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Notes to Accounts of Midas Infra Trade Ltd.

Mar 31, 2015

Not Available


Mar 31, 2014

1) Related Party Disclosure:

In accordance with the requirements of Accounting Standards (AS) - 18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and descriptions of relationships, as identified and certified by the management, are:

I. Key Management Personnel

* Mr. Santosh Kumar Garg

* Ms. Mamta Agarwal

* Mr. Nikhil Bansal

* Mr. Rohit Kumar Singhal

* Mr. Nimish Agarwal

II. Subsidiaries

* Holynx InfraBuild Limited

* RAO Steels Limited

* Vesilot Exports Limited

2) Previous year''s figures have been regrouped, rearranged and restated wherever considered necessary to make them comparable with the current year''s figures.

3) In the opinion of the Board of Directors and to the best of their knowledge and belief the realizable value of Current Assets, Loans and Advances in ordinary course of business is not less than the value stated in the Balance Sheet.

4) The additional Information pursuant to revised Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.


Mar 31, 2013

1. Cash Flow Statement:

a) The Statement has been prepared under indirect method except in case of dividends, sale/purchase of investments and taxes which have been considered on the basis of actual movement of case, with corresponding adjustment in assets and liabilities as set out in the Accounting Standard- 3 issued by ICAI.

b) Cash and cash equivalents represent cash and bank balances only.

2. Segment Reporting

The Companies core activity is Investment, sale/purchases of Shares. This is the only business segment as per Accounting Standard-17 issued by the Institute of Chartered Accountants of India.

3. Contingent Liabilities

As certified by the management there is no Contingent liability as on 31/03/2013.

4. Related Party Disclosure:

In accordance with the requirements of Accounting Standards (AS) - 18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and descriptions of relationships, as identified and certified by the management, are:

I. Key Management Personnel

- Mr. Santosh Kumar Garg (Executive and Independent)

- Mr. Arvind Kr. Agrawal (Non Executive Independent)

- Mr. Nikhil Bansal (Non Executive Independent)

II. As informed by the management there was no related party transactions made during the year.

5. Previous year''s figures have been regrouped, rearranged and restated wherever considered necessary to make them comparable with the current year''s figures.

6. In the opinion of the Board of Directors and to the best of their knowledge and belief the realizable value of Current Assets, Loans and Advances in ordinary course of business is not less than the value stated in the Balance Sheet.

7. Due to Small Scale Undertakings exceeding Rs. 1.00 lac overdue for more than 30 days - Nil.

8. The additional Information pursuant to revised Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.


Mar 31, 2012

1. Previous years' figures have been regrouped, rearranged and recasted wherever considered necessary to make them comparable with the current year's figures.

2. In the opinion of the Board of Directors and to the best of their knowledge and belief the realizable value of Current Assets, Loans and Advances in ordinary course of business is not less than the value stated in the Balance Sheet.

3. Due to Small Scale Undertakings exceeding Rs. 1.00 lac overdue for more than 30 days Nil

4. The additional Information pursuant to revised Schedule VI to the Companies Act, 1956 are either Nil or Not Applicable.

5. The financial statements for the year ended 31st March, 2011 were prepared as per then applicable, prerevised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared in compliance with the Revised Schedule VI. Accordingly, the previous year figures have also been reclassified/regrouped to conform to current year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of the financial statements.


Mar 31, 2010

1. Payment to Auditors

Statutory Audit Fees 5000

2. Previous years' figures have been regrouped, rearranged and recasted wherever considered necessary to make them comparable with the current year's figures

3. In the opinion of the Board of Directors and to the best of their knowledge and belief the realizable value of Current Assets, Loans and Advances in ordinary course of business is not less than the value stated in the Balance Sheet

4. Earning Per Share (EPS)

Profit computation for both Basic and Diluted earnings per share of Rs. 10A each.

5. Due to Small Scale Undertakings exceeding Rs. 1.00 lac overdue for more thar30 days - NIL


Mar 31, 2007

Not Available


Mar 31, 2004

1. There is no stock of the company on Hire purchase.

2. Investments are shown at cost which includes brokerage.

3. No provision has been made for gradually, as none of the employees have completed the five years of continuous service; hence provisions of the payment of Gradually Act, 1972 are not applicable.

4. Secured loan from banks which were secured against the hypothecation of computers and vehicles and secured loans from others which were secured against hypothecation of hire purchase stock are now being secured against the personal guarantee of the Directors.

5. The company has redeemed its 16% Redeemable Cumulative Preference sharp as per the terms of allotment.

6. Since the company is not a manufacturing company, information required under clause 4C of part II of Schedule VI of the companies Act.1956 has not been furnished,

7. Schedules referred above form an integral part of the Balance Sheet.

8. Previous year's figures have been regrouped/rearranged whenever necessary in make comparable.


Mar 31, 2002

1.No provision has been made for gratuity, as none of the employees have completed the five years of continuous service; hence provisions of the payment of Gratuity Act, 1972 are not applicable*

2. Secured loan from banks which were secured against the hypothecation of computers and vehicles and secured loans from others which were secured against hypothecation of hire purchase stock are now being secured against the personal guarantee of the Directors and hence has been re-classified under Unsecured Loans.

3. Since the company is not a manufacturing company, information required under clause 4C of part II of Schedule VI of the companies Act, 1956 has not been furnished,

4. Previous years figures have been regrouped wherever necessary so as to conform to the current years grouping,

Schedules referred above form an integral part of the Balance Sheet.

 
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