1. The Company has not made provision for Gratuity since the Company
do not have any employees during the year.
2. No provision has been made in accounts in accounts in respect of
Income Tax Liability for interest u/s 234 B and 220(2) as per orders
passed for prior years as representation is being made by the company
before higher authorities for waiver of interest and the management is
of the opinion that there would be no liability on this account.
3. During the year previous ended 31st March 2010, the Company had
made a final settlement with its Bankers in respect of its dues and the
banker had waived off Rs. 149.64 Lacs on settlement . The said sum of
Rs. 149.64 Lacs was considered and reflected as Capital Reserve. The
same has been rectified during the current year and the said amount has
been transferred to the Profit and Loss Account. The Company has also
revised its Income Tax Return for the A.Y. 2010-11 to this effect.
4. As on 31.03.2011, there are no dues to Micro, Small and Medium
Enterprises suppliers defined under The Micro Small and Medium
Enterprises Development Act, 2006.
5. In case of delinquent hirers or persons who have availed of
financial facilities, appropriate action for the recovery of the
outstanding amounts has been taken. Provision for Non Performing Assets
on the said delinquent hirers has been made as per Reserve Bank of
India guidelines on Non Banking Financial Companies
6. Balances in the Sundry Debtors, Loans & Advances and Other
Liabilities are subject to confirmations and reconciliations.
Consequential adjustment thereof, if any, will be given effect into the
books of accounts in the year of such adjustments.
10. Related Party Disclosures
Related party disclosures as required by the Accounting Standard –18 on
Related Party Disclosures Notified by the Companies (Accounting
Standard) Rules, 2006 are given below.
b) Name of the enterprises having same Key Management Personnel and /
or their relatives as the reporting enterprise with whom the Company
has entered into transactions during the year.
- Ram House Limited
- Rammaica (India) Limited
- Ramfabric (India) limited
11. Segment Information
The segment wise details as per Accounting Standard 17 Segment
Reporting as notified by the Companies (Accounting Standard) Rules,
2006 is not applicable since the Company do not have separate
reportable business segments during the year.
12. Provision for Taxes
No Provision for current tax is made since the Company do not have any
taxable income during the year .
As per Accounting Standard ( AS-22 ) on Accounting for Taxes on
Income issued by the Institute of Chartered Accountants of India , the
timing difference relating to unabsorbed losses results into Deferred
Ta x Assets. In view of present uncertainty regarding generation of
sufficient future taxable income and as a measure of prudence the
Deferred Tax Assets on the same has not been recognized in the
13. Chirania Trading Private Limited (CTPL) acquired 22,51,000 equity
shares on 18th November, 2010 from the existing promoters of the
Company and has also made an Open Offer for acquiring another 20%
equity shares from the Public in terms of SEBI (SAST) Regulation 1997
vide Public Announcement on 23rd November, 2010. The Open Offer has
been completed on 7th April, 2011 and CTPL has acquired 1,000 equity
shares in Open Offer (in physical form) which is still to be
transferred in the name of CTPL. Accordingly, CTPL is holding 22,52,000
equity shares i.e. 75.04 % holding of the Company and is now promoter
and in charge of the management of the Company.
14. The Company has incurred losses during the year and its net worth
has been significantly eroded. However, having regard to the change in
the management of the Company and considering the future expansion
plans of the Company the financial statements have been prepared on a
going concern basis and no adjustments are required to the carrying
value of assets and liabilities.
15. Change of Name:
The name of the Company has been changed from Gomti Finlease (India)
Limited to Two-up Financial Services Limited and fresh certificate of
incorporation dated 16th September, 2011 has been received from the
Registrar of Companies, Maharashtra
16. The financial statements for the year ended 31st March 2010 were
audited by another firm of Chartered Accountants and the same has been
reclassified, wherever considered necessary, to conform with the
current year''s presentation. Figures wherever not available/ furnished
in last year''s financial statements have not been given and hence are
not strictly comparable.