Home  »  Company  »  Mystic Electronics  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Mystic Electronics Ltd.

Mar 31, 2016

Minimum Alternate Tax

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred Tax

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability. Current and deferred tax relating to items directly recognized in equity is recognized in equity and not in the Statement of Profit and Loss.

1. Related Party Disclosures

As required under Accounting Standard 18 “Related Party Disclosure”, following are the details c transactions during the year with the related parties of the Company as defined in AS 18 :

a) Key Management Personnel

Mr. Krishan Khadaria Director

Mr. Manoj Bhatia Director

Mr. Tarun Keram Director

Ms. Madhumati Gawade Director

Ms. Parvati Nirban Director

b) Shareholder''s of the company Mr. Krishan Khadaria

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprises:

Nouveau Shares & Securities Limited

Nouveau Global Ventures Limited

Attribute Shares & Securities Private Limited

Forever Flourishing Finance and Investment Private Limited

Golden Medows Export Private Limited

Hilton Vyapar Private Limited

Kashish Multitrade Private Limited

Kasturi Overseas Private Limited

Laxmiramuna Investments Private Limited

Bhaskar Realty Private Limited

Navyug Telefilm Private Limited

Slogan Infotech Private Limited

Keemaya Housing Finance Private Limited

Pearl Arcade Consultant Private Limited

Pearl Arcade Property Developers Private Limited

Mukta Agriculture Limited

Rajat Commercial Enterprises Pvt. Limited

Thai Malai Golf Resort & SPA Private Limited

K. K. Khadria & Co.

Khadaria & Associates Global Enterprises

d) Transactions with the enterprises out of (c ) above:

Nouveau Globa Ventures Limited Laxmiramuna Investments Private Limited Bhaskar Realty Private Limited Pearl Arcade Property Developers Private Limited Mukta Agriculture Limited

2. Segment reporting (AS - 17):

The Company is mainly engaged in trading in Computer hardware & other Electronic Products and also engaged in business of Tele-Shopping. All activities of the company revolve around this main business. As such there are no separate reporting segments as per the Accounting Standard on Segment Reporting (As 17).


Mar 31, 2015

1. 105362480 Equity Shares of Re 1/- each (Previous year 10536248 Equity shares of Rs. 10/- each ) with voting rights issued on 12.12.2012 pursuant to scheme of demerger sanctioned u/s 391 to 394 by the High Court.

2. Company has received Security Premium Rs. 1.50 per share on Shares of Re. 1/- at the time issue of preferential allotment 92300000. Additional Premium receivable Rs. 3.574 per share based on the pricing formula prescribed under chapter VII of SEBI ( Issue of capital and disclosure Requirements Regulation, 2009) in respect of 92300000 Equity Shares of Re. 1/- each ( Previous year 9230000 Equity shares of Rs. 10/- each) are as under:

3. In the Opinion of the Board, the Current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for al known liabilities are adequate.

4. Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties of the Company as defined in AS 18 :

a) Key Management Personnel

Mr. Krishan Khadaria Director

b) Shareholder's of the company Mr. Krishan Khadaria

c) Name of the enterprises having same Key Management

Personnel and/or their relatives as the reporting enterprises

Nouveau Shares & Securities Limited

Nouveau Global Ventures Limited

Attribute Shares & Securities Private Limited

Forever Flourishing Finance and Investment Private Limited

Golden Medows Export Private Limited

Hilton Vyaper Private Limited

Kashish Multitrade Private limited

Kasturi Overseas Private Limited

Laxmiramuna Investments Private Limited

Bhaskar Realty Private Limited Navyug Telefilm Private Limited

Slogan Infotech Private Limited

Keemaya Housing Finance Private Limited

Pearl Arcade Consultant Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Agriculture Limited

Pearl Arcade Trading Private Limited

Rajat Commercial Enterprises Pvt. Ltd.

Thai Malai Golf Resort & SPA Private Limited

K.K.Khadria & Co.

Khadaria & Associates

Global Enterprises

d) Transactions with the enterprises out of (c ) above: Nouveau Global Ventures Limited Laxmiramuna Investments Private Limited Bhaskar Realty Private Limited

Pearl Arcade Property Developers Private Limited Pearl Agriculture Limited

5. Segment reporting (AS – 17) :

The Company is mainly engaged in trading in Computer hardware & other Electronic Products. All activities of the company revolve around this main business. As such there are no separate reportable segments as per the Accounting Standard on Segment Reporting (As 17).


Mar 31, 2014

1. Accounting for Taxation of Income:

Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.

1.2 In respect of 9230000 Equity shares alloted on Preferential basis during the year the additonal amount is receivable based on the pricing formula prescribed under chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulation,2009.

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

2 In the Opinion of the Board, the Current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

3. Commitments and Contingent Liabilities: NIL NIL

4 Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties ofthe Company as defined in AS 18: a) Key Management Personnel

Mr. Krishan Khadaria Director

b) Shareholder''s of the company Mr. Krishan Khadaria

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprises

Nouveau Global Ventures Limited

Nouveau Share & Securities Ltd.

Navyug Telefilm Private Limited

Forever Flourishing Finance and Investment Private Limited

Attribute Shares & Securities Private Limited

Laxmiramuna Investments Private Limited

Golden Medwos Export Private Limited

Mitesh Polypack Private Limited

Vibhuti Properties Private Limited

Kashish Multitrade Private limited

Thai Malai Golf Resort & SPA Private Limited

Hilton Vyaper Private Limited

ONA Farms Private Limited

Pearl Arcade Amusement Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Arcade Canteens and Caterers Private Limited

Pearl Arcade consultants Pvt. Ltd.

Pearl Agriculture Ltd.

Suman multitrade Private Limited

Pranjal Trading Company Pvt. Ltd.

Rajat Commericial Enterprises Pvt. Ltd.

K.K.Khadaria & Co.

5. Segment reporting (AS-17):

The Company is mainly engaged in trading in Computer hardware & other Electronic Products.All activities of the company revolve around this main business. As such there are no separate reportable segmants as perthe Accounting Standard on Segment Reporting (As 17).


Mar 31, 2013

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

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise with whom the Company has entered into transactions during the year.

Nouveau Global ventures Limited Nouveau Share & Securities Ltd.

Safal Investment Limited Kasturi Overseas Private Limited Navyug Telefilm Private Limited

Mumbadevi Finance & Investment Company Private Limited Forever Flourishing Finance and Investment Private Limited Attribute Shares & Securities Private Limited Coronation Polymers Limited Laxmiramuna Investments Private Limited Golden Medwos Export Private Limited Kenex Builders Pvt. Ltd.

Aastha Broad Casting Network Limited

Mitesh Polypack Private Limited

Vibhuti Properties Private Limited

Kashish Multitrade Private limited

Subhkam Multimedia Private Limited

Thai Malai Golf Resort & SPA Private Limited

Hilton Vyaper Private Limited

Spectrum Venture Private Limited

ONA Farms Private Limited

Pearl Arcade Amusement Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Arcade Canteens and Caterers Private Limited

Pearl Arcade consultants Pvt. Ltd.

Pearl Agriculture Ltd.

Suman multitrade Private Limited Ambit Multitrade Private Limited Pranjal Trading Company Pvt. Ltd.

Rajat Commericial Enterprises Pvt. Ltd.

Skylight Builcons Pvt. Ltd.

Pearl Arcade Amusement Pvt. Ltd.

Sukaniya Properties Private Limited

Ashadeep Multitrade Private Limited

Automagical Software Private Limited

Perfect Square Multimedia Private Limited

Omni Strategic Managements Consaltants Private Limited

K.K.Khadaria & Co.

Pearl Arcade Trading Pvt. Ltd.

2 Segment reporting (AS - 17):

The Company is mainly engaged in trading in Computer hardware & other Electronic Products.All activities of the company revolve around this main business. As such there are no separate reportable segmants as per the Accounting Standard on Segment Reporting (As 17).

3 Pursuant to the scheme of Arrangement (Scheme) approved by the Hon''able High Court of Bombay, all the assets and liabilities of the Electronics division of Nouveau Global Ventures Limied (Demerged Company) have been transferred to and vested in the company at their respective book values on a going concern basis from 1st October 2011 being the appointed date.As per the scheme,appointed date as approved by the Hon''able High court is 1st October 2011 and effective date is 9th October 2012 being the date on which the certified copy of the order sactioning the said scheme is filed with the Registrar of Companies, Maharashtra in accordance with the companies Act,1956. In view of this Previous period figures are not comparable with Current year''s figure.

3.1 Previous period''s figures are not provided in the Statement of Profit and loss as the same has been prepared first time since the incorporation of the company.