Mar 31, 2016
1-During the financial year 2015-16, there are not any transactions with any suppliers /parties who are covered under âThe Micro Small and Medium Enterprises Development Act, 2006â.
2-There were no contracts or arrangements made with related parties during the year under review.
3-The Key Managerial Personnel are the Whole Time Director, CFO and Company Secretary Cum Compliance Officer, whose names are mentioned in the Corporate Governance Report.
4-Pursuant to the enactment the Companies Act, 2013 being effective from 01st April, 2014, the Company has reassessed the useful lives of its fixed assets and depreciation has been charged accordingly in accordance with the provisions of Schedule II of the Act. As a result, an amount of Rs.959,509/- has been adjusted against the opening balance of retained earning being the carrying value of fixed assets whose lives are over as at the said date, in accordance with the Schedule II of the Companies Act, 2013 as at 31.03.2015.
5-Payment to Auditors (Including Service Tax)
6-Additional Information as required under paragraph 5 of Part II of Schedule III to the Companies Act, 2013 to the extent either "NIL" or "Not Applicable "has not been furnished except payment to the Auditors.
7-Contingent liability has not been provided for in respect of Income Tax matters amounting to Rs. 15,23,656/-. The concern matters are under appeal with appropriate authorities on account of dispute raised by Income Tax department. The Company is contesting the same and is of view that the disputed demands will not sustain in view of various legal pronouncements in the related matters.
8-In compliance with the Accounting Standard AS-22 relating to "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India, the Company had provided for Deferred tax liability arising out of timing difference. During the year under report, there has been addition to the said deferred tax liability to the extent of Rs.16,112/-on account of difference between Book and Tax Depreciation. Accordingly, the said item has been debited to the Statement of Profit & Loss of the year under report.
9-The Company has one reportable business segments i.e. Trading in Agricultural Commodities and its allied products. The Company operates mainly in Indian market and there are no reportable geographical segments.
10-Certain Debit and Credit Balances are being subject to confirmation.
11-Earnings per share is computed by dividing the net profit or loss for the year attributable to the equity shareholders by the number of equity shares outstanding during the year, as under:
12. In the Opinion of the Board, all the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the Balance Sheet and all the known liabilities have been provided for ,unless otherwise stated elsewhere in other notes.
13-The Company has shown the units of Mutual Fund ''''Arihant Mangal "(Growth Scheme) under the head "Noncurrent Trade Investments". During the year under review the Company has surrendered its units for redemption before the Special Committee constituted by Hon''ble High Court, Delhi, for dispose off the Mutual Fund "Arihant Mangal"(Growth Scheme) in terms of the SEBI regulations and received the payment under its provisional NAV.
14-The figures appearing in the Financial Statements have been rounded off to nearest rupee.
15-Previous yearâs figures have been regrouped/ reclassified wherever necessary to correspond with the current yearâs classification /disclosure.
Mar 31, 2015
1. During the financial year 2014-15, there are not any transactions
with any suppliers /parties who are covered under 'The Micro Small and
Medium Enterprises Development Act, 2006'.
2. Related Party Disclosures
There were no contracts or arrangements made with related parties
during the year under review.
3. Key Managerial Personnel:
The Key Managerial Personnel are the Whole Time Director, CFO and
Company Secretary Cum Compliance Officer, whose names are mentioned in
the Corporate Governance Report.
4. Pursuant to the enactment the Companies Act, 2013 being effective
from 01st April, 2014, the Company has re-assessed the useful lives of
its fixed assets and depreciation has been charged accordingly in
accordance with the provisions of Schedule II of the Act. As a result,
the depreciation charged for the year ended on 31/03/2015 is higher by
Rs. 9.92 lacs respectively. Further, an amount of Rs. 9.60 lacs has
been adjusted against the opening balance of retained earning being the
carrying value of fixed assets whose lives are over as at the said
date, in accordance with the Schedule II of the Companies Act, 2013.
5. There are not any particulars which are required to be furnished
under Schedule III of the Companies Act, 2013.
6. In compliance with the Accounting Standard AS-22 relating to
"Accounting for Taxes on Income" issued by The Institute of Chartered
Accountants of India, the Company had provided for Deferred tax
liability arising out of timing difference. During the year under
report, there has been reversal of the said deferred tax liability to
the extent of Rs.356614/-(P.YRs.73705/-),on account of difference
between Book and Tax Depreciation. Accordingly, the said item has been
credited to Statement of Profit & Loss of the year under report.
7. The Company has one reportable business segments i.e. Trading in
Agricultural Commodities and its allied products. The Company operates
mainly in Indian market and there are no reportable geographical
segments.
8. Earning Per Share:
Earnings per share are calculated by dividing the profit attributable
to the equity shareholders by the number of equity shares outstanding
during the year, as under:
9. In the Opinion of the Board, all the current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amount stated in the Balance Sheet and all the
known liabilities have been provided for.
10. Certain Debit and Credit Balances are being subject to
confirmation.
11. The Company has shown the units of Mutual Fund "Arihant Mangal
"(Growth Scheme) under the head "Non- Current Trade Investments". Due
to the Order of Hon'ble High Court, Bombay, Mutual Fund "Arihant Mangal
"(Growth Scheme) was kept in abeyance. In this context, after the lapse
of many years, the Hon'ble High Court, Delhi, passed the Order dtd.
29/05/2013, wherein they have directed to dispose of the Mutual Fund
"Arihant Mangal"(Growth Scheme) in terms of the SEBI regulations in
full and final settlement. Accordingly, the Company has surrendered its
units for redemption before the Special Committee constituted by
Hon'ble High Court, Delhi and payment to be received under its
provisional NAV.
12. The figures appearing in the Financial Statements have been
rounded off to nearest rupee.
13. Previous year's figures have been regrouped/ reclassified wherever
necessary to correspond with the current year's classification
/disclosure.
Mar 31, 2014
1. Related Party Disclosures
There is no other company, which is under the same management in which
the directors of the company are entrusted as directors and / or
shareholders. There is no transaction with any firm and / or proprietor
firm in which the directors of the company are interested as a partners
or proprietor.
2. Key Management Personnel:
The Key Management Personnel are the Whole Time Director and Company
Secretary Cum Compliance officer, whose names are mentioned in the
corporate governance report.
3. There are not any particulars which are required to be furnished
pursuant to Clause VIII of part II of the Schedule VI of the Companies
Act, 1956.
4. In compliance with the Accounting Standard AS - 22 relating to
"Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India, the company had provided for Deferred
tax liability arising out of timing difference. During the year under
report, there has been reversal of the said deferred tax liability to
the extent of Rs.73,705/- (P.Y Rs.129, 427), on account of difference
between Book and Tax Depreciation. Accordingly, the said item has been
credited to Statement of Profit & Loss of the year under report.
5. The Company has two reportable business segments i.e. Trading of
Products & Commodities and IT Activities. The Company operates mainly
in Indian market and there are no reportable geographical segments.
6. In the Opinion of the Board, all the current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amount stated in the Balance Sheet and all the
known liabilities have been provided for.
7. Certain Debit and Credit Balances are being subject to
confirmation.
8. During the year, the Company has shown the units of Mutual Fund
"Arihant Mangal "(Growth Scheme), in its Non-Current Trade Investments,
after the lapse of several years due to Mutual Fund "Arihant Mangal
"(Growth Scheme) was kept abeyance by the Order of Hon''ble High Court,
Bombay. In this context, the Hon''ble High Court, Delhi, passed the
Order dtd. 29/05/2013, wherein they have directed that the Mutual Fund
"Arihant Mangal "(Growth Scheme) was reconsidered to dispose off the
Mutual Fund "Arihant Mangal" (Growth Scheme) in terms of the SEBI
regulations in full and final settlement through methodological basis.
In view of the above facts, the Board have taken steps to recover the
proceedings against dispose of units of Mutual Fund "Arihant Mangal"
(Growth Scheme).
9. The figures appearing in the Financial Statements have been rounded
off to nearest rupee.
10. Previous year''s figures have been regrouped/ reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2013
1. The Company is selling Software in domestic markets. Out of many
software projects under development at the commencement of the
financial year, the company has completed some projects and sold /
delivered the same, the cost and revenue of which has been taken to the
Statement of profit and loss. Since the revenue generation begins after
the completion of the software projects / products, the company is of
the view that development expenditure on the unfinished / uncompleted
software should be treated as part of inventory as ''Software Projects
under Development'' and included in Work in progress.
2. There are not any particulars which are required to be furnished
pursuant to Clause VIII of part II of the Schedule VI of the Companies
Act, 1956.
3. In compliance with the Accounting Standard AS-22 relating to
"Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India, the company had provided for Deferred
tax liability arising out of timing difference. During the year under
report, there has been reversal of the said deferred tax liability to
the extent of Rs. 129,427/- (P.Y Rs.334,081/-), on account of
difference between Book and Tax Depreciation. Accordingly, the said
item has been credited to Statement of Profit & Loss of the year under
report.
4. The Company has two reportable business segments i.e. Trading of
Commodities and IT Activities. The Company operates mainly in Indian
market and there are no reportable geographical segments.
5. Earning Per Share:
Earnings per share are calculated by dividing the profit attributable
to the equity shareholders by the number of equity shares outstanding
during the year, as under:
6. In the Opinion of the Board, all the current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amount stated in the Balance Sheet and all the
known liabilities have been provided for.
7. Certain Debit and Credit Balances are being subject to
confirmation.
8. The figures appearing in the Financial Statements have been
rounded off to nearest rupee.
9. Previous year''s figures have been regrouped/ reclassified wherever
necessary to correspond with the current year''s classification
/disclosure.
Mar 31, 2012
(i) Terms / rights attached to Equity shares
The Company has only one class of equity shares having a par value of
Rs.10/- per share. Each equity shareholder is entitled to one vote per
share. The Company have not declared any dividends for the year under
review.
(ii) No Equity Shares of the Company are held by its Holding Co or its
Ultimate Holding Co or by subsidiaries or associates of the holding co
or the ultimate Holding Co, since the Company does not have any Holding
Co or Subsidiary Co as at 31st March, 2012 and as at 31st March, 2011.
iii) No Equity Shares are reserved for issue under the employee stock
option (ESOP) plan of the Company and for contracts /commitments for
the sale of shares /disinvestment as at 31st March, 2012 and as at 31st
March, 2011.
(iv) During the period of five years immediately preceding the
reporting date :
(a) No Shares were allotted pursuant to any contract(s)/arrangements
without payment being received in cash;
(b) No Shares were allotted by way of bonus shares;
(c) No Shares were bought back;
(v)The Company does not issued any securities which will be
convertible into Equity Shares in future.
(vi) No Calls unpaid by any share holders at 31st March,2012 and as
at 31st March,2011.
(vii)Since Inception ,no Shares were Forfeited by the Company or there
were any re-issue of any Forfeited shares
1. During the financial year 2011-12, there are not any transactions
with any suppliers /parties who are covered under 'The Micro Small and
Medium Enterprises Development Act, 2006'.
2. Related Party Disclosures
There is no other company, which is under the same management in which
the directors of the company are entrusted as directors and / or
shareholders. There is no transaction with any firm and / or proprietor
firm in which the directors of the company are interested as a partners
or proprietor.
3. Key Management Personnel:
The Key management personnel are the directors, whose names are
mentioned in the corporate governance report.
4. The Company is selling Software in domestic markets. Out of many
software projects under development at the commencement of the
financial year, the company has completed some projects and sold /
delivered the same, the cost and revenue of which has been taken to the
Statement of profit and loss. Since the revenue generation begins after
the completion of the software projects / products, the company is of
the view that development expenditure on the unfinished / uncompleted
software should be treated as part of inventory as 'Software Projects
under Development' and included in Work in progress.
5. There are not any particulars which are required to be furnished
pursuant to Clause VIII of part II of the Schedule Vi of the Companies
Act, 1956.
6. In compliance with the Accounting Standard AS-22 relating to
"Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India, the company had provided for Deferred
tax liability arising out of timing difference. During the year under
report, there has been reversal of the said deferred tax liability to
the extent of Rs.3, 34,081 (P.Y Rs.7, 747/-) on account of difference
between Book and Tax Depreciation. Accordingly, the said item has been
credited to Statement of Profit & Loss of the year under report.
7. The Company has two reportable business segments i.e. Trading of
Commodities and IT Activities. The Company operates mainly in Indian
market and there are no reportable geographical segments.
8. In the Opinion of the Board, all the current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amount stated in the Balance Sheet and all the
known liabilities have been provided for.
9. Certain Debit and Credit Balances are being subject to
confirmation.
10. The figures appearing in the Financial Statements have been
rounded off to nearest rupee.
11. The Revised Schedule VI has become effective from 1st April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/ reclassified
wherever necessary to correspond with the current year's classification
/disclosure.
Mar 31, 2011
1. Related Party Disclosures
There is no other company, which is under the same management in which
the directors of the company are interested as directors and / or
shareholders. There is no transaction with any firm and / or proprietor
firm in which the directors of the company are interested as a partners
or proprietor.
2. Key Management Personnel
The Key management personnel are only the directors, whose names are
mentioned in the corporate governance report.
3 The names of Micro Small and Medium Enterprisers suppliers defined
under 'The Micro Small and Medium Enterprises Development Act, 2006'
could not be identified, as the necessary evidence is not in the
possession of the Company.
4 Liabilities in respect of gratuity & leave encashment and other
retirement benefits are accounted for on cash basis which is not in
conformity with Accounting Standard (AS)-15 (Revised 2005) on Employee
Benefits as issued by the Institute of Chartered Accountants of India
which requires that Gratuity and Leave Encashment Liabilities be
accounted for on accrual basis. However, no such payment was made
during the financial year.
5 No provision has been made in respect of Investment made in quoted
equity shares which are being quoted below the acquisition price.
6 In the opinion of the management, there is no impairment of assets as
on Balance Sheet date.
7 In the opinion of the management, there are no contingent liabilities
as on Balance Sheet date.
8 The Company is developing software for marketing in domestic and
international markets. Out of several software projects under
development at the commencement of the financial year 2010-2011, the
company has completed some projects and sold/ delivered the same, the
cost of which has been taken to the profit and loss account. Since the
revenue generation begins after the completion of the software projects
/ products, the company is of the view that development expenditure on
the unfinished/ incomplete software should be treated as part of
inventory under the head 'Software Projects under Development'.
We have relied upon the statement of management that closing stock of
software project/ products under development have been certified by
companies technical experts and that of consumable have been valued at
cost. Cost of work-in-process and finished goods also include material
and direct cost as certified by the management.
9. Deferred Tax:
(a) The company has provided deferred tax in accordance with the
Accounting Standard- 22 Accounting for taxes on Income issued by the
ICAI.
(b) The break-up of net deferred tax liability as on 31st March, 2011
is as under:
10. Paise have been rounded off to the nearest rupee.
11. Schedule A to I form an integral part of Balance Sheet and Profit
& Loss Account.
12. Previous year figures have regrouped or rearranged wherever
necessary.