulative gain on sale of investments is Rs. 189.67 lac.

7.4 Unquoted Investments includes investments which were subsequently delisted

16.1 The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all Preferential amounts in proportion to the number of equity shares held by them.

16.5 There is no shares reserved for issue under options and contracts/commitments for the sale of shares/ disinvestments.

16.6 For the period of five years immediately preceding the date as at which the Balance Sheet is prepared, the Company has not allotted any shares without payment being received.

16.7 There is no securities which are convertible into Equity/Preference shares.

16.8 There is no calls which are being unpaid.

16.9 There is no forfeited shares.

17.1 Securities Premium

Securities Premium Reserve represents the amount received in excess of par value of securities and is available for utilisation as specified under Section 52 of Companies Act, 2013.

17.2 Special Reserve (u/s 45-IC of RBI Act, 1934)

Statutory Reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the “RBI Act1) and related regulations applicable to those companies. Under the RBI Act, a non-banking finance company is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by the RBI.

17.3 Retained Earnings

Retained earnings generally represents the undistributed profit/ amount of accumulated earnings of the company.

17.4 General Reserve

The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the statement of profit and loss.

17.5 Other Comprehensive Income(OCI)

Other Comprehensive Income(OCI) represents Cumulative Fair Value Gain/(Loss) on Investments measured at Fair value through Other Comprehensive Income(FVOCI)

* During the current year the Company has paid 16.80 lacs ( including Rs. 4 Lacs transferred from CSR account for previous year) to a Registered Trust in respect of ongoing projects for carrying out CSR activities. During the prevoius year, the Company has transferred amount to a separate bank account (CSR account).

(f ) Nature of CSR activities undertaken by the Company:

During the year the Company has paid CSR contribution to a Registered Trust in respect of ongoing School project for carrying out CSR activities.During the previous year The Company has paid its CSR contribution to a Registered Trust for Conrubution towards covid relief fund and also transferred to a separate account for a ongoing School Project to be undertaken by a Registered Trust.

31 Employee Benefits

The disclosures required under Indian Accounting Standard 19 on “Employee Benefits'''' are given below:

a) Defined Contribution Plan:

The contribution made to various statutory funds is recognised as expense and included in Note 25 "Employee benefits expenses'' under ''Contribution to provident and other funds'' in Statement of Profit and Loss

b) Defined Benefit Plans

"The employees'' gratuity scheme 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.

Based on actuarial valuation report of the actuary, disclosures with respect to leave encashment and gratuity liability ascertained based on actuarial valuation carried out at the end of the year are as follows:"

"The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the

33 DISCLOSURES ON FINANCIAL INSTRUMENTS (a) Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities if the carrying amount is a reasonable approximation of fair value.

b) Measurement of fair values

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below:

Level I: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level II: other techniques for which all inputs which have a significant effect on the recorded fair value are observable,

either directly or indirectly.

Level III: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

(i) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

(ii) Financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.

(iii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The Investments measured at fair value and falling under fair value hierarchy Level 3 are valued on the basis of valuation reports provided by external valuers with the exception of certain investments, where cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair values within that range.

(iv) The fair value of the financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.

(v) There have been no transfers between Level I and Level II for the years ended March 31, 2023 and March 31, 2022.

33 (c) FINANCIAL RISK MANAGEMENT

The Company''s activities are exposed to variety of financial risks. The key financial risks includes market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Board of Directors reviews and approves policies for managing these risks. The risks are governed by appropriate policies and procedures and accordingly financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

CREDIT RISK

Credit risk is the risk of financial loss to the company if a counter-party fails to meet its contractual obligations.

Trade receivables

Credit risk with respect to trade receivables is limited, since the trade receivables amount is immaterial.

Cash and cash equivalents

The company holds cash and cash equivalents of Rs. 92.51 lacs at 31 March 2023 (31 March 2022: Rs. 97.84 lacs). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

MARKET RISK

"Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as equity price, interest rates etc.) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. The Company is exposed to market risk primarily related to the market value of its investments.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash Flows of a financial instrument will fluctuate because of changes in market interest rates.

Exposure to interest rate risk :

Since the Company does not have any financial assets or financial liabilities bearing floating interest rates, any change in interest rates at the reporting date would not have any significant impact on the financial statements of the Company.

Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company doesn''t have exposure to the risk of changes in foreign exchange rates and hence is not subjected to such risk.

Price Risk a) Exposure

The Company is exposed to equity price risk arising from equity shares held by the Company and classified in the balance sheet either as fair value through OCI or fair value through profit or loss .

To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio.

The majority of the Company''s equity investments are listed on the BSE or the National Stock Exchange (NSE) in India.

LIQUIDITY RISK

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

The table below analyses the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for all non derivative financial liabilities

35 CAPITAL MANAGEMENT

The primary objective of the Company''s capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximise shareholder value. The Company''s objective when managing capital is to safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stake holders. The Company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without where the risk profile of the Company.

36 The Company is registered as non-banking financial company with Reserve Bank of India vide Certificate No. B.05.02574 dated 09-12-2004. The Board of Directors at their meeting held on 22-04-2022 has passed a resolution not to accept any public deposit. and the Company has not accepted public deposits during the year ended 31.03.2023.

37 The Company has complied with the Prudential norms and other provisions as applicable to it in terms of "Non - Banking Financial Company- Systemically Important Non Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016" and Scale Based Regulations (SBR) appicable from 1st October 2022.

B.5 Unhedged Foreign Currency Exposures

The Company''s exposure to unhedged foreign currency exposure is Rs. Nil (31st March 2022 Rs. Nil)

B.6 Related party dislclosure

Refer Note 30 for Related Party dislcosure. The disclosure requirement as per Reserve Bank of India for related party transaction has been considered and given on Note 30 of these Financial Statement.

B.7 The Company has not received any complaints from its customer/borrower during the year as well as in the previous year.

42 The dividend declared by the Company is based on profits available for distribution as reported in the financial statements of the Company. On 19th May, 2023 the Board of Directors of the Company have proposed a dividend of ?2.50 per equity share of ?10 each in respect of the year ended March 31, 2023 subject to the approval of shareholders at the Annual General Meeting. If approved, the dividend would result in a cash outflow of Rs.250 Lakhs.

43 The Company is not having any dues (including interest) to Micro, Small and Medium Enterprises as on the reporting date.

44 The Company does not have any transactions with companies struck off.

45 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

46 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

47 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

48 The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

49 The Company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

50 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

51 Previous year''s gures have been regrouped/reclassi?ed wherever necessary to correspond with the current year''s classi?cation/disclosure.


Mar 31, 2018

Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company,the holders of equity shares will be entitled to receive 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.

1 The Company is Non Deposit accepting or holding ‘Non Banking Financial Company1 having registration number B-05.02574 dated 09.12.2004 allotted by Reserve bank of India.

2 The Board of Directors of the Company has passed a resolution for Non - acceptance of public deposit and consequently the company has not accepted any public deposit during the year under audit.

3 The company has complied with the prudential norms relating to income recognisation, accounting standards and assets classification as applicable to it.

4 The company has appropriated 20% of profit for the year to Statutory Reserve Fund as per guidelines issued by the Reserve Bank of India for Non Banking Finance Companies in terms of Section 45(IC) of Reserve Bank of India Act, 1934.

5 The company under the provisions of Non Banking (Non Deposit Accepting or Holding) Companies Prudential Norm (Reserve Bank) Directions, 2007, provision for standard assets of Loans Given @ 0.25% of the outstanding as on 31.03.2018 has been covered .

6 In the opinion of the board of directors, all current assets, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated.

7 Unsecured Loan due to parties are repayable on demand.

8 Based on information available with the company, there are no clients/creditors who are registered under Micro, Small and Medium Enterprises Development Act, 2006

9 There is no small scale industrial undertaking to whom the company owes amounts outstanding for more than 30 days as at 31st March,2018.

10 The Company holds 300 shares of 1000AED each in BNK Comdex DMCC, a company incorporated in UAE which represents 30% of the paid up capital of Company. Mr.Ajit Khandelwal and Mr. Sanjeev Kumar Khandelwal were Directors on the Board of the said company.The said company was liquidated and according the investment of Rs. 37.01 Lacs has been written off during the period.

11 In accordance with the revised Accounting Standard AS-15, i.e. Employee Benefits, the company has recognised the short term employee benefits accordingly paid for the services rendered by the employees for that period. Long term benefis are not payable to the employees of the company, as the company is not under any statutory obligation as well as contractual obligation.

12 Information in accordance with the requirements of Accounting Standard AS-17 on Segment Reporting.The Company has two primary business segments.

13 “The Company has adopted Accounting Standard AS-22 ‘Accounting for taxes on Income’issued by ICAI. The Company has no deferred tax liability “arising out of timing difference as on 31.03.2018. However, Deferred Tax assets have been recognised subject to the consideration of prudence” in respect of DTA, on timing difference 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

14 Statement relating to Subsidiary Company:

Name of the Subsidiary : BNK Commodities Pvt.Ltd.

Holding Companies Interest : 16,10,000 Equity Shares of Rs. 10/- each out of total Subscribed Capital of 30,00,000 Equity Shares of Rs.10/- each fully paid up

No part of Subsidiary’s Profit/(Loss) has been dealt with in the Company’s account

Changes,if any,in respect of Company’s interest in the Subsidiary between the end of their financial year and that of the Company:- NIL

Changes,if any,in respect of Fixed Assets etc. of Subsidiary Company between the end of their financial year and that of the Company:- NIL

15 Previous year’s figures have been regrouped/reclassified whereever necessary.


Mar 31, 2016

Terms/Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 101- per share. Each holder of equity share Is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.

1. The Company is Non Deposit accepting or holding ''Non Banking Financial Company1 having registration number B-05.02574 dated 09.12.2004 allotted by Reserve bank of India.

2. The Board of Directors of the Company has passed a resolution far Non-acceptance of public deposit and consequently the company has not accepted any public deposit during the year under audit.

3. The Company has complied with the prudential norms relating to income recognition, accounting standards and assets classification as applicable to it

4. The Company has appropriated 20% of profit for the year to Statutory Reserve Fund as per guidelines issued by the Reserve Bank of India for Non Banking Finance Companies in terms of Section 45(IC) of Reserve Bank of India Act, 1934.

5. The Company has sufficient cover under the provisions of Non Banking (Non Deposit Accepting or Holding) Companies Prudential Norms(Reserve Bank) Directions, 2007, provision for standard assets of Trade Receivables @0.25% of the outstanding as on 31.03.2016.

6. In the opinion of the board of directors, all current assets, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. Unsecured Loan due to parties are repayable on demand.

8. Based on information available with the company, there are no clients/creditors who are registered under Micro, Small and Medium Enterprises Development Act, 2006.

9. There is no small scale industrial undertaking to whom the company owes amounts outstanding far more than 30 days as at 31st March,2G16.

10. The Company holds 300 shares of 1000 AED each in BNK Comdex DMCC, a company incorporated in UAE which represents 30% of the paid up capital of Company. Mr.Ajit Khandelwal and Mr. Sanjeev Khandelwal are Directors on the Board of the said company.

11. In accordance with the revised Accounting Standard AS-15, i.e. Employee Benefits, the company has recognized the short-term employee benefits accordingly paid for the services rendered by the employees for that period. Long-term benefits are not payable to the employees of the company, as the company is not under any statutory obligation as well as contractual obligation.

12. The company considers its operation of NBFC activities as single segment and as such Accounting Standard AS-17 ''Segment Reporting issued by ICAI is not applicable for the company

13. Some of the liabilities and equal amount of assets have been transferred and taken over by EBlSU Pvt. Ltd for a consideration of Rs.7,26,457 which tax has duly been deducted.

14. Provisioning norms shall be applicable as prescribed in the Nan-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

15. 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, 2015

Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.tO/- per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company,the holders of equity shares will be entitled ' to receive remaining assets Of We company, after distribution of alt preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2 The Company is an Non Deposit accepting or holding 'Non Banking Financial Company' having registration number B-05.02574 dated 09.12.2004 allotted by Reserve Bank of India.

3 The Board of Directors of the Company has passed a resolution for Non - acceptance of public deposit and consequently the company has not accepted any public deposit during the year under audit.

4 The company has complied with the prudential norms relating to income recognisation, accounting standards and assets classification as applicable to it.

5 The company has appropriated 20% of profit for the year to Statutory Reserve Fund as per guidelines issued by the Reserve Bank of India fo Non Banking Finance Companies in terms of Section 45(IC) of Reserve Bank of India Act. 1934.

6 The company under the provisions of Non Banking (Non Deposit Accepting or Holding) Companies Prudential Norms(Reserve Bank) Directions, 2007 has made provision for standard assets of Trade Receivables @ 0.25% of the outstanding as on 31.03.2015 .

7 In the opinion of the board of directors, all current assets, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated.

8 Unsecured Loan due to parties are repayable on demand.

9 Based on information available with the company, there are no clients/creditors who are registered under Micro, Small and Medium Enterprises Development Act, 2006.

10 There is no small scale industrial undertaking to whom the company owes amounts outstanding for more than 30 days as at 31 st March ,2015.

11 Advance Tax paid and Tax Deducted at Source are adjusted by the company on the completion of assessment of the income by the Income Tax Department.

12 In accordance with the revised Accounting Standard AS-15, i.e. Employee Benefits, the company has recognised the short term employee benefits accordingly paid for the services rendered by the employees for that period. Long term benefis are not payable to the employees of the company, as the company is not under any statutory obligation as well as contractual obligation.

13 The company considers its operation of NBFC activities as single segment and as such Accounting Standard AS-17 'Segment Reporting issued by ICAI is not applicable for the company

14 The Company has provided for the non performing assets/loan/advances during the year. Interst income taken on such loans Sadvances have been reversed in compliance of guidelines issued by the Reserve Bank Of India for non bankinq finace ComDanies.

15 The Company has adopted Accounting Standard AS-22 'Accounting for taxes on Income'issued by ICAI. The Company has no deferred tax liability arising out of timing difference as on 31.03.2015. However, Deferred Tax assets have been recognised subject to the consideration of prudence in respect of DTA, on timing difference 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 .

16 Reserve bank of India vide Notification No. DNBS.167/CGN(OPA)-2003 dt. March 29,2003 has directed that every NBFC shall append to its Balance Sheet the particulars in the format as setout in the Appendix 2. to the financial statement.

As At 31.03.2015 AsAt 31.03.2014

17 Expenditure in foreign currency during the Financial Year ($USD2000) Rs.123378.00 Rs.0.00

18 Statement relating to Subsidiary Company:

Name of the Subsidiary: BNK Commodities Pvt.Ltd.

Holding Companies Interest : 1610000 Equity Shares of Rs. 10/-eachout of total Subscribed Capital of 2840000 Equity Shares of Rs.10/- each fully paid up No part of Subsidiary's Profit/(Loss) has been dealt with in the Company's account Changes,if any,in respect of Company's interest in the Subsidiary between the end of their financial year and that of the Company:- NIL Changes,if any,in respect of Fixed Assets etc. of Subsidiary Company between the end of their financial year and that of the Company:- NIL

19 Previous year's figures have been regroped/reclassified whereever necessary.

NOTES:

1. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial(Non-Deposit Accepting or Holding) Companies Pru- dential Norms (Reserve Bank) Directions,2007.

2. 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.

Note : a) Previous years figures have been regrouped/rearranged wherever considered necessary.


Mar 31, 2014

Notes to Financial Statements forming to and part of the Balance Sheet as at 31st March,2014 and the Statement of Profit and Loss for the year ended on that date.

Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive 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.

1 The Company is an Non Deposit accepting ''Non Banking Finance Company'' having registration number B-05.02574 dated 09.12.2004 allotted by Reserve bank of India.

2 The Board of Directors of the Company has passed a resolution for Non - acceptance of public deposit and consequently the company has not accepted any public deposit during the year under audit.

3 The company has complied with the prudential norms relating to income recognisation, accounting standards and assets classification as applicable to it.

4 The company has appropriated during the year to Statutory Reserve Fund as per guidelines issued by the Reserve Bank of India for Non Banking Finance Companies in terms of Section 45(IC) of Reserve Bank of India Act, 1934.

5 The company under the provisions of Non Banking (Non Deposit Accepting or Holding) Companies Prudential Norms(Reserve Bank) Directions, 2007 has made provision for standard assets of Trade Receivables @ 0.25% of the outstanding as on 31.03.2014 .

6 In the opinion of the board of directors, all current assets, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated.

7 Unsecured Loan due to parties are repayable on demand.

8 Based on information available with the company, there are no clients/creditors who are registered under Micro, Small and Medium Enterprises Development Act, 2006.

9 There is no small scale industrial undertaking to whom the company owes amounts outstanding for more than 30 days as at 31st March,2014.

10 Advance Tax paid and Tax Deducted at Source will be adjusted by the company on the completion of assessment of the income for the A.Y.2013-14 by the Income Tax Department.

11 In accordance with the revised Accounting Standard AS-15, i.e. Employee Benefits, the company has recognised the short term employee benefits accordingly paid for the services rendered by the employees for that period. Long term benefis are not payable to the employees of the company, as the company is not under any statutory obligation as well as contractual obligation.

12 The company considers its operation of NBFC activities as single segment and as such Accounting Standard AS-17 ''Segment Reporting issued by ICAI is not applicable for the Company

13 The Company has provided for the non performing assets/loan/advances during the year. Interest income taken on such loans &advances have been reversed in compliance of guidelines issued by the Reserve Bank Of India for non banking finance Companies.

14 Claims against the Company not acknowledged as debt.

15 The Company has adopted Accounting Standard AS-22 ''Accounting for taxes on Income''issued by ICAI. The Company has no deferred tax liability arising out of timing difference as on 31.03.2014. However, Deferred Tax assets have been recognised subject to the consideration of prudence in respect of DTA, on timing difference 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.

16 Reserve bank of India vide Notification No. DNBS.167/CGN(OPA)-2003 dt. March 29, 2003 has directed that every NBFC shall append to its Balance Sheet prescribed under the Companies Act, 1956, the particulars in the format as setout in the Appendix 2.

17 Previous year''s figures have been regroped/reclassified whereever necessary.


Mar 31, 2013

1 The Company is an Non Deposit accepting ''Non Banking Finance Company'' having registration number B-05.02574 dated 09.12.2004 allotted by Reserve bank of India.

2 The Board of Directors of the Company has passed a resolution for Non - acceptance of public deposit and consequently the company has not accepted any public deposit during the year under audit.

3 The company has complied with the prudential norms relating to income recognisation, accounting standards and assets classification as applicable to it.

4 The company has appropriated during the year to Statutory Reserve Fund as per guidelines issued by the Reserve Bank of India for Non Banking Finance Companies in terms of Section 45(IC) of Reserve Bank of India Act, 1934.

5 The company under the provisions of Non Banking (Non Deposit Accepting or Holding) Companies Prudential Norms(Reserve Bank) Directions, 2007 has not made provision for standard assets of Trade Receivables @ 0.25% of the outstanding as on 31.03.2013, since the amount of provision is not material for consideration. «16 In the opinion of the board of directors, all current assets, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated.

6 Unsecured Loan due to parties are repayable on demand.

7 Based on information available with the company, there are no clients/creditors who are registered under Micro, Small and Medium Enterprises Development Act, 2006.

8 There is no small scale industrial undertaking to whom the company owes amounts outstanding for more than 30 days as at 31st March,2013.

9 Advance Tax paid and Tax Deducted at Source will be adjusted by the company on the completion of assessment of the income for the A.Y.2013-14 by the Income Tax Department.

10 In accordance with the revised Accounting Standard AS-15, i.e. Employee Benefits, the company has recognised the short term employee benefits accordingly paid for the services rendered by the employees for that period. Long term benefis are not payable to the employees of the company, as the company is not under any statutory obligation as well as contractual obligation.

11 The company considers its operation of NBFC activities as single segment and as such Accounting Standard AS-17 ''Segment Reporting'' issued by ICAI is not applicable for the company

12 Related party disclosures in accordance with the Accounting Standard -18 issued by the Institute of Chartered Accountants of India: List of related parties and description of relationship:

a) Key Management Personnel

Mr.Ajit Khandelwal Managing Director

b) Associate / Group Companies

1. Subsidiary Company

i) BNK Commodities Pvt. Ltd

2. Associates

i) BNK Securities Pvt. Ltd.

ii) BNK Comdex DMCC

iii) Abacus Fund Services Pvt.Ltd.

iv) Patrex Vyappar Ltd.

v) In Media Computer Services LLP

13 The Company has adopted Accounting Standard AS-22 Accounting for taxes on Income''issued by ICAI. The Company has no deferred tax liability arising out of timing difference as on 31.03.2013. However, Deferred Tax assets have been recognised subject to theconsideration of prudence in respect of DTA, on timeing 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 .

14 Previous year''s figures have been regroped/reclassified whereever necessary.


Mar 31, 2012

1 The Company is an Non Deposit accepting 'Non Banking Finance Company' having registration number B-05.02574 dated 09.12.2004 allotted by Reserve bank of India.

2 The Board of Directors of the Company has passed a resolution for Non - acceptance of public deposit and consequently the company has not accepted any public deposit during the year under audit.

3 The company has complied with the prudential norms relating to income recognisation, accounting standards and assets classification as applicable to it.

4 The company has appropriated during the year to Statutory Reserve Fund as per guidelines issued by the Reserve Bank of India for Non Banking Finance Companies in terms of Section 45(IC) of Reserve Bank of India Act, 1934.

5 The company under the provisions of Non Banking (Non Deposit Accepting or Holding) Companies Prudential Norms(Reserve Bank) Directions, 2007 has not made provision for standard assets of Trade Receivables @ 0.25% of the outstanding as on 31.03.2012, since the amount of provision is not material for consideration.

6 In the opinion of the board of directors, all current assets, loans & advances have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated.

7 Loan and advances given to parties are repayable on demand.

8 Based on information available with the company, there are no clients/creditors who are registered under Micro, Small and Medium Enterprises Development Act, 2006.

9 There is no small scale industrial undertaking to whom the company owes amounts outstanding for more than 30 days as at 31st March,2012.

10 Advance Tax paid and Tax Deducted at Source will be adjusted by the company on the completion of assessment of the income for the year by the Income Tax Department.

11 In accordance with the revised Accounting Standard AS-15, i.e. Employees Benefits, the company has recognised the short term employees benefits accordingly paid for the services rendered by the employees for that period. Long term benefis are not payable to the employees of the company, as the company is not under any statutory obligation as well as contractual obligation.

12 The company considers its operation of NBFC activities as single segment and as such Accounting Standard AS-17 'Segment Reporting' issued by ICAI is not applicable for the company

13 Statement Pursuant to Section 212(1) (e) of The Companies Act, 1956, relating to Subsidiary Companies Name of the Subsidiary : BNK Commodities Pvt. Ltd.

Holding Compainies Interest : 1050000 Equity Shares of Rs 10/- eachout of total Subscribed Capital of 2000000 Equity Shares of Rs 10/- each fully paid up Changes, if any, in respect of Company's interest in the Subsidiary between the end of their financial year and that of the Company : NIL Changes, if any, in respect of Fixed Assets etc. of Subsidiary Company between the end of their financial year and that of the Company : NIL

1. As defined in Paragraph 2(1) 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 Pru- dential 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. 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, 2010

1. a) There are no reported Micro.Small and Medium Enterprises as defined in the Micro, Small and Medium Enterprises Development Act,2006 to whom the company owes dues.

b) Confirmation of balances has been sought from sundry creditors.sundry debtors, other loans and advances and in most of the cases confirmation has been received.

2. The previous years figures have been regrouped and rearranged wherever considered necessary. Sign in terms of our report of even date.

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