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Notes to Accounts of Atishay Ltd.

Mar 31, 2017

COMPANY OVERVIEW

Atishay Limited (Formerly known as Atishay Infotech Limited) is a public limited company and has its registered office in Mumbai, Maharashtra, India. It was incorporated on 30th March 2000 and is primarily engaged in the business of Information Technology, Data Base Management, E-governance and Hospitality. The company was converted into limited Company in the year 2013 from private limited company.

1.1 AGGREGATE NO. OF SHARES ALLOTED AS FULLY PAID UP BY WAY OF BONUS SHARES (DURING FIVE YEARS IMMEDIATELY PRECEDING MARCH 31, 2017):

2.1 CAPITAL RESERVE REFLECTS AN ADVANCE RECEIVED FROM M/S SAINATH AGAINST SALE OF PLOT NO 55 M P NAGAR BHOPAL FORFEITED DUE TO NON-FULFILLMENT OF TERMS AND CONDITIONS OF SALE AGREEMENT.

2.2 REGULAR ASSESSMENT TAX PAID RELATES TO F.Y. 2013-14 (RS. 116750), 2012-13 (RS. 308530), 2003-04 (RS. 12678).

3.1 THE COMPANY HAD TAKEN A TERM LOAN FROM BANK OF BARODA FOR HOTEL CONSTRUCTION OF RS. 400 LAKHS. THE LOAN IS TO BE REPAID IN 21 QUATERLY INSTALLMENTS STARTING FROM DECEMBER 2016, THEREBY TOTAL TENURE OF LOAN BEING 83 MONTHS INCLUDING 20 MONTHS OF MORATORIUM PERIOD. AS ON MARCH 31, 2017, 19 QUATERLY INSTALLMENT ARE STILL REMAINING TO BE DUE.FURTHER, THE SAID LOAN IS SECURED BY PRIMARY SECURITY OF LAND AT HOTEL AND COLLATERAL SECURITY OF FLAT AT DURGESH VIHAR, FLAT AT BHOPAL PLAZA AND TWO PERSONAL PROPERTY OF DIRECTORS ALONG WITH THEIR PERSONAL GUARANTEE.

3.2 THE COMPANY HAD TAKEN A TERM LOAN FROM DAIMLER FINANCIAL SERVICES INDIA PVT. LTD. FOR PURCHASE OF CAR OF RS. 30 LAKHS. THE LOAN IS TO BE REPAID IN 36 MONTHLY INSTALLMENTS STARTING FROM MAY 2016. AS ON MARCH 31, 2017, 25 MONTHLY INSTALLMENT ARE STILL REMAINING TO BE DUE.FURTHER, THE SAID LOAN IS SECURED BY PRIMARY SECURITY OF CAR.

4.1 BANK OF BARODA (OD) IS A CLEAN OVERDRAFT AND SECURED BY WAY OF COLLATERAL SECURITY OF IMMOVABLE PROPERTY OF COMPANY AND TWO PERSONAL PROPERTY OF DIRECTORS ALONG WITH THEIR PERSONAL GUARANTEE.

5.1 CREDITORS AND OTHER TRADE PAYABLES ARE SUBJECT TO CONFIRMATION.

6.1 DUTIES AND TAXES INCLUDES STATUTORY DUES.

6.2 OTHER PAYABLES INCLUDES SECURITY DEPOSITS AND PAYABLE FOR EXPENSES.

7.1 PROVISION FOR EMPLOYEE BENEFITS INCLUDES SALARY PAYABLE TO DIRECTORS AND EMPLOYEES AND PROVISION OF BONUS TO EMPLOYEES AND OTHER EMPLOYEES RELATED PROVISIONS.

7.2 PROVISION FOR INCOME TAX IS NET OF ADVANCE TAX PAID AND TAX DEDUCTED AT SOURCE.

8.1 Land & Building includes cost of Land for Hotel of Rs. 4,19,80,403/-.

8.2 During the year one of the company’s fixed asset namely Ghansoli Office Mumbai recorded at WDV as on 01.04.2016 for Rs.18,82,569/- ceased to be used for business purposes w.e.f. 01.04.2016 and therefore the same was transferred to investment at WDV as on 01.04.2016. Further, the same is being let out and rental Income from the same is accounted for in books of accounts.

9.1 There is a change in Written Down Value as on 01.04.2015 of some of the Fixed Assets on account of due adjustment for the residual/ scrap value of these assets and accordingly variation in amount of depreciation of Rs 18,90,410/- for the F.Y 2014-15 has been adjusted in profit & loss statement under prior period item during the F.Y 2015-16.

10.1 CAPITAL ADVANCES INCLUDE ADVANCE PAYMENTS FOR ACQUISITION OF INVESTMENTS IN LAND AND BUILDING. FURTHER AN AMOUNT OF RS. 21,11,268/- WAS PAID TO MPSEDC LTD. FOR ACQUISITION OF LAND ON LEASE BASIS FOR THE PERIOD OF 99 YEARS. THE LEASE PERIOD WILL COMMENCE FROM APRIL -2017.

11.1 INVENTORIES ARE STATED AT LOWER OF COST AND NET REALIZABLE VALUE.

11.2 RAW MATERIAL INCLUDES STOCK AT HOTEL FOR THE PURPOSE OF CONSUMPTION.

12.1 THE BANK BALANCE INCLUDES RS. 2, 95,939 /- BEING FOREIGN CURRENCY OF USD 4,666.50.

13.1 COMMERCIAL TAX REFUND STATED ABOVE IS ON ACCOUNT OF REFUND OF ENTRY TAX FOR THE FY 2013-14.

14.1 SALARY AND WAGES INCLUDES DIRECTOR REMUNERATION OF RS. 33,00,000.00

15.1 THE EPS FOR THE YEAR ENDED MARCH 31, 2016 OF RS. 2.73/- AS STATED ABOVE IS ADJUSTED EPS (ON ACCOUNT OF ISSUE OF BONUS SHARES) AS PER THE REQUIREMENT OF AS -20 ‘EARNING PER SHARE’.

16 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

Under the Micro, Small and Medium Enterprises Development Act, 2006 read with notification no. 8/7/2006 - CDN dated 17/05/2007, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from its suppliers about the applicability of the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts. However in the view of the management, the impact of interest, if any, that may be payable as per the provisions of this Act is not expected to be material.

17 Sales Tax Deposit under CDA

Maharashtra VAT department has issued an intimation of findings of Computerized Desk Audit under sub section 7 of section 63 of Maharashtra Vat Act under which it was informed that Input Tax Rebate of Rs.14, 88,779/- (Rs.5, 30,707/- for F.Y. 2012-13 and Rs.9, 58,072/- for F.Y. 2013-14) is proposed to be denied on account of suppliers not showing taxable sales and supplies for which registration was cancelled. Company as an abandon precaution has deposited sum of Rs.5,30,707/- as on 24.06.2016 and Rs.9,58,072/on 18.03.2017 and recorded it under head other current assets (Note - 20 of Notes to Account to Balance Sheet). Company has not recognized this amount as expense because company had disputed such demand of Input Tax Rebate. In case demand is raised than appeal shall be filed by the company.

18 Balance Written Back

Trade Creditors for a sum of Rs.9,44,374/-, those which are outstanding for more than 3 years and considered not payable unless fresh claim is made, have been written back during the year.

19 Employee benefits:

The Company has adopted the Accounting Standard 15 (revised 2005) on Employee Benefit. The company has taken “Group Gratuity Scheme of LIC” by creating a “trust” in which benefits are defined as per such policy. The total amount of contribution to Gratuity Fund, Employees Provident Fund and Employees State Insurance is Rs.3,63,600/-, Rs.6, 08,752/- and Rs.3, 23,897/- respectively and the same has been recognized as expenses in Statement of Profit and Loss.

20 Net Profit or Loss for the Period, “Prior Period Items and Changes in Accounting Policies” (AS-5)

During the year an amount of Rs.14,14,594/- is recorded as “Interest on FDR” under the head Prior Period Items (Note - 30 of Notes to Account to Balance Sheet) as this was not recognized in last year’s as a result of error or omission in the preparation of the financial statement of prior period.

Further, during the year an amount of Rs.7,918/- is recorded as “Foreign Exchange Fluctuation Reserve Written Off” under the head Prior Period Items (Note - 30 of Notes to Account to Balance Sheet) as this was wrongly recognized in last year as Foreign Exchange Fluctuation Reserve under the head Reserve & Surplus due to error in the preparation of the financial statement of prior period.

21 Earnings per Share (AS 20):

The Shareholders of the company through an Annual General Meeting approved the issue of bonus equity share in the ratio of 1:4 by capitalization of General Reserves. Accordingly, on September 20, 2016, the company allotted 21,96,266 bonus equity share of Rs.10/- each fully paid-up to the existing shareholders as on the record date. The paid-up share capital of the company stands increase from Rs.8,78,50,670/- to Rs.10,98,13,330/-. Accordingly, the earnings per share have been adjusted for the bonus issue for the previous year presented in accordance with the provisions of Accounting Standard (AS) - 20 - ‘Earnings Per Share’

22 Segment Reporting (AS 17)

The Company has more than one business Segment during the year within the meaning of accounting standard -17, which differ from each other in risk and reward. The details of such business segments are provided vide “Enclosure - I.”

23 Accounting for Investments (AS 13)

Company owns some agricultural land in its name which is held for sale. Further, one of the company’s properties located at Plot No. C-09, Manipuram Colony, Char Imli, Bhopal - 462 016, Madhya Pradesh is in name of one of the company’s employee (Mr. Ankit Jain), however the consideration for the said property is paid by the company.

24 Intangible Assets under Development (AS - 26 Intangible Assets)

Intangible Assets under development reflect an amount of Rs.46,43,201/- which relate to the development of Software namely Hotel Management Software and Human Resource Management Software which is intended to be used for the purpose of business and thus the development cost for the same is capitalized as per the requirement of AS - 26 Intangible Assets.

25 Transfer to Reserve

The Company has transferred current year’s Surplus of Rs.33,323,299/- to the General Reserve.

26 Disclosure of Specified Bank Notes (SBNs)

The Ministry of Corporate Affairs vide its notification no. G.S.R. 308(E) dated March 30, 2017 inserted a clause in Schedule III of Companies Act, 2013 where by it is required that every company has to give disclosure of specified bank notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 in the prescribed format. The details of such specified bank notes are provided vide “Enclosure - II”.

27 Material Adjustments

Appropriate adjustments have been made during the year in accordance with restated financial statements, whenever required, by reclassification of the corresponding items of assets, liabilities and cash flow statement, in order to ensure consistency and compliance with requirement of Schedule III and Accounting Standards.

Adjustment on account of Provision for Income taxes net of Advance Tax and TDS:

Necessary adjustments relating to net Balance of Income Tax paid and/or provisions, of earlier years have been made against Reserves and Surplus in the reported period.

28 Realizations:

In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

29 Contractual liabilities

All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

30 Amounts in the financial statements

The financial statements including financial information have been prepared after making such regroupings and adjustments, considered appropriate to comply with the same. As a result of these regroupings and adjustments, the amount reported in the financial statements/information may not necessarily be same as those appearing in the respective audited financial statements for the relevant years. Further, amounts in the financial statements are rounded off to nearest rupee. Figures in brackets indicate negative values.


Mar 31, 2016

D. NOTES TO ACCOUNTS

1. The financial statements including financial information have been prepared after making such regroupings and adjustments, considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the financial statements /information may not necessarily be same as those appearing in the respective audited financial statements for the relevant years.

2. Employee benefits:

The Company has adopted the Accounting Standard 15 (revised 2005) on Employee Benefit. The company has taken “Group Gratuity Scheme of LIC” by creating a “trust" in which benefits are defined as per such policy. The total amount of contribution paid and recognized as expense for the year is Rs. 5,00,000/-.

3. Segment Reporting(AS17)

The Company has more than one business Segment during the year within the meaning of accounting standard -17, which differ from each other in risk and reward. The details of such business segments are provided vide Annexure -1

4. Provisions, Contingent Liabilities and Contingent Assets (AS 29)

Contingent liabilities and commitments (to the extent not provided for).

There are no contingent liabilities as on March 31,2016 except as mentioned below-

5. Related Party Disclosure (AS 18)

Related party transactions are being reported as per AS-18 of Companies (Accounting Standards) Rules, 2006,asamended, hereunder.


Mar 31, 2015

1. 16,16,267 Shares were alloted as Bonus Shares in the Last Five Years by way of Capitalisation of Free Reserves and Surplus in Year 2013-14.

2. 4,68,160 Shares were alloted as Bonus Shares in the Last Five Years by way of Capitalisation of Free Reserves and Surplus in Year 2012-13.

3. 23,20,000 Shares were alloted as public issue.

4. The provision fore gratuity expenses upto 31/03/2014 was made and a sum of Rs. 1892872/- was reduced from general reserve.

5. The variation in depreciation has been occurred upto 31/03/2014 and same was adjusted through general reserve. The amount so adjusted is Rs. 8324015/- and Rs. 3606893/-.

6. Interest on taxes upto 31/03/2014 have been re-classified under finance cost and charged against general reserve for a sum of Rs.861430/-.

7. Profit adjustment on sale of investment has been made in general reserve for Rs. 117873/-.

8. Adjustment of deffered tax has been made upto 31/03/2014 on account of change in profits, due to depreciation and gratuity expenses.

9. Provision of income tax having effect as per restated balance sheet has been accounted for through general reserve . However provision for wealth tax has been amended on the basis of recomputation of wealth as per Wealth Tax Act 1957 and the total amount of net taxable wealth includes plots and cars and the liability of wealth tax provided for the year is Rs.52,260/-

10. Adavance received against sale of property was forfeited due to no n fullfilment of terms and conditions of the agreement in F.Y. and amount so forfeited was reduced from the cost of assets in the books in that year now reverse to "Capital Reserve".

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