Mar 31, 2014
Mar 31, 2013
Mar 31, 2012
1.1 Terms/ rights attached to equity shares
The Company has only 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
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 share held by the shareholders.
2 Till the year ended 31 March 2011, the Company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company. The Company has reclassified previous year figures to conform to this year''s classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.
3(a) The Company has obtained registration from the Reserve Bank of India (RBI) under section 45 IA of the RBI Act, 1934 vide Reg. No. 01.00097 dated 11th March, 1998. However, it has not accepted any public deposits during the year within the meaning of NBFC directions
The Company has not accepted any deposit during the year. The Schedule as required in terms of paragraph 13 of Non- Banking financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 has been appended herein below:
4 Related Party Disclosures :
(a) Holding Company or Subsidiary Company : None
(b) Companies with common Directors and Shareholders : None
(c) Individual/ Enterprises having significant influence over the company: Dr. Vithal V. Kamat
(d) Key Management Personnel: None
(e) Other Related Parties with whom transactions have taken place during the year: None
(f) Summary of transactions during the year with Related Parties entered into on commercial basis in the interest of the Company and approved by the Board and status of outstanding balances as on 31st March, 2012:
5 There were no amounts due and remaining unpaid to suppliers covered under Micro, Small & Medium Enterprises Development Act, 2006 (MSM Act) on account of principal and/or interest as at the close of the financial year. This disclosure is based on the information available with the Company regarding the status of the suppliers as defined under the MSM Act, 2006
6 The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.
Mar 31, 2011
1. The figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the figures of the current year.
2. (a) The company has obtained registration from RBI under section 45 IA of the RBI Act, 1934 vide Reg. No. 01.00097 dated 11th March, 1998. However, it has not accepted any public deposits during the year within the meaning of NBFC directions.
3. Related Party Disclosure under Accounting Standard 18:
a) Holding company or Subsidiary Company: None b) Associates: None c) Individual/ Enterprises having significant influence over the Company: Mr. Vithal V. Kamat c) Key Management Personnel: None Summary of Transactions:
i) Loan Syndication Charges Rs. 187,500
ii) Amount recovered Rs. Nil
iii) Balance Outstanding at the year end:
a. Unsecured Loans Rs. Nil
b. Advance Recoverable Rs. 168,750
4. Cash balance as on 31st March, 2011 has been accepted by the Auditors as certified by the management.
5. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.