Mar 31, 2018
(iii) The company has issued only one class of shares referred to as equity shares having a par value of Rs. 10/-. All equity shares carry one vote per share without restriction and are entitled to dividend, as and when declared. All shares rank equally with regard to the companyâs residual assets.
1. Previous year figures have been re-grouped / re-classified whenever necessary to correspond with the current year classification / disclosure.
2. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.
4. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realized in the ordinary course of business.
5. Disclosure required for employee benefit (revised 2005) as per accounting standard - 15 of ICAI is not given as it is not applicable to the company for the year.
6. There are no dues to micro, small and medium enterprise as at March 31, 2018. This information is required to disclose under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.
7. Consequent to the accounting standard AS-22 effective from April 1, 2002 dealing with âaccounting for taxes on income" issued by the ICAI, the significant component and classification of deferred tax assets and liabilities on account of timing differences are:
8. Segment reporting
The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segments as per accounting standard - 17 âsegment reportingâ issued by the Institute of Chartered Accountants of India.
9. Leases
Lease payments made under cancellable operating lease amounting to Rs.60,000/- (previous year Rs.60,000/-) disclosed as rent and the same have been recognized as an expenses in the statement of profit and loss.
10. Impairment of assets
Adoption of accounting standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.
11. Contingent liability
No contingent liability existed as at the date of balance sheet.
12. Disclosure regarding depreciation
During the year, pursuant to the notification of schedule II to the Companies Act, 2013 with effect from April 1, 2014, the company revised the estimated useful life of its assets to align the useful life with those specified in schedule II.
Mar 31, 2016
1. Segment Reporting
The Company is engaged in the finance activity having mainly the interest income and there are no separate reportable segments as per Accounting Standard 17-"Segment Reporting" issued by the Institute of Chartered Accountants of India.
2. Leases
Lease payments made under cancellable operating lease amounting to Rs. 60,000/- (Previous year Rs. 67,416/-) disclosed as rent and the same has been recognized as an expenses in the Statement of Profit and Loss.
3. Impairment of Assets
Adoption of Accounting Standard 28 on Impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the Company at the year end.
4. Contingent Liability
No contingent liability existed as at the date of the Balance Sheet.
5. Disclosure regarding Depreciation
During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Company revised the estimated useful life of its assets to align the useful life with those specified in Schedule II.
6. Related Party Disclosure
As per the Accounting Standard on "Related Party Disclosures" (AS-18) issued by the Institute of Chartered Accountants of India, the related parties and the details of transactions with them are as follows:
7. List of Related Parties and Relationships:
Mar 31, 2015
The Company has issued only one class of shares referred to as
Equity Shares having a par value of Rs. 10/-. All Equity Shares carry
one vote per share wthout restrictions and are entitled to Dividend, as
and when declared. All shares rank equally with regard to the Company's
residual assets.
1. Previous year figures have been re-grouped/re-classified whenever
necessary to correspond with the current year
classification/disclosure.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
3. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realized in the ordinary course of
business.
4. Disclosure required for Employee Benefit (Revised 2005) as per
Accounting Standard 15 of ICAI is not given as it is not applicable to
the company for the year.
5. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2015. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with "Accounting for taxes on Income " issued by
the ICAI
7. Segment Reporting
The Company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segments as per
Accounting Standard 17- "Segment Reporting" issued by the Institute of
Chartered Accountants of India.
8. Leases
Lease payments made under cancellable operating lease amounting to Rs.
67,416.00/- (Previous year Rs. 67,416.00/-) disclosed as rent and the
same have been recognized as an expenses in the profit and loss
account.
9. Impairment of Assets
Adoption of Accounting Standard 28 on impairment, as mentioned in the
note on accounting policies does not have any impact on either profit
for the year or on the net assets of the company at the year end.
10. Contingent Liability
No contingent liability existed as at the date of Balance Sheet.
11. Disclosure regarding depreciation
During the year, pursuant to the notification of Schedule II to the
Companies Act, 2013 with effect from April 1, 2014, the Company revised
the estimated useful life of its assets to align the useful life with
those specified in Schedule II.
Pursuant to the transition provisions prescribed in Schedule II to the
Companies Act, 2013, the Company has fully depreciated the carrying
value of assets, net of residual value, where the remaining useful life
of the asset was determined to be nil as on 01 April, 2014 and has
written off an amount of Rs. (-) 21,602/- to Profit and Loss Account
(Reserve & Surplus).
12. Related Party Disclosure
As per the Accounting Standard on "Related Party Disclosures" (AS-18)
issued by the Institute of Chartered Accountants of India, the related
parties and the details of transactions with them are as follows.
List of Related Parties and Relationships:
Holding Company: KIFS Securities Limited
Associate Company: Aristo Traders Private Limited
Khandwala Commercial Private Limied
Khandwala Enterprise Private Limited
Khandwala Fin Stock Private Limied
MINK Tradecom Private Limited
KIFS Trading LLP
KIFS Motor Private Limited
KIFS Reality Private Limited
Key Managerial Personnel: Rajesh P. Khandwala
Relatives of Key Managerial : Jayesh P. Khandwala
Personnel Vimal P. Khandwala
Minaxi P. Khandwala
Kinnary J. Khandwala
Sonal R. Khandwala
Priyanka V. Khandwala
Mar 31, 2014
1. SHARE CAPITAL
The Company has issued only one class of shares referred to as
Equity shares having a par value of Rs. 10/-. All Equity Shares carry
one vote per share without restrictions and are entitled to Dividend,
as and when declared. All shares rank equally with regard to the
Company''s residual assets.
2. The Company prepares and presents its financial statements as per
Schedule VI to the Companies Act, 1956, as applicable to it from time
to time. The previous year''s figures have been accordingly
regrouped/reclassified to conform to the current year''s classification
3. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
4. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realised in the ordinary course of
business.
5. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
6. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2013. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
7. Segment Reporting
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17 -" Segment Reporting" issued by the Institute of
Chartered Accountants of India.
8. Impairment of Assets
Adoption of Accounting Standard 28 on impairment, as mentioned in the
note on accounting policies does not have any impact on either profit
for the year or on the net assets of the company at the year end.
9. Related Party Disclosure
As per the Accounting Standard on "Related Party Disclosures" (AS -18)
issued by the Institute of Chartered Accountants of India, the related
parties and the details of transactions with them are as follows
a) List of Related Parties and Relationships:
Holding Company: KIFS Securities Ltd.
Associate Companies: Aristo Traders Pvt. Ltd.
Khandwala Enterprise Pvt. Ltd.
Khandwala Fincap Pvt. Ltd.
Key Managerial Personnel: Rajesh P. Khandwala
Relatives of Key Managerial
Personnel: Jayesh P. Khandwala
Vimal P. Khandwala
Minaxi P. Khandwala
KinnaaryJ. Khandwala
Sonal R. Khandwala
Priyanka V. Khandwala
Mar 31, 2013
1. The Company prepares and presents its financial statements as per
Schedule VI to the Companies Act, 1956, as applicable to it from time
to time. The previous year''s figures have been accordingly
regrouped/reclassified to conform to the current year''s classification.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are there fore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
4. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realized in the ordinary course of
business.
5. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
6. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2013. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
7. Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with "Accountingfortaxeson Income" issued by the
ICAI
The significant component and classification of deferred tax Assets and
liabilities on account of timing differences are.
8. Segment Reporting
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17 - "Segment Reporting" issued by the Institute of
Chartered Accountants of India.
9. Impairment of Assets
Adoption of Accounting Standard 28 on impairment, as mentioned in the
note on accounting policies does not have any impact on either profit
for the year or on the net assets of the company at the year end.
10. Utilisation of Preferential Issue:
The Company during the Financial Year has issued 54,09,000 Preferential
Shares of Rs. 10/- each at a premium of Rs. 9 aggregating to Rs.
10,27,71,000.
The company has utilized Rs. 10,19,51,811 towards the working capital
and Rs. 8,19,189 towards expenses incurred for preferential issue.
11. Related Party Disclosure
As perthe Accounting Standard on "Related Party Disclosures" (AS -18)
issued by the Institute of Chartered Accountants of India, the related
parties and the details of transactions with them are as follows
a) List of Related Parties and Relationships:
Holding Company : KIFS Securities Ltd.
Aristo Traders Pvt. Ltd. Associate Companies:
Khandwala Enterprise Pvt. Ltd.
Key Managerial Personnel: Rajesh P. Knandwala
Relatives of Key Managerial Personnel: Jayesh P. Khandwala
Vimal P. Khandwala Minaxi P. Khandwala KinnaryJ. Khandwala Sonal R.
Khandwala Priyanka V. Khandwala
Mar 31, 2012
1. The Company prepares and presents its financial statements as per
Schedule VI to the Companies Act, 1956, as applicable to it from time
to time. In view of revision to the Schedule VI. as per a notification
issued during the year by the Central Government, the financial
statements for the financial year ended 31st March, 2012 have been
prepared as per the requirements of the Revised Schedule VI to the
Companies Act, 1956. The previous year''s figures have been
accordingly regrouped/reclassified to conform to the current year''s
classification.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
3. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realised in the ordinary course of
business.
4. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
5. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2012. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with "Accounting for taxes on Income " issued by
the ICAI
The significant component and classification of deferred tax Assets and
liabilities on account of timing differences are.
7. Segment Reporting
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17-" Segment Reporting" issued by the Institute
of Chartered Accountants of India.
8. Related Party Disclosure
As per the Accounting Standard on "Related Party Disclosures"
(AS-18) issued by the Institute of Chartered Accountants of India, the
related parties and the details of transactions with them are as
follows
a) List of Related Parties and Relationships:
Holding Company: KIFS Securities Ltd.
Associate Companies: Aristo Traders Pvt. Ltd.
Khandwala Enterprise Pvt. Ltd.
Key Managerial Personnel:
Parmanand G. Khandwala
Rajesh P. Khandwala
Relatives of Key Managerial Personnel:
Jayesh P. Khandwala
Vimal P. Khandwala
Minaxi P. Khandwala
Kinnaary J. Khandwala
Sonal R. Khandwala
Priyanka V. Khandwala
9. Adoption of Accounting Standard 28 on impairment, as mentioned in
the note on accounting policies does not have any impact on either
profit for the year or on the net assets of the company at the year
end.
Mar 31, 2011
1. Paise are rounded up to the nearest rupee.
2. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realised in the ordinary course of
business.
3. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
4. The provision for tax is based on the assessable profits of the
Company computed in accordance with the Income Tax Act, 1961 and has
been made for the year from 1st April, 2010 to 31st March, 2011, as the
same will be assessed in the assessment year 2011-12.
5. Previous year''s figures have been re-arranged and re-grouped
wherever necessary to make them comparable with the figures of current
years.
6. Additional information pursuant to the provisions of paragraph 3 & 4
of Schedule VI of the Companies Act, 1956 is not applicable.
7. Consequent lo the accounting standard AS-22 effective from 1st
April, 2002 dealing with Accounting for taxes on Income " ISSUED BY THE
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA",
8. Segment Reporting
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17 - " Segment Reporting" issued by the
institute of Chartered Accountants of India.
(i) Adoption of Accounting Standard 28 on impairment, as mentioned in
the note on accounting policies does not have any impact on either
profit for the year or on the net assets of the company at the year
end.
Mar 31, 2010
(a) Paise are rounded up to the nearest rupee.
(b) In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realised in the ordinary course of
business.
(c) None of the employee has completed five years of service and hence
liability of gratuity does not arise.
(d) The provision for tax is based on the assessable profits of the
Company computed in accordance with the Income Tax Act, 1961 and has
been made for the year from 1st April, 2009 to 31st March, 2010, as the
same will be assessed in the assessment year 2010-11.
(e) Previous years figures have been re-arranged and re-grouped
wherever necessary to make them comparable with the figures of current
years.
(f) Additional information pursuant to the provisions of paragraph 3 &
4 of Schedule VI of the Companies Act, 1956 is not applicable.
(g) Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with Accounting for taxes on Income " ISSUED BY THE
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA",
(h) Expenditure in Foreign Currency Rs. Nil
(i) Earning in Foreign Currency Rs. Nil
(j) Segment Reporting
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17 - " Segment Reporting" issued by the
Institute of Chartered Accountants of India.
(k) Adoption of Accounting Standard 28 on impairment, as mentioned in
the note on accounting policies does not have any impact on either
profit for the year or on the net assets of the company at the year
end.
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