Mar 31, 2016
(b) Rights. preference and restriction attached to equity shares
The company has only one class of equity shares having par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of Liquidation of the company, the holder of equity shares will be entitled to receive the 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.
(e) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding March 31, 2016) - NIL
(f) There are no shares bought back by the Company since the incorporation of the Company.
1 Security
Loan taken from a bank is secured by way of pari passu charge on the current assets of the company both present & future, Personal Guarantee of Promoters and Charge on immovable property situated in Delhi and Gurgaon held by its Group Companies.
2. The Company has created contingent provision at the rate of 0.30 percent (Previous year 0.25 percent) on Standard Assets in accordance with provision of Section 45-JA of the RBI Act, 1934.
3. Contingent Liability not provided for : -
a) The Income Tax assessment u/s 148 for the Asstt. Year 2008-09 has been completed and a demand of Rs.12.99 lakhs was raised therein, which has been disputed by the company.
Further, the Income Tax assessments u/s 263 for the Asstt. Years 2010-11 & 2011-12 have been completed and demand(s) of Rs. 9.25 lakhs and 66.27 lakhs respectively were raised therein, which have been disputed by the company. Against the aforesaid demand an amount of Rs. 9.25 lakhs has been adjusted by the Department against refunds due to the Company.
Based on past decisions by the first appellant authority and judicial precedents of Jurisdictional Hon''ble High Court, the Company expects that the said above demands shall be deleted in the appeals filed by it. Therefore no provision has been made in the accounts and as such there would be a contingent liability of Rs. 79.26 lakhs.
b) Levy of service tax on legal services are stayed by Hon''ble High Court of Delhi in the matter of DELHI TAX BAR ASSOCIATION AND ANR Vs. UNION OF INDIA AND ORS W.P(c) 5957/2012 dated 21.09.2012. Recently judgement of Hon''ble Bombay High Court upholding the levy of service tax on legal services has also been stayed by Hon''ble Supreme Court. Consequent to such stay, the Company has not deposited Rs. 17.43 lakhs on account of Service Tax for the period from 1st July 2012 to 31st March 2016.
However, in case the final outcome of the judgments will be in favor of Central Government then service tax would be payable on the same along with interest.
4. Detail of financing of parent company products
There has been no product of the parent company financed by the company during the current and previous year.
5. Unsecured Advances
The Company has not financed any projects wherein intangible collateral such as rights. Licenses, authority etc. have been taken as a security.
6 Miscellaneous
7. Registration obtained from other financial sector regulators.
The Company is registered with Reserve Bank of India (Department of Non Banking Supervision) as Systemically Important Non Deposit taking Non Banking Finance Company vide registration no. B-14.01958 dated 7th September 2000.
8. Disclosure of Penalties imposed by RBI and Other Regulators
There is no instance of penalty or stricture imposed on the Company by the RBI or any other regulator on any matter during the current and previous year.
9. Net Profit or Loss for the period, prior period items and changes in accounting policies
Prior Period Item has decreased the current year profit by Rs. 0.97 lakhs. Also there is no change in accounting policies during the current year.
10. Revenue Recognition
There is no transaction in which revenue recognition has been postponed or pending the resolution of significant uncertainty.
11. Draw Down from Reserves
The Company has not drawn down any reserve during the current and previous year.
12. Concentration of Deposits, Advances, Exposures and NPAs
13. Concentration of Deposits (for deposit taking NBFCs)
The Company is Non-Deposit taking non Banking Finance Company, hence, concentration of Deposit detail is not applicable.
14. Overseas Assets (for those with Joint Ventures and Subsidiaries abroad)
The Company does not have any joint venture and subsidiary abroad.
15. Off-balance Sheet SPVs sponsored (which are required to be consolidated as per accounting norms)
The Company does not have Off-balance sheet SPVs sponsored which is required to be consolidated as per accounting norms.
16. Customer complaints received and attended to during the financial year 2015-16
a. There has been no complaints received from customers during the current and previous year.
17 In the opinion of the management, there is only one reportable segment as envisaged by AS 17 '' Segment Reporting''. Accordingly, no separate disclosure for segment reporting is required to be made in the financial statements of the Company.
18. Other Notes
(a) In an arbitration dispute between Daiichi Sankyo ("Claimant") and the sellers of Shares of erstwhile Ranbaxy Laboratories Limited ("Respondents"), which includes Oscar Investments Limited as a party, the Arbitration Tribunal has issued an award, by a majority of 2:1 in favor of the Claimant for damages of an amount of Rs. 2,56,278.00 Lakhs (approx.) , quantified interest, costs and expenses of the arbitration till the date of award and interest on above until date of payment, against all the Respondents, jointly and severally.
The Company intends to challenge the enforceability of award in the Indian Courts. Accordingly the said award is not binding and cannot be legally enforced till the time a final non appealable order is passed against the company in proceedings challenging the award. The Company has been legally advised that the likelihood of payment by respondents of damages awarded in the award is remote and accordingly as per AS 29 no provision or contingent liabilities has been provided for.
(b) There are no transactions during the year ended March 31, 2016 with Micro, Small and Medium Enterprises and as such there is no balance outstanding as at March 31, 2016.
(c) The Board of Directors of Oscar Investments Limited at their meeting held on 14th December, 2015, inter-alia, considered and approved the Scheme of Amalgamation under Section 391 to 394 under the Companies Act, 1956 and corresponding Sections of the Companies Act, 2013 (as and when such corresponding Sections are notified in the Official Gazette by the Central Government) amalgamating Health fore Technologies Limited into Oscar Investments Limited.
19. Previous Year Figures
The previous year figures have been regrouped/reclassified whenever necessary to conform to current year''s classification.
Mar 31, 2015
1. Contingent Liability not provided for : -
The Income Tax assessment of the Company has been completed for the
Assessment year 2012-13 and a demand of Rs. 171.86 Lakhs was raised
therein, which has been disputed by the Company. Based on judicial
precedents of Jurisdictional Hon'ble High Court, the Company expects
that the said demand shall be deleted in the first appeal filed by it.
Therefore no provision has been made in the Accounts and as such there
would be a contingent liability of Rs. 171.86 lakhs.
2 a. Disclosure of details as required in terms of Annexure 4 of
Revised Regulatory Framework for Non-Banking Financial Companies,
Circular number RBI/2014-15/299, DNBR(PD) CC. No 002/03.10.001/2014-15
dated November 10,2014.
3 Detail of financing of parent company products
There has been no product of the parent company financed by the company
during the current and previous year.
4. Unsecured Advances
The Company has not financed any projects wherein intangible collateral
such as rights. Licenses, authority etc. have been taken as a security.
5 Miscellaneous
5.1 Registration obtained from other financial sector regulators.
The Company is registered with Reserve Bank of India (Department of Non
Banking Supervision) as Systemically Important Non Deposit taking Non
Banking Finance Company vide registration no. B-14.01958 dated 7th
September 2000.
6. Disclosure of Penalties imposed by RBI and Other Regulators
There is no instance of penalty or stricture imposed on the Company by
the RBI or any other regulator on any matter during the current and
previous year.
7. The Company did not had any rating during F.Y. 2013-14.
8. Net Profit or Loss for the period, prior period items and changes
in accounting policies Prior Period Item has decreased the current year
profit by Rs. 2.53 lakhs. Also there is no change in accounting policies
during the current year.
9. Revenue Recognition
There is no transaction in which revenue recognition has been postponed
or pending the resolution of significant uncertainty.
10 Additional Disclosure
10.1 Draw Down from Reserves
The Company has not drawn down any reserve during the current and
previous year.
11. Concentration of Deposits, Advances, Exposures and NPAs
11.1 Concentration of Deposits (for deposit taking NBFCs)
The Company is Non-Deposit accepting Core Investment Company, hence,
concentration of Deposit detail is not applicable.
12 Overseas Assets (for those with Joint Ventures and Subsidiaries
abroad)
The Company does not have any joint venture and subsidiary abroad.
13. Off-balance Sheet SPVs sponsored (which are required to be
consolidated as per accounting norms)
The Company does not have Off-balance sheet SPVs sponsored which is
required to be consolidated as per accounting norms.
14 Customer complaints received and attended to during the financial
year 2014-15
a. There has been no complaints received from customers during the
current and previous year.
b. Disclosure of details as required in terms of Paragraph 13 of
Non-Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
15 In the opinion of the management, there is only one reportable
segment as envisaged by AS 17 ' Segment Reporting'. Accordingly, no
separate disclosure for segment reporting is required to be made in the
financial statements of the Company.
16 Other Notes
(a) There are no transactions during the year ended March 31, 2015 with
Micro, Small and Medium Enterprises and as such there is no balance
outstanding as at March 31, 2015.
17 Previous Year Figures
The previous year figures have been regrouped/reclassified whenever
necessary to conform to current year's classification.
Mar 31, 2014
Overview
Oscar Investments Limited (OIL) was incorporated with the main objects
to carry on the business of an investment company and to finance
industrial enterprise and to promote companies engaged in industrial
and trading business.
The Company is a Non Deposit taking Non Banking Finance Company and is
granted certificate of registration no. B-14.01958 dated September 7,
2000 by Reserve Bank of India. In view of significant investments made
by the company in its group companies, the board of directors of the
company has decided to convert the status of the company to Core
Investment Company.
2 Contingent Liability not provided for : -
The Income Tax assessment of the Company has been completed for the
Assessment year 2011-12 and a demand of Rs. 67.57 Lakhs was raised
therein, which has been disputed by the Company. Based on judicial
precedents of Jurisdictional Hon''ble High Court, the Company expects
that the said demand shall be deleted in the first appeal filed by it.
Therefore no provision has been made in the Accounts and as such there
would be a contingent liability of Rs. 67.57 lakhs.
The estimates of future salary increase, considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
3. RELATED PARTY DISCLOSURES
Names of related parties and nature of relationship :
(i) Subsidiary Company : Shimal Research Laboratories Ltd.
(ii) Associates : RHC Finance Pvt. Ltd.
(iii) Company holding substantial interest : RHC Holding Pvt. Ltd.
in voting power
(iv) Key Management Personnel :
Mrs. Japna Malvinder Singh - Managing Director
Mr. Malvinder Mohan Singh - Director
(v) Enterprises over which (iii) and (iv) above (directly) or
indirectly) are able to exercise significant influenc and with whom
transactions have taken place during the year :
ANR Secruities Pvt Ltd
Dion Global Solutions Ltd
Finserve Shared Services Ltd
Formerly known as religare Corporate Services Ltd
Fortis Flt .Lt.Rajan Dhall Charitable Trust
Fortis Healthcare Holdings Pvt. Ltd.
Healthfore Technologies Ltd.
(Formerly known as Religare Technologies Ltd.)
Ligare Aviation Ltd.
(Formerly known as Religare Aviation Ltd.)
Ligare Travels Ltd.
Ligare Voyages Ltd.
Lowe Infra & Wellness Pvt. Ltd.
Malav Holdings Pvt. Ltd.
Medsource Healthcare Pvt. Ltd.
Ranchem Ltd.
REL Infrafacilities Ltd.
RHC IT Solutions Pvt. Ltd.
(Formerly known as Religare Infotech Ltd.)
RWL Healthworld Ltd.
(Formerly known as Religare Wellness Ltd.)
Religare Enterprises Ltd.
Religare Finvest Ltd.
Religare Securities Ltd.
Shivi Holdings Pvt. Ltd.
4 The Company is a Non-Deposit Accepting Non Banking Financial Company
and is granted Certificate of Registration No. B-14.01958 dated
September 7, 2000 by Reserve Bank of India. The Board of Directors of
the Company has decided to convert the status of the Company as a "Core
Investment Company ("CIC")" with Reserve Bank of India, and would be
filing an application for registration as CIC upon completing the
requisite requirements.
5 Disclosure of details as required in terms of Paragraph 13 of
Non-Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
6 There are no transactions with Micro, Small and Medium enterprises
during the period and as such there is no balance outstanding as at
March, 31 2014.
7 Previous Year Figures
Previous Year figures have been reclassified to conform with the
current years'' classification/ presentation, whenever applicable.
Mar 31, 2013
Company Overview
Oscar Investments Limited (OIL) was incorporated with the main objects
to carry on the business of an investment company and to finance
industrial enterprise and to promote companies engaged in industrial
and trading business.
The Company is a Non Deposit taking Non Banking Finance Company and is
granted certificate of registration no. B-14.01958 dated September 7,
2000 by Reserve Bank of India. In view of significant investments made
by the company in its group companies, the board of directors of the
company has decided to convert the status of the company to Core
Investment Company.
1 The Company had entered into Forward exchange contract for hedging
purposes against an underlying liability. The said forward exchange
contract was terminated on February 21, 2013 and the effect of which
has been considered in the accounts.
2 Contingent Liability not provided for : -
a) The Income Tax assessment of the Company has been completed for the
Assessment ^ear 2010-11 ard a dan and cf Rs. 6.38 Lakhs was raised
therein, which has been disputed by the Company. Based on judicial
precedents of Jurisdictional Hon''ble High Court, the Company expects
that the said demand shall be deleted in the first appeal filed by it.
Therefore no provision has been made in the Accounts and as such there
would be a contingent liability of Rs. 6.38 lakhs.
b) The Income Tax assessment for the Assessment year 2009-10 of the
Company has been completed and the Income Tax authorities had raised a
demand of 7 484 Lakhs therein, which has been disputed by the Company.
The same was reduced to 7 157 Lakhs after adjustment of Income Tax
Refund for the Assessment year 2009-10 due to the Company. The Company
has also deposited an amount Rs. 60 Lakhs against the balance demand.
Based on the decision of the Appellate authorities, and the
interpretation of other relevant provisions, the Company has been
legally advised that the demand is likely to be either deleted or
substantially reduced and accordingly no provision has been made and as
such there would be a contingent liability of 7 97 Lakhs.
3 Actuarial valuation has been done with the following assumptions for
the following defined benefit schemes:
a. Gratuity
b. Leave Encashment
4 The Company is a Non-Deposit Accepting Non Banking Financial Company
and is granted Certificate of Registration No. B-14.01958 dated
September 7, 2000 by Reserve Bank of India. The Board of Directors of
the Company has decided to convert the status of the Company as a
''Core Investment Company ("CIC")" with Reserve Bank of India, and
would be filing an application for registration as CIC upon completing
the requisite requirements.
5 Disclosure of details as required in terms of Paragraph 13 of
Non-Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
6 There are no transactions with Micro, Small and Medium enterprises
during the period and as such there is no balance outstanding as at
March, 31 2013.
7 Previous Year Figures
Previous Year figures have been reclassified to conform with the
current years'' classification/ presentation, whenever applicable.
Mar 31, 2012
Company Overview
Oscar Investments Limited (OIL) was incorporated on January 25, 1978
with the Registrar of Companies, Maharashtra with the main objects to
carry on the business of an investment company and to finance
industrial enterprise and to promote companies engaged in industrial
and trading business. The date of commencement of business is May
19,1978.
OIL shifted its registered office from Maharashtra (Mumbai) to New
Delhi on April 23, 1999, At present the company having registered
office at 55, Hanuman Road, Connaught Place, New Delhi.
(a) Rights, preference and restriction attached to equity shares
The company has only one class of equity shares having par value of Rs.
10 per share. Each holder of equity shares is entitled to one vote per
share. The company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
In the event of Liquidation of the company, the holder of equity shares
will be entitled to receive the 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.
1.1 In terms of Notification No. DNBS 222/CGM (US)-2011 dt. January 17,
2011 issued by Reserve Bank of India, Department of Non Banking
Supervision and in terms of Non - Banking Financial (non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions the Company has made contingent (general) provision of 0.25%
of the outstanding standard assets amounting to Rs. 69.01 Lakhs during
the year.
2 The Company has entered into Forward exchange contract for hedging
purposes against an underlying liability. The exchange difference on
the underlying liability and the forward exchange contract has been
recognized in Statement of Profit and Loss in accordance with AS 11.
b) The OCD's have a period of ten years, however the Company has the
option to convert the OCD's into equity shares at any time after the
expiry of 24 month from the date of allotment (March 31, 2011) as per
the terms of the issue.
In case, the conversion option is not exercised by the Company before
the date of maturity, the issuer company will redeem the OCD's along
with redemption premium @ 8.50% per annum from the date of allotment to
the date of redemption.
3 Contingent Liability not provided for : -
The Income Tax assessments of the Company have been completed upto
Assessment year 2009-10. The Income Tax authorities had raised a
demand of Rs. 484 Lakhs for the Assessment Year 2009-10 which has been
disputed by the Company, the same was reduced to Rs. 157 Lakhs after
rectification order was passed. However, the Company has deposited an
amount Rs. 60 Lakhs against this demand. Based on the decision of the
Appellate authorities, and the interpretation of other relevant
provisions, the Company has been legally advised that the demand is
likely to be either deleted or substantially reduced and accordingly no
provision has been made and as such there would be a contingent
liability of 7 97 Lakhs.
4 The Company is a Non-Deposit Accepting Non Banking Financial Company
and is granted Certificate of Registration No. B-14.01958 dated
September 7, 2000 by Reserve Bank of India. The Board of Directors of
the Company has decided to convert the status of the Company as a
"Core Investment Company" with Reserve Bank of India, and is in
process of filing the application for registration as "Core
Investment Company" with Reserve Bank of India.
5 There are no transactions with Micro, Small and Medium enterprises
during the period and as such there is no balance outstanding as at
March, 31 2012.
6 Previous Year Figures
The Revised Schedule VI has become effective from April 1, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped /reclassified wherever
necessary to correspond with the current year's classification/
disclosure.
Mar 31, 2010
1. Share Capital includes 42,45,808 Equity Shares of Rs. 10/- each
alloted on 30.11.2001 as fully paid-up pursuant to a Scheme of
Amalgamation without payment being received in cash.
2 Particulars of privately placed Secured Redeemable Non - Convertible
Debentures :
- 40000000 Nos Floating Rate Secured Redeemable Non - Convertible
Debentures of Rs. 100/- each -Rated A1 + by ICRA - of the aggregate
nominal value of Rs. 400 Crores carrying interest 6iMIBOR + 600 base
points with a floor of 6.20% and a cap of 6.25% pa on pnvate placement
basis on 20.10.2009. The same are redeemable at par at the end of 358
days from the date of allotment. .
3. The Company has transferred a sum of Rs.10,15,90,000/- to Statutory
Reserve Fund being 20% of Net Profit after tax during the year as
required by Sec.45-IC of RBI Act, 1934.
4. The Company has entered into Forward exchange contract for hedging
purposes against an underlying liability. The .exchange difference on
the underlying liability and the forward exchange contract has been
recognised in Profit and Loss Account in accordance with AS 11.
5. In the opinion of the management, there is only one reportable
segment as envisaged by AS 17 Segment Reporting. Accordingly, no
separate disclosure for segment reporting is required to be made in the
financial statements of the Company.
The Company operates in one geographic segment namely "Within India"
and hence no separate information for geographic segment wise
disclosure is required.
6. Previous Years Figures
Previous year figures have been regrouped/recast to make the same
comparable with those of the current year, previous years figures are
strictly not comparable with those of the Current Year.
Mar 31, 2002
1. The Company had allotted 60,00,000 10.80% Secured Non-Convertible
Debentures of Rs. 100/- each aggregating to Rs. 60 Crores on private
placement basis on 26.03.2002. The same are redeemable at par at the
end of 24 months from the date of allotment i.e. 25.03.04. The said
debentures are secured by corporate guarantee & pledge of shares by
third party along with a first charge on the immovable property which
has been created on 18.06.2002.
2. The Company has not created any Debenture Redemption Reserve on
10.80% Secured Non-Convertible Debentures of Rs. 100/- each issued by
the Company in view of the clarification issued by Ministry of Law &
Justics & Company Affairs, Department of Company Affairs on 18th April
2002 exempting the requirement of creating the Debenture Redemption
Reserve by NBFCS on privately placed debentures.
3. Debenture Issue Expenses incurred on issue of debentures is
amortised over the tenure of the debentures.
4. Miscellaneous income includes realised on capital contribution made
for trading in Shares & Securities.
5. Interest income includes interest of Rs. 1,44,478/- on
Income/Interest Tax Refunds received during the year.
6. Deferred Tax Liability:
a. In accordance with Accounting Standard 22 (Accounting for Taxes on
Income) issued by the Institute of Chartered Accountants of India, the
net deferred tax liability of Rs. 39,48,370/- for the period up to 31st
March 2001 has been charged to General Reserve.
7. Related Party Disclosure:
a. List of Related Parties where control exists or with whom
transactions have taken place during the year are given hereunder:
i.Company holding substantial Ranbaxy Holding Company
interest in voting power :-
ii.Subsidiary Company:- Shimal Research Laboratories
Private Limited
iii.Companies in which
substantial Speciality Ranbaxy Limited
interest in voting power
is held :- Fortis Healthcare Holdings Limited
iv.Partnership firm in which
Company Oscar Traders
is a major partner:-
v.Key management personnel:- - Mrs. Aditi Shivinder Singh
(up to 31st December, 2001)
- Mrs. Japna Malvinder Singh
vi.Relatives of key management Mr. Malvinder Mohan Singh
personnel:- (Husband of
Mrs. Japna Malvinder Singh)
Mr. Shivinder Mohan Singh
(Husband of
Mrs. Aditi Shivinder Singh)
vii.Entities over which key Malav Holdings Private Limited
management personnel are able
to Luxury Farms Private Limited
exercise significant influence :- Shivi Holdings Private Limited
Ranbaxy Healthcare Private Limited
Tripoli Investment and Trading
Company
14.Additional information pursuant to the Provisions of para 3 and 4
of part II of Schedule VI to the Companies Act, 1956 :
2001-2002 2000-2001
a.Expenditure in Foreign
Currency during the year NIL NIL
b.Amount remitted during the
year in Foreign Currency by
way of Dividend NIL NIL
c.Earnings in Foreign Currency NIL NIL
8. Previous Years Figures
Previous year figures have been regrouped/recast to make the same
comparable with those of the current year.