1.1 In the opinion of Board of Directors, the aggregate value of
Current Assets, Loans & Advances on realisation in ordinary course of
business will not be less than the amount at which these are stated in
the Balance Sheet.
2.2 Based on the information available with the company, there is no
amount due to small scale undertakings for more than thirty days as at
2.3 Share application money represents private equity investment in A To
Z Venture Capital Limited in Ansal Bhawan .Kashorla Gandhi Marg, New
Delhi, Company is expecting allotment of shares by September 2011.
2.4 During the Financial year 1996-97, Company purchased nine
commercial flats under the Lease agreement with an MNC at an aggregate
purchase value of Rs. 57,44,300/- Company use those commercial flats
for rental purpose only since inception and rental income as and when
accrued as rental income in the books of accounts and shown under
income from Rent, Rental income received by the company was being shown
so long under the head house property income for the income tax purpose
and availing 30% deduction there on but no depreciation was claimed for
income tax purpose. However company provides depreciation on this asset
under Companies Act for arriving this profit. In the opinion of Board
this should be shown under investments instead of Fixed assets
considering it as a wrong accounting. During the financial year
2010-2011, the company rectified the error showing these flats under
the Head ''Investments'' after passing the Board resolution. In the
process of rectification, the Company reversed the entire accumulated
past years depreciation of Rs. 28,41,561 by crediting the prior period
adjustment account in the Profit & Loss a/c.
2.5 Investments includes Flats at Delhi and Flats at Jaipur
amounting Rs. 4,29,85,983. Delhi Flats are lying vacant and used by the
Co. for its own purpose and Jaipur Flats are ready for possession.
However completion certificate is still awaited by developers. The
Company shall take possession soon after the completion certificates
2.6 MANAGING DIRECTOR''S REMUNERATION.
2.7 Auditor''s remuneration (including service tax) shown in Schedule-10
consists of the following:
2.8 Details of Shares as Stock-in-Trade
2.9 Information Pursuant to Schedule VI of the Companies Act, 1956.
Particulars in respect of Opening Stock, Purchases, Sales & Closing
Stock of Shares, Mutual Funds Unit & Fully convertible debentures.
2.10 Related party Disclosures:
Following are the transactions entered through related parties and the
Company, during the year ended 31st March 2011
2.11 The Company has only one reportable business segment i.e. N. B.
F.C. Business as per Accounting Standard 17 of The Institute of
Chartered Accountants of India. Business segment
2.12 Pursuant to Accounting Standard on ''Accounting for Taxes on
income''(AS-22), deferred tax liability/ (assets) are as under:
The management has based on its operational parameters and future
earnings, reassessed and recognised deferred tax asset (Net) as above.
The management is of the view that sufficient future taxable income
will be available against which such deferred tax assets can be
2.13 Earning per Share (EPS) As On As On
Weighted average number of
Shares at the beginning and
end of the year 10,007,970 10,007,970
Net Profit after tax (if any)
available for Equity
Shareholders (Rs.) 13,026,284 4,730,479
2.14 Basic and Diluted Earning
per Shares (Rs.) 1.30 0.47
(i) Expenditure in Foreign
Currency NIL NIL
(ii) Income in Foreign Currency NIL NIL
2.15 Contingent Liability NIL NIL
2.16 The figure of the previous year have been regrouped/reclassified
to confirm with the figures of the current year
2.17 Schedules 1 to 10 form an integral part of the accounts and have
been duly authenticated.