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SENSEX NIFTY India | Notes to Account > Finance - Leasing & Hire Purchase > Notes to Account from Asia Pacific Investment Trust - BSE: 511028, NSE: N.A

Asia Pacific Investment Trust

BSE: 511028|SECTOR: Finance - Leasing & Hire Purchase
Asia Pacific Investment Trust is not traded in the last 30 days
Asia Pacific Investment Trust is not listed on NSE
Notes to Accounts Year End : Jun '96
01. Accounts for the year are drawn for 12 months covering the period 
 July'95 to June'96 as against 15 months covering April'94 to June'95 
 in respect of the previous period and therefore are not comparable.
 02. Capital Commitments: 
 Estimated amount of Contracts to be executed on Capital Account and 
 not provided for - Rs. Nil (Previous period Rs.9.40 lacs).  
 03. Contingent Liabilities: 
                                                          Rs. in lacs 
                                                     As at      As at 
                                                  30.06.96   30.06.95
 i) Claims made against the Company not 
    acknowledged as debt: 
    Towards Income tax/Interest 
    Tax (net of Taxes adjusted)                     204.20     155.68 
    (Refer Note No.10) 
 ii) In terms of the disinvestment arrangement with its former 
 subsidiary - Nagarjuna Hire Purchase Limited (presently SM Finance 
 Limited), the company may be required to bear liabilities towards 
 income tax upto the period ended 31.03.1990, that may finally 
 aggregate in respect of the erstwhile subsidiary.  
 04. The Company has a liability of Rs.40.00 Lakhs against partly paid 
 05. Secured Loans: 
 a) Term Loans: 
 Term Loans from Industrial Finance Corporation of India Ltd. (IFCI), 
 Industrial Reconstruction Bank of India (IRBI) and Small Industries 
 Development Bank of India (SIDBI) are secured by exclusive 
 charge/hypothecation of equipments, Plant and Machinery and Other 
 assets acquired out of the said loans.  The Financial Institutions 
 shall also have a right to collect from the Lessees/Hire Purchasers 
 the amounts of rents/Hire purchase rentals in respect of the leased 
 assets in the event of the company committing any default.  All the 
 said facilities are further secured by the personal guarantee of 
 Dr. K.V.L.N. Raju, former Managing Director of the company.  Some of 
 the loans taken from Industrial Finance Corporation of India are also 
 secured by personal guarantee of Shri. K.S. Raju, former Director of 
 the company.  
 b) Cash Credit: 
 The Cash credit from the banks are secured by stock on Hire and 
 receivables on account of Hire purchase transactions, Leased assets 
 and lease rental receivables except those specifically charged to term 
 lending Financial Institutions and all other current assets of the 
 company and are further secured by personal guarantee of 
 Dr. K.V.L.N. Raju, former Managing Director of the company.  
 The above said loans are also covered by the Corporate Guarantee of 
 M/s. Asia Pacific Financial Services Limited and the Personal 
 Guarantee of Shri. R.S. Chowdhury, Director of the company.  
 06. a) The investments have been physically verified by the management 
 as on 30-06-1996.  Investments held other than at Registered Office 
 are verified by a Chartered Accountants firm which has been relied 
 upon by the Auditors.  
 b) In the opinion of the management, Investments in the equity shares 
 being permanent in nature and diminution, if any, being temporary in 
 nature, no provision is considered in respect of the notional 
 diminution in the value of the said investments.  
 07. Overdues including compensation charges and suit filed accounts on 
 account of Hire purchase, Lease debtors and other receivables and 
 receivables under Loans and Advances have been considered good for 
 recovery as assessed by the Management.  However, shortfall in 
 recovery of the above will be met from the Contingency Reserve.  
 08. Reconciliation of certain bank accounts and business related 
 accounts are in progress.  The effect of the above on the accounts 
 will be dealt with on completion of the reconciliation.  
 09. No provision for Income tax has been made, based on certain 
 favourable/adverse appellate orders on disputed issues in the earlier 
 years.  However, the Income tax department/company are in appeal 
 against the above said appellate orders.
 10. The prudential norms prescribed by The Reserve Bank of India vide 
 its letter no DFC:COC:No. 1707.174.93-94 dated 13th June 1994 in 
 respect of a) Income Recognition b) Accounting for Investments 
 c) Asset Classification and d) Provisioning for bad and doubtful debts 
 are not considered by the company for compilation of its financial 
 statements as the same are not mandatory.  
 11. The company has been legally advised that as the principal object 
 of the company as laid down in the Memorandum of Association 
 encompasses the business of financing industrial enterprises, the 
 provisions of section 370 (1) of the Companies Act, 1956 are not 
 applicable to it.  
 12. As a result of implementing The Guidance Note on Lease Accounting 
 (Revised) issued by the Institute of Chartered Accountants of India, 
 in respect of assets leased with effect from 1.4.95, the profit for 
 the year is stated lower by Rs.343669.  
 13. Balances in respect of Hire purchase/Lease Debtors, Loans and 
 Advances and Other receivables are subject to confirmation.  
 14. Acquisition cost of Consumer Durables in pursuance of Hire 
 Purchase Agreements Rs. Nil (Previous period Rs.66.69 lacs).  
 15. Other additional information pursuant to 4(C) and 4(D) of Part-II 
 of Schedule VI of The Companies Act 1956 - Not applicable.  
 16. a) Details of Auditors' Remuneration (included in Other expenses 
 in Schedule 12 - Administration and General expenses):
Source : Dion Global Solutions Limited
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