| 1 The operations of Bangalore branch of the Company were suspended
from 31.08.1999 and the assets were put up for sale. An employee of the
Company who was in-charge of the Bangalore Branch, has not rendered
accounts to the company in respect of the disposal of the assets at the
Branch, The company has Initiated legal action against the employee. As
the matter is pending before the Court and Quantum of sale realization
particulars having not been available to the Company, the same has not
been considered in the accounts. In view of the uncertainty of
realization, on determination of the matter by the Court, the
transaction would be appropriately recognized in the accounts.
2 Contingent Liabilities and Commitments (To The Extent Not Provided
For):
Particulars As at As at
31-03-2013 31-03-2012
Rs. in crores Rs.in crores
(A) Contingent Liabilities
(a) Claims against the company not
acknowledged as debts 3.90 3.90
Total 3.90 3.90
3 Borrowing Cost:
The amount of borrowing cost capitalised during the year is Rs. Nil.
4 Expenditure & Earnings in Foreign Currency:
Expenditure & Earnings in Foreign Currency during the year is Nil.
5 The balance in Bank accounts, aggregating to a Net Debit balance of
RS. 1,14,561/- are subject to reconciliation, Due to non-receipt and
belated receipt of statements of account, the same have not been
reconciled. - Ý
6 Certain subsidiary records maintained by the Company are subject to
reconciliation.
7 In the opinion of the Board, all current assets, loans and advances
have a value on realization in the ordinary course of business at least
egual to the amount at which they are stated.
8 The Prudential Norms prescribed for the Non Banking Financial
Companies by the Reserve Bank of India in respect of classification of
Assets, Income recognition and provisioning have been complied with,
Provisioning for Non Performing Assets have been made considering the
receivables as unsecured as the market / realizable value of the assets
covered under the Hire Purchase/ Lease transactions were not available.
-
9 In respect of certain Hire Purchase transactions, shares have been
obtained by the Company as security. The proceeds out of sale of these
shares have been adjusted against the dues from the respective parties.
10 Loans and advances include an amount of Rs.31.52 lacs in respect of
which the company has initiated proceedings against the persons who are
accountable for such transactions. The proceedings initiated by the
Company against the persons who are accountable for such transactions
is in progress. Hence the unadjusted amount as of the closing date is
continued to be shown as recoverable advance during the year for which
necessary provisions for doubtful recovery has already been made in the
accounts.
11 The balance in certain parties accounts and bank accounts are
subject to confirmation and reconciliation.
12 The registration granted by Reserve Bank of India Expired on
31.03.2004 and the same has not been considered for renewal.
13 In the opinion of the Company, the fall in value of long term
investments is temporary and hence no provision for diminution in value
has been made,
14 Disclosure in respect of segment reporting are not applicable to the
company as the company does not have more than one repbrtable segment.
15 During the year the company has not taken or given any asset on
lease.
16 Taking into consideration the prudence and non availability of
convincing evidence to show that there would be sufficient future
income, against which deferred tax asset can be realized, recognition
of deferred tax asset / liability as required by the accounting
standard for accounting of taxes on income has not been considered in
the accounts,
17 The previous year figures have been
reclassified/regrouped/rearranged to conform with the current year
classification.
|