| 1. CORPORATE INFORMATION
The Company was Incorporated on 11.02.1991 and Fresh Certificate of
Registration from Reserve Bank of India on 20.05.2004 as Non Banking
Finance Company (Not Accepting Public Deposits). .
At present the Company is engaged in the following activities.
a. Non Banking Finance activities consisting of Investment activities
and funding activities.
2. Contingent Liabilities and Commitments (to the extent not provided
for)
(I) Contingent Liabilities: 0 0
(ii) Commitments: 0 0
3. Disclosures under Accounting Standards as notified under the
Companies (Accounting Standards) Rules, 2006
(A) Disclosure under Accounting Standard -1:
Financial Statements of the Company are prepared as a going Concern
since the Company is in the business of Investment and finance
activities
4. Disclosures under Accounting Standard -15 (Employee Benefits)
5. Defined Benefit Plans:
The Company has policy of giving gratuity to its employees who complete
period of qualifying service which is 5 years.
* Return on plan Assets are not recorded since no information made
available.
The company does not have any further information about fair value of
plan assets under the plan, accordingly disclosures related to Ptanned
assets and underlying assumptions has not been disclosed.
6. Disclosures under Accounting Standard 18 (Related Patty
Disclosures)
Particulars
Related party transactions
Details of related parties:
Description of relationship Names of related parties
Key Management Personnel (KMP) Mr. M.D.Patel
Mr.P.P. Patel
Mrs. Minaxi M. Patel
Mr. Nlraj M. Patel
Mr. Nikhil M. Patel
Mrs. Neha N. Patel
Relatives of KMP Mrs. Grishma N. Patel
Mint! D. Patel
Mr. Pranav D, Patel
Mrs. Rachana K. Patel
Mrs. Shivani P. Patel
Enterprise in which KMP / Relatives of KMP Abhigam Consultants Pvt. Ltd
can exercise significant influence Orbis Corporation
Ace Corooretion
Oneiro Chemicals limited
Subsidiary Universal Esters Limited
(upto 02.12.2Q14)
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 the
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007.
3. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in column (5) above.
7. Other Disclosures
1 Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006.
The Company has made payments of dues to Micro, Small and Medium
enterprises generally within stipulated period of 45 days as prescribed
under Micro, small and Medium Enterprises Development Act. The Company
has not made any payment of interest nor provided interest payable if
any on dues to any supplier.
2 The Holding Company has entered into an Agreement for Sale of Building
and also given possesion of the same to the Buyer at a consideration of
Rs. 200 lacs, the same been treated in the account as Sate and gain on
the same has been accounted for. The Sale Deed will be excuted on
clearance of the Institution holding charge on the asset.
3 The Holding Company has divested Long Term/Short Term Investment in
shares at a conderation Rs. 164.37 lacs and resulting in a loss of Rs.
173.55 lacs and also disposed off Building at a consideration of Rs. 200
facs resulting in to a gain of Rs. 144.39 lacs. The net Less (Rs. 29.16)
lacs is shown as an exceptional item in the Profit and Loss.
4 The Holding Company has disposed its fixed Assets but since it is in
the Non Banking Financial Company " business, it continues its
activities as a Going Concern.
5 The Holding Company's Promoters have disinvested 23.95% of its shares
ther by reducing their holding 47.32% . The permission of various
authorities like Reserve Bank of India and SEBI same has been received
on fulfilment of certain terms and conditions.
6 The Holding Company has not appointed a Company secretary as required
by the Company's Act, 2013.
The Secretartia! Compliance
Report is given by a Company secretary in practise.
7 As per the rewised useful life as required under Schedule - II of the
Companies Act, 2013, the impact of the depreciation upto 31.03.2014 is
higher by Rs.494347 which is charged to Opening Reserves 8 Surplus.
8 The Consolidated Balance Sheet Cash Flow cons3sts of Consolidated
Figures of the Holding and subsiddiary Company for the year ended 31.03
2014 and for the Holding Company only for the year ended 31.03.2015
since the Subsidiary' ceased to be the Subsidiary Statement of Profit
and Loss Account is Consolidated upto 02.12.2014 the date upto which
the Subsidary ceased to be a
8. Previous year's figures
(a) Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the currentyear's classification
/disclosure.
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