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Notes to Accounts of Shivansh Finserve Ltd.

Mar 31, 2015

1. The company has only one class of shares referred to as Equity shares having face value of Rs. 10/-. Each Holder of equity share is entitled to 1 vote per share.

2.

In the event of liquidation of the 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.However, no such preferential amounts exist currently.The distribution will be in proportion to the number of equity shares held by the shareholder.

3. Disclosure of transactions with related parties as required by Accounting Standard - 18 on 12 related party disclosures as prescribed by Companies (Accounting Standards) Rules, 2006.

A Related parties and nature of relationship:

1 Key Managerial Personnel:

a) Jignesh Shah

b) Usha Agarwal

c) Amit Gajjar

d) Nirav Shah

e) Falguni Shah

f) Dimpal Parmar

2 Enterprise over which Key Managerial Personnel are able to exercise significant influence:

a) Prashil Securities Private Limited

b) Venus Exploration Private Limited

c) Christy Comtrade Private Limited

d) Shakti Creative & Tradex Private Limited

4. The Company follows accrual systems of accounting.

5. The Financial statements are prepared under the historical cost convention in accordance with the normally accepted Accounting principles.

6. The recognition of revenue from the contract is by reference to the contract signed by the Company.

7. Wherever original bills/Vouchers were not available during the test checks applied during the course of our audit, we relied on the bills/vouchers prepared, produced and certified by the management.

8. Fixed Assets & Depreciation.

The entity does not have any Fixed Assets for the period under consideration.

9. Provision for Taxation:

The Company has not recognized any Deferred Tax Assets / Deferred Tax Liabilities on timing differences between accounting income and taxable income as the components for the same are not present for the year under consideration. The entity will recognise Deferred Tax Assets and Liabilities when there is a virtual certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.

10. Contingencies and Capital Commitments:

As per the management, there were no Contingencies / Capital Commitments as on 31st March, 2015.

11. The Company has not received information from vendors regarding their status under the Micro, small and medium enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this act, have not been given.

12. Balances are subject to confirmation.

13. Previous year's figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.


Mar 31, 2014

1. COMPANY OVERVIEW

M/s Mansarover Financial Services Limited is a Company incorporated under the provision of Companies Act, 1956 on 18th December, 1984.

2. Rights, Preferences and Restrictions attached to shares

The equity shareholders have right to receive dividend out of balance of net profit remaining after payment of the pref. shareholders. The dividend proposed by Board Of Directors is subject to approval of shareholders in the ensuing general meeting.

The Company has only one of class of shares referred to as equity shares having a face value of Rs. 10 each. Each holder of one equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of shares shall be entitled to remaining assets, if any, of the Company after distribution of all preferential amounts.The amount distributed will be in proportion to the number of equity shares held by the shareholders.

3. Related Party Transactions during the year as per Accounting Standard 18:-

Disclosure details pertaining to related party transactions (as certified by the management of the Company) entered into during the year in terms of Accounting Standards AS-18 " Related party disclosures" as issued by ICAI:-

1. Key Managerial Personnel:

Suranjan Upadhyay Director

Mithlesh Agarwal Director

2. Relative of Key Managerial Personnel:

NIL

3. Parties in which the Key Managerial Personnel/ Director(s) of the Company is/are Interested: Nil

4. In the opinion of the Board of Directors the current assets, loans and advances have a value on realization In the ordinary course of business at least equal to the amount at which these are stated in the Balance Sheet and provisions for all liabilities have been made.

5. Foreign Exchange Earnings & Expenditure -NIL

6. Previous year figures have been regrouped and rearranged wherever considered necessary to comply with the requirements of revised Schedule VI to make them comparable with those of the current year.


Mar 31, 2013

NOTE - 1 Equity Shares :

The Equity shareholders have:

The right to receive dividend out of balance of net pofit remaining after payment of the pref.shareholders.

The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing genneral meeting.

The Company has only one class of Equity Shares having face value of Rs. 10/- each and each shareholders is entitled to one vote per share.

In the event of winding up , the equity shareholders will be receive remaining balance of assets if any, after preferential payments and to have in surplus asets of the Company, proportionate to their individual shareholding in the equity capital of the Company.

NOTE - 2 RELATED PARTY DISCLOSURES :-

(a) Key Managemant Personnel 1.0 SMT. USHA AGARWAL

2.0 SMT. MITHLESH AGARWAL

3.0 SMT. SUKRITI AGARWAL

NOTE -3

Balance of Sundry Debtors, Creditors and Advances as at 31 st March , 2013 are subject to confirmation.

NOTE-4

In the opinion of the Board of Directors Current Assets,Loans and Advances have value on realisation in the ordinary course of the business at least equal to the amount at which they have been stated in the Balance Sheet as at 31.03 13

NOTE -5

In the absence of information from creditors of their status,the amount due to small and micro enterprises is not ascertainable.

NOTE -6

The Financial statement for the year ended 31 st March 2013 had been prepared as per the then applicable, Revised Schedule VI of the Companies Act, 1956. Consequent to the under the Companies Act, 1956, the financial statement for the year ended 31st March 2013 are prepared under revised Sch VI. Accordingly, the previous year figures have also been reclassified to conform to this yeans classification


Mar 31, 2012

NOTE -1 Equity Shares :

The Equity shareholders have:

* The right to receive dividend out of balance of net pofit remaining after payment of the preference shareholders The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing general meeting.

* The Company has only one class of Equity Shares having face value of Rs 10/- each and each shareholders is entitled to one vote per share

* In the event of winding up , the equity shareholders will be receive remaining balance of assets if any, after preferential payments and to have in surplus asets of the Company, proportionate to their individual shareholding in the equity capital of the Company.

NOTE: -2 Balance of Sundry Debtors, Creditors and Advances as at 31 st March , 2012 are subject to confirmation.

NOTE -3 In the opinion of the Board of Directors , Current Assets , Loans and Advances have value on realisation in the ordinary course of the business at least equal to the amount at which they have been stated in the Balance Sheet as at 31.03,12.

NOTH -4 In the asbence of information from creditors of their status , the amount due to small and micro enterprises is not ascertainable

NOTE -5 The Financial statement for the year ended 31 st March 2011 had been prepared as per the then applicable , pre-revised Schedule VI of the Companies Act, 1956. Consequent to the under the Companies Act 1956 the financial statement for the year ended 31st March 2012 are prepared under revised Schedula VI. Accordingly , the previous year figures have also been reclassified to conform to this year's classification.


Mar 31, 2011

1. In the opinion of the board,the value of sundry debtors and loans and advances,on realisation in the ordinary course of business, shall be atleast equal to the amount at which thay are stated.

2. Contingent Liabilities not provided for NIL (Prev. Year NIL)

3. Estimated amount of contracts remaining to be executed Rs. NIL (Prev. Year Rs. NIL)

4. Provision for I-Tax for the current financial year has been made as per provisions of Income Tax Act .

5. The Company has recognized by way of prudence norms in accordance with Accounting Standard AS-22 issued by ICAI.

6. Balances of Loans & Advances,Sundry Debtor's ,Sundry Creditor's, Sundry Advanvces (DR a CR), Secured Loans,Balance Balance and Unsecured Loans are subject to confirmation .

7. Additional information pursuant to the provisions of paragraphs 3 and 4 of part II of schedule VI to the Companies Act,1956 :

Not applicable to the Company at present.

8. Related Party Disclosure ( As identified by the Management)

i. Related party relationship :

A. Subsidary Company : Nil

B. Key Management Personal : SMT.SUKRITI AGARWAL

SMT. Mithlesh Agarwal

9. Previous year's figures have been regrouped,rearranges or recasted whenever considered necessary to confirm this year's presentation.

10. Schedules 1 to 6 form an integral part of the accounts and have duly been authenticated.

 
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