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Notes to Accounts of Corporate Couriers & Cargo Ltd.

Mar 31, 2015

1. - Terms/rights attached to equity shares

The Company has only one class of shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held and will rank pari passu with each other in all respects. The dividend, if and when declared by the Company, will be paid in Indian Rupees after approval of the approval of shareholders in the annual general meeting. 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 in their shareholding.

2. ADDITIONAL NOTES TO THE ACCOUNTS

1 In respect of investments, no provision has been made in the accounts for the diminution in the value of investments of Rs 0.50 lakhs.

2 Cash on hand, as at March 31, 2015, was physically verified by the Management and a certificate in respect of such verification has been duly furnished to the Auditors.

3 Balances of some of the bank accounts, which are inactive for a considerable period of time, are subject to confirmation.

4 No provision for taxation has been made in the accounts in view of the losses for the year.

5 Deferred tax liability or asset has not been recognized in the accounts in view of the absence of any timing differences..

6 As the Company's business activity falls within a single primary segment, the disclosure requirement of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable.

7 Related party disclosures – i Name of the related party and nature of relationship :

Ritesh H Patel Executive Director

Akash H Patel Non Executive Director

Pratik J Mehta Non Executive Director

Vijay I Patel Non Executive Director (Resigned w.e.f March 31, 2015)

Meena Mistry Non Executive Director (Appointed wef March 31, 2015)

Hem Exim Private Limited Company under the same management


Mar 31, 2014

1.1 - Terms/rights attached to equity shares

The Company has only one class of shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held and will rank pari passu with each other in all respects. The dividend, if and when declared by the Company, will be paid in Indian Rupees after approval of the approval of shareholders in the annual general meeting. 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 in their shareholding.

As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares, except 23,000 equity shares which are in the process of being transferred in the name of Renaud Infracons LLP.

2 ADDITIONAL NOTES TO THE ACCOUNTS

1 In respect of investments, no provision has been made in the accounts for the diminution in the value of investments of Rs 0.50 lakhs.

2 Cash on hand, as at March 31, 2014, was physically verified by the Management and a certificate in respect of such verification has been duly furnished to the Auditors.

3 Balances of some of the bank accounts, which are inactive for a considerable period of time, are subject to confirmation.

4 No provision for taxation has been made in the accounts in view of the losses for the year.

5 Deferred tax liability or asset has not been recognized in the accounts in view of the absence of any timing differences..

6 As the Company''s business activity falls within a single primary segment, the disclosure requirement of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable.

3 Related party disclosures –

i Name of the related party and nature of relationship :

Suresh V Iyer Executive Director (Resigned wef 18.03.2014)

Nisar Khatib Non Executive Director (Resigned wef 18.03.2014)

Jagdish Raut Non Executive Director (Resigned wef 18.03.2014)

Ritesh H Patel Executive Director (Appointed wef 24.01.2014)

Akash H Patel Non Executive Director (Appointed wef 18.03.2014)

Pratik J Mehta Non Executive Director (Appointed wef 18.03.2014)

Vijay I Patel Non Executive Director (Appointed wef 18.03.2014)

Hem Exim Private Limited Company under the same management

4 Previous year figures are regrouped and rearranged, wherever necessary, to conform to this year''s classification.


Mar 31, 2013

1. In respect of investments no provision has been made in the accounts for the diminution in the value of investments of Rs, 0.50 lakhs.

2 Cash on hand, as at March 31.2013,was physically verified by the Management and a certificate in respect of such verification has been duly furnished to the Auditor.

3 Balances of some of the bank accounts are subject to conformation

4 Long term advances given are Subject to confirmation.

5 No provision for taxation has been made in the accounts in view of the loss for the year.

6 The Company has unabsorbed deprecation and carried forward losses available for it off under the Income Tax Act. 1961. However in view of present uncertainty regarding generation of Sufficient future taxable Income, the provision be deferred 1961 liability net Of deferred tan assets at the yearend including related credit for the year have not been recognized In these accounts on prudent basis.

7 As the Company''s business activity falls within single primary segment, the disclosure requirement of Accounting Standard 17 "Segment portage", issued by the Institute of Chartered Accounts of India is not of applicable.

8 Previous year figures are remapped and rearranged, wherever necessary, to conform to this year''s classification.


Mar 31, 2011

1 Out of the issued and paid up capital of the Company,

a 150000 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 1500000 from the Profit and Loss Account during the year ended March 31, 1994

b 1315550 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 13155500 from the Profit and Loss Account during the year ended March 31, 1995

c 1834450 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 18344500 from the Revaluation Reserve during the year ended March 31, 1995

2 Contingent liabilities :

Penalties/interest, if any, in respect of delayed/non payment of tax deducted at source, corporate taxes, service tax, provident fund and employees' state insurance dues - amounts unascertainable.

3 In respect of investments, no provision has been made in the accounts for the diminution in the value of investments of Rs 0.40 lakhs.

4 In respect of inter corporate deposits obtained by the Company, the amounts thereto have been written back during the year under review as, in the opinion of the management, the deposits have become time barred and the said liabilities are not sustainable anymore.

5 Balances reflected under the heads sundry debtors and sundry creditors are subject to confirmation/ reconciliation. In respect of sundry creditors to the extent of Rs 7,500,000, which are, in the opinion of the management, not payable anymore have been written back during the year under review. But the management recognizes the contingent liability in this regard if and when it arises.

6 Cash on hand, as at March 31, 2011, was physically verified by the Management and a certificate in respect of such verification has been duly furnished to the Auditors.

7 Balances of some of the bank accounts are subject to confirmation.

8 Advances recoverable in cash or in kind or for value to be received are subject to confirmation.

9 No provision for taxation has been made in the accounts in view of the loss for the year.

10 The Company has unabsorbed depreciation and carried forward losses available for set off under the Income Tax Act, 1961. However in view of present uncertainty regarding generation of sufficient future taxable income, the provision for deferred tax liability net of deferred tax assets at the year end including related credit for the year have not been recognized in these accounts on prudent basis.

11 As the Company's business activity falls within a single primary segment, the disclosure requirement of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable.

12 A winding up petition has been filed against the Company by one of the creditors, Wall Street Finance Limited and the petition is under review before the Honourable Mumbai High Court. However provisional liquidator stands appointed.

13 Information required to be furnished pursuant to Part IV of Schedule VI to the Companies Act, 1956 is enclosed in Annexure A.


Mar 31, 2009

1 Out of the issued and paid up capital of the Company,

a 150000 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 1500000 from the Profit and Loss Account during the year ended March 31, 1994

b 1315550 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 13155500 from the Profit and Loss Account during the year ended March 31, 1995

c 1834450 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 18344500 from the Revaluation Reserve during the year ended March 31, 1995

2 Contingent liabilities :

Penalties/interest, if any, in respect of delayed/non payment of tax deducted at source, corporate taxes, service tax, provident fund and employees' state insurance dues - amounts unascertainable.

3 In respect of investments, no provision has been made in the accounts for the diminution in the value of investments of Rs 0.35 lakhs.

4 In respect of inter corporate deposits obtained by the Company no provision has been made in respect of interest payable thereon for the year ended March 31, 2009. The quantum of such interest payable is unascertainable.

5 Balances reflected under the heads sundry debtors and sundry creditors are subject to confirmation/ reconciliation.

6 Cash on hand, as at March 31, 2009, was physically verified by the Management and a certificate in respect of such verification has been duly furnished to the Auditors.

7 Balances of some of the bank accounts are subject to confirmation.

8 Advances recoverable in cash or in kind or for value to be received are subject to confirmation.

9 No provision for taxation has been made in the accounts in view of the loss for the year.

10 The Company has unabsorbed depreciation and carried forward losses available for set off under the Income Tax Act, 1961. However in view of present uncertainty regarding generation of sufficient future taxable income, the provision for deferred tax liability net of deferred tax assets at the year end including related credit for the year have not been recognized in these accounts on prudent basis.

11 As the Company's business activity falls within a single primary segment, the disclosure requirement of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable.

12 Information required to be furnished pursuant to Part IV of Schedule VI to the Companies Act, 1956 is enclosed in Annexure A.

 
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