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Notes to Accounts of A F Enterprises Ltd.

Mar 31, 2015

1. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended from time to time) and the relevant provisions of the Companies Act, 2013.

The financial statements have been prepared on accrual basis and under the historical cost convention. The accounting policies not specifically referred, are consistently applied from the past accounting periods.

2. Terms and rights attached to equity shares

The company has issued only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to vote per share. The company declares and pays dividend if any, in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitiled to receive remaining assets of the company, after distribution of all the preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholder.

3. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Date.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company.

4. Provisions of Accounting Standard (AS) - 17 issued by the ICAI on 'Segment Reporting' are not been applicable to the Company.

5. In view of present uncertainty regarding generation of sufficient future income, net deferred tax asset or liability has not been recognized in these accounts on prudent basis.

6. In the opinion of the management, the current assets, loans and advances have a realizable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

7. Related party disclosures/ transactions

(a) Related Parties Covered: -


Mr. Pankaj Bansal Ms. Charu Aggarwal Ms. Varsha Bharti

(ii) Individuals owining directly or NO indirectly interest in voting power that gives them control

(iii) Enterprises owned or significantly RMS Mosquto influenced by the Private Limited persons as stated in (i) & (ii) Above.

8. Balance shown under head Sundry Debtors, Creditors and Advances are subject to confirmation.

9. Particulars Current Period Previous Year (Rs.) (Rs.)

Contingent Liability not provided for Nil Nil

10. Previous Year's Figures have been re- arranged or re- grouped wherever considered necessary.

11. Figures have been rounded off to the nearest rupees.

12. Figures in brackets indicate negative (-) figures.


Mar 31, 2014

1. Share capital

a. Terms and rights attached to equity shares

The company bus issued only one class of equity shares having a par value of Rs. 10 per share. Each holder off equity shares is entitled to vote per share. The company declares and pays dividend if any, in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all the preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholder.

2. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Dates.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company.

3. Provisions of Accounting Standard (AS) 17 issued by the ICAI on ''Segment Reporting'' are not been applicable to the Company.

4. In view of present uncertainty regarding generation of sufficient future income, net deferred tax asset or liability has not been recognized in these accounts on prudent basis.

5. In the opinion of the management, the current assets, loans and advances have a realizable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

6. Related party disclosures/transactions

(a) Related Parties Covered:-

(i) Key Management Personnel Sh. Rakesh Vashist & their Relatives Sh. Avinash Kumar Srivastava

Sh. Kulbhushan Parashar

Ms. Charu Aggarwal

Sh. Navneet Mangal

(ii) Individuals owning directly or indirectly interest in voting Smt. Deepa Vashist and power that gives them control Sh. Siddhatrh Jalan

(iii) Enterprises owned or Foremost Industries (India) significantly influenced by Limited persons as stated in (i) & (ii) Above. Daffodil Businesses Limited

Metallica Industries Limited

Indodan Industries Limited

Siddharth Businesses Limited

RMS Mosquto Private Limited

7. Balance shown under head Sundry Debtors, Creditors and Advances are subject to confirmation.

8. Quantitive information in respect of Opening Stock, Purchases, Sales and Closing Stock pursuant to Schedule VI of the Companies Act, 1956 are as per list attached.

9. Previous Year''s Figures have been re-arranged or re-grouped wherever considered necessary.

10. Figures have been rounded off to the nearest rupees.

11. Figures in brackets indicate negative(-) figures.


Mar 31, 2013

1. The company continues to carry on its operation and expects to continue the same and hence the accounts have been prepared "on going concern basis" despite substantial losses in earlier years.

2. Loans and Advances includes loans to Companies in which directors are interested Rs. 227967(previous Year Rs. 127731) and maximum balance outstanding during the year Rs. 227967.

3. In the opinion of Board:

The Current Asset, Loans & Advances have value on realization in the ordinary course of business of the Company at least equal to the amounts at which they are started in the Balance Sheet.

4. Tax expense comprises of current Tax and net charges in Deferred Tax Liability during the year. Current Tax is determined at the amount of Tax payable in respect of Taxable income for the year as per the Income Tax Act 1961.

5. Previous Year''s figures have been regrouped, reclassified, wherever necessary.


Mar 31, 2012

1 The company continues to carry on its operation and expects to continue the same and hence the accounts have been prepared "on going concern basis" despite substantial losses in earlier years.

2 Loans and Advances includes loans to Companies in which directors are interested Rs. 123731 (Previous Year Rs. Nil) and maximum balance outstanding during the year Rs.123731).

3 Quoted value of Investments is not available On the basis of estimation, value of investment in Daffodil Businesses Limited are written down to Rs. 1 per share.

4 In the opinion of Board:

The Currently Asset Loans & Advances have value on realisation in the ordinary course of business-of the Company at least equal to the amounts at which they are stated in the Balance Sheet.

5 Provision for Taxation is created on the basis of Minimum Alternate Tax(MAT) provisions of income Tax Act. 1961 because there is no convincing evidence that the company will pay normal tax in next few years, also refer Note No 2.5

6 Previous Year''s figures have been regrouped, reclassified, whenever necessary.


Mar 31, 2011

1 No provision has been made :

a) For fall in value of quoted investments, since the amount is unascertained.

b) For interest on unsecured loans.

2 Previous year''s figures have been regrouped and reclassified, wherever necessary.

 
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