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Notes to Accounts of Comfort Intech Ltd.

Mar 31, 2015

Note 1 - Amounts due to Micro, Small and Medium Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

2. Contingent liabilities & Commitments:

Particulars 2014-2015 2013-2014 (Rs.) (Rs.)

Claims against the Company / Disputed Liabilities, not acknowl- 5 5 edged as Debt

3 Profit / loss from F&O and Non Delivery transactions are accounted on net of brokerage paid.

4. Balances of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

5. There are no dues to Micro and Small Enterprises as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

6. The company had bought back the capital investment made in its wholly owned subsidiary i.e. 1,00,000 AED and the amount is still lying in the Axis Bank Nostro Account.

7. The Previous year figures have been regrouped / rearranged / reclassified wherever necessary. Amounts and other disclosures for the preceding financial year are included as an integral part of current year's financial statements.

8. Segment Reporting

In the opinion of the Management, the Company is operating in a single segment only as per the provisions of the accounting standard AS-17, issued by the Institute of Chartered Accountants Of India.


Mar 31, 2014

Note 1 - Amounts due to Micro, Small and Medium Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

2. Contingent liabilities & Commitments:

Particulars 2013-2014 2012-2013 (Rs.) (Rs.)

Claims against the Company / Disputed Liabilities, not acknowledged as Debt 22,52,550 22,52,550

3. Profit / loss from F&O and Non Delivery transactions are accounted on net of brokerage paid.

4. Balances of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

5. There are no dues to Micro and Small Enterprises as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

6. During the fiscal year 2013-2014, the Company had sold shares of its subsidiary company i.e. Luharuka Tradelink Pvt. Ltd. And hence Luharuka Tradelink Pvt. Ltd. is no longer the subsidiary of our company.

7. The Previous year figures have been regrouped / rearranged / reclassified wherever necessary. Amounts and other disclosures for the preceding financial year are included as an integral part of current year''s financial statements.

8. Segment Reporting

In the opinion of the Management, the Company is operating in a single segment only as per the provisions of the accounting standard AS-17, issued by the Institute of Chartered Accountants Of India.


Mar 31, 2013

1. Profit/ loss from F&O and Non Delivery transactions are accounted on net of brokerage paid.

2. Advances recoverable in cash or in kind or for value to be received in respect of which company is fully secured includes:-

3. Balances of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

4. There are no dues to Micro and Small Enterprises as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

5. In accordance with Accounting standard ''AS-18'' relating to Related Party Disclosures, information pertinent to related party transaction is given as under:-

Parties Where Control Exists : Finsolution Services FZE - Wholly Owned Subsidiary

Luharuka Tradelink Pvt. Ltd. - Subsidiary

Parties with whom transaction have taken place.

A. Name of the related parties & description of relationship

a) Key Managerial Personnel : Shri. Bharat Shiroya (Executive Director) and their enterprises Smt. Annu Agrawal (Director).

Shri Anil Agrawal (Managing Director)

Anil Agrawal -HUF

(HUF of Mr. Anil Agrawal, Managing Director)

Shri Jugal Thacker (Independent Director)

Shri Janak Mehta (Independent Director)

Shri Anand Agarwal (Independent Director)

b) Relative of Key Managerial Personnel : M/s Luharuka Travels & M/s Luharuka Enterprises (Proprietorship

concerns of Mr. Pradeep Agrawal, brother of Managing Director i.e. Anil Agrawal

c) Associates : Comfort Securities Ltd

Comfort Fincap Ltd.

Comfort Commotrade Ltd.

Comfort Capital Pvt. Ltd.

Luharuka Dealers Pvt. Ltd.

Luharuka Investment & Consultants Pvt. Ltd.

Luharuka Exports Pvt. Ltd.

Lemonade Share & Securities Pvt. Ltd.

Liquors India Ltd.

d) Subsidiary : Luharuka Tradelink Pvt. Ltd.

: Finsolution Services FZE

6. During the fiscal year 2012-2013, the Company had remitted an amount of 1,00,000 AEDin its Wholly Owned Subsidiary (WOS) i.e. Finsolution Services FZE located at RAK Investment Authority, Ras Al Khaimah and United Arab Emirates. This remittance was toward subscription of shares in its WOS.

7. During the fiscal year 2012-2013, the Company had purchased 98% of the total shares of Luharuka Tradelink Pvt. Ltd. and became the Holding Company.

8. Prior Period Expenses

A prior period expense is included under other expenses.

9. The Previous years figures have been regrouped / rearranged / reclassified wherever necessary. Amounts and other disclosures for the preceding financial year are included as an integral part of current year''s financial statements.


Mar 31, 2012

(a) Terms / Rights attached to Equity Shares.

i) The Company has only one class of Equity Shares having a par value of Rs. 1/- per share. Each holder of Equity Share is entitled to one vote per share.

ii) The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuring Annual General Meeting.

iii) During the year ended 31st March 2012, amount of Dividend recognized as distributions to Equity Shareholders was Rs. 63,98,762/-(31st March, 2011 was Rs. 63,98,762/-).

iv) In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

Note 1 - Amounts due to Micro, Small and Medium Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

Note 2-Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.

3. Contingent liabilities & Commitments:

Particulars 2011-12 2010-11 (Rs.) (Rs.)

Claims against the Company / Disputed Liabilities, not acknowledged as Debt 22,52,550 22,52,550

Bank Guarantee provided by Union Bank of India on behalf of Company in favor

of Bombay Stock Exchange Limited in lieu of Security Deposit to Bombay Stock Nil 31,99,380 Exchange Limited

4. Profit / loss from F&O and Non Delivery transactions are accounted for on net of brokerage paid.

5. Advances recoverable in cash or in kind or for value to be received in respect of which company is fully secured includes:-

6. Balances of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

7. There are no dues to Micro and Small Enterprises as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

8. In accordance with Accounting standard 'AS-18' relating to Related Party Disclosures, information pertinent to related party transaction is given as under:-

Parties Where Control Exists: Nil

Parties with whom transaction have taken place.

A) The accounting policies adopted for segment reporting are in line with the accounting policies used in the preparation of financial statements.

B) Segment Assets includes all operating assets used by the segment and consist primarily of debtors, inventories and fixed assets. Segment liabilities include all operating liabilities and consist primarily of deposits from customers, creditors and statutory liabilities.

9. Rights Issue and Utilization of Proceeds:

During the financial year 2010-11, Company had issued 15,99,69,040 Equity Shares of face value of Rs. 1/- at an issue price of Rs. 4/- per Equity Share by way of Rights Issue making total subscribed, issued and paid up equity share capital to Rs. 31,99,38,080 /- divided into 31,99,38,080 equity shares of Rs. 1/- each.

Utilization of Proceeds of Rights Issue:

The Company had utilized to the tune of Rs. 4413.72 lacs during the fiscal 2011 and balance has been utilized in the fiscal 2012. The statement of projected utilization of the Rights Issue proceeds as per Letter of Offer dated 27th May 2010 against actual utilization as on 31st March, 2011 and as of 31st March 2012 is as follows:

10. The Previous year's figures have been regrouped / rearranged / reclassified wherever necessary. Amount and other disclosures for the preceding financial year are included as an integral part of current year's financial statements.


Mar 31, 2011

1. Contingent liability not provided for;

- Claims against the Company / Disputed Liabilities, not acknowledged as Debt: Rs. 22.53 Lacs (Previous Year: Nil)

- Bank Guarantee provided by Union Bank of India on behalf of Company in favor of Bombay Stock Exchange Limited in lieu of Security Deposit to Bombay Stock Exchange Limited : Rs. 31.99 Lacs (Previous Year: Nil)

2. The company has started its operation in computer software in the preceding fiscal i.e. F.Y. 2009-10.

3. Profit / loss from F&O and Non Delivery transactions are accounted for on net of brokerage paid.

4. Advances recoverable in cash or in kind or for value to be received in respect of which company is fully secured includes:

a. Rs. 5,81,91,847/- secured against Immovable Property.

b. Rs 24,58,21,203/- secured against Shares.

5. Foreign Currency Transactions:

Outgo in foreign currency: Traveling Expenses: Rs. 1,49,965/- (Previous Year: Purchase of BUGGY Rs 493216/- & Traveling Exp. Rs 14550/-)

Earning in Foreign Currency: Export Proceeds -STPI Unit Rs. 12,635,892/- (Previous year Rs. 5,549,362-)

6. Balances of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

7. There are no dues to Micro and Small Enterprises as at 31s1 March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

8. In accordance with Accounting standard AS -1 8relating to Related Party Disclosures, information pertinent to related party transaction is given as under:-

Parties Where Control Exists : Nil

Parties with whom transaction have taken place during the year.

A. Name of the related parties & description of relationship

a) Key Managerial Personnel and their enterprises Shri. Bharat Shiroya (Executive Director)

Smt. Annu Agrawal (Director)

Shri Anil Agrawal (Managing Director)

Anil Agrawal - HUF

(HUF of Mr. Anil Agrawal, Managing Director)

Shri Jugal Thacker (Independent Director)

Shri Janak Mehta (Independent Director)

Shri Anand Agrawal (Independent Director)

b) Relative of Key Managerial Personnel N.A

c) Associates Comfort Securities Ltd.

Comfort Commotrade Pvt. Ltd.

Comfort Capital Pvt. Ltd.

Luharuka Investment & Consultants Pvt. Ltd.

Luharuka Exports Pvt. Ltd.

9. Segment Reporting

A) The accounting policies adopted for segment reporting are in line with the accounting policies used in the preparation of financial statements.

B) Segment Assets includes all operating assets used by the segment and consist primarily of debtors, inventories and fixed assets. Segment liabilities include all operating liabilities and consist primarily of deposits from customers, creditors and statutory liabilities.

10. Rights Issue and Utilization of Proceeds:

During the current financial year i.e FY 2010-11, Company has issued 15,99,69,040 Equity Shares of face value of Re. 1 at an issue price of Rs. 4 per Equity Share by way of Rights Issue making total subscribed, issued and paid up equity share capital to Rs. 31,99,38,080 /- divided into 218,00,35,200 equity shares of Re. 1/- each.

Utilization of Proceeds of Rights Issue:

* Signifies the Payment to Broker against bills as well as for Margin requirements.

The Balance fund has been invested in Fixed Deposits, Shares and Securities and lying in Bank Accounts.

11. The Previous years figures have been regrouped / rearranged/ reclassified wherever necessary. Amount sand other disclosures for the preceding financial year are included as an integral part of current years financial statements.


Mar 31, 2010

1. Contingent liability not provided for;

The company has started its operation in computer software from the current year. It has availed the benefit of 100% export oriented unit. In case, the unit is not able to fulfill the export obligation under taken by it for a given specified period of 5 years, it shall pay to the government the amount of custom duty that would be livable at the relevant time on the items of plant & machinery, equipment, raw materials, components & consumables allowed for the import in terms of approval granted. It shall also pay liquidated damages to the government of an amount to be decided by government, (previous year Rsnil).

2. Interest has not been provided in a few loans and advances given by the company, wherever recovery of dues was not certain.

3. Profit / loss from F&O and Non Delivery transactions are accounted for on net of brokerage paid.

4. Advances recoverable in cash or in kind or for value to be received in respect of which company is fully secured includes:-

a. Rs.3,61,50,214/-secured by charge of Commercial premises.

b. Rs 7,55,40,000/- secured against Shares

c. Rs. 42,64,013/- secured against Residential premises.

5. Balances of some of the Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

6. There are no dues to Micro and Small Enterprises as at 31*1 March, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

7. In accordance with Accounting standard "AS -18relating to Related Party Disclosures, information pertinent to related party transaction is given as under:-

Parties Where Control Exists: Nil

Parties with whom transaction have taken place during the year.

A. Name of the related parties & description of relationship

a) Key Managerial Personnel and their enterprises

Shri. Bharat Shiroya (Executive Director)

Smt. Annu Agrawal (Director)

Anil Agrawal-HUF

(HUF of Mr. Anil Agrawal, Director)

b) Relative of Key Managerial Personnel:

Luharuka Travels

Luharuka Enterprise

(Proprietorship concern of Pradeep Agrawal,

Brother of Mr. Anil Agrawal, Director)

c) Associates

Comfort Capital Pvt. Ltd.

Comfort Securities Pvt. Ltd.

Comfort Commotrade Pvt. Ltd.

Luharuka Investment & Consultants Pvt. Ltd.

Luharuka Exports Pvt. Ltd.

8. In accordance with Accounting standard AS -22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has recognized a net deferred tax liability of Rs. 4,75,500/-as on 31$T March, 2010. (Previous Year4,07,929/-).

9. Segment Reporting

The company has recently started its software and IT related operations in the fiscal 2009-10 and there are two reportable segments namely Non Banking Finance activities and IT related services. The segment reporting for the year ended on 31.03.2010, in the context of Accounting Standard 17 issued by the Institute of Chartered Accountants of India is as below:

A) The accounting policies adopted for segment reporting are in line with the accounting policies used in the preparation of financial statements.

B) Segment Assets includes all operating assets used by the segment and consist primarily of debtors, inventories and fixed assets. Segment liabilities include all operating liabilities and consist primarily of deposits from customers, creditors and statutory liabilities.

10. Previous years figures have been regrouped /rearranged wherever necessary.


Mar 31, 2000

1. As per the opinion received by the management, there will not be any interest tax liability for the accounting year ended 31. 03. 2000.

2. Advances recoverable in cash or in Kind include :

i.) Due from Directors relatives Rs. 7,50,000/- (Previous Year Rs. 7,50,000). Maximum balance outstanding during the year Rs. 7,50,000/- (previous year Rs. 8,09,443/-). Out of the above Rs. 7,50,000/- are interest free advances.

ii.) Due from Companies in which a Director is interested Rs. 7,54,072/- (Previous Year Rs. 11,44,072/-). Maximum balance out- standing during the year Rs. 10,94,072/-. Out of the above Rs. 7,54,072/- are interest free advances.

3. Advances recoverable in cash or in kind includes Rs. 72,73,565/- interest free advances to various parties including advances to staff (Previous year Rs. 1,29,36,676/-).

4. Balances of some of the Sundry Debtors, Loans & Advances and Sundry Creditors are subject to confirmation and resultant reconciliation, if any.

5. Bank Balance includes a sum of Rs. 15,20,038/- which is represented by Cheques in hand as on 31.03.2000. (Previous Year Rs. 12,67,729/-).

6. As per the explanations given by the management , the company does not have any liability towards small Scale Industrial Undertakings.

7. The Company has applied with Reserve Bank of India for Registration as Non- Banking.Finance Company. So far it has not received the Registration Certificate from RBI.

8. The name of the Company was changed from Comfort Fininvest Limited to Comfort Intech Limited during the year for which necessary approvals from Registrar of Companies have been received

 
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