NOTES FORMING PART OF FINANCIAL STATEMENTS for the year ended 31st March. 2018
1. BACKGROUND:
IndiaNivesh Limited was incorporated on 21st December 1931. The company is listed on the BSE and is a registered NBFC. IndiaNivesh Limited is actively involved, as a principal, in acquisition and management of Stressed Assets as well as consultancy services.
2. Contingent Liabilities / Commitment
A) Corporate Guarantee given by Company on behalf of subsidiary companies Rs. 40200.00 Lacs ( Pr.Year Rs.26750.00 Lacs). However subsidiary companies are utilized Rs. 20150.00 Lacs ( Pr.Year Rs.12025.00 Lacs) only .
However against the bank guarantees, subsidiary companies have made fixed deposits of Rs. 6761.02 Lacs as margin.
B) Income Tax Matters under dispute:
Pending with authorities at various levels Rs. 14.81 Lacs. (Previous year Rs. 14.81 Lacs) net of payment.
3. Related Party Disclosure
As per Accounting Standard 18 (AS-18) “Related Party Disclosures” issued by ICAI, The related parties are as follows:
4. Segmental Reporting
a. Basis of preparation:
In accordance with the requirements of Accounting Standard - 17 “Segment reporting”, issued by ICAI/Companies (Accounting Standards) Rules, 2006 the Company’s business activities can be classified into five segment namely Investment & Trading in Shares & Securities, Finance Activities and Advisory Services. The information about all the segments is given.
5. On the basis of the information available with the Company, there are no suppliers registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, information as required by the said Act is not given.
6. Special Reserve Fund has been created @ 20% of the net profit for the year as provided by Section 45I(C) of the Reserve Bank of India Act, 1934.
7. Other additional information’s as per Schedule III part II is either nil or not applicable to the company.
8. Previous year’s figures have been regrouped where necessary to confirm to this year’s classification.
9. Additional Information pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with Section 186 (4) of the Companies Act, 2013.
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