Mar 31, 2015
1.Related Party Disclosures
A List of Related Parties where control exists and related parties with
whom transactions have taken place and relationship
Sr. Name of the Related Party Relationship
No.
1 Dilipkumar Nalinkant Gandhi Key Management Personnel
2 Pallaviben Dilipkumar Gandhi Key Management Personnel
3 Harsh Dilipkumar Gandhi Key Management Personnel
4 Nipurnaben Nalinkant Gandhi Relative
2. In the opinion of the board the current assets, loans and advances
are having value at least equal to the amount at which they are stated
if realized in the ordinary course of business. Further provisions for
all known liabilities are adequate and not in excess of the amount
reasonably necessary and no personal expenses have been charged to
revenue accounts.
3. Outstanding Debit Credit Balances are Subject to Confirmations
from the Parties.
4. We have verified the vouchers and documentary evidences wherever
made available. Where no documentary evidences were available, we
relied on the information/authentication given by the management.
5. Company is registered as NBFC with RBI and mainly engaged in the
business of financing against two wheelers. The said advance is
generally recoverable in 36 monthly install- ments. As the advance is
realizable in 36 months, the operating cycle, is considered of 36
months (3 years) for classification of current / non current assets and
liabilities as required under Revised Schedule VI for the Balance sheet
as at 31.03.2015.
6. Previous year''s figures have been regrouped and/or rearranged
wherever considered nec- essary.
Mar 31, 2013
1. In the opinion of the board the current assets, loans and advances
are having value at least equal to the amount at which they are stated
if realized in the ordinary course of business. Further provisions for
all known liabilities are adequate and not in excess of the amount
reasonably necessary and no personal expenses have been charged to
revenue accounts.
2. Outstanding Debit Credit Balances are Subject to Confirmations
from the Parties.
3. We have verified the vouchers and documentary evidences wherever
made available. Where no documentary evidences were available, we
relied on the information/authentication given by the management.
4. Company is registered as NBFC with RBI and mainly engaged in the
business of financing against two wheelers. The said advance is
generally recoverable in 36 monthly installments. As the advance is
realizable in 36 months, the operating cycle, is considered of 36
months (3 years) for classification of current / non current assets and
liabilities as required under Re- vised Schedule VI for the Balance
sheet as at 31.03.2013.
5. Previous year''s figures have been regrouped and/or rearranged
wherever considered neces- sary.
Additional information pursuant to para 3, 4C, and 4D, of part II of
schedule VI of Companies Act, 1956 are not applicable in the case of
the Company.
Mar 31, 2012
Not Available
Mar 31, 2011
1 Deferred tax provision as required by AS 22
The depreciation difference on the assets being negligible, no
provision is made as required by AS 22.
2 The Company has been advised that the payment of bonus Act, 1965 and
the pay ment of gratuity Act, 1972 are not applicable.
3 Provision for Income Tax is made after considering deductions and
exemptions available at the rates applicable under the income tax Act,
1961.
4 In the opinion of the board the current assets, loans and advances
are having value at least equal to the amount at which they are stated
if realised in the ordinary course of business. Further provision for
all known liabilities are adequate and not in excess of the amount
reasonably necessary and no personal expenses have been charged to
revenue accounts..
5. Outstanding Debit Credit Balances are Subject to Confirmations
from the Parties.
6. As required by Section 45 - IC of Reserve Bank Of India Act ,
1934, Company has appropriated 20% of its profits to Special Reserve
Account.
7 During the year under audit, company has seized/repossessed the
assets of the borrowers in default. The entries of profit (if any) is
made on sale which is credited to other income and the entries of loss
(if any) is made on sale which is debited to Bad Debts / Loss on sale
of repossessed assets. Further the assets which are not sold they are
shown as repossessed assets at outstanding balance of respective
borower's account.
8. We have verified the vouchers and documentary evidences wherever
made available. Where no documentary evidences were available , we
relied on the information/ authentication given by the management.
9. Earning per Share : (AS-20)
(i) The amount used as numerator in calculating basic earning per share
is the profit after depreciation and taxes i.e. Rs. 44,46,826/-
10. Segment Reporting : (AS-17)
Based on the guiding principle given in Accounting standard on 'Segment
Reporting' (AS-17) issued by the ICAI, the Company's primary business
is of providing finance mainly for auto vehicles which mainly have
similar risk and returns, hence , in our opinion , there is no
separateble segment.
11. Related Party Disclosures : (AS-18)
(a) Relationships: Associates
Nalin Consultancy Services Ltd.
Nalin Services Ltd.
Key Management Personnel
Dilipbhai N. Gandhi
Nipurnaben N. Gandhi
Pallaviben D. Gandhi
Harsh D. Gandhi
12. Previous year's figures have been regrouped and/or rearranged
wherever considered necessary.
13. Information required in terms of part IV of schedule VI of the
Companies Act, 1956 is attached.
14. Additional information pursuant to para 3,4C, and 4D, of part II
of schedule VI of Companies Act, 1956 are not applicable in the case of
the Company.
Mar 31, 2010
1 Deferred tax provision as required by AS 22
The depreciation difference on the assets being negligible, no
provision is made as required by AS 22.
2 The Company has been advised that the payment of bonus Act, 1965 and
the pay ment of gratuity Act, 1972 are not applicable.
3 Provision for Income Tax is made after considering deductions and
exemptions available at the rates applicable under the income tax Act,
1961.
4 In the opinion of the board the current assets, loans and advances
are having value at least equal to the amount at which they are stated
if realised in the ordinary course of business. Further provision for
all known liabilities are adequate and not in excess of the amount
reasonably necessary and no personal expenses have been charged to
revenue accounts..
5 Bank balances include balances of following non scheduled Banks. The
details of which is given hereunder.
6 Remuneration to Auditors:
7 Remuneration to the directors:
8 The details of Investments held by the Company as on 31.03.2010 is
given here under.
9. Outstanding Debit Credit Balances are Subject to Confirmations
from the Parties.
10. As required by Section 45-IC of Reserve Bank Of India Act , 1934,
Company has appropriated 20% of its profits to Special Reserve Account.
11 During the year under audit, company has seized / repossessed the
assets of the borrowers in default. The entries of profit (if any) is
made on sale which is credited to other income and the entries of loss
(if any) is made on sale which is debited to Bad Debts / Loss on sale
of repossessed assets. Further the assets which are not sold they are
shown as repossessed assets at outstanding balance of respective
borowers account.
12. We have verified the vouchers and documentary evidences wherever
made available. Where no documentary evidences were available, we
relied on the information/ authentication given by the management.
13. Earning per Share : (AS-20)
(i) The amount used as numerator in calculating basic earning per share
is the profit after depreciation and taxes i.e. Rs. 3579000/-
(ii) The number of ordinary shares used as the denominator in
calculating the basic earning per share is 3262000/-
14. Segment Reporting : (AS-17)
Based on the guiding principle given in Accounting standard on Segment
Reporting (AS-17) issued by the ICAI, the Companys primary business
is of providing finance mainly for auto vehicles which mainly have
similar risk and returns, hence, in our opinion , there is no
separateble segment.
15. Related Party Disclosures : (AS-18)
(a) Relationships: Associates
Nalin Housing Finance Ltd. Nalin Services Ltd. (Pre.-Nalin Orchared
Ltd.) Amee Finance Ltd. Key Management Personnel Mahendrakumar P. Shah
Dilipbhai N. Gandhi Nipurnaben N. Gandhi Pallaviben D. Gandhi The
following transaction were carried out with the related parties in the
ordinary course of business as under:
16. Previous years figures have been regrouped and/or rearranged
wherever considered necessary.
17. Information required in terms of part IV of schedule VI of the
Companies Act, 1956 is attached.
18. Additional information pursuant to para 3,4C, and 4D, of part II
of schedule VI of Companies Act, 1956 are not applicable in the case of
the Company.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article