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Notes to Accounts of RNB Industries Ltd.

Mar 31, 2015

NOTE 1

An old outstanding balance of Rs 79,29,926 receivable from a debtor at the beginning of the current financial year had been adjusted during the year to the extent of Rs 64,99,924 against a credit balance pertaining to a creditor as mutually agreed upon vide Correspondence dated 16th January 2015 and 14th March, 2015 of the respective Companies. The remaining balance of Rs 14,30,002 receivable from the debtor though outstanding for a considerable period of time is recoverable in the opinion of the management as persuasive efforts are on for realisation of the said amount. Accordingly, provision in this regard for the aforesaid amount is not considered necessary.

NOTE 2

No relevant papers and documents is available with the Company in respect of SEBI demand since 2003- 04 of Rs 1,75,000 (2014-Rs 1,75,000) for certain violations of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 and hence the same could not be produced to the Auditors for verification . No provision has been made in the Accounts for the same. The Company awaits orders of adjudicating officer appointed by SEBI. There has been no communication with SEBI in respect of this matter since 2003-04. Further, there has been no demand raised and communication received from SEBI since 2003- 04. Accordingly, management is of opinion that provision is not necessary for the same.

NOTE 3A

A sum of Rs.6,03,48,245 (cumulative) has been collected from customers against sale of flats/shops for various projects, but no revenue has been recognised in absence of of Construction and development, as 25% of the total estimated project cost is yet to be incurred (Revised Guidance Note on accounting for Real Estate Transaction 2012).

NOTE 3B

The aforementioned amount (Rs 6,03,48,245) includes Rs 4,00,37,544 collected from customers of Vibgyor Housing Limited (VHL) for which the Company had executed a Deed of Assignment on 30th March 2014 with VHL, out of which Rs 23,00,000 was reversed during the year as the same was found unrealisable.

NOTE 4

Advances in the nature of loan has been given by the company which is in excess of the prescribed limits as laid out in Section 186 of the Companies Act 2013. The Company proposes to move a resolution in this regard at the forthcoming Shareholders Meeting.

NOTE 5

"Project Work -In -Progress represents expenditure incurred by the Company towards the following projects from time to time till date: Kings Residency Rs. 1,02,04,225/- (2014 - Rs. 69,50,000/-)Kings Hut Phase II Rs. 39,14,920/- (2014 - Rs. 34,64,920/-)Suparna Housing Rs. 7,00,000/- (2014 - Rs. 5,00,000/-)"

NOTE 6

SEGMENT REPORTING

The Company is exclusively engaged in "Real Estate & Infrastructure" business activity and as such according to the management there is no separate reportable segment as per the accounting Standard (AS-17) on "Segment Reporting".

NOTE 7

The details of transactions entered into with the Related Parties during the year are as under :

A. Name of the Related Parties

1. Enterprises in which Key Management Personnel have significant influence

(i) Xcel India Infrastructure Management Pvt. Ltd.

(ii) RN Infracon Pvt. Ltd.

(iii) Astral Projects Pvt. Ltd.

(iv) Intent Tradecom Private Limited

2. Key Managemet Personnel

(i) Mrs. Nargis Bhadra Managing Director

NOTE 8

There is no Micro Enterprises and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act. 2006, to whom the Company owes any dues.

NOTE 9

The Company is yet to appoint a Chief Financial Officer (CFO) in terms of Section 203 of 'the Act' and hence the financial statements could not be authenticated by CFO in terms of section 134 of 'the Act'.

NOTE 10

Previous year's figures have been regrouped and/or rearranged wherever necessary, to conform to current years classification.


Mar 31, 2014

NOTE 1

In the opinion of management due to the ongoing persuasive effort the doubtful Trade Receivables amouting to Rs. 79,29,926 is realisable and hence no provision in this regard has been deemed necessary.

NOTE 2

No relevant papers and documents is available with the Company in respect of SEBI demand since 2003- 04 of Rs 1,75,000(2013-Rs 1,75,000) for certain violations of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 and hence the same could not be produced to the Auditors for verification . No provision has been made in the Accounts for the same. The Company awaits orders of adjudicating officer appointed by SEBI.

NOTE 3

A sum of Rs. 4,04,77,544 (2013-Nil) has been collected from customers against sale of flats/shops for various projects, but no revenue has been recognised in absence of agreements between the Company and the customers.

NOTE 4

SEGMENT REPORTING

The Company is exclusively engaged in "Real Estate & Infrastructure" business activity and as such according to the management there is no separate reportable segment as per the accounting Standard (AS-17) on "Segment Reporting".

NOTE 5 A

Remuneration paid to the managing director is in accordance with Clause (B) Section II of Part II of Schedule XIII of the Act due to inadequacy of profit, read with Section 198 and 309 of the Act.

NOTE 5 B

Advances in the nature of loan has been given by the company in the previous year, which is in excess of the prescribed limits as laid down in Section 372A(1) of the Act. The management proposes to ratify the same in the ensuing general meeting.

NOTE 6

The details of transactions entered into with the Related Parties during the year are as under :

A. Name of the Related Parties

1. Enterprises in which Key Management Personnel have significant influence

(i) Xcel India Infrastructure Management Pvt. Ltd. (ii) RN Infracon Pvt. Ltd. (iii) Astral Projects Pvt. Ltd.

2. Key Managemet Personnel

(i) Mrs. Nargis Bhadra (W.E.F. 01.07.2013) Managing Director

(ii) Mr. Raju Paul (Resigned W.E.F. 29.06.2013) Managing Director

NOTE 7A

The accounts could not be authenticated in absence of company secretary, in terms of section 383A of the Companies Act, 1956

NOTE 8

There is no Micro Enterprises and Small Enterprises as defined under Micro,Small and Medium Enterprises Development Act. 2006, to whom the Company owes any dues.

NOTE 9

Previous year''s figures have been regrouped and/or rearranged wherever necessary, to conform to current years classification.


Mar 31, 2013

NOTE 1

SEGMENT REPORTING

The company has only one segment "Software & Information Technology" . Hence, no disclosures are required under AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

NOTE 2

There are no employees receiving remuneration to the extent as laid down u/s 217(2A) of the Companies Act, 1956

NOTE 3

In terms of Sec.22 of the Micro, Small and Medium Enterprises Development Act, 2006, the company has no additional information to furnish, as the company has no such enterprises amongst its suppliers of goods and services.

NOTE 4

Previous year''s figures have been regrouped and/or rearranged wherever necessary, to confirm to current year''s classification.

NOTE 5

In accordance with AS-22 "Accounting for taxes" issued by the Institute of Chartered Accountants of India, there is no timing difference. Hence no deffered tax asset and liabilities have been recognised in the books.

NOTE 6

In accordance with AS-3 "Cash Flow Statement " issued by the Institute of Chartered Accountants of India, Cash Flow Statement has been annexed to the Balance Sheet


Mar 31, 2012

A) Equity shares issued by the company are entitled to one vote per share.

b) The shareholders have the right to declare and approve dividends, as proposed by the board of directors for any financial year, to be paid to the members according to their rights and interest in the profits. However, no larger dividend shall be declared than is recommended by the board of directors.

c) In the event of liquidation ofthe Company, the holders of equity shares will be entitled to receive any of the 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. ,

Note 1 There are no employees receiving remuneration to the extent as laid down u/s 217(2A) of the Companies Act, 1956.

Note 2The company has only one segment "Software & Information Technology". Therefore, disclosure requirements for "Segment Reporting" as per AS-17 are not applicable to the company.

Note 3 There have been no related party transactions during the year. Hence, disclosure as per AS-18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are not required.

Note 4 In accordance with AS-22 "Accounting for Taxes" issued by the Institute of Chartered Accountants of India, there is no Timing Difference. Hence, no deferred Tax Assets and Deferred Tax Liabilities have been recognized in the books.


Mar 31, 2010

A) Earnings in foreign exchange Rs. 1,802,067/- & Expenditure in Foreign Currency NIL

b) Auditors Remuneration: For Audit: Rs. 10,000/-

c) Balances are extracted as per the general ledger and subject to confirmation

d) Previous years figure have been recognized and reclassified wherever necessary to confirm with current year figures.


Mar 31, 2003

A. Investments represent Equity Shares in unlisted Companies and stated at Cost. These investments are not held in the name of the Company.

b. Earnings in Foreign Exchange & Expenditure in Foreign Currency NIL.

c. Auditors Remuneration: For Audit.Rs. 5,000/-

d. Balances are extracted as per the general ledger and subject to confirmation

e. Previous years figure have been recognized and reclassified wherever necessary to confirm with current year figures.

f. Preliminary Expenses will be amortised over a period of 10 years.

 
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