| 1. Corporate Information:
Kailash Auto Finance Ltd. is a public company domiciled in India and
incorporated under the provisions of the Companies Act, 1956. Its
shares are listed on Stock Exchange in India. The company is engaged in
the business of NBFC activities. The company caters to domestic market
only.
2. Rights , preference and restrictions attached to the Equity Shares
The Equity Shares of the Company , having par value of Re1 per share,
rank paripasu in all respects including voting rights and entitlement
to dividend
4. Contingent Liabilities:
a. Contingent Liabilities not provided for
Particulars Year Ending Year Ending
March 31, March 31,
2015 2014
Rs Rs
Income Tax & Interest Tax demands disputed
by the company ( Amount already
paid Rs 57,98,482/-) 58,37,482 58,37,482
Service Tax on Hire Purchase and Lease Amount not Amount not
transaction not realized and paid in ascertained ascertained
view of interim stay of Hon'ble Madras
High Court.
Disputed penalty liabilities in legal
cases (Amount already paid Rs 3,55,000/-) 7,00,213 7,00,213
Income Tax Demand for the F.Y.2003-04
( Matter pending with ITAT) 4,45,727 4,45,727
b. Stock in hire repossessed include 14 cases amounting to Rs
18,17,000/- which are legally disputed and their recovery is pending
before the legal authorities.
c. The Contingent liabilities as mentioned in point no a & b above
except disputed liabilities on account of income tax and other
statutory taxes had been assigned to M/s Kailash Motors Finance Pvt
Ltd, Jabalpur vide assignment deed executed on 1 3.02.201 2
5. Fixed Deposits repayment due within one year is Rs 2,89,280/- (
Previous Year Rs2,89,280/-) an all due amount deposited in SBI Escrow
A/c. The interest on Fixed Deposit has not be taken during the year.
6. The Company is engaged primarily in the business of Non Banking
Financial Activities and accordingly there are no separate reportable
segments as per Accounting Standard AS -17- segment reporting issued by
ICAI.
7. Certain Balances of parties under sundry debtors, creditors, loans
and advances are under confirmations/reconciliation.
8. Information as required in terms of paragraph 9BB of NBFC
Prudential Norms (Reserve Bank) Direction 1998 is attached.
9. There was no expenditure/earning in Foreign Currency during the
year.
10. There was no outstanding derivative contract as on 31st March 2015.
11. As informed there are no dues to Micro Small and Medium Enterprises
as on 31.3.2015.
12. Trade Payables includes amount payables to Brokers where share
trading account of the company is maintained.
13. Advance against Property includes amount paid / advance to various
parties for striking property purchase deal in favour of the company.
14. Short term Loans & Advances includes amount given as Loans repayable
on demand during the normal course of the business of the company.
15. The provision @0.25% on standard assets was made in accordance with
RBI directions.
16. Provision for Substandard Asset of Rs 3,50,000 was made during the
year
17. Balance with Revenue Authorities includes balances with Income Tax
Department.
18. The Non Banking business of the company under category "A" of
Reserve Bank of India has been converted to category "B" i.e. non
deposit acceptance company w.e.f 12th Jan, 2009.
19. The Previous year's figures have been regrouped, reclassified or
rearranged wherever necessary.
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