Notes to Accounts of Libord Finance Ltd.

Mar 31, 2024

The Company has only one class of equity shares having par value of Rs. 10/- each. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to dividends, if any, proposed by the Board of Directors and approved by Shareholders at the Annual General Meeting. In the event of Liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders. (Note 15.1)

Disclosure for the period of five years immediately preceding the Financial Year 2023-24

(a) Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s) without payment being received in cash - Nil

(b) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares - Nil

(c) Aggregate number and class of shares bought back - Nil

Note 29 Investment in Quoted Equity Instruments have been recognised at Fair Value through Other Comprehensive Income. The effect of deferred tax assets of Rs. 3.99 lakhs has been adjusted with the fair value of investment in Note no. 6.

Note 30 Long term Investments in Associate Companies have been recognised at Cost as per Ind AS 27. However, impairment at the year-end has not been worked out since no indicators are observed to impair the investment in Associate Companies.

Note 31 The Company paid Rs. 10 lakhs towards booking of 4 flats with Shri Shiv Sai Construction Company. Shri Shiv Sai Construction Company sent cancellation letter for booking against which the matter is pending before the State Consumer Commission for disposal.

Note 32 The Company had booked one office with Sharpmind Consultancy Services Pvt. Ltd. by paying advance of Rs. 5 lakhs.

The matter went to Hon’ble Supreme Court & Hon’ble Supreme Court directed Sharpmind Consultancy Services to give possession of the office premises. The Company has filed an Execution Application against Sharpmind Consultancy Services Pvt. Ltd. for execution of Sale Deed for 5,200 sq.ft. office premises at Bhairav Stone, Wagle Industrial Estate, Thane. The Company has already deposited balance amount of Rs. 121.56 lakhs with State Consumer Commission which is to be released to Sharpmind Consultancy Services Pvt. Ltd. on Execution of Sale Deed.

Note 33 Fair Value Hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:

Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

^{Note 34} In the opinion of the Board of Directors, the Financial and Non-Financial Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business.

Note 35 The provision for all known liabilities is adequate and not in excess of amount.

Note 36 The balances of certain trade receivable / payable, short term loans and advances are subject to reconciliation thereof, if any.

Note 37 Figure of previous year have been regrouped / rearranged wherever necessary.

Note 38 The payment of Gratuities Act does not apply on the Company due to less number of employees. Hence, actuarial valuation has not been obtained and provided as per Ind AS 19.

Note 39 The Company is engaged primarily in the business of NBFC and accordingly there are no separate reportable segments dealing with Segment Reporting. The Company’s business is not subject to seasonal variation.

Note 40 The Company has given interest free security deposit of Rs. 50 lakhs to Mr. Lalit Kumar Dangi, a Director of the Company, in respect of the Office premises, with the stipulation that no compensation shall be payable to him.

Note 41 The Company has not received any specific details of vendor’s status under the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSME Act’). The Company contends that no overdue amounts along with interest have been payable to enterprise covered under MSME Act and generally payments are made to vendors within the stipulated time/agreed credit terms. During the year, the Company has not paid any interest in terms of the section 18 of the above-mentioned Act.

Note 42 During the Financial year, the Company has not defaulted on any payment to Bank / Financial Institution on the borrowed fund (including OD/CC facility). As a result of which, the Company has not been adjudged as Wilful Defaulter by any Bank / Financial institution.

Note 43 There is no benami property transaction undertaken by the Company and also there is no proceedings against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

Note 44 During the year, the Company has not traded or invested in any Crypto Currency or Virtual Currency.

Note 45 During the year, the Company has periodically reviewed its vendors and no information was obtained on the said review

regarding that any company has been struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

Note 46 There is no transactions which is not recorded in the books of accounts that has been surrendered or disclosed as income during any tax assessments under the Income Tax Act, 1961.

Note 47 During the year, the Company has not borrowed funds from Banks / Financial Institutions.

Note 48 During the year, the Property, Plant or Equipment has not been revalued.

Note 49 There is no registration or satisfaction of charge registered at the ROC nor there is any registration and satisfaction of charge pending to be registered with ROC. Accordingly, the said disclosure is not applicable.

Note 50 Ratio Analysis

(a) Capital to Risk - Weighted Assets Ratio (CRAR) 122.37%

(b) Tier I CRAR 122.37%

(c) Tier II CRAR Not Applicable

(d) Liquidity Coverage Ratio Not Applicable

Note 51 Maturity Analysis of Assets and Liabilities

The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled. With regard to loans and advances to customers, the Company uses the same basis of expected repayment behaviour as used for estimating the EIR. Issued debt reflect the contractual coupon amortisations.

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Mar 31, 2015

1 Pursuant to transitional provisions prescribed in schedule II to the Companies Act, 2013, the Company has adjusted an amount of 5.23 Lacs against the opening balance in the statement of Profit & Loss under Reserve and Surplus

2 The Company has given interest free security deposit of Rs 50,00,000 to Mr. Lalit Dangi, a Director of the Company, in respect of the office premises taken on lease from him, with the stipulation that no compensation will be payable to him.

3 In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2015, if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.

4 The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company does not have the information about the registration of small scale industries.

5 RELATED PARTY DISCLOSURE

(As Identified & Certified by The Management Of Company)

(1) Relationship:

(a) Parties Where control exist : Nil

(b) Other Parties with Whom the Company has entered into transaction or not during the year : (i) Libord Securities Limited

(ii) Libord Consultants Limited

(iii) Libord Export Private Limited

(iv) Neha System Service Private Limited

(v) Vikrmaditya Trading Limited

(vi) Libord Advisors Private Limited

(vii) Libord Stock Brokers Private Limited

(viii) Libord Asset Reconstruction Company Private Limited

(ix) Libord Commodity Futures Private Limited

(x) Vee Global Financial Services Private Limited

(c) Key Management Personnel

1. Vandna Dangi

2. Nawal Agrawal

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Mar 31, 2014

1. CONTINGENT LIABILITIES

Corporate Guarantees given to financial Institutions against

credit facilities extended to other bodies corporate 800,000 800,000

2. The Company has given interest free security deposit of Rs 50,00,000 to Mr. Lalit Dangi, a Director of the Company, in respect of the office premises taken on lease from him, with the stipulation that no compensation will be payable to him.

3. In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2014, if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.

4. The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company does not have the information about the registration of small scale industries.

5. RELATED PARTY DISCLOSURE (As Identified & Certified by The Management Of Company)

(1) Relationship:

(a) Parties Where control exist : Nil

(b) Other Parties with Whom the Company has entered into transaction or not during the year :

Libord Securities Limited

Libord Consultants Limited

Libord Export Private Limited

Neha System Service Private Limited

Vikrmaditya Trading Limited

Libord Advisors Private Limited

Libord Stock Brokers Private Limited

Libord Asset Reconstruction Company Private Limited

Libord Commodity Futures Private Limited

Vee Global Financial Services Private Limited

(c) Key Management Personnel Vandna Lalit Dangi

6. The balances of certain Trade Receivables/ Payables/ Short term loans and advances are subject to confirmation and reconciliation thereof, if any.

7. Previous year figures have been regrouped / rearranged wherever necessary / possible.

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Mar 31, 2013

1. In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2013, if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.

2. The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company does not have the information about the registration of small scale industries.

3. Related Party Disclosure

(As identified & Certified by The Management Of Company)

(1)Relationship:

a)Parties Where control exist: Nil

b)Other Parties with Whom the Company has entered into transaction or not during the year - Associates

1 Vikrmaditya Trading Limited

2 Libord Securities Limited

3 Libord Consultants Limited

4 Libord Export Private Limited

5 Neha System Service Private Limited

6 Libord Advisors Private Limited

4. The balances of certain Trade Receivables/ Payables/ Short term loans and advances are subject to confirmation and reconciliation thereof, if any.

5. Previous year figures have been regrouped / rearranged wherever necessary / possible.

c) Key Management Personnel 1. Vandna Dangi]

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Mar 31, 2012

1 The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head Current Liabilities. The Company had requested the vendors to furnish the information with SSI Registration Number. Due to non receipt of feedback from Vendors the company is unable to provide such information in its accounts.

2 The balances of certain Trade Receivables/ Payables/ Short term loans and advances are subject to confirmation and reconciliation thereof, if any.

3 Previous year figures have been regrouped / rearranged wherever necessary / possible.

4 Loans and advances includes Rs 17,50,000 as an advance against purchase of immovable properties. The Company doesn't have the documents in relation to those proerties other than the receipts. The Company has taken necessary steps including filing of cases. The management is quite confident about the recovery of the said dues and accordingly no provision for doubtful debts has been considered necessary by the management.

5 The Company has given interest free security deposit of Rs 50,00,000 to Mr Lalit Dangi, a director of the Company, in respect of the office premises taken on lease from him, with the stipulation that no compensation will be payable to him.

6 RELATED PARTY DISCLOSURE

(As Identified & Certified by The Management Of Company)

(1) Relationship:

a) Parties Where control exist: Nil

b) Other Parties with Whom the Company has entered into transaction or not during the year - Associates

Vikramaditya Trading Limited

Libord Securities Limited

Libord Consultants Limited

Libord Export Pvt. Limited

Neha System Service Pvt Limited

c) Key Management Personnel

Lalit Dangi

Vandna Lalit Dangi

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Mar 31, 2011

1. Contingent Liabilities not provided for: Rs 8 Lacs (Previous Year Rs 8 Lacs)

2. (a) Company has paid a sum of Rs.60,00,000/- as advance towards purchase of immovable properties in earlier year.

Company does not have any document other than receipts, The Company has taken appropriate steps to recover the said amount. Hence in the opinion of the management the provision for doubtful debts has not been considered necessary.

3. The Company has given an interest free security deposit of Rs.25,00,000/- to Mr.Lalit Dangi, a director of the Company in respect of office premises taken from him on leave & licence basis with the stipulation that no compensation would be payable to him.

4. The Company had given an interest free Security Deposit of Rs.25,00,000/- to Mrs. Vandna Dangi, Director of the Company in respect of the office premises taken from her on leave and license basis with the stipulation that no compensation would be payable to her.

5. Balances of Sundry Debtors, Sundry Creditors, Loans and advances are subject to confirmation, reconciliation and consequential adjustments, if any.

6. In the opinion of the Board, current assets, loans & advances have a realisable value in the ordinary course of business at least equal to the amount at which they are stated, except Doubtful Debts, Loans & Advances mentioned in para 2 above.

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Mar 31, 2010

1. Contingent Liabilities not provided for: NIL

2. (a) Loans and advances and interost thereon aggregating to Rs. 1,14,62,641/- and Advances given to staff aggregating to Rs 55,210/- are overdue from parties concerned. The Company has taken suitable measures including filing legal cases wherever considered appropriate to recover the said dues and is hopeful of recovering the same in due course.

(b) Debtors aggregating to Rs.70,13,889/- are overdue from parties concerned. The Company has taken suitable measures including filing legal cases wherever considered appropriate to recover the said dues and is hopeful of recovering the same in due course.

(c) Company has paid a sum of Rs. 67,35,000/- as advance towards purchase of immovable properties in earlier year. Company does not have any document other than receipts, considered to be doubtful and not provided for

3. The Company has given an interest free security deposit of Rs.25,00,000/- to Mr.Lalit Dangi, a director of the Company in respect of office premises taken from him on leave & licence basis with the stipulation that no compensation would be payable to him.

4. The Company had given an interest free Security Deposit of Rs.25,00,000/- to Mrs. Vandna Dangi, wife of the Managing Director of the Company in respect of the office premises taken from her on leave and license basis with the stipulation that no compensation would be payable to her.

5. Balances of Sundry Debtors, Sundry Creditors, Loans and advances and one Bank account with State Bank of Hyderabad showing a balance of Rs. 39,915 are subject to confirmation, reconciliation and consequential adjustments, if any.

6. In the opinion of the Board, current assets, loans & advances have a realisable value in the ordinary course of business at least equal to the amount at which they are stated, except Doubtful Debts, Loans & Advances mentioned in para 2 above.

7. The Company has complied revised AS-15 in respect of provision of Gratuity in the books of account for the previous year as well as for the current year.

8. The figures of the previous year have been regrouped / rearranged wherever considered necessary.