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Notes to Accounts of NEO Infracon Ltd.

Mar 31, 2015

1. Contingent Liabilities

There are no contingent liabilities as on the date of the financial statements.

2. Segment Information for the year ended March 31, 2015

As the Company is engaged only in one business segment i.e. Construction & Sale of Flats and there are no geographical segments, the Balance Sheet as at March 31, 2015 and the Profit and Loss Account for the year ended March 31, 2015 pertain to one business segment and related activities as per Accounting Standard (AS) 17 on "Segment Reporting".

3. Related party transactions

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below

4. Relationships during the year

(A) Key Managerial Personnel

Naresh K. Mehta

Dilipkumar K. Mehta

Rajen Mehta

(B) Enterprises over which Key Managerial Personnel Having Significance Influence

Neo builders Limited

Neon Metal Impex Pvt Ltd

Newtech infrastructure Pvt Ltd Neo builders & Developers (Proprietor)

Nocil Steels (Partnership)

Universal Builders & Developers

Sunlight Realtors Pvt Ltd

Stamag Builders And Developers Private Limited

Nancy Exports

5. 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 Profit & Loss Account.

6. Trade payable, Trade receivables, loan and advances balances are subject to confirmation and reconciliation.

7. The Company has not received intimation from most of the suppliers regarding the status under the Micro, Small and Medium Enterprise Development Act, 2006, and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

8. Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year.


Mar 31, 2014

1 Contingent Liabilities

There are no contingent liabilities as on the date of the financial statements.

2 Segment Information for the year ended March 31,2014

As the Company is engaged only in one business segment i.e. Construction & Sale of Flats and there are no geographical segments, the Balance Sheet as at March 31, 2014 and the Profit and Loss Account for the year ended March 31, 2014 pertain to one business segment and related activities as per Accounting Standard (AS) 17 on "Segment Reporting".

3 Related party transactions

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below 25.1 Relationships during the year

(A) Key Managerial Personnel Naresh K. Mehta Dilipkumar K. Mehta Rajen Mehta

(B) Enterprises over which Key Managerial Personnel Having Significance Influence Neo builders Limited

Neon Metal Impex Pvt Ltd Newtech infrastructure Pvt Ltd Neo builders & Developers (Proprietor)

Nocil Steels (Partnership)

Universal Builders & Developers Sunlight Realtors Pvt Ltd

Stamag Builders And Developers Private Limited Nancy Exports

Inventa Infrastructure Pvt Ltd Ekveera Life sciences Pvt Ltd Ekvira Green Estate Hudson Life Sciences LLC NY

4 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 Profit & Loss Account.

5 Trade payable, Trade receivables, loan and advances balances are subject to confirmation and reconciliation.

6 The Company has not received intimation from most of the suppliers regarding the status under the Micro, Small and Medium Enterprise Development Act, 2006, and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

7 Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year


Mar 31, 2013

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard-15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". The Company has not provided any liability at present.

2 Segment Reporting as required by Accounting Standard 17

The present 100% sale belongs to Construction activities only within India.

3 Related parties disclosure in accordance with the accounting standard 18

List of Related Parties: Enterprise owned or significantly controlled by the Directors of the Company

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company, being small company, could not get proper candidate hence the Company is getting the work done from practicing Company Secretary on retainer ship basis.

6 Previous year figures have been regrouped & rearranged wherever necessary.


Mar 31, 2012

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard-15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". The Company has not provided any liability at present.

2 Segment Reporting as required bv Accounting Standard 17

The present 100% sale belongs to Trading segment in SS items only within India.

Loan & Advances of Rs,3,39,00,000/- paid to Neo Builders and developers, the firm where one of the Director Mr. Naresh Mehta is interested. The aamount was given as an advances against the business MOU entered into on dated 20th October,2007 for project in reality business. The MOU was cancelled on 31.12.2009 by mutual understanding, the advances were to be paid back by 31st March 2010 without interest and thereafter interest @12% p.a was decided. M/s. Neo Builder paid back the amount during the year without interest as per the new MOU entered in to on 21 st April, 2011.

Advances given to Mr. Dilip Mehta, a Director of the Company, is as per the Business MOU entered in to on 15th June, 2009 and 6th April, 2011. does not carry any interest.

3 There are no pending capital commitments.

4 Contingent Liabilities

There are no contingent liabilities as on the date of the balance sheet.

5 The Company has no liability under Micro, Small and Medium Enterprises Development Act.2006 (the act) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Companies Act, 1956.

The Company had advertised for the proper candidate, but the Company, being suspended could not get proper candidate, hence company is getteng the work done from practicing Compaeens basis.

7 Previous year figures have been regrouped & rearranged wherever necessary.


Mar 31, 2011

1. Contingent Liabilities

There are no contingent liabilities as on the elate of the balance sheet.

2009-2010 2010-2011

2. Directors Remuneration Nil Nil

3. Auditors Remuneration

a) As Auditor; 80000/- 20000/-

b) As advisor, or in any other capacity i) taxation matters;



ii) Company Law matters; - -----

iii) management services; - -----

c) In any other manner 20000/- - -

4. Segment Reporting as required by Accounting Standard 17 The present 100% sale belongs to Trading segment.

5. Deferred Tax :

Deferred Tax liability on account of fixed assets Rs.2775/-

6. Related parties disclosure in accordance with the accounting standard 18 List of the Related Parties: Enterprise owned or significantly controlled by the Directors the Company:

34 Hudson Life Sciences LLC NY Dhananjay Pande

7 Loan & Advances includes Rs.3,51,00,000/- paid to Neo Builders, the firm where one of the Director Mr. Naresh Mehta is interested. The amount is given as an advances against the Memorandum of Understanding entered into on dated 20th October,2007 for project in reality business. This advance does not bear any interest. The MOU has been cancelled on 31.12.2009 by mutual understanding, the advances if not paid back before 31st March, 2010, shall bear an interest of 12%p.a.

8. a)Enplanes retirement benefits;

As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". The Campanulas not provided any liability at present.

9. Additional information pursuant to para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act, 1956.(As certified by the management)

10. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business,

11. The Company has no liability under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding;

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year, and

Interest accrued and unpaid at the end of the accounting year, has not been provided.

12. The Company is required to appoint a Whole time Company Secretary as per Clause of the Companies Act, 1956. The Company had advertised for the proper candidate, but the Company, being suspended and no proper business activities, could not get the proper person. Hence the Company has appointed a Practicing Company Secretary on retainer basis to look after the requirements of the Companies Act, SEBI, BSE etc.

13. Previous year figures have been regrouped & re arranged wherever necessary


Mar 31, 2010

1. Contingent Liabilities

There are no contingent liabilities as on the elate of the balance sheet.

2009-2010 2008-2009

2. Directors Remuneration Nil Nil

3. Auditors Remuneration

a) As Auditor; 80000/- 20000/-

b) As advisor, or in any other capacity

i) taxation matters;

ii) Company Law matters; - -----

iii) management services; - -----

c) In any other manner 20000/- ----- -

4. Segment Reporting as required by Accounting Standard 17 The present 100% sale belongs to Trading segment.

5. Deferred Tax :

Deferred Tax liability on account of fixed assets Rs.2775/-

6. Related parties disclosure in accordance with the accounting standard 18

List of the Related Parties: Enterprise owned or significantly controlled by the Directors the Company:

The name of the Company/Firm Director

Interested

1 Nocil steels Naresh K Mehta [Partner]

2 Neon metals Impex Pvt.Ltd Naresh K Mehta

3 Neo Builders Developers Naresh K Mehta

4 New Tech Infrastructure Pvt.Ltd Naresh K. Mehta

5 Nocil Infrastructure Ltd Naresh K Mehta

6 Sunlight Realators Pvt Ltd Naresh K Mehta

7 Neo Steel & Alloys Ltd Naresh K Mehta

8 Natural Leasing & Finacials Pvt.Ltd Rajen Mehta

9 Stamag builders & Builders Rajen Mehta

10 Nancy Exports Rajen Mehta [Proprietor]

11 Godeshwar Estates Pvt.Ltd Rajen Mehta

12 Neon Metals Impex Pvt Ltd Dilip Mehta

13 New Tech Infrastructure Pvt, Ltd Dilip Mehta

14 Nocil Steels Dilip Mehta [Partner]

15 Ajanta Construction Company Tabrez Shaikh [Partner]

16 F.A.Erector & Developers Tabrez Shaikh [Partner]

17 Grace &, Rubberwala City Developers Tabrez Shaikh [Partner]

18 Hilton Developers Tabrez Shaikh [Partner]

19 Hilton Infrastructure Tabrez Shaikh [Partner] 20 Hilton Realtors Tabrez Shaikh [Partner]

21 Patni Builders & Developers Tabrez Shaikh [Partner]

22 Radha Construction Pvt Ltd- Tabrez Shaikh

23 Rubberwala Business Centre Pvt. Ltd. Tabrez Shaikh

24 Rubberwala Developers Tabrez Shaikh [Partner]

25 Rubberwala housing & infrastructure ltd. Tabrez Shaikh

26 Rubberwala Hospitality Pvt, Ltd. Tabrez Shaikh 27 Rubberwala & Neo Ventrue Tabrez Shaikh [Partner]

28 Rubberwala Realtors Tabrez Shaikh [Partner] 29 Rubberwala Shelter Tabrez Shaikh [Partner]

30 Shreeram Developers Tabrez Shaikh [Partner]

31 Ekvera Life Sciences PvtXtd. Dhananjay Pande

32 Inventa Infrastructure PvtXtd. Dhananjay Pande

33 Ekvira Green Estate Dhananjay Pande [ Proprietor ]

34 Hudson Life Sciences LLC NY Dhananjay Pande

7 Loan & Advances includes Rs.3,51,00,000/- paid to Neo Builders, the firm where one of the Director Mr. Naresh Mehta is interested. The amount is given as an advances against the Memorandum of Understanding entered into on dated 20th October,2007 for project in reality business. This advance does not bear any interest. The MOU has been cancelled on 31.12.2009 by mutual understanding, the advances if not paid back before 31st March, 2010, shall bear an interest of 12%p.a.

8. a)Ernployees retirement benefits;

As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". The Company lias not provided any liability at present.

9. Additional information pursuant to para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act, 1956.(As certified by the management)

10. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business,

11. The Company has no liability under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding;

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year, and

Interest accrued and unpaid at the end of the accounting year, has not been provided.

12. The Company is required to appoint a Whole time Company Secretary as per Clause of the Companies Act, 1956. The Company had advertised for the proper candidate, but the Company, being suspended and no proper business activities, could not get the proper person. Hence the Company has appointed a Practicing Company Secretary on retainer basis to look after the requirements of the Companies Act, SEBI, BSE etc.

13. Previous year figures have been regrouped & re arranged wherever necessary


Mar 31, 2009

1. Contingent Liabilities

There are no contingent liabilities as on the date of the balance sheet.

2008 - 2009 2007 - 2008

2. Directors Remuneration Nil Nil

3. Segment Reporting as required by Accounting Standard 17 There are no business activities at present hence not applicable

4. Deferred Tax : Not applicable

5. Related parties disclosure in accordance with the accounting standard 18

List of the Related Parties: Enterprise owned or significantly controlled by the Directors the Company:

The name of the Company/Firm Director Interested

1 Perfect Engg.Works Pankaj M. Choksi

2 Perfect Gears Pankaj M. Choksi

3 Down Town Fashion Pankaj M. Choksi

4 Elmech Engineers Pankaj M. Choksi

5 Choksi Electro Mech Pvt.Ltd. Pankaj M. Choksi

6 Industrial Electronics (I) Pankaj M. Choksi

7 Choksi Engg.Works Pvt. Ltd. Pankaj M. Choksi

8 Advance Electronics (I) Pankaj M. Choksi

9 Cosmos Electrograph Systems Pvt.Ltd. Pankaj M. Choksi

10 Peevee Engg.& Exports Pvt. Ltd. Pankaj M. Choksi

11 Perfect Automotive Gears Pvt. Ltd. Pankaj M. Choksi

12 Nocil steels Naresh K Mehta [Partner]

13 Neon metals Impex Pvt.Ltd Naresh K Mehta

14 Neo Builders Developers Naresh K Mehta

15 New Tech Infrastructure Pvt.Ltd Naresh K Mehta

16 Nocil Infrastructure Ltd Naresh K Mehta

17 Sunlight Realators Pvt.Ltd Naresh K Mehta

18 Neon Steel & Alloys Ltd Naresh K Mehta

19 Natural Leasing & Finacials Pvt.Ltd Rajen Mehta

20 Stamag builders & Builders Rajen Mehta

21 Nancy Exports Rajen Mehta [Proprietor]

22 Godeshwar Estates Pvt.Ltd Rajen Mehta Transactions with related parties:

Nature of Transaction Transaction with Amount Rs.

1. Advances given Neo Builders 38450000/-

6 Loan 8s Advances includes Rs.3,84,50,000/- paid to Neo Builders, the firm where one of the Director Mr. Naresh Mehta is interested. The amount is given as an advances against the Memorandum of Understanding entered into on dated 20th October,2007 for project in reality business. This advance does not bear any interest.

7. a)Employees retirement benefits:

As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". The Company has no any liability at present

8. Additional information pursuant to para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act,1956.(As certified by the management)

9. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

10. The Company has no liability under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year.

Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

11. Previous year figures have been regrouped & re arranged wherever necessary

 
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