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NOTES TO ACCOUNTS

Akashdeep Metal Industries Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 33.12 Cr. P/BV 1.35 Book Value (₹) 28.94
52 Week High/Low (₹) 52/33 FV/ML 10/1 P/E(X) 22.16
Bookclosure 29/09/2018 EPS (₹) 1.76 Div Yield (%) 0.00
Year End :2018-03 

1 Corporate Overview

Akashdeep Metal Industries Limited is a Limited Company domiciled in India and incorporated under the provisions of the companies act, 1956. The Company is a registered NBFC with RBI.

- Depreciation on fixed assets is provided on W.D.V. method at the rates specified in Companies Act, 2013 and made adjustments according to it.

- Depreciation on addition of fixed assets is provided on pro rata basis from the date, the assets is ready to use.

- Useful life of Furniture & Fixture is 15 years instead of 10 years as prescribed in part C of Schedule-II of the Companies Act, 2013.

- Useful life of Computer & Printer is 6 years instead of 3 years as prescribed in part C of Schedule-II of the Companies Act, 2013.

- Depreciation on ownership rights of resorts is charged as per useful life of the asset i.e. 99 years. Depreciation is charged for 23 years.

- Figures in bracket pertain to previous year.

Note 2: Defined benefit plans

The Company does not recognise its liability for 'Gratuity' and 'Leave encashment' on the basis as prescribed in AS-15 Employee Benefits. The company provides for the actual liability (if any) or recognises as expense when such Gratuity or Leave encashment is paid to the employee.

Note 3: Segment reporting

The disclosures on primary segment as required under Accounting Standard 17 on 'Segment Reporting' has not been provided as the Company has only a single reportable segment and exclusively operates in the business of "sale/purchase of shares". Further, disclosures in the secondary segment i.e., geographical segment, has not been provided as the company operates only in India.

Being a Non banking finance company not accepting public deposits. Management of the company has confirmed the following:

1) The Board of Directors has passed a resolution for the non acceptance of any public deposit.

2) The company has complied with the prudential norms relating to income recognition, accounting standards, assets, classification, and provisioning for bad debts as applicable.

3) The Board has transferred an amount of Rs. 2,19,872/- for current year towards “Special Reserve Account “ and the same has been shown under the head Special Reserve Account under Note No. 4 of Reserve and Surplus, as per the requirement under section 45-IC of the Reserve Bank of India Act, 1934. i.e. 20% of Profit after Tax.

4) As per the prudential norms on Income Recognition, Asset Classification with reference to Master Circular No. DNBR (PD) CC.No.043/03.10.119/2015-16 dated July 1, 2015. The Board has transferred an amount of Rs. 55,466/- towards “Contingent provision against Standard Assets” i.e. 0.40% of standard assets.

- Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non-Deposit Accepting or holding) Companies Prudential Norms (Reserve Bank ) Direction, 2007.

All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of Unquoted investments should be disclosed irrespective of whether they are classified as long term or current (4) above.

In the opinion of the Board the value of Current assets, Loans & advances, if realized in the ordinary courses of business, shall not be less than the amount at which the same are stated in the Balance Sheet. Confirmation of balances have not been received from debtors, creditors, loans and advances given through request was sent to major parties and therefore balances are as per books of accounts only.

Note 4: Grouping and classification

Figures of the previous year have been rearranged wherever necessary to them comparable with the current year's classification.

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