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Notes to Accounts of Krishna Ventures Ltd.

Mar 31, 2015

(a) Related Party Relationships are identified by the company and relied upon by the auditor

(b) Amount written off or written back in the period in respect of Debts due from or to Related Parties – NIL

(c) Provision for Doubtful Debts due from Related Parties – NIL

1 Information on Accounting for Taxes on Income as per Accounting Standard 22 on "Accounting for Taxes "

"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India has become mandatory to the Company with effect from 1st April, 2001. However, in absence of any difference between the Accounting and Taxable income, no adjustment on account of Current and Past Deferred Tax would be required.

2. Trade Receivables, Trade Payables, Advances and Deposits balances are subject to confirmation and subsequent reconciliation.

3. There are no amounts that need to be disclosed pertaining to Micro and Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). As at March 31, 2013, no supplier has intimated the Company about its status as Micro or Small Enterprises or its registration with the appropriate authority under 'The Micro, Small and Medium Enterprises Development Act, 2006'.

4. Information on Segment Reporting as per Accounting Standard 17

The Company's operation relate only to Business of Builder, Contractor, Developer and Consultancy and thus has only one reportable segment under Accounting Standard 17 on "Segment Reporting".

5. Previous year's figures have been regrouped, rearranged and reclassified to correspond with the current year's figure, wherever considered necessary.


Mar 31, 2012

1(a) Out of above shares 7,50,000 Equity Shares of Rs. 10/- each have been allotted as fully paid- up Bonus Shares by capitalizing the Securities Premium Account.

1(b) Out of 99,00,000 Equity Shares allotted during the year , 21,60,000 Equity Shares shall be under locked-in for the period of 3 years i.e.upto 13th May,2014 and 77,40,000 Equity Shares shall be under locked-in for the period of 1 year i.e. upto 13th May,2012.

2. Information on Accounting for Taxes on Income as per Accounting Standard 22 on "Accounting for Taxes " "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India has become mandatory to the Company with effect from 1st April, 2001. However, in absence of any difference between the Accounting and Taxable income, no adjustment on account of Current and Past Deferred Tax would be required.

3. Sundry Creditors are subject to confirmations

4. There are no amounts that need to be disclosed pertaining to Micro and Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). As at March 31, 2012, no supplier has intimated the Company about its status as Micro or Small Enterprises or its registration with the appropriate authority under 'The Micro, Small and Medium Enterprises Development Act, 2006'.

5. During the year the company has recovered the Profession Tax from its employees. However the same is not deposited to the credit of the Government in the absence of registration with Professional tax authorities.

6. Information on Segment Reporting as per Accounting Standard 17

The Company's operation relates only to Business of Builder, Contractor, Developer and Consultancy and thus has only one reportable segment under Accounting Standard 17 on "Segment Reporting".

7. The Company has filed a scheme of merger under sections 391 to 394 of the Companies Act,1956 before the High Court of Judicature at Jaipur and Bombay for merger of Rudra Mahima Business Venture Limited (RMBVL) into the company whereby all the assets and liabilities of RMBVL will be will be transferred to the company with effect from 1st day of April,2011, however, the approval of the scheme is still pending before the High Court of Judicature at Jaipur and Bombay.

 
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