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Notes to Accounts of Classic Global Finance And Capital Ltd.

Mar 31, 2015

2.1 The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

2.2 All the investments made by the company are valued at Cost .

2.3 Managerial Remuneration: Nil

2.4 The Company does not have any inventory as at 31.03.2015.

2.5 Deffered tax arising on account of timing differeance and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deffered tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years.

2.6 All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.

2.7 Minimum Alternative Tax (MAT) is recognised as an asset only when and to the extent there is convicing evidence that the company will pay normal income tax during the specefied period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entilement to the extent there is no longer convicing evidence to the effect that company will pay normal Income Tax during the specified period.

Notes referred to above and notes attached there to form an integral part of Profit & Loss Statement


Mar 31, 2014

1 The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

2 All the investments made by the company are valued at Cost .

3 Managerial Remuneration: Nil

4 The inventories of the company are valued as per cost price and market price whichever is less.

5 Differed tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognized using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assets are recognized unless there is virtual certainty with respect to the reversal of the same in future years.

6 The revised Schedule VI as notified under the companies Act,1956, has become applicable to the company for the presentation of its financial statements for the year ending March 31,2013. The adaptation of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

7 All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.

8 Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal Income Tax during the specified period.

9 Value of Import on CIF Basis Nil

Earnings in Foreign Exchange (FOB Value) Nil

10

Expenditure in Foreign Currency Nil

11 The Company has no employee to whom the provisions of section 217 (2A) of the Companies Act, 1956 are applicable.


Mar 31, 2012

1. Share Capital

Notes:

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period.

2. Other Current Liabilities

(Subject to the allotment of shares at par within 6 months from the end of the F.Y.).

 
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