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Notes to Accounts of MYNK1906 Industries India Ltd.

Mar 31, 2014

1. In the opinion of the Board the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

2. Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

3. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute of Chartered Accountants of India.

4. Accounts payable to Small Scale Industrial Undertaking under the head of Sundry Creditors – NIL (Previous Year – NIL)

5. Related Party Transaction :

Related Parties and Nature of Relationship:

Related''Party Nature of Relation ship.

KAVYA AMIT DIGVIJAY SINGH Key Managerial Personal

VIJAY DASHRATH BHAGAT Director

NAVMEET ARORA Director.

PURABI JHAVERI Director

Note: Related Parties as disclosed by the management and relied upon by auditors. Related Party Transaction

6. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

7. During the financial year 2013-14 Company has issued 6,25,000 Zero Percent Convertible Preference shares of Rs.10/- each and Premium amount of Rs. 2/-each.

8. In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax Liability during the year of Rs 58,47,561.87


Mar 31, 2013

(a) Corporate Information

Brief Business Activity - Trading in Garment Fabric Place of Business -C-24, Ground floor, Shubdha CHS, Sir Pochkhanwala Road, Worli, Mumbai - 30

1. Balances of Debtors, Loans and Advances, Secured Loans, Sundry Creditors & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

3. Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

4. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute of Chartered Accountants of India.

5. Segment Information (AS-17)

Company has only one segment of activity namely "Trading Activities". Since there is No export turnover, there are no reportable geographical segments.

6. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2012

(a) Corporate Information

Brief Business Activity - Trading in Garment Fabric Place of Business - C-24, Ground Floor,

Shubhdha CHS., Sir Pochkhanwala Road,

Worli, Mumbai - 30.

(b) Retirement Benefits

Liabilities in respect of bonus, gratuity, retirement benefit & leave encashment is being accounted for on cash basis.

(c) Earnings per share

The earnings considered in ascertaining the company''s EPS comprise of the net profit after tax as per Accounting Standard 20 on "Earnings Per Share", issued by the Institute of Chartered Accountants of India. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless the effect of the potential dilutive equity shares is anti-dilutive.

(d) Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

(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 Company decleres and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting. In event of liquidation of the Company,the holders of equity shares would 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.

1. Balances of Debtors, Loans and Advances, Secured Loans, Sundry Creditors & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

3. Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

4. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards- 28 issued by the Institute of Chartered Accountants of India.

5. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

6. Earnings Per Share (AS-20) :

The Earning Per Share computed as per the requirement under Accounting Standard 20 on Earning Per Share issued by The Institute of Chartered Accountant of India, is as under:

7. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards- 28 issued by the Institute of Chartered Accountants of India.

8. Accounts payable to Small Scale Industrial Undertaking under the head of Sundry Creditors - NIL (Previous Year - NIL)

9. Segment Information (AS-17)

Company has only one segment of activity namely "Trading and Financial Activities". Since there is No export turnover, there are no reportable geographical segments.

10. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2009

1) The Company has issued 20,03,500 new Equity Shares on preferential basis in term of the fresh resolution passed by share holders of the Company in their Extra-ordinary General Meeting held on 27th May, 2008 and the date of allotment was 26,th June, 2008 and the return of Allotment to the Registrar of Companies Mumbai was done within the stipulated period as prescribed under the Companies Act 1956, under section 81(1 A) of the Companies Act, 1956. These shares have been allotted at a price of Rs 10/- each which are in accordance with Preferential Issue Guidelines issued by Securities & Exchange Board of India.

2) The Balance of Sundry Debtors, Advances and Current Liabilities are subject to confirmation from parties.

3) The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

4) In the opinion of the management, loans & advances are recoverable at the value stated in the financial statements and adequate provisions have been made in the accounts for all known liabilities.

5) Additional information pursuant to the provisions of Clause 4a of Part II of Schedule VI of the Companies Act, 1956: Commission (u/s 349) "Nil".

6) Additional information pursuant to the provisions of Paragraphs 4c of Part II of Schedule VI of the Companies Act, 1956:

"Not Applicable"

7) Additional information pursuant to the provisions of Paragraphs 4d of Part II of Schedule VI of the Companies Act, 1956:

a. Expenditure in Foreign currency "Nil"

b. Earning in Foreign currency "Nil"

8) Accounts payable to Small Scale Industrial Undertaking the head of Sundry Creditors - Nil (Previous Year-Nil)

9) Related party disclosures

As per the accounting standard 18 on "Related Party Disclosures" issued by 1CA1 the related parties of the company and nature of relationship are as follows:

Related Party Nature of Relationship

Bio Green Papers Limited Subsidiary Company

Sri Mukhalinga Acqua Private Limited Subsidiary Company

V.Jagadish Key Management Personnel

V.Pushpalata Key Management Personnel

V.Venkateswarulu Relative of Key Management Personnel

NOTE: Related Party Relationship is identified by the Management & relied upon by the Auditor.

Nature and volume of transaction carried out with the above related parties in the ordinary course of business for the year ended March 31, 2009. NIL

10) Accounting for taxes on income (AS-22)

In the opinion of the management the company will not have the taxable income from the business carried out by it hence the deferred tax assets is created.

11) Segment Information (AS-17)

The Company was engaged primarily in the business of Trading in Shares and Financial Activities presently the company has diversified into the sale of Jatropha podogrica plants, Paper Manufacturing and Mineral water accordingly there are no separate reportable segments as per Accounting Standard 17 dealing with segment reporting

12) As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment of loss during the year.

13) Schedule 1 to 15 forms the integral part of the Balance Sheet as at 31st March 2009 and the P&L A/c for the year ended on that date.

14) Prior year amounts have been regroup & reclassified, where necessary to confirm to current years presentation.

15) Balance Sheet abstract and companys general business profile as per the annexure.

16) Contingent liability in respect of income tax demand

Status Nature Amount Period Forum where is Involved (F.Y) dispute is pending

Income tax Act Penalty proc -eeding Rs. 531000 2000-01

Honl CIT Deemed for tax (appeal) Income tax Act Rs. 273331 2002-03

 
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