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Notes to Accounts of Inanna Fashion and Trends Ltd.

Mar 31, 2015

1. The company has alloted 6005000 equity shares as bonus in the ratio of 1:1 in the year 2009 by capitalisation of security premium and thereafter in pursuance to the order of Bombay High Court dated 25/06/2010 has reduced the share capital from Rs 12.01 Crore divided into 120100000 equity shares of Rs 10 each to Rs 1.201 Crore divided into 1201000 equity shares of Rs 10 each without payment of canceled value of the said shares to the shareholders of the company.

The company has alloted 800000 equity shares of Rs 10 each at a premium of Rs 10 in exercise of right of the warrant holder in the year 2013 and thereafter spiltted the shares to face value of Rs 5 each by issuing 10662039 equity shares to the existing shareholders

2. Terms/ rights attached to equity shares

1. The company has only one class of equity shares having par value of Rs.5 (P.Y. Rs.5/-) per share which rank pari-passu in all respects including voting rights and entitlement to dividend.

2. In the event of liquidation, each share carry equal rights and will be entitled to receive equal amount per share out of the remaing amount available with the Company after making preferential payments.

As per records of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

(d) The Company does not have any holding company.

(e) There are no shares reserved for issue under options and contracts/commitments for sale of shares/disinvestments.

(f) There are no unpaid calls from any director and officer.

3. CONTINGENT LIABILITIES

The Company has Contingent Liabilities in respect of JCCI Penalty of Rs. 5,34,523/- and Disputed Sales Tax Liability (Bangalore) of Rs. 6,47,571/- .

4. Balance Appearing in various accounts under the head Unsecured Loans, Sundry Debtors, Loans and Advances, Deposits and Sundry Creditors are subject to confirmation and reconciliation's. Consequential adjustment thereof arising if any, will be made in the year, the confirmation and reconciliation's are received.

5. In the opinion of the management, the Current Assets, Loans and Advances, deposit are expected to realize at the values stated in the Balance Sheet and adequate provisions have been made in the accounts for all known liabilities.

6. No amounts are outstanding to Micro, Small and Medium Enterprises Development Act, 2006 for the year ended on 31st March 2015.

7. SEGMENT REPORTING

The Company operates primarily only in one business segment viz Hr solution and has its operation and all other assets locate in India and as such "Segment Reporting" in term of Accounting Standard -17 has not been given.

8. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18

i. List of Related Parties

a. Key Management Personnel (KMP)

Natwar Sureka - Managing Director

Manju Sureka - Director

b. Enterprise over which KMP is having significant control

Apogee Business Solutions Pvt. Ltd.) (Formerly Known as Frontline Bhoomi Vistar Private Limited) Frontline Salesmart Private Limited

Note : 1 Related party relationship is as identified by the Company and relief upon by the Auditors.

2 No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.


Mar 31, 2014

The company has alloted 6005000 equity shares as bonus in the ratio of 1:1 in the year 2009 by capitalisation of security premium and thereafter in pursuance to the order of Bombay High Court dated 25/06/2010 has reduced the share capital from Rs 12.01 Crore divided into 120100000 equity shares of Rs 10 each to Rs 1.201 Crore divided into 1201000 equity shares of Rs 10 each without payment of canceled value of the said shares to the shareholders of the company.

The company has alloted 800000 equity shares of Rs 10 each at a premium of Rs 10 in exercise of right of the warrant holder in the year 2013 and thereafter spiltted the shares to face value of Rs 5 each by issuing 10662039 equity shares to the existing shareholders

(a) Terms/ rights attached to equity shares

1. The company has only one class of equity shares having par value of Rs.5 (P.Y. Rs.5/-) per share which rank pari-passu in all respects including voting rights and entitlement to dividend.

2. In the event of liquidation, each share carry equal rights and will be entitled to receive equal amount per share out of the remaing amount available with the Company after making preferential payments.

As per records of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

(b) The Company does not have any holding company.

(c) There are no shares reserved for issue under options and contracts/commitments for sale of shares/disinvestments.

(d) There are no unpaid calls from any director and officer.

3. CONTINGENT LIABILITIES

The Company has Contingent Liabilities in respect of JCCI Penalty of Rs. 5,34,523/- and Disputed Sales Tax Liability (Bangalore) of Rs. 6,47,571/- .

4. Balance Appearing in various accounts under the head Unsecured Loans, Sundry Debtors, Loans and Advances, Deposits and Sundry Creditors are subject to confirmation and reconciliation''s. Consequential adjustment thereof arising if any, will be made in the year, the confirmation and reconciliation''s are received.

5. In the opinion of the management, the Current Assets, Loans and Advances, deposit are expected to realize at the values stated in the Balance Sheet and adequate provisions have been made in the accounts for all known liabilities.

6. No amounts are outstanding to Micro, Small and Medium Enterprises Development Act, 2006 for the year ended on 31st March 2013.

7. SEGMENT REPORTING

The Company has identified two reportable segments viz. Hr solution & Trading. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting system.

a) Secondary Segment

The Company mainly caters to the needs of the domestic market. As such there is only one reportable geographical segment.

b) Segment Assets & Liabilities

Segment assets include all operating assets used by a segment and consist principally of Debtors, advances and fixed assets. Assets at corporate level are not allocable to segments on a reasonable basis and thus the same have not been allocated. Liabilities include all operating liabilities and consist principally of Creditors and accrued liability.

8. Previous Year''s figures have been regrouped and rearrange whichever necessary in confirm to those of Current Year.


Mar 31, 2013

1. CONTINGENT LIABILITIES

The Company has Contingent Liabilities in respect of JCCI Penalty of Rs. 5,34,523/- and Disputed Sales Tax Liability (Bangalore) of Rs. 6,47,571/- .

2. Balance Appearing in various accounts under the head Unsecured Loans, Sundry Debtors, Loans and Advances, Deposits and Sundry Creditors are subject to confirmation and reconciliation''s. Consequential adjustment thereof, arising if any, will be made in the year, the confirmation and reconciliation''s are received. I

3. In the opinion of the management, the Current Assets, Loans and Advances, deposit are expected to realize at the values stated in the Balance Sheet and adequate provisions have been made in the accounts for all known liabilities.

4. No amounts are outstanding to Micro, Small and Medium Enterprises Development Act, 2006 for the year ended on 31st March 2013.

5. SEGMENT REPORTING

The Company has identified two reportable segments viz. Hr solution & Trading. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting system.

a) Secondary Segment

The Company mainly caters to the needs of the domestic market. As such there is only one reportable geographical segment.

b) Segment Assets & Liabilities

Segment assets include all operating assets used by a segment and consist principally of Debtors, advances and fixed assets. Assets at corporate level are not allocable to segments on a reasonable basis and thus the same have not been allocated. Liabilities include all operating liabilities and consist principally of Creditors and accrued liability.

6. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18 i. List of Related Parties

a. Key Management Personnel (KMP)

Natwarlal Sureka - Managing Director

Manju Sureka - Director

b. Enterprise over which KMP is having significant control

Frontline Bhoomi Vistar Private Limited Frontline HR Solutions Limited Frontline Salesmart Private Limited Frontline Sales Shoppe Private Limited

7. Previous Year''s figures have been regrouped and rearrange whichever necessary in confirm to those of Current Year.


Mar 31, 2012

(a) Terms/ rights attached to equity shares

1. The company has only one class of equity shares having par value ofRs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The company has not issued any dividend during the financial year ending 31st March, 2012

2. 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.

3. During the year the company has made preferential allotment of 9,50,000 equity shares ofRs. 10/- each at a premium ofRs. 10/-, as per the Provisions of Section 81(1 A) and other applicable provisions of Companies Act, 1956. Out of the said 9,50,000 equity shares; 2,00,000 equity shares are kept in a lock-in for a period of 3 years and the balance 7,50,000 equity shares are kept under a lock-in for a period of 1 year from the date of its allotment as per Clause 78 of SEBI.

4. During the year the company has alotted shares for the share application money received in the earlier year

As per records of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

Terms/ rights attached to issue of warrants :

The Board of Directors of the Company and as approved in their Extra Ordinary General Meeting held on 5th May, 2011 have resolved to create, offer, issue and allot upto 8,00,000 warrants, convertible into equity shares of nominal value of 10/- each at a price ofRs. 20/- per share which includes a premium of Rs. 10/- per share on a preferential allotment basis, pursuant to Section 81(1A) of the Companies Act, 1956. The warrants shall be convertible at any time within a period of 18 months from the date of allotment of warrants, in the event warrants are not converted into shares within the said period the company is eligible to forfeit the amount received towards the warrant. . The warrant holders shall be required to pay an amount equivalent to at least twenty five percent (25%) of the total consideration per warrant viz. Rs. 5/- per warrant, each warrant priced at Rs. 20/-, as at 31st March, 2012 the company has received 25% of the total consideration for warrants.

Notes:

(i) The Cash Flow Statement reflects the combined cash flows pertaining to continuing and discounting operations.

(ii) These earmarked account balances with banks can be utilised only for the specific identified purposes.

See accompanying notes forming part of the financial statements


Mar 31, 2011

1 Contingent Liabilities:

The Company has Contingent Liabilities in respect of JCCI Penalty of Rs. 5,34,523/- and Disputed Sales Tax Liability (Bangalore) of Rs. 6,47,571/- .

2 Deferred Tax Assets /(Liabilities ): The Company has recognized deferred tax arising on account of timing difference, being the difference between the taxable income and accounting income, that originated in one period and is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS-22) Accounting for Taxes on Income issued by Institute of Chartered Accountant of India.

3 Balance Appearing in various accounts under the head Unsecured Loans, Sundry Debtors, Loans and Advances, Deposits and Sundry Creditors are subject to confirmation and reconciliation's. Consequential adjustment thereof arising if any, will be made in the year, the confirmation and reconciliation's are received.

4 In the opinion of the management, the Current Assets, Loans and Advances, deposit are expected to realize at the values stated in the Balance Sheet and adequate provisions have been made in the accounts for all known liabilities.

5 No amounts are outstanding to Micro, Small and Medium Enterprises Development Act, 2006 for the year ended on 31st March 2011.

6 Segment Reporting :

The company operates only in one business segment being BPO / KPO Solutions and there are no geographical segments to be reported.

7 Information on Related party transaction as required by Accounting Standard (AS 18) for the year ended 31st March, 2011

Associate Companies

Frontline Sales Ltd.

Frontline HR Solutions Ltd.

Key Managerial Personnel

Natwarlal Sureka - Managing Director

8 Scheme of Arrangement

Pursuant to the Scheme of Arrangement under section 78,100,391 & 394 of the Companies Act 1956 and subsequent order of Bombay High Court Dated 25th June 2010 thereon, the paid up share capital of the company of Rs. 12,01,00,000/- divided into 1,20,10,000 equity shares of Rs 10/- each has been reduced to Rs 1,20,10,000/- divided into 12,01,000 equity shares of Rs 10/- each without payment of the cancelled value of said shares to the shareholders of the company. The capital so reduced of Rs 10,80,90,000/- , share premium Rs 83,145/- and the capital reserve to the extent of Rs 12,86,48,232/- aggregating to Rs. 23,68,21,377 has been set off against accumulated losses of Rs 25,41,43,793/- of the company thereby reducing the accumulated losses to that extent.

9 Previous Year's figures have been regrouped and rearrange whichever necessary in confirm to those of Current Year. Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1 Balance Appearing in various accounts under the head Unsecured Loans, Sundry Debtors, Loans and Advances, Deposits and Sundry Creditors are subject to confirmation and reconciliations. Consequential adjustment thereof arising if any, will be made in the year, the confirmation and reconciliations are received.

2 In the opinion of the management, the Current Assets, Loans and Advances, deposit are expected to realize at the values stated in the Balance Sheet and adequate provisions have been made in the accounts for all known liabilities.

3 No amounts are outstanding to Micro, Small and Medium Enterprises Development Act, 2006 for the year ended on 31st March 2010.

4 Auditors Remuneration comprises of the following:

Particulars 2009-2010

(Amt. Rs.)

Audit Fees 5000

Taxation 5000

Service Tax 1030 0 Total 11,030



5. Deferred Tax Assets /(Liabilities ):

The Company has recognized deferred tax arising on account of timing difference, being the difference between the taxable income and accounting income, that originated in one period and is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS-22) Accounting for Taxes on Income issued by Institute of Chartered Accountant of India.

6 Earning Per Share:

Basic earning per share (0.07)

Profit (Loss) after tax as per profit & loss Account (8,83,535)

Weighted average number of equity shares outstanding 1,20,10,000

7 Information on Related party transaction as required by Accounting Standard (AS 18) for the year ended 31st March, 2010

Associate Companies

Frontline Sales Ltd. Frontline HR Solutions Ltd.

Key Managerial Personnel

Natwarlal Sureka - Managing Director

 
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