Contingent Liability not provided in respect of
a Estimated amount of contracts remaining to be executed on capital
acount and not provided for - Rs. Nil (Previlus year Rs. Nil)
b Other Cor|tingent Liability - Rs. Nil (Previous Year. Rs. Nil)
In the opinion of the Board of Directors, the current assets, loans and
advances, etc are approximately of the value stated in the accounts, if
realized in the ordinary course of business, unless otherwise stated.
The provision of all krjown liabilities is adequate and not in excess /
short of amount considered reasonably necessary.
While determining diminution, other than temporary, in the value of the
long term quoted investments, the strategic objective of such
investments and the asset base of the investee companies have been
considered. In view thereof, the decline, if any, in the market value
of such investments is considered to be of a temporary nature.
The Company is duly registered with the Reserve Bank of India (RBI) as
a Non Banking Financial Company (NBFC) and the accounts have been
prepared on the basis of relevant RBI guidelines.
In Compliance of Section 45-IC of the Reserve Bank of India Act 1934,
the Company has created Special Reserve out of the profits after tax
for the year.
The Company is engaged in only one business segment i.e. Non Banking
Financial Services (granting of loans, making Investments, etc.) and as
such there are no separate reportable segments in accordance with
Accounting Standard (AS) -17 (Segment Reporting) issued by the
Institute of Chartered Accountants of India.
Note - 7
No Deferred Tax Assets have been recognized on unabsorbed Short Term
Capital Loss as per the Income Tax Act, 1961 considering the prudence
aspect. However, the position would be reviewed on yearly basis.
Note - 8
Inter Corporate Loans given/Investments made by the Company are on the
basis that the principal business of the Company is acquisition of
shares, stock, debentures or other securities. Accordingly, the Company
has been legally advised that the provisions of Section 372A of the
Companies Act, 1956 are not applicable to the
The Management has identified the following companies and individuals
as Related Parties of the Company for the year ended iffarch 31, 2013
for the purpose of reporting of Related Party disclosure as required in
terms of Accounting Standard-18 issued by the Institute of Chartered
Accountants of India:
Previous year''s figures have been regrouped/reclassified wherever
necessary to conform with the current year''s