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Notes to Accounts of Rapid Investments Ltd.

Mar 31, 2014

1 Corporate Information

Rapid Investments Limited Company incorporated in India under the provisions of The Companies Act, 1956. The company is engaged in business of Investments

2 Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in aJI material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 1956- The financial statements have been prepared on an accrual basis and under the historical cost convention.

2.1 Terms/Rights attached to equity shares:

i. The Company has only one class of Equity Shares having a par value of Rs.lOA per share. Each holder of Equity

ii. They are also entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the

iii. In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after

3 Segment Information (as -17)

The Company is engaged in only one business i.e. Non Banking Financial Services (granting of loans, making investments, etc) and as such there are no other reportable segment in the context of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India. Therefore, Segment Information as required by Accounting Standard -17 "Segment Reporting" is not applicable.

4 Related Party Disclosures (AS-18)

Name of related parties and related party relationship:

a) Key Management Personnel: .

Nina Ranka Director

b) Other related Parties: (Companies in which directors of the company are interested)

Ken Software Technologies Ltd.

Neuvo Supertech Enterprises Pvt. Ltd

Aadar Mercantile Pvt. Ltd,

Anivarya Trading Pvt. Ltd.

5 Due to the uncertainty in the future taxable income, the Company has not recognized Deferred Tax as per Accounting standard-22 "Accounting for Taxes On income".

6 Additional Disclosures as required in terms of Paragraph 13 of Monbanking Financial (Mon-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 issued by Reserve Bank of India.

7 Details of dues to Micro and Small Enterprises as defined under the MSMED Act, 2006

Based on the intimation received by the Company, none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development (''MSMED'') Act, 2006". Accordingly, no disclosures relating to amounts unpaid as at the year end together with interest paid/payable are required to be furnished.

8 While determining diminution, other than temporary, in the value of the long term quoted / unquoted investments, the strategic objective of such investments and the asset base of the investee companies have been considered, In view thereof, the decline in the market value of such investments is considered to be of a temporary nature.

9 In the opinion of the Board, the Current Assets, Loans & Advances are realizable in the ordinary coarse of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

10 Previous year figures

The company has been reclassified previous year''s figures to confirm this year''s classification.


Mar 31, 2013

1 Corporate Information

Rapid Investments Limited Company incorporated in India under the provisions of The Companies Act, 1956. The company is engaged in business of Investments

2 Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India [Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

3 Segment Information (AS-17]

The Company is engaged in only one business i.e Non Banking Financial Services (granting of loans, making investments, etc) and as such there are no other reportable segment in the context of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India. Therefore, Segment Information as required by Accounting Standard - 17 "Segment Reporting" is not applicable.

4 Related Party Disclosures (AS -18)

Name of related parties and related party relationship:

a) Key Management Personnel:

Nina Ranka Director

5 Details of dues to Micro and Small Enterprises as defined under the MSMBD Act, 2006

Based on the intimation received by the Company, none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development [''MSMED'') Act, 2006". Accordingly, no disclosures relating to amounts unpaid as at the year end together with interest paid /payable are required to be furnished.

6 While determining diminution, other than temporary, in the value of the long term quoted / unquoted investments, the strategic objective of such investments and the asset base of the investee companies have been considered. In view thereof, the decline in the market value of such investments is considered to be of a temporary nature.

7 In the opinion of the Board, the Current Assets, Loans & Advances are realizable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

8 Previous year figures

The company has reclassified previous year''s figures to confirm this year''s classification.


Mar 31, 2012

1.1 Terms/Rights attached to equity shares:

i. The Company has only one class of Equity Shares having a par value of X5I- per share. Each holder of Equity Shares is entitiled to one vote per share.

ii. They are also entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting except in case of interim dividend.

iii. In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their share holding.

2 Segment Information (AS - 17)

The Company is engaged in only one business i.e Non Banking Financial Services (granting of loans, making investments, etc.) and as such there are no other reportable segment in the context of Accounting Standard 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India. Therefore, Segment Information as required by Accounting Standard - 17 "Segment Reporting" is not applicable.

3 Due to the uncertainty in the future taxable income, the Company has not recognized Deferred Tax as per Accounting standard-22 "Accounting for Taxes On Income".

4 The Company believes that no impairment of assets arises during the year as per the recommendations of Accounting Standard - 28 Impairment of Assets, issued by the Institute of Chartered Accountants of India.

5 Additional Disclosures as required in terms of Paragraph 13 of NonBanking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 issued by Reserve Bank of India.

6 Details of dues to Micro and Small Enterprises as defined under the MSMEO Act, 2006 Based on the intimation received by the Company, none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development ('MSMED') Act, 2006". Accordingly, no disclosures relating to amounts unpaid as at the year end together with interest paid /payable are required to be furnished.

7 While determining diminution, other than temporary, in the value of the long term quoted / unquoted investments, the strategic objective of such investments and the asset base of the investee companies have been considered. In view thereof, the decline in the market value of such investments is considered to be of a temporary nature.

8 In the opinion of the Board, the Current Assets, Loans & Advances are realizable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

9 Previous year figures

Till the period ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31 March, 2012 the revised Schedule VI notified ur.der the Companies Act, 1956, has become applicable to the company. The company has reclassified previous year's figures to confirm to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.


Mar 31, 2010

A. AMOUNTS DUE TO SMALL SCALE INDUSTRIAL UNDER TAKINGS:

As at 31st March 2019, there are no Small Scale Industrial undertakings to which the Company owes a sum for more than thirty days. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at the year-end together with interest paid/payable as required under the said Act have not been given

B. Sundry Debtors, Loans and Advances, and Sundry Creditors are subject to reconciliation and confirmation from parties.

C. Related Party Transactions :-

Associate Company

Ken Software Technologies Ltd. Ken Technologies Ltd.

Key Managerial Personnel Kanishk Ranka

D. In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the institute of Chartered Accountants of India, the company has accounted for deferred tax during the year. The company has significant unabsorbed depreciation under the Income Tax Act, 1961. As a matter of prudence, deferred tax asset has not been recognized.

E. Additional information pursuant to the provisions of paragraph 3 ft 4 of part II of Schedule VI to the Companies Act, 1956, to the extent "applicable and as certified by the management is as under:-

Expenditure in foreign currency - Nil

F. Previous year figures have been regrouped / recast wherever necessary to confirm to the Current years classifications.


Mar 31, 2009

A. AMOUNTS DUE TO SMALL SCALE INDUSTRIAL UNDER TAKINGS;

As at 31st March 2009, there are no Small Scale Industrial undertakings to which the Company owes a sum for more than thirty days. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at the year-end together with interest paid/payable as required under the said Act have not been given

B. Sundry Debtors, Loans and Advances, and Sundry Creditors are subject to reconciliation and confirmation from parties.

C. Related Party Transactions :-

- Associate Company

Ken Software Technologies Ltd.

Ken Technologies Ltd.

D. In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the institute of Chartered Accountants of India, the company has accounted for deferred tax during the year. The company has significant unabsorbed depreciation under the Income Tax Act, 1961. As a matter of prudence, deferred tax asset has not been recognized.

E. Additional information pursuant to the provisions of paragraph 3 ft 4 of part II of Schedule VI to the Companies Act, 1956, to the extent applicable and as certified by the management is as under: -

Expenditure in foreign currency - Nil

F. Previous year figures have been regrouped / recast wherever necessary to confirm to the Current years classifications.

As per our report of even date attached herewith.

 
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