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Notes to Accounts of Mehta Integrated Finance Ltd.

Aug 31, 2014

1. a) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 August 2014, the company has not declared any dividend to equity shareholders (31st August 2014: Rs Nil).

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

b) The company has not issued any bonus shares or shares for consideration other than cash or bought back equity shares during the year or for the period of five years immediately preceding the date of balance sheet.

Note - 2: DISCLOSURE REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL & MEDIUM ENTERPRISES DEVELOPMENT AT, 2006.

The company has not received information from vendors regarding their status under the micro/small & medium enterprises development Act, 2006, hence disclosure relating to amounts unpaid as at the year end under this Act has not been given.

3. The Company has ceased to carry on fund based business and hence not governed by Reserve Bank of India Act. The Company has been a Category-1 Merchant Banker and hence is subject to SEBI Act.

4. The liabilities towards the secured loan towards banks, financial institutions have been fully accounted for, till date.

5. Previous and Current Year figures have been regrouped wherever found necessary.

6. Various claims receivable of the previous year and liabilities relating to the previous year have been brought in the current years to show a true and fair view of the accounts.

7. Balance in Secured Loans, Unsecured Loans, Sundry Creditors, Debtors, Loans & Advances are subject to confirmation.

8. On the basis of the information available with the Company, there is no amount due but remaining unpaid as on 31st August, 2014 to any supplier who is a Small Scale or Ancillary Industrial undertaking.

9. The Compromise & Arrangement as sanctioned by the Hon''ble Gujarat High Court is in force and being implemented & accounted accordingly.

10. The requirements of Accounting Standard 22 "Accounting for taxes on income" have been considered and the management is of the opinion that no deferred tax assets / liability needs to be created.

11. In the absence of the taxable income, no provision for taxation has been made u/s 115 JB of the Income Tax Act, 1961. However, the tax year end of the Company being 31st March, 2015 the ultimate liability for the A.Y.- 2014-15 will be determined on the total income of the Company for the year ended 31st March, 2015.

12. The Company has not made any provision for Income Tax as the Company does not envisage any liability.


Aug 31, 2012

A) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 August 2012, the company has not declared any dividend to equity shareholders (31 August 2012: ‘Rs Nil).

a) Investments :

No Provision for difference between book value and market value of in value of long term quoted investments in one script has been made since in the opinion of the management such difference is of temporary nature and do not represent a diminution other than temporary.

Note : 16 Disclosure required under section 22 of the Micro, Small & Medium Enterprises development At, 2006. The company has not received information from vendors regarding their status under the micro / small & medium enterprises development Act , 2006, hence disclosure relating to amounts unpaid as at the year end under this Act has not been given.

Note : 1 Related Parties disclosure in accordance with Accounting Standard - 18

a. Key management personnel

1) (Managing Director)

2). (Director)

3) influenced by key management personnel or their relatives Transactions that have taken place during the year September 1st 2011 to August 31, 2012 with related parties by Company.

1. The Company has ceased to carry on fund based business and hence not governed by Reserve Bank of India Act. The Company has been a Category-1 Merchant Banker and hence is subject to SEBI Act.

2. The liabilities towards the secured loan towards banks, financial institutions have been fully accounted for, till date.

3. Previous and Current Year figures have been regrouped wherever found necessary.

4. Various claims receivable of the previous year and liabilities relating to the previous year have been brought in the current years to show a true and fair view of the accounts.

5. Balance in Secured Loans, Unsecured Loans, Sundry Creditors, Debtors, Loans & Advances are subject to confirmation.

6. On the basis of the information available with the Company, there is no amount due but remaining unpaid as on 31st AUGUST, 2012 to any supplier who is a Small Scale or Ancillary Industrial undertaking.

7. The Compromise & Arrangement as sanctioned by the Humble Gujarat High Court is being implemented & accounted accordingly.

8. The requirements of Accounting Standard 22 "Accounting for taxes on income" have been considered and the management is of the opinion that no deferred tax assets / liability needs to be created.

9. In the absence of the taxable income, no provision for taxation has been made U/s.115 JB of The Income Tax Act. However, the tax year end of the Company being 31st March, 2013 the ultimate liability for the A.Y.-2012-2013 will be determined on the total income of the Company for the year ended 31st March, 2013.

10. The Company has not made any provision for Income Tax as the Company does not envisage any liability.


Aug 31, 2011

1. The Company has ceased to carry on fund based business and hence not governed by Reserve Bank of India Act. The Company has been a Category-1 Merchant Banker and hence is subject to SEBI Act.

2. The liabilities towards the secured loan towards banks, financial institutions have been fully accounted for, till date.

3. Previous and Current Year figures have been regrouped wherever found necessary.

4. Various claims receivable of the previous year and liabilities relating to the previous year have been brought in the current years to show a true and fair view of the accounts.

5. Balance in Secured Loans, Unsecured Loans, Sundry Creditors, Debtors, Loans & Advances are subject to confirmation.

6. On the basis of the information available with the Company, there is no amount due but remaining unpaid as on 31st AUGUST, 2011 to any supplier who is a Small Scale or Ancillary Industrial undertaking.

7. The Compromise & Arrangement as sanctioned by the Hon'ble Gujarat High Court is being implemented & accounted accordingly.

8. The requirements of Accounting Standard 22 "Accounting for taxes on income" have been considered and the management is of the opinion that no deferred tax assets / liability needs to be created.

9. In the absence of the taxable income, no provision for taxation has been made U/s.115 JB of The Income Tax Act. However, the tax year end of the Company being 31st March, 2012' the ultimate liability for the A.Y.-2011 -2012 will be determined on the total income of the Company for the year ended 31st March, 2012.

10. The Company has not made any provision for Income Tax as the Company does not envisage any liability.

11. Figures in bracket denotes of Previous Years.


Aug 31, 2010

1. The Company has ceased to carry on fund based business and hence not governed by Reserve Bank of India Act. The Company has been a Category-1 Merchant Banker and hence is subject to SEBI Act.

2. The liabilities towards the secured loan towards banks, financial institutions have been fully accounted for, till date.

3. Previous and Current Year figures have been regrouped wherever found necessary.

4. Various claims receivable of the previous year and liabilities relating to the previous year have been brought in the current years to show a true and fair view of the accounts.

5. Balance in Secured Loans, Unsecured Loans, Sundry Creditors, Debtors, Loans & Advances are subject to confirmation.

6. On the basis of the information available with the Company, there is no amount due but remaining unpaid as on 31st AUGUST, 2010 to any supplier who is a Small Scale or Ancillary Industrial undertaking.

7. The Compromise & Arrangement as sanctioned by the Hon'ble Gujarat High Court is being implemented & accounted accordingly.

8. The requirements of Accounting Standard 22 "Accounting for taxes on income" have been considered and the management is of the opinion that no deferred tax assets / liability needs to be created.

9. In the absence of the taxable income, no provision for taxation has been made U/s.115 JB of The Income Tax Act. However, the tax year end of the Company being 31st March, 2011 the ultimate liability for the A.Y.-2011-2012 will be determined on the total income of the Company for the year ended 31st March, 2011.

10. The Company has not made any provision for Income Tax as the Company does not envisage any liability.

 
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