1.1 Contingent Liabilities :
i. Bank Guarantee issued by bank on behalf of the Company is Rs. 32.82
Lacs. Bank Guarantee has been obtained by pledging Fixed Deposit of the
ii. Suit Filed against the Company by customers under hypothecation
contract amount to Rs. 11.10 Lacs.
iii. Suit Filed by the Company against the customer under Hypothecation
contract amount to Rs. 3453.33 lacs.
1.2 INCOME TAX:
Pursuant to the requirement of Accounting Standard 22 on Accounting for
taxes on Income issued by the Institute of Chartered Accountants''
India, the Company has made Provision for Income Tax after considering
both current and deferred taxes.
The implementation of this Accounting Standard has resulted in net
deferred tax liability of Rs. 283.34 lacs as on 31.03.2012, component of
which is liability arising out of timing difference on account of
depreciation on fixed assets.
1.3 SEGMENT ACCOUNTING POLICIES:
Identification of Segments:
Primary Segment: Business Segment:
- The Company''s business is organized around three business
segments namely, Financial, Money Changing and Wind Power Generation.
Financial activities consist of granting of loan covered by
Hypothecation Agreements and Shares & Securities. Accordingly the
Company has provided primary segment information for these three
segments as per Accounting Standard 17 on Segment Reporting issued by
- There is no inter segment transfer.
- All the common income, expenses, assets and liabilities which are
not possible to be allocated to different segments are treated as
The following table presents segment revenue, results, assets &
liabilities in accordance with AS-17 as on 31.03.2012
The above particulars, as applicable, have been given in respect of
MSEs. No party could be identified on the basis of information
available with the Company and pursuant to amendment of Schedule VI to
the Act vide Notification dated 16th November, 2007 issued by the
1.4 As required by Accounting Standard (AS -28) on ''Impairment of
Assets'' issued by the Institute of Chartered Accountants of India, in
the opinion of the management, the net realizable value of fixed assets
is in excess of the written down value and there is no significant
impairment loss in the value of fixed assets appearing in this Balance
Sheet requiring appropriation/ adjustment in the Accounts.
1.5 In view of the nature of business of the Company, the other
provisions contained in Part II of Schedule VI of the Companies Act,
1956 are not applicable.
1.6 Gratuity Plan
The following table set out the status of the Gratuity Plan as required
under AS 15.
Reconciliation of opening and closing balances of the present value of
the defined benefit obligation and Plan assets:
a) There has been no change/ movements in number of shares outstanding
at the beginning and at the end of the reporting period.
b) The company has only one class of issued shares i.e Ordinary Shares
having par value of Rs.10/- per share. Each holder of Ordinary Shares is
entitled to One vote per share and equal right for dividend. The
dividend proposed by the Board of Directors is subject to the approval
of shareholders in ensuing Annual General Meeting , except in case of
interim dividend. In the event of liquidation, the ordinary
shareholders are eligible to receive the remaining assets of the
Company after payment of all preferential amounts, in proportion to
c) The Company does not have any Holding Company/ ultimate Holding
d) Details of Shareholders holding more than 5% Shares in the Company.
e) No Ordinary Shares have been reserved for issue under option and
contracts/ commitments for the sale of shares/ disinvestment as at the
balance sheet date
f) No Shares has been alloted or bought back by the company during the
period of 5 years preceeding the date at which the balance sheet is
g) No Securities convertible into Equity/ Prefrence Shares issued by
the company during the year.
h) No calls are unpaid by any director or officer of the company during
a) Loan from HDFC Bank Ltd. of Rs. 290,534 is secured against Mahindra
Xylo D2 and is repayble in monthly installement till 7th June, 2013.
b) Loan from HDFC Bank Ltd. of Rs. 201,086 is secured against Tata
Indica DLs and is repayble in monthly installement till 51 February,
c) Term loan from finacial institution of Rs. 23,616,000 IREDA is secured
against exclusive first charge by way of mortgage in on all the
borrower''s movable/ immovable properties both existing and future
pertaining to the project at Dhule and Sangli in Maharastra excluding
specified movables to be charged to bankers for working capital
borrowing and further the personal guarantee has been provided by Nand
Lai Todi, Pawan Kumar Todi and Varun Todi
d) Term loan from Tata Capital Ltd. of Rs. 372,683 is secured against
Honda City SMT and is repayble in monthly installment till
a) Cash Credit from Allahabad Bank are secured by first charge over the
book debts and hypothecation agreements executed by the borrower in
favour of the financer and endorsed in favour of bank and collateral
security is also been provided in the form of Flat of 89.sq.yard and
also an office premises measuring 508.10 sq.ft situated at Abdul Aziz
Road, Karolbagh, New Delhi
a) Stock of vehicle repossessed has been valued and certified by the
b) Stock of Shares & Securities has been valued on the basis of Cost or
Fair Value whichever is lower.
c) Stock of foreign currency has been valued on the basis of the last
day spot rate.