Mar 31, 2015
1. Contingent liabilities not provided for in respect of:
a) Income tax demand for the Assessment Year 1996-97 amounting to Rs.
6,900,919/- (Previous year Rs. 6,900,919/-) including Interest of Rs.
1,031,539/- calculated upto July 2008 against which the Company had
filed an appeal under Section 260A of the Income Tax Act, 1961, before
the Hon'ble High Court at Calcutta. The Company had already paid a sum
of Rs. 6,900,919/- (Previous year Rs. 6,900,919/-) under protest which has
been shown under Long-Term Loans and Advances in NOTE 11. However, the
case was heard and judgement was given in favour of Income tax
department and appeal of the Company was dismissed. The Company, after
having consultation with experts, has decided to file an appeal before
the Hon'ble Supreme Court shortly.
b) Income tax demand pertaining to Assessment Year 2011-12 amounting to
Rs. 88,330/- (Previous year Rs. 85,897/-) in respect of which a
rectification petition u/s 154 of the Income tax Act has been filed
against Assessment Order u/s 143(3) dated 04/03/2014.
c) Income tax demand pertaining to Assessment Years 2012-13 and 2013-14
amounting to Rs. 171,890/- (Previous Year Rs. 169,750/-) and Rs. 100,740/-
(Previous Year Rs. NIL) respectively, the Company has submitted response
for outstanding demands to CPC.
2. General Reserve includes Revenue Reserve of Rs. 17,871,849/-
(Previous Year Rs. 17,871,849/-) being difference between assets and
liabilities taken over after adjustment of consideration money in terms
of Scheme of Amalgamation of United Credit Financial Services Ltd.
3. The Company has followed the prudential norms prescribed by the
Reserve Bank of India in respect of income recognition and provision
for non-performing assets. The Company has made a provision of Rs.
856,800/- as on 31/03/2015 in respect of NPA assets under doubtful
category. However, the Company has received an amount of Rs. 582,389/-
(Previous year Rs. 582,389/-) towards Interest on Outstanding Principal
from M/s The India Jute and Industries Ltd. The sum so received was as
per the terms of settlement of our dues mentioned in the Draft
Rehabilitation Scheme (DRS) filed with BIFR.
4. In compliance with the Notification No.DNBS/223/CGM(US)-2011 dated
17/01/2011 issued by Reserve Bank of India, the Company has made
provision of Rs. 17,821/- (Previous year Rs. NIL) for Standard Assets
@0.25% of outstanding loan amount. The Company has maintained a total
provision of Rs. 225,399/- (Previous year Rs. 207,578/-) and the same has
been separately shown as "Contingent Provisions against Standard
Assets" under the head "Long-Term Provisions" under Non-Current
Liabilities in NOTE 5.
5. Effective from 1st April 2014, the Company has charged
depreciation based on the revised remaining useful life of the assets
as per requirement of Schedule II of the Companies Act, 2013. Due to
the above, depreciation charged for the year is higher by Rs. 234,328/-.
Further based on transitional provision provided in Note 7(b) of the
Schedule II, an amount of Rs. 65,541/- (Net of tax of Rs. 29,309/-) has
been adjusted with retained earnings against carrying value of those
assets whose remaining useful lives have been completed as on 31st
March, 2014.
6. The Company is predominantly engaged in Non-Banking Financial
activities and therefore Segment Reporting as envisaged in Accounting
Standard (AS-17) on Segment Reporting is not applicable.
7. There are no reported micro, small and medium enterprises as
defined in, "The Micro, Small and Medium Enterprises Development
(MSMED) Act, 2006" to which the Company owes dues and as such the
disclosure requirements under Section 22 of the said Act does not
arise.
8. The disclosures for "Employee Benefits" as defined in AS-15
(revised 2005) are given below:
Long Term Defined Benefit Plans in respect of Gratuity and Compensated
Absences as on 31st March 2015 as per Actuarial Valuations using
Projected Unit Credit Method and recognised in the financial statements
in respect of Employee Benefit Schemes.
9.During the current year, the Company has computed tax as per
normal provisions of the Income Tax Act, 1961 and is eligible to claim
MAT Credit to the extent as specified under Section 115JAA (4) & (5) of
the said Act.
10. Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
As required in terms of paragraph 13 of Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve
Bank) Directions, 2007, the Note to the Balance Sheet is appended
hereunder:
Notes:-
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 are applicable as prescribed in Non-Banking
Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007.
3. Market value in respect of quoted investments and break up / fair
value / NAV in respect of unquoted investments are disclosed.
11. The previous year's figures have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures.
Mar 31, 2014
Note 1
a) Rights, preferences and restrictions attached to shares :
i) The Company has one class of Equity Shares having par value of Rs.
10/- per share at the end of the year. These Shares rank pari passu in
all respects including voting rights and entitlement of dividend.
ii) 12.5% Redeemable Cumulative Preference Shares :
Pursuant to Order of the Hon''ble High Court at Calcutta on 2nd July
2008, 1,055,086 12.5% Redeemable Cumulative Preference Shares of Rs.
10/- each were issued and allotted on 4th September 2008 by way of
conversion of equal number of Equity Shares of Rs. 10/- each without
payment being received in cash. These Preference Shares are redeemable
at a premium of 50% at the end of five years from the date of issue
i.e. 03/09/2013 or earlier at the option of the Company which since
been redeemed on 03/09/2013.
2. Contingent liabilities not provided for in respect of:
a) Income tax demand for the Assessment Year 1996-97 amounting to Rs.
6,900,919/- (Previous Year Rs. 6,900,919/-) including Interest of Rs.
1,031,539/- calculated upto July 2008 against which the Company had
filed an application under Section 260A of the Income Tax Act, 1961
(the ''Act'') before the Hon''ble High Court at Calcutta. However a sum of
Rs. 6,900,919/- (Previous Year Rs. 6,900,919/-) had been paid under
protest which has been shown under Long-Term Loans and Advances in NOTE
11.
b) Income tax demand pertaining to Assessment Year 2011-12 amounts to
Rs. 85,897/- (Previous year Rs. 75,767/-) against which a rectification
petition u/s 154 of The Income Tax Act, 1961 has been filed.
c) Income tax demand pertaining to Assessment year 2012-13 amounts to
Rs. 169,750/- (Previous Year Rs. NIL) against which a rectification
petition u/s 154 of The Income Tax Act, 1961 has been filed.
3. General Reserve includes Revenue Reserve of Rs. 17,871,849/-
(Previous year Rs. 17,871,849/-) being difference between assets and
liabilities taken over after adjustment of consideration money in terms
of Scheme of Amalgamation of United Credit Financial Services Ltd.
4. The Company has redeemed 1,055,086 12.5% Redeemable Cumulative
Preference Shares of Rs. 10/- each at a premium of Rs. 5/- per share on
3rd September, 2013. In view of Redemption of Preference Shares, the
Company has obtained legal opinion and as advised, made necessary
transfers and adjustments in the books, details of which have been
shown under "Reserves & Surplus" in NOTE 2.
5. The Company has followed the prudential norms prescribed by the
Reserve Bank of India in respect of income recognition and provision
for non performing assets and accordingly during the current year
provision of Rs. 285,600/- (Previous Year Rs. 285,600/-) has been made
making a total provision of Rs. 856,800/- (Previous Year Rs. 571,200/-)
as at the end of the year.
6. In compliance with the Notification No.DNBS/223/CGM(US)-2011 dated
17/01/2011 issued by Reserve Bank of India, no provisions @0.25% on
Standard Assets is required to be made during the year. Excess
provision amounting to Rs. 6,933/- (Previous Year Rs. 226,280/-) has
been written back during the year and shown under the head "Other
Income" in NOTE 17. Total provision of Rs. 207,578/- (Previous year Rs.
214,511/-) has been separately shown as "Contingent Provisions against
Standard Assets" under the head "Long-Term Provisions" under Non-
Current Liabilities in NOTE 5.
7. The Company is predominantly engaged in Non-Banking Financial
activities and therefore Segment Reporting as envisaged in Accounting
Standard (AS-17) on Segment Reporting is not applicable.
8. There are no reported micro, small and medium enterprises as
defined in, "The Micro, Small and Medium Enterprises Development
(MSMED) Act, 2006" to which the Company owes dues and as such the
disclosure requirements under Section 22 of the said Act does not
arise.
9. The disclosures for "Employee Benefits" as defined in AS-15
(revised 2005) are given below:
Long Term Defined Benefit Plans in respect of Gratuity and Compensated
Absences as on 31st March 2014 as per Actuarial Valuations using
Projected Unit Credit Method and recognised in the financial statements
in respect of Employee Benefit Schemes.
10 During the current year, the Company has computed tax as per normal
provisions of the Income Tax Act, 1961 and is eligible to claim MAT
Credit to the extent as specified under Section 115JAA (4) & (5) of the
same Act.
Notes:-
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 are applicable as prescribed in Non-Banking
Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007.
3. Market value in respect of quoted investments and break up / fair
value / NAV in respect of unquoted investments are disclosed.
11 The previous year''s figures have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures.
Mar 31, 2013
1.1 Contingent liabilities not provided for in respect of:
a) Income tax demand for the Assessment Year 1996-97 amounting to Rs.
6,900,919/- (Previous Year Rs. 6,900,919/-) including Interest ofRs.
1,031,539/- calculated upto July 2008 against which the Company had
filed an application under Section 260A of the Income Tax Act, 1961
before the Hon''ble High Court at Calcutta. However a sum of Rs.
6,900,919/- (Previous Year Rs. 6,900,919/-) had been paid under protest
which has been shown under Long-Term Loans and Advances in NOTE 11.
b) Income tax demand pertaining to Assessment Year 2011-12 of Rs.
75,767/- pending hearing with Dy. Commissioner of Income Tax.
c) Dividend on 12.5% Redeemable Cumulative Preference Shares ofRs.
1,318,858/- (Previous YearRs. NIL).
1.2 in respect of certain parties where suits have been filed and
settlements made, interest has been calculated up to the date of filing
suits / settlements. Amount so received taken into account on cash
basis.
1.3 The Company has followed the prudential norms prescribed by the
Reserve Bank of India in respect of income recognition and provision
for non performing assets and accordingly during the current year
provision of Rs. 285,600/- (Previous Year Rs. 285,600/-) has been made
making a total provision of Rs. 571,200/- (Previous Year Rs. 285,600/-) as
at the end of the year.
1.4 In compliance with the Notification No.DNBS/223/CGM(US)-2011 dated
17/01/2011 issued by Reserve Bank of India, the Company has made
provision of Rs. NIL (Previous Year t 13,857/-) for Standard Assets
@0.25% of the outstanding loan amount. During the year an amount of
Rs.226,280/- towards excess provision has been written back and shown
under the head "Other Income" in NOTE 17. The Company has maintained a
total provision of t 214,511/- (Previous Year Rs. 440,791/-) and the same
has been separately shown as "Contingent Provisions against Standard
Assets" under the head "Long-Term Provisions" under Non-Current
Liabilities in NOTE 5.
1.5 The Company is predominantly engaged in Non-Banking Financial
activities and therefore Segment Reporting as envisaged in Accounting
Standard (AS-17) on Segment Reporting is not applicable.
1.6 There are no reported micro, small and medium enterprises as
defined in "The Micro, Small and Medium Enterprises Development (MSMED)
Act, 2006" to which the Company owes dues and as such the disclosure
requirements under Section 22 of the said Act does not arise.
1.7 The disclosures for "Employee Benefits" as defined in AS-15
(revised 2005) are given below:
Long Term Defined Benefit Plans in respect of Gratuity and Compensated
Absences as on 31st March 2013 as per Actuarial Valuations using
Projected Unit Credit Method and recognised in the financial statements
in respect of Employee Benefit Schemes.
1.8 During the current year, the Company has computed tax as per
normal provisions of the Income Tax Act, 1961 and is eligible to claim
MAT Credit to the extent as specified under Section 115JAA (4) & (5).
1.9 Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
As required in terms of paragraph 13 of Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve
Bank) Directions, 2007, the Note to the Balance Sheet is appended
hereunder:
Notes:-
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 are applicable as prescribed in Non-Banking
Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007
3. Market value in respect of quoted investments and break up / fair
value / NAV in respect of unquoted investments are disclosed.
1.10 The previous year''s figures have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures.
Mar 31, 2012
1. The above Cash Flow Statement has been compiled from and is based
on the Balance Sheet as at 31st March, 2012 and the related Statement
of Profit and Loss for the year ended on that date.
2. The above Cash Flow Statement has been prepared under "Indirect
Method" as set out in the Accounting Standard (AS-3) on "Cash Flow
Statement", issued by The Institute of Chartered Accountants of India
and reallocations required for this purpose are made by the Company.
3. In the above Cash Flow Statement, Cash and Cash Equivalents do not
include bank balances of unpaid dividend account which are not
available for use by the Company.
4. Figures in parenthesis represent outflow.
5. Previous year's figures have been regrouped, recast, wherever
necessary, to conform current year's presentation.
a) Rights, preferences and restrictions attached to shares :
i) The Company has two types of share capital i.e. equity and
preference. These shares carry the same right as mentioned in Sections
85 and 87 of the Companies Act, 1956. Pursuant to the Scheme of
Arrangement approved by the Hon'ble High Court at Calcutta by an Order
dated 2nd July 2008, preference shares also carry a right to be paid a
fixed premium of 50% at the time of redemption.
ii) 12.5% Redeemable Cumulative Preference Shares :
Pursuant to Order of the Hon'ble High Court at Calcutta on 2nd July
2008, 1,055,086 12.5% Redeemable Cumulative Preference Shares of Rs. 10/-
each were issued and allotted on 4th September 2008 by way of
conversion of equal number of Equity Shares of Rs. 10/- each without
payment being received in cash. These Preference Shares are redeemable
at a premium of 50% at the end of five years from the date of issue
i.e. 03/09/2013 or earlier at the option of the Company.
Note :
i) General Reserve includes Revenue Reserve of Rs. 17,871,849/- being
difference between assets and liabilities taken over after adjustment
of consideration money in terms of Scheme of Amalgamation of United
Credit Financial Services Ltd.
Note :
(a) Other payables represent amount payable on account of liabilities
for expenses and statutory dues.
(**) 250,000 Shares of United Nanotech Products Ltd. have been pledged
on Collateral Security with Technology Development Board, New Delhi.
1.1 Contingent liabilities not provided for in respect of:
Income tax demand for the Assessment Year 1996-97 amounting to Rs.
6,900,919/- (Previous year Rs. 6,900,919/-) including Interest of Rs.
1,031,539/- calculated upto July 2008 against which the Company had
filed an application under Section 260A of the Income Tax Act before
the Hon'ble High Court at Calcutta. However a sum of Rs. 6,900,919/-
(Previous year Rs. 6,900,919/-) had been paid under protest which has
been shown under Long- Term Loans and Advances in NOTE 11.
1.2 In respect of certain parties where suits have been filed and
settlements made, interest has been calculated upto the date of filing
suits/settlements. Amount so received taken into accounts on Cash
Basis.
1.3 The Company has followed the prudential norms prescribed by the
Reserve Bank of India in respect of income recognition and provision
for non performing assets and accordingly during the current year
provision of Rs. 285,600/- (Previous year Rs. NIL) has been made and a sum
of Rs. NIL (Previous year Rs. 1,038,389/-) has been written off.
1.4 In order to comply with the Notification No.DNBS/223/CGM(US)-2011
dated 17/01/2011 issued by Reserve Bank of India, the Company has made
balance provision of Rs. 13,857/- (previous year Rs. 426,934/-) for
Standard Assets at 0.25% of outstanding loan amount, making thereby a
total provision of Rs. 440,791/- for the year ended 31.03.2012. The said
provision has been separately shown as "Contingent Provisions against
Standard Assets" under the head "Long-Term Provisions" under
Non-Current Liabilities in Note 5 of Balance Sheet.
1.5 The Company had submitted its bid during the financial year
2010-11 to Industrial Investment Bank of India Ltd (IIBI) for purchase
of Non-performing Assets (NPA) pertaining to India Jute and Industries
Ltd. The Company had been declared the successful bidder for the same
by IIBI vide its letter no. IIBI/HO/275/2011 dated 3rd February 2011.
As per norms of Tender Document, Company has paid full bid money of Rs.
2,856,000/- to IIBI Ltd. towards such purchase. The Deed of Assignment
of Debt, in this regard was executed on 1st July 2011, before the
Additional Registrar of Assurance III, Kolkata.
Pursuant to Section 135 of the Companies Act, 1956 modification of
charge in favour of the Company, being assignee, has been filed with
the Registrar of Companies, West Bengal.
The above NPA (Loan Assets) so purchased has been shown as Long-term
Loans & Advances under Non- Current Assets in Note 11 of Balance Sheet.
As required under the prudential norms prescribed by the Reserve Bank
of India, a provision of Rs. 285,600/- has been made on purchase of
Non-performing Assets. The said provision has been shown as Long-term
Provisions under Non-Current Liabilities in Note 5 of Balance Sheet.
1.6 The Company is predominantly engaged in Non-banking Financial
Activities and therefore Segment Reporting as envisaged in Accounting
Standard (AS-17) on Segment Reporting is not applicable.
1.7 There are no reported micro, small and medium enterprises as
defined in "The Micro, Small and Medium Enterprise Development Act,
2006" to which the Company owes dues and as such the disclosure
requirements under Section 22 of the said Act does not arise.
1.8 Employee Benefits
Long Term Defined Benefit Plans in respect of Gratuity and Compensated
Absences as on 31st March 2012 as per Actuarial Valuations using
Projected Unit Credit Method and recognised in the financial statements
in respect of Employee Benefit Schemes.
The above MAT Credit entitlement is eligible for set off in subsequent
years.
1.9 The Company has been informed by United Nanotech Products Ltd.
(UNTPL) that there has been substantial increase in revenue during the
financial years 2010-2011 and 2011-2012. Going by this trend, the
management of UNTPL is confident that in a span of five years, they
will be able to liquidate accumulated loss.
Considering the facts as stated by UNTPL, there is no permanent
diminution in the value of investments made by United Credit Ltd. and
hence the question of provision for shortfall in the value of
investment does not arise.
1.10 Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
As required in terms of paragraph 13 of Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve
Bank Directions, 2007, the Note to the Balance Sheet is appended
hereunder.
Notes:-
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 Non-Banking
Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007.
3. Market value in respect of quoted investments and break up / fair
value / NAV in respect of unquoted investments are disclosed except
investments in unquoted equity shares & preference shares of United
Nanotech Products Limited for which break up value could not be
ascertained, hence disclosed at book value.
1.11 Consequent to the notification of Revised Schedule VI under the
Companies Act, 1956, the financial statements for the year ended March
31, 2012 are prepared as per the Revised Schedule VI. Accordingly,
previous year figures have also been reclassified to conform to this
year's classification and also have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures. The adoption of Revised Schedule VI for previous year
figures does not impact recognition and measurement principles followed
for preparation of financial statements.
Mar 31, 2011
1. Accounting of Assets given on finance lease upto 31st March 2001
has been made as per earlier Guidance Note on Accounting for leases
issued by The Institute of Chartered Accountants of India.
2. General Reserve Includes Revenue Reserve of Rs.17,871,849/- being
difference between assets and liabilities - taken over after adjustment
of consideration money in terms of Scheme of Amalgamation of United
Credit Financial Services Limited.
3. Contingent liabilities not provided for in respect of:
Income tax demand for the Assessment Year 1996-97 amounting to Rs.
6,900,919/- (Previous year Rs. 6,900,919/-) including Interest of
X1,031,539/- calculated upto July 2008 against which the Company had
filed an application under Section 260A of the Income Tax Act before
the Hon'ble High Court at Kolkata. However a sum of Rs. 6,900,919/-
(Previous.year Rs. 6,900,919/-) had been paid under protest which has
been shown under Loans and Advances.
4. In respect of certain parties where suits have been filed and
settlements made, interest has been calculated upto the date of filing
suits/settlements. Amount so received taken into accounts on Cash
Basis.
5. The Company has followed the prudential norms prescribed by the
Reserve Bank of India in respect of income recognition and provision
for non performing assets and accordingly during the year provision of
Rs. NIL (Previous year Rs. NIL) has been made and a sum of Rs. 1,038,389/-
(Previous year Rs. 3,078,202/-) has been written off.
6. In order to comply with the Notification No.DNBS/223/CGM(US)-2011
dated 17/01/2011 issued by Reserve Bank of India, the Company has made
provision of Rs. 426,934/- for Standard Assets at 0.25% of outstanding
amount. The said provision has been separately shown as "Contingent
Provisions against Standard Assets" under the head "Provisions" in the
Balance Sheet.
7. Pursuant to Section 205C(2)(d) of the Companies Act, 1956, the
Company has transferred an amount of Rs. 4,538,055/- (Previous year
8. The Company had submitted its bid during the current financial year
to Industrial Investment Bank of India Ltd (IIBI) for purchase of non
performing assets pertaining to India Jute and Industries Ltd. The
Company had been declared the successful bidder for the same by IIBI
vide its letter no.HBI/HO/275/2011 dated 3rd February 2011. Out of
total approved bid money of Rs. 2,856,000/-, Rs. 2,142,000/- has been
paid by the Company to IIBI as advance towards such purchase. The
execution of assignment agreement in respect of this purchase is in
process,pending completion of execution of assignment agreement.
The amount paid to IIBI has been shown under Loans and Advances in
Schedule 9.
12. The Company is predominantly engaged in Non-banking Financial
Activities and trading/dealing in shares and therefore Segment
Reporting as envisaged in Accounting Standard (AS-17) on Segment
Reporting is not applicable.
15. As required in terms of paragraph 13 of Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007, the schedule to the
Balance Street is appended.
17. There are no reported micro, small and medium enterprises as
defined in "The Micro Small and Medium Enterprise Development Act,
2006" to which the Company owes dues and as such the disclosure
requirements under Section 22 of the said Act have not been made.
18. Provision for Minimum Alternative Tax for the current year has
been made in view of Inadequate Tax under other provisions of the
Income Tax Act, 1961.
19. The Previous year's figures have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures.
Mar 31, 2010
1. Accounting of Assets given on finance lease upto 31st March 2001
has been made as per earlier Guidance Note on Accounting for leases
issued by The Institute of Chartered Accountants of India.
2. General Reserve includes Revenue Reserve of Rs.17,871,849/- being
difference between assets and liabilities taken over after adjustment
of consideration money in terms of Scheme of Amalgamation of United
Credit Financial Services Limited.
3. Contingent liabilities not provided for in respect of:
Income tax demand for the Assessment Year 1996-97 amounting to
Rs.6,900,919/- (Previous year Rs.6,900,919/-) including Interest of
Rs.1,031,539/- calculated upto July 2008 against which the Company has
filed an application under Section 260A of the Income Tax Act before
the Honble High Court at Kolkata. However a sum of Rs.6,900,919/-
(Previous year Rs.6,900,919/-) has been paid under protest which has
been shown under Loans and Advances.
4. In respect of certain parties where suits have been filed and
settlements made, interest has been calculated upto the date of filing
suits/settlements. Amount received taken into accounts on Cash Basis.
5. The Company has followed the prudential norms prescribed by the
Reserve Bank of India in respect of income recognition and provision
for non performing assets and accordingly during the year provision of
Rs.NIL (Previous year Rs.1,423,594/-) has been made and a sum of
Rs.3,078,202/- (Previous year Rs.177,056/-) has been written off.
6. a) The debentures issued by the Company had been redeemed on 1st
April 2003 and accordingly the unclaimed
debentures have been transferred to current liabilities. b) Pursuant
to legal opinion obtained by the Company, that Section 205C (2) (e) of
the Companies Act, 1956 dealing with transfer to Investor Education and
Protection Fund, of interest accrued on the amounts referred to in
clauses (a) to (d) of Section 205C (2), is not applicable in respect of
debentures not matured, as Section 205C (2) (d) refers to "Matured
Debentures with Companies", the Board of Directors decided at the
meeting held on 25th January, 2010 to write back to the credit of Other
Income, the unclaimed interest amounting to Rs.1,363,719/- on unmatured
debentures for the years commencing from 2000-2001 to 2002-2003, which
remained unclaimed for more than seven years as at 31st March 2010.
7. As at Balance Sheet date, there were no amounts due on account of
unpaid dividends, which are required to be transferred to Investor
Education and Protection Fund (IEPF), as required under Section 205C of
the Companies Act, 1956 of India.
8. The Company is predominantly engaged in Non-banking Financial
Activities and trading/dealing in shares and therefore Segment
Reporting as envisaged in Accounting Standard (AS-17) on Segment
Reporting is not applicable.
9. As required in terms of paragraph 13 of Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve
Bank) Directions, 2007, the schedule to the Balance Sheet is appended.
10. Based on the legal opinion, all the acquisition of shares and
transactions thereof have been reckoned as long-term investments for
the purpose of these accounts.
11. Debts (considered good) aggregating to Rs.98,521/- include other
than Standard accounts amounting to Rs.68,000/- as defined under
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007 as amended, against which appropriate provisions have
been made in these financial statements pursuant to the said
Directions.
12. There are no reported micro, small and medium enterprises as
defined in "The Micro Small and Medium Enterprise Development Act,
2006" to which the Company owes dues and as such the disclosure
requirements under Section 22 of the said Act have not been made.
13. The Service tax amounts of Rs.36,788/-, Rs.70,707/- & Rs.88,385/-
relating to October 2008 to March 2009, April 2009 to September 2009
and October 2009 to March 2010 remaining unpaid as on 31st March 2010
respectively, have been paid on 22/04/2010 after adjusting input tax
credit of Rs.58,658/- and an amount of Rs.8,784/- paid towards
interest. The amount related to rent on Immovable Property situated at
225C, A.J.C. Bose Road, Kolkata - 700 020 which was in arrear because
of stay order granted by various High Courts and subsequent judgements
pronounced in favour of tenants. However, after the amendment in the
Finance Bill, 2010 this year, the same has been paid with interest as
mentioned above and all necessary disclosures have been made
retrospectively to the concerned Authorities.
14. Provision for Minimum Alternative Tax has been made in view of
absence of normal tax this year.
15. The Previous years figures have been regrouped, recast and
rearranged wherever necessary to make it comparable with the current
year figures.