| Note:1 CONTINGENT LIABILITIES :-
As per the management estimate and belief there is no contingent
liability as at 31.03.2014 (Previus Year Nil)..
Note: 2 PROFIT ON SALE OF SHARES
In the previous year the company has sold 70010 shares of M/s PSS Agro
& Investments Pvt. Ltd., which were held as non-current investment. The
shares have been sold for a total sale consideration of Rs. 3.50 Crores
and the resulting profit thereon amounting to Rs. 3,14,99,500/- has
been transferred to Profit & Loss A/c. Though the transaction forms
part of ordinary activities of the company, being NBFC, but the sale
consideration as well as profit derived from the sale is an exceptional
item for the company.
Note:3 The company is predominantly engaged in NBFC business. There is
no other business or geographical segments with in the meaning of
Accounting Standard - 17 issued by the institute of Chartered
Accountants of India.
Note:4 The company has accounted for the MAT credit entitlement for
the F.Y. 2007-08 and 2012-13 amounting to Rs. 12,31,760/- and Rs.
10,97,388/- respectively which were erroneously not taken into account
in those years. Mat credit entitlement has also been accounted for the
F.Y.2013-14 amounting to Rs.6,550/-.
Note:5 Expenditure in foreign currency: Nil
Note:6 Earning in foreign currency: Nil
Note:7 Balances of the parties are subject to confirmation and
reconciliation , if any.
Note:8 In the opinion of the Board, the Current assets, loans and
advances are approximately of the value stated, if realized in the
ordinary course of business and provision for all knows liabilities are
made.
Note 9 The Company has been transferred an amount of Rs.4,74,700/- to
Special Reserve Fund during the year, which was created in terms of
Section 45 IC of the Reserve Bank of India Act,1934.
Note:10 Loans and advances include Rs. 383.50 Lacs (P.Y Rs. 387.00
Lacs) advances to a company in which the director of the company is a
director.
Note:11 As per the information available with the company no amount is
due to Micro, Small and Medium Enterprise a defined under the Micro,
Small and Medium Enterprise Development Act, 2006.
Note:12 The figures of Previous year have been regrouped/recast
wherever consider necessary to make them comparable with those of
current year.
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