Note 1. :- Based on an Expert opinion , the depreciation on the
revaluation amount has been debited to the Revaluation Reserve account
instead of debiting to Profit and loss account.
Notes:
a) The above loans including current maturities are secured by: i)
Equitable mortgage of Office premises bearing nos 404B,504B and 604B at
'Nucleus House' Andheri E, Mumbai for the loans availed from a bank;
ii) A deed of mortgage for Office premises located at 'Nucleus House',
'A' Wing, 3rd foor to 7th Floor (Previous year entire "A" wing
containing ground foor to 7th Floor) Andheri East, Mumbai and also by
irrevocable and unconditional personal guarantees of Mr. Asit C. Mehta
and Mrs. Deena A Mehta Directors of the Company. iii) Secured by
Equitable / registered mortgaged of the properties located at Nucleus
House "B" Wing, 2nd and7th Floor - Rate of Interest -13% Repayable in
180 Monthly installment including interest.
b) Repayment terms of outstanding long-term borrowings (excluding
current maturities) as on 31.3.2015 i) Repayment of Term Loan from STCI
Finance Ltd : Bullet payment - May, 2016; ii) Repayment of Term Loan of
Edelweiss Housing Finance Ltd in 180 monthly installments of Rs.7,59,146
per month commencing from May' 2014
2.a) The Company received pay orders valuing to Rs.50.72 lacs from a
customer in the financial year 1994-95 in respect of Money Changing
business that were dishonored by a nationalized bank as per the
instructions of Directorate of Revenue & Intelligence. The Company had
challenged the proceeding before the Customs, Excise and Gold
(Control), Appellate Tribunal, Mumbai (CEGAT) which gave the ruling in
favour of the Company for which the company has furnished a bank
guarantee of Rs.26.86 lacs (previous year Rs.26.86 lacs). The Customs
Department fled a reference petition before the Hon'ble High Court of
Judicature at Bombay and the same is pending for disposal.
During the financial year 2007-08, the Company received an order
imposing a penalty of Rs.100 lacs from the Office of the Special Director
of Enforcement holding Company guilty in respect of defiance with the
instructions contained in the FLM Memorandum. The Company contends that
it has complied with the relevant regulations of the Reserve Bank of
India as contained in FLM - Memorandum of Instructions to Full-Fledged
Money Changers. The Company filed an appeal before the Appellate
Tribunal for Foreign Exchange (ATFE) contesting the order which is
pending.
b) The Service Tax Department had raised a demand of Rs.67,98,386/-,
reflected above in contingent liability, by passing an Ex parte order
dated 11th April 2008. The Company has preferred an appeal and the same
is still pending and the management, based on expert advice, is
confident that the demand is not sustainable and hence no provision for
the same is made in the books of accounts.
3. The Company has not received any intimation from the 'suppliers'
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and therefore no such disclosure under the said
act is considered necessary. This has been relied upon by the auditors
4. Disclosures under Accounting Standards 28.1 Employee Benefits plan
a. Post-employment benefit plans Payments to defined contribution
retirement benefit schemes are charged as an expense as they fall due.
For defined benefit schemes, the cost of providing Benefits is determined
using the Projected Unit Credit Method, with actuarial valuations being
carried out at each balance sheet date. Actuarial gains and losses are
recognized in full in the Statement of Profit and Loss for the year in
which they occur. Past service cost is recognized immediately to the
extent that the Benefits are already vested and otherwise is amortized
on a straight line basis over the average period until the Benefits
become vested.
The retirement benefit obligations recognized in the balance sheet
represents the present value of the defined benefit obligations as
adjusted for unrecognized past service cost.
Note: Since the leave encashment liability did not exist at the year
end figures of reporting period are not given.
The above expenses have been recognized under the 'Employee benefit
expense' in the Statement of Profit and loss.
5. Segment Information
The primary and secondary reportable segments are business segments and
geographical segments respectively. Business Segments:
a. Investment activities
b. Advisory and Consultancy services
There is no reportable geographical segment since all the business
activities are in India.
6. Related parties transactions
A) Related parties where control exists:
i) Wholly Owned Subsidiary: Nucleus IT Enabled Services Ltd (formerly
known as Nucleus GIS And ITES Ltd) ii) Asit C Mehta Investment
Intermediates Ltd -
a) as Associate concern upto 14.12.14;
b) as Subsidiary company from 15.12.2014.
B) Related parties where Significant influence exists and where
transactions have taken place:
- Common control:- - Asit C Mehta Forex Private Limited
- Asit C Mehta Real Estate Services Pvt. Ltd. (Formerly known as All
Alertz.com (India) Pvt. Ltd.)
C) Key Management Personnel
Mr. Asit C Mehta and Mrs. Deena A. Mehta
7. Loans and advances include Balance with Nucleus Stock Trust
representing Rs.118,985 (Previous year: Rs.127,251) equity shares of the
company issued pursuant to the Scheme of amalgamation approved by the
Hon'ble Bombay High Court vide its order dated February 10, 2006. The
Company is the sole beneficiary in Nucleus Stock Trust.
8. As at 31st March, 2015, there was a complete erosion in the net
worth of Nucleus IT Enabled Services Ltd (a wholly-owned subsidiary of
the Company) in which investment at the cost of Rs.300 lacs, in 30 lacs
equity shares of Rs.10 each have be made by the Company. However, the
Company is of the opinion that the above investment is strategic and
long-term in nature and diminution, if any, in the value of investments
is temporary in nature and as a consequence no provision for diminution
in the value of Equity shares of Nucleus IT Enabled Services Ltd is
made.
9. Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
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