| (1) As required by revised schedule VI, the Company has classified
assets and liabilities into current and non-current based on the
operating cycle. An operating cycle is the time between the acquisition
of assets for processing and their realisation in cash and cash
equivalents. Since the normal operating cycle is not determinable, the
operating cycle has been considered as 12 months and the Assets &
Liabilities are segregated between Current & Non Current on the basis
of management's decision.
(2) Loan against security of vehicles
Loan against security of vehicle are valued at agreement value less
Installment received and Unmatured interest.
(3) Related Party disclosures as required by Accounting Stanadard (AS
18)
Related Party Disclosures" are as under:
Names of related parties with whom transactions have taken place during
the year
a) Key Management Personnel
Mr.Sanjay Kumar Gupta - Executive Director
Mr. Aloke Kumar Gupta - Director
Mr Manoj Kumar Gupta - Director
Mrs Reena Gupta - Director
b) Relative of Key Management Personnel
Gayatri Gupta - Mother of Director
c) Enterprises over which management Personnel, or his relative has
significant influence :
Saharsh Estates Pvt. Ltd.
(4) Deffered T ax Assets
In terms of Accounting Standard 22, issued by the Institute of
Chartered Accountants of India. For the Current year, there is a net
deferred tax asset of 1,38,603/-. The Deffered Tax Asset as on 31st
March, 2014 was 4,84,138/- due to Timing Difference in depreciable
assets.
(5) Business Segments
The Company is engaged primarily in the business of financing and there
are no separate reportable segments as per Accounting Standard 17
(Segment Reporting).
(6) The Reserve Bank of India (RBI) vide its Notification No. DNBS.
223/CGM(US) - 2011 dated 17th January, 2011 has issued directions to
all NBFCs to make provision of 0.25% against Standard Assets with
immediate effect. Accordingly, the Company has reversed provision of
94,937/- during the year against Standard Assets which has been charged
to Profit & Loss Account.
(7) Contingent Liabilities :
A Search & Seizure operation was conducted by the Service Tax
Department on 19.07.2006 and subsequently the Service Tax
Commissionerate raised a demand of Service Tax including Education Cess
amounting to 26,81,414/- vide their order dated 31.03.2009. In
respect of the said demand, the Company has obtained legal opinion and
accordingly an appeal before the Appropriate Authority is preferred.
Consequently no provision has been made in the Accounts.
(8) Expenditure in Foreign Currency for
Directors' Foreign Travelling Expenses - 2.21 lakhs
(9) Previous year figures have been regrouped and re-arranged,
wherever necessary, to confirm to the current year's classification.
(b) Terms/Rights 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.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive 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.
Note - 1.1 : (i) Loan from Citicorp Finance (India) Ltd. is secured by
Pledge of Shares
(ii) Loan from Oriental Bank of Commerce is secured against Vehicle.
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