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Notes to Accounts of Interface Financial Services Ltd.

Mar 31, 2014

Note: 1

As explained to us, the Company has not employed during the year any personnel, who are eligible for gratuity under the Payment of Gratuity Act, 1972. Hence, no provision is being made for future gratuity liability on actuarial basis.

Note: 2

In view of carried forward business losses and unabsorbed depreciation, no provision for Current tax is being made.

Note: 3 Contingent liabilities:

a. Claims against the company not acknowledged as debt by the company:

i) The claim by the Customs Department, Mumbai in respect of earnest money received for sale of Mumbai Office from Mr. Naval Bangard, Ms. Sangeeta Bangard & others and subsequently forfeited by us amounting to Rs.35.00 lacs.

ii) Devolvement on underwriting obligations (including sub-underwriting) in respect of Kanan Steel Ltd. during the financial year 1995-96 amounts to Rs.21.15 lakhs.

b. Being aggrieved and dissatisfied by the order of the Income tax appellate tribunal dated 27-9-1999 for the Asst. yr. 1994-95 and 1995-96 allowing depreciation amounting to Rs.1,59,13,750/- and Rs.1,59,13,750/- respectively in respect of one of the leased assets, the department of Income-tax has preferred an appeal against the said order of ITAT with the High Court of Gujarat. As the ITAT''s order was in favour of the company, the Income-tax department has preferred an appeal. The appeal is still pending before High Court of Gujarat. However, the directors do not envisage any liability of Income tax arising out of such appeal.

Note: 4

It is not possible to identify SSI undertakings from amongst sundry creditors/other liabilities. Hence, details of dues to SSI undertakings are not being furnished.

Note: 5

There is no expenditure or income in foreign currency.

Note: 6

As per requirement of Reserve Bank of India, as the company has not earned any net profit during the year, hence no appropriation has been made to Special Reserve Fund.

Note: 7

In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business except doubtful loans and advances not provided for as mentioned in Note 7. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

Note: 8

Balances of Debtors, Creditors, Loans and Advances, deposits and other loans are as per the books and subject to confirmation and reconciliation, if any from respective parties.

Note: 9

Previous year''s figures have been regrouped and re-arranged wherever necessary.


Mar 31, 2013

Note: 1.

previous year''s figures have been regrouped and re-arranged wherever necessary.

Note; 2.

As explained to us the company has not employees during the year any personnel who are eligible for gratuity under the payment of Gratuity ACT, 1972. hence NO PROVISION IS BEING MADE FOR DUTURE gratuity liability on actuarial basis.

Note; 3.

In view of carried forward business losses and unabsorbed depreciation no provision for current tax is being made.

Note: 4

Contingent liabilities:

a) Claims against the company not acknowledged as bed by the company.

i) The claim by the customs Department Mumbai in respect of earnest money received for sale of Mumbai office from Mr, Naval Banger Ms, sangeeta Banged & others and subsequently forfeited by us amounting to Rs.35.00 lacs.

ii) Development on under writing obligations (including sub-underwriting) in respect of kanan steel ltd. during the financial year 1995-96 amounts to Rs.21.15 lakhs.

b) Being aggrieved and dissatisfied by the order of the income tax appellate tribunal dated 27-09-1999 for the Asst. yr 1994-95 and 1995-96 allowing depreciation amounting to Rs,1,59,13,750/- and Rs,1,59,13,750/- respectively in respect of one of the leased assets the department of income -tax has preferred an appeal ageist the said order of ITAT with the High court of Gujarat As the ITAT''s order was in favor of the company the income tax department has preferred an appeal The appeal is still pending before High court of Gujarat However the directors do not envisage any liability of income tax arising out of such appeal.

Note:5

It is not possible to indentify SSI undertakings from amongst sundry creditors/other liabilities Hence details of dues to SSI undertakings are not being furnished.

Note: 6

As per requirement of Reserve Bank of India as the company has not earned any net profit during the year hence no appropriation has been made to special Reserve Fund.

Note;7

In the opinion of the Directors the current assets loans and advances are approximately of the value as stated in the balance sheet if recalled in the ordinary course of the business except liabilities is adequate and not in excess of the amount reasonably required.

Note: 8

Balance of Debtors creditors loans and Advances deposits and other loans are as per the books and subject to continuation and reconciliation if any from respective parties.

Note; 9 Auditors remuneration includes.


Mar 31, 2012

Note: 1 Previous year''s figures have been regrouped and re-arranged wherever necessary.

Note: 2 As explained to us, the Company has not employed during the year any personnel, who are eligible for gratuity under the Payment of Gratuity Act, 1972. Hence, no provision is being made for future gratuity liability on acturial basis.

Note: 3 In view of carried forward business losses and unabsorbed depreciation, no provision for Current tax is being made.

Note: 4 Contingent liabilities:

a) Claims against the company not acknowledged as debt by the company:

i) The claim by the Customs Department, Mumbai in respect of earnest money received for sale of Mumbai Office from Mr. Naval Bangard, Ms. Sangeeta Bangard & others and subsequently forfeited by us amounting to Rs.35.00 lacs.

Ii) Devolvement on underwriting obligations (including sub-underwriting) in respect of Kanan Steel Ltd. during the financial year 1995-96 amounts to Rs.21.15 lakhs.

b) Being aggrieved and dissatisfied by the order of the Income tax appellate tribunal dated 27-9- 1999 for the Asst. yr. 1994-95 and 1995-96 allowing depreciation amounting to Rs.1,59,13,750/- and Rs.1,59,13,750/- respectively in respect of one of the leased assets, the department of Income-tax has preferred an appeal against the said order of ITAT with the High Court of Gujarat. As the ITAT''s order was in favour of the company, the Income-tax department has preferred an appeal. The appeal is still pending before High Court of Gujarat. However, the directors do not envisage any liability of Income tax arising out of such appeal.

Note: 5 It is not possible to identify SSI undertakings from amongst sundry creditors/other liabilities.

Hence, details of dues to SSI undertakings are not being furnished.

Note: 6 There is no expenditure or income in foreign currency.

Note: 7 As per requirement of Reserve Bank of India, as the company has not earned any net profit during the year, hence no appropriation has been made to Special Reserve Fund.

Note: 8 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business except doubtful loans and advances not provided for as mentioned in Note 12. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

Note: 9 Balances of Debtors, Creditors, Loans and Advances, deposits and other loans are as per the books and subject to confirmation and reconciliation, if any from respective parties.

Note: 10 Accounting Standard 22 for Accounting of Taxes requires the company to review the carrying amount of deferred tax liability and asset at each Balance Sheet date. The company has worked out deferred tax liabilities / assets as at 31st March 2011 In view of unabsorbed depreciation and carried forward business losses under tax laws, the net deferred tax assets have arisen. Till 2004-05, such deferred tax assets, if any, were not recognized in the books of accounts as a matter of prudence, in absence of virtual certainty of sufficient future taxable income. Since the year 2005-06, the company has recognized deferred tax assets/liabilities in terms of AS-22 in the books of accounts. The details of deferred tax asset/liability are as under:

Note: 11 As the Company''s business activities, in the opinion of the management fall within a single primary revenue segment i.e. financing and investments activities which are subject to the same risks and returns, the disclosure requirement of Accounting Standard (AS)-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is, in the opinion of the management, not applicable. Hence, no separate segment-wise information on revenue, results and capital employed has been given.


Mar 31, 2011

1. precious year's figures have been regrouped and re-arranged wherever necessary.

2. As explained to us, the Company has not employed during the year any personnel, who are eligible for gratuity under the Payment of Gratuity Act, 1972. Hence, no provision is being made for future gratuity liability on actuarial basis.

3. In view of carried forward business losses and unabsorbed depreciation, no provisions, for Current tax is being made.

4. Contingents liabilities:

a) Claims against the company not acknowledged as debt by the company:

i) The claim by the Customs Department, Mumbai in respect of earnest money received for sale Mumbai, Office from Mr. Naval Bangard, Ms. Sangeeta Bangard & others and subsequently forfeited by us amounting to Rs.35.00 laces.

ii) Devolvement on underwriting obligations (including sub-underwriting) in respect of kanan steel Ltd, during the financial year 1995-96 amounts to Rs.21.15 lakhs.

b) Being aggrieved and dissatisfied by the order of the Income tax appellate tribunal Date 27/09/1999 for the Asst yr. 1994-95 and 1995-96 allowing depreciation amounting to Rs.1,59,13,750/- and Rs.1,59,13,750/- respectively in respect of one of the leased assets, the department of Income-tax has preferred an appeal against the said order of ITAT with the High Court of Gujarat. As the ITAT's order was, in favour of the company, the Income-tax department has preferred an appeal. The appeal is still pending before High Court of Gujarat. However, the directors do not envisage any liability of Income tax arising out of such appeal.

5. It is possible to identify SSI undertakings from amongst sundry creditors/other liabilities. Hence, details of dues to SSI undertakings are not being furnished.

6. There is no expenditure or income in foreign currency.

7. As per requirement of Reserve Bank of India, as the company has not earned any net profit during the year, hence no appropriation has been made to Special Reserve Fund.

8. In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business except doubtful loans and advances not provided for as mentioned in Note 12. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

9. Balances of Debtors, Creditors, Loans and Advances, deposits and other loans are as per the books and subject to confirmation and reconciliation, if any from respective parties.

(b) All the above outstanding amount are considered as doubtful of recovery due to non availability / doubtful recovery of available assets in the respective companies and also negative net worth of such companies. No provision has been made for doubtful recovery of Rs. 865.25 Lacs against advance given to Interface Housing Finance Ltd, & Interface Network Marketing Pvt. Ltd, in the books of accounts.

10. Accounting Standard 22 for Accounting of Taxes requires the company to review the carrying Amount of deferred tax liability and asset at each Balance Sheet date. The company has worked out deferred tax liabilities / assets as at 31st March 2011 In view of unabsorbed depreciation and carried forward business losses under tax laws, the net deferred tax assets have arisen. Till 2004-05, such deferred tax assets, if any, were not recognized in the books of accounts as a matter of prudence, in absence of virtual certainty of sufficient future taxable income. Since the year 2005-06, the company has recognized deferred tax assets/liabilities in terms of AS-22 In the books of accounts. The details of deferred tax asset/liability are as under:

11. As the Company's business activities, in the opinion of the management fall within at single primary revenue segment i.e. financing and investments activities which are subject to the same risks and returns, the disclosure requirement of Accounting Standard (AS)-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is, in the opinion of the management, not applicable. Hence, no separate segment-wise information on revenue, results and capital employed has been given.

12.(A) Related party Disclosures:

(1) Subsidiaries:

1. Interface Network Marketing Pvt Ltd.

2. Interface Housing Finance Ltd.

13. Schedules 'A to 'G' are annexed to and form part of the accounts for the period ended on 31st March 2011.


Mar 31, 2010

1. Previous year's figures have been regrouped and re-arranged wherever necessary.

2. As explained to us, the Company has not employed during the year any personnel, who are eligible for gratuity under the Payment of Gratuity Act, 1972. Hence, no provision is being made for future gratuity liability on actuarial basis.

3. In view of carried forward business losses and unabsorbed depreciation, no provision for Current tax is being made.

4. Contingent liabilities:

a) Claims against the company not acknowledged as debt by the company:

i) The claim by the Customs Department, Mumbai in respect of earnest money received for sale of Mumbai Office from Mr. Naval Bangard, Ms. Sangeeta Bangard & others and subsequently forfeited by us amounting to Rs.35.00 lacs.

ii) Devolvement on underwriting obligations (including sub-underwriting) in respect of Kanan Steel Ltd. during the financial year 1995-96 amounts to Rs.21.15 lakhs.

b) Being aggrieved and dissatisfied by the order of the Income tax appellate tribunal dated 27-9-1999 for the Asst. yr. 1994-95 and 1995-96 allowing depreciation amounting to Rs.1,59,13,750/- and Rs. 1,59,13.750/- respectively in respect of one of the leased assets, the department of Income-tax has preferred an appeal against the said order of ITAT with the High Court of Gujarat. As the ITATs order was in favour of the company, the Income-tax department has preferred an appeal. The appeal is still pending before High Court of Gujarat. However, the directors do not envisage any liability of Income tax arising out of such appeal

5. It is not possible to identify SSI undertakings from amongst sundry creditors/other liabilities. Hence, details of dues to SSI undertakings are not being furnished.

6. There is no expenditure or income in foreign currency.

7. As per requirement of Reserve Bank of India, as the company has not earned any net profit during the year, hence no appropriation has been made to Special Reserve Fund .

8. In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business except doubtful loans and advances not provided for as mentioned in Note 12. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

9. Balances of Debtors, Creditors, Loans and Advances, deposits and other loans are as per the books and subject to confirmation and reconciliation, if any from respective parties.

(b) All the above outstanding amount are considered as doubtful of recovery due to non availability/ doubtful recovery of available assets in the respective companies and also negative net worth of such companies. No provision has been made for doubtful recovery of Rs. 865.25 Lacs against advance given to Interface Housing Finance Ltd. & Interface Network Marketing Pvt. Ltd, in the books of accounts.

10. Accounting Standard 22 for Accounting of Taxes requires the company to review the carrying amount of deferred tax liability and asset at each Balance Sheet date. The company has worked out deferred tax liabilities / assets as at 31st March 2010 In view of unabsorbed depreciation and carried forward business losses under tax laws, the net deferred tax assets have arisen. Till 2004-05, such deferred tax assets, if any, were not recognized in the books of accounts as a matter of prudence, in absence of virtual certainty of sufficient future taxable income. Since the year 2005-06, the company has recognized deferred tax assets/liabilities in terms of AS-22 in the books of accounts. The details of deferred tax asset/liability are as under:

11. The company has made provision for diminution in value of investment made in subsidiary companies namely Interface Brokerage & Research Limited interface Network Marketing Pvt.Ltd. and Interface Housing & Finance Ltd in earlier years, considering the same to be permanent nature. In view of operations of these companies, no further provision is thought necessary. Except for this, Management is of the view that shortfall in other investments between aggregate book value and aggregate market value as at 31/03/2010 is temporary and therefore no provision has been made.

12. As the company's business activities, in the opinion of the management fall within a single primary revenue segment i.e financing and investments activities which are subject to the same risks and returns, the disclosure requirement of Accounting Standard (AS)-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is, in the opinion of the management, not applicable. Hence, no separate segment-wise information on revenue, results and capital employed has been given.

13. (A) Related party Disclosures:

(1) Subsidiaries:

1. Interface Network Marketing Pvt. Ltd.

2. Interface Housing Finance Ltd.

(2) Associates:

1. Interface Capital Markets Pvt. Ltd.

2. Interface Brokerage & Research Ltd.

3. Agam Impex

4. Agam Infrastructure Pvt Ltd.

(3) Key Management Personnel:

1. Mahesh C Shah - Managing Director

2. Bhupendra K Shah - Director

3. Praful S Shah - Director

(4) Relatives of Key Management Personnel

1. Madhuben A Shah

2. Mahendra A Shah

3. Surekhaben M Shah

4. Sharmishta M Shah

14. Schedules A to K are annexed to and form part of the accounts for the period ended on 31st March 2010.


Mar 31, 2009

1. As resolved at the Board Meeting of the company on 29th October 2005, the Board of Directors intend to sell companys total investment in its wholly owned subsidiary namely Interface Brokerage and Research Limited (IBRL) at fair market value (not less than book value] of such shares to Himal K. Parikh, the Managing Director of the company and his family members. To this effect, on 29.4.2006, the company has also entered into MOU with the said party for sale of its 100% investment in IBRL. .

Pursuant to permission from respective Authority 100% investment in Interface Brokerage and Research Limited (IBRL) was sold in December 2007. After sale, Interface Brokerage and Research Ltd. has ceased to be subsidiary of the company

2. The net worth of Interface Network Marketing Pvt. Ltd and Interface Housing Finance Ltd has been fully eroded. However, the accounts of the same have been prepared on going concern basis.

3. Contingent liabilities:

Claims against the company not acknowledged as, debt by the company

i) In respect of Interface Financial Services Ltd. the claim by the Customs Department, Mumbai in respect of earnest money received for sale of Mumbai Office from Mr. Naval Bangard, Ms. Sangeeta Bangard & others and subsequently forfeited by us amounting to Rs. 35 Lacs (P.Y. 35 Lacs].

ii] In respect of Interface Financial Services Ltd. devolvement on underwriting obligations (including sub-underwriting) in respect of Kanan Steel Ltd. during the Financial Year 1995-96 amounts to Rs. 21.15 Lacs (P.Y. Rs. 21.15 Lacs).

iii) In respect of Interface Financial Services Ltd., being aggrieved and dissatisfied by the order of the Income Tax appellate tribunal dated 27/09/1999 for the Asst Year 1994-95 and 1995-96 allowing depreciation amounting to Rs.1,59,13,750/- and Rs. 1,59,13,750/- respectively in respect of one of the leased assets, the department of Income Tax has preferred an appeal against the said order of ITAT with the High Court of Gujarat As the ITATs order was in favour of the company, even though the Income Tax department has preferred an appeal, the directors do not envisage any liability of Income Tax arising out of such appeal.

4. According to information and explanations given to us the company has no information as to whether any of its sundry creditors constitute small scale Industrial undertaking and therefore amount due to such creditors has not been identified.

5. Balances of Debtors, Creditors, loans and advances, deposits and certain banks are as per books of account and are subject to confirmation/ reconciliation with respective parties.

6. There is no income or outgo in foreign currency during the year.

7. In respect of Interface Net work Marketing Pvt. Ltd. an amount of Rs. Nil have been written off as bad/doubtful debts in the books of accounts as in the opinion of the directors, of the company, the same are doubtful of recovery.

8. Management is of the view that shortfall in other investments between aggregate book value, aggregate market value as at 31/03/2009 is temporary, and therefore no provision has been made.

9. There are no separate segments-to be reported in each of the companies whose accounts are consolidated. Hence, no separate segment wise information on revenue, results and capital employed has been given.

10. In view of unabsorbed losses and in absence of taxable incomes under the provisions of the Income-tax Act, 1961 in the current year, there will be no income tax liability. Accordingly, no provision of income tax has been made for during the year.

11. As per requirement of Reserve Bank of India, as the company has earned net profit during the year, 20% of its net profit has been appropriated to Special Reserve Fund to the tune of Rs.nil- for the current year.

12. The investments of the company are generally held in the name of the company except for certain shares, securities and stock exchange cards, which are in the process of being transferred in the name of the company.

13. (a) Related party Disclosures:

(1) Subsidiaries

(1) Interface Network Marketing Pvt Ltd.

(2) Interface Housing Finance Ltd.

(2) Associates: Interface Capital Markets Pvt Ltd.

(2) Key Managerial Personnel:

1. Mahesh C Shah - Director

2. Bhupendra K Shah - Director

3. Praful S Shah - Director

4. Himal K Parikh Managing Director Up to 31/12/2007

(3) Relatives of Key Managerial Personnel:

1. Madhuben A Shah

2. Mahendra A Shah

3. Surekhaben M Shah

4. Sharmishta M Shah

5. Paulomi H Parikh

6. Snehlata K Parikh

7. Jay H Parikh

8. Saloni H Parikh

14. Deferred taxation:

Interface Housing Finance Ltd and Interface Network Marketing Pvt Ltd have unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961. In the absence of virtual certainty of sufficient future taxable income, as a matter of prudence, deferred tax assets for current years losses are not recognized in the accounts of such companies. In respect of Interface Financial Services Ltd and Interface Brokerage & Research Ltd., deferred tax assets and liability are recognized in the accounts, in terms of AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

15. In respect of Interface Network Marketing Ltd., details of F&O transactions are asunder:

a. Initial margin on equity derivative Instruments has been paid in cash.

16. Figures pertaining to the subsidiary companies have been reclassified wherever necessary to bring them in line with the Parent Companys financial statements.

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