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Notes to Accounts of Sparc Systems Ltd.

Mar 31, 2014

NOTE 1 - EARNING PER SHARE

In compliance of Accounting Standard -20 on "Earning Per Share" issued by The Institute of Chartered Accountants of India, the computation of Earning per share is as under:

NOTE 2 - RELATED PARTY TRANSACTIONS List of Related Party

Name Designation

J. T. D''souza Chairman & Managing Director

Punit Neb Whole - time Director

Anand Raj Jain Non-Executive Director

In accordance with the Accounting Standard 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the transactions with the related parties of the Company are disclosed below:

Note 3 - OTHER NOTES

a. There is no impairment of assets as per AS 28 issued by ICAI.

b. There are no dues to Small/Micro undertaking.

c. Contingent Liabilities - NIL

d. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount which they are stated and adequate provision of all known liabilities of the Company has been made. Further balances are subject to confirmation.

e. Previous year figures have been regrouped, reclassified and recast wherever considered necessary.

f. Figures have been rounded off to nearest rupee.


Mar 31, 2013

1. There is no impairment of assets as per AS 28 issued by ICAI.

2. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount which they are stated and adequate provision of all known liabilities of the Company has been made. Further balances are subject to confirmation.

3. Previous year figures have been regrouped, reclassified and recast wherever considered necessary.

4. Figures have been rounded off to nearest rupee.


Mar 31, 2012

(a) Term & right attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.10/- per share. Each holder of Equity Share is entitled to one vote per share. In the event of liquidation, a shareholder will be entitled to receive remaining assets of the Company after distribution of all preferential amount. The distribution will be in proportion to the Member of Equity Share held by the share holder.

1. Foreign Income & Outgo - NIL

2. During the year, the Company has not made provision for interest payable to MSFC as the Company has entered into a One-Time-Settlement [OTS] with MSFC and is the process of completing the same.

3. Contingent Liabilities: - NIL

4. There is no impairment of assets as per AS 28 issued by ICAI.

5. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount which they are stated and adequate provision of all known liabilities of the Company has been made. Further balances are subject to confirmation.

6. Previous year figures have been regrouped and reclassified wherever necessary.

7. Figures have been rounded off to nearest rupee.

8. Prior Period Comparatives

a. Schedule VI of the Companies Act, 1956 is revised effective from April 1, 2011. This has significantly impacted the disclosures and presentation in the financial statements.

b. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with current year's classification / disclosures.


Mar 31, 2011

1. Capital work in progress includes capital & product launch advances.

2. During the year, the Company has not made provision for interest payable to MSFC as since 2006 negotiation for OTS with MSFC are in progress.

3. Contingent Liabilities: - NIL

4. There is no impairment of assets as per AS 28 issued by ICAI.

5. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount which they are stated and adequate provision of all known liabilities of the Company has been made. Further balances are subject to confirmation.

6. Previous year figures have been regrouped and reclassified wherever necessary.

7. Figures have been rounded off to nearest rupee.


Mar 31, 2010

1. Capital work in progress includes capital & product launch advances.

2. During the year, the Company has not made provision for interest payable to MSFC as since 2006 negotiation for OTS with MSFC are in progress.

3. Contingent Liabilities: - NIL

4. There is no impairment of assets as per AS 28 issued by ICAI.

5. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount which they are stated and adequate provision of all known liabilities of the Company has been made. Further balances are subject to confirmation.

6. Previous year figures have been regrouped and reclassified wherever necessary.

7. Figures have been rounded off to nearest rupee.

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