| Contingent assets are neither recognised nor disclosed in the financial
statements.
1. The Company does not have any non-cancellable lease arrangements.
Office premises are taken on operating lease and such lease rentals are
charged to revenue on accrual basis.
2. Related Party Disclosures:
Disclosures as required by the Accounting Standard (AS-18)
"Related party disclosures are given below:
1. Names of related parties and description of the relationship
a. Associates : 1. M/s Vaishnavi Corporation
2. Gowra Petrochem
Private Limited
b. Key Management Personnel : 1. Shri G Srinivas -
Managing Director
2. Shri G L.Prasad -
Director
c. Relatives of key Management Personnel : 1. Shri G Lakshminarayana
2. Smt G S.Sabitha
3. Shri G Suryaprakash
4. Shri G L Subbaram
5. Smt G L Ramadevi
3. Segment Reporting: During the year the company was engaged only in
Investment and Financing activities and its activities were confined to
India. Hence there are no reportable segments of the company.
4. No enterprise has been identified as a "supplier" under the micro,
small and medium enterprises Development Act, 2006. The aforesaid
identification has been done on the basis of information, to the extent
provided by the vendors to the company.
5. Balances under the head Trade Receivables, Loans & Advances and
other liabilities are subject to confirmation from the respective
parties.
6. Impairment of Assets: The company has carried out an impairment
test as per 'Accounting Standard - 28', issued by I.C.A.I on all the
assets and no provision was required to be made towards impairment of
assets for the year ending 31st March, 2015.
7. The Company has provided for its gratuity liability on accrual
basis on the basis of completed years of service as provided under the
payment of Gratuity Act. However, the provisions of payment of Gratuity
Act, do not apply to the company, since the company does not employ the
requisite number of employees as required under the Payment of Gratuity
Act.
8. Previous year figures have been regrouped/ recasted/ reclassified/
rearranged wherever deemed necessary to conform with current year's
classification.
9. Current Assets, Loans & Advances are approximately of the value as
stated, if realized in the ordinary course of business. The provision
for all known liabilities is adequate and is not in excess of the
amount considered reasonably necessary.
10. As defined in paragraph 2(1)(xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1988.
11. Provisioning norms shall be applicable as prescribed in Non-Banking
Financial (Non-Deposit accepting or Holding) Companies Prudential Norms
(Reserve Bank)Directions, 2007
12. 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 (4) above.
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