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Moneycontrol.com India | Notes to Account > Finance - Leasing & Hire Purchase > Notes to Account from Times Guaranty - BSE: 511559, NSE: TIMESGTY
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Times Guaranty

BSE: 511559|NSE: TIMESGTY|ISIN: INE289C01025|SECTOR: Finance - Leasing & Hire Purchase
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Notes to Accounts Year End : Mar '18

b) Terms/ Rights Attached to equity shares

The company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend if any proposed by the Board of Director is subject to the approval of the share holders in the ensuing Annual General Meeting.

In the event of Liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Contingent Liabilities and Commitments

i) Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs. 34.28 lakhs). The company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered.

ii) Tax Demand - Based on the decisions of the Appellate authorities and interpretations of other relevant provisions, the company has been legally advised that the demand raised which is mentioned below is likely to be either deleted or substantially reduced accordingly no provision is considered.

a) Income Tax

The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 144.42 Lakhs, (Previous year Rs. 144.42 lakhs) against which the Company is in appeal. The company has deposited the amount in dispute with the authorities.

b) Sales Tax

Sales tax assessment under the Bombay Sales Tax Act for the assessment year 1998-99, was completed in respect of Lease Tax and resulted in demand for Rs. 15.67 lakhs. (Previous year Rs. 15.67 lakhs). The company has preferred an appeal against the orders with Deputy Commissioner.

2. Impairment of Assets

There are no such impairable Assets at the year ended in term of AS - 28. Hence company has not made any provision for impairment loss.

3. Asset Received under settlement

The company had received under settlement from debtors, an immovable property which is shown under the head Non-Current Investment “Investment in Immovable property”. Prior to 31st March’2005 this asset was treated as fixed asset and depreciation was charged on it. However, it was transferred to Investment in Immovable property from 01st April’ 2005 under the head non-current investment.

4. Inventories

During the earlier years, company had written off loss on account of non-availability of share certificates of own securities. Subsequently, wherever the shares certificates were available and it is substantially established that the shares belong to the company, they have been included as part of stock of security and shown under Inventories by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities.

During the current year, the company has sold certain shares where ownership of the company is substantially established which is credited to profit & loss account under the head Revenue from operations and dividend on such shares received in earlier years shown under long term provision is written back.

5. Employee Benefits : Defined Contribution Plans

The Company has recognized the following amounts in the Profit and Loss Account for the year ended March 31, 2018

Defined Benefit Plans

Valuations in respect of gratuity have been carried out by independent actuary, as at the Balance Sheet date on Projected Unit Credit Method, based on the following assumptions:

6. Segment Reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities and Company’s business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 “Segment Reporting”.

7. Earning Per Shares

The earning considered in ascertaining the Company’s earnings per share comprises the net profit after tax. The number of shares used in calculation of basic/diluted EPS is the weighted average number of shares outstanding during the period which is calculated as below:

8. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has to create a Reserve Fund. During the year 20% of the current year profits amounting to Rs. 9.62 Lakhs (Previous Year Rs. 81.15 Lacs) has been transferred to Reserve fund.

9. Tax & MAT Credit Entitlement

a) The Company has made provision of Rs. 11 lacs (previous year Rs. 107 Lacs) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961.

b) In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

c) The company is entitled to MAT credit for which no effects are given in the books of accounts due to its uncertainty about its reversal in future.

10. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no amounts unpaid as at the year end as required under the Micro, Small and Medium Enterprise Development Act, 2006.

11. Schedule to Balance sheet of NBFC as required in terms of Paragraph 18 of the ‘Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016’ given in Annexure l.

12. Previous year figures have been rearranged, regrouped & recast wherever necessary.

Source : Dion Global Solutions Limited
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