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निक्को यूको फायनांशियल सर्विसेस

बीएसई: 523209  |  NSE: N.A  |  ISIN: INE917B01023  |  Finance - Investments

खोजें निक्को यूको फायनांशियल सर्विसेस कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
1.1 Basis of preparation of financial statements
 The financial statements are prepared under the historical cost
 convention, in accordance with generally accepted accounting principles
 comprising the mandatory accounting standards issued by The Companies
 (Accouting Standards) Rules, 2006, the provisions of Companies Act
 1956, and the Guidelines issued by Reserve Bank of India and adopted
 consistently by the Company.
 The financial statements has been prepared and presented as per the
 requirement of revised schedule VI as notified under the Companies Act
 1.2 Use of Estimates
 The preparaton of financial statements require judgements, estimates
 and assumptions to be made that affect the reported amount of assets
 and liabilities including contingent liabilities on the date of the
 financial statements and the reported amount of revenues and expenses
 during the reporting period. Difference between actual results and
 estimates are recognised in the period in which the results are known /
 1.3 Tangible Assets
 Tangible assets are stated at cost. Capital Work-in-Progress forming
 part of note of fixed assets includes cost of assets not put to use
 before the year end.
 1.4 Depreciation & Amortization
 a) Depreciation on own tangible assets (other than leased assets) have
 been provided on straight line basis at the rates specified in Schedule
 XIV to the Companies Act 1956.
 b) Leased Assets are depreciated at rates specified in Schedule XIV to
 the Companies Act, 1956 as required by AS 19 regarding ''Leases''
 issued by The Companies (Accouting Standards) Rules, 2006. The
 difference between the depreciation charge, as computed on the basis of
 the IRR implicit in the lease, to ensure capital recovery over the
 primary lease period, and that arrived at in terms of Schedule XIV to
 the Companies Act, 1956, is reflected in the lease equalisation
 c) As per Accounting Standard AS-19 regarding ''Leases'' issued by
 The Companies (Accouting Standards) Rules, 2006, which has been made
 mandatory w.e.f. 01.04.2001, Assets given under finance lease, are
 shown under non-current assets as other assets at an amount equal to
 the net investment value in the lease, initial indirect cost forming
 part of net investment value.
 1.5 Impairment
 Impairment loss is recognized based on cash generating unit concept,
 wherever the carrying amount of an asset is in excess of its
 recoverable amount and the same is recognized as an expense in the
 statement of profit and loss and carrying amount of the asset is
 reduced to its recoverable amount.
 Reversal of impairment losses recognized in prior years is recorded
 when there is an indication that the impairment losses recognized for
 the asset no longer exist or have decreased.
 1.6 Investments
 a) Long term quoted investments are valued at cost less provision for
 diminution in market value if decline in carrying cost of the
 investment is considered to be other than temporary in nature.
 b) Long term unquoted investments are valued at cost less provision for
 decline in break up value vis-a-vis cost.
 c) Quoted Current Investments are valued at cost or market value, which
 ever is lower.
 d) Unquoted Equity Shares in the nature of current investments are
 valued at cost or break-up value, whichever is lower.  Where balance
 sheet of the investee company is not available for two years, such
 shares are valued at Re. 1 only.
 e) Investment in Unquoted Government Securities or Government
 Guaranteed Bonds are valued at carrying cost.
 1.7 Recognition of Income & Expenditure
 a) Income :-
 (i) Lease Income :
 Lease income is computed as per agreement and in accordance with
 directions of Reserve Bank of India applicable to
 Non-Banking Financial Companies and Accounting standard (AS-19)
 regarding ''Leases'' issued by The Companies (Accouting Standards)
 Rules, 2006.
 Moreover, income from assets on lease in respect of lease agreement on
 or after 01.04.2001 are recognized on capital recovery basis over the
 effective lease period of the assets to comply with the requirement of
 Accounting Standard (AS- 19) regarding lease issued by The
 Companies (Accouting Standards) Rules, 2006.
 (ii) Hire Purchase Income :
 Hire Purchase income is computed on the basis of internal rate of
 return implicit in contracts.
 (iii) Dividend income is accounted for as and when received.
 b) Expenditure :-
 Brokerage on public fixed deposits is amortised over the period of the
 1.8 Retirement Benefits to Employees
 a) Defined Contribution Plan :
 Provident Fund, Employees Pension and Employees State Insurance are
 provided on accrual basis. The accrued amount being deposited to the
 respective Trust / Authority.
 b) Defined Benefit Plan :
 Gratuity, Leave Salary and Superannuation benefit form part of defined
 benefit plan schemes existing in the company.  The above benefits are
 accounted for on the basis of accrual of liability towards obligation
 on account of past/present service cost, interest and actuarial
 adjustment net of return on fund invested to cover the obligation in
 planned assets and actuarial gain/loss thereon in terms of calculation
 made by actuary under Unit Projected Credit Method.
 c) Short Term Benefits :
 Benefits payable within a year has been accounted for on accrual basis
 in terms of non discounted value.
 1.9 Taxes on Income
 Provision for current income tax is made on the basis of estimated
 taxable income.
 Deferred tax is recognized, subject to the consideration of prudence ,
 on timing differences as per Accounting Standard (AS- 22) regarding
 ''Accounting for taxes on income'' issued by The Companies (Accouting
 Standards) Rules, 2006, being the difference between taxable income and
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent periods.
 1.10 Foreign Currency Transactions
 a) Transactions in foreign currency are recorded at the rate of
 exchange prevailing on the date of transaction. Year end balance of
 foreign currency transactions is translated at the year end rates.
 Exchange differences arising on settlement of monetary items or on
 reporting of monetary items at rates different from those at which they
 were initially recorded during the period or reported in previous
 financial statements are recognized as income or expenses in the period
 in which they arise.
 b) In respect of Forward Exchange Contracts (except for firm
 commitments and highly probable forecast transactions), the premium or
 discount arising at the inception of Forward Exchange Contracts entered
 into to hedge an existing asset / liability, is amortised over the life
 of the contract. Exchange differences between the rate at the inception
 of such contracts and rate on the reporting date are recognised as
 income or expense for the period.
 1.11 Valuation of Stock, etc.
 a) Stock on hire under hire purchase agreement - At agreement value
 less amounts received.
 b) Stock of Shares - Category-wise at lower of cost and market value in
 conformity to RBI prudential guidelines.
 1.12 Provisions & Contingent Liabilities
 Where there is reliable estimable amount of present obligation that
 warrant to be settled as a result of past event with possible outflow
 of resources embodying economic benefit, provision is recognized in
 account therefor. Otherwise no provision is made against contingent
 liabilities which are disclosed in notes to accounts.
 a) The break-up of equity share subscribed and fully paid-up,
 subscribed but not fully paid-up could not be furnished in absence of
 proper details regarding Calls in Arrear, available at present.
 b) The company has one class of issued shares i.e. equity shares having
 par value of Rs.10/- per share. Each holder of ordinary shares is
 entitled to one vote per share and equal right for dividend.
 c) There has been no change/movements in number of shares outstanding
 at the beginning and at the end of the reporting period.
 d) The Company does not have any holding company/ultimate holding
 e) Details of shareholders holding more than 5% shares in the company :
 f) No equity shares have been reserved for issue under options and
 contracts/ commitments for the sale of shares/disinvestment as at the
 balance sheet date.
 g) No securities convertible into equity/preference shares has been
 issued by the company during the year.
 h) No calls are unpaid by any Director and Officer of the Company
 during the year.
 i) No shares have been alloted or has been bought back by the company
 during the period of 5 years preceding the date as at which the Balance
 Sheet is prepared.
 j.i) Equity shares issued for consideration other than cash include
 9,60,000 Equity shares of Rs.10/- each allotted pursuant to
 amalgamation of Sanpaola Hambro Nicco Finance Ltd.
 j.ii) 4,00,000 Equity Shares of Rs.10/- each alloted pursuant to
 amalgamation of Nicco Investments Ltd.
 j.iii) 19,72,560 Equity Shares of Rs.10/- each issued as free share in
 the ratio 1:7 due as per scheme of merger approved by Hon''ble
 Calcutta High Court on 21st April,1999.
 j.iv) 1,38,66,687 Equity Shares of Rs.10/- each issued to the share
 holders of Alliance Credit & Investments Limited as per scheme of
 amalgamation approved by Hon''ble Calcutta High Court on 21st
 j.v) 1,05,00,000 Equity Shares of Rs.10/- each issued to the
 shareholders of Overseas Sanmar Financial Limited as per scheme of
 amalgamation approved by Hon''ble Calcutta High Court on 20th April,
 2000 and Hon''ble Chennai High Court on 10th May, 2000.
 j.vi) Restriction on transferebility of shares - Shares are
 transferable with the approval of directors. Board may refuse to
 recognise the transfer of shares in any case in which the company a
 lien upon such shares or where any money in respect of shares desired
 to be transferred remain unpaid. Board may also decline to recognise
 any instrument of transfer unless,
 a) it is accompanied by certificate of shares to which it relates and
 such other evidence as the Board may reasonable required to show the
 right of the transferror to make the transfer.
 i.a) Rupee Loans from Banks & Financial Institution consist of loans
 from: UCO Bank (Mehta Transport), UTI Bank (Axis Bank), IFCI.
 i.b) Nature of Security : For UCO Bank (Mehta Transport) - By an
 agreement for hypothecation of movable plant and machinery to secure a
 term loan by the company on November 17, 2000, the company hypothecated
 the following vehicles as security for the repayment of the said term
 loan facility availed of by it from the applicant bank being the 50
 number of Ashok Leyland Tusker Turbo tractors along with new chasis
 lent under Hire Purchase to M/s Mehta Transport Services (I) Ltd.
 Further the company hypothecated to and charged in favour of the
 applicant bank as and by way of first charge thereon :
 (i) all the goods described in general terms in the schedule written
 there under being 50 numbers of trailers to be purchased under the term
 loan and is to be lent under hire purchase agreement.
 (ii) all the company''s present and future book debts, outstanding
 monies, receivables, claims, bills, contracts etc.
 i.c) Nature of Security : For UTI Bank (Axis Bank) : The facility is
 secured against assignment of receivable of the selected pool together
 with the entire interest, ownership and clear title and rights to the
 assets provided in the hire purchase agreements and also against cash
 i.d) Nature of Security : For IFCI - The company hypothecated on 29th
 April, 1999 in favour of the lender by virtue of which the whole of the
 specific Industrial Assets, equipments, plant, machinery and other
 assets together with its spares, tools and other accessories acquired /
 to be acquired, were more particularly described below to the
 application were hypothecated in favour of the applicant as security
 for the term loan.
 Particulars of the equipments, plant, machinery, and other assets
 acquired by the company out of loan :
 1. TIL make Cranes
 2. particles board plant.
 All the movable properties and immovable properties of the company
 wherever lying and wherever situated.  i.e) Foreign Currency Loan
 consists of IFC-Washington.
 i. f) Nature of Security - For IFC Washington : The company
 hypothecated and charged as and by way of first fixed and exclusive
 charge and lien to and / or in favour of the trustee in for the benefit
 of the corporation, certain properties and assets given on lease or
 hire purchase or acquired by the company out of finances.
 ii. a) All loans have turned Non-Performing Assets in the books of the
 lenders and the same have been recalled by them and at
 present being contested in Debt Recovery Tribunals and High Court at
 Calcutta. Hence, the clause relating to disclosure of terms of
 repayment of loans in such cases has become inapplicable.
 ii.b) Banks and financial institutions have stopped giving confirmation
 of the balances and statements of accounts. Interest on these accounts
 are being provided as per last agreed rates.
 iii) The details of default given below showing dates and amount
 (Principal and Interest) referring note no. 2.3.xii is as furnished by
 the management.
 iv.a) UCO Bank has filed application in DRT - I to recover Rs. 327 Lacs
 (P.Y. Rs. 327 Lacs) on account of term loan, matter is pending.
 iv.b) IFCI has filed an application in DRT - I to recover Rs. 62.91
 Lacs (P.Y. Rs. 62.91 Lacs), matter is pending.
 iv.c) Indusind Bank has filed an application in DRT, Chennai to recover
 Rs. 164.46 Lacs (P.Y. Rs. 164.46 Lacs) on account of Securitisation
 loan which is being contested (This relates to Note 2.5 short term
 iv.d) Axis Bank has filed an application in DRT, Chennai to recover Rs.
 1368 Lacs (P.Y. Rs. 1368 Lacs) which is also being contested.
 International Finance Corporation Washington initiated a suit in the
 Hon''ble High Court at Calcutta for recovery of a sum of US$
 26,82,877.73 (P.Y. US$ 26,82,877.73) with further interest against the
 company. The case is being contested.
 UCO Bank has taken measures under section 13(4) of the SARFAESI Act
 against the company. The company filed an application under section
 17(1) of the said Act.
 In the Sarfaesi proceedings against the company by UCO Bank, being
 aggrieved by DRAT''s Order, company filed a Writ Petition before Hon''ble
 High Court, Calcutta and due to some deficiency in the procedure
 followed by UCO Bank and Others., High Court Ordered that no coercive
 steps should be taken by Bank. Bank has appealed against this order.
 v) Application filed by the company u/s 391 and 394 of the Companies
 Act for reduction of face value of shares from Rs. 10/- to Rs. 2/- and
 issue of new equity shares to the deposit holders is pending before the
 Hon''ble Calcutta High Court.
 vi) Company has obtained an interim stay order from Hon''ble High Court
 Calcutta vide order dated 15th February, 2008 restraining deposit
 holders from initiating any proceedings against the company and stayed
 the proceedings already initiated till disposal of the application made
 by the company u/s 391 and 394 of the Companies Act, 1956 pending
 before Hon''ble High Court, Calcutta.
 vii) Networth of the company has completely been eroded due to large
 provisioning and huge loss suffered and consequently outstanding
 balance of fixed deposit has exceeded the ceiling fixed by Reserve Bank
 of India.
 viii) The Company has paid to a number of depositors on hardship cases
 on settlement basis based on principal amount outstanding.
 ix) Consequent upon non compliance by the company with CLB orders
 regarding repayment to the fixed deposit holders, legal action had been
 initiated by Serious Fraud Investigation Office before Hon''ble Calcutta
 High Court. Total dues inclusive of interest is Rs. 15,10,08,331/- as
 on 31.03.2014.
 x) The entire secured loan accounts of the company except interest
 accrued and due have become NPA in the books of the lenders. The
 banks/financial institution have stopped giving statements &
 confirmations. Although interest on these accounts have been provided
 in the books as per agreed rates, the said accounts remain unconfirmed.
 No confirmation has been received in respect of current accounts from
 most of the banks.
 a) All assets financed through Hire Purchase / Lease have turned Non
 Performing Assets (N.P.A) in the books of the Company and have been
 provided for. List of such inventories are available excepting a few
 cases where financing were made through dealer however in the opinion
 of the management the same is not substantial. Full provision has also
 been made against doubtful debtors, loans & advances.
 i) UCO Bank, the leader of the consortium of bankers, moved an
 application in the Debt Recovery Tribunal on 29.11.2005 to recover the
 outstanding dues amounting to Rs. 119.23 crores ( previous year Rs.
 119.23 crores ) pending against the company which the company has
 contested. The learned D.R.T has passed an order on 01.12.2005 that
 till disposal of the prayer for interim relief, the company will not
 deal with or transfer or dispose off any of it''s secured properties.
 However, the company shall carry on it''s business as usual.
 ii.A) Nature of Security : The company extended a joint deed of
 hypothecation in favour of consortium of bankers headed by UCO bank
 whereby the company hypothecated as and by way of first charge its
 entire tangible properties and assets both present and future including
 plant and machinery and /or other assets purchased and / or acquired
 for its hire pirchase/leasing business/operations and all relative
 lease rentals, hire charges receivables, both present and future.
 ii.B) The company further created equitable mortgage in favour of the
 applicant banks in respect of the properties by way of deposit of
 original title deeds on 20th June, 2001 :
 a) Office Space at Nicco House, 2nd Floor, 2 Hare Street, Kolkata-700
 b) Flat at 718, Dalmal Towers, Nariman Point, Mumbai - 400 021;
 c) Flat no. 3 at 9, South North Road, Juhu Ville Parle Development
 Scheme, Mumbai-400 049;
 d) Premises at 93/4, Karaya Road, 4th Floor, Kolkata - 700 019;
 e) 0.65 acre, 2.92 acres, 1.70 acres, 0.95 acre, 0.85 acre and 5.90
 acres of land at Poolavadi, Coimbatore, Tamil Nadu;
 f) 142 kenels, 17 marlas of land in khewat nos. 16,37,38,61 & 79,
 khatoni nos. 21 min, 143min, 44 min, 83 min, 108min respectively at
 Village-Salhawas, Tehsil-Rewari, District-Rewari, Haryana.
 iii) All loans have turned Non-Performing Assets in the books of the
 lenders and the same have been recalled by them and at present being
 contested in Debt Recovery Tribunals. Hence, the clause relating to
 disclosure of terms of repayment of loans in such cases has become
 iv) Refer Note 2.3.
 ix for explanatory disclosure.
 v) The details of default given below showing dates and amount
 (Principal and Interest) referring note no. 2.5.vi is as furnished by
 the management.
 a) Based on the informations available with the company, there are no
 dues towards Micro, Small and Medium Enterprises as on 31.03.2014 (P.Y.
 Fixed deposit includes unclaimed Fixed Deposits the amount of which
 cannot be ascertained in view of non receipt of deposit receipts by the
 Company as the F.D. holders are unwilling to part with the deposit
 receipts in absence of full and final settlement.  The Company is
 unable to pay to the depositors due to precarious financial condition
 but paying to such depositors who are approaching the Company with
 hardship condition. Besides a Scheme of Compromise with FD holders
 under section 391 & 394 of the Companies Act, 1956 is pending before
 Hon''ble High Court, Calcutta. For the reasons as explained above the
 company is unable to ascertain the amount of unclaimed Fixed deposit
 outstanding for more than seven years and transfer the same to
 Investors'' Education & Protection Fund.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `5,024 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `248 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `10 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `162 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1358 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `1205 Cr की बिकवाली की
  • CLSA ON NIFTY 50 : सितंबर के निचले स्तर से बाजार में मजबूती का रूख
  • CLSA ON NIFTY 50 : निफ्टी 12118 के पार निकला तो 13,800 तक पहुंचना संभव
  • HSBC ON RELIANCE IND : BUY रेटिंग, लक्ष्य बढ़ाकर `1700/Sh
  • MACQUARIE ON IGL : Neutral रेटिंग, लक्ष्य बढ़ाकर `420/Sh

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