Mar 31, 2015
1. EMPLOYEE BENEFITS
Since there are no employees eligible for any retirement benefits as
per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15
2. Impairment of Assets :
In terms of the requirements of the Accounting standards-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, no provision for impairment in value has been considered
necessary by the management as there are no assets carried in the
books, except computers.
3. Provision, Contingent Liabilities and Contingent Assets :
As per the best estimate of the management, no provision is required to
be made as per Accounting Standard (AS) 29 "Provision, Contingent
Liabilities and Contingent Assets" as notified by the Companies
(Accounting Standards) Rules 2006, in respect of any present obligation
as a result of a past event that could lead to a probable outfl ow of
resources which would be required to settle the obligation.
4. Segment Reporting
As the Company has stopped operations and deriving the income from only
other sources, segment reporting under Accounting Standard  17 of ICAI
is not applicable.
5. Related Party Transactions
The Company has made the following transactions with related parties as
per the provisions of Accounting Standard
Mar 31, 2014
The revised Schedule VI has become effective from 1st April 2011, for
the preparation of financial statement. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous years figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure.
1. FIXED ASSETS
The company does not have any fixed assets in its block, except
computers which are used in the office. Since there are no operations
during the year no depreciation is provided on Fixed Assets.
2. EMPLOYEE BENEFITS
Since there are no employees eligible for any retirement benefits as
per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15
3. Impairement of Assets :
In terms of the requirements of the Accounting standards-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, no provision for impairment in value has been considered
necessary by the management as there are no assets carried in the
books, except computers.
4. Provision, Contingent Liabilities and Contingent Assets :
As per the best estimate of the management, no provision is required to
be made as per Accounting Standard (AS) 29 "Provision, Contingent
Liabilities and Contingent Assets" as notified by the Companies
(Accounting Standards) Rules 2006, in respect of any present obligation
as a result of a past event that could lead to a probable outflow of
resources which would be required to settle the obligation.
5. Segment Reporting
As the Company has stopped operations and deriving the income from only
other sources, segment reporting under Accounting Standard - 17 of ICAI
is not applicable.
6. Related Party Transactions
The Company has made the following transactions with related parties as
per the provisions of Accounting Standard.
Mar 31, 2013
1. FIXED ASSETS
The company does not have any fixed assets in its block, except
computers which are used in the office. Since there are no operations
during the year no depreciation is provided on Fixed Assets.
2. EMPLOYEE BENEFITS :
Since there are no employees eligible for any retirement benefits as
per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15.
3. Impairement of Assets:
In terms of the requirements of the Accounting standards-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, no provision for impairment in value has been considered
necessary by the management as there are no assets carried in the
books, except computers.
4. Provision, Contingent Liabilities and Contingent Assets:
As per the best estimate of the management, no provision is required to
be made as per Accounting Standard (AS) 29 "Provision, Contingent
Liabilities and Contingent Assets" as notified by the Companies
(Accounting Standards) Rules 2006, in respect of any present obligation
as a result of a past event that could lead to a probable outflow of
resources which would be required to settle the obligation.
5. Segment Reporting
As the Company has stopped operations and deriving the income from only
other sources, segment reporting under Accounting Standard - 17 of ICAI
is not applicable.
Mar 31, 2012
The revised Schedule VI has become effective from 1st April 2011, for
the preparation of financial statement. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous years figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure.
Provision for Income Tax is made for the current accounting period on
the basis of the taxable profits computed in accordance with the Income
Tax Act, 1961.
1. FIXED ASSETS
The company does not have any fixed assets in its block, except
computers which are used in the office. Since there are no operations
during the year no depreciation is provided on Fixed Assets.
The Company stopped operations of the Poultry Business and the only
income during the year is the interest earned on the loans given to
various parties during the year
2. EMPLOYEE BENEFITS
Since there are no employees eligible for any retirement benefits as
per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15
3. Impairement of Assets:
In terms of the requirements of the Accounting standards-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, no provision for impairment in value has been considered
necessary by the management as there are no assets carried in the
books, except computers.
4. Provision, Contingent Liabilities and Contingent Assets:
As per the best estimate of the management, no provision is required to
be made as per Accounting Standard (AS) 29 "Provision, Contingent
Liabilities and Contingent Assets" as notified by the Companies
(Accounting Standards) Rules 2006, in respect of any present obligation
as a result of a past event that could lead to a probable outfl ow of
resources which would be required to settle the obligation.
5. segment Reporting
As the Company has stopped operations and deriving the income from only
other sources, segment reporting under Accounting Standard -17 of ICAI
is not applicable.
6. Related Party Transactions
The Company has made the following transactions with related parties as
per the provisions of Accounting Standard 18 issued by The Institute of
Chartered Accountants of India
No amount was overdue to the above referred related parties as on 31st
March 2012. No provision for doubtful debts was made and no amount was
written off in the period in respect of debts due from/or to the
related parties.
Mar 31, 2011
A) COMPANY OVERVIEW
PFL is a listed company incorporated with the objective of carrying out
business in the field of poultry. The company has later on changed its
line of operations and started the InfoTech business.
1. The Company has discontinued its operations of the Poultry Business
and the only income during the year is interest earned on the loans
given to various parties.
2. During the year the company has disposed off all the assets except
com- puters used in the office as scrap basing on the resolution passed
by the Board of Directors.
The existing land was transferred by way of a sale agreement to the
Managing Director with a condition to take the responsibility of
pursuing the Court Case existing on the land.
The difference between the book value and realized value of all the as-
sets is shown as loss on sale of fixed assets and is charged off to the
Profit and Loss Account. The long term capital gains arising on
transfer of land are adjusted against the loss arising on the sale of
the other assets. Since there was no production activity, no
depreciation was provided dur- ing the year on Fixed Assets.
3. There were no employees in receipt of remuneration in excess of the
limits specified in Sec 217 (2A) of the Companies Act, 1956.
4. Since there are no employees eligible for any retirement benefits
as per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15.
5. As the Company is dealing with only one product and it is operating
only in India, segment reporting under Accounting Standard -17 of ICAI
is not applicable.
6. As per information and explanations given to us, during the
financial year no foreign exchange transactions are there, which need
to be reported.
7. As per the AS 22, since there is no reasonable certainty that the
Company will get profits so as to absorb the carried forward losses and
depreciation, the deferred tax asset has not been recognized in the
financial statements.
8. The Schedules referred to in the balance sheet and profit and loss
account form an integral part of accounts.
9. The figures are rounded off to the nearest rupee and previous year
figures have been regrouped / rearranged wherever necessary.
10. Previous year figures have been regrouped wherever necessary and
paise have been rounded off to nearest rupee.
11. Additional information pursuant to the provisions of paragraph 3,4C
to 40 of Part II and Part VI of Schedule VI of the Companies Act, 1956,
are not applicable.
Mar 31, 2010
1. Depreciation on the Fixed Assets is charged under the straight line
method and as per the rates in force in Schedule XIV to the Companies
Act, 1959 for the actual period of usage during the year. Since the
machinery and buildings were not used during the year, no depreciation
is charged on the same.
2. During the year 11,50,000 Shares Warrants have been converted into
Equity Shares of Rs 10/- each at a premium of Rs 5/- per share and are
allotted to the following allottees:
P Amresh Kumar : 7,00,000 Shares
Nickunj Shah : 4,50,000 Shares.
3. During the year Company has received back the long outstanding
advance in the name of Future Tech Industries amounting to Rs
6,67,96,000. The amount received has been utilized as follows:
a. Towards Advance for Purchase of Property: Rs 2,75,00,000
b. As unsecured loans to various parties: Rs 3,90,00,000
For the amounts given as unsecured loans, the company does not have any
security other than the debtors personal security.
4. There were no employees in receipt of remuneration in excess of the
limits specified in Sec 217 (2A) of the Companies Act, 1956.
5 Since there are no employees eligible for any retirement benefits as
per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15.
6. As the Company is dealing with only one product and it is operating
only in India, segment reporting under Accounting Standard - 17 of ICAI
is not applicable.
7. As per information and explanations given to us, during the
financial year no foreign exchange transactions are there, which need
to be reported.
8. As per the AS 22, since there is no reasonable certainty that the
Company will get profits so as to absorb the carried forward losses and
depreciation, the deferred tax asset has not been recognized in the
financial statements.
9. Debit and Credit balances in the parties accounts as at
31.03.2010 are subject to confirmation.
10. The Schedules referred to in the balance sheet and profit and loss
account form an integral part of accounts.
11. The figures are rounded off to the nearest rupee and previous year
figures have been regrouped/rearranged wherever necessary.
12. Previous year figures have been regrouped wherever necessary and
paise have been rounded off to the nearest rupee.
Additional information pursuant to the provisions of paragraph 3, 4C to
40 of Part II and Part VI of Schedule VI of the Companies Act, 1956, is
annexed.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article