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Notes to Accounts of Elango Industries Ltd.

Mar 31, 2015

1. EARNINGS PER SHARE:

Basic/Dilluted earnings per share is calculated by dividing the net profit/loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average of equity outstanding as at the end of the year. As there were no shares considered as Earnings per share as applicable for Basic EPS has been used computing the dilutive Earning per share.

2. In the opinion, of the Board of Directors and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance sheet.

3. Confirmation of Balances from certain parties for the amounts due to them or due from them is yet to be received / reconciled.

4. The timing differences related mainly to depreciation and unabsorbed losses and the net effect of such differences will result in deferred tax asset or liability. The company has not earned any taxable income hence as a measure of prudence net deferred tax asset relating to the above period has not been recognized in the accounts.

5. Since there is no tax liability, no Provision for Income Tax has been made in the books of accounts as per the provisions of the Income Tax Act.

6. MANAGERIAL REMUNERATION

Payment of Managerial Remuneration and other benefits inclusive of perquisites not made to the Managing Director and Director against their option.

7. As the criteria for Complying with the Provisions of Corporate Social Responsibility under the company's act 2013 has not arisen and also the company has not done any commercial activity during the year, accrodingly complying with C5R activities does not arise.

8. The Financial Statements of the company have been prepared on a going concern basis, which contemplates the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Fixed Assets of the company have been fully transfered to the party against their dues. The Company has reported nil fixed assets and Net Loss of Rs 74.36 lakhs (PY 10.08 lakhs) for the year ended 31.03.2015.

The management has addressed the criticality of the issue in the company and has initiated various steps to revive the business activities through mergers and acquisition, restructuring of activities along with the present investment of surplus funds into the diversified projects, etc for which various processes of formalities has already been commenced.

The management is confident of successfully completing these initiatives and thereby commences profitable business operations into the foreseeable future.

9. Figures shown in the accounts have been rounded off to the nearest rupee.

10. Notes 1 to 15 are annexed to and forming part of the accounts.


Mar 31, 2014

MANAGERIAL REMUNERATION

Payment of Managerial Remuneration and other benefits inclusive of perquisites not made to the Managing Director and Director against their option.

As per the Business Plan prepared by the Management, they are exploring the possibilities to revive the manufacturing activities along with the present investment of surplus funds into the diversified projects.

According to the information and explanation given to us, we are of the opinion that the changes in the Fixed Assets have not affected the going concern status of the company.

Figures shown in the accounts have been rounded off to the nearest rupee.


Mar 31, 2013

As per the Business Plan prepared by the Management, they are exploring the possibilities to revive the manufacturing activities along with the present investment of surplus funds into the diversified projects.

According to the information and explanation given to us, we are of the opinion that the changes in the Fixed Assets have not affected the going concern status of the company.

Figures shown in the accounts have been rounded off to the nearest rupee.

Notes 1 to 15 are annexed to and forming part of the accounts.


Mar 31, 2010

1. In the opinion, of the Board of Directors and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance sheet.

2. Auditors remuneration including service tax for the period ended 31.03.10 being Rs. 55,150/-

3. Confirmation of Balances from certain parties for the amounts due to them or due from them is yet to be received / reconciled.

4. For the ended on March 31, 2010 the company has not generated any sales revenue from the Plant & Machinery capable of manufacturing 13000 tons P.A of Steel Ingots from Metal Scraps during the financial year 2009-10 but earned only exempted dividend income from the investment in shares of companies.

5. The company received dividend of Rs.30,38,000/- from the Investment in shares of the Companies.

6. The timing differences related mainly to depreciation and unabsorbed losses and the net effect of such differences will result in deferred tax asset or liability. The company has not earned any taxable income hence as a measure of prudence net deferred tax asset relating to the above period has not been recognized in the accounts.

7. Since there is no tax liability, no provision for income tax has been made in the books of accounts as per the provisions of the income tax act.

8. MANAGERIAL REMUNERATION

Payment of Managerial Remuneration and other benefits inclusive of perquisites not made to the Managing Director and Director against their option.

9. MICRO, MEDIUM & SMALL ENTERPRISES ACT, 2006.

In spite of the absence of a database identifying Creditors as Small Scale industrial Undertakings, it is the opinion of the management that there are no parties, which can be classified as Small Scale industrial Undertaking to whom the Company owes any sum. The Auditors have accepted the representation of the management in this matter.

10.As per the Business Plan prepared by the Management, they are exploring the possibilities to revive the manufacturing activities along with the present investment of surplus funds into the diversified projects.

According to the information and explanation given to us, we are of the opinion that the changes in the Fixed Assets have not affected the going concern status of the company.

11. Figures shown in the accounts have been rounded off to the nearest rupee.

12.Schedules I to VIII are annexed to and forming part of the accounts As per our Report of even date.

 
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