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Notes to Accounts of Global Infratech & Finance Ltd.

Mar 31, 2015

1. RELATED PARTY DISCLOSURE (As per Accounting Standard 18 issued by ICAI)

1. Relationship

a. Wholly Owned Subsidiary - Not Any

b. Associate Company - Not Any

c. Company under the Common Control of Promoters - Not Any

d. Key Managerial Personnel - Mr. Aallan Paul (Whole-Time Director) ; Mr. Renganathan Raman (CFO)

2. Transactions

a. Remuneration to Whole-Time Director - Rs. 17,85,129/- (PY : Rs. 2,50,000/-)

b. Remuneration to CFO - Rs. 2,67,000/- (PY : Rs. NIL)

c. Amount due from/to company /firm in which Directors are Interested : Rs. NIL (PY : Rs. NIL)

d. Amount due to Whole-Time Director : Rs. 29,96,400/- (PY : NIL)

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

3. Confirmation of balances/reconciliation of accounts pertaining to certain advances/creditors/debtors is pending as at period end. Hence, the balances have been adopted as per the books of accounts.

4. Previous year's figures have been regrouped wherever necessary to confirm to current period's classification.

5. Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounitng periods commencing from 1st April 2014, the Company has reassessed the remaining useful life of fixed assets in accordance with the provisions prescribed under Schedule II to the Act. There are no assets which have completed their useful life. In case of other assets, the carrying value (Net of Residual Value) is being depreciated over the revised remaining useful life. The depreciation and amortization expenses charged for year ended would have been higher by Rs. 55,546/-, had the company continued with the previous assessment of useful life of such assets.

6. Preliminary Expenses for the Current Year has been written off in full. Had the company continued to write- off the preliminary expenses as per last year, the expenses would have been lower by Rs. 21,080/-.


Mar 31, 2013

1.1 RELATED PARTIES DISCLOSURES (As per Accounting Standard 18)

1. Relationship

a. Wholly Owned Company - Not Any

b. Associate Company - None

c. Company under the Common Control of Promoters - Not Any

d. Key Management Personnel

1. Mr. Pravin Sawant

2. Transactions

There has been no related parties transactions during the year under review.

1.2 SEGMENT REPORTING (As per Accounting Standard 17)

a. The Company has three Primary Business Segments viz.

i. NBFC Business

ii. Infrastructure Business

iii. Investment in Shares & Securities

1.3 DISCLOSURE FOR PAYMENT TO MICRO, SMALL & MEDIUM ENTERPRISES

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

1.4 IMPAIREMENT OF ASSETS

Company Management during the year have carried out technographical evaluation for identification of Assets, if any, in accordance with Accounting Standard 28. Based on the judgement of the Management and as certified by Directors, no provision for impairement is found to be necessary in respect of any Assets.


Mar 31, 2012

1. Contingent Liability not provided for - Nil (Previous year - Nil)

2. Estimated amount of contracts remaining to be executed on capital account (net of advances) - Nil (Previous Year - Nil)

3. In the opinion of Board of Director and to the best of their knowledge and belief, the value on realization of Loans & advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

4. Deferred Tax : During the year, company have not adopted the Accounting Standard 22 "Accounting for taxes on Income" issued by The Institute of Chartered Accountants of India. As explained to us by the management, the company is making losses with no immediate visibility of turnaround, so deferred assets has not been recognised as a matter of prudence.

5. The he company is unable to provide the details of Related Parties, so we are unable to give the Related Party Disclosure as required as per Accounting Standard (As - 18) on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

6. SEGMENT INFORMATION FOR THE YEAR ENDED 31st March 2012 Primary Segment Reporting - Business Segment

Since the company's entire business of Finance & Investments, so, there is no reportable segment.

Secondary Segment Reporting - Geographical Segment

Since the company's entire business is in India, so, there is no reportable segment.

7. The management has not made any provision for Income Tax as there will be no taxable income.

8. The company did not earn/spend any money in Foreign Exchange. (Previous year - Nil)

9. Negative figures have been shown in brackets.

10. Previous year's figures have been regrouped and rearranged wherever found necessary.

 
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