Mar 31, 2015
1. CONTINGENT LIABILITY NOT ASCERTAINED:
In the opinion of management there are no contingent liabilities for
the year.
2. In the opinion of the management, Current Assets, Deposits, Loans
and advances have value equal to the amounts shown in the Balance
Sheet. The provision for depreciation and all the liabilities is not in
excess of the amount reasonably necessary.
3. The foreign currency rate fluctuation balance as on 31/03/2015 of
Rs. 53,56,593/- is credited to the Profit & Loss Account is in
accordance with AS 11(Revised) The Effects of Changes in Foreign
Exchange Rates.
4. During the year The Company has debited to Profit and Loss A/c. as
Bad debts of Rs. 1,07,00,000/-.
5. During the year, the company has made payments of ESIC for the
period April  June 2014.
6. Service tax liability for the year is still partly unpaid.
7. Rate of Interest on ICD given to Supama Financial Services, RSM
Exim and Oasis Heights Developers LLP is charged @ 12% P.A.
8. As per Accounting Standard (AS) 18, 'Related Party Disclosures'
prescribed under the Accounting Standard Rules, the disclosures of the
details of the related parties and the transactions entered with them
are given below:
I - List of Related Parties
Sr No. Nature Name of the person
1 Key Management Personnel Tushar Suresh Shah
2 Key Management Personnel Ketan Babulal Shah
3 Relatives of KMP Namita T Shah
4 Relatives of KMP Tanay T Shah
5 Relatives of KMP Rajeshri Ketan shah
6 Relatives of KMP Ketan Babulal Shah HUF
7 Relatives of KMP Tushar Suresh Shah HUF
8 Relatives of KMP Madhu Suresh Shah
9 Others (Independent Director) Mr VinodKumar G Bapna
10 Others (Independent Director) Mr Nilesh Dharia
9. Segment Reporting
The Company is engaged in two business segments, one is to provide
brokerage services to its clients in the capital markets within India
from which revenue is Rs. 89,76,550/- and other is trading of shares
from which loss is Rs. (1,09,774/-)
10. Principal of Consolidation:
a) The consolidated financial statements relate to KBS India Limited,
the holding company and its foreign subsidiary. The consolidation of
accounts of the company with its subsidiary has been prepared in
accordance with the Accounting Standard (AS) 21 'Consolidated financial
Statements' taking into considerations the stipulations mentioned in
Accounting Standard (AS) 11 'The Effects of Changes in Foreign Exchange
Rates'. The financial statements of the parent and its Foreign
Subsidiary are combined on a line by line basis and intra group
balances, intra group transactions and unrealized profits or losses are
fully eliminated.
b) Foreign Currency Translation Gain of Rs. 53,56,593/- is been added
to the Profit & Loss Account.
c) As it is a 100% Foreign Subsidiary the Minority Interest is NIL
11. Previous year's figures have been regrouped wherever necessary to
confirm the classification adopted in the current year.
Mar 31, 2014
1. CONTINGENT LIABILITY NOT ASCERTAINED:
In tlie opinion of management there are no contingent liabilities for
the year.
2 In the opinion of the management. Current Assets, Deposits. Loans and
advances have value equal to the amounts shown in the Balance Sheet The
provision for depreciation and all the liabilities is not in excess of
the amount reasonably necessary
3. The foreign currency rate fluctuation on balance as on 31.03/2014
of US S 21.02,105.38 - is Rs. 12.654.674 credited to the Profit & Loss
Account is in accordance with AS 11 (Revised) The Effects of Changes in
Foreign Exchange Rates
4. During the year The Company has debited to Profit and Loss Ac. as
Bad debts of Rs. 1,42,57,465.44-.
5. During the year, the company has made payments of ESIC for the
periods May-13 and June-13..
6. The company has not filed the TDS return for the last quarter.
7. Service tax liability for the year is still partly unpaid. IS
Profession Tax for the month of March 14 is unpaid
8. Rate of Interest on ICD given to Supama Financial Services. RSM
Exim arid Oasis Heights Developers LLP is charged @ 9%PA.
9. Loan given by PJ Mewawala and Divya Finance and Investment are no
longer payable and hence has been written back amounting to Rs.650 000
10, Segment Reporting
The Company is engaged in two business segment",, one is to provide
brokerage services to its clients in the capital markets within India
from which revenue is Rs. 6.549.19 - and other is trading of shares
from which lossrsRs. (407.299''-)
11. Principal of Consolidation:
a) The consolidated financial statements relate to KBS India Limited,
the holding company and its foreign subsidiary7 The consolidation of
accounts of the company with its subsidiary has been prepared m
accordance with the Accounting Standard (AS) 21 "Consolidated financial
Statements'' taking into considerations the stipulations mentioned in
Accounting Standard (AS) 11 ''The Effects of Changes in Foreign Exchange
Rates''. The financial statements of the parent and its Foreign
Subsidiary are combined on a luie by line basis and intra group
balances, intra group transactions and unrealized profits or losses are
fully elumnated.
b) Foreign Currency Translation Gain of Rs 12.654.674 - is been added
to the Profit & Loss Account.
c) As it is a 100% Foreign Subsidiary the Minority Interest is NIL
12. Previous year''s figures have been regrouped wherever necessary to
confirm the classification adopted in the current year.
Mar 31, 2013
1. Balances of Sundry Debtors, Sundry Creditors and payables,
deposits, loans & advances given or taken from the parties, are subject
to confirmation.
2. As Company being share and stock broking and Investment Company
additional information as required under part II of Schedule  VI of
Companies Act, 1956, is irrelevant and not applicable.
3. Number of Employees of the Company in respect of or entitled to
receive Emolument in the aggregate of Rs. 12, 00,000/- or more per annum
or Rs. 1, 00,000/- or more per month employed for part of the year: ONE
(Previous year: Nil)
4. As there is no remuneration paid in excess of the minimum limit as
specified under section 349 of the Companies Act, 1956 to the
Managerial Persons, calculation of net profit under the said section
349 is not required.
5. DEFERRED TAX LIABILITY/(ASSETS):
As per AS 22 ''Accounting for Taxes on Income" issued by the Institute
of Chartered Accountants of India, the net deferred tax liability/asset
provided in the books of account as under:
As on 31st March, 2013, the Depreciation as per Companies Act, 1956 Rs.
4,50,519/-
As on 31st March, 2013, the Depreciation as per Income Tax Act, 1961 Rs.
3,34,257/-
Current year Timing Difference Rs. 1,16,262/-
Deferred Tax Asset not recognized @30.90% on Rs. 1,16,262/- Rs. 35,925/-
6. As required by AS 20 ''Earning Per Share", issued by the Institute
of Chartered Accountants of India, the Earning Per
Share (EPS) is calculated by dividing the profit attributable to the
equity share holders by the average number of equity shares outstanding
during the year and is ascertained as follows:
7. CONTINGENT LIABILITY NOT ASCERTAINED:
In the opinion of management there are no contingent liabilities for
the year.
8. In the opinion of the management, Current Assets, Deposits, Loans
and Advances have value equal to the amounts shown in the Balance
Sheet. The provision for depreciation and all the liabilities is not in
excess of the amount reasonably necessary.
9. The foreign currency rate fluctuation on balance as on 31st March,
2013 of US $ 20,54,091 is Rs. 69,22,287/-, credited to the Statement of
Profit & Loss is in accordance with AS 11(Revised) ''The Effects of
Changes in Foreign Exchange Rates''.
10. During the year the Company has debited to Statement of Profit and
Loss as Bed debts of Rs. 37,23,744/-.
11. Rate of Interest on Inter Corporate Deposit given to Supama
Financial Services is charged @ 6 % p.a.
12. Segment Reporting
The Company is engaged in two business segments, one is to provide
brokerage services to its clients in the capital markets within India
from which revenue is Rs. 36,66,302/- and other is trading of shares from
which Profit is Rs. 99,856/-.
13. Previous year''s figures have been regrouped wherever necessary to
confirm the classification adopted in the current year.
Mar 31, 2011
1. Balances of Sundry Debtors, Sundry Creditors and payables,
deposits, loans & advances given or taken from the parties, are subject
to confirmation.
2. As Company being share and stock broking and Investment Company
additional information as required under part II of Schedule VI of
Companies Act, 1956, is irrelevant and not applicable.
3. Number of Employees of the Company in respect of or entitled to
receive Emolument in the aggregate of Rs.12,00,000/- or more per annum
or Rs. 1, 00,000/- or more per month employed for part of the year: ONE
(Previous year: Nil)
4. As there is no remuneration paid in excess of the minimum limit as
specified under section 349 of the Companies Act, 1956 to the
Managerial Persons, calculation of net profit under the said section
349 is not required.
5. CONTINGENT LIABILITY NOT ASCERTAINED:
In the opinion of management there are no contingent liabilities for
the year.
6. in the opinion of the management, Current Assets, Deposits, Loans
and advances have value equal to the amounts shown in the Balance
Sheet. The provision for depreciation and all the liabilities is not in
excess of the amount reasonably necessary.
7. The Company has loaned an amount equivalent of US $23, 52,202 (Rs
10, 70, 01, 703/-) as on 19/05/2010 to its 100% subsidiary KBS Capital
Management (Singapore) PTE. The foreign currency rate fluctuation on
the above as on 31/03/2011 is Rs.19, 75,848, debited to the Profit &
Loss Account is in accordance with AS 11 (Revised). The Effects of
Changes in Foreign Exchange Rates.
8. In the opinion of the management , the following Debtors shown in
the Balance sheet are consider more than six months:
9. The Company has issued 12,50,000 GDRs @ Rs.88.7056 each GDRs
equivalent to 2 Equity Shares of Rs.10 each. An amount of Rs.34.3528
per share is credited to the Share Premium Account. As on 31/03/2011
1,00,000 GDRs equivalent to 2,00,000 Equity Shares have been converted.
10. The name of the company was changed from KBS Capital Management
Limited to KBS India Limited w.e.f. 11/01 /2011.
11. Previous year's figures have been regrouped wherever necessary to
confirm the classification adopted in the current year.
Mar 31, 2010
1. Balances of Sundry Debtors, Sundry Creditors and payables,
deposits, loans & advances given or taken from the parties, are
subjectto confirmation.
2. The estimated amount of contract remaining to be executed on
Capital Account and not provided for: Nil Previous year Rs: Nil
3. As Company being share and stock broking and Investment Company
additional information as required under part II of Schedule VI of
Companies Act, 1956, is irrelevant and not applicable.
4. (a) Earning in foreign Currency: Rs. Nil (Previous year Rs.: Nil)
(b) Expenditure in foreign currency: Rs. Nil (Previous year Rs.: Nil)
5. Number of Employees of the Company in respect of or entitled to
receive emolument in the aggregate of Rs. 12,00,000/- or more per annum
or Rs. 1,00,000/- or more per month employed for part of the year: Nil.
(Previous year: Nil)
6. As there is no remuneration paid in excess of the minimum limit as
specified under section 349 of the Companies Act, 1956 to the
Managerial Persons, calculation of net profit underthe said section 349
is not required.
7. Deferred Tax Liability/(Assets):
The concept of Deferred Revenue Expenditure was recognized by the
Companies Act, 1956. However, this concept was not recognized by the
Income Tax Act, 1961, hence same was disallowable in the tax
computation. As per AS 22 " Accounting for Taxes on Income" issued by
the Institute of Chartered Accountants of India, the net deferred tax
liability/asset provided in the books of accounts as under:
As on 31st March 2010, the Depreciation as per Companies Act, 1956
Rs. 6,65,203/-
As on 31st,March 2010, the Depreciation as per lncome Tax Act,1961
Rs. 3,65,474/-
Current yearp ermanent differential Rs 2,99,729/-
Deferred TaxAsset not recognized é33.9966% on Rs. 2,99,729/-
Rs. 1,01,898/-
8. As required by Accounting Standard AS 20 "Earning Per Share",
issued by the Institute of Chartered Accountants of India, the Earning
Per Share (EPS) is calculated by dividing the profit attributable to
the equity share holders by the average numberof equity shares
outstanding during the year and is ascertained asfollows:
9. Contingent liability not ascertained:
In the opinion of management there are no contingent liabilities forthe
year.
10. In the opinion of the management, Current Assets, Deposits, Loans
and advances have value equal to the amounts shown in the Balance
Sheet. The provision for depreciation and all the liabilities is not in
excess of the amount reasonably necessary.
11. Events after Balance Sheet Date:
The company has issued and allotted 12.50 Lakhs Global Depository
Receipts (GDRs) underlying 25 Lakhs equity shares of Rs.10/- each on
19th May 2010 and is of the opinion that although the requirement for
filing e-form 5 with the Registrar of Companies, Maharashtra, Mumbai
with in a period of 30 days of passing resolution i.e. by or up to 30th
January 2010 is not complied with, the issue and allotment of GDRs is
regular and not violating the provision of the Companies Act 1956.
12. Previous years figures have been regrouped wherever necessary to
confirm the classification adopted in the current year.
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