Home  »  Company  »  BITS Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of BITS Ltd.

Mar 31, 2015

1. Segment Reporting

In accordance with Accounting Standard 17 on Segment Reporting, issued by The Institute of Chartered Accountants of India, the Company has only one reportable business segment. Hence segment reporting is not applicable to the company.

2. Disclosure regarding related parties as required under AS-18 on Related Party Disclosure

A. Related Party Relationship

A) Associates:

Pan India Corporation Ltd. K.K.Kargomail (India) Pvt Ltd. Vizwise Commerce Pvt. Ltd Ujjwal ltd Prurient IT Solutions Pvt Ltd.

C) Key Management Personnel:

Omprakash Pathak Ankit Rathi

3. Earnings per share

The basic and diluted earnings per share of the company are same because the company does not have any outstanding options, warrants, convertible debentures or any other instrument which may result in issue of equity shares at a price less than their fair market value.

4. Accounting for Taxes on Income

In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the Company has accounted for deferred tax during the year.

During the year Deferred tax assets has emerged on depreciation which has not been recognized as stated below.

Net Deferred tax asset on account of brought forward losses and disallowed expenditures has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realised.

5. Additional information pursuant to the provision of part II of Schedule VI to the Companies Act 1956:

6. Contingent liabilities

i) Claims made against the company not acknowledged as debt Nil (PY : Nil)

ii) Capital Commitments Nil(PY:Nil)

7. The previous year figures have been regrouped/ reclassified wherever necessary to render them comparable.




Mar 31, 2014

1. The balances of Trade Recievables, and Loans and Advances are subject to confirmation. The company is in the process of obtaining confirmation of balances in respect of these. Necessary adjustments, if any, shall be made on receipts/ payments and reconciliation of such balances.

2. Segment Reporting

In accordance with Accounting Standard 17 on Segment Reporting, issued by The Institute of Chartered Accountants of India, the Company has only one reportable business segment. Hence segment reporting is not applicable to the company.

3. Earnings per share

The basic and diluted earnings per share of the company are same because the company does not have any outstanding options, warrants, convertible debentures or any other instrument which may result in issue of equity shares at a price less than their fair market value.

4. Accounting for Taxes on Income

In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the Company has accounted for deferred tax during the year.

Deferred tax liability amounting to Rs. 107540/-, created during the year, has been debited to the Profit & Loss Account and net deferred tax liability of Rs. 3035862/- on account of depreciation difference has been shown in the balance sheet. .

Net Deferred tax asset on account of brought forward losses and disallowed expenditures has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realised.

5. Contingent liabilities

i) Claims made against the company not acknowledged as debt Nil (PY : Nil)

ii) Capital Commitments Nil(PY:Nil)

6. The previous year figures have been regrouped/ reclassified wherever necessary to render them comparable.


Mar 31, 2013

1. The balances of Trade Recievables, and Loans and Advances are subject to confirmation. The company is in the process of obtaining confirmation of balances in respect of these. Necessary adjustments, if any, shall be made on receipts/ payments and reconciliation of such balances.

2. Segment Reporting

In accordance with Accounting Standard 17 on Segment Reporting, issued by The Institute of Chartered Accountants of India, the Company has only one reportable business segment. Hence segment reporting is not applicable to the company.

3 Disclosure regarding related parties as required under AS-18 on Related Party Disclosure

A. Related Party Relationship A) Associates:

Pan India Corporation Ltd.

K.K.Kargomail (India) Pvt Ltd.

Vizwise Commerce Pvt. Ltd

Ujjwal ltd

Prurient IT Solutions Pvt Ltd.

C) Key Management Personnel: Ram Kumar Yadav Ashok Agarwal Kapil Kumar Ankit Rathi

4. Earnings per share

The basic and diluted earnings per share of the company are same because the company does not have any outstanding options, warrants, convertible debentures or any other instrument which may result in issue of equity shares at a price less than their fair market value.

5. Accounting for Taxes on Income

In accordance with Accounting Standard 22 “Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the Company has accounted for deferred tax during the year.

Deferred tax liability amounting to Rs. 116997/-, created during the year, has been debited to the Profit & Loss Account and net deferred tax liability of Rs. 2928322/- on account of depreciation difference has been shown in the balance sheet. .

Net Deferred tax asset on account of brought forward losses and disallowed expenditures has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realised.

6. Contingent liabilities

i) Claims made against the company not acknowledged as debt Nil (PY : Nil)

ii) Capital Commitments Nil(PY:Nil)

7. The previous year figures have been regrouped/ reclassified wherever necessary to render them comparable


Mar 31, 2012

1. The balances of Trade Recievables, and Loans and Advances are subject to confirmation. company is in the process of obtaining confirmation of balances in respect of these. Necessary adjustments, if any, shall be made on receipts/ payments and reconciliation of such balances.

2. The company has a paid up capital of Rs 22.375 crores, which requires the appointment of a whole time Company Secretary under the provisions of Section 383A of the Companies Act. However the company did not have any whole time company secretary during the previous year.

3. Segment Reporting

In accordance with Accounting Standard 17 on Segment Reporting, issued by The Institute of Chartered Accountants of India, the Company has only one reportable business segment. Hence segment reporting is not applicable to the company.

4 Disclosure regarding related parties as required under AS-18 on Related Party Disclosure

A. Related Party Relationship A) Associates:

Pan India Corporation Ltd.

KK.Kargomail (India) Pvt Ltd.

Vizwise Commerce Pvt. Ltd

Ujjwal ltd

Prurient IT Solutions Pvt Ltd.

C) Key Management Personnel:

Ram Kumar Yadav Ashok Agarwal Kapil Kumar Ankit Rathi

5. Earnings per share The basic and diluted earnings per share of the company are same because the company does not have any outstanding options, warrants, convertible debentures or any other instrument which may result in issue of equity shares at a price less than their fair market value.

6. Accounting for Taxes on Income

In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the Company has accounted for deferred tax during the year.

Deferred tax liability amounting to Rs. 153423/-, created during the year, has been debited to the Profit & Loss Account and net deferred tax liability of Rs. 2811325/- on account of depreciation difference has been shown in the balance sheet..

Net Deferred tax asset on account of brought forward losses and disallowed expenditures has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realised.

7. Contingent liabilities

i) Claims made against the company not acknowledged as debt Nil (PY : Nil)

ii) Capital Commitments Nil(PY:NiI)

8. The previous year figures have been regrouped/ reclassified wherever necessary to render them comparable.


Mar 31, 2011

1. The balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation. The company is in the process of obtaining confirmation of balances in respect of these. Necessary adjustments, if any, shall be made on receipts/ payments and reconciliation of such balances.

2. Director's Remuneration

During the year the company has not paid any remuneration to Managing Director. No computation of profit u/s 350 of the Companies Act has been given since no commission is paid to Directors.

3. The company's investment in BITS Middle East FZC, Dubai has been written off during the year.

4. Loans and advances include:

i) Due from Directors (Ex) Rs. Nil/- (Previous year Rs.2,84,712/-) Maximum balance outstanding during the year Rs.234,712/- (Previous year Rs. 2,84,712/-)

ii) Loans and Advances to Companies in which Directors are interested Rs.20101786/- (Previous year Rs.1,73,81,724/-). Maximum balance outstanding during the year Us. ¦ 2,0101786/- (Previous year Rs. 2,36,24,724/-)

5 Company has not yet deposited ROC fee payable amounting to Rs. 16,50,000/- (Shown as current liabilities in Schedule-J). Further no provision for interest/penalty for default in payment has been made.

6. The company has a paid up capital of Rs22.375 crores, which requires the appointment of a whole time Company Secretary under the provisions of Section 383A of the Companies Act. However the company did not have any whole time company secretary during the previous year.

7. Segment Reporting

in accordance with Accounting Standard 17 on Segment Reporting, issued by The Institute of Chartered Accountants of India, the Company has only one reportable business segment Hence segment reporting is not applicable to the company.

8. Earnings per share

The basic and diluted earnings per share of the company are same because the company does not have any outstanding options, warrants, convertible debentures or any other instrument which may result in issue of equity shares at a price less than their fair market value.

9. Accounting for Taxes on Income

In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the Company has accounted for deferred tax during the year.

Deferred tax liability amounting to Rs.196601/-, created during the year, has been debited to the Profit & Loss Account and net deferred tax liability of Rs.2657902/- on account of depreciation difference has been shown in the balance sheet..

Net Deferred tax asset on account of brought forward losses and disallowed expenditures has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realised.

10. Contingent liabilities (not provided for in accounts)

i) On claims made against the company not acknowledged as debt (amount unascertainable).

ii) On any delay/non-compliance of certain fiscal statute (amount unascertainable).

iii) On inter-corporate deposits any amount of interest which becomes payable on negotiation with the lenders.

iv) On ROC Fees Payable any amount of interest/ penalty or other demand, which becomes payable at the time of making payment of fees.

11. The previous year figures have been regrouped/ reclassified wherever necessary to render them comparable.


Mar 31, 2010

1. The balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation. The company is in the process of obtaining confirmation of balances in respect of these. Necessary adjustments, if any, shall be made on receipts/ payments and reconciliation of such balances.

2. Directors Remuneration

During the year the company has not paid any remuneration to Managing Director. No computation of profit u/s 350 of the Companies Act has been given since no commission is paid to Directors.

3. The company has investment in BITS Middle East FZC, Dubai and Romano Investments Pvt. Ltd., Delhi, as wholly owned subsidiaries of the company. In the said companies one share is held in the name of Mr. Akhilesh Chandra Khare and Mr. Ashok Agarwal respectively as the nominee of the Company.

4. Loans and advances include:

i) Due from Directors (Ex) Rs. 2,84,712/- (Previous year Rs. 2,84,712/-) Maximum balance outstanding during the year Rs. 2,84,712/- (Previous year Rs. 2,84,712/-)

ii) Loans and Advances to Companies in which Directors are interested Rs. 1,73,81,724/- (Previous year Rs. 2,37,01,652/-). Maximum balance outstanding during the year Rs. 2,36,24,724/-(Previous year Rs. 2,81,01,652/-)

5 Company has not yet deposited ROC fee payable amounting to Rs. 16,50,000/- (Shown as current liabilities in Scheduie-J). Further no provision for interest/penalty for default in payment has been made.

6. The company has a paid up capital of Rs 22.375 crores, which requires the appointment of a whole time Company Secretary under the provisions of Section 383A of the Companies Act. However the company did not have any whole time company secretary during the previous year.

7. Segment Reporting

In accordance with Accounting Standard 17 on Segment Reporting, issued by The Institute of Chartered Accountants of India, the Company has only one reportable business segment. Hence segment reporting is not applicable to the company.

8. Disclosure regarding related parties as required under AS-18 on Related Party Disclosure

A, Related Party Relationship A) Associates:

AJD Leasing & Finance Ltd.

First India Capital Service Ltd.

Pan India Corporation Ltd.

Exabroad Finance Pyt. Ltd.

Shri Deoraha Finlease Pvt. Ltd.

Shri Deoraha Finvest Pvt. Ltd.

* Shri Ram Sevak Finvest Pvt. Ltd,

V-Soft Services Pvt. Ltd.

Ravico (India) Ltd.

Shalani Dhoop Pvt Ltd.

ICK.Kargomail (India) Pvt Ltd.

Pruday Investments Pvt Ltd. -

Ujjwal Ltd.

Little Kingdom World Ltd.

Tactfuil Investments Ltd.

Shree Khemi Shakti Leasing & Properties Pvt Ltd.

P.S.P.Capital Services Pvt Ltd.

Aggarwal Fincap Pvt Ltd.

Mitika Investments & Finance Pvt Ltd.

Mili Investments & Trades Pvt Ltd.

Duggai Contractors & Traders Pvt Ltd.

Fit & Fine Biotech Ltd.

Edu Media Solution Ltd.

B) Subsidiary Company:

Romano Investments Pvt Ltd

Bits Middle East FZC

C) Key Management Personnel:

Rajesh Kumar y

Ram Kutiui Yadav Ashok Agarwal

All the aforesaid Related Party transactions are in the nature of Finance except:

* Transactions relating Sale of Shares.

** Paid for 150000 Redeemable Preference Shares of Rs.10 each. Only 10% paid Rs.13500000 as calls in arrears in the previous year 2008-2009.

9. Earnings per share

The basic and diluted earnings per share of the company are same because the company does not have any outstanding options, warrants, convertible debentures or any other instrument which may result in issue of equity shares at a price less than their fair market value.

10. Accounting for Taxes on Income

In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the Company has accounted for deferred tax during the year.

Deferred tax liability amounting to Rs. 111271/-, created during the year, has been debited to , the Profit & Loss Account and net deferred tax liability of Rs. 2461301/- on account of V, depreciation difference has been shown in the balance sheet.

Net Deferred tax asset on account of brought forward losses and disallowed expenditures has ¦ not been recognised as there is no reasonable certainty that sufficient future taxable income will vt be available against which such deferred tax asset can be realised.

11. Contingent liabilities (not provided for in accounts)

i) On claims made against the company not acknowledged as debt (amount unascertainable)

ii) On any delay/non-compliance of certain fiscal statute (amount unascertainable).

iii) On inter-corporate deposits any amount of interest which becomes payable on negotiation with the lenders. .

iv) On ROC Fees Payable any amount of interest/ penalty or other demand, which becomes payable at the time of making payment of fees.

12. The previous year figures have been regrouped/ reclassified wherever necessary to render them comparable.

 
Subscribe now to get personal finance updates in your inbox!