Mar 31, 2015
1. Contingent assets are neither recognised nor disclosed in the
financial statements.
31 March, 2015 31 March, 2014
(Rs.) (Rs.)
16.1 Contingent liabilities and
commitments (to the extent not
provided for)
(i) Contingent liabilities
(a) Claims against the Company not
acknowledged as debt Nil Nil
(b) Guarantees Nil Nil
2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006 Micro, Small and Medium
Enterprises in terms of section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006 have been determined to the extent
such parties have been identified on the basis of information
available with the Company and relied upon by the auditors. Since the
relevant information is not readily available, no disclosures have
been made in the accounts. However, in the opinion ofthe management,
the impact of interest, if any, that may be payable in accordance with
the provision of this Act is not expected to be material.
3 The balances appearing under short term borrowings, sundry
creditors, loans and advances, and banks are subject to confirmation
and reconciliation and consequential adjustment, if any, will be
accounted for in the year of confirmation and/or reconciliation
4 In the opinion of the Board, assets other than fixed assets do
have a value on realisation in the ordinary course of business at
least equal to the amount at which they are stated.
5 During the year under consideration, there is no tax effect of
timing difference resulting from the recognition of items in the
financial statements and in estimating its current tax provision.
Hence, no provision for deferred tax is made. Further, as a matter of
prudence, in the absence of virtual certainty, the company has not
created deferred tax asset on accumulated losses.
6 The Bombay High Court vide its order dated 7th November,2014 has
approved the scheme of reduction of capital on account of which the
equity share capital of company stands reduced from 46,20,100 equity
shares of Rs. 10 each aggregating Rs. 4,62,01,000/- to 4,62,010 equity
shares of Rs. 10 each aggregating to Rs. 46,20,100/-. Accordingly an
amount of Rs. 4,15,80,900/- has been reduced from the equity share
capital by setting it off against the accumulated losses of the
company.
7 Loans and advanced include Rs. 58,00,000/- (P.Y Rs. 1,10,00,000/-)
advanced to Mrs. Shraddha V. Singh for development of 8.5 acres of
plot no. 247/402, 404 A/1,404(B) located at Kalamgar-Mumbai-Nasik
highway, Shahapur Taluka in the district of Thane.
8 Since the Company recognises gratuity and leave salary expense
on payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 "Accounting for Retirement Benefit".
9 Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2014
Note - 1 Segment information
The Company has identified two business segments as its primary
segment. Business segments are primarily software development and
realty. Revenues and expenses directly attributable to segments are
reported under each reportable segment. Expenses which are not directly
identifiable to each reportable segment have been allocated on the
basis of associated revenues of the segment and manpower efforts. All
other expenses which are not attributable or allocable to segments have
been disclosed as unallocable expenses. Assets and liabilities that are
directly attributable or allocable to segments are disclosed under each
reportable segment. All other assets and liabilities are disclosed as
unallocable.
Notes forming part of the financial statements Note 15 Disclosures
under Accounting Standards
Related party transactions
Description of relationship Names of related parties
Key Management Personnel (KMP) Ramesh Mishra
Pawan Tibrewal
Relatives of KMP Padmini Mishra
(Sister in law of the director Mr Ramesh Mishra)
Company in which KMP/Relatives of Sumita Management Constancy Pvt Ltd
KMP can exercise significant influence (Company in which Ramesh Mishra
is a Director)
Ira Aarna Securities Services Pvt Ltd (Company in which Ramesh Mishra
is a Director) Redtwigs Consultancy Pvt Ltd (Company in which Ramesh
Mishra is a Director) Ira Aarna Online Paintings Private Limited
(Company in which Ramesh Mishra is a Director)
Note: Figures in bracket relates to the previous year
Note - 2 Additional information to the financial statements Note
Particulars
31 March, 2014 31 March, 2013
(rs) (rs)
2.1 Contingent liabilities and
commitments (to the extent not provided
for) (i) Contingent liabilities
(a) Claims against the Company
not acknowledged as debt Nil Nil
(b) Guarantees Nil Nil
2.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006 Micro, Small and Medium
Enterprises in terms of section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006 have been determined to the extent
such parties have been identified on the basis of information available
with the Company and relied upon by the auditors. Since the relevant
information is not readily available, no disclosures have been made in
the accounts. However, in the opinion of the management, the impact of
interest, if any, that may be payable in accordance with the provision
of this Act is not expected to be material.
2.3 The balances appearing under short term borrowings, sundry
creditors, loans and advances, and banks are subject to confirmation
and reconciliation and consequential adjustment, if any, will be
accounted for in the year of confirmation and/or reconciliation
2.4 In the opinion of the Board, assets other than fixed assets do
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated.
2.5 During the year under consideration, there is no tax effect of
timing difference resulting from the recognition of items in the
financial statements and in estimating its current tax provision.
Hence, no provision for deferred tax is made. Further, as a matter of
prudence, in the absence of virtual certainty, the company has not
created deferred tax asset on accumulated losses.
2.6 Loans and advanced include Rs. 1,10,00,000/- (P.Y Rs. 70,00,000/-)
advanced to Mrs. Shraddha V. Singh for development of 8.5 acres of plot
no. 247/402, 404 A/1, 404(B) located at Kalamgar-Mumbai-Nasik highway,
Shahapur Taluka in the district of Thane. and Rs. 5,00,000/- (P.Y Rs.
10,00,000/-)advanced to Hemali Pujara towards agreement for use of
place located at 1st floor, Modi House, 10th Bora Masjid Street, Mumbai
- 400001, as Guest House to be used for the purpose of conference and
stay of office staff.
Note - 3 Additional information to the financial statements
3.1 Since the Company recognises gratuity and leave salary expense on
payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of ASÂ15 "Accounting for Retirement Benefit".
3.2 Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s classification/
disclosure.
Mar 31, 2013
31 March, 2013 31 March, 2012
(Rs.) (Rs)
1.1 Contingent liabilities and
commitments {to the extent
no provided for)
(i) Contingent liabilities :
(a) Claims against the Company
not acknowledged as debt Nil Nil
(b) Guarantees ¦* Nil Nil
1.2 Disclosures required under Section 22 of the Micro, SmalEnd Medium
Enterprises Development Act, 2006
Micro, Small and Medium Enterprises in terms of section*22 of the
Micro, Small and Medium Enterprises Development Act, 2006 have been
determined to the extent such partiesfJave been identified on the basis
of information available with the Company and relied upon by the
auditors. Since the relevant information is not readily available, no
disclosures have been made in the accounts. However, in the opinion of
the management, the impact of interest, if any, that may be payable in
accordance with the provision of this Act is not expected $fbe
material.
1.3 The balances appearing under short term borrowings, sundry
creditors, loans and advances, and banks are subject to confirmation
and reconciliation and consequential adjustment, if any, will be
accounted for in the year of confirmation and/or] reconciliation
1.4 During the year, the company is engaged in a new line of activity
viz infrastructure and realty and this being the only reportable
segment, no separate segment reporting is applicable as pefr the
Accounting Standard 17.
1.5 In the opinion of the Board, assets other than fixed assetsjfto
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated.
1.6 During the year under consideration, there is no tax effect" of
timing difference resulting from the recognition of items in the
financial statements and in estimating its current tax provision.
Hence, no provision for deferred tax is made. Further, as a matter of
prudence, in the absence of virtual certainty, theWompany has not
created deferred tax asset on accumulated losses.
1.7 Loans and advanced include '' 70,00,000/- advanced to Mrs.
Shraddha V. Singh for development of 8.5 acres of plot no. 247/402,404
A/1,404(B) located at Kalamgar-Mumbai-Nasik highway, Shahpur Taluka in
the district of Thane, and '' 10,00,000/ advanced to Hemali Pujara
towards agreement for use of place located at 1st floor, Modi House,
10th Bora Masjid Street, Mumbai - 400001, as Guest Houseto be used for
the purpose of conference and stay of office staff.
1.8 Since the Company recognises gratuity and leave salary expense on
payment basis no liability for the same has beer ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 "Accounting fot Retirement Benefit".
1.9 The previous year accounts were audited by a firm of chartered
accountants other than M/s . K M Tapuriah, Charterec Accountants.
1.10 Previous year''s figures have been regrouped/reclassifiigd
wherever necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2012
1. The Company has not provided for Deferred Taxes during the year.
2. Additional information pursuant to the provision of the paragraphs
3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956.
3. Calls in Arrears of earlier years amounting to Rs. 1,40,76,750/-
has not been received. Forfeiture procedure is awaited by the Company.
Interest receivables on Allotment Money & Call Money on unpaid amount,
are not accounted in this year. Such will be accounted for on receipts
only.
4. The following Statutory Expenses were outstanding for more than
six months while they become payable and carried forward from earlier
years, viz. CST (Bhiwadi) amounting to Rs. 33,883/- and Profession Tax
amounting to Rs. 5,890/-. These have been written off as "Liabilities
no longer required written off" during the year.
5. Professional Tax :
No Professional Tax has been deducted from employees during the year as
told to us.
6. Previous years figures have been re-grouped & re-arranged wherever
felt necessary.