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Notes to Accounts of Diamond Infosystems Ltd.

Mar 31, 2015

1. Contingent Liabilities:

(a) Contingent Liabilities of the Company at the end of the year is Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of Credit/ Bank Guarantee facility of any commercial/ Financial Institution nor any civil/criminal case is pending against company.

2. Notes to Accounts:

(a) Share Capital:

Company has received share application money amounting Rs.NIL (previous year Rs.161.18Lacs).

(b) Balances of sundry debtors, creditors and loans and advances, unsecured loans are unconfirmed and subject to reconciliation wherever necessary.

(c) In the opinion of the management, all the current assets, Loans and advances and deposits are realizable at value stated in the ordinary course of the business which are at least equal to the amount at which they are stated in the books unless otherwise explicit.

(d) There are no small scale industrial units which has supplied the material to the company and the owes a sum exceeding Rs. 1 Lac and which is outstanding to more then 30 days.

Note: During the Current Year there is Deferred Tax Asset, hence no provision for the same has been made during the year.

11. Impairment of Assets: An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(e) Aggregate director's remuneration Rs.0.12 lacs (previous year Rs.0.12 lacs). The remuneration of directors are as per the approval accorded by remuneration committee, shareholder and central Government as per the previous of section 311 read with Schedule XIII of the Companies act,1956.

(f) Aggregate auditor remuneration is fixed which includes Audit fees Rs.1.00 Lac (previous year Rs.1.00 Lac) Tax Audit Fees Rs 0.45 Lac ( Previous year Rs 0.45 Lac),

(g) Previous year figures are regrouped /reclassified to make them comparable with the current year.

(h) Segment reporting:

The Company operates business of i.e. "I.T. business" & Trading business", the activities of the business are inter connected / inter mix, it is not possible to directly attribute or allocate on a reasonable basis the expenses / assets and liabilities to these segments. As per requirement of Accounting Standard (AS) 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India.

Cash flows are reported using the indirect method, whereby Profit / (Loss) before extra ordinary items and tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments the cash flows from operating, investing and financing activities of the company are segregated based on the available information.

Cash and Cash Equivalents

Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original maturity of three month or less from the date of acquisition), highly liquid time deposit that are readily convertible into know amounts of cash and which are subject to insignificant risk of changes in value.


Mar 31, 2014

Share Application Money pending for Allotment

The Company has received an amount of Rs.16117500/- towards share application money towards equity shares of the company. The share application money was received pursuant to an invitation to offer shares and in terms of such invitation. The company has sufficient authorised capital to cover the allotment of these shares as the allotment of shares are still pending, the amounts are not maintained in a designated bank account and is already used by the company.

Monies received against share warrants

There is no any share warrants issued by the company during the year under review.

Notes forming part of the financial statements

Contingent Liabilities and Notes:

1. Contingent Liabilities:

(a) Contingent Liabilities of the Company at the end of the year is Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of Credit/ Bank Guarantee facility of any commercial/ Financial Institution nor any civil/criminal case is pending against company.

2. Notes to Accounts:

(a) Share Capital:

Company has received share application money amounting Rs.1,61,17,500.00 (previous year Rs.1,61,17,500.00) and shares are still to be allotted

(b) Balances of sundry debtors, creditors and loans and advances, unsecured loans are unconfirmed and subject to reconciliation wherever necessary.

(c) In the opinion of the management, all the current assets, Loans and advances and deposits are realizable at value stated in the ordinary course of the business which are at least equal to the amount at which they are stated in the books unless otherwise explicit.

(d) There are no small scale industrial units which has supplied the material to the company and the owes a sum exceeding Rs. 1 Lac and which is outstanding to more then 30 days.

(e) Aggregate director''s remuneration Rs.0.12 lacs (previous year Rs.0.12 lacs). The remuneration of directors are as per the approval accorded by remuneration committee, shareholder and central Government as per the previous of section 311 read with Schedule XIII of the Companies act,1956.

(f) Aggregate auditor remuneration is fixed which includes Audit fees Rs.1,00,000/- (previous year Rs.1,00,000/-) Tax Audit Fees Rs 45,000/-( Previous year Rs 45,000/-),

(g) Previous year figures are regrouped /reclassified to make them comparable with the current year.

Note: 2 Cash Flow Statement:

Cash flows are reported using the indirect method, whereby Profit / (Loss) before extra ordinary items and tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments the cash flows from operating, investing and financing activities of the company are segregated based on the available information.

Cash and Cash Equivalents

Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original maturity of three month or less from the date of acquisition), highly liquid time deposit that are readily convertible into know amounts of cash and which are subject to insignificant risk of changes in value.


Mar 31, 2013

1. Contingent Liabilities:

(a) Contingent Liabilities of the Company at the end of the year is Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of Credit/ Bank Guarantee facility of any commercial/ Financial Institution nor any civil/criminal case is pending against company.

2. Other Notes:

(a) Share Capital:

Company has received share application money amounting Rs.1,61,17,500.00 (previous year Rs.1,61,17,500.00) and shares are still to be allotted

(b) Balances of sundry debtors, creditors and loans and advances, unsecured loans are unconfirmed and subject to reconciliation wherever necessary.

(c) In the opinion of the management, all the current assets, Loans and advances and deposits are realizable at value stated in the ordinary course of the business which are at least equal to the amount at which they are stated in the books unless otherwise explicit.

(d) There are no small scale industrial units which has supplied the material to the company and the owes a sum exceeding Rs. 1 Lac and which is outstanding to more then 30 days.

(e) Aggregate director''s remuneration Rs.0.12 lacs (previous year Rs.0.12 lacs). The remuneration of directors are as per the approval accorded by remuneration committee, shareholder and central Government as per the previous of section 311 read with Schedule XIII of the Companies act, 1956.

(f) Aggregate auditor remuneration is fixed which includes Audit fees Rs. 1,00,000/- (previous year Rs. 75,000/-) Tax Audit Fees Rs 45,000/-( Previous year Rs 35,000/-),

(g) Previous year figures are regrouped /reclassified to make them comparable with the current year.

Note: Cash Flow Statement:

Cash flows are reported using the indirect method, whereby Profit / (Loss) before extra ordinary items and tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments the cash flows from operating, investing and financing activities of the company are segregated based on the available information.

Cash and Cash Equivalents

Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original maturity of three month or less from the date of acquisition), highly liquid time deposit that are readily convertible into know amounts of cash and which are subject to insignificant risk of changes in value.

Note. Share Application Money pending for Allotment

The Company has received an amount of Rs. 16117500/- towards share application money towards equity shares of the company. The share application money was received pursuant to an invitation to offer shares and in terms of such invitation. The company has sufficient authorised capital to cover the allotment of these shares as the allotment of shares are still pending, the amounts are not maintained in a designated bank account and is already used by the company.

Note. Monies received against share warrants

There is no any share warrants issued by the company during the year under review.


Mar 31, 2012

Note: 1 Cash Flow Statement:

Cash flows are reported using the indirect method, whereby Profit/(Loss) before extra ordinary items and tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments the cash flows from operating, investing and financing activities of the company are segregated based on the available information.

Cash and Cash Equivalents

Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original maturity of three month or less from the date of acquisition), highly liquid time deposit that are readily convertible into know amounts of cash and which are subject to insignificant risk of changes in value.


Mar 31, 2010

1. Contingent Liabilities:

(a) Contingent Liabilities of the Company at the end of the year is Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of Credit/ Bank Guarantee facility of any commercial/ Financial Institution nor any civil/criminal case is pending against company.

(a) Share Capital:

Company has received share application money amounting Rs.1,61,17,500.00 and shares are still to be allotted

(b) Balances of sundry debtors, creditors and loans and advances, unsecured loans are unconfirmed and subject to reconciliation wherever necessary.

(c) In the opinion of the management, all the current assets, Loans and advances and deposits are realizable at value stated in the ordinary course of the business which are at least equal to the amount at which they are stated in the books unless otherwise explicit.

(d) There are no small scale industrial units which has supplied the material to the company and the owes a sum exceeding Rs. 1 Lac and which is outstanding to more then 30 days.

(e) Aggregate director's remuneration Rs.0.12 lacs (previous year Rs.0.12 lacs). The remuneration of directors are as per the approval accorded by remuneration committee, shareholder and central Government as per the previous of section 311 read with Schedule XIII of the Companies act, 1956.

(f) Aggregate auditor remuneration is fixed which includes Audit fees Rs.75,000/- (previous year Rs. 50,000/-) Tax Audit Fees Rs 35,000/-( Previous year Rs 25,000/-),

(g) Previous year figures are regrouped /reclassified to make them comparable with the current year.

(h) Though Company is liable to make provision for Deferred Tax Liabilities, but the company has not provided for Deferred Tax Liabilities. To that extent AS 22 is not complied.

The Company operates business of i.e. "I.T. business" & out source business", the activities of the business are inter connected / inter mix, it is not possible to directly attribute or allocate on a reasonable basis the expenses / assets and liabilities to these segments. As per requirement of Accounting Standard (AS) 17-"Segment Reporting" issued by the Institute of Chartered Accountants of India.

Name of Related parties:

1. Associate : Diamond Power Infrastructure Ltd, Diamond Projects Pvt. Ltd., Diamond Power Transformer Ltd

2. Key Management Personnel :

Mr. S.N. Bhatnagar (Chairman)

Mr. Amit Suresh (M.D)

Mr. Sumit Suresh (J.M.D)S

3. Relatives of key Managerial personal :

None

 
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