| 1. Background
Beryl Securities Limited (The Company) is a Publice Limited Company
Domiciled in India and its Shares are listed on Stock Exchange. The
Company is principally Engaged in providing Loans & Advances and is
registered as an NBFC under section 45 IA of RBI Act, 1934.
2. BASIS OF PREPATION
The financial statements of the company have been prepared in
accordance with generally accepted accounting principle in India (India
GAAP). The company has prepared these financial statement to comply
with all material respect with the accounting standard notified under
section 133 of the companies act 2013,Read with rule 7 of Companies
(Accounts) Rules,2014. The Financial Statement has been prepared under
the Historical cost convention on the Accrual Basis Except in case of
the Asset which has been recorded on fair value and Assets for Which
Provision for Impairment is Made. The accounting policy have been
consistently applied by the company and are consistent with those used
in the Previous Year.
3. Previous year figures have been regrouped, rearranged,
reclassified and recasted wherever considered necessary to confirm with
current year figure.
4. Investment are classified as non current investment and same are
carried at carrying Cost Company has made the investment amounting to
Rs.6.61 lakhs (P.Y. Rs.6.61 lakhs) (aggregating 13.99% of their equity
shares) in Beryl Drugs Ltd., a Company under the same management.
5. Loans and advances other than doubtful have been considered as
good and fully recoverable. However in terms of Reserve Bank of India
Guidelines applicable to Non-Banking Finance Companies, a provision for
standard assets Rs. 10827.48 and for Sub-standard & doubtful finance
aggregating to Rs. 113037.50 has been made by charging them to Profit &
Loss Account. Moreover, the receipts, if any, from such old NPA
borrowers have been appropriated in order of (a) Principle (b)
Interest.
6. The Current Assets, Loan & Advances have a value of realization in
the ordinary course of business at least equal to the amount at which
they are stated in the books of accounts.
7. The Company has been classified as loan and investment Company by
the Reserve Bank of India pursuant to registration as a Non-Banking
Finance Company and as per information of the management said
registration as Non Banking Finance Company with RBI is also continued
for the year.
8. Balances under sundry debtors, sundry creditors and loans and
advances are subject to confirmation.
9. Particulars of employees who are in receipt of remuneration
aggregating to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00
p.m. are not given since there is no such employees.
10. The Company has filed its return of Income Tax up to F.Y 2014-2015
but assessment up to 2013-14 has been completed.
11. There is no impairment of assets, accordingly no adjustment in
respect of loss or impairment of assets is required to be made in the
accounts.
12. The Company has paid advance against purchase of one residential
flat at JAYPEE GREENS, Noida for Rs.3319966.97/- and one flat at
Gurgaon at (Delhi) for Rs. 1779776/-. But the possession and registry
of said Flat was pending till 31st march 2015. Thus the amount has been
shown as Capital advance. Further Provisional Allotment letter of said
flat is subject to verification.
13. Company has created special reserve by Rs. 899228.04/- (P.Y. Rs.
601938.79/-) as stipulated by RBI.
14. Term loan of HDFC Bank is without filing of Charges Document with
ROC, M.P., hence classified as unsecured loan.
15. Since the Company's entire business is conducted within India.
Hence there is no reportable geographical segment. Moreover the
Company's is mainly engaged in the business of "Finance & Investment".
All the activity of the Company revolves around the main business and
there are no separate reportable segments.
16. Disclosure in respect of related parties as defined in accounting
standard (AS-18) issued by the ICAI with whom transaction have taken
place in during the year are give below:-
A. List of Related Parties:
Key Management Personnel
* Mr. Sudhir Sethi,Managing Director
* Mr. Kamlesh Gupta, C.S
* Mr. Neeraj Khanwelkar, CFO Entities Having Significant Influence
* Beryl Drugs Ltd.
* Kanchan Developer
17. The company has given advances of Rs. 3600460.00/- to Yogendra
Jain but same Advance is subject to Confirmation & Verification of
relevant agreement.
18. Contingent Liabilities and Capital Commitments
a) Estimated amount of Rs. 1172098.03 contract remaining to be executed
on capital advance not provided.
b) As per 1 stAppeal order of CIT (A), Company have written back the
provision of income tax for assessment year (2008-09) in the previous
year financial statement of the company. But income tax department has
filed the 2nd Appeal before ITAT Indore against 1st Appeal Order. Cash
outflow for the said tax effect is determinable after in respect of
judgment pending before ITAT Indore.
c) Company has given capital advance of Rs. 3319966.97 for purchase of
plot however as per agreement amount payable is Rs. 4492064.00 hence
remaining amount of Rs. 1172098.03 as capital commitment require to be
executed.
19. Company has classified various loans & Advances & Liabilities as
Current asset & Current Liabilities even no realization has been
affected from loan & Advance and not repaid to the current liability by
the company upto audit period.
20. Provision for current income tax has been made as per provision of
the income tax act but liability has been shown net of MAT credit
availed amount of entitlement.
21. Company has created MAT credit entitlement assets in accordance
with the recommendation contained in the guidance notes issued by ICAI.
In pursuance of this Company has recorded the MAT credit entitlement of
earlier years as prior period item and net off availed amount i.e.
remaining MAT credit is shown under loans and advances in the current
year.
22. The Company did not have any long term contract including
derivatives contract for which there were any material foreseeable
losses.
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