Moneycontrol
SENSEX NIFTY
Moneycontrol.com India | Notes to Account > Finance - Leasing & Hire Purchase > Notes to Account from Arman Financial Services - BSE: 531179, NSE: ARMANFIN
YOU ARE HERE > MONEYCONTROL > MARKETS > FINANCE - LEASING & HIRE PURCHASE > NOTES TO ACCOUNTS - Arman Financial Services

Arman Financial Services

BSE: 531179|NSE: ARMANFIN|ISIN: INE109C01017|SECTOR: Finance - Leasing & Hire Purchase
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Aug 17, 16:00
181.00
-2.75 (-1.5%)
VOLUME 1,097
LIVE
NSE
Aug 17, 15:31
185.10
-1.25 (-0.67%)
VOLUME 6,954
Array
Mar 15
Notes to Accounts Year End : Mar '16

1. RELATED PARTY DISCLOSURES :

Unsecured Loan repayments includes

Paid to Shri Jayendra Patel Rs.Nil (PY. Rs. 9,33,904), to Smt. Ritaben J. Patel Rs.Nil (PY. Rs. 2,59,493), to Shri Aalok Patel Rs.Nil (PY. Rs. 2,59,370), to Aaksh Patel (HUF) Rs.6,39,204 (PY. Rs. 2,98,623), to Namra Holdings & Consultancy Services Pvt. Limited Rs.Nil (PY. Rs. 1,24,438), to Chinubhai R. Shah (HUF) Rs.12,05,425 (PY Rs. 9,23,238), to Namra Finance Limited Rs.70,86,15,216 (PY Rs. Nil)

Unsecured Loan granted includes

Paid to Namra Finance Limited Rs.27,06,85,830 (PY. Rs. 31,25,37,802).

Unsecured Loan received back includes

Received from Namra Finance Limited Rs.28,36,99,353 (PY. Rs. 32,79,14,263).

Interest Income includes

Received from Namra Finance Limited Rs.65,64,866 (PY. Rs. 1,03,53,560).

Interest Expenses includes paid to Shri Jayendra Patel Rs. Nil (P.Y. Rs. 33,904), to Shri Aalok Patel Rs. Nil (PY. Rs. 9,370), to Smt. Ritaben J Patel Rs. Nil (P.Y. Rs. 9,493), to Aakash Patel (HUF) Rs.1,42,047 (P.Y. Rs. 91,777), to Namra Holdings & Consultancy Services Pvt. Limited Rs. Nil (P.Y. Rs. 4,438) to C.R. Shah Rs. 5,425 (P.Y. Rs.12,32,38), Namra Finance Limited Rs.31,58,084 (P.Y.Rs. Nil).

Remuneration and perquisites includes payment to Shri Jayendrabhai Patel Rs.15,55,000 (P.Y. Rs. 15,32,600) and to Shri Amit Manakiwala Rs.10,70,000 (P.Y. Rs. 9,50,000), to Shri Aalok Patel Rs.4,83,600 (P.Y. Rs. 5,11,100)

Sitting Fees included paid to Smt. Ritaben Patel Rs. 37,500 (P.Y. Rs. 37,500).

Rent includes paid to J B Patel & Co. Rs. 20240 (P.Y. Rs. 20240) and to Ritaben Patel Rs. 95,25,560 (P.Y. Rs. 5,55,660)

Dividend Paid includes paid to Shri Aalok Patel Rs.2,96,976 C 2,47,480), to Jayendrabhai Patel HUF Rs.2,35,200 (P.Y. Rs.1,96,000), to Shri Aakash Patel Rs. 3,34,596 (P.Y. Rs.2,47,480), to Shri Jayendrabhai Patel Rs.3,40,690 (PY. Rs. 2,83,908), to Smt. Ritaben Patel Rs. Nil 3,56,009 (P.Y. Rs. 2,78,830), to Namra Holdings & Cons. Services Pvt. Limited Rs.1,98,480 (PY. Rs. 1,65,400), to Shri Amitbhai Manakiwala Rs. 2,32,804 (PY. Rs. 1,94,003), to Smt. Himani Manakiwala Rs.60,000 (P.Y. Rs. 50,000),to Maulik A Manakiwala Rs.960 (P.Y. Nil), Namra Holdings & Consultancy Services Pvt. Limited Rs. 1,98,480 (P.Y. Rs. 1,65,400).

Investments in Subsidiary Company includes investment into Namra Finance Limited Rs. 42,18,750 (P.Y. Rs. Nil).

Purchase of Receivables under Securitization included transaction with Namra Finance Limited of Rs. 24,42,88,000 /- (P.Y. Rs. 22,31,50,400)

2. Balances are subject to confirmation.

3. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (P. Y. Rs. Nil)

4. LEASE:

The Company has entered into certain rent agreements and amounts of Rs 16.60. Lacs (PY. Rs. 15.92 Lacs) paid under such agreements have been charged to the Statement of Profit and Loss. These rents agreements are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

5. During the year, the company has impaired the assets to the tune of Rs. Nil (PY. Rs. Nil).

6. In the opinion of the Board, Current assets and loans and advances, are approximately of the value stated, if realized in ordinary course of business.

7. As per the prudential norms of the Reserve Bank of India, provision has been made in the accounts for the Non Performing Assets. Income is not recognized in respect of Non Performing Assets.

8. ADDITIONAL DISCLOSURES REQUIRED BY THE RBI

C) Derivatives

The company has no transactions /exposures in derivatives in the current year and previous year. Un-hedge foreign currency exposure as on 31st March, 2016 is Rs. Nil (P.Y. is Rs. Nil).

D) Disclosure relating to securitization

The company has no transactions of securitization in the current year and previous year.

E) Details of non-performing assets purchase / sold.

The company has not purchased/sold non performing financial assets in the current and previous year.

G) Exposure

The company has no exposure to real estate sector and capital market directly or indirectly in the current and previous year.

H) Details of financing of parent company products:

This disclosure is not applicable as the company does not have any holding / parent company.

I) Registration obtained from other financial sector regulators.

The company is registered with following other financial sector regulators (financial regulators as described by Ministry of Finance):

(i) Ministry of Corporate Affairs

(ii) Ministry of Finance

9. Previous year''s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.

Source :
Quick Links for armanfinancialservices
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.