| 1. There was no amount due as on March 31, 2015, as reported to us
from/ to Micro, Small & Medium Enterprises as per MSMED Act, 2006.
2. Receivables and Loan & advances made to parties are taken as
available from the books of account and are subject to confirmation.
3. Out of the amount receivable a few accounts are in moratorium
period, as per Agreement with the borrowers these amounts are
recognized as income for the current financial year though not
received.
4. During the year advances of Rs. 54,02,174/- (Previous Year Rs.
36,18,061/-) were identified as loss assets and were written off .
Except these all other advances, Receivables and investment made are
recoverable and performing, therefore management has not made any
provisions for bad or doubtful asset, however 0.25% of the Standard
Assets is being provided as per the notification No.
DNBS.222/CGM(US)-2011 dated 17-01-2011 issued by the Reserve Bank of
India (RBI) vide its Directions to all NBFCs to make a general
provision of 0.25% of the standard assets The company has made a
provision of Rs 4,70,000/- (Previous Year Rs. 4,60,000/-) on the
standard assets as on March 31, 2015. The amount of provision on
Standard assets is shown separately as Contingent provision against
Standard Assets under Long Term Provisions in the Balance Sheet.
Pursuant to section 45 IC of the Reserve Bank of India, 1934, during
the year the company has transferred an amount of Rs. 4,70,000/-
(Previous Year Rs. 4,60,000/-) to Statutory Reserve.
Note: Amount in bracket indicate previous year's figures
5. Estimated amount of contracts remaining to be executed on Capital
account and not provided for Rs. 239.24 Lacs (Previous Year 239.24
Lacs).
6. The Company has taken premises on operating lease. Gross rental
expenses for the year ended 31 March 2015 aggregated to Rs. 3,36,700/-
(Previous Year: Rs. 4,43,600/-) which is shown under head 'Rent' of
Note '18 'Other Administrative expenses' in the profit and loss
account.
The company has entered into agreement in the nature of leave and
license agreement with licensor. This is in the nature of leave and
license and period of agreements is for one year or more and renewable
/ cancellable at the option of the lessee or lessor.
7. The Company has obtained the certificate of Registration from the
RBI as a "Non Banking Financial Institution - Non Deposit Taking" on
September 22, 1998 under Section 45-IA of the Reserve Bank of India
Act, 1934
8. Financing activities are mostly in nature of loans repayable on
demand and are unsecured. At the time of giving loan, there is no
stipulation towards the period of principal repayment for which KYC
norms and guidelines on Fair Practices Code are followed wherever
necessary.
9. Directors Remuneration paid during the year Rs. 1,92,000/- to The
Managing Director Mr. Nitin Somani. (Previous year Rs. 1,92,000/-)
10. Disclosure pursuant to Accounting Standard 15(Revised)-Employee
benefits Defined contribution plan (Provident fund) :
Amount of Rs. 1,09,715/-(Previous year: 1,82,282) is recognized as
expenses and included in "Employment Benefit Expenses" - Schedule 15 in
the profit and loss account.
Defined benefit plan (Gratuity):
The following tables summarize the components of the net benefit
expenses recognized in the profit and loss account and the funded
status and amounts recognized in the balance sheet for the Gratuity
benefit plan.
Profit and loss account
Net employee benefit expenses (recognized in employee cost)
11. Previous year figures have been regrouped/reclassified wherever
necessary.
Notes :
1. Cash flow statement has been prepared under indirect method as set
out in the Accounting Standard (AS) 3 " Cash Flow Statement " .
2. Cash and cash equivalents represent cash and bank balances.
3. Previous year figures have been regrouped/ reclassified wherever
applicable.
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