| 1. Change in Accouting Policies:
The company has not made any changes in its accounting policy and are
same as were in previous year.
2. Segmental Reporting:
The company is an investing and financing company and most of the
revenue of the company arise from investing activities. As all the
investment and finances made by the company are subject to same risk
and return, hence, there is only one segment of business.
3. Deferred Tax
Consequent to the issuance of Accounting Standard (AS) 22, "Accounting
For Taxes on Income" issued by The Institute of Chartered Accountants
of India, the Company has recognised deferred tax liability of
Rs.15,89,230/-for the period up to 31st March, 2015 (Pr. Yr.
Rs.13,81,469/-) on account of difference in depreciation calculated as
per schedule II of the Companies Act, 2013 and as per Income Tax Act,
1961.
4. Operating Lease
The company was taken head office building on lease which is classified
as an Operating Lease. The information as per Accounting Standard (AS)
19, 'Leases" issued by The Institute of Chartered Accountants of India
is as follows:-
5. Related Party Disclosures:
a . List of related parties and their relationship (as recognized by
the management): i . Shri Pavel Garg (Key Management Personnel) ii.
Smt. Poonam Garg (Key Management Personnel) i ii . Shri Shri Chand
Mittal (Key Management Personnel)
b. Related Parties Transactions:
6. On the basis of above information available with the company,
there are no amounts payable to micro and small enterprises as at
31.03.2015 (Pr. Yr. - Nil). However, the status of all the undertakings
is presently not known to the company.
7. Earning/Expenditure in foreign currency: Rs. Nil (Pr. Yr. Nil)
8. Debit and credit balances with the parties are subject to their
confirmations by the parties.
9. In the opinion of board of directors, the current assets, loans &
advances shall have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
balance sheet and provisions for all the known current liabilities have
been made in the balance sheet.
10. Schedule to the Balance Sheet as required in terms of Paragraph 13
of Non Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007, is enclosed herewith
by way of separate annexure.
11. Previous year figures have been regrouped or rearranged wherever
considered necessary to make it comparable with the figures of the
current year.
Notes :
1 As defined in Paragraph 2(1)(xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
2 Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
3 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 debts. 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 column (4) above.
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