| 1. Nature of Operations
Bhagyashree Leasing & Finance Limited ("the Company") was
incorporated on August 8, 1994. The Company is primarily engaged in the
business of Trading/ Investment in Shares/Securities.
a) Segment Reporting
The Company is engaged in the business of Trading Investments and
allied Non Banking Financial Companies Activities and there are no
separate and reportable segments as per Accounting Standard 17
"Segment Reporting".
b) Related Party Transaction
Related Party Disclosure, as required by Accounting Standard - 18,
"Related Party Disclosures" are given below.
i) Key Management Personnel
Mr. Ashok H Palesha Director
Mr. Manoj P Shah Director
ii) Parties where Control Exists NIL
iii) Associates Companies/firms NIL over which the key managerial
persons /relatives have Significant influence or control.
As a matter of prudence, the company has not recognized deferred tax
assets on current, year losses in the financial statements. Deferred
tax assets are recognized only if there is virtual certainty supported
by convincing evidence that such deferred tax assets can be realized
against future taxable profits.
d) Directors' Remuneration
The Company has not paid any remuneration or commission to its
Directors during the current year. Accordingly, computation of net
profit in accordance with Section 349 of the Companies Act, 1956 has
not been computed.
e) Dues to the Micro, Small and Medium Enterprises
There are no Micro, Small or Medium Enterprises to whom amounts are
outstanding for more than 45 days as at March 31,2015.
As at March 31, 2015, no supplier has intimated the Company about its
status as Micro or Small enterprises or its registration with the
appropriate authority under 'The Micro, Small and Medium Enterprises
Development Act, 2006'.
f) The accounts of certain debtors, loans and advances given/received,
creditors are, however, subject to confirmations and reconciliations,
if any.
g) Payment To Auditors
Auditors remuneration for the year 2014-15 is Rs.11,236 /-
h) Previous Year Comparatives
Previous years have been regrouped or reclassified, where necessary, to
conform to the current year's presentation.
i) In the opinion of Board of Directors Current Assets, Loans &
advances have the value at which they were stated in the Balance Sheet,
if realized in the ordinary course of business.
j) Additional Information are required under para 3 and 4 of part II of
Schedule III of the Companies Act, 1956 has been given to the extent it
is applicable.
k) Schedules 3 to 9 form an integral part of Profit & Loss Account and
Balance Sheet as at 31st March, 2015.
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