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Notes to Accounts of Dhanleela Investments & Trading Company Ltd.

Mar 31, 2015

NOTE 1: Provisions, Contingent Liabilities & Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

NOTE 2: In the opinion of the Board, the Current Assets Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE 3: The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the yearend together with the interest paid/payable as required under the said Act have not been given.

NOTE 4: Disclosures under accounting standards:

a. Segment Reporting (AS-17):

The Company operates in the business of Trading and investments . It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

b. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India. The related parties of the company at March 31, 2015 are as follows:

i. Directors & Key management personnel :

- Vipul Dangi - Managing Director

- Varsha Dangi - Director

- Avinash Madhav Khire - Director

- Pramodkumar Bajranglal Harlalka - Director

c. Summary of significant related party transactions

The nature and volume of transaction of the company during the year with the above parties were as follows:

NOTE : 5 The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances & Unsecured Loan balances are subject to confirmation.

NOTE : 6 Figures have been rounded off to the nearest rupee.

NOTE : 7 Comparative Figures:

Previous year's figures have been regrouped & rearranged wherever necessary to correspond with the current period's classification/disclosures.


Mar 31, 2014

1. Information required under Para 3 (ii) (b) of Part II of Schedule VI to the Companies Act, 1956 in respect of items traded during the year:

a. Since the Company is in the business of trading, the provisions regarding licensed and installed capacity, as well as production & raw - material consumption are not applicable.

b. Details of items traded –

2. Provisions, Contingent Liabilities & Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements. Following dispute with income tax department not provided in financial statements:

3. In the opinion of the Board, the Current Assets Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act have not been given.

5. Disclosures under accounting standards:

a. Segment Reporting (AS-17):

The Company operates in the business of Trading. It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

b. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India. The related parties of the company at March 31, 2014 are as follows:

i. Directors & Key management personnel :

- Vipul Dangi - Managing Director

- Varsha Dangi - Director

- Avinash Madhav Khire - Director

- Pramodkumar Bajranglal Harlalka - Director

6. The Company had given loans and advances out of surplus fund of working capital.

7. The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances & Unsecured Loan balances are subject to confirmation.

8. Figures have been rounded off to the nearest rupee.

9. Comparative Figures:

Previous year''s figures have been regrouped & rearranged wherever necessary to correspon with the current period''s classification/ disclosures.


Mar 31, 2013

1. Information required under Para 3 (ii) (b) of Part II of Schedule VI to the Companies Act, 1956 in respect of items traded during the year:

a. Since the Company is in the business of trading, the provisions regarding licensed and installed capacity, as well as production & raw - material consumption are not applicable.

b. Details of items traded - 1) Fabrics

2. Provisions, Contingent Liabilities & Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Contingent Liability not provided for Rs. 25,29,034/- being Income Tax Demand disputed in appeal for A.Y. 1996-1997 & A.Y.1997-1998.

3. In the opinion of the Board, the Current Assets Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with the interest paid / payable as required under the said Act have not been given.

5. Disclosures under accounting standards:

a. Segment Reporting (AS-17):

The Company Operates in the business of Trading. It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

b. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India. The related parties of the company at March 31, 2013 are as follows:

i. Directors & Key management personnel :

- Varsha Dangi - Director

- Vipul Dangi - Director

- Avinash Madhav Khire - Additional Director

- Pramodkumar Bajranglal Harlalka - Additional Director

- Gaurav Bahety - whole-time Director

6. The Company has not received confirmation in respect of balance with a bank as account is not in operation amounting to Rs.4,068/-

7. The Company had given Inter-Corporate & other loans and advances out of surplus fund of working capital.

8. The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances, Secured & Unsecured Loan balances are subject to confirmation.

9. Figures have been rounded off to the nearest rupee.

10. Comparative Figures:

Previous year''s figures have been regrouped & rearranged wherever necessary to correspond with the current period''s classification/disclosures.


Mar 31, 2012

1.Contingent Liability not provided for Rs. 25,29,034/- (Rs. 25,29,034/-) being Income Tax Demand disputed in appeal for A. Y. 1996-1997 and A. Y. 1997-1998.

2. In the opinion of the Board, the Current Assets Loans and Advances are not less than the values stated if realised in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than stated above in Note : 20.

3.The latest audited accounts available with the Company in respect of following unquoted investments, in which the Company has made total investments of Rs. 35,58,825/- shows, substantial erosion of net worth of these companies. However, in view of Strategic Investments and long term nature of the Company's investments in these companies no provision for diminution in value of its investment is presently considered necessary except in the case of 2,888 unquoted fully paid up Equity Shares of Pelican Paints Private Limited which is shown as investment and valued at Rs. 1/- only.

4.The management has not been able to locate the physical share certificates in respect of the following investments held by the Company.

i) 5500 Equity Shares of Rodal Circa Print Electronics Limited

ii) 4500 Equity Shares of Cifco Finance Limited

iii) 470 Equity Shares of Central Provinces Railway Company Limited

iv) 1000 Equity Shares of Honda Siel Power Products Limited

5.The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with the interest paid /payable as required under the said Act have not been given.

6.The net owned fund of the Company is below the Statutory requirement of Rs. 1 Crore as per the Directions issued to Non-Banking Financial Companies (NBFC) under the Reserve Bank of India Act, 1934, accordingly the Reserve Bank of India, had not considered the Company's application for registration under the provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (as amended). The Company is thus precluded from accepting public deposits. The Company has not accepted any deposits from the public.

7. Provision for taxation has not been made in view of the losses incurred by the Company.

8.DISCLOSURES UNDER ACCOUNTING STANDARDS :

a. SEGMENT REPORTING (AS-17) :

The Company operates in one Segment only Viz Investments. It operates only in Domestic Market, hence there are no business/ geographical segments to be reported as required under Accounting Standard (As -17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

b. RELATED PARTY DISCLOSURE (AS-18) :

The management has identified the following Related Party Relationships and Related Party Transactions.

d) ACCOUNTING FOR TAXES ON INCOME (AS-221 :

As a matter of prudence, the Company has not created a Deferred Tax Asset on the carried forward and current losses due to uncertainty of utilization and the adjustment to the carrying amount of investments due to absolute losses in the investment. Deferred Tax Liability represent tax impact of difference between book and tax depreciation.

9. The Company has not received confirmation in respect of balance with a bank as account is not in operation amounting to Rs.4,068/-(Rs.4,068/-).

10.The Revised schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statement. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

 
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