Mar 31, 2014
A) Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax asset
and liability recognised for future tax consequences attributable to
the timing differences that profit offered for income tax and the
profit as per the financial statments
Deferred tax liability & Asset are measured as per the tax rates/laws
that have been enacted or substantively enacted by the Balance Sheet
date.
b) EPS
The Earning considered in ascertaining the Company''s earnings per share
composes net profit after Tax. The number of shares used in computing
basic earning per share is weighted average number of shares
outstanding during the year.
c) Gratuity
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit. 1)
Particulars of Employees in accordance with Sub-section (2A) of Section
217 of the Companies Act, 1956 read with Companies (Particulars of
Employees)
NIL
d. Detailed information regarding quantitative particulars under part
II of Schedule VI to the Companies Act, 1956.
NIL
e. The Company is engaged in investment in Capital Market. The
production and sale of such services cannot be expressed in any Generic
Unit. Hence, it is not possible to give the quantitative details of
sales and the information as required under Paragraphs 3 and 4c of part
II of Schedule VI to the Companies Act, 1956.
f. There are no dues to SSI Units outstanding for more than 30 days.
g. Confirmations were obtained from debtors / creditors as to the
Balances receivable from/payable to them as at year end.
h. a) Income Tax authorities have levied tax liability of Rs.
2,04,49,720/- for the Asst.Year 2005-06 and the Company has filed an
appeal before the Commissioner of Income Tax (Appeals) and the appeal
is Confirmed as per Assessing Officer views except some relief. The
company has paid Rs 80.10 Lakhs and Appeal is pending before the
Tribunal.
b) An order U/s 263 of Income Tax Act 1961 was passed by the
Commissioner of Income Tax IV Hyderabad on 26/3/2013 for the Asst Year
2007-08 setting aside the assessment order passed by the Assessing
Officer is erroneous. The Company taking steps to file an appeal before
the tribunal.
c) The Company has filed appeal before the Tribunal, Hyderabad, Andhra
Pradesh for the FY''S 2004-05, 2005-06, 2006-07, 2007-08, 2008-09 and
2009-10 and the same are pending for disposal.
The Provision has not been made in accounts for the above tax amounts.
i. As there is timing difference of depreciation during the year,
deferred income tax Asset/Liability for the current year provided in
accordance with Accounting 22(AS-22) issued by the ICAI. (Previous Year
Rs.5,310/- towards deferred income tax Asset)
The company has surrendered the registration of Non- Banking finance
company to RBI Hyderabad on 23/02/2011 due to negative net Worth.
The Income tax authorities had attached Bank Accounts of the Company
for non Payment of tax arrears for the Asst, year 2005-06 and as on
date the Appeal is pending
before Hon''ble Income Tax Appellate Tribunal, Hyderabad for its
disposal.
Previous year''s figures have been regrouped wherever necessary.
Mar 31, 2013
A)Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax asset
and liability is recognised for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements.
Deferred tax liability & Asset are measured as per the tax rates/laws
that have been enacted or substantively enacted by the Balance Sheet
date. .
b)EP5
The Earning considered in ascertaining the Company''s earning per share
comprises net profit after Tax. The number of shares used in computing
basic earning per share is weighted average number of shares
outstanding during the year.
c)Gratuity
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit.
d) Particulars of Employees in accordance with Sub-section (2A) of
Section 217 of the Companies Act, 1956 read with Companies (Particulars
of Employees) Rule 1975.
NIL
e) Director''s Remuneration: Current Year (Rs.) Previous Year (Rs.) Nil
Nil
f) Auditor''s Remuneration " Current Year (Rs.) Previous Year (Rs.)
11,236/- 11,236/-
g) Detailed information regarding quantitative particulars under part
II of Schedule VI to the Companies Act, 1956.
NIL
h) The Company is engaged in investment in Capita! Market. The
production and sale of such services cannot be expressed in any Generic
Unit. Hence, it is not possible to give the quantitative details of
sales and the information as required under Paragraphs 3 and 4c of part
II of Schedule VI to the Companies Act, 1956.
i) There are no dues to SSI Units outstanding for more than 30 days.
j) Confirmations were obtained from debtors / creditors as to the
Balances receivable from/payable to them as at year end.
k) a) Income Tax authorities have levied tax iiabiiity of
Rs.2,04,49,720/- for the Asst.Year 2005-06 and the Company has filed an
appeal before the Commissioner of Income Tax ( Appeals) and the appeal
is Confirmed as per Assessing Officer views except some relief. The
company has paid Rs 80.10 Lakhs and Appeal is pending before the
Tribunal.
b) An order U/s 263 of Income Tax Act 1961 was passed by the
Commissioner of income Tax IV Hyderabad on 26/3/2012 for the Asst Year
2007-08 setting aside the assessment order passed by the Assessing
Officer is erroneous. The Company taking steps to file an appeai before
the tribunal.
The Provision has not been made for accounts the above tax amounts.
l) As there is timing difference of depreciation during the year,
deferred income tax Asset/Liability for the current year provided in
accordance with Accounting Standard 22(AS-22) issued by the ICAI.
(Previous year Rs.53107- towards deferred income tax Asset).
Differed income Tax Asset(opening) = Rs 5,310 Add: Current year
deferred Tax Asset = Rs 2,371
Deferred income Tax Asset(closing) = Rs. 7,681
m) Securities and Exchange Board of India vide its letter dt
26/09/2012, reference:WTM/RKA/IVD/ID-4/39/2012 dated 25-09-2012 has
communicatee the 4 years ban expires, completes on 04-06-2013 and
permitted the company to I do trading in the Capital Market with effect
from 05-06-2013.
n) The company has surrendered the. registration of Non- Banking
finance company to RBI Hyderabad on 23/02/2011 due to negative net
Worth
o) The Income tax authorities had attached Bank Accounts of the -
Company for non Payment of tax arrears for the Asst. year 2005-06 arid
as on date the Appeal is Pending before Hon''ble Income Tax Appellate
Tribunal, Hyderabad for its Disposal.
p) Previous years figures have been regrouped wherever necessary.
Mar 31, 2012
1. Particulars of Employees in accordance with Sub-section (2A) of
Section 217 of the Companies Act, 1956 read with Companies (Particulars
of Employees) Rule 1975.
NIL
2. Director's Remuneration: Current Year (Rs.) Previous Year (Rs.)
Nil Nil
3. Auditor's Remuneration Current Year (Rs.) Previous Year (Rs.)
11,236/- 11,0307/-
4. Detailed information regarding quantitative particulars under part
II of Schedule VI to the Companies Act, 1956.
NIL
The Company is engaged in investment in Capital Market. The production
and sale of such services cannot be expressed in any Generic Unit.
Hence, it is not possible to give the quantitative details of sales and
the information as required under Paragraphs 3 and 4c of part II of
Schedule VI to the Companies Act, 1956.
5. There are no dues to SSI Units outstanding for more than 30 days.
6. Confirmations were obtained from debtors/creditors as to the
Balances receivable from/payable to them as at year end.
7. a) Income Tax authorities have levied tax liability of
Rs.2,04,49,720/-for the Asst.Year 2005-06 and the Company has filed an
appeal before the Commissioner of Income Tax (Appeals) and the appeal
is Confirmed as per Assessing Officer views except some relief. The
company has paid Rs 80.10 Lakhs and Appeal is pending before the
Tribunal.
b) An order U/s 263 of Income Tax Act 1961 was passed by the
Commissioner of Income Tax IV Hyderabad on 26/3/2012 for the Asst Year
2007-08 setting aside the assessment order passed by the Assessing
Officer is erroneous. The Company taking steps to file an appeal before
the tribunal.
The Provision has not been made for accounts the above tax amounts.
8. As there is timing difference of depreciation during the year,
deferred income tax Asset/Liability for the current year provided in
accordance with Accounting Standard 22(AS-22) issued by the ICAI.
(Previous year Rs.932/- towards deferred income tax Asset).
Differed Tax Asset =Rs. 932/-
Add. Current year deferred Tax Asset =Rs. 4,378/-
Deferred Tax Asset =Rs. 5,310/-
9 Securities and Exchange Board of India vide its order dt 4/6/2009
passed an interim order under sections 11,11 (4) and 11 B of the
Securities and Exchange Board of India Act , 1992 restricting the
Company not to buy, sell or deal insecurities market directly or
indirectly till further directions until the investigation is
completed.
10. The company has surrendered the registration of Non- Banking
finance company to RBI Hyderabad on 23/02/2011 due to negative net
Worth
11.The Income tax authorities had attached Bank Accounts of the Company
for non Payment of tax arrears for the Asst. year 2005-06 and as on
date the Appeal is Pending before Hon'ble Income Tax Appellate
Tribunal, Hyderabad for its Disposal.
12. Previous years figures have been regrouped wherever necessary.
Mar 31, 2010
1. Particulars of Employees in accordance with Sub-section (2A) of
Section 217 of the Companies Act, 1956 read with Companies (Particulars
of Employees) Rule 1975.
2. Detailed information regarding quantitative particulars under part
II of Schedule Vi to the Companies Act, 1956. Nil
The Company is engaged in investment in Capital Market. The production
and sale of such services cannot be expressed in any Generic Unit.
Hence, it is not possible to give the quantitative details of sales and
the information as required under Paragraphs 3 and 4c of part II of
Schedule VI to the Companies Act, 1956.
3. There are no dues to SSI Units outstanding for more than 30 days
4. Confirmations were obtained from debtors/creditors as to the
Balances receivable from/payable to them as at year end.
5. Income Tax authorities have levied tax liability of Rs.2,
04,49,720/- for the Asst, Yr 2005-06 and the Company has filed an
appeal before the Commissioner of Income Tax( Appeals) and the appeal
is Confirmed as per Assessing Officer Views except some relief. The
company has paid Rs 80.10 Lakhs and the Appeal is pending before the
Honarable Income Tax Appellaten Tribunal..
6.Loss in Capital Market Operations: The company has incurred the toss
due to fall the prices of stocks in the Capital market. Accordingly
loss is recognised during the current year.
7. Securities and Exchange Board of India vide its Order dated
04-06-2009 passed an interim order under Sections 11,11(4) and 11B of
the Securities and Exchange Board of India Act 1992 restricting the
Company not to buy, sell or deal in securities market directly or
indirectly till further directions until the investigation is
completed.
8. Reserve Bank of India vide its letter dated 19-01-2010 has imposed
restriction to cany out the business of non banking financial
institutions due to negative networth till such time, the company meets
minimum statutory requirement of Rs.25.00 lakhs.
9. The Income Tax authorities had attached bank accounts of the
company for non payment of tax arrears for AY 2005-06 and as on date
the appeal is pending before Honble Income Tax Appellate Tribunal,
Hyderabad for its disposal.
10. Previous years figures have been regrouped wherever necessary.
11. The figures have been rounded off to the nearest rupee.
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