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Notes to Accounts of Cityman Ltd.

Mar 31, 2014

1.1 (a) Capital reserve represents the principal loan amount waived by Consortium of Banks and Financial Institutions (Indusind Bank Limited , State Bank Of India,UTI(Axis Bank Limited) and Karnataka State Industrial Investment and Development Corporation Limited ) on One Time Settlement of dues to them.

1.2 (g) Other reserve represents the subsidy received for the project from Department of Industries and Commerce, Government of Karnataka.

1.3 (e) Loans and Advances from related parties represent a loan received from the Managing Director and the terms of loan are:

(i) Interest on Loan -NIL

(ii) Repayment terms: Either the Loan will be repaid or converted into Equity as per relevant and applicable SEBI & other guidelines

(k) Note:-

( i) Confirmation of balance have not been obtained from many of the creditors

(ii) No provision for Income Tax has been made during the year ,since the Company has incurred loss during the year .However provision for demand of Rs.20,96,325/- u/s 220(2) for Assessment year 1997-98 and 1998-99 raised by Income Tax Department is made during the year and a payment of Rs.4,50,000/- has been made against this. The balance due Rs.16,46,325/- is shown under Other Current Liabilities.

(iii) The information regarding amounts due to micro and Small Enterprises have been determined based on the information available with the company and have been relied up on by the Auditors.

(iv) Principal amount remaining unpaid to Micro and Small Enterprises at the end of the Accounting Year - NIL

(v) Interest due on principal amount unpaid as at the end of the accounting year-NIL

(vi) Amount of Interest paid by the Company along with the payment made to the suppliers beyond the ap- pointed day during the year - NIL

(vii) Amount of Interest due and payable for the period of delay in making payment (amount have been paid but after the appointed day) but without interest specific under Micro Small and Medium Enterprises Develop- ment Act,2006 - NIL

(viii) Interest Accrued and remaining unpaid as at the end of the accounting year-NIL

(ix) Unpaid interest brought forward to current year-NIL

(x) The small Scale Industrial Undertaking (SSI Units) to whom amount outstanding for more than 30 days is - NIL

Note :

1. Deferred Tax Liability/Assets

(i) The Deferred Tax Liability /Assets as per accounting standard 22 issued by the Institute of Chartered Accountants of India for the current year as well as for the previous year as per recalculation is - NIL, as the Company does not foresee any reasonable certainty in generation of profit in the coming years

2. Current Assets, Loans and Advances

(i) In the opinion of the Board Of Directors , the current assets, loans and advances have the values at which they are stated in the balance sheet as and when realized in the ordinary course of business.

(ii) Confirmation of balances have not been obtained from debtors and for advance payments.

3. (i) Short term loans and advances to others - unsecured considered good represents Rupees 1.50 crore to vendor for purchase of land for township development at whitefield, Bangalore and the execution of title deed transfer of the property measuring 18 acres for a total consideration of Rs. 22 crore is pending due to obtainment of certain legal and ecological clearances.

(ii) The company is advised of getting all legal and ecological clearances shortly from concerned au- thorities.

1.4. Contingent Liabilities & Commitmets

(a) Contingent Liabilities

(i) Claims against the company not acknowledged as debt - -

(ii) Guarantees - -

(iii) Other money for which company is contingently liable

(b) Commitments - - (i) Estimated amount of contracts remaining to be executed on capital account & not provided for - -

(ii) Uncalled liability on shares & other investments - -

(iii) Others - -

1.5. Exceptional Items --

Other Information

(a) Previous years'' figures have been regrouped or recast wherever necessary to suit with current year''s disclosusre and layout.

(c) Accounting Standard 18(AS 18) (related to party disclosures, notified in the Companies (Accounting Standards) Rules 2006)

The disclosure of transactions with the related parties as defined in AS-18 are given below.

1. Related parties and their relationship

A. Key Managerial personnel

1. Mr. Santhosh Joseph Karimattom - Managing Director

2. Mr. Kaumpilly Rajesh - Director

3. Mr. Rajendra Patil - Director

4. Mr. Anupkumar - Director

5. Mr. D.E. Chandrasekaran - Company Secretary

B. Enterprises over which key managerial personnel and relatives exercise significant influence.

1. Bannerghatta Farms

2. Vasantha Farms

3. SJK Farms

4. Karimattom Plantations Pvt. Limited

5. Fusav Engineering Devices Pvt. Limited

6. City projects and entertainment Pvt. Limited

7. Heco panelling Systems Pvt. Limited

C. Concerns key managerial personnel and their relatives 1. Diode Tailors

D. material transactions with related parties - NIL

E. Remuneration paid to Managing Director and Directors - NIL


Mar 31, 2013

1.1 (a) Capital Reserve represents the Principal loan amount waived by consortium of banks and financial institutions i.e., Indus Ind Bank Limited, State Bank of India, UTI (AXIS) Bank Limited and Karnataka State Industrial Investment & Development Corporation Limited on one time settlement of dues to them and

1.2 (g) Other Reserve represents the subsidy received for the Project from the Department of Industries & Commerce, Government of Karnataka.

1.3 (e) Loans and Advances from related parties represent a loan received from the Managing Director and the terms of loan are:

(i) Interest on Loan -NIL

(ii) Repayment terms: Either the Loan will be repaid in the next 5 years or converted into Equity as per relevant and applicable SEBI & other guidelines

(a) Note:-

(i) Confirmation of balances have not been obtained from many of the creditors

(ii) No provision for income Tax has been made for the year since the Company has incurred loss during the year. No provision has been made for demand of interest U/s. 220(2) of the Income Tax Act for Assessment Year 1997-98 and 1998-99 amounting to Rs. 20,96,325/-, as the company is advised of waiver of the same by higher Authorities on the company''s application.

(iii) The information regarding amounts due to Micro and Small Enterprises have been determined based on the information available with the company and have been relied up on by the Auditors

(iv) Principle amount remaining unpaid to Micro and Small Enterprises as at the end of the Accounting Year -NIL

(v) Interest due on principle amount remaining un paid as at the end of the Accounting year -NIL

(vi) Amount of interest paid by the Company along with the payment made to the suppliers beyond the appointed day during the year - NIL

(vii) Amount of Interest due and payment for the period of delay in making payment(amount have been paid, but after the appointed day) but without interest specified under Micro Small and Medium Enterprises Development Act,2006 - NIL

(viii) Interest accrued and remaining unpaid as at the end of the accounting year -NIL

(ix) Unpaid interest brought forward to current year - NIL

(x) The Small Scale Industrial Undertaking ( SSI Unit ) to whom amount outstanding for more than 30 days is NIL

1.4 (c) (ii) Loans & Advances to related Parties represent the amount paid towards Deposit for the use of Trade mark "City man" to M/s. S.S.Agencies, a firm in which the Managing Director and his relatives are interested

1.5 (g) The Company has purchased a property in Panangad, Ernakulam, Kerala for residential township development. The Company has to buy further lands to get advantage of better access and higher realization at the time of sale.

1.6. Other Current Assets - -

a) Current Assets, Loans and Advances

i. In the opinion of the board of directors, the current assets, loans and advances have the values at which they are stated in the balance sheet as and when realized in the ordinary course of business.

ii. Confirmation of balances have not been obtained from debtors and for advance payments.

b) Deferred Tax Liability / Asset

i. The deferred tax liability / assets as per accounting standard 22 issued by the Institute of Chartered Accountants of India for the current year as well as for the previous year as per re - calculation is nil, as the company does not foresee any reasonable certainty in generation of profit in the coming years.

d) The Managing Director was appointed with a monthly remuneration of Rs. 50,000/- with effect from 31.3.2012 and the same was approved by the Annual General Meeting and Central Government. As the Company could not expand its operations to the expected level the Managing Director offered to waive his claim for remuneration and hence the same is not provided in the accounts.

1.7. Contingent Liabilities & Commitments

(a) Contingent Liabilities

(i) Claims against the company not acknowledged as debt - -

(ii) Guarantees - -

(iii) Other money for which company is contingently liable

(b) Commitments - -

(i) Estimated amount of contracts remaining to be

executed on capital account & not provided for - -

(ii)Uncalled liability on shares & other investments partly paid - -

(iii) Others - -

Other Information

a. Previous years'' figures have been regrouped or recast wherever necessary to suit with current year''s disclosure and layout.

d. Information with regard to Opening Stock, Purchases, Production, Sales & Closing Stock

Note:

i) Purchase are net of returns

ii) Sales are net of returns but includes damages and compliments

iii) Production is net of damages in production process

iv) Information with regards to raw materials and components consumed


Mar 31, 2012

(a) Rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital -

The Company has only one class of Equity Shares having a par value of Rs. 10/- each. Each holder of Equity shares are entitled to one vote per share. The Company as and when declares dividend, the same is paid in Indian Rupees. There are no restrictions on distribution of dividends or repayment of capital

(b) Shares of each class held by its holding company or its ultimate holding company (including shares held by it or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate) - NIL

(d) Shares reserved for issue under options & contracts / commitments for sale of shares / disinvestment, including the terms and the amounts - NIL and Not applicable

(e) For period of 5 years immediately preceeding the Balance sheet date disclose:

Aggregate number & class of shares

- Allotted as fully paid up pursuant to contract(s) without payment being received in cash - NIL

- Allotted as fully paid up by way of bonus shares - NIL

- Bought back - NIL

(f) Terms of any securities convertible into equity / preference shares issued along with the earliest date of conver- sion in descending order starting from the farthest such date - NIL and Not Applicable

A.

(a) Capital Reserve represents the Principal loan amount waived by consortium of banks and financial institutions

i.e., Indus Ind Bank Limited, State Bank of India, UTI (AXIS) Bank Limited and Karnataka State Industrial Investment & Development Corporation on settlement of dues.

(g) Other Reserve represents the subsidy received for the Project from the Department of Industries & Commerce, Government of Karnataka.

B.

(v) Loans and Advances from related parties represent a loan received from the Managing Director and the terms of loan are:

(i) Interest on Loan -NIL

(ii) Repayment terms: Either the Loan will be repaid in the next 5 years or converted into Equity as per relevant and applicable SEBI & other guidelines

(C) Note:-

i. Confirmation of balances have not been obtained from many of the creditors.

ii. No provision for Income Tax has been made, since the company has incurred loss during the year.

iii. The information regarding amounts due to Micro and Small Enterprises have been determined based on the information available with the company and have been realized upon by the auditors.

iv. Principal amount remaining unpaid to Micro and Small Enterprises as at the end of the accounting year : NIL

v. Interest due on principal amount remaining unpaid as at the end of the accounting year : NIL

vi. Amount of interest paid by the company along with the payment made to the suppliers beyond the appointed day during the year : NIL

vii. Amount of interest due and payable for the period of delay in making payment (amount have been paid, but after the appointed day) but without interest specified under Micro Small and Medium Enterprises Development Act, 2006 : NIL

viii. Interest accrued and remaining unpaid as at the end of the accounting year : Rs. NIL

ix. Unpaid interest brought forward to current year : NIL

x. The Small Scale Industrial Undertaking ('SSI Unit') to whom amount outstanding for more than 30 days is NIL.

C Loans & Advances to related Parties represent the amount paid towards Deposit for the use of Trade mark "Cityman" to M/s. S.S.Agencies, a firm in which the Managing Director and his relatives are interested

a) Current Assets, Loans and Advances--

i. In the opinion of the board of directors, the current assets, loans and advances have the values at which they are stated in the balance sheet as and when realized in the ordinary course of business.

ii. Confirmation of balances have not been obtained from debtors and for advance payments.

b) Deferred Tax Liability / Asset

i. The deferred tax liability / assets as per accounting standard 22 issued by the Institute of Chartered Accountants of India for the current year as well as for the previous year as per re - calculation is NIL,

ii. as the company does not foresee any reasonable certainty in generation of profit in the coming years.

1. Contingent Liabilities & Commitmets

Contingent Liabilities

(a) Claims against the company not acknowledged as debt - -

(b) Guarantees - -

(c) Other money for which company is contingently liable Commitments - -

(a) Estimated amount of contracts remaining to be executed on capital account & not provided for - -

(b) Uncalled liability on shares & other investments partly paid - -

(c) Others

TOTAL - -


Mar 31, 2011

1. Previous year figures have been regrouped or recast wherever necessary to suit with current year's disclosure and layout.

2. CAPITAL RESERVE: Capital reserves includes the following:-

a) Principal loan amount waived by consortium of banks and financial institutions (Indus Ind Bank Ltd., State Bank of India , UTI (Axis) Bank Ltd. and Karnataka State Industrial Development Corporation Ltd.) on One Time Settlement of dues to them and

b) Subsidy received for the project from the department of industries and commerce, Government of Karnataka.

3. FIXED ASSETS

Land

The 4831.25 sq. ft. of land belonging to the company in Sy. No. 77/1A, Hulimavu Village, Bangalore south is fully subject to encroachment, and the value of the land has been written off fully as impairment loss during the year, as the company does not forsee any possibility of repossessing the encroached area

4. CURRENT ASSETS, LOANS AND ADVANCES

(a) In the opinion of the board of directors, the current assets, loans and advances have the values at which they are stated in the balance sheet as and when realized in the ordinary course of business.

(b) Confirmation of balances have not been obtained from debtors and for advance payments.

(c) Advances include interest free refundable deposit of Rs. 12,00,000/- due from a firm in which one of the Director is a partner.

5. DEFERRED TAX LIABILITY/ASSETS

The deferred tax liability/assets as per accounting standard 22 issued by the Institute of Chartered Accountants of India for the current year as well as for the previous year as per re-calculation is NIL, as the company does not foresee any reasonable certainty in generation of profit in the coming years.

6. CURRENT LIABILITIES AND PROVISIONS

(a) Confirmations of balances have not been obtained from many of the creditors.

(b) No provision for income tax has been made, since the company has incurred loss during the year.

(c) provisions include provision for income tax relating to previous years amounting to Rs. 18,57,000/-

(d) (i) The information regarding amounts due to Micro and Small Enterprises have been determined based on the information available with the company and have been relied upon by the auditors.

(ii) Principal amount remaining unpaid to Micro and Small Enterprises as at the end of the accounting year: Rs. NIL

(iii) Interest due on principal amount remaining unpaid as at the end of the accounting year: Rs. NIL.

(iv) Amount of interest paid by the company along with the payment made to the suppliers beyond the appointed day during the year: Rs. NIL.

(v) Amount of interest due and payable for the period of delay in making payment (amount have been paid, but after the appointed day) but without interest specified under Micro Small and Medium Enterprises Development Act, 2006: Rs. NIL.

(vi) Interest accrued and remaining unpaid as at the end of the accounting year: Rs. NIL.

(vii) Unpaid interest brought forward to current year: Rs.NIL.

7. SEGMENT REPORTING

(a)The company has only one business segment and geographical segment viz. manufacturing and selling of readymade garments, hence the enterprise accounts are representing the segmental accounts.

8. DISCLOSURE IN ACCORDANCE WITH ACCOUNTING STANDARD - 18 RELATED PARTY TRANSACTION

9. The Small Scale Industrial Undertaking ("SSI Unit") to whom amount outstanding for more than 30 days is Rs. Nil.

10. SALES TAX DEMAND

(a) Sales tax assessment of all the previous years completed and the amount determined as payable by authorities relating to all previous years have been paid in full.

(b) INCOME TAX:- Provision is being made for additional income tax demand relating to earlier years under the head provision for taxation for earlier years as and when demands are intimated to the company.

11. CONTINGENT LIABILITIES NOT PROVIDED FOR

AS AT AS AT

31.032011 31.03.2010

1. Claims against the company not acknowledged as debts. Nil Nil

2. Estimated amount of contracts remaining to be executed on capital account not provided for Nil Nil

3. Other money for which the company is contingently liable

(a) Cheque discounted Nil Nil

(b) Bank guarantees Nil Nil

(c) Guarantee on behalf of others Nil Nil

4. Export bill discounted Nil Nil

1. Previous year figures have been regrouped or recast wherever necessary to suit with current year's disclosure and layout.

Note:

1. Purchase are net of returns

2. Sales are net of returns but includes damages and compliments

3. Production is net of damages in production process


Mar 31, 2010

Contingent liability is disclosed in case of

(a) A present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation.

(b) A possible obligation, unless the probability of outflow of resources is remote. Contingent assets are neither recognized nor disclosed.

Contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

1. EARNINGS PER SHARES

Basic earnings per shares are calculated by dividing the net profit or loss for the period attributable to equitable share holders by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average number of equity shares outstanding during the period are adjusted for events of bonus issue; bonus elements in a right issue to existing share holders; share split; and reverse share split ( consolidation of shares).

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equitable shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilative potential equity shares.

2. CASH FLOW STATEMENT

Cash flow statement has been prepared under indirect method.

B. NOTES TO THE BALANCE SHEET

1. Previous year figures have been regrouped or recast wherever necessary to suit with current years disclosure and layout.

2. CAPITAL RESERVE: Capital reserves includes the following:-

a) Principal loan amount waived by consortium of banks and financial institutions (Indus Ind Bank Ltd., State Bank of India, UTI (Axis) Bank Ltd. and Karnataka State Industrial Development Corporation Ltd. on One Time Settlement of dues to them and

b) Subsidy received for the project from the department of industries and commerce, Government of Karnataka.

3. FIXED ASSETS

Land

The company has sold 5000sq. ft. of land out of 9831.25 sq. ft. possessed by the company at sy. No. 77/1 A, Hulimavu village and Bangalore south. The proportionate cost of 5000 sq. ft. of land which is sold, is reduced from the original cost incurred. The company presently possess only 4831.25 sq. ft. of land in the said area and that area is subject to encroachment.

4. CURRENT ASSETS. LOANS AND ADVANCES

(a) In the opinion of the board of directors, the current assets, loans and advances have the values at which they are stated in the balance sheet as and when realized in the ordinary course of business.

(b) Confirmation of balances have not been obtained from debtors and for advance payments.

(c) Advances include interest free refundable deposit of Rs. 12,00,000/- due from a firm in which one of the Director is a partner.

5. DEFERRED TAX LIABILITY/ASSETS

The deferred tax liability/assets as per accounting standard 22 issued by the Institute of Chartered Accountants of India for the current year as well as for the previous year as per re-calculation is NIL, as the company does not foresee any reasonable certainty in generation of profit in the coming years.

6. CURRENT LIABILITIES AND PROVISIONS

(a) Confirmations of balances have not been obtained from many of the creditors.

(b) No provision for income tax has been made, since the company has incurred loss during the year.

(c) provsions include provision for income tax relating to previous years amounting to Rs. 35,51,000/-

(d) (i) The information regarding amounts due to Micro and Small Enterprises have been determined based on the information available with the company and have been relied upon by the auditors.

(ii) Principal amount remaining unpaid to Micro and Small Enterprises as at the end of the accounting year: Rs. NIL

(iii) Interest due on principal amount remaining unpaid as at the end of the accounting year: Rs. NIL.

(iv) Amount of interest paid by the company along with the payment made to the suppliers beyond the appointed day during the year: Rs. NIL.

(v) Amount of interest due and payable for the period of delay in making payment (amount have been paid, but after the appointed day) but without interest specified under Micro Small and Medium Enterprises Development Act, 2006: Rs. NIL.

(vi) Interest accrued and remaining unpaid as at the end of the accounting year: Rs. NIL.

(vii) Unpaid interest brought forward to current year: Rs.NIL.

7. SEGMENT REPORTING

The company has only one business segment and geographical segment viz. manufacturing and selling of readymade garments, hence the enterprise accounts are representing the segmental accounts.

8. The Small Scale Industrial Undertaking ("SSI Unit") to whom amount outstanding for more than 30 days is Rs. Nil.

9. SALES TAX DEMAND

(a) Sales tax assessment of all the previous years completed and the amount determined as payable by authorities relating to all previous years have been paid in full.

(b) INCOME TAX:- Provision is being made for additional income tax demand relating to earlier years under the head provision for taxation for earlier years as and when demands are intimated to the company.

C. NOTES TO THE PROFIT AND LOSS ACCOUNT

1. Previous year figures have been regrouped or recast wherever necessary to suit with current years disclosure and layout.

 
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