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Notes to Accounts of Rainbow Foundations Ltd.

Mar 31, 2015

1. Company Information

The company is in the business of Real estate development in India. It is engaged in the building of Flats, Commercial Complex s and Resorts. The company is also engaged in the development and marketing of plots and pieces of land.

2. RIGHTS PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES

The company has only one class of equiy shares have a face value of Rs. 10 Per share.

3. Each holder of equity shares is entitled to one vote per share.

4. The company declares and pays dividends in Indian Rupees.

5. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except for Interim Dividend

6. 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.

7. There are no Micro and Small Scale Business Enterprises, to whom Company owes dues, which are outstanding for more than 45 days as at 31/03/2015. This information as required to be disclosed under the Mirco, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company

8. Balances due to various parties are subject to confirmation/reconciliation thereof. Management does not consider any adjustment on completion of reconciliation/confirmation.


Mar 31, 2014

Company Information

The company is in the business of Real estate development in the state of Tamilnadu. It is engaged in the building of Flats, Commercial Complex''s and Resorts. The company is also engaged in the development and marketing of plots and pieces of land.


Mar 31, 2013

1. Company Information

The company is in the business of Real estate development in the state of Tamilnadu. It is engaged in the building of Flats, Commercial Complex''s and Resorts. The company is also engaged in the development and marketing of plots and pieces of land.

2.1 RIGHTS PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES

The company has only one class of equiy shares have a face value of Rs. 10 Per share. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividends in Indian Rupees.

The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except for Interim Dividend

In the event of liquidation of the Company, the holders of equity sha res 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


Mar 31, 2012

1. Company Information

The company is in the business of Real estate development in the state of Tamilnadu. It is engaged in the building of Flats, Commercial Complex's and Resorts. The company is also engaged in the development and marketing of plots and pieces of land.

2.1 RIGHTS PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES

The company has only one class of equiy shares have a face value of Rs. 10 Per share.

Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividends in Indian Rupees.

The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except for Interim Dividend

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.


Mar 31, 2011

A Balances of certain Debtors and Creditors are subject to reconciliation in the absence of confirmation from them.

Schedules have been rearranged and regrouped wherever necessary.

B The Companies Project at Purusawakkam is under a Legal Dispute with regards to the ownership of the property. Substantial amount has been invested by the company in the project and substantial portion of the project is complete. The outcome of the case is not known and thus the amounts spent have been shown as Closing Project in progress. No provision of loss is made in the absence of certainity of amount.

C There are no sums which are payable to small scale industrial undertakings (SSIs) that are outstanding for more than thirty days as on the Balance sheet date. Further there are no outstanding amounts payable to Micro, Small and Medium enterprises as on the Balance sheet date. For this purpose, the SSIs and Micro, Small and Medium enterprises are as identified by the management and relied upon by the auditors.

D The Income tax disputed liability pending before the Hon'ble High Court of Madras and The Commissioner of Income Tax(Appeals) for the Asst year 2002-2003 to the tune of Rs. 2,85,218 and Rs. 2,25,291 respectively, is not provided, and simillar way The Income tax disputed liability pending with The Commissioner of Income Tax(Appeals) for the Asst Year 2006-07 & AY 2007-08 to the tune of Rs. 4,02,650 & Rs. 3,33,003 respectively is also not provided in the books of accounts.

E The company has received Show Cause Notice from Service Tax Department demanding Rs. 7,86,330 as service tax dues. The company has fled its replies against the Show Cause Notice. No further communication is received from the Service Tax Department and the company has not provided for the liability.


Mar 31, 2010

A Balances of certain Debtors and Creditors are subject to reconciliation in the absence of confrmation from them.

Schedules have been rearranged and regrouped wherever necessary. C The Companies Project at Purusawakkam is under a Legal Dispute with regards to the ownership of the property.

Substantial amount has been invested by the company in the project and substantial portion of the project is complete. The outcome of the case is not known and thus the amounts spent have been shown as Closing Project in progress.

No provision of loss is made in the absence of certainity of amount.

B There are no sums which are payable to small scale industrial undertakings (SSIs) that are outstanding for more than thirty days as on the Balance sheet date. Further there are no outstanding amounts payable to Micro, Small and Medium enterprises as on the Balance sheet date. For this purpose, the SSIs and Micro, Small and Medium enterprises are as identifed by the management and relied upon by the auditors. E The sales Tax Liability of the Company for the Years from 1998 to 2003, are under Dispute with the Tamil Nadu Sales Tax Department. The matter is pending with the Madras High Court hence no Provision has been made in the books of accounts to the tune of Rs.59,76,072/-. F The Income tax disputed liability pending before the Honble High Court of Madras and The Commissioner of Income Tax(Appeals) for the Asst year 2002-2003 to the tune of Rs. 2,85,218 and Rs. 2,25,291 respectively, is not provided, and simillar way The Income tax disputed liability pending with The Commissioner of Income Tax(Appeals) for the Asst Year 2006-07 & AY 2007-08 to the tune of Rs. 4,02,650 & Rs. 3,33,003 respectively is also not provided in the books of accounts. G The company has not provided for Service Tax Liablity, as the same is recoverable from the customers as and when payable, as per the agreement between the company and the customer.

As on the Balance Sheet date, the company has not received any demand for service tax.

 
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