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Notes to Accounts of Rockon Enterprises Ltd.

Mar 31, 2015

1. Terms/rights attached to equity shares

The Company has only one class of Equity Shares having par value of Rs. 10 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 are subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Employee benefits

Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account.

3. Contingent Liability & Capital Commitment:

2014-2015 2013-2014 Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for* 5,00,000 NIL

Contingent Liabilities not provided for** 35,16,460 NIL

Capital Commitment not provided for NIL NIL

Others NIL NIL

*During the year, company has received various letters from RBI for carrying on NBFC business without obtaining certificate of registration (CoR) from RBI. Hence, penal provisions of section 58-B (4-A) of the RBI Act, 1934 will be attracted imposing liability for payment of fine. However, no fine has been imposed till date.

**The demand was raised by the jurisdictional assessing officer u/s 147 r.w.s 143(3) of the Income Tax Act, 1961 for income escaping assessment conducted by the Income Tax Authorities for the Assessment Year 2007-08. The management feels that the demand raised is likely to be either deleted or substantially reduced as the company has filed appeal in response to the demand raised by the Assessing officer and accordingly no provision is considered.

4. Related Party Transactions:

List of Related Parties :

a) Key Management personnel :-

i) Tanu Agrawal

b) Relatives of Key Management personnel :-

i) Girraj Kishor Agrawal

ii) Girraj Kishor Agrawal HUF

iii) Saloni Agrawal

c) Related parties (Group Companies) :-

i) Agrawal Bullion Limited (Formerly Kayaguru Health Solutions Limited)

ii) Axon Finance Limited (Formerly Axon Infotech Limited)

iii) Banas Finance Limited

iv) Five X finance & Investment Limited

v) Handful Investrade Pvt Limited

vi) Kayaguru Capital Market Private Limited

vii) Rockon Capital Market Private Limited

viii) Shree Nath Commercial & Finance Limited

ix) Tilak Finance Limited (Formerly Out of City Travel Solutions Limited)

5. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

6. Trade Receivable, Trade Payable, Short Term Borrowings and Short Term Loans and Advances balances are subject to confirmation and reconciliation.

7. The financial assets of the company constitute more than 50% of the total assets of the company. However, during the year, the company has started a new business of trading in Textiles, the income from which exceeds more than 50% of the gross income of the company. Since, the company does not fulfill one of the criteria prescribed for NBFC in terms of section 45-IA of the RBI Act, 1934, the NBFC provisions are not applicable in the current financial year (as was applicable last year).

8. Majority of the loans given are demand loans, therefore in some cases the terms of repayment and loan agreement are not available. In view of the management all the loans outstanding are considered good and therefore no provision has been made for bad and doubtful assets. Demand and other loans given are governed by the Board policies. Considering the close monitoring of Board no appraisal, renewal, Policies, Procedure, Committee or documents have been prescribed and executed.

9. As the intention is to hold the unquoted securities for sale in short term and in absence of flow of periodic data, absence of liquidity and market related data closing stock of unquoted shares are valued at cost.

10. The company does not have Internal Auditors for conduct of Internal Audit.

11. Segment Information:

The Company has identified business segments as its primary segment. Business segments are primarily "Finance & Securities" and "Textile Trading". Revenue and expenses, assets and liabilities directly attributable to segments are reported under each reportable segment.

12. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2014

A. Terms/rights attached to equity shares

The Company has only one class of Equity Shares having par value of Rs. 10 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 are subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. CONTINGENT LIABILITY:

2013-2014 2012-2013 Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for NIL NIL

Others NIL NIL

3. EARNING PER SHARE:

Earnings per Share, as required by the Accounting Standard 20- "Earning Per Share" issued by the Institute of Chartered Accountants of India, is given below:

4. RELATED PARTY TRANSACTION:

List of Related Parties:-

a. Key Management person

i) Tanu Agarwal

ii) Saloni Agrawal

b. Related parties over which Key Management Personnel have Significant Influence :-

i) Axon Infotech Ltd.

ii) Banas Finance ltd.

iii) Shree Nath Commercial & Finance Ltd

iv) Five X Finance & Investment Limited

v) Out of City Travel Solutions Ltd

vi) Kayaguru Health Solutions Limited

vii) Handful Investrade Pvt Ltd

viii) Girraj Kishore Agrawal

ix) GK Agrawal HUF

x) Kayaguru Capital Market Pvt Ltd

xi) Rockon Capital Market Pvt Ltd

5. Income in Foreign Currency NIL

6. Expenditure in Foreign Currency NIL

7. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

8. Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account.

9. Trade payable, Trade receivables, Short Term Borrowings and Short Term loan and advances balances are subject to confirmation and reconciliation.

10. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

11. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current''s classification/ presentation.


Mar 31, 2013

1. RELATED PARTY TRANSACTION: List of Related Parties:-a) Key Management person

i) Saloni Agrawal

ii) Tanu Agarwal

b) Related parties over which Key Management Personnel have Significant Influence :-

i) Axon Infotech Ltd.

ii) Banas Finance ltd.

iii) Shree Nath Commercial & Finance Ltd

iv) Five X Finance & Investment Limited

v) Out of City Travel Solutions Ltd

vi) Kayaguru Health Solutions Limited

vii) Handful Investrade Pvt Ltd

viii) Girraj Kishor Agrawal

2. Income in Foreign Currency NIL

3. Expenditure in Foreign Currency NIL

4. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

5. Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount as not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account.

6. Trade payable, Trade receivables, Short Term Borrowings and Short Term loan and advances balances are subject to confirmation and reconciliation.

7. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

8. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current''s classification/ presentation.


Mar 31, 2012

A. Terms/rights attached to equity shares

The Company has only one class of Equity Shares having par value of Rs. 1 Each holder of equity shares is entitled to one vole per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors are subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event ofl iquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholder's.

1. CONTINGENT LIABILITY:

2011-2012 2010-2011 Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for NIL NIL

2. Income in Foreign Currency NIL

3. Expenditure in Foreign Currency NIL

4. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

5. Debtors, Creditors, loan and advances balances are subject to confirmation and reconciliation.

6. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

7. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2010

1. Contingent Liabilities not provided for :

2009-2010 (Rs.) 2008-2009(Rs.)

Claims against the company not NIL NIL

acknowledged as debts

Others NIL NIL



2 Balances of Loans and Advances, Sundry Creditors are subject to confirmation and reconciliation and consequential adjustments, if any

3 In the opinion of the Board & to the best of their knowledge & belief the value of realisation of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

4. During the year, name of the Company was change to M/S ROCKON FINTECH LIMITED from M/S INSUTECH INDIA LIMITED

5. The Company has issued 93,00,000 Equity Shares through Extra-Ordinary General Meeting held on 18/02/2010 under section 81 (1A) and other applicable provision of the Company Act, 1956. These shares have been allotted at a price of Rs 10/- each which is in accordance with the Preferential Issue Guidelines issued by Securities & Exchange Board of India.

6. Balance Sheet Abstract & Companys general business profiles as required by part IV of Schedule VI to the Companies Act, 1956 is enclosed in ANNEXURE "B".

7. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006

8. Segment Information :

a) Segment information for primary reporting (by business segment)

The company has its operation in Finance and software & Hardware trading. The primary reporting segment for the company, therefore, is business segment, viz., Finance Division and software & Hardware Division which is enclosed in ANNEXURE "C

b) Segment information for secondary segment reporting

Company is not operating in more than one geographical area, hence disclosure under secondary segment is not applicable to the company

9. Previous years figures have been regrouped, rearranged and reclassified wherever necessary to conform to the currents classification/ presentation.

 
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