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Notes to Accounts of Northlink Fiscal & Capital Services Ltd.

Mar 31, 2015

1. The company has transacted the following transactions with its related parties as per Accounting Standard "Related Party Disclosures" (AS-18) prescribed under Companies (Accounting Standards) Rules, 2006.

PARTICULARS

Associate Entities New Senior Sec. School

(One of Directors is President of Trust)

Shivalikwala Doon School

Shivalik Public Welfare Trust

(One of Directors is President of Trust)

Key Mgt Personnel Mrs. Anuradha Rani, Director

Mrs. Shamli Maria, director Sh. Sunil Dutt Maria, director Sh. Sunny Maria , Mg. director

2. FOREIGN TRANSACTION:

The company has not transacted any foreign transactions during the year 2014-15

3. SEGMENT INFORMATION:

The disclosure requirement of the Standard in term of AS 17 "Segment Reporting" notified by the Central Govt. under Companies ( Accounting Standard) Rule 2006 is applicable to the company which is given in the Annexure-I attached herewith.

4. Due to lack of information regarding the status of creditors, the amount outstanding to SSI undertaking beyond 30 days could not be given.

5. The debit & credit balances are subject to their confirmation from respective parties.

6. As the net worth, sale and net profit of the company is less than the limits prescribed during the current year so section 135 of the Companies Act, 2013 regarding the Corporate Social Responsibility is not applicable to the company.

7. Current year financial statements are prepared as per Accounting Standard prescribed under section 133 read with rule 7 of Companies (Accounts) Rules, 2014 and relevant provisions of Companies Act 2013 and previous year financial statement were prepared as per relevant provisions of the Companies Act, 1956 (refer General circular 08/2014 dated 04/04/2014 of the Ministry of Corporate Affairs for applicability of relevant provisions/schedules/rules of the Companies Act, 1956 for the financial statement prepared for the financial year commenced earlier than 01.04.2014) and the provisions of the Companies Act, 2013 (to the extent applicable)

8. The company is not registered with The Service tax Act and not paid the service tax liable to pay on the Goods Transport Agency services availed during the year 2014-15.

9. Previous year figure have been regrouped and/or reclassified, wherever necessary.

10. Note No.1 to 40 pertaining to the Balance Sheet and statement of Profit & Loss Account form an integral part of the accounts.

The Company has identified two reportable segments mainly viz. Trading of Cement and financing & rental income. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprises as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallowable".

b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

(ii) As per Accounting Standard on Segment Reporting (AS-17) "Segment Reporting", the Company has reported segment information on consolidated basis including business conducted through its two proprietorship firms.

(iii) Further explained that the rental income of Rs. 6.40 Lac has been reported in financing segment.


Mar 31, 2014

1. The company has floated two firms having own proprietor namely M/s Northlink Trading and M/S Kuber Traders deals in trading of Cement during the year 2013-14. Further the consolidated annual accounts (i.e. Balancesheet & P/L A/c) has been prepared for the company and both the firms.

2. The company is NBFC registered with Reserve Bank of India Vide Certificate No.06.00130 dt.09.09.1998 issued by Reserve Bank of India, Chandigarh

3. The debit & credit balances of Sundry creditors and Sundry debtors are subject to their confirmation from respective parties. Further the outstanding entries falls under the head of sundry creditors , sundry debtors and Loan & advances are classified as it is as during the F. Y. 2012-13.

4. Claims against the company not acknowledged as debts NIL NIL

5. Contingent Liabilities not provided for 104024.00 104024.00

(No information has been provided for the same but reported as per previous audit report and notes on account.)

6. Estimated amount of contracts remaining to be executed NIL NIL

7. Break up value of expenditure incurred on employees who:

(a) if employed for one or more than one full year were NIL NIL in receipt of remuneration which, in aggregate was not less than Rs. 6000000/-

(b) if employed for a part of the year were in receipt NIL NIL of remuneration which, for any month of that year was not less than Rs. 500000/-

8. Additional information pursuant to the provisions of paragraph 3,4C & 4D of Schedule VI of the Companies Act, 1956.

9. Due to lack of information regarding the status of creditors, the amount outstanding to SSI undertaking beyond 30 days could not be given.

10. The Company is advised that the computation of the profit under section 349 of the Companies Act, 1956 need not be made because remuneration/ commission paid/ payable to the Directors for the year ended 31st March 2014 is within the limits as prescribed in Schedule XIII Part II.

11. The company has transacted the following transactions with its related parties as per Accounting Standard "Related Party Disclosures" (AS-18) prescribed under Companies (Accounting Standards) Rules, 2006. As Per Annexure Attached.

12. SEGMENT INFORMATION:

The Company has identified two reportable segments mainly viz. Trading of Cement and financing & rental income. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprises as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

(ii) As per Accounting Standard on Segment Reporting (AS-17) "Segment Reporting", the Company has reported segment information on consolidated basis including business conducted through its two proprietorship firms.

(iii) Further explained that the rental income of Rs. 6.00 Lac has been reported in financing segment.

13. BORROWING COST: Borrowing cost attributable to acquisitions and construction of assets are capitalized as a part of cost of such assets up to the date when such assets are ready for its intended use and other borrowing cost arc charged to Profit & Loss Account. But the company has not taken any loan for the purchase of any capital assets during the year 2013-14.

14. IMPAIRMENT OF ASSETS: At each balance sheet date, the Company reviews the carrying amounts of its assets to determine whether there is any indication that those assets suffered any an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss. Recoverable amount is the higher of an asset's net selling price and value in use. In assessing value in use, the estimated future cash-flow expected from the continuing use of the assets and from its disposal is discounted to their present value using a pre-tax discount rate that reflects the current market assessments of time value of money and the risk specific of the assets. But the company has no assets of such type.

15. No provisions has been made for gratuity, if required any.


Mar 31, 2013

1. The deferred tax liability as per accounting standard no. 22 as on 31.03.2005 on account of timing difference (Depreciation) comes to Rs. 199634.00 which has been transferred from surplus appeared in the balance sheet as on 31.03.2003. Rs. 165511.01. The provisions after that has not been calculated and the provisions of AS-22 are not complied with.

2. The account of deferred tax assets as on 31.03.2010 has not been recognized in absence of virtual certainty of realizing such assets as required by accounting standard no. 22 issued by the institute of chartered accountants of India.

3. Balance under current assets, loan and advances and current liabilities are subject to confirmation by the respective parties. However, in the opinion of the Board, the current assets, loan and advances are not less than the value stated, if realized, in the ordinary course of business.

4. The Company has not complied with the provisions of Section 383(1) of the Companies Act, 1956 regarding the appointment of qualified company secretary.

5. Previous year figures have been re-grouped/re-arranged, wherever necessary to make them comparable.

6. The deferred tax liability as per accounting standard no. 22 as on 31.03.2005 on account of timing difference (Depreciation) comes to Rs. 199634.00 which has been transferred from surplus appeared in the balance sheet as on 31.03.2003. Rs. 165511.01. The provisions after that has not been calculated and the provisions of AS-22 are not complied with.

7. The account of deferred tax assets as on 31.03.2010 has not been recognized in absence of virtual certainty of realizing such assets as required by accounting standard no. 22 issued by the institute of chartered accountants of India.

8. Balance under current assets, loan and advances and current liabilities are subject to confirmation by the respective parties. However, in the opinion of the Board, the current assets, loan and advances are not less than the value stated, if realized, in the ordinary course of business.

9. The Company has not complied with the provisions of Section 383(1) of the Companies Act, 1956 regarding the appointment of qualified company secretary.

10. Previous year figures have been re-grouped/re-arranged, wherever necessary to make them comparable.


Mar 31, 2011

1. The deferred tax liability as per accounting standard no. 22 as on 31.03.2005 on account of timing difference (Depreciation) comes to Rs. 199634.00 which has been transferred from surplus appeared in the balance sheet as on 31.03.2003. Rs. 165511.01. The provisions after that has not been calculated and the provisions of AS-22 are not complied with.

2. The account of deferred tax assets as on 31.03.2010 has not been recognized in absence of virtual certainty of realizing such assets as required by accounting standard no. 22 issued by the institute of chartered accountants of India.

3. Balance under current assets, loan and advances and current liabilities are subject to confirmation by the respective parties. However, in the opinion of the Board, the current assets, loan and advances are not less than the value stated, if realized, in the ordinary course of business.

4. The Company has not complied with the provisions of Section 383(1) of the Companies Act, 1956 regarding the appointment of qualified company secretary.

5. Previous year figures have been re-grouped/re-arranged, wherever necessary to make them comparable.

 
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