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Notes to Accounts of Richirich Inventures Ltd.

Mar 31, 2014

Note 1d. Rights, Preferences and Restrictions attached to the Shares:

The equity shares of the Company of nominal value Rs. 5 per share rank pari-passu in all respects including voting rights and entitlement to dividend.

Note 2. RELATED PARTY DISCLOSURE

As per the Accounting Standard on "Related Party Disclosures" (AS18) notified by Companies (Accounting Standards) Rules, 2006, the related parties of the Company are as follows:

List of Related Parties & Relationship: Directors of the Company

Mr. Ashok A Jain- Mr. Ashok Chhajed- Mrs. Renu Jain

Director''s Relatives

Shantilal Chhajed Vikas Chhajed

Notes :

1. Related Party Relationships are as identified by the Company on the basis of Information available and relied upon by the Auditors

2. No amount has been written off during the year in respect of debts due from related party

Note 3 : SEGMENT INFORMATION

The company is engaged in only one line of Activity. Hence disclosure requirement under Accounting Standard 17 Segment Reporting is not applicable to the Company

Note 4:

Figure for the previous year have been regrouped / rearranged wherever considered necessary to conform to this year classification.


Mar 31, 2013

Note 1. RELATED PARTY DISCLOSURE

As per the Accounting Standard on "Related Party Disclosures" (AS18) notified by Companies (Accounting Standards) Rules, 2006, the related parties of the Company are as follows

Note 2: SEGMENT INFORMATION

The company is engaged in only one line of Activity. Hence disclosure requirement under Accounting Standard 17 Segment Reporting is not applicable to the Company

Note 3:

Figure for the previous year have been regrouped / rearranged wherever considered necessary to conform to this year classification.


Mar 31, 2012

Note 1a. Rights, Preferences and Restrictions attached to the Shares:

The equity shares of the Company of nominal value 10 per share rank pari passu in all respects including voting rights and entitlement to dividend.

In compliance with provisions of Accounting Standard and based on general Prudence, the Company has not recognized the deferred tax asset nor written back excess deferred tax liability, while preparing the accounts of the year under review.

Note 1 : SEGMENT INFORMATION

The company is engaged in only one line of Activity. Hence disclosure requirement under Accounting Standard 17 Segment Reporting is not applicable to the Company

Note 2:

The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for Year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous to this year''s year figures have also been reclassified to conform classification. The adoption of Revised Schedule VI for the previous year principles followed for figures does not Impact recognition and measurement preparation of financial statements.


Mar 31, 2011

1. Balance of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation.

2. In the opinion of the Management, the current assets, loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

3. Provisions, Contingent Liability and Contingent Assets

Provisions are recognized, in terms of Accounting Standard-29-Provisions, Contingent Liabilities and Contingent Assets issued by Institute of Chartered Accountants of India, where there is a p resent legal or statutory obligation as a result of past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

Contingent liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any p resent obligation cannot be measured in terms of future outflow or resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an on-going basis and only those having a largely probable outflow of resources are provided for. Contingent assets are not recognized in the financial statements.

Further there is a dispute of sales tax demand (not yet acknowledged) amounting to Rs.43,006 for the year 1998-99, as the company has deposited amount of Rs.43,050 under protest, in which the sales tax department has p referred an appeal in the Rajasthan High Court at Jodhpur and the same is still pending.

Further the Company has not quantified and provided statutory liability under provisions of TDS under Income tax act for the payment made or expense accounted during the year. As per management decision the liability will be provided and p aid based on actual assessment of said liability in subsequent financial year.

4. Segment Information

The Company is engaged in only one line of activity. Hence disclosure requirement under Accounting Standard 17- Segment Reporting is not applicable to the Company.

5. Earning Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The Company does not have equity embedded instruments during the year hence dilutive earning per share will be same as per basic earning per share.

6. The Company has no amounts due to any Micro / Small / Medium enterprise as defined under Micro, Small & Medium Enterprises Development Act, 2006, as at March 31, 2011.

7. The Company has written back the advance of Rs. 8.5 lacs received from two parties for Property Ex business development. Due to non fulfillment of their commitments the amount was forfeited during the year and offered as Income and disclosed under extraordinary items.

8. Previous year figures has been regrouped and rearranged whenever necessary.


Mar 31, 2010

1. Balance of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation.

2. In the opinion of the Management, the current assets, loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

3. a) The computation of net profit for the purpose of calculation of directors remuneration u/s 349 of the Companies Act, 1956 is not enumerated since no commission has been paid to any director.

4. Provisions, Contingent Liability and Contingent Assets

Provisions are recognized, in terms of Accounting Standard-29-Provisions, Contingent Liabilities and Contingent Assets issued by Institute of Chartered Accountants of India, where there is a present legal or statutory obligation as a result of past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Contingent liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow or resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an on- going basis and only those having a largely probable outflow of resources are provided for. Contingent assets are not recognized in the financial statements. Further there is a disputed of sales tax demand (not yet acknowledged) amounting to Rs.43,006 for the year 1998-99, as the company has deposited amount of Rs.43,050 under protest, in which the sales tax department has preferred an appeal in the Rajasthan High Court at Jodhpur and the same is still pending.

Further the Company has not quantified and provided statutory liability under provisions of TDS under Income tax act for the payment made or expense accounted during the year. As per management decision the liability will be provided and paid based on actual assessment of said liability in subsequent financial year.

5. Related Party Transaction

The list of related party and nature of their relationship is furnished below :

Related parties with whom transactions have taken place during the year:

Directors of the company

Managing Director Mr. Ashok A. Jain

Director Mrs. Renu Jain

Director Mr. Ashok Chhajed

Subsidiaries Nil

6. Segment Information

The Company is engaged in only one line of activity. Hence disclosure requirement under Accounting Standard 17- Segment Reporting is not applicable to the Company.

7. Earning Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The Company does not have equity embedded instruments during the year hence dilutive earning per share will be same as per basic earning per share.

8. The Company has no amounts due to any Micro / Small / Medium enterprise as defined under Micro, Small & Medium Enterprises Development Act, 2006, as at March 31,2010.

9. Previous year figures has been regrouped and rearranged whenever necessary.

 
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