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Notes to Accounts of Suvidha Infraestate Corporation Ltd.

Mar 31, 2014

SHARE CAPITAL

NOTE:

1. The reconciliation of number of shares at the beginning of the year and at the close of the year is not given as there is no change in the paid up capital.

2. The Statement of Shareholders Holding More than 5% Equity Shares of The Company:- (As certified by management)

Rights, Preferences and Restrictions attached to Shares:

The Company has one class of equity shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share held. The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of Liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings.

3. Corresponding figures of previous year have been regrouped wherever necessary.

4. Balances of Long term & Short Term Borrowings, Trade Payables, Other Current Liabilities, Trade Receivables and Loans & Advances are subject to confirmation.

5. In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated.

6. Since the company has only one segment, there is no separate reportable segment as required by in AS-17 issued by The Institute of Chartered Accountants of India.

7. The information required as per para (5) (viii) (a) & (c) of part II of schedule VI of the Companies Act, 1956 regarding information about the value of imports calculated on CIF basis,total value of imported raw materials,spare parts & Components consumed and total value of indigenous raw materials, spare parts & components consumed and percentage of each of the total consumption are Rs. NIL.

8. The information required as per para 5 (viii) (b), (d) & (e) of part II of Schedule VI of Companies Act, 1956 regarding expenditure in foreign currency, the Dividend remitted in foreign currency and earning in foreign exchange are Rs. NIL.

9. The information required as per para 5 (ii) & (iii) of part II of schedule VI of the Companies Act, 1956 regarding the purchases, sales, the opening and Closing stock is as follows:

10. Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India.

Identified related parties:

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHIJEET BHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

5. MR. DUSHYANT GOSWAMI

6. MRS. DOLLYBEN GOSWAMI

7. MRS. URMIBEN GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE-END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD.

4. SAHYADRI FINSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

7. ENVY CAPITAL TRUST PVT. LTD.

8. SUVIDHA RASAYAN GUJARAT PVT. LTD.

9. SUVIDHA PROJECTS PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION - Partnership Firm

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHORBHAI GOSWAMI HUF

KEY MANAGERIAL PERSONNEL

1. SHRI ASHOK KUMAR GOSWAMI

2. SHRI KISHOR KUMAR GOSWAMI

3. SHRI ANUP KUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESHSINH RAGHUVANSINH

6. SHRI MUKUNDRAI P. VADHER

11. Based on the information available with the Company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31st 2014. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed and relied upon by the auditor.


Mar 31, 2013

1 Corresponding figures of previous year have been regrouped wherever necessary.

2 Balances of Long term & Short Term Borrowings, Trade Payables, Other Current Liabilities, Trade Receivables and Loans & Advances are subject to confirmation.

3 In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated.

4 Deferred Tax Till last year the company was not making any provision for Deferred Tax Asset because in the opinion of Auditor there was no virtual certainty that company shall make profit in near future.

Since starting from this year, the company has started making profit the auditors have now decided to provide for deferred tax asset. The calculation of deferred tax asset have been made taking into consideration the accumulated losses and depreciation, the difference in written down value of Fixed Asset as per books and as per Income Tax. The Computation of Deferred tax is given in Note – 10.

5 Since the company has only one segment, there is no separate reportable segment as required by in AS-17 issued by The Institute of Chartered Accountants of India.

6 The information required as per para (5) (viii) (a) & (c) of part II of schedule VI of the Companies Act, 1956 regarding information about the value of imports calculated on CIF basis,total value of imported raw materials,spare parts & Components consumed and total value of indigenous raw materials, spare parts & components consumed and percentage of each of the total consumption are Rs. NIL.

7 The information required as per para 5 (viii) (b), (d) & (e) of part II of Schedule VI of Companies Act, 1956 regarding expenditure in foreign currency, the Dividend remitted in foreign currency and earning in foreign exchange are Rs. NIL.

8 The information required as per para 5 (ii) & (iii) of part II of schedule VI of the Companies Act, 1956 regarding the purchases, sales, the opening and Closing stock is as follows:

9 Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India.

Identified related parties:

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHIJEETBHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

5. MR. DUSHYANT GOSWAMI

6. MRS. DOLLYBEN GOSWAMI

7. MRS. URMIBEN GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE –END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD.

4. SAHYADRI FINSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

7. ENVY CAPITAL TRUST PVT. LTD.

8. SUVIDHA RASAYAN GUJARAT PVT. LTD.

9. SUVIDHA PROJECTS PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION – Partnership Firm

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHOREBHAI GOSWAMI HUF

KEY MANAGERIAL PERSONNEL

1. SHRI ASHOKKUMAR GOSWAMI

2. SHRI KISHOREKUMAR GOSWAMI

3. SHRI ANUPKUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESH SINGH RAGHUVAN SINGH

6. SHRI MUKUNDRAI P. VADHER

Nature of transactions with related parties and aggregate amount of such transactions for each class of related party:

(Related Party relationship is as identified by the Company and relied upon by the auditors.)

10. The company has obtained Professional Tax number from respective authority. The company has deducted the Professional tax from the salary of employees and the same is not deposited with respective authority.

11. In the accounting year 2007-08, the company had written off unsecured loans taken from four parties after arriving at an understanding with them.

Since the financial position of the company has improved it was decided to pay these loans. Hence during the current year the said loans were written back in the books of the company. After they were written back they were repaid by an account payee cheque and their accounts are squared-off.

12. In the accounting year 2006-07, the company had written off a sum of Rs. 2,44,200/- given to a group of company as Bad debts. Now, the said group company has shown its willingness to repay this loan. Hence during this year, the said loan has been brought back in the accounts of the company.

13. During the year, the company has made a profit. However, no provision is made for Income Tax on account of past carry forward losses. No provision is made for MAT as the Company is not required to pay any MAT as per section 115JB.


Mar 31, 2012

1 Corresponding figures of previous year have been regrouped wherever necessary.

2 Balances of Long term & Short Term Borrowings, Trade Payables, Other Current Liabilities and Loans & Advances are subject to confirmation.

3 In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated except doubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4 Deferred Tax

The company is passing through bad times and has huge accumulated losses. Atpresent the company is not carrying on any gainful economic activities. Hence, thereis no virtual certainty that the losses will be recouped in foreseeable future. So the deferred tax is not recognised in the books of accounts.

5 At present the company is not undertaking any activity. Hence, the segmental reporting as required by the AS- 17 is not presented.

6 The information required as per para 5 (viii) (a) & (c) of part II of schedule VI of the Companies Act, 1956 regarding information about the value of imports calculated on CIF basis, total value of imported raw materials, spare parts &components consumed and total value of indigenous raw-materials, spare parts & components consumed and percentage of each of the total consumption are Rs. NIL

7 The information required as per para 5 (viii) (b), (d) & (e) of part II of schedule VI of the Companies Act, 1956 regarding expenditure in foreign currency, the dividend remitted in foreign currency and earning in foreign exchange are Rs. NIL.

8 The information required as per para 5 (ii) & (iii) of part II of schedule VI of the Companies Act, 1956 regarding the purchases, sales, the opening and closing stock is as follows:

9 Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India. Identified related parties:

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHIJITBHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE -END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD. A. SAHYADRI FiNSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

7. ENVY CAPITAL TRUST PVT. LTD.

8. SUVIDHA RASAYAN GUJARAT PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHORBHAI GOSWAMI HUF KEY MANAGERIAL PERSONNEL

1. SHRI ASHOKKUMAR GOSWAMI

2. SHRI KISHORKUMAR GOSWAMI

3. SHRI ANUPKUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESHSINH RAGHUVANSINH

6. SHRI MUKUNDRAI P. VADHER

None of the relatives of Directors/ Promoters are having any position in the company or are dealing with the company. Hence, their names are not mentioned.

Nature of transactions with related parties and aggregate amount of such transactions for each class of related party:

(Related Party relationship is as identified by the Company and relied upon by the auditors.)

10 The amount of Rs. 1.66 lacs shown as Debtors are doubtful of recovery and should have been written off as bad debts. However, the company has filed a suit against the party and therefore the management has decided to wait till the judgment of the court comes.

11. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statement. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosure made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

 
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