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Notes to Accounts of NCL Research & Financial Services Ltd.

Mar 31, 2015

1. The Profit and Loss Account for the year includes certain expenses which are supported only by internal vouchers duly approved as per authorised limits assigned at each levels and in some cases third party evidence/invoices are not available. The board of Directors of the Company has approved such expenses as in the opinon of the Board of Directors, the company has incured such expenses wholly and exclusively attributable to the business if the company and the nature of such expenses are consistent with the previous years.

2. During the year, the Company has incurred certain expenditure of revenue nature, adequate supporting in respect of some of them are not available, however in the opinion of the Board of Directors of the Company, the same is wholly and exclusively attributable to the business of the Company.

3. In the opinion of the Board, the Current Assets, Sundry Debtors, Sundry Creditors, Loans & Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Financial Statements. The balances thereof are as per Books of Accounts only.

4. There is unpaid tax liability of Rs. 4,75,000/- for the A.Y. 2012-13.

5. segment reporting

A Primary Segment Reporting (by Business Segements )

i The Company's business segments are identified as Commodity Transcation, Investment in Shares & Securities and money lending Activities

ii The accounting polices used in the preparation of the financial statement of the Company are also applied for segment reporting.

iii Segment revenures, expenses, assets and liabilities are those, which are directly attribute to the segment or are allocated on an appropriate basis. Corporate and other revenues, expenses, assets and liabilities to the extent not allocable to segments are disclosed in the reconciliation of reportable segments with the financials.

iv Figures in brackets are in respect of the previous year.

v Segment Revenues, result and other Information.

B Secondry Segment reporting (by Geographical Segments)

The Company Operates predominately within the geographical limits of India. It has no secondary Segment revenue.

6. Related Party disclosure

Related party disclosures, as required by AS-18, "Related party Disclosures" are given below

a) Relationships

a) Related parties where commom control exists

Name of the Companies where the directors can exercise the control. *Ella Fintex Co. Private Limited (Mr. Vijay Jaideo Poddar was Director of the Company up to 16th February 2015)

b) Key Management Personnel

Mr. Vijay Jaideo Poddar - Managing Director

Mr. Gautam Bose - Director

Mr. L. N. Sharma - Director

B) transactions with related parties

No Transcations were Carried out during the year with the Related party.

7. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2014

1.1 During the year, the company has incurred certain expenditure for which, adequate supporting documents relating to third party invoices are not available. The Management maintains only internal vouchers, which are duly approved as per the authorised limits assigned at each level. The board of directors of company approved the said expenses as in the opinion of the Management. As per the Management the Company has incurred these expenditures, wholly and exclusively for the business of the Company and the nature of the expenses is consistent with the previous years.

1.2 In the opinion of the Board, the Current Assets, Sundry Debtors, Sundry Creditors, Loans & Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Financial Statements. The balances thereof are as per Books of Accounts only.

1.3 Segment Reporting

A) Primary Segment Reporting (by Business Segments)

i. The Company''s business segments are identified as Textile Business, Investments in Shares & Securities and Money lending Activities.

ii. The accounting policies used in the preparation of the financial statements of the Company are also applied for segment reporting.

iii. Segment revenues, expenses, assets and liabilities are those, which are directly attributable to the segment or are allocated on an appropriate basis. Corporate and other revenues, expenses, assets and liabilities to the extent not allocable to segments are disclosed in the reconciliation of reportable segments with the financials.

iv. Figures in brackets are in respect of the previous year.

v. Segment Revenues, Results and Other Information:

B) Secondary Segment Reporting (by Geographical Segments)

The Company operates predominately within the geographical limits of India. It has no secondary Segment Revenue

1.4 RELATED PARTY DISCLOSURE

Related party disclosures, as required by AS - 18, "Related Party Disclosures" are given below:

A) Relationships

a) Related parties where common control exists

Name of the Companies where the directors can exercise the control - Ella Fintex Co. Private Limited

b) Key Management Personnel

Mr. Vijay Jaideo Poddar - Managing Director

Mr. Gautam Bose - Director

Mr. L. N. Sharma - Director

B) Transactions with Related Parties-

No Transactions were carried out during the year with the Related Party.

1.5 EARNING PER SHARE

No Potential Equity Shares were outstanding as on 31.03.2014 and hence Basics and Diluted Earnings per Shares are same.


Mar 31, 2013

Note 1: RELATED PARTY DISCLOSURE

Related party disclosures, as required by AS - 18, "Related Party Disclosures" are given below:

A) Relationships

a) Related parties where common control exists

Name of the Companies where the directors can exercise the control - Ella Fintex Co. Private Limited

b) Key Management Personnel

Mr. Vijay Jaideo Poddar - Managing Director

Mr. Gautam Bose - Director

Mr. L. N. Sharma - Director

B) Transactions with Related Parties-

No Transactions were carried out during the year with the Related Party.

Note 2: EARNING PER SHARE

No Potential Equity Shares were outstanding as on 31.03.2013 and hence Basics and Diluted Earning Per Shares are Same.

Note 3: NBFC DISCLOSURE

The Disclosure as required in terms of Paragraph "13" of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank of India, 2007) is given by way of Annexure to the Balance Sheet.

Note 4:

The Company has issued 12,17,000 new Equity Shares through the Postal Ballot dated 16 June 2012 under Section 81(1A) and other applicable provision of the Company Act, 1956. These shares have been allotted at a price of Rs.10/- Per Share at a premium of Rs. 265/- per share which is in accordance with the Preferential Issue Guidelines issued by Securities and Exchange Board of India.

Note 5:

Balances of Sundry Debtors, Unsecured Loans, Sundry Creditors and Loans & Advances are subject to reconciliation, since confirmations have not been received from them. Necessary entries shall be passed on the receipt of the same if required.

Note 6:

In the opinion of the management, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are ascertained.

Note 7:

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.

Note 8:

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.

Note 9:

Previous year''s figures have been grouped/ regrouped, arranged/rearranged wherever necessary to make them comparable.


Mar 31, 2012

A. Equity shareholder holding more than 5% of equity shares along with the number of equity shares held is as given below

No shareholder is holding more than 5% shares of the company

b. The company has one class of Equity shares having a par value of Rs. 10/- each. Each shareholder is eligible to one vote per share held.

1.1 RELATED PARTIES DISCLOSURES (AS PER ACCOUNTING STANDARD 18)

1. Relationship

a. Wholly Owned Company - Not Any

b. Associate Company - None

c. Company under the Common Control of Promoters - None

d. Key Management Personnel Goutam Bose

Nand Kishore Fogla

2. Transactions

There has been no related parties transactions during the year under review.

1.2 DISCLOSURE FOR PAYMENT TO MICRO, SMALL & MEDIUM ENTERPRISES

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

1.3 NBFC DISCLOSURE

The Disclosure as required in term of Paragraph "13" of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank of India, 2007) is given by way of Annexure to the Balance Sheet.

1.4 IMPAIREMENT OF ASSETS

Company Management during the year have carried out technographical evaluation for identification of Assets, if any, in accordance with Accounting Standard 28. Based on the judgement of the Management and as certified by Directors, no provision for impairement is found to be necessary in respect of any Assets.

Note : 1.5

The revised Schedule VI has been become effective from 1 st April 201 1 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous Years' figures have been regrouped/re-classified wherever necessary to the correspond with the current year classifications / disclosures.


Mar 31, 2011

1. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value state, if realized in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount considered necessary for the same.

Contingent Liabilities

2. Contingent Liabilities not provided for - Rs. Nil

Particulars of Director's Remuneration (In Rupees)

3. Rs.24000/- has been paid to Non-Executive Director as Directors' Sitting Fees for the Year (P.Y. Rs.24000/-)

Differed Tax on Income

4. The differed tax has not been recognized in financial statement, as there is no reasonable certainty of Future Taxable Income.

5. Sundry Debtors and creditors are subject to confirmation and reconciliation.

6. There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2011. This information as required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. Information pursuant to provisions of paragraph 3,4(C) and 4(D) of Part II of Schedule VI of the Companies Act, 1956 to the extent applicable is as under:

Details of sales and purchases in respect of stock in trade:

8. Previous years' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.


Mar 31, 2010

1. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value state, if realized in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount considered necessary for the same.

Contingent Liabilities

2. Contingent Liabilities not provided for - Rs. Nil

Particulars of Directors Remuneration (In Rupees)

3. Rs.24000/- has been paid to Directors as Directors Sitting Fees for the Year (RY. Rs.24000/-)

Related Party Transactions

4. Key Management Personnel -

1. Mr. Vijay J. Poddar

2. Mr. Manish Baid

3. Mr. Giriraj Kishore Agarwal

4. Mr. Goutam Bose

5. Mr. L N. Sharma

Subsidiary & Group Companies or Companies under same management - N.A.

Differed Tax on Income

5. The differed tax has not been recognized in financial statement, as there is no reasonable certainty of Future Taxable Income.

6. Sundry Debtors and creditors are subject to confirmation and reconciliation.

7. There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2010. This information as required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

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