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.
Note 2. - Amortisation of Preliminary expenses
The Company had incurred some expenses on account of further issue of
equity shares which were treated as Preliminary expenses in the books
of Accounts till 31 March 2013 (Rs. 14,69,675/-) and no such expenses
were written off in the books of Accounts. However, the management has
framed a policy of Amortising the above Preliminary expenses over a
period of 5 years starting from the financial year 2013-14.
1. In the opinion of the Board of Directors, the Current Assets, Loans
& Advances have realizable value in the ordinary course of business at
least equal to the amount at which they are stated in the balance sheet
and the same has been certified by the Board of Directors.
3. Related Parties Disclosure:
(i) As per Accounting Standard on "Related Party Disclosure" (AS 18),
the related parties of the company as at March 31, 2015 are as follows:
(a) Wholly Owned Subsidiary Company : N.A.
(b) Promoter Group/ Holding Company : N.A.
(c) Key Management Personal : Mr. Nirmal Singh Moolsingh
Mertia Whole Time Director
(ii) The nature and volume of transaction of the company during the
year with the above parties were as follows:
4. Balances of Sundry Debtors, Sundry Creditors, Advances received and
recoverable are subject to confirmation and reconciliation, if any from
the respective parties.
5. Previous year's figures have been regrouped/ rearranged and
Reclassified wherever necessary to make them comparable with current
year figures.
6. Identification of accounts relating to small industrial undertaking,
information for determining the particulars relating to current
indebtedness of such undertaking as required under Schedule III Part I
of the Company Act, 2013 are not applicable to this company.
7. All the other information's as required under paragraph 3, 4A, 4B,
4C & 4D of part II of Schedule III of the Companies Act, 2013 is either
Nil or Not Applicable to the Company.
8. Contingent liabilities: There is no contingent liability in the
opinion of the Management.
9. Changes after Date of Balance Sheet:
There is no material change occurred after the date of Balance Sheet
till date of audit affecting the financial statements as on 31.03.2015.
10. Calculation of Deferred Tax:
Provision for income tax has been made as per the existing provision of
the Income Tax, 1961 and as required by Accounting standard AS-22
relating to "Accounting for taxes on income" issued by the Institute of
Chartered Accountants of India, the provision of deferred tax
liability, has been made in respect of difference between books
depreciation and income tax depreciation, as under:-
Mar 31, 2014
1. Prior Year Comparatives
a) Previous year''s figures have been regrouped and reclassified
wherever necessary to make them comparable to current year''s figures.
b) Figures in brackets pertain to previous year.
2. Fixed Assets.
The Company does not have Fixed Assets on its own. Hence this clause
will not applicable to this company.
3. Depreciation
Since the Company does not have any Fixed Assets Depreciation there on
cannot be provided for the same.
4. Leases
The company has not taken or leased out any building or asset on
operating lease or finance lease.
5. Effects of Changes in Foreign Exchange Rates
a) Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Monetary items denominated
in foreign currency and outstanding at the balance sheet date are
translated at the exchange rate ruling on that date
b) The change in value of Foreign Currency liability due to increase or
decrease in the exchange rate is adjusted against appropriate fixed
assets.
6. Trade Payables
a) There is no due to Micro & 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 ti the
extent such parties have been identified on thr basis of information
available with company.
b) No Interest Paid/Payable during the year to any enterprises
registered under the MSME
c) The above Information has been determined to the extent such parties
could be identified on the basis of the information available with the
company regarding the status of suppliers under the MSME.
7. Employee benefit plans - Gratuity
None of the Employee has completed the service period to become
eligible for payment of gratuity.
8. Related Party Disclosures
As per Accounting Standard (AS) -18 issued by The Institute of
Chartered Accoutants of India, the Company''s related parties are
disclosed below:
A. Related Parties :
Directors / Key Management Personnel
Mr.S KRISHNA RAO Executive Director
Mr.SAMBASIVAIYER SWAMINATHAN Executive Director
Mr.NIRMALSINGH MOOLSINGH MERTIA Whole Time Director
9. Provision for Deferred Tax Liablity
Deferred tax assets/liabilities does not arise for the Company for
current year.
10. Contingent Liability
There no Contingent liability to be expected for the Company.
11. Balances of the Sundry Debtors and Sundry Creditors are subject to
confirmation.
(a) Detailed note on the terms of the rights, preferences and
restrictions relating to each class of shares including restrictions on
the distribution of dividends and repayment of capital.
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. The Company declares and pays dividend in Indian
Rupees.
ii) 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.
iii) During the year, the Company converted the face value of its share
from Rs. 10/- per share to Re.1/- per share.
Note: During the year ended 31.03.2013, Company issued 22,50,000 Shares
at a premium of 50% during the year. The said Shares issued against
Share application money of 4,05,00,000 and cash received during the
year for the balance of Rs. 45,00,000/-
(b) Detailed note on shares reserved to be issued under options and
contracts / commitment for the sale of shares / divestments including
the terms and conditions.
The company does not have any such contract / commitment as on
reporting date.
(c) Detailed terms of any securities convertible into shares, e.g. in
the case of convertible warrants, debentures, bonds etc.
The company does not have any securities convertible into shares as on
reporting date.
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.
Mar 31, 2013
1. Prior Year Comparatives
a) Previous year''s figures have been regrouped and reclassified
wherever necessary to make them comparable to current year''s figures.
b) Figures in brackets pertain to previous year.
2. Fixed Assets.
The Company does not have Fixed Assets on its own. Hence this clause
will not applicable to this company.
3. Depreciation
Since the Company does not have any Fixed Assets Depreciation there on
cannot be provided for the same.
4. Leases
The company has not taken or leased out any building or asset on
operating lease or finance lease.
5. Effects of Changes in Foreign Exchange Rates
a) Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Monetary items denominated
in foreign currency and outstanding at the balance sheet date are
translated at the exchange rate ruling on that date
b) The change in value of Foreign Currency liability due to increase or
decrease in the exchange rate is adjusted against appropriate fixed
assets.
6. Trade Payables
a) There is no due to Micro & 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 thr basis of information
available with company.
b) No Interest Paid/Payable during the year to any enterprises
registered under the MSME
c) The above Information has been determined to the extent such parties
could be identified on the basis of the information available with the
company regarding the status of suppliers under the MSME.
7. Earnings per share
Basic earnings per equity share has been computed by dividing net
profit after tax by the weighted average number of equity shares
outstanding for the period. Diluted earnings per equity share has been
computed using the weighted average number of equity
8. Provision for Deferred Tax Liablity
Deferred tax assets/liabilities does not arise for the Company for
current year.
9. Contingent Liability
There no Contingent liability to be expected for the Company.
10. Balances of the Sundry Debtors and Sundry Creditors are subject to
confirmation.
Note 11 - 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 12-Previous year figures
The figures of the previous year have been re-arranged, re-grouped and
re- classified wherever necessary.
Mar 31, 2012
1. Contingent liability not provided for is Rs. Nil (Previous Year
amounting Rs. Nil)
4. Foreign Currency Transactions:
Earning / Expenditure in foreign currency Rs. Nil (P.Y. Rs. Nil)
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. During the current fiscal year i.e. F.Y. 2011-12 the Company had
received the approval for reduction of capital from High Court, Madras
for the paid up capital. Hence, the paid up share capital of the
company has been reduced from Rs. 3,74,76,000 divided into 37,47,600
equity share of Rs. 10/- each to Rs. 37,47,600 divided into 3,74,760
equity shares of Rs. 10/- each. Therefore, the Company had cancel
33,72,840 equity shares of Rs. 10/- each by cancelling 9 equity shares
for every 10 share of Rs. 10/- each held by the shareholders.
9. During the current financial year i.e. FY 2011-12, Company has
issued 54,50,000 Equity Shares of face value of Rs. 10/- at an issue
price of Rs. 20/- per Equity Share by way of Preferential Issue making
total subscribed, issued and paid up equity share capital to Rs.
58,247,600/- divided into 58,24,760 equity shares of Rs. 10/- each.
10. Details of Stock in Trade: (Shares & Securities)
11. The Previous year's 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.
(b) Detailed note on the terms of the rights, preferences and
restrictions relating to each class of shares including restrictions on
the distribution of dividends and repayment of capital.
i) The Company has only one class of Equity Shares having a par value
of Rs. 10/- per share. Each holder of Equity Share is entitled to one
vote per share. The Company declares and pays dividend in Indian
Rupees. During the year ended 31st March 2012, the Company has not
declared any dividend.
ii) On receipt of shareholders' approval in EGM on 25th August, 2011
the Company has increased its authorised share capital from Rs.
5,00,00,000/- (Rupees Five Crores) to Rs. 16,00,00,000/- (Rupees
Sixteen Crores) & has altered its Memorandum & Articles of Association
accordingly.
iii) 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.
(f) The company does not have any such contract / commitment as on
reporting date.
Detailed terms of any securities convertible into shares, e.g. in the
case of convertible warrants, debentures, bonds etc.
(g) The company does not have any securities convertible into shares as
on reporting date.
Note 19 - 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 20-Previous year figures
The figures of the previous year have been re-arranged, re-grouped and
re- classified wherever necessary.
Mar 31, 2010
1. Earnings in Foreign Exchange : Nil
2. Contingent liability not provided for: Nil
3. Provision for Income tax: Nil
4. Since the Company ceased lending, deferred tax has not been
considered for the accounts and the company has not created defrerred
assets though thare are unabsorbed lossed and unabsorbed depreciation.
5. Secured loans represents the bank loan for which settlement has
been obtained , net dues to various banks.
6. Confirmed of balances from Debtors & creditors have been received.
7. The previous year figure have been regrouped or reclassified
wherever found necessary to confirm to grouping or classification of
current year.
Aug 31, 2009
1) No amount is due to any Small Scale Industrial Undertaking as at
31st August 2009.
2) Amortisation Policy: The company has ceased its operations hence it
does not apply.
3) Expenditure on Foreign Currency:-
On Travelling : NIL
On Others : NIL
Fixed Deposits includes Rs. 18.88 lakhs of overdue deposits as at
Balance Sheet date.
4) Details of Directors Remuneration Nil
5) Since the company ceased lending operation due to cancellation of
NBFC registration by Reserve Bank of India, deferred tax has not been
considered for the accounts and the company has not created deferred
assets though there are un absorbed losses and unabsorbed depreciation.
6) As the company is in the business of operating Finance, quantitative
details are Not furnished.
7) Contingent liabilities:
As per the declaration provided by the Management there are no
contigent Liabilities to be stated.
8) Confirmation of balances from Creditors, debtors have not been
received.
9) Secured loans represent, the Bank loans for which settlement has
been obtained, net dues to various Banks.
10) PROVISION FOR INCOMETAX:-
The Company estimated that in view of the operational losses, there
will not be Any income tax liability for the year.
11) The previous year figures have been regrouped or reclassified
wherever found necessary to confirm to grouping or classifications of
current year.