Mar 31, 2016
1. Role & Accountability
- Understanding the nature and role of Directors'' position.
- Understanding of risks associated with the business.
- Application of knowledge for rendering advice to management for resolution of business issues.
- Offer constructive challenge to management strategies and proposals.
- Active engagement with the management and attentiveness to progress of decisions taken.
2 Objectivity
- Non-partisan appraisal of issues.
- Own recommendations given professionally without tending to majority or popular views.
3 Leadership & Initiative
- Heading Board Sub-committees.
- Driving any function or identified initiative based on domain knowledge and experience.
4 Personal Attributes
- Commitment to role & fiduciary responsibilities as a Board member.
- Attendance and active participation.
- Proactive, strategic and lateral thinking.
5. REMUNERATION FOR DIRECTORS, KMP AND OTHER EMPLOYEES:
6. Key Principles for determining Remuneration:
The policy provides that the remuneration of Directors, KMP and other employees shall be based on the following key principles:
- Pay for performance: Remuneration of Executive Directors, KMP and other employees is a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and its goal. The remuneration of Non-Executive Directors shall be decided by the Board based on the profits of the Company and industry benchmarks.
- Balanced rewards to create sustainable value: The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate the Directors and employees of the Company and encourage behavior that is aligned to sustainable value creation.
- Recognition: Utilize effective practices that are supported by innovative programs that reinforce our desired culture and make us a special place to work.
- Annual Performance Linked Enhancement: Enhancement that recognizes the performance of the resource keeping in view the achievement of organizational goals & Departmental goals.
- Competitive compensation: Total target compensation and benefits are comparable to peer companies in the same industry and commensurate to the qualifications and experience of the concerned individual.
7. Remuneration:
a. Remuneration to Managing/Whole-time /Executive -Director
The NRC shall ensure that the Remuneration/ Compensation/ Commission etc. to be paid to Managing Director(s), C.E.O., Whole-time Directors, Manger, if any are in accordance with the provisions of Chapter XIII (Sections 196 to 203) read with Schedule V of the Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 or any other enactment for the time being in force and on the recommendation of Committee to the Board for its approval.
b. Remuneration to Non- Executive / Independent Director:
The NRC may recommend remuneration / compensation / commission and a suitable sitting fee, to non-executive directors as may be prescribed under the Companies Act, 2013 read with the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014subject to ceiling/ limits mentioned therein or any other enactment for the time being in force and on the recommendation of Committee to the Board for its approval.
c. Remuneration to KMP:
The Committee will recommend the remuneration to be paid to the KMP to the Board for their approval as per the provisions of the Act/ Policy of the Company. The level and composition of remuneration so determined by the Committee shall be reasonable and sufficient to attract, retain and motivate Directors or KMPS of the quality required to run the Company successfully. The relationship of remuneration to performance should be clear and meet appropriate performance benchmarks. The remuneration should also involve a balance between fixed and variable pay reflecting short and long term performance objective appropriate to the working of the Company and its goals.
d. Remuneration to Senior Management Personnel:
The Committee will recommend the remuneration to be paid to the Senior Management Personnel to the Board for their approval. The level and composition of remuneration so determined by the Committee shall be reasonable and sufficient to attract, retain and motivate senior management of the quality required to run the Company successfully. The same should be reviewed periodically to make any adjustment based on the market. The remuneration of such persons shall be in accordance with performance criteria defined for the role through performance management system to achieve the company''s goal. The remuneration should be a balance of fixed and incentive pay which will be determined by fixed pay components and executive incentives scheme applicable to their level as and when in place.
8. FAMILIARIZATION PROGRAM
The Management will familiarize the Independent Directors on the following
9. Company''s History, Structure and the Business Model;
10. Memorandum & Articles of Association of the Company;
11. Past 3 (three) years accounts and any important factors in the accounts of the Company;
12. Interaction with other Directors on the Board and with the Senior Executives of the Company.
13. REVIEW AND AMENDMENT:
- The Nomination & Remuneration Committee or the Board may review the Policy as and when it deems necessary.
- The Nomination & Remuneration Committee may issue the guidelines, procedures, formats, reporting mechanism and manual in supplement and better implementation to this Policy, if it thinks necessary.
- This Policy may be amended or substituted by the Nomination & Remuneration Committee or by the Board as and when required and also by the Compliance Officer where there is any statutory changes necessitating the change in the policy.
Mar 31, 2014
1. Earnings Per Share (EPS)
Note:
i. The Company does not have any dilutive potential equity shares.
ii. Consequently the basic and diluted earning per share of the company
remain the same.
2. Related Party Disclosures
As required under Accounting Standard 18 "Related Party Disclosure",
following are the details of transactions during the year with the
related parties of the Company as defined in AS 18:
a) Key Management Personnel
Mr. Krishan Khadaria Managing Director
Mr. Mohit Khadaria Director
b) Subsidiary Company
Nouveau Shares and Securities Limited
Nouveau Global Ventures FZE
c) Name of the enterprises having same Key Management Personnel and/or
their relatives as the reporting enterprise
Attribute Shares & Securities Private Limited
Forever Flourishing Finance and Investment Private Limited
Global Enterprises Golden Medwos Export Private Limited
Hilton Vyaper Private Limited
K.K. Khadaria & Co.
Kashish Multitrade Private limited
Laxmiramuna Investments Private Limited
Mitesh Polypack Private Limited
Navyug Telefilm Private Limited
Nouveau Share & Securities Ltd.
Noveau Global Ventures FZE
ONA Farms Private Limited
Pearl Agriculture Ltd.
Pearl Electronics Ltd.
Pearl Arcade Amusement Private Limited
Pearl Arcade Canteens and Caterers Private Limited
Pearl Arcade Consultants Pvt. Ltd.
Pearl Arcade Property Developers Private Limited
Pranjal Trading Company Pvt. Ltd.
Rajat Commercial Enterprises Pvt. Ltd.
Suman multitrade Private Limited
Thai Malai Golf Resort & SPA Private Limited
Vibhuti Properties Private Limited
3. Segment Reporting:
There are mainly four reporting segment of the Company namely:
i) Multimedia
ii) Financial & Consultancy
iii) Dealing in Shares & Securities
iv) Trading in Textile
In the Previous year there were six reportable segment namely:
i) Multimedia
ii) Financial & Consultancy
iii) Dealing in Shares & Securities
iv) Trading in Electronic Division
v) Trading in Agriculture Division
vi) Infrastructure Division
Mar 31, 2012
1.1 31250000( Previous year NIL) Equity shares out of issued,
subscribed and paid up share capital were alloted on exercise of
warrants.
2 MONEY RECEIVED AGAINST SHARE WARRENTS
During the Previous year, the Company has (prior to the sub division of
the face value of equity shares) made a preferential issue of 31,25,000
Convertible Warrant at cash price of Rs. 80/- in accordance with SEBI
guidelines. The Company has received Rs. 625 Lacs as 25% upfront money
against allotment of convertible warrents. The Company has utilized the
amount raised from the above issue for meeting the working capital
requirement and for general corporate purposes.
During the year, the company has alloted 3,12,50,000 shares at a price
of Rs. 8/- each against such warrant on 30th September, 2011.
2.1 Security
i) Equitable mortgage of 3 flats held by an associate concern as a
collateral Security.
ii) Personal Gurantee of Managing Director, Director and Relative of
the director.
iii) Corporate Guarantee of M/s Laxmiramuna Investments Private
Limited.
3.1 The Company has not received the required information from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosure, if any, relating
to amounts unpaid as at the year end together with interest
paid/payable under the said Act have not been made.
4.1 In the Opinion of the Board, the Current assets,loans and advances
are approximately of the value stated if realised in the ordinary
course of business. The provisions for all known liabilities are
adequate.
4.2 Commitments and Contingent Liabilities:
a) Income Tax demand disputed in Appeals A.Y 2006-07 NIL 1.76 Lacs
b) Guarantees given by bank to Bombay Stock Exchange 4.63 Lacs 4.63
Lacs
c) Estimated amount of contracts remaining to be executed
on capital account not provided (Net of advances). 170.10 Lacs 530.05
Lacs
4.3 Disclosure relating to amount outstanding at year end and maximum
outstanding during the year of Loans and advances , in the nature of
loan, required as per clause 32 of the Listing Agreement are given
below
4.4 Employees Defined Benefits:
Defined Benefit Plans - As per Actuarial Valuation on 31st March 2012.
4.5 Related Party Disclosures
As required under Accounting Standard 18 "Related Party
Disclosure", following are the details of transactions during the
year with the related parties of the Company as defined in AS 18 :
a) Key Management Personnel
Mr. Krishan Khadaria Managing Director
b) Subsidiary Company
Nouveau Shares and Securities Limited
c) Name of the enterprises having same Key Management Personnel and/or
their relatives as the reporting enterprise with whom the Company has
entered into transactions during the year.
Aastha Broad Casting Network Limited
Ambit Multitrade Private Limited
Ashadeep Multitrade Private Limited
Attribute Shares & Securities Private Limited
Automagical Software Private Limited
Basic Real Estate Private Limited
Betterhomes Buildcon Private Limited
Coronation Polymers Limited
Forever Flourishing Finance and Investment Private Limited
Golden Medwos Export Private Limited
Hilton Vyaper Private Limited
Kashish Multitrade Private limited
Kasturi Overseas Private Limited
Laxmiramuna Investments Private Limited
Mitesh Polypack Private Limited
Mumbadevi Finance & Investment Company Private Limited
Navyug Telefilm Private Limited
Omni Strategic Managements Consaltants Private Limited
ONA Farms Private Limited
Pearl Acreade Consultant Private Limited
Pearl Agriculture Limited
Pearl Arcade Amusement Private Limited
Pearl Arcade Canteens and Caterers Private Limited
Pearl Arcade Property Developers Private Limited
Pearl Arcade Trading Private Limited
Pearl Electronics Limited
Perfect Square Multimedia Private Limited
Safal Investment Limited
Spectrum Venture Private Limited
Subhkam Multimedia Private Limited
Sukaniya Properties Private Limited
Suman multitrade Private Limited
Thai Malai Golf Resort & SPA Private Limited
Vibhuti Properties Private Limited
Global Enterprises
4.5 Segment Reporting :
There are mainly six reporting segment of the Company namely :
i) Multimedia
ii) Financial & Consultancy
iii) Dealing in Shares & Securities
iv) Trading in Electronic Division
v) Trading in Agriculture Division
vi) Infrastructure Division
4.6 In View of the revision to the schedule VI as per notification
issued by the Central Government, the financial statements for the year
ended 31st March, 2012 have been prepared as per the requirements of
the Revised Schedule VI to the Companies Act, 1956. The Previous year's
figures have been accordingly regrouped/reclassified to confirm to the
current year's classification.
Mar 31, 2011
1. In the opinion of the Board the Current Assets, Loans & Advances
are approximately of the value stated and are realisable in the
ordinary course of business except for those which are considered
doubtful and provided for. The provisions for all known liabilities are
adequate and not in excess of the amount reasonably necessary.
2. The Balances and classification of Sundry Debtors, Loans and
advances, Sundry Creditors and other liabilities shown in the Financial
Statements are as per the ledger and are subject to confirmation and
consequent reconciliation and adjustment.
3. There are no dues to the Micro, Small and Medium Enterprises which
are outstanding as at the Balance Sheet Date. This information
regarding Micro Small and Medium Enterprises has been determined on the
basis of information available with the Company.
4. Loans and Advances include Rs. 43.68 Lacs due from the subsidiary
company (P.Y. Rs. 43.68 lacs) and maximum amount outstanding during the
year Rs. 43.68 lacs (P. Y. Rs. 43.68 Lacs). The above loan is
interest-free and without stipulation regarding the repayment of the
same.
5. The Company has an investment of Rs. 150 Lacs in its wholly owned
subsidiary company, Nouveau Shares & Securities Limited (NSSL), and an
amount of Rs. 43.68 Lacs due from NSSL on account of advances made to
it. NSSL has accumulated losses amounting more than 50% of its paid-up
capital and free reserves. No provision has been made for any possible
diminution in the value of the above investments in view of the
strategic nature of the Company's interest in NSSL. The management is
of the opinion that the intrinsic value of these is higher in value at
which they are stated in Balance Sheet and hence no diminution in value
is required in the current year.
6. The Overdraft facility amounting to Rs. 72.70 lacs (P.Y. Rs. 200.01
Lacs) from Axis Bank Limited is secured against equitable mortgage of 3
flats held by an associate concern, Laxmiramuna Investments Private
Limited and against personal guarantee of relatives of directors of the
Company and also personal guarantees of the Managing Director of the
Company and a director of the Company.
7. Contingent Liabilities not provided for :
a) Income Tax demand disputed in Appeals Rs. 1.76 lacs (P.Y. Rs.
1.76 lacs) for Assessment Year 2006-07.
b) Guarantees given by bank to Bombay Stock Exchange of Rs. 4.63 lacs
(P.Y. Rs. 4.63 lacs) on behalf of the company.
c) Estimated amount of contracts remaining to be executed on capital
account not provided for Rs. 530.05 lacs. (Net of advances).
8. Taxation
a) Provision for taxation for the year has been made in accordance with
the provisions of the Income Tax Act, 1961.
b) In terms of Accounting Standard 22 on "Accounting for Taxes on
Income", the Company has recognised Deferred Tax Assets amounting to
Rs. 3.17 lacs (P.Y. Deferred Tax Liabilities amounting to Rs. 1.35 lacs
) for the year ended 31st March, 2011 in the Profit & Loss Account.
9. Employees Defined Benefits:
Defined Benefit Plans - As per Actuarial Valuation on 31st March 2011
10. Related Party Disclosures
As required under Accounting Standard 18 "Related Party Disclosure",
following are the details of transactions during the year with the
related parties of the Company as defined in AS 18 :
For the year ended on 31st March 2011 :
a) Key Management Personnel
Mr. Krishan Khadaria Managing Director
b) Subsidiary Company
- Nouveau Shares and Securities Limited
c) Name of the enterprises having same Key Management Personnel and/or
their relatives as the reporting enterprise with whom the Company has
entered into transactions during the year.
- Attribute Shares & Securities Private Limited
- Kashish Multitrade Private limited
- Safal Investment Limited
- Sukaniya Properties Private Limited
- Seth Shree Moolchand Khadaria Charitable Trust
For the year ended 31st March 2011 :
a) Key Management Personnel
Mr. Krishan Khadaria Managing Director
b) Subsidiary Company
- Nouveau Shares and Securities Limited
c) Name of the enterprises having same Key Management Personnel and/or
their relatives as the reporting enterprise with whom the Company has
entered into transactions during the year.
- Attribute Shares & Securities Private Limited
- Better Home Buildcon Private Limited
- Golden Meadows Export Private Limited
- Hilton Vyapar Private Limited
- Kashish Multitrade Private limited
- Kenex Builders Private Limited
- Laxmiramuna Investment Private Limited
- Orient Industrial Resources Limited
- Safal Investment Limited
- Sukaniya Properties Private Limited
- Vibhuti Properties private Limited
11. Total Remuneration paid to managing director of the Company for
the year is Rs. 7.80 lacs (PY Rs. 6.00 lacs)
12. Segment Reporting :
There are mainly six reporting segment of the Company namely :
i. Multimedia
ii. Financial & Consultancy
iii. Dealing in Shares & Securities
iv. Trading in Software & Hardware
v. Trading in Electronic Goods
vi. Trading in Agriculture Products
13. During the year the Company has changed its name from Nouveau
Multimedia Limited to Nouveau Global Ventures Limited and fresh
certificate of incorporation dated 26th March, 2011 has been received
by the Company from Registrar of Companies, Maharashtra. However the
approval from the Bombay Stock Exchange is yet pending to be received.
14. The Company has, during the year (Prior to the sub division of the
face value of equity shares) made a preferential issue of 31,25,000
Convertible Warrants at cash price of Rs. 80/-, in accordance with SEBI
guidelines. The Company has received Rs. 625 lacs as 25% upfront money
against allotment of convertible warrants. The Company has utilized the
amount raised from the above issue for meeting the working capital
requirement and for general corporate purposes.
15. The Company had been registered as a Non- Banking Financial
Company (NBFC) since several years, but on 1st April, 2011 it has
applied for de- registration from NBFC to Reserve Bank of India (RBI)
which is pending approval.
16. During the year, the Company has started a new business activity
of Real Estate. The Company has converted its capital assets being
office premises into stock in trade on 1st January, 2011 at a book
value of Rs. 166.99 lacs. The fair market value of the said premises as
on that date is Rs. 436 lacs.
17. The Equity Shares of the Company has been sub-divided from the
face value of Rs. 10/- each into face value of Re. 1/- each from the
equity share of Rs. 10/- each, vide resolution passed in extra ordinary
general meeting of the Company held on 11th March, 2011. The record
date to effect the same fixed as 8th April 2011 by the board of
directors vide resolution passed in their meeting held
Mar 31, 2010
1. Costs payable to producers for terrestrial rights is recognized on
basis of realization from debtors. However, at the year end, provision
is made for the costs payable in respect of all films telecast but not
realized during the accounting period.
2. In the opinion of the Board, the Current Assets, Loans and Advances
have a value on realisation in ordinary course of business at least
equal to the amount at which they are stated in the accounts. The
provision for depreciation and for all known liabilities is adequate
and not in excess of account reasonably necessary.
3. The balances and classification of Unsecured Loans, Sundry Debtors,
Loans and Advances, Sundry Creditors and other liabilities shown in the
Financial Statements are as per the ledger and are subject to
confirmation and consequent reconciliation and adjustment.
4. As on 31st March, 2010, the Company does not owe any amount to any
Micro, Small and Medium enterprises defined under "The Micro Small and
Medium Enterprises Development Act, 2006". The above information has
been compiled in respect of the parties to the extent to which they
could be identified as Micro, Small and Medium enterprises on the basis
of the information available with the Company.
5. Loans and Advances include Rs. 43.68 Lacs due from the subsidiary
company (P. Y. Rs. 43.68 lacs) and maximum amount outstanding during
the year Rs.43.68 lacs (P. Y. Rs. 43.68 Lacs). The above loan is
interest-free and without stipulation regarding the repayment of the
same.
6. The Company has an investment of Rs. 150 Lacs in its wholly owned
subsidiary company, Nouveau Shares & Securities Limited (NSSL), and an
amount of Rs. 43.68 Lacs due from NSSL on account of advances made to
it. NSSL has accumulated losses amounting more than 50% of its paid-up
capital and free reserves. No provision has been made for any possible
diminution in the value of the above investments in view of the
strategic nature of the Companys interest in NSSL. The management is
of the opinion that the intrinsic value of these is higher in value at
which they are stated in Balance Sheet and hence no diminution in value
is required in the current year.
7. The total remuneration paid to the Managing Director of the Company
for the year Rs. 6,00,000/ - (P.Y. 6,00,000/-).
8. The Company has availed a overdraft facility of Rs. 200.45 lacs
(P.Y. Rs. Nil) from Axis Bank Ltd. during the year against equitable
mortgage of 3 flats held by an associate concern, Laxmiramuna
Investments Private Limited and its corporate guarantee and also
personal guarantees of the Managing Director of the company and his
wife.
9. Contingent Liabilities not provided for :
i. Income Tax demand disputed in Appeals Rs. 176,381/- (P.Y. Rs.
176,381/-) for Assessment Year 2006-07 and Rs. 93,447/- (P.Y. Rs. Nil)
for Assessment Year 2007-08.
ii. Guarantees given by bank to Bombay Stock Exchange of Rs. 462,840/-
on behalf of the company.
11. Provision for Taxation for the year has been made in accordance
with the provisions of the Income Tax Act, 1961.
In terms of Accounting Standard 22 "Accounting for Taxes on Income"
issued by the Institute of Chartered Accountants of India the company
has recognized Deferred Tax Liabilities amounting to Rs. 135,199/-
(P.Y. Rs.251,793/-) for the year ended 31st March, 2010 in the Profit &
Loss Account
10. Related Party Disclosures:
a) Key Management Personnel
Mr. Krishan Khadaria Managing Director
b) Name of the enterprises having same Key Management Personnel and /
or their relatives as the reporting enterprise with whom transactions
have been entered into during the year.
Name
Attribute Shares & Securities Private Limited
Better Home Buildcon Private Limited
Golden Meadows Export Private Limited
Hilton Vyapar Private Limited.
Kashish Multitrade Pvt Ltd
Kenex Builders Pvt. Ltd.
Laxmiramuna Investment Pvt. Ltd.
Oriental Industrial Resources Limited
Safal Investment Ltd.
Sukaniya Properties Pvt Ltd.
Vlbhuti Properties Pvt.Ltd.
11. Depreciation on computers is charged only on additions during the
year and also in the financial years 2006-07, 2007-08 and 2008-09. No
depreciation has been charged on Computers brought forward from
financial year 2005-06 as depreciation could not be charged beyond 95%
of the acquisition cost as per the provisions of Companies Act, 1956.
12. During the year the company has changed the accounting policy in
respect of gratuity liability from cash to accrual basis of accounting,
to comply with the requirements of AS-15(Revised) as notified by
Company Accounting (Rules), 2006. Due to change in accounting policy,
the profit for the year is lower by Rs. 472,565/-.
13. The Company has raised Rs. 925.68 lacs through the right issue of
equity shares during the current year and the said amount has been
utilized to finance the expenditure for the production of films and
right issue expenses being the object stated in the letter of offer of
the said rights issue.
14. The Company had been registered as a Non-Banking Financial Company
(NBFC) since several years. Though the Company has ceased to carry on
activities related to Non-Banking Financial Companies, the Company has
not made any formal application for de-registration from NBFC to the
Reserve Bank of India (RBI).
15. Previous years figures have been regrouped, re-arranged, wherever
necessary, so as to make them comparable with current years figures.
Mar 31, 2009
1. Liabilities in respect of gratuity & leave encashment are accounted
for on cash basis which is not in conformity with Accounting Standard
(AS) 15 (Revised 2005) on Employee Benefits as issued by the Institute
of Chartered Accountants of India which requires that Gratuity and
Leave Encashment Liabilities be accounted for on accrual basis.
2. Costs payable to producers for terrestrial rights is recognized on
basis of realization from debtors. However, at the year end, provision
is made for the costs payable in respect of all films telecast but not
realized during the accounting period.
3. In the opinion of the Board, the Current Assets, Loans and Advances
have a value on realisation in ordinary course of business at least
equal to the amount at which they are stated in the accounts. The
provision for depreciation and for alt known liabilities is adequate
and not in excess of account reasonably necessary.
4. The balances and classification of Unsecured Loans, Sundry Debtors,
Loans and Advances, Sundry Creditors and other liabilities shown in the
Financial Statements are as per the ledger and are subject to
confirmation and consequent reconciliation and adjustment.
5. As on 31st March, 2009, the Company does not owe any amount to any
Micro, Small and Medium enterprises defined under "The Micro Small and
Medium Enterprises Development Act, 2006". The above information has
been compiled in respect of the parties to the extent to which they
could be identified as Micro, Small and Medium enterprises on the basis
of the information available with the Company.
6. Loans and Advances includes :
i) Rs. 43.68 Lacs due from the subsidiary company (P. Y. Rs. 43.68
Lacs) and maximum amount outstanding during the year Rs.43.68 Lacs (P.
Y. Rs. 45.18 Lacs).
The above loan is interest-free and without stipulation regarding the
repayment of the same.
7. The Company has an investment of Rs. 150 Lacs in its wholly owned
subsidiary company, Nouveau Shares & Securities Limited (NSSL), and an
amount of Rs. 43.68 Lacs due from NSSL on account of advances made to
it. NSSL has accumulated losses amounting more than 50% of its paid-up
capital and free reserves. No provision has been made for any possible
diminution in the value of the above investments in view of the
strategic nature of the Companys interest in NSSL. The management is
of the opinion that the intrinsic value of these is higher in value at
which they are stated in Balance Sheet and hence no diminution in value
is required in the current year.
8. The total remuneration paid to the Managing Director of the Company
for the year Rs. 6,00,000/ - (P.Y. 6,00,000/-).
9. Unsecured Loans includes Rs. Nil (P.Y. Rs. 58.50 Lacs) due to
companies in whin directors are interested.
10. Balances with scheduled banks in current accounts includes Rs.
9,663/- (P.Y. Rs. Nil) towards overdraft facility which has a debit
balance as on 31st March, 2009.
The Company has availed the overdraft facility of Rs. 200 lacs from
Axis Bank Ltd. during the year against equitable mortgage of 3 flats
held by an associate concern, Laxmiramuna Investments Private Limited
and its corporate guarantee and also personal guarantees of the
Managing Director of the company and his wife.
11. Contingent Liabilities not provided for :
i) Income Tax demand disputed in Appeals (Rs. 1,76,381/- (P.Y. Rs. Nil)
for Assessment Year 2006-07.
ii) Estimated amount of contracts remaining to be executed on capital
account not provided for Rs. 349.84 Lacs (net of advances) (P.Y. Rs.
174.56 Lacs).
12. Provision for Taxation for the year has been made in accordance
with the provisions of the Income Tax Act, 1961.
In terms of Accounting Standard 22 "Accounting for Taxes on Income"
issued by the Institute of Chartered Accountants of India the company
has recognized Deferred Tax Liabilities amounting to Rs. 2,51,793/- for
the year ended 31st March, 2009 in the Profit & Loss Account.
13. Related Party Disclosures:
a) Key Management Personnel
Mr. Krishan Khadaria Managing Director
Mr. Shyam Malpani Director (upto 31.03.08)
b) Name of the enterprises having same Key Management Personnel and /
or their relatives as the reporting enterprise with whom transactions
have been entered into during the year.
Name
Attribute Shares & Securities Private Limited
Kashish Multitrade Private Limited
Kenex Builders Private Limited
Laxmiramuna Investment Private Limited
Mumbadevi Finance & Investment Co. Private Limited
Navyug Telefilms Private Limited
Progressive Share Brokers Private Limited
Vibhuti Properties Private Limited
Safal Investment Limited
c) Subsidiary Company:
Nouveau Shares & Securities Limited
14. Segment Reporting :
These are mainly three reporting segment of the Company namely :
i. Multimedia
ii. Financial & Consultancy
iii. Dealing in Shares & Securities
15. Depreciation on computers is charged only on additions during the
year and also in the financial years 2006-07 and 2007-08. No
depreciation has been charged on Computers brought forward from
financial year 2005-06 as depreciation could not be charged beyond 95%
of the acquisition cost as per the provisions of Companies Act, 1956.
16. The Company had been registered as a Non-Banking Financial Company
(NBFC) since several years. Though the Company has ceased to carry on
activities related to Non-Banking Financial Companies, the Company has
not made any formal application for de-registration from NBFC to the
Reserve Bank Of India (RBI).
17. During the year, the Company has altered the main Object Clause of
the Memorandum of Association by inserting a new clause to carry out
activities of dealing in films, music, entertainment and other allied
activities and necessary approval of the shareholders has been obtained
through postal ballot on June 03, 2008 pursuant to Section 192A of the
Companies Act, 1956 read with the Companies (Passing of the resolution
by Postal Ballot) Rules, 2001.
18. Previous years figures have been regrouped, re-arranged, wherever
necessary, so as to make them comparable with current years figures.
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