1.1 Terms/Rights attached to equity shares:
The company has only one class of equity share having a par value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2012, the amount of per share dividend
recognized as distributions to equity shareholders was Rs. NIL (31st
March 2011 Rs. NIL)
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be proportion to the number of equity shares held by the shareholders.
2. Segment Information (AS - 17)
The Company is engaged in only one business i.e Non Banking Financial
Services (granting of loans, making investments, etc.) and as such
there are no other reportable segment in the context of Accounting
Standard 17 Segment Reporting, issued by the Institute of Chartered
Accountants of India. Therefore, Segment Information as required by
Accounting Standard - 17 Segment Reporting is not applicable.
3. Due to the uncertainty in the future taxable income, the Company
has not recognized Deferred Tax as per Accounting standard-22
Accounting for Taxes On Income.
4. The Company believes that no impairment of assets arises during
the year as per the recommendations of Accounting Standard - 28
impairment of Assets, issued by the Institute of Chartered Accountants
5. Details of dues to Micro and Small Enterprises as defined under
the MSMED Act, 2006
Based on the intimation received by the Company, none of the suppliers
have confirmed to be registered under The Micro, Small and Medium
Enterprises Development (''MSMED'') Act, 2006. Accordingly, no
disclosures relating to amounts unpaid as at the year end together with
interest paid/payable are required to be furnished.
6. While determining diminution, other than temporary, in the value
of the long term Quoted/unquoted investments, the strategic objective
of such investments and the asset base of the investee companies have
been considered. In view thereof, the decline in the market value of
such investments is considered to be of a temporary nature.
7. In the opinion of the Board, the Current Assets, Loans & Advances
are realizable in the ordinary course of business at least equal to the
amount at which they are stated in the Balance Sheet. The provision for
all known liabilities Is adequate and not in excess of the amount
8. Previous year figures
Till the period ended 31st March 2011, the company was using
pre-revised Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended 31
March, 2012 the revised Schedule VI notified under the Companies Act,
1956, has become applicable to the company. The company has
reclassified previous year''s figures to confirm to this year''s
classification. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of
financial statements. However, It significantly impacts presentation
and disclosures made in the financial statements, particularly
presentation of balance sheet.