1 Actual receipts of foreign currency is Rs.NIL (previous Year
$.12,91,854/-) which is received as consultancy fees and reimbursement
2 Foreign currency outflow on travelling and business promotion
expenses are $.3,68,774 /- (previous year $.69,775/-)
3 Deferred Tax:
In view of no taxable income in the current year and also due to
uncertainty in future taxable income, the Company has not recorded net
Deferred Tax Assets of $.67.64 Lacs as on 31.03.2012 (Previous Year
$.90.17 Lacs) arising on account of timing difference as stipulated in
Accounting Standard-22 on Accounting for Taxes on Income.
4 As per Certificate obtained from Certified Actuary the company is
having an excess provision of gratuity to the extent of 1.54 Lacs.
However, no provision is reversed during the year. As per the
certificate of Actuary certain previous year figures including
Experience Adjustment on Plan Liabilities-(Gain)/Loss are not
5 Segment Reporting
The Company has only one business segment ''''Financing'''' as its primary
segment and hence disclosure of segment-wise information is not
required under Accounting Standard 17 - ''''Segmental Information''''
notified pursuant to the Companies (Accounting Standards) Rules, 2006
The Company has only one Geographical Segment. The Company caters
mainly to the needs of the domestic market. The export turnover is not
significant in the context of total turnover.
6. Related Party Information:
(a) Key Management Personnel
1 Mr. Yogen Khosla (Managing Director)
2 Mr. Surendra Mahanti (Director)
3 Cdr. K. L. Khullar (Retd.) (Director)
4 Mr. C.R. Sharma (Director, till 01.02.2012)
(b) Relatives of Key Management Personnel
1 Mrs. Anju Khosla
2 Yogen Khosla & Sons HUF
(c) Other Related Parties where control exists:
1 M/s. First Realtors Pvt. Ltd.
2 M/s. Italindian Trade & Financial Services P. Ltd.
3 M/s. I. C. Construction & Services Ltd
4 M/s. Indo Crediop Pvt. Ltd.
5 M/s. Vaibhav Farms Pvt. Ltd.
7 MSME undertakings as defined under the Micro, Small and Medium
Development Act 2006, to whom the Company owes a sum are Rs. NIL
Previous year NIL.
8 The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped /
reclassified wherever necessary to correspond with the current year''s
classification / disclosure.