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Notes to Accounts of Axis Rail India Ltd.

Mar 31, 2014

1. Share Capital

Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of' 10 per share. Each holder of equity shares is entitled to one vote per share. 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 preferential amounts. The distribution wilt be in proportion to the number of equity shares held by the shareholders.

2. Contingent Liabilities not provided for: NIL (NIL)

3. In the Current Financial year i.e 2012-13, the name of the Company has been changed from M/s Gupta Carpets International Limited to M/s Axis Rail India Limited and the main objects of the Memorandum of Association of the Company has been altered to include the new line of business i.e. Rail Infra Projects.

4 There are no separate reportable segments under Accounting Standard -17- "Segment Reporting".

5. The company had been providing for the Sales tax liability as per the return filed with the Sales Tax Department Additional Liability, if any, arising at the time of assessment, shall be provided at the time of arising of such liability. However, as per the information & explanations given to us, no sale or purchase was undertaken by the company during the year on which sales tax / vat laws are applicable.

6 Gratuity and other post Employment Benefit Plans(AS-15):

According to the information and explanations given to us, the company did not employ any worker/ staff during the year under consideration & hence company is not at all required to make any provision for leave encashment, gratuity & other retirement benefits on acturial basis as required under section 211(3A), 211 (3B) AND 211(3C) of the Companies Act read with Accounting standards issued by the ICAI.

In terms of Accounting Standard (AS 22), Accounting for Taxes on Income the Company had determined deferred tax asset as on 31 03.2014. However same has not been recognized in view of uncertainty of future taxable income.

8 In view of the administrative and functional activities confirmation of Balances are obtained from all the debtors & creditors and also for loans and advances.

9 As per the Accounting Standard -18 ''Related Party Disclosures'' issued by the institute of The Chartered Accountants of India, The names of the related Parties are given below:

a) Subsidiaries' NIL

b) Joint Ventures : NIL

c) Details of Related Parties Key Management Personnel :

10 Investments :

The company has made investments amounting to NIL (previous year Nil) during the year.

11. Figures are rounded off to the nearest of Rupees and the previous year

figures are regrouped/recasted and rearranged wherever considered necessary.

12. The company has forfeited 33,00,000 fully convertible warrants issued earlier to the persons belonging to non promoter group at an exercise price of Rs. 10 each convertible into equal number of Equity shares within a period of 18 months during the financial year.


Mar 31, 2013

1 average number of equity shares outstanding during the year.

For calculating the diluted earning per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted to the effect of all dilutive potential equity shares.

2. Contingent Liabilities not provided for: NIL (NIL)

3. In the Current Financial year i.e. 2012-13, the name of the Company has been changed from M/s Gupta Carpets International Limited to M/s Axis Rail India Limited and the main objects of the Memorandum of Association of the Company has been altered to include the new line of business i.e. Rail Infra Projects.

4. There are no separate reportable segments under Accounting Standard -17- "Segment Reporting".

5. The company had been providing for the Sales tax liability as per the return filed with the Sales Tax Department. Additional Liability, if any, arising at the time of assessment, shall be provided at the time of arising of such liability. However, as per the information & explanations given to us, no sale or purchase was undertaken by the company during the year on which sales tax / vat laws are applicable.

6. Gratuity and other post Employment Benefit Plans(AS-15):

I According to the information and explanations given to us, the company did not employ any worker/ staff during the year under consideration & hence company is not at all required to make any provision for leave encashment, gratuity & other retirement benefits on acturial basis as required under section 211(3A), 211 (3B) AND 211(3C) of the Companies Act read with Accounting standards issued by thelCAI.

7. In terms of Accounting Standard (AS 22), ''Accounting for Taxes on Income '', the Company had determined deferred tax asset as on 31.03.2013. However same has not been recognized in view of uncertainty of future taxable income.

8. In view of the administrative and functional activities confirmation of Balances are obtained from all the debtors & creditors and also for loans and advances.

9 The Unsecured loan of bank of Maharashtra is settled in OTS (One Time Settlement) Scheme by payment as evidenced by No Due Certificate issued by Bank vide letter dated 19.09.2011

10 As per the Accounting Standard -18 "Related Party Disclosures" issued by the institute of The Chartered Accountants of India, The names of the related Parties are given below:

a) Subsidiaries: NIL

I)) Joint Ventures : NIL

c) Details of Related Parties Key Management Personnel :

11 Investments :

The company has made investments amounting to NIL (previous year Nil) during the year.

12. I Figures are rounded off to the nearest of Rupees and the previous year figures are regrouped/recasted and rearranged wherever considered necessary.

13. Vs/ith effect from August 23, 2012, the Register Office of the Company gets shifted from the State of Punjab to the State of Andhra Pradesh.

14. On July 18, 2012, the Company has made allotment of 33,00,000 Fully Convertible Warrants to the person belonging to non-promoter category at an exercise price of Rs. 10/- each convertible into equal number of equity shares within a period of 18 months.

15. The allotment was made with the objective of meeting working capital requirements for the new line of business


Mar 31, 2008

1. Contingent Liabilities not provided for: NIL (NIL)

2. Despite huge loss resulted in complete erosion of worth of the Company, resulting in business of the company having suffered irreparably the accounts for the year have been prepared on the assumption of "Going Concern". This reflects adversely upon the true & fair view of the accounts. The company did not have any significant involvement in the operations of its main object i.e manufacturing of Carpets. No significant business activity was carried out during the year. There are no separate reportable segments under Accounting Standard -17 - "Segment Reporting".

3. Sales tax liability has been provided for as per the return filed with the Sales Tax Department. Additional Liability, if any, arising at the time of assessment, shall be provided at the time of arising of such liability.

4.Income, the Company had determined deferred tax asset as on 31.03.2008. However same has not been recognized in view of uncertainty of future taxable income.

5 In view of the administrative and functional constraints confirmation of Balances are not obtained from debtors /creditors and also for loans and advances In the opinion of Board of Directors "Current Assets, Loans and Advances" have been Valued on realization in ordinary course of business, at least, equal to the amount at which they have been stated in the Balance Sheet.

6 a) Interest upto the financial year ended 31.03.2008 (from 1.04.1997) remains unprovided for and unchanged in respect of the credit facilities availed from Bank of Maharastra, Amritsar on account of the fact the account has been classified as NPA by the Bank. The amount of Interest not so provided by the Company remains unascertained. The Bankers have initiated legal proceedings against the Company but efforts are being made to arrive at a Settlement with the Bankers.

b) No provision has been made for Liability arising in respect proportionate Special Import Licence Valuing Rs. 20.02 Lacs. (Last Year Rs. 20.02 Lacs) to be surrendered to Asstt. Director of Foreign Trade consequent on Discount/rebate given to the foreign buyers. The same is unascertained.

7 An amount of Rs. 3.56 Lacs (Last Year Rs. 3.56 Lacs) received as duty drawbacks from the Govt in respect of exports made in earlier years is not shown as income but is being shown as liability in view of the company being obliged to refund the same on account of Discounts/rebates allowed to the foreign buyers.

8 As per the Accounting Standard -18 "Related Party Disclosures" issued by the institute of The Chartered Accountants of India, The names of the related Parties are given below:

Names of Related Parties Key Management Personnel:

i) Sh. Raman Gupta

ii) Sh. Rajesh Gupta

However, during the year, no transactions were carried out with them.

9. Figures are rounded off to the nearest of Rupees and the previous year figures are regrouped/recasted and rearranged wherever considered necessary.

 
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