Mar 31, 2014
Note1
Loans from Companies/Directors and Relatives of Directors are accepted
for a term of 12 months and carry an interest rate of 12% pa.
2. a) Contingent Liabilities for:
Claims against the company not acknowledged as debts Rs 760550/- (Rs
760550/-) (Net of Advances) (Being contested by the company)
b) In the opinion of the Board, all the Current Assets, Loans &
Advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in
the balance sheet.
3. Loans given, some of the Current Liabilities, Sundry Debtors and
Advances are subject to confirmation/ reconciliation.
4. The company has created a Reserve Fund of NIL (previous year Rs.
10000/-) as required under the provisions of Reserve Bank of India
(Amendment) Act, 1997.
5 Since the company does not have a substantial number of employees,
gratuity liability for eligible employees is provided for on actual
basis and not actuarial valuation.
6 The company is engaged primarily in the business of financing and
accordingly there are no separate reportable segments as per
Accounting Standard (AS)-17 dealing with ''Segment Reporting.''
7 The company has assessed its assets for impairment and concluded
that there are no impairment losses.
8 Related Party Disclosures under Accounting Standard(AS)-18
a) List of related Parties (As identified by the Management)
i) Subsidiaries- ABG Construction Private Limited, Mulkraj Real Estate
Private Limited, Somil Construction Private Limited, Swarg Founder Real
Estate Private Limited, Baba Ghanshyam Real Estate Private Limited.
ii) Enterprises owned or significantly influenced by Key Management
Personnel ortheir relatives : ISF Services Pvt. Ltd.,
Simbal Builders Pvt. Ltd.
Simka Hotels & Resorts Pvt. Ltd.
Paradigm Sourcing Solutions Pvt. Ltd.
iii) Key Management Personnel & their relatives
Key Management Personnel : Mr Amaijit Singh,
Relatives : Mr Udayjit Singh
Mrs Simbal Singh
Priya Khanna
9. Previous year figures have been regrouped/rearranged to make them
comparable with those of current year.
10. Notes 1 to 36 form an integral part of Balance Sheet & Statement of
Profit & Loss and have been duly authenticated.
Mar 31, 2013
1. a) Contingent Liabilities for:
Claims against the company not acknowledged as debts Rs 760550/- (Rs
760550/-) (Net of Advances) (Being contested by the company) b) In the
opinion of the Board, all the Current Assets, Loans & Advances have a
value on realization in the ordinary course of business at least equal
to the amount at which they are stated in the balance sheet.
2. Loans given, some of the Current Liabilities, Sundry Debtors and
Advances are subject to confirmation/reconciliation.
3. The company has created a Reserve Fund of 10000/- (previous year
Rs. 11000/-) as required under the provisions of Reserve Bank of India
(Amendment) Act, 1997.
4. Since the company does not have a substantial number of employees,
gratuity liability for eligible employees is provided for on actual
basis and not actuarial valuation.
5. The company is engaged primarily in the business of financing and
accordingly there are no separate reportable segments as per Accounting
Standard (AS)-17 dealing with ''Segment Reporting.''
6. The company has assessed its assets for impairment and concluded
that there are no impairment losses.
7. Previous year figures have been regrouped/rearranged to make them
comparable with those of current year.
8. Notes 1 to 35 form an integral part of Balance Sheet & Statement
of Profit & Loss and have been duly authenticated.
Mar 31, 2012
1. a) Contingent Liabilities for:
Claims against the company not acknowledged as debts Rs 760550 (Rs
7601:50) (Net of Advances) (Being contested by the company).
b) In the opinion of the Board, all the Current Assets, Loans &
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated in the balance
sheet.
2. Loans given, some of the Current Liabilities, Sundry Debtors and
Advances are subject to confirmation/reconciliation.
3. The company has created a Reserve Fund of 11000/- (previous year
Rs. 11000/-) as required under the provisions of Reserve Bank of India
(Amendment) Act, 1997.
4. Since the company does not have a substantial number of employees,
gratuity liability for eligible employees is provided for on actual
basis and not actuarial valuation.
5. The company is engaged primarily in the business of financing and
accordingly there are no separate reportable segments as per Accounting
Standard (AS)-17 dealing with 'Segment Reporting.'
6. The company has assessed its assets for impairment and concluded
that there are no impairment losses.
7. Current Assets, Loans & Advances ( Note-2.14) include amounts due
from :-
8. Previous year figures have been regrouped/rearranged to make them
comparable with those of current year.
9. Notes 1 to 2.20 form an integral part of Balance Sheet & Statement
of Profit & Loss and have been duly authenticated.
Term loan from Bank of India is secured against assigment of lease and
hire purchase agreements and also against personal guarantee of a
Director.
Terms of Repayment
Term loan from ICICI Bank was sanctioned for a term of 60months and
carries interest rate of 10.74% per annum.
Term loan from Bank of india was sanctioned for a term of 60 months and
carries an interest rate of 16% per annum.However the interest rate is
linked to PLR as applicable from time to time.
Mar 31, 2011
1. a) Contingent Liabilities for :
Claims against the company not acknowledged as debts Rs 760550 (Rs
760550 ) ( Net of Advances )( Being contested by the company).
b) In the opinion of the Board, all the Current Assets, Loans & Advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated in the balance sheet.
2. Loans given, some of the Current Liabilities, Sundry Debtors and
Advances are subject to confirmation/reconciliation.
3. The company has created a Reserve Fund of Rs-11000/(previous year
Rs.10500/-) as required under the provisions of Reserve Bank of India
(Amendment) Act, 1997.
4. Since the company does not have a substantial number of employees,
gratuity liability for eligible employees is provided for on actual
basis and not actuarial valuation.
5. The company is engaged primarily in the business of financing and
accordingly there are no separate reportable segments as per Accounting
Standard (AS)-17 dealing with 'Segment Reporting.'
6. The company has assessed its assets for impairment and concluded
that there are no impairment losses
Note : Figures in brackets above are in respect of previous year.
7. Previous year figures have been regrouped/rearranged to make them
comparable with those of current year.
8. Schedules 1 to 14 form an integral part of Balance Sheet & Profit
& Loss Account and have been duly authenticated.
Note :
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 the
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 1998.
3. All accounting Standards and Guidance Notes issued by ICAI are
applicable including for investments and other assets as also assets
acquired for calculation 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.
Mar 31, 2010
1. a) Contingent Liabilities for:
Claims against the company not acknowledged as debts Rs 760550 (Rs
760550 ) (Net of Advances) (Being contested by the company). b) In the
opinion of the Board, all the Current Assets, Loans & Advances have a
value on realization in the ordinary course of business at least equal
to the amount at which they are stated in the balance sheet.
2. The company has created a Reserve Fund of Rs-10500/(previous year
Rs.3500) as required under the provisions of Reserve Bank of India
(Amendment) Act, 1997.
3. Since the company does not have a substantial number of employees,
gratuity liability for eligible employees is provided for on actual
basis and not actuarial valuation.
4. The company is engaged primarily in the business of financing and
accordingly there are no separate reportable segments as per Accounting
Standard (AS)-17 dealing with Segment Reporting.
5. The company has assessed its assets for impairment and concluded
that there are no impairment losses.
6. Related Party Disclosures under Accounting Standard (AS)-18 a)
List of related Parties (As identified by the Management)
i) Associates
ISF Securities Ltd.,
Paradigm Sourcing Solutions Pvt. Ltd.
ii) Enterprises owned or significantly influenced by Key Management
Personnel or their relatives
ISF Services Pvt. Ltd. ISF Commodity Pvt. Ltd. Spice Towers & Resorts
Ltd Simbal Builders Pvt. Ltd. Simka Hotels & Resorts Pvt. Ltd.
iii) Key Management Personnel & their relatives
Managing Director Relatives
Mr. Udayjit Singh, w.e.f. 17.03.2010
Mrs. Amarjit Singh till 17.03.2010
Mrs. Simbal Singh, Mr. R.N. Grover (deceased on 20th
May 2009) Priya Khanna.
7. No. floating charge has been created on statutory liquid assets in
terms of RBI circular DNBS (PD)
C.C.No. 87/03.02.004/2006-2007 dated 4.1.2007 because of practical
difficulties involved and lack of necessary support facilities from
banks etc.
8. Previous year figures have been regrouped/rearranged to make them
comparable with those of current year.
9. Schedules 1 to 14 form an integral part of Balance Sheet & Profit
& Loss Account and have been duly authenticated.