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Notes to Accounts of Sanmit Infra Ltd.

Mar 31, 2015

1.1 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. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

1.2 The balances appearing under short term borrowings, sundry creditors, loans and advances, and banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

1.3 The company has w/off an amount of Rs. 5,23,08,500/- (receivable on account of sale of software in financial year 2011-12) during the year ended 31st March, 2015 since the company was unable to recover the dues inspite of repeated follow up with the purchaser.

1.4 During the year, the company is engaged in only one line of activity viz infrastructure and realty and this being the only reportable segment, no separate segment reporting is applicable as per the Accounting Standard 17.

1.5 In the opinion of the Board, assets other than fixed assets do have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

1.6 Since the Company recognises gratuity and leave salary expense on payment basis no liability for the same has been ascertained and provided in the accounts. Hence, the company has not complied with the provisions of AS–15 "Accounting for Retirement Benefit".

1.7 Pursuant to the enactment of the Companies Act, 2013 (the Act), the Company has, effective from 1 April, 2014, reassessed the useful life of its fixed assets and has computed depreciation with reference to the useful life of assets as recommended in Schedule II to the Act. Consequently Depreciation for the year ended 31 March 2015 is higher by Rs.17,507 and net loss is higher by Rs.17,507. Further, based on the transitional provision provided in Schedule II, an amount of Rs.42,294 has been adjusted with the opening reserves. The current and remaining useful lives of assets are as below:

1.8 Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2014

31st March. 31st March. 2014 2013 (Rs. ) (Rs.)

1. Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt Nil Nil

(b) Guarantees Nil Nil

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. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

4. The balances appearing under short term borrowings, sundry creditors, loans and advances, and banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

5. Advance recoverable in cash or in kind for value to be received is on account of sale during the previous year of the eHRD Campus and Document Management System (DMS) software under research and development (coding) stage.

6. During the year, the company is engaged in one line of activity viz infrastructure and realty and this being the only reportable segment, no separate segment reporting is applicable as per the Accounting Standard 17.

7. In the opinion of the Board, assets other than fixed assets do have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

8. Since the Company recognises gratuity and leave salary expense on payment basis no liability for the same has been ascertained and provided in the accounts. Hence, the company has not complied with the provisions of AS-15 "Accounting for Retirement Benefit".

9. The company had at its Board meeting held on 15th September, 2012 approved the scheme of arrangement envisaging the following:

a) Reduction of capital of the company to the extent of 30%

b) Issue of 60 Lakhs (Sixty lakhs only) equity shares of Rs. 10/- each on preferential basis to Promoters, Promoter''s friends, relatives & Associates and other strategic investors

c) Change in management of the company

The same was filed with the Mumbai Stock Exchange (BSE) on the 8th November, 2012 to obtain the in-principle approval under clause 24f of the Listing Agreement. However since the formalities for forfeiture of 1,01,600 shares were pending with BSE, there was a capital mismatch and hence the scheme could not be processed by BSE. In the meantime, SEBI issued a circular dated 4th February, 2013 for all listed companies envisaging all scheme of arrangement to follow certain additional requirements. Hence above scheme of arrangement filed with BSE was revised taking cognizance of the said circular and filed with the BSE on the 10th September 2013. However BSE (on direction of SEBI) has rejected this application of the company vide its letter dated 2nd April 2014. The company has not yet acted on this letter and to that extent the above scheme of arrangment stands redundant.

10. The previous year accounts were audited by a firm of chartered accountants other than M/s K M Tapuriah and Co.

11. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2013

Particulars 31st Match. 2013 31st March. 2012

1.1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt Nil Nil

(b) Guarantees Nil Nil

1.2 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. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

1.3 During the year, the company has at its Board meeting held on 15th September, 2012 approved the scheme of arrangement envisaging the following:

a) Reduction of capital of the company to the extent of 30%

b) Issue of 60 Lakhs (Sixty lakhs only) equity shares of'' 10/- each on preferential basis to Promoters, Promoter''s friends, relatives & Associates and other strategic investors

c) Change in management of the company

The same was filed with the Mumbai Stock Exchange (BSE) on the 8th November, 2012 to obtain the in-principle approval under clause 24f of the Listing Agreement. However since the formalities for forfeiture of 1,01,600 shares were pending with BSE, there was a capital mismatch and hence the scheme could not be processed by BSE. In the meantime, SEBI has issued a recent circular dated 4th February, 2013 for all listed companies envisaging any scheme of arrangement to follow certain additional requirements. Hence above scheme of arrangement filed with BSE needs to be re-filed to obtain the in-pimple approval from BSE under clause 24f of the Listing Agreement. The company shall be re-filing the revised scheme of arrangement with the BSE with the above three objectives, on the basis of the audited annual accounts for the financial year 2012-13.

1.4 Advance recoverable in cash or in kind for value to be received is on account of sale during the year of the eHRD Campus ar.d Document Management System (DMS) software under research and development (coding) stage, as on where on basis since the management of the company has ventured into a new line of business i.e infrastructure and realty . Further, the said sale of the software shall not affect the going concern assumption.

1.5 The balances appearing under short term borrowings, sundry creditors, loans and advances, and banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or recondliation

1.6 During the year, the company is engaged in a new line of activity viz infrastructure and realty and this being the only reportable segment, no separate segment reporting is applicable as per the Accounting Standard 17.

1.7 In the opinion of the Board, assets other than fixed assets do have a value on realisation in the ordinary course of business at least equal to the amount at they are stated.

1.8 Since the Company recognises gratuity and leave salary expense on payment basis no liability for the same has been ascertained and provided in the accounts. Hence, the company has not complied with the provisions of AS-15 "Accounting for Retirement Benefit".

1.9 The previous year accounts were audited by a firm of chartered accountants other than M/s Tushar Parekh & Assonates.

1.10 Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

 
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