Parsoli Corporation Ltd. के अकाउंट के लिये नोट

Mar 31, 2009

1. As per accounting standard 15 "Employee Benefits", the disclosure of employee benefits as defined in the accounting standard are given below:

Defined contribution plan:

Contribution to Defined Contribution Plan, recognized as expense for the year are as under:

Employers Contribution to provident fund Rs. 3.32 Lacs (Previous year: Rs. 2.09 Lacs)

Defined Benefit Plan:

The employees gratuity fund scheme is a defined benefit plant but the same is not funded by the company. The present value of obligation is determined based on actuarial valuation report, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Obligation of the gratuity for the current year as per actuarial valuation is Rs.365,172/-(Previous year: Rs. 1,179,769).

2. a. Investments in unquoted equity shares of subsidiaries and inventories of shares and securities held in common demat account along with securities of other clients, are subject to reconciliation and consequential adjustment if any.

b. Balances of sundry debtors, sundry creditors, deposits from clients, Loans and Advances, are subject to confirmation / reconciliation and consequential adjustment if any. Further Debtors, irrespective of its tenure are fully recoverable and legally enforceable.

3. Whenever supporting invoices, vouchers etc. for expenses and purchase of fixed assets are not available; management of the company certifies that all such expenses and addition to fixed assets are incurred solely for the purpose of the business of the Company.

4. The company has incurred share issue expenses of Rs. 81.83 Lacs during the accounting years 2004- 05, 2005-06 and 2006-07 and the same is written off in five equal installments.

During the year 2005-06, the company had tied up with M/s.Baader Wertpapierhandelsbank AG, for technical consultancy and allotted Shares of Rs.91.00 Lacs, the same has been treated as deferred revenue expenses and is written off 10 equal installments.

Company had incurred expenses aggregating to Rs. 11,20,510/- for increasing its authorised share capital from Rs. 34.00 crores to Rs.50.00 crores in financial year 2007-08, treated as preliminary expenses and written off in the five equal annual installments.

5. Contingent liabilities not provided for in respect of: -

Bank Guarantee of Rs.Nil Lacs (Previous Year Rs.100.00 Lacs)

a) NSCCL Rs.Nil (Previous Year Rs.50.00 Lacs)

b) Bombay Stock Exchange Rs.Nil (Previous Year Rs.50 Lacs)

c) Estimated amount of contracts remaining to be executed on capital Account Rs. Nil (Previous Year Rs. 3,382,240)

d) The Company has not provided service tax on advisory fees accounted during earlier years.

e) Liability on account of disallowances (if any) of service tax set off claimed by the company in earlier years.

6. The company has pledged Bank Fixed Deposits with the following authorities :

a) National Securities Clearing Corporation Limited Rs. 125.00 Lacs (P.Y. Rs.100 lacs)

b) Infrastructure Leasing and Financial Services Limited, Rs. Nil (Rs.100.00 Lacs)

c) Bombay Stock Exchange of India Limited Rs.71.00 Lacs (P.Y. Rs.71 lacs)

d) Axis Bank Limited, Rs. Nil (P. Y. Rs.55.00 Lacs against Bank Guarantee Facility of Rs. 100.00 Lacs)

7. In lieu of the loss during the current year, the company has not transferred any amount to Special Reserve as per the provision of Section 45IC of the Reserve Bank of India Act, 1934.

8. Disclosure in respect of Related Parties:

Related Party Disclosure as per Accounting Standard - 18, issued by the Institute of Chartered Accountants of India is given below. Parties where control exists - Subsidiaries: -

1. Parsoli Commodities Limited

2. Parsoli Insurance Brokers Limited

3. Parsoli Travel House Limited

4. Parsoli UK Limited.

5. Parsoli Capital Markets Limited

6. Parsoli Corporate Services Limited Associate Concern: -

1. Parsoli Infrastructure Private Limited

2. Parsoli Motor Works Private Limited

3. Sareshwala Enterprises Private Limited Key Management Personnel: -

1. Mr. Zafar Sareshwala (Managing Director)

2. Mr. Uves Sareshwala (Joint Managing Director) Relative of Key Management Personnel: -

Mr. Yunus Sareshwala

Mr. Talha Sareshwala

Mrs. Aasiya Zafar Sareshwala

Mrs. Taskeen Uves Sareshwala

Mrs. Vajiha Talha Sareshwala

9. Expenditure in Foreign Currencies: -

Business Convention Expenses of Rs.Nil/- (Previous Year: - Rs. 759,774/-) Travelling Expenses of Rs.71,433/- (Previous Year: - Rs. 1,111,865/-) Legal and Professional Fees of Rs. Nil/-(Previous Year: - Rs. 644,132/-) Dividend distributed during the year Rs. Nil/- (Previous Year: - Rs. 20,015,000)

10. Foreign Exchange Inflows:

Current Year: - Nil (Previous Year: - Nil /-)

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Mar 31, 2003

1. CONTINGENT LIABILITY

Guarantees issued by the bankers in favour of company Rs. 58 Lacs.

2. Information u/s. 217 (2A) of Companies Act, 1956 read with the companies (Particulars of Employees) Rules, 1975 and forming part of Directors Report for the year ended 31-03-2003.

Details of Employees drawing salary not less than Rs. 24,00,000 P.A. or Rs. 2,00,000 P.M. Nil.

3. FOREIGN EXCHANGE INFLOW/OUTGO : NIL

4. The Balance of debtors, creditors, depositors, loans and advances are subject to confirmation by the concerned parties.

5. A] The company has disclosed business segment as primary segment, security segment and travel segment.

B] The geographical segment is considered as secondary segment. The turn-over from domestic segment is Rs. 286.06 Lacs.

C] The segment results, segment revenue, segment assets and segment liabilities are inclusive of amount specifically identifiable to each such segment and accordingly, disclosed in the respective Balance sheet and the profit and loss account.

6. Related party disclosure :- Director remuneration paid Rs. 1.80 Lacs.

7. In compliance with the accounting standard 22, accounting for taxes of income, the company has made a tax provision of Rs. 0.16 Lacs for the year under report.

8. In the opinion of the directors all current assets, loan and advances are approximately of the value stated if realised in ordinary course of business and provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

9. Figures are rounded off to nearest rupee,

10. Previous years figures are regrouped wherever necessary.