| Company Overview:
KJMC Corporate Advisors (India) Limited is a company of the KJMC Group
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company is engaged in Merchant Banking
operations and registered with Securities and Exchange Board of India
under SEBI (Merchant Bankers) Regulations, 1992. Note No. - 1
Terms and Rights attached to Equity Shares:
The Company has only one class of equity shares having par value of Rs.
10 per share. Each shareholder of equity share is entitled to one vote
per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
1. Contingent Liabilities not provided for in respect of:
Corporate Guarantees given to: (Rs. '000's)
i) HDFC Bank for Rs. 37,500 (Previous Year Rs. 37,500) in respect of KJMC
Capital Market Services Limited.
ii) There is income tax demand of Rs. 24 (in '000') & Rs. 195 (in
'000') in respect of income tax for Assessment Year 2011-12 &
Assessment Year 2012-13 respectively against which appeal has been
filed with CIT (A). The management expects matter to be decided in
favor of the Company in the appellate process. The management
accordingly believes that the ultimate outcome of these proceedings
will not have any material adverse effect on the Company's financial
position and results of operations.
2. Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advances) Rs. NIL (Previous Year Rs.
NIL)
3. The Management has identified the Company's operations with a
single business segment of merchant banking operations in India. Since
the business operations of the company are primarily concentrated in
India, the company is considered to operate only in domestic segment.
All the assets of the Company are located in India.
4. The Company has charged depreciation based on the remaining useful
life of the assets as per the requirement of Note 7 (b) of Schedule II
of the Companies Act, 2013. As a result, the depreciation charge for
the current year is higher by Rs. 6.43 Lacs as compared to the
depreciation required to be charged under Companies Act, 1956. The
carrying value of assets amounting to Rs. 2.84 Lacs ( Net of Deferred
Tax Rs. 1.25 lacs) of which the remaining useful life was NIL as on 1st
April, 2014 is adjusted to the opening balance of retained earnings.
5. Previous year figures have been regrouped or rearranged wherever
necessary in order to make them comparable and shown in brackets.
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