Mar 31, 2013
1. The Company operates only in one segment i.e. Investment & Fiancé
Activities and therefore no separate segment wise- details required by
Accounting Standard 17 "Segment Reporting" issued by Institute of
Chartered Accountants of India is disclosed..
2. In the opinion of the Board the realizable value of Current
Assets, Loans and Advances in the ordinary course of business would
not be less than the amount at which they are stated in the Balance
Sheet and the provision for all known and determined liability is
adequate and not in excess of the amount reasonably required.
3. Contingent liabilities not provided for-
(a) In respect of corporate guarantees As, Nil/- {Previous year
Rs.150000000/-)
(b) In respect of liability that may arise relating to the Trading
Division of the Company System Corporation which is disposed, off
subject to disputed and contingent liabilities to bo home by the
Company |c] Disputed income tax liability of Rs. 312,980/- for the AY.
2010-11,
4. In respect of foreign exchange transactions and related current
liability pertaining to erstwhile division System Corporation, which is
under litigation/dispute, which are carried forward either at the
exchange rate prevailing the dais of transaction or at the exchange
rate at that year end as the case may be and same has not been restated
at the year end exchange rate.
5. The outstanding balances of some nf the Borrowing, Loans and
Advances, Deposits and Trade Payables are subject to confirmation from
the respective parties and consequential reconciliation /adjustments
arising there from. If any, The management, however, does not export any
material variation,
6. The Company has Biven an undertaking to various Financial
institutions not to transfer, assign, pledges, hypothecate or otherwise
dispose off In any manner its investments in equity shares of LML Ltd.,
(2500598 Equity Shares of Rs.10/- each) without prior approval of the
institutions so long as the loans, advances to LML Ltd., by the
institutions remains outstanding.
7. Additional information pursuant to Part II of schedule VI of the
Companies Act, 1956 are not applicable to the company
8. Previous year figures have been regrouped and rearranged wherever
considered necessary.
Mar 31, 2012
1.1 143600 have been issued as fully paid
salary paid to gauri shriya Rs,576000/- (P.Y.Rs.576000/-
Rent paid to B.k. shriya Rs,400908/- ( P.Y.Rs.354000/-
Rent paid to sanjeev shriya Rs.300000/- (P.Y.Rs,300000/-)
Outstanding security deposit senjeev infrasystems India
(P.Y.Rs,2500000/-
Corporate guarantees on behalf of M/S vihaan infra systems India ltd.
Rs,150000000/-
the felted party information is as indentified by the management based
on the information available and relied upon by the auditors.
2. The company operates only in one segment i.e. investment &
financial Activities and therefore no separate segment wise details
required by Accounting standard 17 segment reporting issued by
institute of chartered Accountants of India is disclosed.
3. In the opinion of the Board the realizable value of current Assets
loans and Advertise in the ordinary course of business would not be
less than the amount at which they are stated in the Balance sheet and
the provision for all known and datelined liability is adequate and not
in excess of the amount reasonably required.
4. Contingent liabilities not provided for;
(a) In respect of corporate guarantees Rs, 15000000/- (previous year
Rs,150000000/-
(b) In respect of liability that may relating to the trading division of
the company syscorn corporation which is disposed off subject to
disputed and contingent liabilities to be borne by the company.
5. In respect of foreign exchange transaction and related current
liabilities pertaining to erstwhile division syscorn corporation which
is under litigation/dispute which sure carried forward either at the
exchange rate prevailing the date of transaction or at the exchange
rate at their year end as the case may be and same has not been
restated at the yearend exchange rate.
6. The outstanding balances of some of the Borrowings loans and
Advances Deposits and trade payables are subject to confirmation from
the respective parties and consequential reconcitiation/adjustments
arising there from if any the management however does not expect any
material variation.
7. The company has given an undertaking to various Financial
institutions not to transfer assign pledges hypothecate or otherwise
dispose off in any manner its investments in equity share of LML Ltd.,
(2500598) Equity shares of Rs,10/- each) without prior approval of the
institutions 50 long as the loans advances to LML Ltd., by the
institutions remains outstanding.
The above referred loans are interest free and there is no repayment
schedule.
Investment by the loaner in the shares of the company.
None of the loaners have made investments in the shares of the company.
8. For the year ended march 31,2012 the Revised schedule Vii notified
under the companies Act,1956 has become applicable for preparation and
presentation of financial statements. The preparation of financial
statements based on the Revised Vi does not impact the recognition and
measurement principle following for preparation of the financial
statements However it has significant impact on the preparation of the
disclosures made in the financial statements however it has required
/reclassified the previous year figure in accordance with the
requirement applicable in the current year.
Mar 31, 2011
1. Contingent Liabilities not provided for :-
(a) In respect of Corporate guarantees Rs. 15.00 Crore (Previous year
Rs. 15.00 Crore).
(b) In respect of liability that may arise relating to the Trading
Division of the Company Syscom Corporation which is disposed off
subject to disputed and contingent liabilities to be borne by the
Company.
2. In respect of foreign exchange transactions and related current
liability pertaining to erstwhile division Syscom Corporation which is
under litigation/dispute Ve carried forward either at the exchange rate
prevailing the date of transaction or at the exchange rate at that year
end as the case may be and same has not been restated at the year end
exchange rate.
3. The outstanding balances of some of the loans, advances recoverable
in cash or kind, and sundry creditors are subject to confirmation from
the respective parties and consequential reconciliation / adjustments
arising there from, if any The management, however, does not expect any
material variation.
4. The Company has given an undertaking to various Financial
Institutions not to transfer, assign, pledges, hypothecate or otherwise
dispose off in any manner its investments in equity shares in LML Ltd.,
(2500598 Equity Shares of Rs. 10/- each) without prior approval of the
institutions so long as the loans, advances to LML Ltd., by the
institutions remains outstanding.
5. In the opinion of the Board, the value of realisation of Current
Assets, Loans and Advances in the ordinary course of business would not
be less than the amount at which they are staled in the Balance Sheet
and the provision for all known and determined liability is adequate
and not in excess of the amount reasonably required
6. Disclosure requirements as per Accounting Standard (AS-18) on
"Related Party Disclosure" issued by the Institute of Chartered
Accountants oflndia.
(i) List of Related Parties and Relationships:
Sr. No. Name of the Related Party Relationship
1. Biue Point Leasing Limited
2. Gold Rock Agrotech Limited
3. Gold Rock World Trade Limited Subsidiary Companies
4. Gold Rock Metals Limited
5. Tridhar Finance & Trading Limited
6. Sugata Investments Limited
7. B.K. Shriya Major Shareholders
8. Gauri Shriya of the Company
9. Sanjeev Shriya
10. MadhuRuia Relatives of Major
11. Vani Shriya Shareholders
12. Vidhushie Shriya
13. Inlac Trading & Agencies Ltd. Enterprise over
14. Picanova Investments Ltd. which relatives of
15. Panki Roadlines Pvt. Limited Major Shareholders are
16. Smart Chip Syscom Ltd. able to exercise
17. Seattle Online (P) Limited significant
18. Splendour Trade Place (P) Limited influence
19. Vihaan Infrasystems India Ltd.
7. Salary Paid to Gauri Shnya- Rs. 576,000/- (P.Y. 5,76,000/-)
8. Rent paid to B. K. Shriya- Rs. 395,044/- (P.Y.398264/-)
9. Rent paid to sanjeev shriya- Rs. 3,00,000/- (P.Y. Rs Nil) and
Deposit paid Rs. Rs. 2500000/- (P.Y. Rs. Nil)
10. Corporate Guarantees given on behalf of M/s Vihaan Infrasystems
India Ltd (formerly as Gold Rock Trading Limited) - Rs. 150,000,000/-
The related party information is as identified by the management based
on the information available and relied upon by the auditors
11. There are no dues to Micro and Small Enterprises. 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.
12. The company operates only in one segment i.e. Investment & Finance
Activities and therefore no separate segment wise details required by
Accounting Standard 17 "Segment Reporting" issued by Institute of
Chartered Accountants of India is disclosed.
13. Additional information pursuant to provisions of paragraph 3 of
Part II of Schedule VI of Companies Act, 1956.
14. Previous years figures have been regrouped, reclassified, recast
and rearranged wherever necessary.
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