21. During the year (2009-10) the company had made investment in ICICI Portfolio of SFA (Small Financial Assets) jointly with other two co-owners. The amount collected in this Portfolio Account is credited to the Investment Account after netting off the share of the co-owners.
22. MSM ENTERPRISES RECOGNITION
The company has a system of identifying amounts due to micro enterprises or small enterprises on the basis of the Udhyam Aadhar registration No' printed on their invoices, supply orders/letterheads/other relevant documents and also on the basis of any intimation received from suppliers in this regard.
23. GOING CONCERN ASSUMPTION:
The Company has reported a net profit of Rs. 284.07 Lakhs for the year (Previous Year: Rs. 640.79 Lakhs). However, it may be noted that this profit includes non-cash adjustments. During the year, provisions and other non-cash items amounting to Rs. 402.53 Lakhs (Previous Year: Rs. 731.62 Lakhs) were added back, which contributed to the reported profit. Excluding these non-cash items, the Company has incurred a cash loss of Rs. 48.40 Lakhs for the year (Previous Year cash loss: Rs. 56.50 Lakhs), which reflects the actual outflow of funds from operating activities. However, the management is of the opinion that there is no uncertainty for the company for continuing in business for the foreseeable future. The management has clear intention not to liquidate the company or cease the operations. The company is able to realize its assets and discharge its liabilities in the normal course of business.
24. INVESTMENTS
The small Financial Assets (SFA) Portfolio held by the company represents the two- wheeler loan portfolio and personal loan portfolio acquired from 'ICICI portfolio securities & Sub Account' in the year 2009-10 in co ownership with others. The repayment received (net of brokerages) are credited to the SFA account shown under long term investments. This portfolio is yet to be transferred in the name of the company. The Net carrying value as at year end (Net of Provision for Impairment) is NIL.
25. RELATED PARTY TRANSACTIONS
In accordance with the requirements of IND AS 24 on related party disclosures, the names of the related parties with whom there exists control or significant influence and/or with whom transactions have taken place during the year and description of relationships is as below:
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