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As at As at
31st March 31st March
2015 2014
(Rs.) (Rs.)
(1) As the business was unviable, the
Company surrendered its Certificate of
Registration of Non-Banking Financial
Institution to Reserve Bank of India.
Reserve Bank of India has cancelled the
said Certificate of Registration vide their
letter No. DNBS. MRO.No.4716 & 4869 /
02.01.60.Apple / 2003-04 dated January
13, 2004 and January 18, 2004. In
view of this, in terms of Section
45-IA of the RBI Act, 1934, now the
Company is not entitled to carry on
the business of Non-Banking Financial
Institution. However, the Company can
in future carry on the business of
Non-Banking Financial Institution
after taking necessary approval
from Reserve Bank of India. The Company
does have business income from
Interest, etc. and also have Stock-in-
Trade for business and hence, accounts
have been prepared on the Going
Concern Basis and Historical Cost Method.
(2) Contingent Liabilities in respect of:
In the matter of assignment of the
Company's rights, title and interest
arising out of the Agreement to Lease
dated April 3, 1995 made between the
Company and MMRDA and the lease of the
land and the building constructed thereon,
pursuant to the Consent Terms entered
into by the Company with Kotak Mahindra
Bank Limited and another in Suit
No.162 of 2002 before the Bombay
High Court, Rs.10 crore have been
retained by Kotak Mahindra Bank
Limited under a lien marked Fixed
Deposit of the said Bank, for meeting
any contingent liability that
may arise in future. The Company's
liability, however, shall in any event
not exceed Rs.10 crore in terms of
Clause 4 of the Agreement between the
Company as the Borrower and Apple
Credit Corporation Limited, Just
Software Private Limited and Seismograph
Securities Private Limited (all Confirming
Parties) and Kotak Mahindra Bank Limited
as Lender and Kotak Mahindra Prime Limited as
Confirming Party in the Indenture
dated March 30, 2009. 100,000,000
(3) The Company has been advised that it does 100,000,000
not have taxable income under the Income-
tax Act, 1961 for the current financial
year and accordingly, no provision for
Income Tax has been made in the Profit
and Loss Account of the Company.
Further, the Wealth Tax is accounted in
the year in which it is paid and hence,
no provision for the Wealth Tax has been
made in the Profit and Loss Account of
the Company.
(4) (a) All investments are in the name of
the Company, except those under transfer/
delivery.
(b) All the investments are held by the
Company as long-term investments, except
shown as Stock-in-Trade.
(5) In accordance with the provisions of
Schedule II to the Companies
Act, 2013, in the case of fixed assets
which have completed their useful life
as at 1st April 2014, the carrying value
amounting to Rs. 6,27,441 as a transitional
provision has been recognized in the
retained earnings/loss.
Further, in the case of other assets
acquired prior to 1st April 2014,
the carrying value of assets is depreciated
over the remaining useful
life of such assets.
Depreciation expenses charged to Profit
and Loss Account for the year
would have been lower by ' 7,69,396,
had the Company continued with the
previous assessment of useful life
of such assets.
(6) Confirmation of balances from parties have not been received. The
balances, therefore, are as per the books of account of the Company.
(7) There are no separate reportable segments.
(8) Demat Account holding statement as on 31.3.2015 includes 500 equity
shares of Swelect Energy Systems Limited, which were already sold by
the Company. However, the same have not been transferred by the
transferee in its own name. Consequently, dividends received on said
shares have been considered as current liability.
(9) Consequent to the issuance of the Accounting Standard 22
"Accounting for Taxes on Income" by the Institute of Chartered
Accountants of India, which is mandatory, the Company has had Deferred
Tax Assets (net) of ' 16,84,51,676. In the opinion of the Board of
Directors, it is unlikely that the Company would be able to take
advantage of Deferred Tax Assets in the near future and accordingly,
Deferred Tax Asset has not been considered.
(10) As per the Accounting Standard 13, Stock-in-Trade (Shares) is
required to be recognized at cost or fair value whichever is less.
However, the same has not been followed as fair value of the shares are
not available because those companies' shares are not quoted in the
stock market. Hence, provision for the same has been made.
(11) Cash Flow is prepared as per Indirect Method.
(12) The previous year's figures have been reworked, regrouped,
rearranged and reclassified wherever necessary. Amount and other
disclosures for the preceding year are included as an integral part of
the current year's financial statement and are to be read in relation
to the amount and other disclosure relating to the current year.
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