| 1. Notes to Accounts for the year ended March 31, 2015
a) Contingent Liability and Capital Commitment: Nil
b) On the basis of the information to the extent received from
'enterprises' regarding their status under the 'Micro, Small & Medium
Enterprises Development Act, 2006' there is no Micro, Small & Medium
enterprise to which the Company owes dues, which are outstanding for
more than 45 days during the year ended 31st March, 2015 and hence
disclosure relating to amounts unpaid as at the yearend together with
interest paid/payable as required under the said Act is not required.
c) Related Party Disclosure:
2. Key Managerial Personnel
Name of the related party
(i) Dhiren Kothary - Director
(ii) Suresh Vishwasrao - Director
(iii) Archana Tripathi - Company Secretary & Compliance Officer
3. Names of related parties where control exists i.e. Key Management
personnel and Individual having significant influence
Name of the related party
(i) Quest Profin Advisor Private Limited
(ii) Quest Fin-Cap Limited
(iii) Quest (East India) Advisor Private Limited
(iv) Quest Finlease Private Limited
(v) Niyamak Consultancy Private Limited
(vi) Niyamak Advisor Private Limited
(vii) PNP developers Private Limited
(viii) Ricco International Private Limited
(ix) Yuroas Textiles Private Limited
4. Loans and Advances given aggregating to Rs. 95,00,000/- and Trade
Payables are subject to reconciliation and confirmation. In the opinion
of the management, these amounts are fully recoverable and hence no
material difference is expected to arise at the time of settlement,
requiring accounting effect in the financial statements of the current
year.
5. Bank Statement and Balance Reconciliation for Bank of Saurashtra not
available. However since there are no transactions in this bank during
the year, the balance as shown in Books of Accounts is considered to be
correct
6. There are certain Business Advances given to parties and by virtue
of the nature of the advances, no interest provision is required.
Further confirmations from all the parties are available as at 31st
March,2015
7. The Company has positive net worth as on 31.03.2015 after adjustment
of all accumulated losses. Based thereupon and considering profits
generated in the previous year and positive future cash flow
projections, the accounts have been prepared on a going concern basis.
8. Investment of Rs. 7,77,000 in Equity Shares of Quest Fin-Cap till
31/03/2014 is subject to valuation for provision for impairment of
Asset. Accordingly, the impairment of Rs. 5,52,361/-is charged to
Profit and loss account as per AS 28.
9. Effective from April 01, 2014, the Company has charged Depreciation
based on the revised remaining useful life of the Assets as per the
requirements of Schedule II of the Companies Act, 2013. Due to above,
depreciation charge for the year ended 31st March, 2015 is decreased by
Rs. 1,56,088/-.
10. Further, based on the transitional provisions as per Note 7(b) of
Schedule II of Companies Act,2013 , an amount of Rs. 79,862/- ( Net of
Deferred tax of Rs. 35,712) has been adjusted from Retained Earnings.
11. The previous year figures have been reclassified / regrouped /
restated to conform to current year's classification.
12. The Company has based on the positive net worth as at the year end,
profits generated in the previous year and positive future cash flow
projections, prepared accounts on a going concern basis.
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