Mar 31, 2015
NOTE:1
Balances of Trade Receivables, Loans and Advances, Secured Loans, Trade
Payables & Others are subject to confirmation and reconciliation and
consequential adjustments, if any.
NOTE:2
In the opinion of the Board & to the best of their knowledge & belief
the value of realization 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
stated in balance sheet.
NOTE:3
According to a technical assessment carried out by the Company, there
is no impairment in the carrying cost of cash generating units of the
Company in terms of Accounting Standards28 issued by The Institute of
Chartered Accountants of India.
NOTE:4
The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS - 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Statement of Profit & Loss.
NOTE : 5 DEFERRED TAX ASSETS/(LIABILITY)
The Company has provided Deferred Tax Assets for the year, amounting to
Rs. 321,112/- due to the difference between the book balance and the
written down value of fixed assets under Income Tax, which is in
conformity with Accounting Standard - 22 on "Accounting on Taxes on
Income "issued by the Institute of Chartered Accountant of India.
NOTE:6
The Company has not received the required information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosures, 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 made.
NOTE : 7 DERIVATIVE INSTRUMENTS
There was no contract related to hedging outstanding at the end of the
year. Exposure related to Stock in hand at the end of the year were not
hedged amount Rs. 77,103/- (P.Y- 8,92,42,215/-).
NOTE : 8 RELATED PARTY TRANSACTION
Related Parties and Nature of Relationship:
Related Party Nature of Relationship
MANISH NAVNIT SHAH Managing Director
HITESH MANGILAL JAIN Whole-Time Director& CFO
SIDDHI PATIL Company secretary
Note: Related Parties as disclosed by the management and relied upon by
auditors.
NOTE : 9 SEGMENT INFORMATION (AS17)
Company has only one segment of activity namely "Trading of Bullion".
Since there is No export turnover, there are no reportable geographical
segments.
Mar 31, 2014
1 Corporate information
Royal India Corporation Limited is engaged in the business of Bullion,
Real Estate and Investments.
Note : 2 Contingent Liabilities
Sr. Contingent liabilities and commitments As at As at
No. (to the extent not provided for) 31st March, 31st March,
2014 2013
Income Tax Demand for A.Y 2010-11,
Substantive Additions made during the
A assessment, however appeal has been 9,77,02,258 9,77,02,258
filed and is pending for disposal by
Commissioner of Income Tax (Appeal)
In respect of Stamp Duty demand with
respect to order under section 391 &
394 of the Companies Act, 1956 passed
B by The Hon''ble High Court pertaining 30,75,492 30,75,492
to the scheme of Amalgamation of
Companies. It is not tenable in the
view of the management.
The Income Tax Assessments of the company has been completed up to
Assessment Year 2010-11. The disputed demand outstanding upto the said
Assessment Year is 977.02 Lacs. On the Analysis by the expert
professionals of the nature of demand and based on the earlier
decisions of the authorities, interpretations, relevant provisions and
considering the fact the company has been legally advised that the
demand is likely to be deleted and accordingly has not been accounted
in the books of accounts.
Contingent liabilities with respect to inspection carried by Regional
Director (WR), Ministry of Corporate Affairs under section 209A of the
Companies Act, 1956 during the year 2010 are not provided in books of
accounts, as there was no major discrepancy/ irregularities are
observed during the inspection.
Note: 3 Impairment of Assets
As required by accounting standard (AS 28) "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the company
has carried out the assessment of impairment of assets. There has been
no impairment loss during the year.
Note: 4
The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS - 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Statement of Profit & Loss.
The Company has not received the required information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosures, 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 made.
Note: 5 Derivative Instruments
pThere was no contract related to hedging outstanding at the end of the
year. Exposure related to Stock in hand at the end of the year were not
hedged amount Rs. 8,92,42,215 (P.Y- 8,61,11,580).
Mar 31, 2013
1. CORPORATE INFORMATION
Royal India Corporation Limited is engaged in the business of Trading
in Gold Jewelley, Gold Bar and Diamond.
NOTE : 2 RELATED PARTY DISCLOSURE
A) Key Management Personnel 1. Details of the Related Party
I) Manish Shah
II) Hitesh Jain
III) Kumarpal Punamiya#
B) Companies/ Firms in which KMP can exercise influence
I) Balaji Universal Tradelink Private Limited
II) Balaji Bullions & Commodities (I) Private Limited
III) Balaji Lifestyle Realtors Private Limited
V) Balaji Propbuilders Private Limited
VI) Balaji Refineries Limited
VII) Labh Commodities Private Limited
VIII) Om Movies Production Private Limited
IX) Amla Global Impex Private Limited
X) Hillview Impex Private Limited
XI) Jaguar Energy & Power Limited
XII) Jaguar Gems & Jewellery Limited
XIII) Orbit Diamonds Private Limited
XIV) Shri Baiju Trading & Investment Private Limited
For the year ended 31st March, 2013
XV) Paridhi Overseas Private Limited
XVI) Khajana Jewellers
XVII) Base Mining Resources Private Limited # Resigned from
Directorship w.e.f. 21.12.2012
Note: Related Parties have been identified by Management
Sr. Contingent liabilities and commitments As at As at
No. (to the extent not provided for) 31st March, 31st March,
2013 2012
A Income Tax Demand for A.Y. 2007-08,
however appeal has been filed and is
pending for disposal by Commissioner
of Income - 3,46,14,261
Tax (Appeal)
Note: The appeal of A.Y. 2007 -08 has been assessed in the favour of
the company.
B Income Tax Demand for A.Y 2010-11,
Substantive Additions made during the
assessment, however appeal has been
filed and is pending for disposal by
Commissioner of Income Tax 9,77,02,258 9,77,02,258
(Appeal)
C In respect of Stamp Duty demand with
respect to order under section 391 &
394 of the Companies Act, 1956 passed
by The C Hon''ble High Court
pertaining to the scheme of
Amalgamation of Companies. It is 30,75,492 30,75,492
not tenable in the view of the
management.
The Income Tax Assessments of the company has been completed up to
Assessment Year 2010-11. The disputed demand outstanding upto the said
Assessment Year is rs. 977.02 Lacs. On the Analysis by the expert
professionals of the nature of demand and based on the earlier
decisions of the authorities, interpretations, relevant provisions and
considering the fact the company has been legally advised that the
demand is likely to be deleted and accordingly has not been accounted
in the books of accounts.
Contingent liabilities with respect to inspection carried by Regional
Director (WR), Ministry of Corporate Affairs under section 209A of the
Companies Act, 1956 during the year 2010 are not provided in books of
accounts, as there was no major discrepancy/ irregularities are
observed during the inspection.
NOTE : 3 IMPAIRMENT OF ASSETS
As required by accounting standard (AS 28) "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the company
has carried out the assessment of impairment of assets. There has been
no impairment loss during the year.
NOTE : 4
The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS Â 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Profit & Loss Account.
NOTE : 5 SEGMENT INFORMATION (AS-17)
The Segments are identified based on the dominant sources and nature of
risks and return. Unallocated Corporate Expenses relate to the
enterprises as a whole and are not attributable to the segments.
NOTE : 6
The Company has not received the required information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosures, 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 made.
NOTE : 7 DERIVATIVE INSTRUMENTS
There was no contract related to hedging outstanding at the end of the
year. Exposure related to Stock in hand at the end of the year were not
hedged amount rs. 8,61,11,580 (P.Y- rs. 8,42,90,000).
Mar 31, 2012
1. CORPORATE INFORMATION
Royal India Corporation Limited is engaged in the business of Real
Estate, Investments and Bullion Trading. Further during the year
company has applied for the mines and also under the process of setting
up Manufacturing unit in Mumbai.
NOTE : 2 DEFERRED TAX
The Company has recognised deferred tax asset on unabsorbed
depreciation to the extent of the corresponding deferred tax liability
on the difference between the book balance and the written down value
of fixed assets under Income Tax
NOTE : 3 RELATED PARTY DISCLOSURE 1. Details of the Related Party
A) Key Management Personnel
I) Manoj Punamiya#
II) Kumarpal Punamiya
III) Manish Shah
B) Companies/ Firms in which KMP can exercise influence.
I) Balaji Universal Tradelink Private Limited
II) Balaji Bullions & Commodities [I) Private Limited
III) Balaji Lifestyle Realtors Private Limited
IV) Balaji Propbuilders Private Limited
V) Balaji Refineries Limited
VI) Labh Commodities Private Limited
VII) Om Movies Production Private Limited
VIII) Amla Global Impex Private Limited
IX) Threewin Maritime India Private Limited#
X) Hillview Impex Private Limited
XI) Jaguar Energy & Power Limited
XII) Jaguar Gems & Jewellery Limited
XIII) Orbit Diamonds Private Limited
For the year ended 31st March, 2012
I) Shri Baiju Trading & Investment Private Limited
II) Paridhi Overseas Private Limited
III) Balaji Builders & Developers#
IV) Burhani Builders & Developers#
V) Silver Coin#
VI) Khajana Jewellers
VII) Base Mining Resources Private Limited # Resigned from Directorship
w.e.f. 16th February 2012 Note: Related Parties have been identified by
Management
NOTE : 4 CONTINGENT LIABILITIES
Sr. Contingent liabilities and commitments As at As at
No. (to the extent not provided for] 31st March, 2012 31st March,
2011
Income Tax Demand for A.Y. 2006-07, however
appeal has been A filed and is pending for
disposal by Commissioner of Income - 8,08,662
Tax (Appeal)
Income Tax Demand for A.Y. 2006-07, however
appeal has been
B filed and is pending for disposal by
Income Tax Appellate - 8,14,293
Tribunal
Income Tax Demand for A.Y. 2007-08,
however appeal has been
C filed and is pending for disposal by
Commissioner of Income 3,46,14,261
Tax (Appeal)
Income Tax Demand for A.Y. 2008-09,
however appeal has been
D filed and is pending for disposal by
Commissioner of Income - 21,87,080
Tax (Appeal)
Income Tax Demand for A.Y 2010-11,
Substantive Additions made during the
assessment, however appeal has been filed
E 9,77,02,258 -
and is pending for disposal by
Commissioner of Income Tax
(Appeal)
In respect of Stamp Duty demand with
respect to order under section 391 & 394
of the Companies Act, 1956 passed by The
F 30,75,492 30 75,492
Hon'ble High Court pertaining to the
scheme of Amalgamation of Companies. It is
not tenable in the view of the management.
The Income Tax Assessments of the company has been completed up to
Assessment Year 2010-11. The disputed demand outstanding upto the said
Assessment Year is ? 1323.17 Lacs. On the Analysis by the expert
professionals of the nature of demand and based on the earlier
decisions of the authorities, interpretations, relevant provisions and
considering the fact the company has been legally advised that the
demand is likely to be deleted and accordingly has not been accounted
in the books of accounts.
Contingent liabilities with respect to inspection carried by Regional
Director (WR), Ministry of Corporate Affairs under section 209A of the
Companies Act, 1956 during the year 2010 are not provided in books of
accounts, as there was no major discrepancy/ irregularities are
observed during the inspection.
NOTE : 5 IMPAIRMENT OF ASSETS
As required by accounting standard (AS 28) "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the company
has carried out the assessment of impairment of assets. There has been
no impairment loss during the year.
NOTE:6
The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS - 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Profit & Loss Account.
NOTE:7
The Company has not received the required information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosures, 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 made.
NOTE : 8 DERIVATIVE INSTRUMENTS
There was no contract related to hedging outstanding at the end of the
year. Exposure related to Stock in hand at the end of the year were not
hedged amount Rs. 8,42,90,000 (P.Y- 41,91,000).
Mar 31, 2010
NATURE OF BUSINESS:
Natraj Financial & Services Limited (NFSL) is engaged in the business
of Real Estate, Investment, Finance and Bullion Trading.
1. Event Occurring after the Balance Sheet Date
The Audited Financial statements were approved by Board of Director on
29/05/2010 along with Auditor report. The above Financial Statements
are restated after giving the effect of merged entity Luxury Exports
Private Limited with the Company.
Amalgamation of Luxury Exports Private Limited with Company :
The Amalgamation of Luxury Exports Private Limited with Appointed Date
as 1st April, 2009, has been completed and approved by the Honble High
Court of Judicature at Mumbai. The financial statements include effects
of this amalgamation.
a) In accordance with the Scheme of Amalgamation of the erstwhile
Luxury Exports Private Limited (hereinafter referred to as LEPL) with
the Natraj Financial And Services Limited (hereinafter referred to as
Company) as sanctioned by the Honble High Court of Mumbai, the assets,
liabilities and reserves of the LEPL were transferred to and vested in
the Company w.e.f 1st April, 20O9.The Honble Mumbai High Court passed
their order 01.16* July, 2010 approving the merger. The certified
copies of the said orders were duly filed with the Registrar of
Companies within the due * date.
b) LEPL was registered to carry on business in India and or outside
India as dealers, trader, importer, exporter of goods, items, products
and to deal in metal scrap, ferrous and non-ferrous metals, diamonds,
precious/semi-precious stones, iron, steel, hardware items, aluminum
items, machineries, engineering goods, cement, building materials,
stones, minerals electronic and electrical items, mobile, mobile
accessories, woods including plywood, chemicals, drugs, cosmetics,
general pharmacy item, rubber, plastic items, tyre tubes, computers,
scrap material, automobiles, accessories, agricultural products,
grocery, textile items, yarns, fabrics, garments, papers and stationery
items.
The company also invested in its subsidiary, Balaji Corporation Private
Limited, which is engaged in the business of real estate.
c) The amalgamation has been accounted for under the pooling of
interests method as prescribed by the Accounting Standard (AS 14 -
Accounting for Amalgamations) issued by The Institute of Chartered
Accountants of India. Accordingly, the assets, liabilities and reserves
of erstwhile LEPL have been taken over at their books values. The
difference between the amount recorded as share capital to be issued
and the amount of share capital of the LEPL, i.e. Rs. 1122.00 Lacs has
been adjusted in Security Premium of the Company.
d) As stipulated in the Scheme of Amalgamation and in accordance with
the Accounting Standard AS 14 - Accounting for Amalgamations, issued by
The Institute of Chartered Accountants of India, Security Premium for
Rs.45.00 Lacs and Profit & Loss Account for Rs.(0.19) Lacs of erstwhile
LEPL have been transferred to the corresponding Reserves accounts.
Consequent to the Amalgamation of LEPL with the Company and in
accordance with the terms of Scheme of Amalgamation, the Company would
allot 188 equity shares of the Company of Rs.10 each to the
shareholders of LEPL for every 1 equity share of face value of Rs.10
held by them, total 1,12,80,000 equity shares would thus be allotted.
e) During the period between the Appointed Date and the Effective Date
as erstwhile LEPL carried on the existing business in trust on behalf
of the company, all vouchers, documents, etc., for the period are in
the name of erstwhile LEPL. The title deeds for landed properties,
licenses, agreements, loan documents, etc., if any, are being
transferred in the name of the Company.
f) Previous years figures do not include the figures of LEPL and hence
are not comparable to those of the current year.
g) The Balaji Corporation Private Limited, subsidiary of LEPL, has now
become subsidiary of the Company, accordingly the consolidated
financial statements are prepared separately.
2. The company has issued 73,00,000 new Equity Shares through the
Postal Ballot dated 02/07/2009 under section 81(1A) and other
applicable provision of The Company Act, 1956. These shares have been
allotted at a price of Rs. 35.10 each which is in accordance with the
Preferential Issue Guidelines issued by Securities & Exchange Board of
India.
3. Contingent Liabilities -
Contingent Liabilities in respect of Income Tax Demand for the A.Y.
2007-08 of Rs. 8,08,662/- is not provided in the books of Accounts.
4. The Balance of Sundry Debtors, Loans & Advances and Current
Liabilities are subject to confirmation from parties.
5. The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is* not in conformity with AS - 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Profit & Loss Account.
6. In the opinion of the management, loans & advances are recoverable
at the value stated in the financial statements and adequate provisions
have been made in the accounts for all known liabilities.
7. Additional information pursuant to the provisions of Clause 4a of
Part II of Schedule VI of the Companies Act, 1956: Commission (u/s 349)
"Nil".
9. Additional information pursuant to the provisions of Paragraphs 4d
of Part II of Schedule VI of the Companies Act, 1956:
a. Expenditure in Foreign currency "Nil"
b. Earning in Foreign currency "Nil"
10. Accounts payable to Small Scale Industrial Undertaking the head of
Sundry Creditors - Nil
(Previous Year - Nil)
11. Related Party Disclosures :
A. Related Parties and Nature of Relationship :
I. Companies in which Directors having significant influence
1. Balaji Universal Tradelink Private Limited
2. Balaji Bullions & Commodities (I) Private Limited
3. Balaji Lifestyle Realtors Private Limited
4. Balaji Propbuilders Private Limited
5. Balaji Refinery Limited
6. Labh Commodities Private Limited
7. Om Movies Production Private Limited
8. Amla Global Impex Private Limited
9. Threewin Maritime (I) Private Limited
10. Luxury Exports Private Limited
11. Hill View Impex Private Limited
12. Jaguar Energy & Power Limited
13. Jaguar Gems & Jewellery Limited
14. Orbit Diamonds Private Limited
15. Shree Baiju Trading & Investments Pvt. Ltd.
16. Varan Industries Limited $
17. Varan Jewels Private Limited $
18. Shri Sai Jewels Private Limited $
19. Varan Minerals Corporation Private Limited $
20. Varan Petroleum Corporation Private Limited $
21. Varan Real Estate (India) Private Limited $
22. Varan Capital Market Advisory Private Limited $
23. Varan Earthtech Limited $
24. Rainbow Sunlight Jewels Private Limited #
25. Aishnoni Copper and Alloys Private Limited
26. Bright Telecom India Private Limited
27. RAS Extrusions Limited @
28. RAS Propack Lamipack Limited @
29. Paridhi Overseas Private Limited*
II. Subsidiary
Balaji Corporation Private Limited
III. Firms in which Directors are Partners/Proprietor
1. Silver Coin
2.Balaji Builders & Developers 3.Burhani Builders & Devlopers 4.Balaji
Enterprises 5.Devshanti Devlopers 6.Parshvwa Telesystem 7.Reliable
Associates # 8. Rainbow Silk #
IV. Key Management Personnel Manoj Punamiya
14. Segment Information (AS-17):
The Segments are identified based on the dominant sources and nature of
risks and return. Unallocated Corporate Expenses relate to the
enterprises as a whole and are not attributable to the segments.
15. As required by accounting standard (AS 28) "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the company
has carried out the assessment of impairment of assets. There has been
no impairment loss during the year.
17. Schedule 1 to 15 form an integral part of the Balance Sheet as at
31st March 2010 and the P & L A/c for the year ended on that date.
18. Prior year amounts have been regrouped & reclassified, where
necessary, to confirm to current years presentation.
19. The Company has not received the required information from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, 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 made.
20. Balance Sheet abstract and companys general business profile as
per the annexure A.
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