Home  »  Company  »  Magnum Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Magnum Ltd.

Mar 31, 2015

1. SHARE CAPITAL

a) The Company has one classes of Share referred to as Equity Shares having a par value of Rs.10/-. Each holder of one Share is entitled to one vote per share.

b) In the event of liquidation of the Company,the holders of onw Equity Shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The amount distributed will be in proportion to the number of Equity Shares held by the shareholders.

2. GENERAL INFORMATION

a) The Schedule ill has been notified under the Companies Act 2013 and has become applicable to the company with effect from the year ended March 31, 2015 for preparation and presentation of the financial statements. Accordingly, the financial statements have been prepared and presented as per the Schedule III.

b) All amounts in the financial statements are presented in Rupees except per share data and as otherwise stated. The figures of previous year also have been re-classified and regrouped wherever considered necessary to confirm with the figuresin accordance with the requirements applicable for the current year.

3. Segment Reporting

The Company has only one reporting segment as per Accounting Standard 17 on "Segment Reporting". The Company is operating only in India which is considered as a single geographical segment.

4. Related Party Disclosure

Description of Related parties :

Sr. Relationship Name No

1. Promoters M/s PavakiVanijya Private Limited

2. Key Managerial Personnel (KMP) Mr. Santosh Kumar Awasthi

3. Enterprises Owned / Influenced M/s Scorpio Energy Resources by KMP or their Relatives Private Limited.

4. Subsidiary Company a) Bluebell Trexim Limited.

b) Skysail Vincom Limited

c) TrilokeshVincom Limited


Mar 31, 2014

1.00 GENERAL INFORMATION

a) The revised Schedule VI has been notified under the Companies Act 1956 and has become applicable to the company with effect from the year ended March 31, 2012 for preparation and presentation of the financial statements. Accordingly, the financial statements have been prepared and presented as per the revised Schedule VI.

b) All amounts in the financial statements are presented in Rupees except per share data and as otherwise stated. The figures of previous year also have been re-classified and regrouped wherever considered necessary to confirm with the figures in accordance with the requirements applicable for the current year.

1.01 Segment Reporting

The Company has only one reporting segment as per Accounting Standard 17 on "Segment Reporting". The Company is operating only in India which is considered as a single geographical segment.


Mar 31, 2013

1.01 GENERAL INFORMATION

a) The revised Schedule VI has been notified under the Companies Act 1956 and has become applicable to the company with effect from the year ended March 31, 2012 for preparation and presentation of the financial statements. Accordingly, the financial statements have been prepared and presented as per the revised Schedule VI.

b) All amounts in the financial statements are presented in Rupees except per share data and as otherwise stated. The figures of previous year also have been re-classified and regrouped wherever considered necessary to confirm with the figures in accordance with the requirements applicable for the current year.

1.02 Segment Reporting

The Company has only one reporting segment as per Accounting Standard 17 on "Segment Reporting". The Company is operating only in India which is considered as a single geographical segment.


Mar 31, 2012

(i) Rights , preferences and restrictions attached to Equity Shares :

(a) The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-

(b) Each holder of equity shares is entitled to one vote per share.

(c) In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.

1.1 Deferred tax Liabilities (Net) :

In accordance with Accounting Standard 22 "Accounting for Taxes on Income", the Company has Deferred Tax Assets of Rs. Nil ( P. Y Rs. Nil/-) and Deferred Tax Liabilities of Rs. 9,78,737/- (P.Y Rs. 9,55,388/-). However, as a matter of prudence deferred tax assets only to the extent of the amount of deferred tax liabilities, as above, have been recognized.

1.2 In the opinion of the management, assets other than fixed assets are realisable at-least at the value stated if realized in the ordinary course of business.

1.3 Segment Reporting :

The Company is engaged in one reportable segment and therefore disclosures as Accounting Standard (AS) - 17 "Segment Reporting" notified in Companies (Accounting Standards) Rules, 2006 are not given.

1.4 Till the year ended March 31, 2011, the company was using pre- revised Schedule VI to the Companies Act, 1956, for prepareation 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 conform to this years classification.


Mar 31, 2010

I. TOTAL FOREIGN EXCHANGE EARNING & OUTGO:

1. Earning in Foreign Exchange for Export of Goods & Services: Rs. NIL (Rs. NIL in Previous Year).

2. Expenditures in Foreign Currency for Import of Materials, Traveling & Others: Rs. NIL (Rs. NIL in Previous Year).

3. Balance sheet abstract and companys general business profile as required in terms of the Part IV of the Schedule Vl of the Companies Act, 1956 is attached herewith.

4. Balance of Sundry Debtors, Loans & Advances, Deposits & Sundry Creditors are subject to confirmation and as certified by the management as to recoverability.

5. Amount has been rounded off to nearest rupee.

6. There is no amount payable to any small scale Industrial undertakings.

7. Particulars relating to Software: -

The Company was engaged in the development of Computer Software. The production and sale of such Software cannot be expressed in generic unit. Hence it is not possible to give quantitative details as required under paragraph 3 and 4 C of part II of Schedule VI of the Companies Act, 1956. However during the year company has not done any commercial activity.

8. Previous Years figures have been regrouped wherever necessary.

9. Taxation

A. No Provision for Income tax has been made as there is no profit in the current year.

B. Consequent to the issuance of Accounting Standard-22 Accounting for Taxes on Income by the ICAI which is mandatory in nature, the Company has recognized Deferred Taxes which result from the timing difference between the Book Profits/(Loss) and Ta x Profits/(Loss). Consequently, as require by the Standard the Company has recognized the deferred tax balance that would have accumulated prior to adopting the standard, if the standard had been in effect from the beginning. Details of deferred Tax Liability/Assets have been shown as under.

Note

Deferred Tax Assets on account of Depreciation was Rs. 50,973/- for the current year is transferred to profit & loss account. This is on account of Timing Difference of Depreciation provision. The above provi- sion is made as required by Accounting Standard-22 issued by The Institute of Chartered Accountants of India.

10. There is no lease transaction during the year as per Accounting Standard-19.

11. The Company is operating only in one Segment hence no Segment-wise disclosure as per Accounting Standard 17 is provided.

12. RELATED PARTY (AS IDENTIFIED BY THE COMPANY) DICLOUSURES UNDER ACCOUNTING STAN- DARD 18:-

I. Associates

1. Electrotherm (India) Ltd.

2. Ahmedabad Aviation And Aeronautics Ltd.

3. Alwar Trading And Investment Company

4. Adroit Trading And Investment Company

5. Afghan Trading Pvt. Ltd.

6. Bhandari Brothers Commercial Pvt. Ltd.

7. Bhaskarpara Coal Company Ltd.

8. Crystal Real Estate Pvt. Ltd.

9. E-Motion Power Ltd.

10. ET - Elec Trans Ltd.

11. Electrotherm Infrastructure Pvt. Ltd.

12. Electro Salt & Water Ltd.

13. Electrotherm Engineering & Projects Ltd.

14. Electrotherm Renewables Ltd.

15. Electrotherm Foundation

16. EIL Software Pvt. Ltd.

17. EIL Software Services Offshore Pvt. Ltd.

18. EIL Hospitality Pvt. Ltd.

19. EIL Realty Pvt. Ltd.

20. EIL Technology Pvt. Ltd.

21. Gujarat Mint Alloys Ltd.

22. Global Avianautics Ltd.

23. Indus Elec Trans Pvt. Ltd.

24. Indus Real Estate Pvt. Ltd.

25. ICS Commercial Pvt. Ltd.

26. Jayshri Petro Yarn Pvt. Ltd.

27. Liberty Finance & Leasing Com. Pvt. Ltd.

28. New Delhi Real Estate Pvt. Ltd.

29. Palace Tours &Air Charters Pvt. Ltd.

30. Palanpur Reality Developers Pvt. Ltd.

31. Palace Infrastructure Pvt. Ltd.

32. Suraj Real Estate Pvt. Ltd.

33. S B Realty Developers Pvt. Ltd.

34. Sun Infrapower Pvt. Ltd.

35. Sun Residency Pvt. Ltd.

36. S. N. Advisory Pvt. Ltd.

37. Suraj Advisory Services Pvt. Ltd.

38. Western India Specialty Hospital Ltd.

II. Key Management Personnel

1. Mr. Shailesh Bhandari

2. Mr. Nagesh Bhandari

III. Relatives Of Key Management Personnel

(Where Transaction Has Taken Place) NIL

IV. Transaction with Related Parties

Company has not entered in to any transaction with related party during the year.

13. As per the Accounting Standard 13, diminution in the value of Investment of Rs. 1,30,61,861/-requires to be charged to P&L A/c. Now, if it would have been charged to P&L A/c. it could resulted in to Net loss of 1,60,71,499/-. As per managements perceptions, since the Investments are kept for Long term, periodical diminutions are not provided for.

 
Subscribe now to get personal finance updates in your inbox!