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Notes to Accounts of Lykis Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) No provision for interest has been made on the advances taken or given pending reconciliation and confirmation of respective parties.

(b) The company has given unconditional undertaking to Pay Rs. 88,000/- to DGFT by way of Bank Guarantee for taking the EPCG Licence. The said bank guarantee is issued by Indian Bank , Silchar Branch against Fixed deposit of the same amount.

2. During the current financial year company has written off Rs 1,74,63,292.42 on a/c of DFIA which was receivable against the export made in earlier year but could not be claimed with the government authority due to non compliance of DGFT norms, statutory authority sanctioning the export benefit, DFIA etc.

3. There is a agriculture income Tax Demand of Rs. 6,79,380/- for the Asst.Year 2007-08 which has been disputed by the Company.

4. Pursuant to the transition provisions prescribed in Schedule Il to the Companies Act, 2013, the Company has fully depreciated the carrying value of the assets, net of residual value, where the remaining useful life of the asset was determined to be Nil as on 1 April, 2014, and has adjusted an amount of Rs.52,58,387/- against the opening surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

5. Previous year figure has been regrouped or rearranged wherever it is required to be done.


Mar 31, 2014

1. (a) 45,000 Equity Shares of Rs.10/-each issued as fully paidup for consideration other than Cash.

(b) 12,75,340 Equity Shares of Rs. 10/- each issued as fully paid up bonus shares through capitalisation of Reserves and Surplus.

(c) The above (a) and (b) were not issued within the period of five years immediately preceding the date as at 31st March, 2014.

(d) 22,07,350 Equity shares of Rs. 10/-each are forfeited shares.

(e) During the year the Company has allotted 40,00,005 nos. of Equity Shares.

2 Terms / rights attached to equity shares.

The company has only one class of equity shares having 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 amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Based on the information/documents available with the Company no creditors is covered under Micro, Small and Medium Enterprise Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures thereof are made in this financial statement.

3 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) The liabilties for future payment of Gratuity to employees is roughly estimated and provided to the extent of Rs. 33,712.54 and not based on actuarial basis.

(b) No provision for interest has been made on the advances taken or given pending reconciliation and confirmation of respective parties.

(c) The company has given unconditional undertaking to Pay Rs. 88,000/- to DGFT by way of Bank Guarantee for taking the EPCG Licence. The said bank guarantee is issued by Indian Bank, Silchar Branch aginst Fixed deposit of the same amount.


Mar 31, 2013

1 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) The liabilties for future payment of Gratuity to employees is roughly estimated and provided to the extent of Rs. 1,03,948.34 and not based on acturial basis.

(b) No provision for interest has been made on the advances taken or given pending reconciliation and confirmation of balances from parties. Balances of Trade receivable .Trade Payable & Advances are subject to confirmation from respective parties.

(c) The company has given unconditional undertaking to Pay Rs. 88,000/- to DGFT by way of Bank Guarantee for taking the EPCG Licence. The said bank guarantee is issued by Indian Bank , Silchar Branch aginst Fixed deposit of the same amount.

2 RELATED PARTY DISCLOSURE

In terms of Accounting Standard 18 -the related party disclosure are given below :

(i) List of Related Parties where control exists and related parties with whom transactions have taken place and relationships:

Name of the Related Party Relationship

Jin-X Marketing Pvt. Ltd. Subsidiary Company

Lykis Pharma Pvt. Ltd Subsidiary Company

Sanzi Group Import & Export Enterprises over which key Managerial personnel are able to exercise significant influence

Kedia Securities Pvt. Ltd. Enterprises over which key Managerial personnel are able to exercise significant influence

Sanzi International Pvt. Ltd. Enterprises over which key Managerial personnel are able to exercise significant influence

Vljay Kishanlal Kedia Key Managerial Personnel

Prince Tulsian Key Managerial Personnel

3. Previous year figure has been regrouped or rearranged wherever necessary.


Mar 31, 2012

I (a) 45,000 Equity shares of Rs10/- each issued as fully paid up for consideration other than Cash.

(b) 12,75,340 Equity shares of Rs 10/- each issued as fully paid up bonus shares through Capitalisation of Reserves and Surplus.

(c) The above (a) and (b) were not issued within the period of five years immediately preceding the date as at 31 st March, 2012.

(d) 22,07,350 Equity shares of Rs10 /- each are forfeited shares.

ii Terms / rights attached to equity shares.

The company has only one class of equity shares having 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 amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

i Terms and conditions : Company has received part Share Application money amounting to Rs.4,00,00,050/- against issue of Preferential Equity Shares.

ii Number of shares proposed to be issued - 53,33,340 nos of Equity Shares of Rs.10/-each

iii Theamountof premium, ifany- Premium ofRs 5/- per equity share.

iv The period before which shares are to be alloted - 53,33,340 nos of Equity Shares to be alloted on or before 09.04.2012.

v Whether the company has sufficient authorized share capital to cover the share capital amount on allotment of shares Out of share application money - Yes the Company has sufficient Authorised Capital to cover up the allotment of above Shares.

vi The period for which the share application money has been pending beyond the period for allotment as mentioned in the share application form along with the reasons for such share - application money being pending.- There is no Application money pending beyond the period as mentioned in the Share Application Form.

1 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) The liabilties for future payment of Gratuity to employees is roughly estimated and provided to the extent of Rs1,27,900.34 and not based on actuarial basis.

(b) No provision for interest has been made on the advances or loan taken or given pending reconciliation and confirmation of balances from parties. Balances of Trade Receivable .Trade Payable and Loans and Advances are subject to confirmation from respective parties.

(c) The company has given unconditional undertaking to Pay Rs 88,000/- to DGFT by way of Bank Guarantee for taking the EPCG Licence. The said bank guarantee is issued by Indian Bank, Silchar Branch against Fixed deposit of the same amount.

2 EXPENDITURE IN FOREIGN CURRENCY & EARNINGS IN FOREIGN EXCHANGE

During the year company has neither incurred any expenditure in foreign currency nor earned any foreign exchange.

3 DIVERSIFICATION OF BUSINESS

During the year the company has diversified its business and entered in to the business of Fast Moving Consumer Goods (FMCG). It has launched multiple FMCG Products in various brands and has started marketing these products through - out India.

4 The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act ,1956 issued by Ministry of corporate affairs.Previous period's figure have been recasted/restated to conform to the classification required by the Revised Schedule VI.


Sep 30, 2011

A. Contingent Liabilities no provided or :

i. The liabilities for future payment of gratuity to employees is roughly estimated and provided ' to the extent of Rs. 1,77,295.34 and not based on actuarial basis. ,

ii. Liabilities if any that may arise due to late payment of Central and Agricultural Income Tax, Fringe Benefit Tax, VAT, Tax deducted at source, P. F. Accumulations etc, has not been provided for the actual quantum and its effect on the profitability of current periods profit has ' not been ascertained by the management.

b. No provision for interest has been made on the advances or loan taken or given pending , reconciliation and confirmation of balances from the parties. Balances of Sundry Debtors and ' creditors, loans and advances and others are subject of the confirmation from the respective parties.


Sep 30, 2010

A. Contingent Liabilities not provided or:

i. The liabilities for future payment of gratuity to employees is roughly estimated and provided to the extent of Rs 3,02,295.34 and not based on actuarial basis.

ii. Liabilities if any that may arise due to late payment of Central and Agricultural Income Tax, Fringe Benefit Tax, VAT, Tax deducted at source, P. F. Accumulations etc. has not been provided for the actual quantum and its effect on the profitability of current periods profit has not been ascertained by the management.

b. Share Capital

Share Capital for the period of audit was rectified to the extent of Rs. 28,000/- as compared to the previous year due to reversal of clerical error made in the year 1995-96 on account of excess amount received erroneously transferred to the share allotment account, in respect of which no shares were allotted.

c. No provision for interest has been made on the advances or loan taken or given pending reconciliation and confirmation of balances from the parties. Balances of Sundry Debtors and creditors, loans and advances and others are subject of the confirmation from the respective parties.

d. Segment Information:

Since the companys listing is suspended at stock exchanges for more than three years, the company is exempted to provide the segment information as per the Accounting Standard-17 issued by the Institute of Chartered Accountants of India accordingly the information required under segment information has not been provided.

h. Due from Director or Managing Directors Amount due Max Amount Due

NIL NIL

ii. Previous years figures have been re-arranged and/or re-grouped wherever considered necessary


Jun 30, 2009

A. Contingent Liabilities not provided or:

(i) The liabilities for future payment of gratuity to employees is roughly estimated and provided to the extent of Rs 3,02,295.34 and not based on actuarial basis. (iii) Liabilities if any that may arise due to late payment of Central and Agricultural Income Tax,

Fringe Benefit Tax, VAT, Tax deducted at source, P. F. Accumulations etc. has not been provided for the actual quantum and its effect on the profitability of current periods profit has not been ascertained by the management.

b. No provision for interest has been made on the advances or loan taken or given pending reconciliation and confirmation of balances from the parties. Balances of Sundry Debtors and creditors, loans and advances and others are subject of the confirmation from the respective parties.

c. Segment Information :

Since the companys listing is suspended at stock exchanges for more than two years, the company is exempted to provide the segment information as per the Accounting Standard-17 issued by the Institute of Chartered Accountants of India accordingly the information required under segment information has not been provided.

(i) Previous years figures have been re-arranged and/or re-grouped wherever considered necessary.

(ii) Previous year figures are not comparable with current periods figure since current period covers a period of fifteen Months.

 
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