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Notes to Accounts of Innoventive Venture Ltd.

Mar 31, 2014

Note 1.1 - The Managing Director has been appointed during the year w.e.f 12 November 2012. The salary of the Managing Director is in Excess of the limit prescribed for Loss making companies. However, the company has complied with the new provision inserted in Schedule XIII, Part II, Section II by notification no. G.S.R. 534 (E) dated 14 July 2011 as per point no. 3 and hence no Central Government approval was required as per the Management.

2 Related party transactions

Parties where control exists Subsidiaries

- Highbrow Investments Pvt. Ltd.

Associates

- GeneOmbio Technologies Pvt. Ltd.

- Opal Luxury Time Products Pvt Ltd.

- Aim Filtertech Pvt. Ltd. (ceased to be subsidiary)

- Membrane Filters (India) Pvt. Ltd. (ceased to be subsidiary)

3 Contingent Liabilities

As per the management, there are no contingent liabilities outstanding as on balance sheet date.

5 As per the management, the company does not envisage any liability for AS-15, Retirement Benefits for the current year and also for the previous years since the number employees working with the company are less than the prescribed limit.

6 In the opinion of the Board, the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and provision for all the known liabilities have been made, subject to and read together with the notes thereon at the reasonable amounts.

7 As per Regulatory Framework for Core Investment Companies where not less than 90% of their Assets were in investment in shares for the purpose of holding stake in the company is considered to be an Investment Company as per Section 45-IA of the RBI Act, 1934. The company though falls as an Investment Company but is exempted from the Registration as per following Guidelines / notifications since Asset Size is Less than 100 Crores.

- DNBS (PD) CC. No. 206/ 03.10.001/ 2010-11 dated January 5, 2011

- Notification No. DNBS. (PD) 219/ CGM (US) – 2011 dated January 5, 2011

- Notification No. DNBS. (PD) 220/ CGM (US) – 2011 dated January 5, 2011

- Notification No. DNBS. (PD) 221/ CGM (US) – 2011 dated January 5, 2011

8 Provisions of Section 372 of the Companies Act, 1956 needs to be complied by the company since at the time of making investment, the investments were done in the subsidiaries of the company & therefore it was exempted but subsequently the investment in the subsidiaries is diluted & has become associate & therefore company is taking necessary action to ratify the same in the next annual general meeting along with Central Government Approval.

9 Provisions of Section 372A of the Companies Act, 1956 needs to be complied by the company during the year and the company is taking necessary action to ratify the same in the next annual general meeting.


Mar 31, 2013

1 Related party transactions

a) Parties where control exists

Subsidiaries

- Aim Filtertech Pvt. Ltd.

- Membrane Filters (India) Pvt. Ltd.

Associates

- geneOmbio Technologies Pvt. Ltd

- Opal Luxury Time Products Pvt. Ltd

2 Contingent Liabilities

There are no contingent liabilities outstanding as on balance sheet date.

3 In the opinion of the Board, the company does not envisage any liability for AS-15, Retirement Benefits for the current year and also for the previous years since the number employees working with the company are less than the prescribed limit.

4 In the opinion of the Board, the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and provision for all the known liabilities have been made, subject to and read together with the notes thereon at the reasonable amounts.

5 As per Regulatory Framework for Core Investment Companies where not less than 90% of their Assets were in investment in shares for the purpose of holding stake in the company is considered to be an Investment Company as per Section 45-IA of the RBI Act, 1934. The company though falls as an Investment Company but is exempted from the Registration as per following Guidelines / notifications since Asset Size is Less than 100 Crores.

- DNBS (PD) CC. No. 206/ 03.10.001/ 2010-11 dated January 5, 2011

- Notification No. DNBS. (PD) 219/ CGM (US) – 2011 dated January 5, 2011

- Notification No. DNBS. (PD) 220/ CGM (US) – 2011 dated January 5, 2011

- Notification No. DNBS. (PD) 221/ CGM (US) – 2011 dated January 5, 2011


Mar 31, 2012

1 Contingent Liabilities

As per the management, there are no contingent liabilities outstanding as on balance sheet date.

2 Change in the Management

During the financial year, Mr. Chandu Chavan, Promoter has taken over this Company from Capetown Trading Company Pvt. Ltd. (Erstwhile Promoter). Post takeover, existing management has changed name as well as registered office and also main object clause of the Memorandum of Association of the Company.

3 As per the management, the company does not envisage any liability for AS-15, Retirement Benefits for the current year and also for the previous years since there are no employees working with the company.

4 In the opinion of the Board, the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and provision for all the known liabilities have been made, subject to and read together with the notes thereon at the reasonable amounts.

5 Prior year comparatives

Till the year end March 31, 2011, the company had adopted pre-revised Schedule VI as required by the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company. The Company has reclassified previous year figures to confirm to this year's classification. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.

6 As per Regulatory Framework for Core Investment Companies where not less than 90% of their assets were in investment in shares for the purpose of holding stake in the company is considered to be an investment company as per section 45IA of the RBI Act , 1934. The company though falls as an investment company but is exempted from the registration as per following guidelines / notifications since the asset size is less than 100 Crores.


Mar 31, 2010

Not Available

 
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