| NOTE 1 : LONG TERM LOANS AND ADVANCES
(1) Presently, the Company is involved in Marketing of Mutual Funds.
It is not involved in any NBFC Activity. Therefore, in the opinion of
the Management, relevant provision involving NBFC activity is not
applicable.
(2) Other Loans includes 40,00,000/- [P.Y. 40,00,000/-] which is
sub-judice and pending final outcome of the claim preferred by the
Company, no additional write off/provisioning is considered necessary.
Further, the Company has been allotted fully paid equity shares at par
against other loans of 66,90,001/- outstanding as at April 01, 2014,
which was a related subject matter of the aforesaid sub-judice loan.
Since the Company plans to dispose off the shares allotted against the
loan amount in the near future, the same has been classified as
Stock-in-Trade.
(3) Advances to related parties have been duly confirmed by the
concerned related parties.
(4) In the opinion of the Management, the Long Term Loans and Advances
are stated at amounts which are fully recoverable.
NOTE 2 : OTHER NON-CURRENT ASSETS
- Against the Long Term Trade Receivables of Rs 64,82,240/ - due from a
party outstanding as at April 01, 2014 [which was a related subject
matter of an advance amount of 40,00,000/- against which the Company
has preferred a claim and the matter is sub-judice], the Company has
been allotted fully paid equity shares at par. Since the Company plans
to dispose off the shares allotted in the near future, the same has
been classified as Stock-in-Trade.
NOTE 3 : INVENTORIES
(1) Stock-in-Trade is valued at lower of cost or net realizable value.
The net realizable value has been taken as the Fair Market Value,
determined on the basis of Rule 11U and 11UA of the Income Tax Rules.
However, where the Fair Market Value of unquoted shares is not readily
available, the same has been taken at the cost price. In the opinion
of the Management, there would be no diminution in the value of such
shares held as Stock-in-Trade and the amount realizable would not be
lower than the cost price.
(2) M/s. Innovative Capital Strategies Private Limited is classified
as an Associate Company as per Section 2(6) of the Companies Act,
2013, since more than 20% of the Equity Share Capital of the Entity is
held by the Company. However, in the opinion of the Management, since
the same are held as Stock-in-Trade and would be disposed off in the
near future, consolidation of the accounts of the said Entity would
not be required as per Clause 7 of Accounting Standard 23.
NOTE 4 : CASH AND CASH EQUIVALENTS
- Certain balance lying in Dormant Banking Accounts aggregating to
2,48,569/- [P.Y. 2,48,569] has not been adjusted/ written off, pending
final outcome of the appeal preferred by the Company against the
erstwhile Bank of Rajasthan Limited [since taken over by ICICI Bank
Limited]
(5) CONTINGENT LIABILITIES
(Rs/000s)
SI. Particulars As On As On
No. March 31, 2015 March 31, 2014
1. Contingent Liabilities [not -- --
provided for] in respect of
claims against the Company not
acknowledged as debts
2. Estimated amount of contracts -- --
remaining to be executed on
Capital Account
[Net of Advances]
(6) Pursuant to the orders of the Hon'ble High Court dated June 14,
1999 and the Debts Recovery Tribunal-I, Kolkata dated December 06,
1999, no further amounts are payable by the Company to ICICI Bank
Limited [formerly Bank of Rajasthan Limited]. The Hon'ble High Court
vide its order dated June 14, 1999 directed the Company to collect all
balance lease rentals. ICICI Bank Limited [formerly Bank of Rajasthan
Limited] has filed an Appeal on February 21, 2000 challenging the
order dated June 14, 1999. No stay has yet been obtained although the
final result of the Appeal is awaited. Therefore, in the opinion of
the Management no provision is considered necessary, since no further
amounts are payable by the Company to ICICI Bank Limited [formerly
Bank of Rajasthan Limited].
(7) Balances of Sundry Creditors, Deposits, certain Bank Accounts and
Advances are subject to confirmation and reconciliation. However, in
the opinion of the Management, all the Loans and Advances are
considered good and recoverable.
(8) No provision for Current Income Tax [including Minimum Alternate
Tax] has been made in view of the Carried Forward Losses, including
unabsorbed Depreciation.
(9) Based on the information/ documents available with the Company,
there are no dues to Micro, Small and Medium Enterprises as defined in
the Micro, Small and Medium Enterprises Development Act, 2006 as at
March 31, 2015.
(10) Impairment/Loss of Assets ~ Since the Company does not have any
significant Assets, the provisions of AS 28 relating to impairment of
Assets is not applicable for the relevant year. Also, in the opinion
of the Management, the Current Assets, Loans and Advances are fully
recoverable and no Losses are anticipated.
(11) There have been no Earnings or Expenses in Foreign Currency
during the relevant year.
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