Mar 31, 2015
I The Company has made a Scheme of Arrangement between Company and its
share holders and its unsecured creditors, effect from 30.09.2012. As
Per the court order , accumulated loss of Rs 607,75,211/- has been set
off against Share Premium to the extent of Rs 5800000/-, 9,45,000/-
against general Reserve and 540,25,317/- against paid up share capital
ii As per the Scheme of arrangement , Company has Unsecured Creditors
are Rs 2,67,52,701/- as on 30.09.2012. The unsecured loans have been
converted into equity shares of the Company at par.
iii The scheme of arrangement states that the identified investors
/promoters have also consented to subscribe for further shares of
15,38,795 at Par which will again be beneficial to company to retrieve
its operation and improve its net worth.
(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 declares and pays Dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the
Approval of the share holders in the ensuing Annual General Meeting.
During the year ended 31-03-15 the amount of per share dividend
recognized as Distributions to equity share holders was Rs. Nil
(31-03-14: Nil) In the event of liquidations of the company the holders
of equity shares will 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 Notes on accounts annexed to and forming part of
the accounts as at and for the year ended March 31, 2015.
Mar 31, 2014
(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 declares and pays Dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the Approval
of the share holders in the ensuing Annual General Meeting.
During the year ended 31-03-14 the amount of per share dividend
recognized as Distributions to equity share holders was Rs.Nil
(31-03-13: Nil)
In the event of liquidations of the company the holders of equity
shares will 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
Notes on accounts annexed to and forming part of the accounts as at and
for the year ended March 31,2014.
2.1 As Stipulated In AS-28, the company has assessed potential of
economic benefits of its business limits, and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful life in the usual course of its
business. There is no impairment indication to the companyand
accordingly the management is of the view that no impairment provision
is called for in these accounts.
2.2 Quantitative Details:
The company is engaged in the development and maintenance of computer
software. The production and sale of such software cannot be expressed
in any generic unit. Hence, it is not practicable to give the
quantitative details of sales and certain information as required under
paragraphs 3,4C, and 4D of part II of schedule VI to the companies Act,
1956.
2.3 Contingent Liabilities: 31-3-2014 31-3-2013
Claims against company and not
acknowledged as debts Rs.1,24,507 NIL
2.4 Foreign Exchange Earning &
Expenditure 2013-14 2012-13
Foreign exchange earnings: NIL NIL
2.5 Related Party Disclosure As Required Under AS 18
Transactions with related parties
1. B .Vijaya Lakshmi received a rent of Rs.1,80,000/- during the year
against the property leased to the company .
2. The company owes an amount of Rs.67,82,101/- as on 31st march ,2013
to B.S.N Suryanarayana (Managing Director) and the maximum amount due
during the year is Rs. 67,82,101/-
3. The company owes an amount of Rs. 1,28,54,468/- as on 31st march,
2013 to Nihar Stocks Limited.
4. The company owes an amount of Rs. 12,21,100/- as on 31st March,2014
to B.DivyeshNihar (Whole Time Director).
5. The company owes an amount of Rs. 32,00,500/- as on 31st March,2014
to B.Nithisha.
2.6 Gratuity liability is not provided
2.7 The company has gone for scheme of arrangement under section 391
and 394 of the Companies Act,1956.The company has received the order
vide ca no 700 of 2013 dated 13th March, 2014 from the High Court of
Andhra Pradesh approving the scheme of arrangement. The scheme provides
for conversion of unsecured loans of Rs.2,67,52,700/- into Equity and
reduction of share capital.The effect of above order is implemented in
the books of account on 02 May 2014.
2.8 Letters have been issued to parties for confirmation of balances
(including Investments) with the request to confirm or send comment by
the stipulated date failing which balance as indicated in the letter
would be taken as confirmed. Confirmation letters have not been
received. However, no adverse communication received from any party
till date.
2.9 The Company has entered into rent agreement for office premises.
The rentals of Rs. 2,72,283/- were charged off in the statement of
Profit and Loss. These agreements are cancellable in nature.
2.10 Previous year''s figures have been regrouped/rearranged to conform
to those ofthe current year.
Mar 31, 2013
A) As Stipulated In AS-28, the company has assessed potential of
economic benefits of its business limits, and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful life in the usual course of his
business. There is no indication to the company and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
b) Quantitative Details:
The company is engaged in the development and maintenance of computer
software. The production and sale of such software cannot be expressed
in any generic unit. Hence, it is not practicable to give the
quantitative details of sales and certain information as required under
paragraphs 3,4C, and 4D of part II of schedule VI to the companies
Act,1956.
c) Contingent Liabilities : 31-3-2013 31-3-2012
Claims against company and
acknowledged as debts NIL NIL
Investments:
Company has invested Rs.2,55,50,000 in Integrated Broad Casting
Co.(P)Ltd.
d) Related Party Disclosure As Required Under AS 18
Transactions with related parties
1. B. Vijaya Lakshmi received a rent of Rs.1,80,000 during the year
against the property leased to the company .
2. The company owes an amount of Rs.49,30,866/- as on 31st March ,2013
to B.S.N Suryanarayana (Managing Director) and the maximum amount due
during the year is Rs. 49,30,866/- 3. The company owes an amount of
Rs. 1,25,45,000/- as on 31st March, 2013 to Nihar Stocks Limited.
3. The company owes an amount of Rs.12,21,100/- as on 31st March,2013
to B. Divyesh Nihar (Whole Time Director).
e) Gratuity and leave encashment liability is provided on undiscounted
basis for which the company has not taken any policy as the amount of
liability is not material.
f) In view of confirmations not having been obtained from the sundry
debtors including interest receivables on overdue payments, deposits ,
advances and sundry creditors , secured loans, unsecured loans , the
accounts are subject to adjustment on receipt of confirmations of
balance and / or reconciliation of accounts the impact whereof on
accounts cannot be ascertained at this stage.
g) In the opinion of board of directors the "current assets, loans and
advances" have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
balance sheet.
h) Previous year''s figures have been regrouped/rearranged to conform to
those of the current year.
Mar 31, 2012
(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 declares and pays Dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the Approval
of the share holders in the ensuing Annual General Meeting.
During the year ended 31-03-12 the amount of per share dividend
recognized as distributions to equity share holders was Rs. NIL.
In the event of liquidations of the Company the holders of equity
shares will 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
a) Secured Loans: Term loan from Union Bank of India is secured by
equitable mortgage of Land and Buildings of Promoters and hypothecation
of other fixed assets of the Company and personal guarantee by two of
the directors of the company. Working capital loans from Union Bank of
India are secured by equitable mortgage of Land and Buildings of the
promoters and hypothecation of other fixed assets and book debts of the
Company and personal guarantee by two of the directors of the company.
(Hypothecation by way of first Charge in favour of the bank).
b) As stipulated in AS-28, the company has assessed its potential of
economic benefits of its business limits, and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful life in the usual course of his
business. There is no indication to the company and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
c) Quantitative Details: The Company is engaged in the development and
maintenanceof computer software. The production and sale of such
software cannot be expressed in any generic unit. Hence, it is not
practicable to give the quantitative details of sales and certain
information as required under paragraphs 3,4C, and 4D of part II of
Schedule VI to the Companies Act, 1956.
d) Contingent Liabilities: 31-03-2012 31-03-2011
Claims against the company not
Acknowledged as debts -NIL- -NIL-
e) Foreign Exchange Earnings &Expenditure: 2011-12 2010-11
Foreign Exchange Earnings: -Nil- 1994300/-
Expenditure in Foreign Currency: -Nil- -Nil-
Investments:
Company has invested Rs. 3,67,79,873 in Integrated Broad Casting Co.
(P) Ltd.
f) Related Party Disclosure as required under AS 18
Transactions with related parties (Subsidiary Company)
1. B. Vijaya Lakshmi received a rent of Rs.1,80,000 during the year
against the property leased to the company.
2. The company owes an amount of Rs. 4930866/- as on 31st March, 2012
to B.S.N. Suryanarayana (Managing Director) and the maximum amount due
during the year is Rs. 4930866/-.
3. The company owes an amount of Rs. 12545000/- as on 31st March, 2012
to Nihar Stocks Ltd.
g) Gratuity and leave encashment liability is provided on undiscounted
basis for which the company has not taken any policy as the amount of
liability is not material.
h) In view of confirmations not having been obtained from the sundry
debtors including interest receivable on overdue payments, deposits,
advances and sundry creditors, secured loans, unsecured loans, the
accounts are subject to adjustment on receipt of confirmations of
balance and/or reconciliation of accounts the impact whereof on
accounts cannot be ascertained at this stage.
i) In the opinion of Board of Directors, the "Current Assets, Loans
and advances" have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet.
j) Previous year's figures have been regrouped /rearranged to conform
to those of the current year.
Mar 31, 2011
A) Secured Loans: Term loan from Union Bank of India is secured by
equitable mortgage of Land and Buildings of Promoters and hypothecation
of other fixed assets of the Company and personal guarantee by two of
the directors of the company. Working capital loans from Union Bank of
India are secured by equitable mortgage of Land and Buildings of the
promoters and hypothecation of other fixed assets and book debts of the
Company and personal guarantee by two of the directors of the company.
(Hypothecation by way of first Charge in favour of the bank).
b) As stipulated in AS-28, the company has assessed its potential of
economic benefits of its business limits, and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful life in the usual course of his
business. There is no indication to the company and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
c) Quantitative Details: The Company is engaged in the development and
maintenance of computer software. The production and sale of such
software cannot be expressed in any generic unit. Hence, it is not
practicable to give the quantitative details of sales and certain
information as required under paragraphs 3,4C, and 4D of part II of
Schedule VI to the Companies Act, 1956.
d) Contingent Liabilities: 31-03-2011 1-03-2010
Claims against the company not
Acknowledged as debts NIL NIL
Others Note Note
Note : 1. The Company has given a corporate guarantee of AED 250,000
to Bank of Baroda, Deira Branch, Dubai (UAE) for Nihar Infoway (Gulf)
FZLLC, a wholly owned subsidiary company.
e) Investments:
Company has invested Rs. 3,67,79,873 in Integrated Broad Casting Co.
(P) Ltd.
f) Related Party Disclosure as required under AS 18
Transactions with related parties (Subsidiary Company)
1. B. Vijaya Lakshmi received a rent of Rs.1,20,000 during the year
against the property leased to the company.
2. The company owes an amount of Rs. 3603820/- as on 31st March, 2011
to B.S.N. Suryanarayana (Managing Director) and the maximum amount due
during the year is Rs. 3603820/-.
3. The company owes an amount of Rs. 6540000/- as on 31st March, 2011
to Nihar Stocks Ltd.
g) Gratuity and leave encashment liability is provided on undiscounted
basis for which the company has not taken any policy as the amount of
liability is not material.
h) In view of confirmations not having been obtained from the sundry
debtors including interest receivable on overdue payments, deposits,
advances and sundry creditors, secured loans, unsecured loans, the
accounts are subject to adjustment on receipt of confirmations of
balance and/or reconciliation of accounts the impact whereof on
accounts cannot be ascertained at this stage.
i) In the opinion of Board of Directors, the "Current Assets, Loans and
advancesà have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet.
j) Previous year's figures have been regrouped /rearranged to conform
to those of the current year.
Mar 31, 2010
A) Secured Loans: Term loan from Union Bank of India is secured by
equitable mortgage of Land and Buildings of Promoters and hypothecation
of other fixed assets of the Company and personal guarantee by two of
the directors of the company. Working capital loans from Union Bank of
India are secured by equitable mortgage of Land and Buildings of the
promoters and hypothecation of other fixed assets and book debts of the
Company and personal guarantee by two of the directors of the company.
(Hypothecation by way of first Charge in favour of the bank).
As stipulated in AS-28, the company has assessed its potential of
economic benefits of its business limits, and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful life in the usual course of his
business. There is no indication to the company and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
b] Quantitative Details: The Company is engaged in the development and
maintenance of computer software. The production and sale of such
software cannot be expressed in any generic unit. Hence, it is not
practicable to give the quantitative details of sales and certain
information as required under paragraphs 3,4C, and 4D of part II of
Schedule VI to the Companies Act, 1956.
c) Contingent Liabilities : 31-03-2010 31-03-2009
Claims against the company not
Acknowledged as debts NIL NIL
Others Note Note
Note: The Company has given a corporate guarantee of AED 250,000 to
Bank of Baroda, Deira Branch, Dubai (UAE) for Nihar Infowav (Gulf)
FZLLC, a wholly owned subsidiary company.
2009-10 2008-09
Foreign Exchange Earnings &Expenditure:
Foreign Exchange Earnings; Nil Nil
Expenditure in Foreign Currency: Nil Nil
e) Investments:
Company has invested Rs. 3,67,75,873 in Integrated Broad Casting Co.
(F) Ltd.
f) Related Party Disclosure as required under AS 18 Trasactions with
related parties (Subsidiary Company)
1. B. .Vijaya Lakshmi received a rent of Rs.1,20,000 during the year
against the property leased to the company.
2, The company owes an amount of Rs. 795,557 as on 31st March, 2010 to
B.S.N. Suryanarayana (Managing Director) and the maximum amount due
during the year is Rs. 795,557.
g) Gratuity and leave encashment liability is provided on undiscounted
basis for which the company has not taken any policy as the amount of
liability is not material.
h) In view of confirmations not having been obtained from the sundry
debtors including interest receivable on overdue payments, deposits,
advances and sundry creditors, the accounts are subject to adjustment
on receipt of confirmations of balance and/or reconciliation of
accounts the impact whereof on accounts cannot be ascertained at this
stage.
i) In the opinion of Board of Directors, the "Current Assets, Loans and
advances" have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet.
j) Previous years figures have been regrouped /rearranged to conform
to those of the current year.
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