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Notes to Accounts of BMB Music & Magnetics Ltd.

Mar 31, 2015

1. SHARE CAPITAL

1.1 Terms and Rights attached to Equity Shares

The company has only one class of equity shares having face value per share of Rs. 10 each. Each shareholder is entitled to one vote per equity share. The dividend proposed by the board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Share Holders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

2. Contingent Liabilities and Other Commitments not provided for

[Rs. In Lacs]

PARTICULARS As at 31.03.2015 As at 31.03.2014

Contingent Liabilities - -

3. Current Tax Expense and Deferred Tax

Tax expense is the aggregate of current year tax and deferred tax charged or credited to the profit and loss account.

i) Current tax is the provision made for the income tax liability on the profits for the year in accordance with the applicable tax laws.

ii) Deferred tax is recognised on timing differences, being the differences resulting from the recognition of items in the financial statements and in estimating its current income tax provisions

iii) Deferred tax asset & liability are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date.

As required by the accounting standard - 22, "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liabilities and Assets is calculated and provided for in the following manner.




Mar 31, 2014

The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

Right, Preferences and Restriction attached to shares Equity shares

The company has only one class of Equity having a par value Rs. 10.00 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors Is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.


Mar 31, 2012

1 The balance of sundry debtors, sundry creditors, loans and advances and unsecured loan accounts are subject to confirmations from these parties.

2. The bank balances are subject to reconciliation from respective banks.

3. APPLICATION OF AS-

(i) Current year is the provision made for income tax liability on the profits for the year in accordance with the applicable tax laws. In the year under audit, the provision for current tax has not been made as no income tax is payable on current year''s income.

(ii) Deferred tax is recognized on timing differences, being the difference resulting from the recognition of items in the financial statements and in estimating its current income tax provisions.

(iii) Deferred tax liability is measured using the tax rates and the tax that have been enacted or substantially enacted at the balance sheet date.

4. In absence of necessary information with the Company relating to the registration statues of suppliers under the Micro , Small and Medium Enterprises Development Act. 2006 the information required under the said Act could not be complied and disclosed. ''

5. Impairment of assets

Consideration is given at each balance sheet date to determine whether there is anv indication of impairment of the carrying amount of the Company''s fixed assets. If any indication exists, an asset''s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is greater of the net selling price and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value based on an appropriate discount factor.

6. No remuneration has been paid to Directors during the year.

7. As the Company has not taken up any production activity during the year, the quantity information is Nil.


Mar 31, 2010

1 Share Forfeiture during the year

During the F.Y. 2009-10, the company has forfeited 98200 shares of various shareholders from which call money has not been received. Thus the paid up Share Capital amounting to Rs. 9,82,000/- [98200 shares of Rs. 10/- each] and Share Premium A/c of Rs. 24,55,000/- [98200 shares @ 25/- each] has been transferred to Share Forfeiture Reserve account.

2. Extra-ordinary Expenses

During the year the company has settled its tenancy matter with Genus Overseas Ltd and as per settlement agreement the company has foregone the amount receivable from Genus Overseas Ltd. Amounting to Rs. 11,58,862/- as compensation and the same is shflwn as "Tenancy Settlement Charges" under extraordinary expenses head in the Profit and Loss account.

3. Non-recognition of Loss from Fire

During the year, due to fire incident at Sitapura Industrial Area, Jaipur, the company has suffered losses of some Plant & Machinery and Stock in trade. The company has not recognized this loss from fire amounting to Rs. 40 Lacs as estimated by the management. The management has lodged a claim of Rs. 40 lacs before RIICO, Jaipur and it is of the view that the losses will be recognized as and when the claim amount is finalized.

i The balances of sundry debtors, sundry creditors, Loans and advances and unsecured loans accounts are subject to confirmations from these parties.

4. The bank balances are subject to reconciliation from respective banks.

5. APPLICATION OF AS-22

Tax expense is the aggregate of current year tax and deferred tax charged or credited to the Profit & Loss account for the year.

i) Current tax is the provision made for income tax liability on the profits for the year in accordance with the applicable tax laws. In the year under audit, the provision for Current tax has not been as no income tax is payable on current years income.

ii) Deferred tax is recognized on timing differences, being the differences resulting from the recognition of items in the financial statements and in estimating its current income tax provisions.

iii) Deferred tax liability is measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date.

6. In absence of necessary information with the company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said act could not be compiled and disclosed.

7. NON-APPLICATION OF AS-28 "IMPAIRMENT OF ASSETS".

The objective of AS-28 is to ensure that the assets of an organization is carried at no more than its recoverable amounts. If the carrying amount exceeds the recoverable amount, then "Loss on Impairment of Assets" needs to be recognized in the books.

The company is in possession of old plant and machinery lying at RIICO Industrial Area, Sitapura, Jaipur on which the company has not recognized "Loss on Impairment of Assets" in its financial statements as required by AS-28 issued by The Institute of Chartered Accountants of India due to non-determination of Recoverable amounts of its assets by the company.

8. QUANTITY INFORMATION

As the company has not taken up any production activity during the year, the quantity information is NIL.

 
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