Mar 31, 2014
1.1 Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs.
10 per share. Each holder of equity shares 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 remaining assets of the
company, after distribution of all preferential payments.
2.1 In absence of market quotation for the Quoted Securities as on
31.03.2014.aggregate Market value of quoted Investment have been taken
as per previous year
3.1 Basis of Preparation
The financial Statements have been prepared to comply with all material
respects with the mandatory Accounting Standards (AS) notified under
section 211 (3C) of the Companies Act, 1956 and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on a accrual basis.
3.2 There are no Micro, Small & Medium enterprises to whom company
owes dues, which are outstanding for more than 45 days as at 31st March
2014.This information is required to be determined under the Micro,
Small & Medium Enterprise Development Act 2006 and has been determined
to the extent such parties have been identified on the basis of
information available with the company.
3.3 Due to Small Scale Undertakings to the extent and as such parties
have been identified from available information as on 31st March, 2014
and outstanding for more than 30 days are Nil.
3.4 Balances of trade receivables,trade payables, advances, advances
from customers are subject to confirmation.
3.5 Trade receivables include Rs.1,64,636/-,a time barred debt not
provided for, classified as more than six months is against sale of
Fixed Assets and balances of trade receivables as on 31st March,2014
are subject to confirmation.
3.6 No provisions has been made in the accounts in respect of old
debts amounting to Rs.1,708,043.06, as necessary steps are been taken by
the management for recovery of the same.
3.7 An amount of Rs.1,247,138/- included in Tangible fixed assets under
the head "Motor Car" has been reversed from the original cost of
asset and accumulated depreciation as the assets have become obsolete
and does not have any resale value.
3.8 Inventories includes 623 Debentures of a body corporate which has
been redeemed in three installments dated 23.04.1999,23.04.2000 &
23.04.2001 respectively. Redemption proceeds for the same are yet to be
received.
3.9 Related Party disclosure
Related party disclosure as identified by the management in accordance
with the Accounting Standard (AS) 18 on "Related Party Disclosures".
A) Name of related party and description thereof
i) Key Management Personnel(KMP)
Mrs Meena Lohia - Director
B) Related party transaction
There are no transactions with the related party.
3.10 Business Segments :
Based on the nature of activities, risk and rewards and organization
structure, the Company has a single segment namely "Trading and
Textiles". Therefore, the Company''s business does not fall under
different business segments as defined by "AS-17 "Segment Reporting"
issued by the Institute of Chartered Accountants of India.
Geographic Segments:
The Company operates predominantly with the geographical limits of
India. Accordingly, Secondary Segment has not been considered.
3.11 Previous year figures have been regrouped/re classified to
conform to this year''s classification.
3.12 Significant accounting policies and practices adopted by the
company are disclosed in the statement annexed to these financial
statements as Note 18.
Mar 31, 2012
1.1 Basis of Preparation
The financial Statements have been prepared to comply with all material
respects with the mandatory Accounting Standards (AS) notified under
section 211(3C) of the Companies Act,1956 and the relevant provisions
of the Companies Act, 1956.The financial statements have been prepared
under the historical cost convention on a accrual basis.
1.2 Tangible Fixed Assets, Depreciation & Impairment
I. Fixed Assets are stated at cost of acquisition.
II. Depreciation on Fixed Assets has been provided on straight line
method at the rates prescribed in Schedule XIV of the Companies
Act,1956 on pro-rata basis.
III. The carrying amount of assets is reviewed at Balance Sheet date
to determine, if there is any indication of impairment thereof based on
external/internal factors and impairment loss is recognized wherever
the carrying amount of an assets exceeds its recoverable amount which
represent the greater of the net selling price of the assets and its
value in use. In assessing value in use, the estimated future cash flow
are discounted to their present value based on an appropriate discount
factor.
1.3 Investments
Investments are stated at cost. Provision for diminution in the value
of investments has not been made as the same is temporary in nature,
based on management's evaluation.
1.4 Inventories
Stock of shares has been valued at cost or market price whichever is
lower.
1.5 RECOGNITION OF INCOME & EXPENDITURE
Items of income and expenditure are recognized on accrual basis except
for Dividend Income, Debenture Interest and Interest from Unit'64 which
are being accounted for on cash basis.
1.6 CONTINGENT LIABILITIES
Contingent liabilities are generally not provided for in the accounts
and are shown separately in Notes on Accounts.
1.7 RETIREMENT BENEFITS
Retirement benefits to the employees in terms of gratuity are being
accounted for as and when paid. Leave is encashed on annual basis as
per the Rules of the Company.
1.8 TAXES ON INCOME
I. Provision for current tax is made in accordance with and at the
rates specified under the Income Tax Ac, 1961, as amended.
II. The deferred tax charge is recognized using current tax rates.
Deferred tax assets are recognized only to the extent there is
reasonable certainty of realization in future. Deferred tax
assets/liabilities are reviewed as at Balance Sheet date based on
developments during the year and available case laws , to reassess
realization /liabilities.
1.9 PRIOR PERIOD ADJUSTMENTS, EXTRA ORDINARY ITEMS AND CHANGES IN
ACCOUNTING POLICIES
Prior period adjustments, extra-ordinary items and changes in
accounting policies having material impact on the financial affairs of
the company are disclosed.
2. Notes to Financial Statement for the financial year ended on March
31, 2012.
2.1 Contingent liabilities amounting to ' 809,612/- in respect of
demand raised by the Income Tax Authorities for the assessment year
2006-07 vide notice under section 226(3) dated 21.02.2011 have not been
provided for in the Books.
2.2 There are no Micro, Small & Medium enterprises to whom company
owes dues, which are outstanding for more than 45 days as at 31st March
2012. This information is required to be determined under the Micro,
Small & Medium Enterprise Development Act 2006 and has been determined
to the extent such parties have been identified on the basis of
information available with the company.
2.3 Due to Small Scale Undertakings to the extent and as such parties
have been identified from available information as on 31st March, 2012
and outstanding for more than 30 days are NIL.
2.4 Balances of trade receivables, trade payables, advances, advances
from customers are subject to confirmation.
2.5 Trade receivables include Rs. 1,64,636/-,a time barred debt not
provided for, classified as more than six months is against sale of
Fixed Assets and balances of trade receivables as on 31st March, 2012
are subject to confirmation.
2.6 Inventories includes 623 Debentures of a body corporate which has
been redeemed in three installments dated 23.04.1999, 23.04.2000 &
23.04.2001 respectively. Redemption proceeds for the same are yet to be
received.
2.7 The Income Tax Department has raised a demand for Rs. 5,04,563/-
in respect of assessment year 2006-07 under section 144 of the Income
Tax Act,1961vide order dated 26.11.08. The said demand was
subsequently enhanced to Rs. 6,33,014/- vide order dated 25.02.2010
under section 154 of the Income Tax Act,1961.Further the demand was
enhanced to Rs. 809,612/- vide notice dated 21.02.2011 under section
226(3) of the Income Tax Act,1961.The Company had preferred an appeal
against the same before the Commissioner of Income Tax (Appeals),which
has been referred back to the jurisdictional Assessing Officer by the
Commissioner of Income Tax (Appeals) vide order dated 20th day of
January 2012.
2.8 Related Party disclosure
Related party disclosure as identified by the management in accordance
with the Accounting Standard (AS) 18 on "Related Party Disclosures".
A) Name of related party and description thereof
i) Key Management Personnel(KMP) Mrs Meena Lohia - Director
B) Related party transaction
There are no transactions with the related party.
2.9 Business Segments :
Based on the nature of activities, risk and rewards and organization
structure, the Company has a single segment namely "Trading and
Textiles". Therefore, the Company's business does not fall under
different business segments as defined by "AS-17 "Segment Reporting"
issued by the Institute of Chartered Accountants of India.
Geographic Segments :
The Company operates predominantly with the geographical limits of
India. Accordingly, Secondary Segment has not been considered.
2.9 The financial statements for the year ended 31st March 2011 has
been prepared as per the then applicable, pre-revised Schedule VI to
the Companies Act, 1956. Consequent to the notification under the
Companies Act, 1956, the financial statements for the year ended 31st
March, 2012 are prepared under revised Schedule VI. Accordingly, the
previous year figures have also been classified to conform to this
year's classification.
2.10 Significant accounting policies and practices adopted by the
company are disclosed in the statement annexed to these financial
statements as Note 18.
Mar 31, 2011
1. Contingent liabilities amounting to Rs. 809,612/- in respect of
demand raised by the Income Tax Authorities vide notice under Section
226(3) dated 21.02.2011 have not been provided for in the Books.
2. Sundry Debtors include Rs.1,64,636/-, a time barred debt not
provided for, classified as more than six months is against sale of
Fixed Assets and balances of Sundry Debtors as on 31 st March, 2011 are
subject to confirmation.
3. Loans, Advances & Sundry Creditors are subject to confirmation from
parties.
4. Inventories includes 623 Debentures of a body corporate which has
been redeemed in three installments dated 23.04.1999, 23.04.2000 &
23.04.2001 respectively. Redemption proceeds for the same are yet to be
received.
5. Dues to Small Scale Undertakings to the extent and as such parties
have been identified from available information as on 31st March,2011
and outstanding for more than 30 days are NIL.
6. The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act 2006 and hence disclosure ,if any, relating to amounts
unpaid as at the year end together with interest paid/payable as
required under the said act have not been given.
7. The Income Tax Department has raised a demand for Rs. 5,04,563/- in
respect of assessment year 2006-07 under section 144 of the Income Tax
Act, 1961 vide order dated 26.11.08. The said demand was subsequently
enhanced to Rs 6,33,014/-vide order dated 25.02.2010 under section 154
of the Income Tax Act,1961. Further the demand was enhanced to Rs.
809,612/- vide notice dated 21.02.2011 under section 226(3) of the
Income Tax Act, 1961. However the current account of the Company with
HDFC Bank has been attached by the Income Tax Authorities in lieu of
said demand. The Company has preferred an appeal against the same
before the Commissioner of Income Tax (Appeals).
8. Related Party Disclosure
Related party disclosure as identified by the management in accordance
with the Accounting Standard (AS-18) on "Related Party Disclosures".
A) Name of related party and description thereof i) Key Management
Personnel KMP)
Mrs Meena Lohia - Director
B) Related party transaction
Transaction in relation to party referred in item (i) above
9. Segment Reporting
Business Segments :
Based on the nature of activities, risk and rewards and organization
structure, the Company has a single segment
namely Trading and Textiles. Therefore, the Companys business does not
fall under different business segments
as defined by "AS-17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India.
Geographic Segments:
The Company operates predominantly with the geographical limits of
India. Accordingly, Secorndary Segment has not been considered.
10. Previous year's figures have been regrouped/rearranged wherever
necessary and figures in brackets relates to previous year.
11. Schedule 1 to 10 & 16 form part of the Balance Sheet as at 31st
March, 2011 and Schedule 11 to 16 form part of the Profit & Loss
Account for the year ended 31 st March, 2011.
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