Mar 31, 2015
II. Other notes on Accounts
a. Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Micro, Small and Medium Enterprises in terms of section 22 of the
Micro, Small and Medium Enterprises Development Act, 2006 have been
determined to the extent such parties have been identified on the basis
of information available with the Company and relied upon by the
auditors. The Company has not received any instruction from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures if any, relating to
amounts unpaid as at the year ended together with interest payable as
required under the said Act have not been given.
b. Investment in Subsidiaries
During the year under review, since there were no operations in the
wholly owned subsidiaries i.e. Risa Universal Ltd (Hong Kong), Risa
Global Ltd (UK) and Risa International F.Z.E. (UAE) therefore, results
are prepared on Standalone basis only.
c. The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliation.
d. In the opinion of the Board, the Current Assets, Loans and Advances
have value on realization in the ordinary course of business, at least
equal to the amount at which they are stated in the Balance Sheet,
except trade receivables and loans and advances which falls under
management's policy for bad and doubtful debts as taken in previous
years.
e. The Company had declared dividend on 27th August, 2014 of Rs. 0.5
per share. Management of the Company has certified that there is no
balance payable in Dividend Account at the year end. The Company has
transferred the amount to separate account called Dividend Account in a
Scheduled Bank as required by Section 124 of Companies Act, 2013.
f. All known liabilities are provided for on the basis of available
information/ estimates.
g. Company is yet to receive compensation of Rs.30,00,000 from M/s
Bafna Builders and Land Developers towards cancellation of agreement
entered into with the company, since it has not been received the same
has not been recognized in the Statement of Profit and Loss. The same
shall be recognized on receipt basis as and when the same is received
by the company.
h. Segment information
The Company has identified business segments as its primary segment.
Business segments are primarily Trading and Realty. Revenues and
expenses directly attributable to segments are reported under each
reportable segment. Expenses which are not directly identifiable to
each reportable segment have been allocated on the basis of associated
revenues of the segment and manpower efforts. All other expenses which
are not attributable or allocable to segments have been disclosed as
un allocable expenses. Assets and liabilities that are directly
attributable or allocable to segments are disclosed under each
reportable segment. All other assets and liabilities are disclosed as
un allocable
Mar 31, 2014
Note 1: Related party transactions
Description of relationship Names of related parties
Key Management Personnel (KMP) Abhinandan Jain
Arihant Jain
Relatives of KMP -
Company in which KMP/Relatives
of KMP can Kotsin Ore Private Limited
exercise significant influence Risa Global Limited (wholly
owned Subsidiary)
Risa Universal Limited
(wholly owned Subsidiary)
Note: Related parties have been identified by the Management.
Mar 31, 2013
31st March, 2013 31st March, 2012
(Rs.) (Rs.)
1. Contingent liabilities and
commitments (to the extent not
provided for)
Contingent liabilities
(a) Claims against the Company
not acknowledged Not Ascertainable Not Ascertainable
as debt
(b) Legal suits and claims filed
against the company Not Ascertainable Not Ascertainable
2. Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Micro, Small and Medium Enterprises in terms of section 22 of the
Micro, Small and Medium Enterprises Development Act, 2006 have been
determined to the extent such parties have been identified on the basis
of information available with the Company and relied upon by the
auditors. The Company has not received any instruction from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures if any, relating to
amounts unpaid as at the year end together with interest payable as
required under the said Act have not been given.
3. Details of scheme of arrangement
The Hon''ble High court of Bombay has vide its order dated 29th June,
2012 in connection with Company Scheme Petition No. 288/2012, has
approved the scheme of Arrangement which provides for the following:
1: Reduction of the existing capital of the company from Rs.
5,00,05,000/- (50,00,500 Equity Shares of Rs. 10/- each fully paid up)
to Rs. 50,00,500/- (5,00,050 Equity Shares of Rs. 10/- each fully paid
up);
2: Allotment of 3,14,00,000 equity shares of Rs. 10/- each on
preferntial basis to the allotees mentioned in the scheme;
3: Change in the management and control of the company.
4. Debit and credit balances are subject to confirmation and
reconciliation
5. The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliation
6. In the opinion of the Board, the Current Assets, Loans and
Advances have value on realisation in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet, except trade receivables and loans and advances which falls
under management''s policy for bad and doubtful debts as taken in
previous years.
7. All known liabilities are provided for on the basis of available
information/ estimates.
8. Other advances includes Rs.10,00,00,000/- (Previous year Rs.
10,00,00,000) paid to M/s Bafna Builders and Land Developers as advance
towards booking of plot in the Dist Ahemednagar. Rs. 8,00,00,000/-
(Previous year Rs. 8,00,00,000) paid to M/s. Concorde Builders as
advance towards booking Flat in the Village Kolshet, Thane (W) and Rs.
10,00,00,000/- (Previous year Rs. 10,00,00,000/-) paid to Triveni
Infratech Private Limited as advance towards booking Flats/offices in
the Dist. Rachi.
9. Rs. 2,50,00,000/- advanced to M/s Diamant Infrastructure Limited
("DIFL") is on account of purchase of property owned by DIFL at Pune
vide an Memorandum of Understanding (MOU) / Agreement of Sale dated
19th July 2012, entered into by the company with DIFL. In the mean
time, while the company was to make the payment of the balance amount,
DIFL has been able to search another buyer for the said land for an
enhanced consideration. DIFL has entered into an agreement for sale
executed and registered on 28th September, 2012, with the new buyer,
making the company a confirming party to the agreement. As per the
agreement the company is to receive a compensation of Rs. 3,50,00,000
as a confirming party to the agreement. As per the agreement, the
compensation alongwith the amount of Rs. 2,50,00,000/- advanced to
DIFL is to be received by the company from the new buyer. Since the
amount of compensation has not been received by the company during the
financial year 2012-13, the same has not been recognised in the
Statement of Profit and Loss. The same shall be recognised on receipt
basis as and when the same is received by the company from the new
buyer.
10. Segment Reporting:
During the year, the Company has only one segment in product wise and
geographical wise, hence Segment Reporting in accordance with
Accounting Standard 17 (AS-17), "Segmental reporting", issued by the
Institute of Chartered Accountants of India, has not been provided.
11. The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure
Mar 31, 2012
Note Particulars
31st March, 2012 31st March, 2011
(Rs.) (Rs.)
1.1 Contingent liabilities
and commitments (to the
extent not provided for)
Contingent liabilities
(a) Claims against the
Company not acknowledged
as debt Not Ascertainable Not Ascertainable
(b) Legal suits and claims
filed against the company Not Ascertainable Not Ascertainable
1.2 During the year, The Company has changed its Registered office
from 129-B, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri
(E), Mumbai - 400 072 to 604, Kushal Point, 4th Road, Behind Uday
Cinema, Ghatkopar (W), Mumbai 400 086.
1.3 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Micro, Small and Medium Enterprises in terms of section 22 of the
Micro, Small and Medium Enterprises Development Act, 2006 have been
determined to the extent such parties have been identified on the basis
of information available with the Company and relied upon by the
auditors. The Company has not received any instruction from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures if any, relating to
amounts unpaid as at the yearend together with interest payable as
required under the said Act have not been given.
1.4 Details of scheme of arrangement
The Hon'ble High court of Bombay has vide its order dated 29th June,
2012 in connection with Company Scheme Petition No. 288/2012, has
approved the scheme of Arrangement which provides for the following:
1: Reduction of the existing capital of the company from Rs.
5,00,05,000/- (50,00,500 Equity Shares of Rs. 10/- each fully paid up) to
Rs. 50,00,500/- (5,00,050 Equity Shares of Rs. 10/- each fully paid up);
2: Allotment of 3,14,00,000 equity shares of Rs. 10/- each on preferntial
basis to the allotees mentioned in the schme;
3: Change in the management and control of the company.
In connection with clause 2 above, the Company has till 31st March 2012
received an amount of Rs. 28,40,00,000/- as application money for the
proposed preferential allotment. Further, the meeting of the Board of
Directors has been scheduled to be held on the 13th August, 2012 to
take congnizance and necessary action to give effect to the above
approval of the Hon'ble High court of Bombay.
1.5 The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliat
1.6 In the opinion of the Board, the Current Assets, Loans and
Advances have value on realisation in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet.
1.7 All known liabilities are provided for on the basis of available
information/ estimates.
1.8 Other advances includes Rs. 10,00,00,000/- (Previous year Rs. Nil/-)
paid to M/s Bafna Builders and Land Developers as advance towards
booking of plot in the Dist Ahemednagar, Rs. 8,00,00,000/- (Previous year
Rs. Nil) paid to M/s. Concorde Builders as advance towards booking Flat
in the Village Kolshet, Thane (W) and Rs. 10,00,00,000/- (Previous year Rs.
Nil) paid to Triveni Infratech Private Limited as advance towards
booking Flats/offices in the Dist. Rachi. Registration of the proposed
plot, offices and/ or flats for the above projects are yet to be done
and hence the same has been reflected under other advances.
1.9 Segment Reporting:
During the year, the Company has only one segment in product wise and
geographical wise, hence Segment Reporting in accordance with
Accounting Standard 17 (AS-17), "Segmental reporting", issued by the
Institute of Chartered Accountants of India, has not been Provided
1.10 The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure
Mar 31, 2010
1 Sundry Creditors are subject to confirmation.
2 Provision for Interest Payable on Various Loans from Bank has not
been made in the accounts. Pending application by the company to the
bank for rescheduling of the same and considering negotiation with the
bank.
3 Expenditure in Foreign Currency :- NIL
4 Earning in Foreign Exchange :- NIL
5 In the opinion of the Board, the current Assets, Loans & Advances
are approximately of the values stated, if realized in the ordinary
course of business. The provision for all known and determined
liabilities are adequate and nit in excess of the amounts reasonably
required.
6 Pending registration with provident fund authority. Provident fund
liability has not been ascertained and provided in the accounts.
7 Related Party Information and transaction with Related Parties.
8 Previous Year's figures have been regrouped and rearranged whenever
necessary.
Mar 31, 2009
1. Sundry Creditors are subject to confirmation.
2. Provision for Interest Payable on Various Loans from Bank has not
been made in the accounts. Pending application by the company to the
bank for rescheduling of the same and considering negotiation with the
bank.
3. Expenditure in Foreign Currency :- NIL
4. Earning in Foreign Exchange:- NIL
5. In the opinion of the Board, the current Assets, Loans & Advances
are approximately of the values stated, if realized in the ordinary
course of business. The provision for all known and determined
liabilities are adequate and nit in excess of the amounts reasonably
required.
6. Pending registration with provident fund authority. Provident fund
liability has not been ascertained and provided in the accounts.
7. Related Party Information and transaction with Related Parties.
8. Previous Years figures have been regrouped and rearranged whenever
necessary. Signature to the Schedule 1 to 12 forming part of the
Balance Sheet & Profit & Loss Account.
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