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Notes to Accounts of Parnav Sports Academy Ltd.

Mar 31, 2014

1) The previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary

2) All the investments made by the company are valued at Cost.

3) Managerial Remuneration: 63,226.00

4) The inventories of the company are valued as per cost price and market price which ever is less.

5) Deferred tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assents are recognised unless there is virtual certainty with respect to the reversal of the same in future years.

6) The revised Schedule VI as notified under the companies Act,i9S6, has became applicable to the company for the presentation of its financial statements for the year ending March 31.2013. The adaptation of the revised Schedule VI requirements has significantly modified the presentation and disclosure which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

7) All schedules annexed to and from integral part of the Balance Sheet and Profit & Loss Account.

8) Minimum Alternative Tax (MAT) is recognised as an asset only when and to the extent there is convicting evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convicting evidence to the effect that company will pay normal Income Tax during the specified period.

9) Value of Import on CIF Basis Nil

10) Earnings in Foreign Exchange (FOB Value) Nil

11) Expenditure in Foreign Currency Nil

12) The Company has no employee to whom the provisions of section 217 (2A) of the Companies Act, 1956 are applicable.


Mar 31, 2013

1) The inventories of the company are valued as per cost price and market prica which ever is less.

2) Deffered tax arising on account of timing differeance and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deffered tax assests are recognised unless there Is virtual certainty with respect to the reversal of the same in future years.

3) The revised Schedule VI as notified under the companies Act.1956, has become applicable to the company for the presentation of Its financial statements for the year ending March 31.2013. The adoptation of the revised Schedule VI requirements has significantly modified the presentation and disclosure which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

4) All schedules ennexed to and form integral part of the Balance Sheet and Profit & Loss Account.

5) Minimum Alternative Tax (MAT) is recognised as an asset only when and to the extent there is convicing evidence that the company will pay normal income tax during the specefied period. The Company reviews the same at each balance sheet date end writes down the carrying amount of MAT Credit Entilement to the extent there is no longer convicing evidence lo the effect that company will pay normal Income Tax during the specified period.


Mar 31, 2012

1) Minimum Alternative Tax (MAT) is recognised as an asset only when and he pay normal income tax during the specefied period. The Company reviews the same at eawill pay normal carrying amount of MAT Credit Entilement to the extent there is no longer conv.c.ng evidence to the effect that company will pay normal Income Tax during the specified period.

2) Value of Import on CIF Basis Nil

3) Earnings in Foreign Exchange (FOB Value) Nil

4) Expenditure in Foreign Currency Nil

5) The Company has no employee to whom the provisions ot section 217 (2A) of the Companies Act. 1956 are applicable.


Mar 31, 2011

A Retirement Benefits

Employees Provident Fund Act and Payment of Gratuity Act are not applicable; hence no provision has been made.

B) Contingent Liability

As explained to us, there are no liabilities of a contingent nature.

Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

Additional information pursuant to provisions of para 3 and 4. of part II of schedule - VI of the Companies Act. 1956 are not applicable to the Company.