Mar 31, 2014
1. There is no Small Scale Industrial undertaking to whom the company
owes which is outstanding for more than 30 days at the balance sheet
date.
2. No Provision has been made in respect of current assets which has
become bad or doubtful and/or not realizable in full or part. The
amount of such unrealizable have not yet been ascertained by the
management.
3. Provision for gratuity under the Payment of Gratuity Act, 1972 is
not applicable to the Company.
4. The Company operates in a solitary business segment i.e. providing
IT services. Accordingly no further financial information for business
segments is required to be given and accordingly no further financial
information for geographical segments is required to be given.
5. The Company has not entered into any transaction with the related
parties during the year.
6. The basic and diluted earnings per share are :-
2013-2014 2012-2013
Net Loss for the period after Tax (a) (310.00) (23,660.00)
Weighted average number of Equity
Shares Outstanding (b) 10064400 10064400
Basic & Diluted EPS (a)/(b) Â Â
Nominal Value of Shares :- 10,064,400 nos equity shares nominal value
Rs. 10/- each.
7. Investment are made in shares of Private Limited Companies or in
unquoted shares have been valued at cost.
8. The company has made investment in shares in different companies in
contravention of section 372 of the Companies Act, 1956.
9. Previous year figures have been re-grouped and re-arranged
wherever found necessary.
10. Employee Benefit AS 15. The undiscounted amount of short term
benefits expected to be exchanged of services rendered by the
employees is recognised on actual basis in the Profit & Loss account
in the year in which employee actually rendered service.
11. Post employees benefit. No post employees benefit payable to any
employees.
12. Impairment Loss if any recognised in accordance with Accounting
Standard 28.
13. Income Tax Authority made certain addition of income for Asst.
year 2004-05 & 2005-06 consequently raised demand of Rs. 2,636,528/-
(Asst. year 04-05) and Rs. 496,135/- (Asst. year 05-06) for which the
company has preferred appeal before Commissioner of Income Tax
(appeal). The matter is still pending.
14. The Company maintains large amount of cash balance which is
detrimental to the internal control procedure.
Mar 31, 2013
1. There is no Small Scale Industrial undertaking to whom the company
owes which is outstanding for more than 30 days at the balance sheet
date.
2. No Provision has been made in respect of current assets which has
become bad or doubtful and/or not realizable in full or part. The amount
of such unrealizable have not yet been ascertained by the management.
3. Provision for gratuity under the Payment of Gratuity Act, 1972 is
not applicable to the Company.
4. The Company operates in a solitary business segment i.e. providing
IT services. Accordingly no further financial information for business
segments is required to be given and accordingly no further financial
information for geographical segments is required to be given.
5. The Company has not entered into any transaction with the related
parties during the year.
6. Investment are made in shares of Private Limited Companies or in
unquoted shares have been valued at cost.
7. The company has made investment in shares in different companies in
contravention of section 372 of the Companies Act, 1956.
8. Previous year figures have been re-grouped and re-arranged
wherever found necessary.
9. Employee Benefit AS 15. The undiscounted amount of short term
benefits expected to be exchanged of services rendered by the employees
is recognized on actual basis in the Profit & Loss account in the year
in which employee actually rendered service.
10. Post employees benefit. No post employees benefit payable to any
employees.
11. Impairment Loss if any recognized in accordance with Accounting
Standard 28.
12. Income Tax Authority made certain addition of income for Asst year
2004-05 & 2005-06 consequently raised demand of Rs. 2,636,528/- (Asst
year 04-05) and Rs. 496,135/- (Asst year 05-06) for which the company
has preferred appeal before Commissioner of Income Tax (appeal). The
matter is still pending.
13. The Company has not filed the required annual compliance forms to
Registrar of Companies for the period 2011-12 resulting attraction of
penalty as well as prosecution.
14. The Company maintains large amount of cash balance which is
detrimental to the internal control procedure.
Mar 31, 2009
(A) The Figures of the previous year have been regrouped / rearranged
wherever considered necessary.
(B) No Provision has been made in respect of current assets which has
become bad and doubtful and / or may not realisable in full or part.
The amount of such unrealisable assets have not yet been ascertained by
the Management.
(C) In accordance with AS-22 for taxes on Income tax issued by The
Institue of Chartered Accountants of India the deferred tax liability
recognised in this account on timing difference & Carry forward losses
calculated present rate of tax.
(D) The Company has not made any transaction with" Related Party" as
stated in AS-18.
(E) Since the companys nature of operation is not attract to the
provision od AS-17 (Segmental Reporting) no disclosure in this report
has been made.
(F) Investments are made in shares of private limited company or in the
shares of unquoted limited company have been valued at cost, (market
value is not available)
(G) Since the Company has not carried out any trading or Manufacturing
activity during the year no disclosure has been made regarding
information as required paragraph 3,4C & 4D of Para 11 Schedual VI of
the Companies Act, 1956. (only provided service)
(H) Employee Benefits (AS-15):
a) Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be
exchange of services rendered by the employee is recognised on actual
basis in the Profit & Loss Account in the year in which employee
actually renders services.
b) Post Employment Benefits
No post employment benefits are payable to any employee.
(H) Impairment of Assets:
Impairment loss, if any are recognised in accordance with Accounting
Standard - 28.
(I) The Company has made investment in shares of different companies in
contravention of Section 372 of the Companies Act, 1956.
(J) Income tax authority made certain addition in assessing the income
for the Asst. year 2004-05 & 2005- 06 and raised demand of tax Rs.
26,36,528/- for Asst. year 2004-05 & Rs. 4,96,135/- for Asst. year
2005-06 for which the Company has preferred appeal before Commissioner
of Income Tax (Appeal). The matter is still pending to be decided.
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