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Notes to Accounts of Adinath Exim Resources Ltd.

Mar 31, 2015

(i) The Company has issued only one class of shares referred to as Equity Shares having a par value of Rs 10/-. All Equity Shares carry one vote per share without restrictions and are entitled to Dividend, as and when declared. All shares rank equally with regard to the Company's residual assets.

1. Previous year figures have beanery-grouped/re-classified whenever necessary to correspond with the current year classification/disclosure.

2. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

3. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realized in the ordinary course of business.

4. Disclosure required for Employee Benefit (Revised 2005) as per Accounting Standard 15 of ICAI is not given as it is not applicable to the company for the year.

5. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2015. This information is required to disclose under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. Contingent Liability

No contingent liability existed as at the date of Balance Sheet

7. Consequent to the accounting standard AS-22 effective from 1st April, 2002 dealing with "Accounting for taxes on Income " issued by the ICAI

8. The significant component and classification of deferred tax Assets and liabilities on account of timing differences are.

9. The company had bided for CBM Blocks in consortium with Deep Industries Limited for Godavari Vally (North) Block in CBM Round III. The company has successfully bagged a contract for exploration of Coal Bed Methyl (CBM) from Government of India on revenue sharing basis. Deep Industries Limited initially incurred expenses for various license application, tender fees, technical fees and other expenses and sent a debit note of" 1,37,035/- towards company's share of expenses. The company has debited the expenses of" 1,37,035/- to Capital Work in Progress Account for the financial year 2014-15.

10. Segment Reporting

The Company is engaged in the finance activity having mainly the interest income and bill discounting income and there are no separate reportable segment as per AS - 17 on segmental reporting issued by ICAI. The Company does not have any reportable geographical segment.

11. Leases

Lease payments made under cancellable operating lease amounting to " 74,160.00/- (Previous year" 66,742.00/-) disclosed as rent and the same have been recognized as an expenses in the profit and loss account.

12. Impairment of Assets

Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

13. Disclosure regarding depreciation

During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Company revised the estimated useful life of its assets to align the useful life with those specified in Schedule II.

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on 01 April, 2014 and has written off an amount of" (-) 23,355/ - to Profit and Loss Account (Reserve & Surplus).

14. Related Party Disclosures

As per the Accounting Standard on "Related Party Disclosures" (AS-18) issued by the Institute of Chartered Accountants of India, the related parties and the details of transactions with them are as follows.


Mar 31, 2014

1. SHARE CAPITAL

1. The Company has issued only one class of shares referred to as Equity Shares having a par value of Rs 10/-. All Equity Shares carry one vote per share wthout restrictions and are entitled to Dividend, as and when declared. All shares rank equally with regard to the Company''s residual assets.

2. The Company prepares and presents its financial statements as per Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013. The previous year''s figures have been accordingly regrouped/reclassified to conform to the current year''s classification.

3. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

4. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realized in the ordinary course of business.

5. Consequent to the accounting standard As-22 effective from 1st April, 2002 dealing with "Accounting for taxes on income" issued by the institute of "Chartered Accountants of India" the significant component and classification of deferred tax assets and liabilities on account of timing difference are :

6. As per the Accounting Standard 28 on impairment, it does not have any impact on either profit for the year or on the net assets of the company at the year end. So, no provision for the same is made during the year.

7. None of the employee has completed five years of service and hence liability of gratuity does not arise.

8. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2014. This information is required to disclose under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

9. The company has not given any Loans and Advances to any firms or private companies respectively in which any director is a partner or a director or other companies under the same management within the meaning of sub section (1B) of section 370.

10. The company had bided for CBM Blocks in consortium with Deep Industries Limited for Godavari Vally (North) Block in CBM Round III. The company has successfully bagged a contract for exploration of Coal Bed Methyl (CBM) from Government of India on revenue sharing basis. Deep Industries Limited initially incurred expenses for various license application, tender fees, technical fees and other expenses and sent a debit note of RS. 22140/- towards company''s share of expenses. The company has debited the expenses of RS. 22140/- to Capital Work in Progress Account for the financial year 2013-14.

11. Segment Reporting

The company is engaged in the finance activity having mainly the interest Income and there are no separate reportable segment as per Accounting Standard 17 - " Segment Reporting" issued by the Institute of Chartered Accountants of India. 15.

12. Related Party Disclosures

(I) List of related parties where control exists are related parties, with whom transactions have taken place and relationships.

Key Management Personnel

Mr. Paras Savla Mr. Manoj Savla 13. The company has not employed any person drawing remuneration of RS.5,00,000/- per month or more or RS. 60,00,000/- per annum.


Mar 31, 2013

1. The Company prepares and presents its financial statements as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. The previous year''s figures have been accordingly regrouped/ reclassified to conform to the current year''s classification.

2. Balance of receivables, payables and loans and advances parties are subject to their confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

3. In the opinion of the board, current assets, loans & advances are approximately of the value stated if realized in the ordinary course of business.

4. None of the employee has completed five years of service and hence liability of gratuity does not arise.

5. There are no dues to Micro, Small and Medium Enterprise as at 31st March, 2012. This information is required to disclose under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. The company has not given any Loans and Advances to any firms or private companies respectively in which any director is a partner or a director or other companies under the same management within the meaning of sub section (1B) of section 370.

7. Consequent to the accounting standard AS-22 effective from 1st April, 2002 dealing with "Accounting for taxes on Income " issued by the ICAI

The significant component and classification of deferred tax Assets and liabilities on account of timing differences are.

8. The company had bided for CBM Blocks in consortium with Deep Industries Limited for Godavari Vally (North) Block in CBM Round III. The company has successfully bagged a contract for exploration of Coal Bed Methyl (CBM) from Government of India on revenue sharing basis. Deep Industries Limited initially incurred expenses for various license application, tender fees, technical fees and other expenses and sent a debit note of Rs. 24902 towards company''s share of expenses. The company has debited the expenses of Rs. 41126 to Capital Work in Progress Account for the financial year 2011-12.

9. Segment Reporting

The company is engaged in the finance activity having mainly the interest income and there are no separate reportable segment as per Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

10. Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

11. The company has not employed any person drawing remuneration of Rs. 5,00,000/- per month or more or Rs. 60,00,000/- per annum.


Mar 31, 2010

(a) Figures have been rounded off upto the nearest Rupee.

(b) Balances are subject to confirmation.

(c) None of the employees have completed five years of service and hence liability of gratuity does not arise.

(d) In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realised in the ordinary course of business. Provisions of all known liabilities are adequate and not in excess of the amount reasonably necessary.

(e) The previous years figures have been regrouped and rearranged wherever necessary.

(f) The company had bided for CBM Blocks in consortium with Deep Industries Limited for Godavari Vally (North) Block in CBM Round III. The company has successfully bagged a contract for exploration of Coal Bed Methyl (CBM) from Government of India on revenue sharing basis. Deep Industries Limited initially incurred expenses for various license application, tender fees, technical fees and other expenses and sent a debit note of Rs. 634420 towards companys share of expenses. The company has debited the expenses of Rs. 634420 to Capital Work in Progress Account for the financial year 2009-10.

(g) Segment Reporting :

The company is engaged in the finance activity having mainly the interest income, so there are no separate reportable segment as per Accounting Standard 17 - "Segment Reporting"issued by the Council of the Institute of Chartered Accountants of India.

(h) Contingent Liabilities not provided for:

In respect of corporate guarantees given on behalf of other group companies Rs. 95,10,00,000/- (Rs. 65,10,00,000 Fund based and Rs. 30,00,000 Non Fund Based).

(i) Adoption of Accounting Standard 28 on impairment, as mentioned in the note on accounting policies does not have any impact on either profit for the year or on the net assets of the company at the year end.

(j) The company has not employed any person drawing remuneration of Rs. 2,00,000/- per month or more or Rs. 24,00,000/- per annum.

 
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