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Capri Global Capital

BSE: 531595|NSE: CGCL|ISIN: INE180C01026|SECTOR: Finance - General
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Mar 16
Notes to Accounts Year End : Mar '17

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 2/- 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 2017, the Board of Directors at its meeting held on 13th May, 2017 has recommended a dividend of Re. 0.30/- on face value of Rs. 2/- per share (31st March, 2016 Rs.1.50/- on face value of Rs .10/- per share).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be proportional to the number of equity shares held by the shareholders.

2. Gratuity and other post employment benefit plans (AS - 15)

The Company has an funded defined benefit obligation plan for gratuity under the Group Gratuity scheme of Life Insurance Corporation of India. The company has created plan assets by contributing to the Gratuity Fund with LIC Of India & to HDFC Standard Life Insurance Company.

The following tables summarise the components of the net employee benefit expenses recognised in the Statement of profit and loss, and the fund status and amount recognised in the balance sheet for the gratuity benefit plan.

3. Segment Reporting (AS-17)

Primary Segment (Business Segment)

The Company operates mainly in the business segment of fund based financing activity. All other activities revolve around the main business. Further, all activities are carried out within India. As such, there are no separate reportable segments as per the provisions of AS 17 on ‘Segment Reporting’.

Secondary Segment (Geographical Segment)

The Company operates only in domestic markets. As a result separate segment information for different geographical segments is also not disclosed.

4. Leases (AS - 19)

Operating Leases :

The company has taken office premises & guest houses under operating lease and the leases are of cancellable/ non-cancellable in nature. The lease arrangement are normally renewable on expiry of the lease period at the option of the lessor/ lessee ranging from 3 to 10 years. Some of the lease agreements are having lock in period of six months to five years which are non-cancellable during that period. After the expiry of the lock in period, the lease agreement becomes cancellable in nature at the option of the lessor or the lessee by giving 1-3 months notice to the either party. There are no restrictions imposed by the lease agreement. There is no contingent rent in the lease agreement. There is escalation clause in some lease agreements. The future minimum lease payments in respect of the non cancellable lease are as follows :

The lease payments recognized in the Statement of Profit & Loss in respect of non-cancellable lease for the year are Rs. 141.40 Lacs (31 March 2016: Rs.98.20 Lacs).

The lease payments recognized in the Statement of Profit & Loss in respect of cancellable lease for the year are Rs. 346.64 Lacs (31 March 2016: Rs.232.62 Lacs).

The Company had sub-leased the office premises under operating lease for which lease income is recognized in the Statement of Profit & Loss for the year amounting to Rs. 7.33 Lacs (31 March 2016: Rs.16.29 Lacs).

5. The company believes that no impairment of assets arises during the year as per Accounting Standard - 28 “Impairment of Assets”.

6. Contingent Liability: Nil

7. Capital and other commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.30.15 Lacs (31st March 2016 Rs. 2.92 Lacs)

b) Amount payable towards acquisition of Property: Rs. 1,763.85 Lacs (31st March 2016 Rs. 5,350.97)

c) Other Commitments

Pending disbursements of sanctioned loans Rs. 49,112.21 Lacs (31 March 2016 Rs. 20,501.08 Lacs)

8. Expenditure in Foreign Currency

Foreign Travelling Expenses Rs. 31.06 Lacs (31 March 2016 : Rs. 24.77 Lacs)

Staff Welfare Expenses Rs. 14.59 Lacs (31 March 2016 : NIL)

Director Sitting Fees Rs. 1.20 Lacs (31 March 2016 : Rs. 1.50 Lacs)

9. 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.

10. (a). Schedule to the Balance Sheet of a non-deposit taking Non-Banking Financial Company Annex I of Master Direction – Non Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016

10. (b) Schedule to the Balance Sheet of a Non-Banking Financial Company as required by Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016

11. Master Direction- Non-Banking Financial Company- Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, require the Company to make provision for standard assets at 0.35 percent of the Standard Assets. However, as a prudent practice, the Company has adopted to make provision of 0.50 percent. Consequently, during the current financial year, the profits of the company are lower by Rs. 106.03 Lacs.

Further, in pursuance to the Company’s Board approved policy, the Company is making an additional Floating Provision on Standard Assets of 1.5 percent which will be available for adjustment towards provision for Non Performing Assets/Write offs. Accordingly an amount of Rs. 937.85 Lacs is provided as Additional Floating Provision, which has been partially utilised towards the Provision for Non Performing Assets and Write off to the extent of Rs. 122.47 Lacs and Rs.16.04 Lacs respectively.”

12. 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 reasonably necessary.

13. Subsequent Event : The Board of Directors at its meeting held on 13th May 2017 has recommended a dividend of Re.0.30/- per share on face value of Rs.2/- per equity share.

14. Previous year figures

Previous year figures have been regrouped and reclassified wherever necessary to confirm to current year’s presentation.

Source :
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