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SENSEX NIFTY India | Notes to Account > Finance - Leasing & Hire Purchase > Notes to Account from Bhagwandas Auto Finance. - BSE: 531462, NSE: N.A

Bhagwandas Auto Finance.

BSE: 531462|ISIN: INE134D01013|SECTOR: Finance - Leasing & Hire Purchase
Bhagwandas Auto Finance. is not traded in the last 30 days
Bhagwandas Auto Finance. is not listed on NSE
Notes to Accounts Year End : Mar '00
1. Hires future installments second against Hire Purchase Represent
 only the principal amounts and excluded Hire Charges etc.
 2. Overdue interest on the installments will be accounted for on
 Receipt Basis.  The amount realizable is not ascertainable.
 3. Contingent Liabilities not provided for in respect of :-
 a) Outstanding Capital commitment amounting to Rs. 4,39,97,430/-
 (Previous year Rs. 2,56,29,000/-) Advanced paid there against Rs.
 2,48,62,023/- (Previous year Rs. 96,51,778/-)
 b) Assessed Tax Liability Rs. 8,11,784/- pending appeal.
 4. In the opinion of the Board, the current assets, loans and advances
 are approximately of value stated, if realized in the ordinary course
 of business.  The provision for all known liabilities is adequate and
 not in excess of the amount reasonably necessary.  There are no
 contingent liability other than those mentioned above.
 5. No provision has been made for gratuity leave and Bonus liability in
 respect of employees (amount unascertained) and the same as per
 consistent practice, are accounted for on payment basis.
 6. Dividend Income and Interest on Debentures are from long term
 7. Provision for Taxation has been made after considering the necessary
 exemptions and deductions available at the rates applicable under the
 Income Tax Act, 1961.
 8. Managerial Remuneration :
                                          For the year     For the year
                                      ended 31.03.2000  ended 31.03.1999
                                          Rs.       P.     Rs.        P.
 Remuneration of managing director
 and whole time Directors.
 Salaries                              7,26,000.00        510,000.00
 (Includes Rs. 2,10,000/- (Previous
 year Rs. 1,80,000/-)
 in respect of Managing Director.)
 Reimbursement of medical expenses      26,269.55           6,307.65
 Club Membership Fee                    14,700.00          11,240.00
 Directors Sitting Fees                        --          32,500.00
 9.                            1999-2000                  1998-99
                      Balance     Maximum     Balance   Maximum balance
                       as on       balance     as on    due at any time
                  31.03.2000    at anytime  31.03.1999  during the year
                                during the
                   Rs.    P.    Rs.     P.    Rs.    P.   Rs.        P.
 Advance includes
 amount due
 from directors
 of the Company      Nil        30,000.00     5,925.00       5,925.00
 10. All debts arising from Lease and Hire Purchase transaction are
 secured since the Company has recourse to the assets given to
 11. Fixed Deposit amounting Rs. 10,89,041/- (Previous year Rs.
 10,00,000/-) has been lodged with Banker's of the company as lien
 against Cash Credit Loan.
 12. Secured Loan repayable within one year Rs. 2,86,46,761/- (Previous
 year Rs. 2,03,18,541/-)
 13. Security deposit includes Rs. 4,50,000/- (previous year Rs.
 4,50,000/-) due from Managing Director of the Company paid against
 office space.  Maximum amount due at any time during the year Rs.
 4,50,000/- (previous year Rs.  4,50,000/-)
 14. Sundry Creditors include due to small scale undertakings Rs. Nil
 (Previous year Rs. Nil).
 15. Legal & Professional charges Rs. Nil (previous year Rs. 1,18,500/-)
 paid to a Director for professional services rendered.
 16. Expenses Debited in other
 head accounts                             1999-2000        1998-1999
 Salaries & Allowances               Rs. 4,28,336.00  Rs. 1,16,370.00
 Travelling & Allowances             Rs.    7,598.25  Rs.    3,821.00
 Rates & Taxes                       Rs.   16,074.00  Rs.    2,997.00
 Subscription & Donation             Rs.    5,686.00  Rs.      909.00
 16. Sundry Debtors Include due from M/S. R. V. Finance Company, a firm
 in which some of the directors are partners.  Rs. 8,31,710/- (previous
 year Rs. 10,78,400/-) Maximum balance due any time during the year Rs.
 10,78,400/- (Previous year Rs. 10,78,400/-)
 17. Figures for the Previous year have rearranged and regrouped
 wherever considered necessary.
Source : Dion Global Solutions Limited
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