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Notes to Accounts of Iris Mediaworks Ltd.

Mar 31, 2015

1. SHORT TERMS PROVISION

(a) The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

(b) Current liabilities do not include any amount to be credited to investor education and protection fund.

2. RELATED PARTY TRANSACTION

a) Key Managerial Person

Rajendra Karnik Bimal Kamdar

3.The previous year figures have been regrouped, rearranged wherever necessary.


Mar 31, 2014

1. No Bonus shares issued immediately preceding five years from the date of balance sheet

The Company has not received any memorandum (as required to be filed by the Supplier with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March 2014 as Micro, Small or Medium Enterprises. Consequently the amount paid / payable to these parties during the year is NIL.

(a) The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

(b) Current liabilities do not include any amount to be credited to investor education and protection fund.

Note 2. The previous year figures have been regrouped, rearranged wherever necessary.


Mar 31, 2011

1. Previous year figures of the Balance Sheet have been regrouped and reclassified wherever necessary for the purpose of comparison. The amounts have been rounded off to the nearest rupee. The financial statement for the current period are of 9 months i.e. from 1st July, 2010 to 31st March, 2011.

2. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary. However in the opinion of the auditors, the current assets in the form of sundry debtors are non-moving and should have been classified as doubtful.

3. Confirmations for balances of Sundry Creditors, Debtors, and Unsecured Loans and Advances by respective parties have not been obtained.

4. Contingent Liabilites :

For A.Y. 2002-2003 penalty proceeding u/s. 271(l)(c) of Income Tax Act, 1961 was intiated against the Company as per the assessment order passed u/s. 143(3) dated 19.02.2005. However, the same was stayed, as the company was is in appeal before the Commissioner of Income Tax (Appeals) agaisnt the said Penalty order. The CIT (Appeals) by his order dated 08.11.2005 upheld the order of assessing officer. Now, the Company is in appeal before the ITAT agaisnt the order of the CIT (Appeals) and the matter is pending till date and is yet to be heard.

No liabilities have been provided for interest and penalites that may be payable for violation of laws applicable for irregular and non-payment of VAT, Service Tax and for delays in meeting statutory provisions of other taxations laws applicable to the company.

5. The company has not received any intimation as on 31st March, 2011, from suppliers regarding their status under the Micro, Small and Medium Enterprises Development, Act, 2006 and hence disclosures, 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.

6. Auditor's Remuneration is exclusive of Service Tax.

7. The Company has not paid the VAT Liability of Rs. 1,67,204/- and has also not filed the periodic VAT Returns.

8. The Company has not paid the Service Tax Liability of Rs. 8,14,212/- and has also not filed the periodic Service Tax Returns. The Management is of the opinion that the Service Tax Liability is only Rs. 1,08,594/- after claiming the Refund of Rs. 7,05,617/- for the previous year 2009-10, for which the Company has not fied the Service Tax Returns.

9. The Company is not in possession of the Certificates issued by Foreign Company for withholding Tax amounting to Rs. 15,37,305/- deducted by it from payments made to the Company. The entries pertaining to the same have been passed on the basis of the monthly payments report issued by the said foreign company.

10. During the period under audit, the Company has written off Sundry Creditors amounting to Rs. 48,62,210/- and also has written off Sundry Debtors amounting to Rs. 73,88,325/- as the management feels that it is neighter recoverable nor payable.

11. The computation of net profit for the purpose of calculation of director's remuneration u/s. 349 of the Companies Act, 1956 has not been made in view that no commission is payable or has been paid to the directors of the company of, the period.

12. During the Last year, the Company has issued 58,00,000 preferential Convertible Warrants of Rs. 5/- each issued at Premium of Rs. 5/- per share to the Promoters and the outsiders and during the year, the Company has converted and allotted 21,83,444 shares against such warrants and has raised money to the tune of Rs. 218,34 Lacs. The Company has forfeited 6,72,890 Preferential Convertible Warrants due to non payment of the balance call money within time limit and therefore the share application money received amounting to Rs. 16.82 lacs has been transferred to General Reserves. The Company has transferred excess Share application money received amounting to Rs. 46.02 Lacs to Current Liabilities Account.

During the year, the Company has issued additional 9,04,25,000 convertible warrants of Rs. 5/- each at a premium of Rs. 9/- per share Rs. 3.50 paid up and has received Rs. 777.79 Lacs as share application money.

13. As the company has no manufacturing activity, there are no information to be provided for licenced. Installed and other quantitative details.

In calculating the diluted earning per share, the company has not considered the issue of share Warrants on preferential basis which were not allotted.

14. The financial statements of the subsidiary were not consolidated with the parent company as required by AS 21 which deals with consolidated financial statement due to absence of Audited financial statement of the subsidiary.

15. The company has invested in the unquoted equity shares of the various companies. However, the company does not have physical share certificate representing the same shares.

16. The company has not prepared segment financial statement.

17. Additional Information as required under Schedule VI of the Companies Act, 1956 are either Nil or Not Applicable.

 
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