Notes to Accounts of Contil India Ltd.

Mar 31, 2024

N. Provisions and Contingencies:

a) Provisions are recognized based on the best estimate of probable outflow of resources which would be required to settle obligations arising out of past events.

b) Contingent liabilities not provided for as per (a) above are disclosed in notes forming part of the Financial Statements If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

c) Contingent Assets are disclosed, where the inflow of economic benefits is probable.

O. Earnings per Share:

a) Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends, if any, and attributable taxes) by the weighted average number of equity shares outstanding during the period.

b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effect of all dilutive potential equity shares.

P. Leases:

Lease in which a significant portion of the risks and rewards of ownership are not transferred to the Company as lessee are classified as operating leases. ds a lessee

Payments made under operating leases (net of incentives received from the lessor) are charged to Statement of Profit and Loss on a straight line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the lessor''s expected inflationary cost increases.

ds a lessor

Lease income from operating leases where the Company is a lessor is recognized in income on a straight line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases.

The respective leased assets are included in the balance sheet based on their nature.

Q. Exceptional items:

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company is such that its disclosure improves the understanding of the performance of the Company, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the financial statements.

R. USE OF JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

While preparing financial statements in conformity with Ind AS, the management has made certain estimates and assumptions that require subjective and complex judgments. These judgments affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses, disclosure of contingent liabilities at the statement of financial position date and the reported amount of income and expenses for the reporting period. Financial reporting results rely on the management estimate of the effect

of certain matters that are inherently uncertain. Future events rarely develop exactly as forecasted and the best estimates require adjustments, as actual results may differ from these estimates under different assumptions or conditions. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively.

Judgment, estimates and assumptions are required in particular for:

a) Determination of the estimated useful life of tangible assets

Useful life of tangible assets is based on the life prescribed in Schedule II of the Companies Act, 2013. In cases, where the useful life is different from that prescribed in Schedule II, they are based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers'' warranties and maintenance support.

b) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, trends in salary escalation, actuarial rates and life expectancy. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations. Due to complexities involved in the valuation and its longterm nature, defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting period.

c) Recognition of deferred tax liabilities

Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and unutilized business loss and depreciation carryforwards and tax credits. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses, depreciation carry-forwards and unused tax credits could be utilized.

d) Discounting of financial assets / liabilities

All financial assets / liabilities are required to be measured at fair value on initial recognition. In case of financial assets / liabilities which are required to be subsequently measured at amortized cost, interest is accrued using the effective interest method.

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Mar 31, 2015

1.Incorporation

The company was incorporated on October 2 7, 1994, in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. Vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id :531067. The Company is a Non-Banking Finance Company (not accepting public deposits) registered with Reserve Bank of India as an Investment company.

2.NBFC Certificate

The company has received the certificate of registration under section 45( 1 )A of the Reserve Bank of India Act, 1934 to commence the business of non Banking Financial Institution since 20.03.1998. The company has been carrying on the business of NBFC and in terms of the condition of the certificate it has not accepted Public deposits. Necessary resolution is to be passed by the company every year.

3.Applicability of Prudential Regulations to NBFCs-ND with Assets less than Rs. 500 crore

Consequent to the redefining of 'systemic significance' the NBFCs-ND with asset size of less than Rs. 500 crore, are exempted from the requirement of maintaining CRAR and complying with Credit Concentration Norms. They shall not be subjected to any regulation either prudential or conduct of business regulations viz.. Fair Practices Code (FPC), KYC, etc., if they have not accessed any public funds and do not have a customer interface. Accordingly this provision is not applicable to this company.

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Mar 31, 2014

Incorporation

The company was incorporated on October 27, 1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id : 531067. The Company is a Non Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

NBFC Certificate

The Company has received the certificate of registration under section 45(1) A of the Reserve Bank of India Act,1934 to commence the business of non Banking Financial Institution since 20/03/1998. The company has been carrying on the business of NBFC and a terms of the condition of the certificate it has not accepted public deposits.

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Mar 31, 2013

COMPANY''S OVERVIEW Incorporation

The company was incorporated on October 27, 1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26,2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id : 531067. The Company is a Non Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

NBFC Certificate

The Company has received the certificate of registration under section 45( 1) A of the Reserve Bank of India Act,1934 to commence the business of non Banking Financial Institution since 20/03/1998. The company has been carrying on the business of NBFC and a terms of the condition of the certificate it has not accepted public deposits.

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Mar 31, 2012

Notes 1 to 15 annexed to and forming part of Financial Statement for the Year ended 31st March,2012.

The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current year presentation.

The formates which are necessary to reflect the details of the relevant account balance or transaction are only presented.

COMPANY'S OVERVIEW

Incorporation

The company was incorporated on October 27, 1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26,2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id : 531067. The Company is Non Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

NBFC Certificate

The Company has received the certificate of registration under section 45(1) A of the Reserve Bank of India Act, 1934 to commence the business of Non Banking Financial institution since 20/03/1998. The company has been carrying on the business of NBFC and a terms of the condition of the certificate it has not accepted public deposits.

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Mar 31, 2011

1) The company has received the certificate of registration under section 45(1 )A of the Reserve Bank of India Act, 1934 to commence the business of Non Banking Financial Institution since 20/03/1998. The company has been carrying on the business of NBFC and in terms of the condition of the certificate it has not accepted Public Deposits.

2) In the opinion of the Management, the Provident Fund and ESI Act are not applicable. Hence, no provisions or payment have been made for the same as explained by the management, the company do not provide any retirement benefits to its employees. Adhoc retirement benefits, if any, to be given are not provided for in the accounts.

3) Balance of debtors, Loans & Advances and bank balances are subject to confirmation and reconciliation. In the opinion of the Board, the current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4) During the year some advances are found to be inoperative and stagnant since long, hence the management is advised to take suitable measures for the recovery or else necessary provision may be made for the same.

5) There are no dues payable to small scale industrial undertakings in view of the nature of the business of the company.

6) Suppliers covered under the Micro, small and medium enterprise have not furnished the information regarding filling of necessary memorandum with appointed authority. In view of this, the information required under Schedule VI of the Companies Act, to that extent is not given.

7) Contingent liabilities not provided for contingencies which are material and future outcome of which cannot be ascertained, with reasonable certainty are treated as contingent liabilities. There are no contingent liabilities as on 31st March, 2011.

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Mar 31, 2010

1) The company has received the certificate of registration under section 45(1 )A of the Reserve Bank of India Act, 1934 to commence the business of Non Banking Finoncial Institution since 20/03/1998. The company has been carrying on the business of NBFC and in terms of the condition of the certificate it has not accepted Public Deposits.

2) In the opinion of the Management, the Provident Fund and ESI Act are not applicable. Hence, no provisions or payment have been made for the same as explained by the management, the company do not provide any retirement benefits to its employees. Adhoc retirement benefits, if any, to be given are not provided for in the accounts.

3) Balance of debtors. Loans & Advances and bank balances are subject to confirmation and reconciliation. In the opinion of the Board, the current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4) During the year some advances are found to be inoperative and stagnant since long, hence the management is advised to take suitable measures for the recovery or else necessary provision may be made for the same.

5) There are no dues payable to small scale industrial undertakings in view of the nature of the business of the company.

6) Suppliers covered under the Micro, small and medium enterprise have not furnished the information regarding filling of necessary memorandum with appointed authority. In view of this, the information required under Schedule VI of the Companies Act, to that extent is not given.

7) Contingent liabilities not provided for contingencies which are material and future outcome of which cannot be ascertained, with reasonable certainty are treated as contingent liabilities. There are no contigent liabilities as on 31st March, 2010.

8) Disclosurein respect of Global Venture

In terms of the Global Venture integrated as a Corporate Alliance, The Company through the Canadian business House Viz. CONTIL CANADA LTD. has embarked upon the development of commodity trading in global arena and has subscribed 43.70% of the capital of the CONTIL CANADA LTD.

NAME : CONTIL CANADA LTD.

DESCRIPTION OF INTEREST : CORPORATEALLIANCE

DESCRIPTION OF JOB : TO DEVELOP A BUSINESS OF

COMMODITYTRADING

PROPORTION OF OWNERSHIP INTEREST : 43.70%

COUNTRY OF INCORPORATION : CANADA

Note: During the year, no income has been received or accrued from the corporate alliance company.

Notes:

1. As defined in paragraph 2(i)(xii) of the Non-Banking Financial Companies Acceptance of Public-Deposits (Reserve Bank) Directions, 1998.

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

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also 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 in (4) above.

Notes:

1. The above cash flow statement has been prepared under the "Indirect Method" set out in AS-3, issued by ICAI

2. Cash and Cash Equivalents represent Cash and bank Balances.