Home  »  Company  »  Odyssey Corporation  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Odyssey Corporation Ltd.

Mar 31, 2015

A) Terms / Rights attached to the Equity Shares:-

i) The company has only one class of Equity Shares having a par value of Rs. 5/- per share. Each holder of Equity Share is entitled to one vote per share.

ii) The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.iii)In the event of liquidation 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.

Note 1.1

Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II.

The written down value of Fixed Assets whose lives have expired as at 1st April, 2014 have been adjusted in opening balance of Profit and Loss Account to Rs. 122,322 & correspondingly Deferred Tax Asset of Rs. 37,798.

Note 2.1

i) Out of 2,10,00,000 equity shares of Syncom Formulation (India) Ltd. 1,50,00,000 shares has been given as loan to and 60,00,000 shares has been pledged with the Canara Bank for availing facilities by the Alacrity Securities Ltd.

ii) 16,012 equity shares of Chennai Ferrous Industries Ltd & 18,299 equity shares of Geeta Renewable Energy Ltd. received on account of demerger of Kanishk Steel India Ltd.


Mar 31, 2014

1) Terms / Rights attached to the Equity Shares:-

i) The company has only one class of Equity Shares having a par value of Rs. 5/- per share Each holder of Equity Share is entitled to one vote per share.

ii) The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.iii)In the event of liquidation 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.

2 Capital and other commitments:

Estimated amount of capital corntract remaining to be executed and not provided for (net of advance) NIL (Previous year-146,75,000)

3 Balances Of Debtors & Creditors And Loans & Advances Are Subject To confirmation & Reconciliation Share Application Money Given Is Subject To Confirmation.

4 In respect Of Amounts Mentioned under section 205C of the Companies Act, 1956 there were no dues required to be credited to the Investor education and Protection Fund as on 31st March, 2014.

5 No Borrowing Costs have been capitalised during the year.

6 The above information regarding Micro, Small And Medium Enterprises has been determined to the extent such parties have been indentified on the basis of the information available with the company. This has been relied upon by the Auditor.

7 Segment Reporting

During the year the company operated in signal business segment of trading business in India. Hence there are no separate reportable business or geographical segments as per Accounting Standard (AS-17) on Segmental Reporting.

8 Other additional information required as per Schedule VI of the Companies Act,1956 is either Nil or Not Appliacble to the Company during the year.

9 Previous Years figures have been regrouped/reclassified wherever necessary to confirm to the current years classification.


Mar 31, 2013

1 Capital and other commitments:

Estimated amount of capital contract remaining to be executed and not provided for (net of advance) Rs. 146,75,000/- (Previous year-Nil)

2 In respect Of Amounts Mentioned under section 205C of the Companies Act, 1956 there were no dues required to be credited to the Investor education and Protection Fund as On 31st March, 2013.

3 No Borrowing Costs have been capitalised during the year

4 The above information regarding Micro, Small And Medium Enterprises has been determined to the extent such parties have been indentified on the basis of the information available with the company.

This has been relied upon by the Auditor.

5 Segment Reporting

During the year the company operated in signal business segment of trading business in India. Hence there are no separate reportable business or geographical segments as per Accounting Standard (AS-17) on Segmental Reporting.

6 Other additional information required as per Schedule VI of the Companies Act,1956 is either Nil or Not Applicable to the Company during the year.

7 Previous Years figures have been regrouped/reclassified wherever necessary to confirm to the current years classification.


Mar 31, 2011

1 As per the best estimate of the management, no provision is required to be made as per Accounting Standard [AS-29] Provisions, Contingent Liabilities and Contingent Assets notified by The Companies (Accounting Standard) Rules, 2006, in respect of present obligation as a result of past event that could lead to probable outflow of resources, which would be required to settle the obligation

2 The estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.1 50 lacs

3 During the year the company has entered into Joint venture agreement as co-producer with M/s Harvey India Production a unit of Harvey India Tours & Travels Private Limited for producing one Hindi feature film. The company's commitment towards the said project would be Rs. 250 lacs. The company has already invested Rs. 100 lacs towards this project. The company has 50% share in the profit of the said project

4 In respect of advances of Rs. 100 lacs against which supply of material is pending beyond the stipulated delivery schedule. The Company is pursuing parties for refund / supply of material for above amount

5 The Company is a Small and Medium Size Company (SMC) as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to Small and Medium Sized enterprises

6 In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31, 2011

7 No borrowing costs have been capitalised during the year

8 The company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence the disclosure regarding

a) Amount due and outstanding to Suppliers as at the end of the accounting year;

b) Interest paid during the year;

c) Interest payable at the end of the accounting year;

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

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors

9 Previous year figures have been regrouped / reclassified wherever necessary to conform to the current year's classification


Mar 31, 2010

1 Contingent Liabilities:

Particulars As At As At 31-Mar-10 31-Mar-09 Rs. Rs.

Contingent Liabilities - -

- -

2 As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS-29) Provisions, Contingent Liabilities and Contingent Assets notified by The Companies (Accounting Standard) Rules, 2006, in respect of present obligation as a result of past event that could lead to probable outflow of resources, which would be required to settle the obligation.

3 Information required under paragraphs 3 and 4 of part II to Schedule VI of the Companies Act, 1956 are stated to the extent applicable to the company.

4 Related Party Disclosure

As per Accounting Standard 18 - "Related Party Disclosures" notified by The Companies (Accounting Standard) Rules, 2006, the companys related parties are as under:

i) Key Management personnel (KMP)

Name of the Persons Relationship

Hemanshu Mehta Director

Paresh Mahajan Director

Denis Selarka Director

Samar Singh Director

ii) Relative of key management personnel

Name of the KMP Name of the Relative Relationship

1) Mr Hemanshu Mehta Bina Mehta Spouse

Pooja Mehta Daughter

Karishma Mehta Daughter

Hiten Mehta Brother

Ramniklal Mehta Father

Jyoti Mehta Mother

2) Mr. Paresh Mahajan Jagruti Mahajan Spouse

Parth Mahajan Son

Bhupendra Mahajan Father

3) Mr. Denis Selarka Hasmukhlal Selarka Father

4) Mr. Samar Singh Vishwanath Singh Father

Usha Singh Mother

Vishal Singh Brother

Vikrant Singh Brother

iii) Other Related parties Name of the Related Party

i) Alacrity Securities Limtied

ii) Tekstar Networks India Private Limited

iii) Adler Security Systems Private Limited

iv) Padma Impex Private Limited

Relationship

Entities where KMPs and the relative/s of KMP are interested as a Director or a shareholder or partner or proprietor.

5 The Company is a Small and Medium Size Company (SMC) as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to Small and Medium Sized enterprises.

6 In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31,2009.

7 No borrowing costs have been capitalised during the year.

8 The company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence the disclosure regarding :

a) Amount due and outstanding to Suppliers as at the end of the accounting year;

b) Interest paid during the year;

c) Interest payable at the end of the accounting year;

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

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

9 Previous year figures have been regrouped / reclassified wherever necessary to conform to the current years classification.


Mar 31, 2009

Not Available

 
Subscribe now to get personal finance updates in your inbox!