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IIFL Holdings
BSE: 532636|NSE: IIFL|ISIN: INE530B01024|SECTOR: Finance - General
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Mar 12
Notes to Accounts Year End : Mar '13
1. CORPORATE INFORMATION:
 
 India Infoline Limited was incorporated on October 18, 1995 and
 commenced its operations as an independent provider of information,
 analysis and research covering Indian businesses, financial markets and
 economy, to institutional clients.  Over a period, India Infoline Ltd
 expanded its service offerings in the financial services space offering
 equity / currency broking in NSE / BSE and MCX-SX, Depository
 Participant services, merchant banking, portfolio management services
 and distribution of mutual fund, bonds etc. India Infoline Ltd is
 registered with SEBI for the above services. India Infoline Ltd is one
 of the leading players in the Indian financial services space. India
 Infoline Ltd operates through a network of close to 2,000 business
 locations across India.
 
 NOTE 2. During the Previous Financial year 2011-12 the Company had
 sold its marketing and distribution business (including all its assets
 and liabilities of marketing and distribution business) of India
 Infoline Marketing services Ltd. by way of slump sale on a going
 concern basis to India Infoline Media and Research Ltd. a subsidiary of
 the company, for a lump sum consideration of Rs. 469,822,400/- vide
 agreement dated January 16, 2012. The profit earned by Company by
 virtue of this slump sale was Rs. 143,604,348/-.
 
 NOTE 3. In order to achieve simplified business structure, focused
 management, strengthen core competencies and enhance value creation for
 the group, the Board of Directors of your Company have approved
 transfer of Company''s broking, Depository Participant, Portfolio
 Management, Mutual Fund Distribution and Investment Banking businesses
 (Financial Services Undertaking) to a wholly owned subsidiary,
 India Infoline Distribution Company Limited (IIDCL), through a
 scheme of arrangement in terms of Section 391 to 394 of the Companies
 Act, 1956. As the said transfer is to a wholly owned subsidiary, it
 does not involve issue of new shares by the Company. The Appointed Date
 of the Scheme is April 1, 2013. The Scheme is subject to necessary
 approvals of regulatory authorities, shareholders, creditors and High
 Court. The Company has already initiated the process to seek the
 various requisite approvals. The Company continues with its remaining
 business and accordingly the accounts for the financial year have been
 prepared on a going concern basis.
 
 NOTE 4. The claim against the Company not acknowledged as debt were
 Rs. 16,939,813/- (previous yearRs. 11,389,141/-), As of March 31, 2013,
 we had certain contingent liabilities not provided for, including the
 following:
 
 NOTE 5. CAPITAL AND OTHER COMMITMENTS AT BALANCE SHEET DATE
 
 There were outstanding commitments for capital expenditure (net of
 advances) to the tune of Rs. 19,738,682/- (previous year Rs.
 54,189,295/-) and Other Commitment to the tune of Rs. 450,000,000/-
 (previous year Rs. 562,500,000/-) of the total contractual obligation
 entered during the year.
 
 NOTE 6. The Company has taken office premises on operating lease at
 various locations. Lease rents in respect of the same have been charged
 to Statement of Profit and Loss. The agreements are executed for a
 period ranging from one to five years with a renewable clause. Some
 agreements have a clause for a minimum lock-in period. The agreements
 also have a clause for termination by either party after giving a prior
 notice period between 30 to 90 days. The Company has also taken some
 other assets under operating lease. The minimum future Lease rentals
 outstanding as at March 31, 2013, are as under:
 
 The Company has taken office premises on operating lease at various
 locations. Lease rents in respect of the same have been charged to
 Statement of Profit and Loss. The agreements are executed for a period
 ranging from one to five years with a renewable clause. Some agreements
 have a clause for a minimum lock-in period. The agreements also have a
 clause for termination by either party after giving a prior notice
 period between 30 to 90 days. The Company has also taken some other
 assets under operating lease. The minimum future Lease rentals
 outstanding as at March 31, 2013, are as under:
 
 NOTE 7. The Company has implemented Employee Stock Option Scheme 2005,
 2007, 2008 (ESOP Schemes) and has outstanding options granted under the
 said Schemes. The options vest in graded manner and must be exercised
 within a specified period as per the terms of the grants made by the
 Remuneration and Compensation Committee and ESOP Schemes.
 
 NOTE 8. The Company recognized deferred tax assets for the year ended
 on March 31, 2013, since the management is reasonably / virtually
 certain of its profitable operations in future. As per Accounting
 Standard 22 ''Accounting for Taxes on Income'', the timing differences
 mainly relates to following items and result in a net deferred tax
 asset.
 
 NOTE 9. In the opinion of the management, there is only one reportable
 business segment as envisaged by AS 17 ''Segment Reporting''.
 Accordingly, no separate disclosure for segment reporting is required
 to be made in the financial statements of the Company.
 
 Secondary segmentation based on geography has not been presented as the
 Company operates primarily in India and the Company perceives that
 there is no significant difference in its risk and returns in operating
 from different geographic areas within India.
 
 NOTE 10. The Company provides for the use by its subsidiaries certain
 facilities like use of premises, infrastructure and other
 facilities/services and the same are termed as ''Shared Services''. The
 cost of such Shared Services are recovered from subsidiaries either on
 actual basis or on reasonable management estimates, which are
 constantly refined in the light of additional knowledge gained
 relevantto such estimation
 
 NOTE 11. Previous year figures have been regrouped, reclassified &
 rearranged, wherever considered necessary to confirm to current year''s
 presentation.
Source : Dion Global Solutions Limited
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