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Notes to Accounts of Indiaco Ventures Ltd.

Mar 31, 2015

1. At the outsight, we would like to bring to your notice that the Chief Promoter and Managing Director of the company Mr. Rahul Patwardhan expired on 1st July, 2012. As a result of this the entire business collapsed and came to a standstill. All the existing staff of the company abruptly left the company. Other directors of the company are in the process of restructuring the company and will take some time before the company start operation in full.

2. Rights, Preferences and restrictions attached to the shares:

Equity Shares

The company has one class of Equity shares have a face value of Rs. 2 Each. Each Share- holder is eligible for one vote for one shares held. In the event of Liquidation, equity shares holders are eligible to receive the remaining assets of the company after distribution of

all preferential amount , in proportion to their shareholding.

3. OTHER NOTES:- a. Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

4. Investment:

We draw your attention for Non-Provision for Diminution in the value of investment as 31st March, 2015, of Rs. 1,903.75 Lacs, but Management is of the opinion, that all the Investments are of a long term nature and no provision is required for diminution in the value of Investment.

5. Contingent Liability:-

Claims against the company not acknowledged are Rs. Nil.

Income Tax Demand for the Assessment Year 2010-11-Rs.456.25 Lacs (Previous Year Rs.456.25)

Income Tax Demand for the Assessment Year 2007-08 Rs.2.17 Lacs (Previous Year Rs.2.17)

Income Tax Demand for the Assessment Year 2006-07 Rs.22.01 Lacs (Previous Year Rs. 22.01)

Income Tax Demand for the Assessment Year 2007-08 Rs.764.73 Lacs (Previous Year Rs. 764.73)

Income Tax Demand for the Assessment Year 2010-11 Rs.22.47 Lacs (Previous Year Rs. 22.47)

The liability on account of non compliance of any of the statutory requirements under any law, to the extent applicable is not ascertainable.

6. Related Party Disclosure:-

Related party disclosures as per Accounting Standard-18 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India are given as follows:

Related Parties:

Subsidiaries:

*Indiaco Telecom Private Limited (99.55% Holding)

*Indiaco Healthcare Private Limited (100% Holding)

*Indiaco Advisors Private Limited (98.78% Holding)

*Indiaco Capital Private Limited (99.01 % Holding)

Others Concerns & Associaties -Indiaco India Fund

7. Income Tax & Deferred Tax Provision

Taking Foreseeable future into consideration, no Provision for Deferred Tax has not been made for the F.Y. 2014-2015 .

8. Impairment of Assets

There is no impairment of fixed assets during the Financial 2013-14 , as such the provision for impairment of assets as per Accounting Standard (AS-28) 'Impairment of Assets' issued by the Institute of Chartered Accountants of India is not made in the books of account.

9. Previous Years figures have been regrouped, wherever necessary.


Mar 31, 2014

NOTE:- 1

At the outsight, we would like to bring to your notice that the Chief Promoter and Managing Director of the company Mr. Rahul Patwardhan expired on 1st July, 2012. As a result of this the entire business collapsed and came to a standstill. All the existing staff of the company abruptly left the company. Other directors of the company are in the process of restructuring the company and will take some time before the company start operation in full.

OTHER NOTES:-

l. Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

2. Investment:

We draw your attention for Non-Provision for Diminution in the value of investment as as 31st March, 2014, of Rs. 2,114.00 Lacs, but Management is of the opinion, that all the Investments are of a long term nature and no provision is required for diminution in the value of Investment.

3. Contingent Liability:-

Claims against the company not acknowledged are Rs. Nil.

Income Tax Demand for the Assessment Year 2010-11-Rs.4,56,25, 170/-Income Tax Penalty Demand for the Assessment Year 2007-08 Rs.7,38,960/-Income Tax Demand for the Assessment Year 2007-08 Rs.2,17,260/-

The liability on account of non compliance of any of the statutory requirements under any law, to the extent applicable is not ascertainable.


Mar 31, 2013

NOTE 1:-

At the outsight, we would like to bring to your notice that the Chief Promoter and Managing Director of the company Mr. Rahul Patwardhan expired on 1st July, 2012. As a result of this the entire business collapsed and came to a standstill. All the existing staff of the company abruptly left the company. Other directors of the company are in the process of restructuring the company and will take some time before the company start operation in full.

2. Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

3. Investment:

Management is of the opinion, that all the Investments are of a long term nature and no provision is required for diminution in the value of Investment.

4. Contingent Liability:-

Claims against the company not acknowledged are Rs. Nil. Income Tax Demand for the Assessment Year 2010-11-Rs.4,56,25, 170/- Income Tax Penalty Demand for the Assessment Year 2007-08 Rs.7,38,960/- Income Tax Demand for the Assessment Year 2007-08 Rs.2,17,260/- The liability on account of non compliance of any of the statutory requirements under any law, to the extent applicable is not ascertainable.

5. Related Party Disclosure:-

Related party disclosures as per Accounting Standard-18 ‘Related Party Disclosures'' issued by the Institute of Chartered Accountants of India are given as follows:

Related Parties:

Subsidiaries:

-Indiaco Telecom Private Limited (99.55% Holding) -Indiaco Healthcare Private Limited (100% Holding) -Indiaco Advisors Private Limited (97.50% Holding) -Indiaco Capital Private Limited (99.01% Holding)

Others Concerns & Associaties

-Indiaco India Fund

6. Income Tax & Deferred Tax Provision

Taking Foreseeable future into consideration, no Provision for Deferred Tax has not been made for the F.Y. 2012-2013 .

7. Impairment of Assets

There is no impairment of fixed assets during the Financial 2012-13 , as such the provision for impairment of assets as per Accounting Standard (AS-28) ‘Impairment of Assets'' issued by the Institute of Chartered Accountants of India is not made in the books of account.

8. Previous Years figures have been regrouped, wherever necessary.


Mar 31, 2012

1.1 SEGMENT REPORTING

During the Financial Year 2011-12, the Company has income under only one reportable segment i.e., Advisory and consultancy services. However company had substantial income from its investments.

1.2 RELATED PARTY DISCLOSURE

Related party disclosures as per the Accounting Standard-18 ''Related Party Disclosures'' issued by the Institute of Chartered Accountants of India are given as follows:

Related Parties:

Subsidiaries:

- Indiaco Telecom Private Limited (99,55% Holding)

- Indiaco Healthcare Private Limited (100% Holding)

- Indiaco Advisors Private Limited (97.50% Holding)

- Indiaco Capital Private Limited (99.01% Holding)

Others Concerns & Associates

- Indiaco India Fund

Key Management Personnel:

- Rahul Patwardhan Chairman & Managing

Note : Mr Rahul Patwardhan died on 1*( July 2012. His untimely loss has impacted operations of the company considerably.

1.3 EARNING PER SHARE

The earning per share has been computed on the basis of profits attributable to the Equity Share Holders with respect to weighted number of equity shares according to the provisions of the Accounting Standard-20 ''Earning Per Share'' Issued by the Institute of Chartered Accountants of India. The detailed working is given herein below.

1.4 INCOME TAX & DEFFERED TAX PROVISION

In compliance with the Accounting Standard-22 ''Accounting For Taxes on Income'' issued by the Institute of Chartered Accountants of India, the company has accounted net debit of Rs. 2,22,000 on account of deferred tax liabilities. The major components of the deferred tax asset and liabilities arising on account of timing differences are:

1.5 IMPAIRMENT OF ASSETS

There is no impairment of fixed assets during the financial 2010-11, as such the provision for impairment of assets as per Accounting Standard (AS-28) ''Impairment of Assets'' issued by the Institute of Chartered Accountants of India is not made in the books of account.

1.6 Employee Stock option plan (ESOP)

During the financial year 2011-12 the company has granted Nil Previous Year 1,950) employee stock options under ''Employee Stock Option Scheme'' vide resolution passed by the compensation committee in its meeting held on 12th August, 2010. The compensation cost relating to employee stock option scheme is determined by intrinsic value method and amortised over the vesting period of four years in accordance with the SEBI (Employee stock option scheme and employee stock purchase scheme) Guidelines, 1999. The details of options granted are as follows:

1.7 Previous Year Figure

During the year ended 31st March, 2012, the revised format of accounts was notified by modifying Schedule VI under the Companies Act, 1956. The new format has been followed for preparation and presentation of the financial statements. The adoption of revised Schedule VI, as aforesaid, does not impact recognition and measurement principles followed for preparation of the financial statements. The Company has reclassified the previous year''s figures in accordance with the requirements applicable in the current year

2.1.1 Rights, preference and restrictions attached to Equity Shares

The Company has only one class of equity shares having par value of Rs.2/- per share. Each holder of the equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts.

2.1.2 Aggregate number of bonus shares issued and shares issued for consideration other than cash during the five years immediately preceding the reporting date

During the year ended March 31, 2010. the Company had issued 85,56,105 equity shares of Rs.2/- each as fully paid bonus shares by capitalisation of Rs. 1.71,12.210 from profit and loss account.


Mar 31, 2010

1. SEGMENT REPORTING

During the Financial Year 2009-10, the Company has income under only one reportable segment i.e., Advisory and consultancy services. However company had substantial income from its investments.

2. RELATED PARTY DISCLOSURE

Related party disclosures as per the Accounting Standard-18 Related Party Disclosures issued by the Institute of Chartered.

Accountants of India are given as follows:

f During the year Company incurred Expenses on behalf of IndiaCo Telecom Pvt.Ltd., Subsidiary, amounting to Rs. 926/-. However same are recoverable in nature.

3. EARNING PER SHARE

The earning per share has been computed on the basis of profits attributable to the Equity Share Holders with respect to weighted number of equity shares according to the provisions of the Accounting Standard-20 Earning Per Share issued by the Institute of Chartered Accountants of India. The detailed working is given herein below.

4. INCOME TAX &DEFFERED TAX PROVISION

In compliance with the Accounting Standard-22Accounting For Taxes on Incomeissued by the Institute of Chartered Accountants of India, the company has accounted net debit of Rs. 2,22,000 on account of deferred tax liabilities. The major components of the deferred tax asset and liabilities arising on account of timing differences are:

5. IMPAIRMENT OF ASSETS

There is no impairment of fixed assets during the financial 2009-10, as such the provision for impairment of assets as per Accounting Standard (AS-28) Impairment of Assets issued by the Institute of Chartered Accountants of India is not made in the books of account.

6. Employee Stock option plan (ESOP)

During the financial year 2009-10 the company has granted 2,38,100 (Previous Year 95,000) employee stock options under Employee Scheme Option Scheme 2007 vide resolution passed by the compensation committee in its meeting held on 9th July, 2009. The compensation cost relating to employee stock option scheme is determined by intrinsic value method and amortised over the vesting period of four years in accordance with the SEBI (Employee stock option scheme and employee stock purchase scheme) Guidelines, 1999. The details of options granted are as follows: ,

7. Foreign Currency Out Flows and Inflows

Particulars of foreign currency Inflows and outflows:

8. Requirements of para 3 & 4 regarding of part 11 of schedule VI to the companies Act, 1956 are not applicable to the company.

9. Previous Years figures have been regrouped and rearranged wherever considered necessary. ;

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