Home  »  Company  »  CLIO Infotech  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of CLIO Infotech Ltd.

Mar 31, 2014

Contingent Liability is disclosed for by way of note for -

a) Possible obligation which will be confirmed only by future events not wholly within the control of the Company or

b) Present obligations arising from the past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

c) Contingent Assets are not recognized in the financial statements since this may result in the recogni- tion of income that may never be realized.

1. Figures have been rounded off to the nearest rupee, wherever required.

2. Accounting standards as prescribed have been followed & reported wherever applicable.

3. In the Opinion of the Board the current assets, loans and advances will fetch the amounts stated, if realized in the ordinary course of business and adequate provision for all known liabilities of the company has been made. Balances shown under Loans, Advances, Sundry Debtors & Creditors are subject to confirmation, reconciliation and subsequent adjustment if any.

4. a) According to management, Company has not given any guarantee on behalf of the Directors or other officers.

5. The Company has not received information from vendors/suppliers regarding their status under the " Micro , Small & Medium Enterprises Act, 2006" and hence disclosure relating to amount unpaid for the period end together with interest paid or payable under this Act has not been given.

6. According to management, No litigations are filed against or pending against the Company. Company does not have any present obligation arising out of any past event. Hence no provision arises or is made for contingent liabilities.

7. Previous Year''s figures have been regrouped / reclassified wherever considered necessary to make them compa- rable with the current year figures.

8. Fees paid to Auditor -

Particulars Amount

For Statutory Audit 11236/-

For other work -

9. Earning Per Share (on Face Value of Rs.10/- each)

In determining the Earnings Per share, the company considers the net profit after tax which includes any post tax effect of any extraordinary / exceptional item. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the period.

The number of shares used in computing Diluted earnings per share comprises the weighted average number of shares considered for computing Basic Earnings per share and also the weighted number of equity shares that would have been issued on conversion of all potentially dilutive shares.

In the event of issue of bonus shares, or share split the number of equity shares outstanding is increased without an increase in the resources. The number of Equity shares outstanding before the event is adjusted for the propor- tionate change in the number of equity shares outstanding as if the event had occurred at the beginning of the earliest period reported.

Basic Earning Per Share - (0.10)

Profit/(Loss) after Tax / Weighted Avg. Shares Outstanding = 1136974/ 11010950 = (Rs.0.37)

Diluted Earning Per Share - (0.10)

Profit/(Loss) after Tax / Weighted Avg. Shares Outstanding = 1136974/ 11010950 = (Rs.0.37)

Diluted EPS is similar to Basic EPS as there are no potential equity share as on date.

10. Flat Advance Deposit of Rs.60Lacs paid to Sunil Mantri Realty Pvt. Ltd. is in dispute from Sunil Mantri Realty Pvt. Ltd. & Company has filed case against the same and management is of high opinion that same will be surely recoverable & hence no provision is made towards the same.

11. Companies main object is of Infotech Activity but has carried out Finance Activity which is other than its main object & has applied for cancellation of its NBFC License with RBI & has not complied with said regulations.

12. Expenditure above Rs.1 Lac or 1% of Revenue (whichever is higher) is duly reflected in Schedule of Other Expenses.

13. As none of the employees have completed the minimum length of service as provided in payment of gratuity Act, 1972, no provision for gratuity is required to be made.


Mar 31, 2013

1. Figures have been rounded off to the nearest rupee, wherever required.

2. Accounting standards as prescribed have been followed & reported wherever applicable.

3. In the Opinion of the Board the current assets, loans and advances will fetch the amounts stated, if realized in the ordinary course of business and adequate provision for all known liabilities of the company has been made. Balances shown under Loans, Advances, Sundry Debtors & Creditors are subject to confirmation, reconciliation and subsequent adjustment if any.

4. a) According to management, Company has not given any guarantee on behalf of the Directors or other Officers,

b) Company has advanced a total sum of Rs.43589950/- to Directors, their Relatives and to other group companies.

5. As per the information provided by the Company there are no dues outstanding, including interest as at 31''" March 2013 to Small and Micro Enterprises as defined under Micro, Small and Medium Enterprises Development (MSMED) Act,2006.

6. According to Company & its management, No litigations are filed or pending against the Company & Company does not have any present obligation arising out of any past events. Hence no provision arises or is made for contingent liabilities.

7. Flat Advance Deposit of Rs.60Lacs paid to Sunil Mantri Realty Pvt. Ltd. is in dispute from Sunil Mantri Realty Pvt. Ltd. & Company has filed case against the same and management is of high opinion that same will be surely recoverable.

8. Expenditure above Rs.l Lac or 1% of Revenue (whichever is higher) is duly reflected in Schedule of Other Expenses.

9. Since the Company is not a broking Company, the quantitative details are not required to be given as specified in clause 3 of part 11 of Schedule VI of the companies Act, 1956. Information with regard to other matters specified in clause 4A, 4C and 4D of part II of the sub-schedule VI of the companies Act, 1956 are either NIL or are not applicable to the company for the year.

10. As none of the employees have completed the minimum length of service as provided in payment of gratuity Act, 1972, no provision for gratuity is required to be made.

11. During the year, Company has completely written off Distribution Rights of Film "Boss" amounting to Rs. 1,00,00,000/-.

12. Company has carried out object other than its Main Object & has not fully complied with NBFC regulations & renewed its registration.

13. Related party transactions are duly informed and reflected in Significant Accounting Policies.

14. Previous year''s figures have been regrouped and/or re arranged wherever considered necessary.


Mar 31, 2012

1. Income/ (Loss) from Interest include-

i) Net Income from Interest is Rs.5786185/-. (Previous year 4665903/-)

ii) Dividend received on Securities is Rs.2550/-(Previous year Rs.5,250/-).

2. Dues which management feels are not recoverable are written off during the year as Bad Debt.

3. Balances shown under Loans, Advances, Sundry Debtors & Creditors are subject to confirmation, reconciliation and subsequent adjustment if any.

4. In the opinion of the Board, the current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the accounts unless otherwise stated and adequate provision for all known liabilities of the company has been made.

5. Since the Company is not a broking Company, the quantitative details are not required to be given as specified in clause 3 of part 11 of Schedule VI of the companies Act, 1956. Information with regard to other matters specified in clause 4A, 4C and 4D of part II of the sub-schedule VI of the companies Act, 1956 are either NIL or are not applicable to the company for the year.

6. As none of the employees have completed the minimum length of service as provided in payment of gratuity Act, 1972, no provision for gratuity is required to be made.

7. Related party transactions are duly informed and reflected in Report to Corporate Governance.

8. Previous year's figures have been regrouped and/or re arranged wherever considered necessary.


Mar 31, 2010

1. REVENUE RECOGNITION

Interest on Loans is provided @ as agreed with respective parties and same is made on annual basis. Dividend income is recognised as and when the right to receive dividend is established.

Interest and Brokerage Income are recognized on accrual basis except specifically stated. Profit or losses from Investments/ Stock-in-trade are recognised on trade dates on first-in-first out basis. Relevant interests, Dividend are credited to the trade account on accrual basis at the yearend. In respect of contracts relating to shares settled without deliveries profit or losses recognized on the settlement dates.

2. EXPENDITURE

All the expenses comprising interest, rent and charges are provided on accrual basis except certain petty expenses which are accounted on cash basis.

3. TAXES ON INCOME

Current Charge for Income Tax including Deferred Tax, if any, is calculated in accordance with the relevant tax regulations applicable to the Company.

4. In respect of the long term Investments (non-trade), provision for diminution in the value otherwise than temporary if any, has been made by comparing acquisition cost plus any incidental expenses thereto to the closing market value prevailing on 31!l March 2010 or in case of unquoted shares book value based on previous year annual report of the concerned Company as the case may be.

5. Income in investment is generally accounted on accrual basis except where there is a uncertainty about the ultimate recovery/ realisation. Such income is recognised when uncertainty resolves.

6. EMPLOYEE RETIREMENT BENEFITS

Leave encashment liabilities is accounted for on cash basis as the liability on the date of the Balance Sheet is not expected to be material.

7. Material Events occurring after Balance Sheet date are taken into cognizance.

8. PRIOR PERIOD AND EXTRA OWMNARY ITEMS

Prior period and Extra ordinary items and changes in Accounting policies having material impact on the financial affairs of the company, if any, have been disclosed.

7. Contingent liabilities are not provided for and are disclosed by way of notes, if any.

 
Subscribe now to get personal finance updates in your inbox!