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Notes to Accounts of Spectacle Ventures Ltd.

Mar 31, 2015

Note: 1 Share Capital

A. Terms/Rights attached to Equity Shares

The Company has only one class of Equity shares having a par value of Re 1 per share. Each holder of Equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.

The distribution will be in proportion to the number of Equity Shares held by shareholders.

B. The company has neither bought back nor forfeited any shares.

C. Details of Shareholders holding more than 5% shares in the Company

Note : 2 Corporate Information

Spectacle Ventures Limited (Erstwhile Spectacle Infotek Limited) is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is engaged in IT and ITES Services.

Note : 3 Contingent liabilities

i) Liability towards irrevocable letters of credit established: Rs. Nil. (PY Rs. NIL)

ii) Liability in respect of Bank Guarantees: Rs. NIL. (PY NIL)

iii) Corporate Guarantees given for other group Companies: Rs. Nil. (PY NIL)

iv) Corporate guarantees given to Customers: Rs. NIL. PY NIL)

v) Show cause notices against the company not acknowledged as debt : Rs NIL

(PY - NIL)

Note : 4 Related Party Transactions:

In accordance with Accounting Standard 'AS - 18' relating to Related Party

Disclosures, information pertinent to related party transaction is given as under:-

A : Names and Relationships of the related parties:-

Key Management Personnel:

Mr Shaikh Fazal Mehmood - Director

Mr. Pankaj Patel - Director

Mrs Mumtaz Fazal Shaikh - Director

Mr. Tejesh Kodali - Director (resigned w.e.f. 24/10/2013)

Mr. Tushar Mathuria

Dr. Behram Pardiwala

Entities over which Key Management Personnel exercise significant influence/ Others:

FM Trading & Venture Private Limited

Note : 5 Earnings in Foreign Exchange - NIL

Note : 6 Expenditure in Foreign Exchange - NIL

Note : 7 Outstanding dues of SSI Units:

The Company has no information as to whether any of its suppliers constitute Small Scale/ancillary undertakings and therefore the claims from suppliers and other related data under the "Interest on Delayed Payment to Small and Ancillary unit Act 1993 "could not be ascertained.

Note : 8 Segmental Reporting:

There is no separate reportable segment as defined by the Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

Note : 9 In accordance with Accounting Standard AS - 22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India , the Company has recognized net deferred tax Asset of Rs. 5,67,411/- .

Note : 10 For Investment in Shri Swastik Buildcon Private Limited Share Certificates are yet to be received by the Company.

Note : 11 The Board of Director has not declared any dividend for the financial year 2014-15.

Note : 12 The Balances of Sundry Creditors,Sundry Debtors and Loans and Advances are Subject to confirmation. The balances are net of credit / debit debtors / Creditors Accounts .Further, the Auditor has raised doubts over Debtors and Advances being realisable.

Note : 13 Previous year's figures have been regrouped / rearranged wherever necessary to confirm to the current year presentation.


Mar 31, 2014

Corporate Information

Spectacle Ventures Limited (Erstwhile Spectacle Infotek Limited) is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is engaged in IT and ITES Services.

1. Contingent liabilities

a) i) Liability towards irrevocable letters of credit established: Rs. Nil. (PY Rs. NIL)

ii) Liability in respect of Bank Guarantees: Rs. NIL. (PY NIL)

iii) Corporate Guarantees given for other group Companies: Rs. Nil. (PY NIL)

iv) Corporate guarantees given to Customers: Rs. NIL. PY NIL)

b) Show cause notices against the company not acknowledged as debt : Rs NIL (PY - NIL)

2. Director''s Remuneration: During the period directors have taken an amount of Rs. Nil as remuneration .

3. No Employee of the company was in receipt of salary of Rs. 60,00,000/- p.a. in aggregate or Rs. 5, 00,000/- per month employed for the part of the year.

4. Related Party Transactions:

In accordance with Accounting Standard ''AS - 18'' relating to Related Party Disclosures, information pertinent to related party transaction is given as under:-

5. Outstanding dues of SSI Units:

The Company has no information as to whether any of its suppliers constitute Small Scale/ancillary undertakings and therefore the claims from suppliers and other related data under the "Interest on Delayed Payment to Small and Ancillary unit Act 1993 "could not be ascertained.

6. Segmental Reporting:

There is no separate reportable segment as defined by the Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

7. In accordance with Accounting Standard AS - 22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India , the Company has recognized net deferred tax Asset of Rs. 5,67,411/- .

8. For Investment in Subsidiaries & Shri Swastik Buildcon Private Limited Share Certificates are yet to be received by the Company.

9. The Board of Director has not declared any dividend for the financial year 2013-14.

10. Current Assets, Loan & Advances and Provisions :

i) The Current assets and loans and advances are approximately of the value stated, if realized in the ordinary course of business.

ii) The provision for all known liabilities is not in excess of the amounts reasonably necessary.

11. The Balances of Sundry Creditors, Sundry Debtors and Loans and Advances are Subject to confirmation. The balances are net of credit / debit debtors / Creditors Accounts.

12. Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year presentation.


Mar 31, 2013

A) Corporate Information

Spectacle Infotek Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is engaged in IT and ITES Services.

1. Director''s Remuneration: During the period directors have taken an amount of Rs. 9,00,000 /- as remuneration.

2. No Employee of the company was in receipt of salary of Rs. 60,00,000/- p.a. in aggregate or Rs. 5, 00,000/- per month employed for the part of the year.

3. Earnings in Foreign Exchange - NIL

4. Expenditure in Foreign Exchange - NIL

5. Outstanding dues of SSI Units:

The Company has no information as to whether any of its suppliers constitute Small Scale/ancillary undertakings and therefore the claims from suppliers and other related data under the "Interest on Delayed Payment to Small and Ancillary unit Act 1993 "could not be ascertained.

6. Segmental Reporting:

There is no separate reportable segment as defined by the Accounting Standard – 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

7. In accordance with Accounting Standard AS – 22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India , the Company has recognized net deferred tax Asset of Rs. 5,67,411/.

8. For Investment in Subsidiaries & Shri Swastik Buildcon Private Limited Share Certificates are yet to be received by the Company.

9. The Board of Director has not declared any dividend for the financial year 2012-13.

10. Current Assets, Loan & Advances and Provisions :

i) The Current assets and loans and advances are approximately of the value stated, if realized in the ordinary course of business.

ii) The provision for all known liabilities is not in excess of the amounts reasonably necessary.

11. The Balances of Sundry Creditors, Sundry Debtors and Loans and Advances are Subject to confirmation. The balances are net of credit / debit debtors / Creditors Accounts.

12. Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year presentation.

 
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