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Notes to Accounts of Indoworth Holdings Ltd.

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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