NOTE NO. 1: CORPORATE INFORMATION
The Company was Incorporated on 11.02.1991 and Fresh Certificate of
Registration from Reserve Bank of India on 20.05.2004 as Non Banking
Finance Company (Not Accepting Public Deposits). .
At present the Company is engaged in the following activities.
(a) Non Banking Finance activities consisting of Investment activities
and funding activities.
Note No.: 2 Other Disclosures as per Revised Schedule-VI Contingent
Liabilities & Commitments
(i) Contingent Liabilities
(a) Demand made by Income Tax Authority as follow, against which
company has preferred appeals.
Assessment Year Demand
AY: 1997-98 (Interest Tax) 3,424,442 3,424,442
Advance paid against the demand 2,507,504 2,507,504
(A) Disclosures under Accounting Standard -15 (Employee Benefits)
Accounting Standard 15 on'' Employee Benefits'' as notified by Companies
(Accounting Standard) Rules 2006 has been adopted by the company
effective from April 1,2007.
(a) Defined Contribution Plans:
The Company makes Provident Fund and contributions to defined
contribution plans for qualifying employees. Under the Scheme, the
Company is required to contribute a specified percentage of the payroll
costs to fund the benefits. The contributions payable to these plans by
the Company are at rates specified in the rules of the schemes. The
company has recognized the following amounts in the Profit and Loss
Account for the year.
Return on plan Assets are not recorded since no information made
The company does not have any further information about fair value of
plan assets under the plan, accordingly disclosures related to Planned
assets and underlying assumptions has not been disclosed.
Note No.: 3 Other Disclosures
(a) Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006.
The Company has made payments of dues to Micro, Small and Medium
enterprises generally within stipulated period of 45 days as prescribed
under Micro, small and Medium Enterprises Development Act. The Company
has not made any payment of interest nor provided interest payable if
any on dues to any supplier.
(b) Earning and expenditure in fore in currency - Rs. NIL.
(c) The Company is not to have a full time Company Secretary during the
year as required by Section 383A of the Companies Act, 1956, as per
notification dated 15.03.2009 of the Department of Company affairs. The
Compliance Report of the Practicing Company Secretary is obtained.
Note No.: 4 Previous year''s figures
(a) The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification