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.