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Notes to Accounts of Nihar Info Global Ltd.

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, 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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