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Notes to Accounts of ICVL Steels Ltd.

Mar 31, 2015

Note 1. Share Capital

Note 1. (a) Rights, Preferences & Restrictions attach to equity shares

The Company has one class of Equity shares having par value of Rs 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annul General Meeting, except in case of interim devidend. In the event of liquidation, the Equity Shareholder are eligible to receive the remaining assest of the company after distribution to all preferential amounts, in proportion to their shareholding.

Note 2. Corporate information

ICVL Steels Limited (the Company) is a Public Company and is incorporated under the provisions of The Companies Act,1956. The company is engaged in the Business of trading in Steels & Shares.




Mar 31, 2014

1.1 As regards compliance of Provision as per the requirement of Sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The company has not received from any parties claim to be small scale industries and the said information is notgiven.

1.2 Segment Information

The company is operating only in one segment.

1.3 Related party disclosures under Accounting Standard-18 List of Related Parties where Control exists:

Samruddhi Finstock Ltd Samruddhi Stock Brokers Ltd Samruddhi Tradecom India Ltd Bombay Exim Pvt Ltd Jinal Finvest Pvt Ltd Jimeet Developers Pvt Ltd Ashwa Realty (India) Pvt Ltd Galaxy Realty Pvt Ltd Niralee Properties Pvt Ltd High Rise Realty Pvt Ltd Anish Properties Pvt Ltd Saria Builders & Developers Pvt Ltd Piyali Builders & developers Pvt Ltd Rock Builders&Developers Pvt Ltd Win Sure Trade Invest Private Limited Hansa Villa Realty Private Limited ICVLChemicalsLtd.

Intellivate Capital Advisors Ltd.

Intellivate Capital Ventures Ltd.

1.4 Retirement Benefits

Long Term Employee Benefitsare not provided because no employee has completed full year of service.

1.5 Provision for Taxes

Provision forcurrenttax has been made as perthe provisions ofthe Income Tax Act 1961.

1.6 In the opinion of Management, the CurrentAssets, Loans andAdvances are approximately ofthe value as stated ifrealised in the ordinary course of business.

1.7 Balances standing to the debit/credit of parties is subject to confirmation bythemand reviews by the Company.

1.8 The figures ofthe previous year have been regrouped, rearranged and reclassified wherever necessary to conform to current year''s classification.


Mar 31, 2013

Corporate information

ICVL Steels Limited (the Company) is a public company and is incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Business of trading in Steels & Shares.

1.1 As regards compliance of provision as per the requirement of sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The Company has not received from any parties claim to be small scale industries and the said information is not given.

1.2 Segment Information

The Company is operating only in one segment.

1.3 Related party disclosures under Accounting Standard-18

List of Related Parties where Control exists:

Samruddhi Finstock Ltd

Samrunddhi Stock Brokers Ltd

Samruddhi Tradecom India Ltd

Bombay Exim Pvt Ltd

Jinal Finvest Pvt Ltd

Jimeet Developers Pvt Ltd

Ashwa Realty (India) Pvt Ltd

Galaxy Relalty Pvt Ltd

Niralee Properties Pvt Ltd

High Rise Realty Pvt Ltd

Anish Properties Pvt Ltd

Saria Builders & Developers Pvt Ltd

Piyali Buliders & Developers Pvt Ltd

Rock Builders & Developers Pvt Ltd

Win Sure Trade Invest Private Limited

Hansa Vilia Reality Private Limited

ICVL Chemicals Ltd

Interllivate Capital Advisors Ltd

Interllivate Capital Ventures Ltd

1.4 Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed fully year of service.

1.5 Provision for Taxes

Provision for current tax has been made as per the provisions of the Income Tax Act 1961.

1.6 In the opinion of Management, the Current Assets, Loans and Advances are approximately of the Value as stated if realised in the ordinary course of business.

1.7 Balances standing to the debit/credit of parties is subject to confimation by them and reviews by the Company.

1.8 The Figures of the previous year have been regrouped, rearranged and recalssified wherever necessary to confirm to current year''s classification. The figures are not comparible with those of previous year due to damerger of the Advisory dividison, Chemical division and Steel division of Intellivate Capital Ventures Ltd.

1.9 The Financial Statements for the year ended March 31, 2013 are prepared as per the Revised Schedule VI Under the Companies Act, 1956.


Mar 31, 2012

Additional Disclosure 1(A):

i) During the year, pursuant to the scheme of Arrangement U/s 391 to 394 and other applicable provisions of the Companies Act, 1956. There was demerger of Steel Division of the Intellivate Capital Ventures Limited with the company. Pursuant to the scheme of demerger is sanctioned and approved by the Hon'ble High Court of judicature at Bombay on 16th December 2011, and upon filing the said order with Registrar of Companies, with Maharashta on 20th Januan/,2012, the said scheme became effective.

ii) The scheme of arrangement has been given effect in these financial statements and in pursuant to the said scheme:

The said approved scheme of arrangement has been given effect with effect from Appointed date i.e. April 1, 2011 in these financial statements, pursuant to the provisions contained in Section 391 to 394 and other relevent provisions if any. Accordingly the Assets & Liabilities of Steel division of Intellivate Capital Venture Limited are vested and transferred to the company, being third resultant company at book values on the appointed date i.e. April 1, 2011 and on a going concern basis, in accordance with Section 2(19AA) of the Income Tax Act, 1961.

iii. Accordingly, the existing Shareholders of Intellivate Capital Ventures Ltd. (Demerged Company) have been issued and alloted shares of the company as under:

iv.6(Sixteen) fully paid Equity Shares of Rs.10/- each of the company is issued and alloted to the Shareholders of Intellivate Capital Ventures Ltd. for every 150(One Hundred Fifty) fully paid Equity Shares of Rs.1/- each held by them in Intellivate Capital Ventures Ltd. i.e. the company has issued 3104000 shares.

v. The difference between the transferred assets and liabilities and issue of shares by the company is adjusted against Capital Reserve account.

Note 1: Corporate information

ICVL Steels Limited (the Company) is a Public Company and is incorporated under the provisions of The Comapnies Act, 1956. The company is engaged in the Business of trading in Steels.

2.1 in the opinion of Management, the Current Assets, Loans and Advances are approximately of the value as stated if realised in the ordinary course of business.

2.2 Balances standing to the debit/credit of parties is subject to confirmation by them and reviews by the Company.

2.3 This is the First Accounting period of the company therefore , previous year figures are not given.. The company incorporated on 4th March, 2011. Pursuant to the scheme of Arrangement U/s 391 to 394 and other applicable provisions of the Companies Act, 1956. There was demerger of Steel Division of the Intellivate Capital Ventures Limited with the company. The scheme of arrangement is sanctioned and approved by the Hon'ble High Court of judicature at Bombay on 16th December 2011, and upon filing the said order with Registrar of Companies, with Maharashta on 20th January,2012, the said scheme became effective.

Pursuant to the scheme of Arrangement U/s 391 to 394 and other applicable provisions of the Companies Act, 1956. There was demerger of Steel Division of the Intellivate Capital Ventures Limited with the company. Accordingly Income & Expenses of the steel division is merged with the company.

2.4 Tne fjnancia| statements for the period ended March 31, 2012 are prepared as per the Revised Schedule VI under the Companies Act,1956.

 
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