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Notes to Accounts of SVA India Ltd.

Mar 31, 2014

1 Figures have been stated in Lacs, unless otherwise stated.

2. Accounting standards as prescribed have been followed & reported wherever applicable except refer point no 16 in Significant Accounting Policies regarding accounting policy on foreign exchange transactions.

3. In the Opinion of the Board the current assets, loans and advances will fetch the amounts stated, if realized in the ordinary course of business and adequate provision for all known liabilities of the company has been made. Balances shown under Loans, Advances, Sundry Debtors & Creditors are subject to confirmation, reconciliation and subsequent adjustment if any.

4. a) According to management. Company has not given any guarantee on behalf of the Directors or other Companies.

5. The Company has not received information from vcndors/suppliers regarding their status under the "Micro, Small & Medium Enterprises Act, 2006" and hence disclosure relating to amount unpaid for the period end together with interest paid or payable under this Act has not been given.

6. According to management, No litigations are filed against or pending against the Company. Company docs not have any present obligation arising out of any past event Hence no provision arises or is made for contingent liabilities.

7. Previous Year''s figures have been regrouped / reclassified wherever considered necessary to make them comparable with the current year figures.

8. Fees paid to Auditor -

Particulars Amount

For Statutory Audit 18000/-

For other work -Nil-

9. Earning Per Share (on Face Value of Rs.10/- each)

In determining the Earnings Per share, the company considers the net profit after tax which includes any post tax effect of any extraordinary / exceptional item. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the period.

The number of shares used in computing Diluted earnings per share comprises the weighted average number of shares considered for computing Basic Earnings per share and also the weighted number of equity shares that would have been issued on conversion of ail potentially dilutive shares.

In the event of issue of bonus shares, or share split the number of equity shares outstanding is increased without an increase in the resources. The number of Equity shares outstanding before the event is adjusted for the proportionate change in number of equity shares outstanding as if the event had occurred at the beginning of the earliest period reported.

Basic Earning Per Share - (0.05)

Profit/(Loss) after Tax / Weighted Avg. Shares Outstanding - (161017)/3302600 - (Rs. 0.05)

Diluted Earning Per Share - (0.05)

Profit/(Loss) after Tax / Weighted Avg. Shares Outstanding - (161017)/3302600 - (Rs. 0.05)

Diluted EPS is similar to Basic EPS as there are no potential equity share as on date.

10. As none of the employees have completed the minimum length of service as provided in payment of gratuity Act. 1972, no provision for gratuity is required to be made.


Mar 31, 2013

1. Contingent Liabilities not provided for:

Bank Guarantee Rs. 50,000/- (Previous Year Rs.50,000).

2. The appeal in High Court against ITAT order for A.Y. 98-99 is pending.

3. No provision has been made for increase in the value of Quoted shares in Closing Stock by (-) Rs. 199, 266.22

Note No.4 in Schedule 14 regarding non-provision for increase of the value of closing stock of quoted shares in trade to the extent of Rs. (2, 79,825.22) P.Y. Rs-(363,695.17) having consequential impact on the profit for the year, reserves and surplus and assets of the Company

4. Figures of previous year have been regrouped and recanted wherever necessary.

5. a) Remuneration of Whole Time Directors consist at Salary Rs. 735913/- (previous year Rs.799,524/-)

The Company has been advised that the computation of net profit for The purpose of Directors Remuneration u/s 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors.

Auditors Remuneration F.Y.2012-13: Rs. 18000.00 ,

(i) CIF, C & F value of import purchase Rs 94,60,475/- (P.Y.Rs. 21,525,892/-) and High seas Sales Import !

purchase 82,78,144/-.(P.Y. Rs. 57,60,000/-).

ii) CIF, C & F value of export of Rs. 17,43,871 (P.Y. Rs. 46,29,319.60).

iii) Income & Expenditure in foreign currency.

Foreign traveling expenses Rs. 587,016/- (Previous year Rs. 663,126/-)

In the opinion of the Board the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized in the ordinary course of business.


Mar 31, 2012

1. Contingent Liabilities not provided for:

Bank Guarantee Rs. 50,000/- (Previous Year Rs.50,000).

2. The appeal in High Court against ITAT order for A.Y. 98-99 is pending.

3. No provision has been made for increase in the value of Quoted shares in Closing Stock by (-) Rs.279, 825.22

4. in Schedule 14 regarding non-provision for increase of the value of closing stock of quoted shares in trade to the extent of Rs. (2, 79,825.22) P.Y. Rs (363,695.17) having consequential impact on the profit for the year, reserves and surplus and assets of the Company

5. Figures of previous year have been regrouped and recasted wherever necessary.

6. a) Remuneration of Whole Time Directors consist at Salary Rs. 799,524/- (previous year Rs.400,992/-)

The Company has been advised that the computation of net profit for The purpose of Directors Remuneration u/s 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors.

Auditors Remuneration F.Y.2010-2012 Rs 18,113/- (P.Y. Rs 15,750/-)

(i) CIF, C & F value of import purchase Rs 21,525.892/- (P.Y.Rs.48, 405,491/-) and High seas Sales Import purchase 5,760.000/- (P.Y. Rs. 25,941.000/-).

ii) CIF, C & F value of export of Rs. 4,629,319.60 (P.Y. Rs. 3, 547, 575).

iii) Income & Expenditure in foreign currency

Foreign traveling expenses Rs. 663,126/- (Previous year Rs. 466,584/-)

In the opinion of the Board the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized in the ordinary course of business.


Mar 31, 2010

1. Contingent Liabilities not provided for:

a) Bank Guarantee Rs. 50,000/- (Previous Year Rs.50000).

2. The appeal in High Court against ITAT order for A.Y. 98-99 is pending.

3. No provision has been made for increase in the value of Quoted shares in Closing Stock by (-) Rs. 86,932.30

Note No.4 in Schedule 14 regarding non-provision for Increase of the value of closing stock of quoted shares in trade to the extent of Rs. (86,932.30) P.Y. Rs 2,40, 507/- having consequential Impact on the profit for the year, reserves and surplus and assets of the Company

4. Figures of previous year have been regrouped and recasted wherever necessary

5. a) Remuneration of Whole Time Directors consist at Salary Rs. 4,05,343/- (previous year Rs.4,48,673/-)

b) The Company has been advised that the computation of net profit for The purpose of Directors Remuneration u/s 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the directors.

c) Auditors Remuneration F.Y.2008-2009 Rs 15,750/- (P.Y. Rs 13,750/-)

1. (i) CIF , C & F value of import purchase Rs 36,816,689/- (P.Y.Rs.4,924,656/-) and High seas Sales Import purchase 8,156,000/- (P.Y. NIL).

ii) CIF, C & F value of export of Rs.186, 810.55 (P.Y.RS. 382, 719.05).

iii) Income & Expenditure in foreign currency.

a) Foreign traveling expenses Rs. 5,41,598/-(Previous year Rs.3,52,513/-)

2. In the opinion of the Board the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized in the ordinary course of business.

3. Quantative details in respect of opening stock. Purchase, Sales and Closing Stock of finished Shares and goods are Enclosed in Annexure "A" and "B" annexed herewith.

4. There was marginal difference between the depreciation provision under the Companies Act and Income Tax Act. Hence, there is no provision of Deferred Taxation.

5. Provision /Clauses applicable to listed companies are not applicable to this company as companys shares are suspended on BSE, AND CSE during the year.

6. During the year the Company has provided Bad Debts of Rs. 26, 37,008.50 due to non recoverable from Madalsa International Ltd. as the Company was liquidated and the Company has realized Bad Debts recovery of Rs. 10, 00,000.00 from Tejas Shah (LAWA).

7. During the year the Company has withdrawn Cash Rs. 14, 75,815 is lying in Cash in Hand for the payment of Custom Duties and levy.

8. USD Purchases USD 6,83,350.00 and Sales USD 4,128.41

9. Donation of Rs.5, 03,802.00 to Mahabir Prasad Jatia Charitable Trust which is exempted u/s 80G of the Income tax Act.

10. Risk Management of Rs. 14, 69,211.12 due to hedging of Zinc because he Company was mainly involved in the import of Zinc Oxide.


Mar 31, 2009

1. Contingent Liabilities not provided for:

a) Bank Guarantee Rs. 50,000/- (Previous Year Rs.50000).

2. The appeal in High Court against ITAT order for A.Y. 93 99 is pending and the decision from the Tribunal for A.Y. 97-98 is also pending.

3.No provision has been made for increase in the value of Quoted shares in Closing Stock by (-) Rs. 2, 40,507/-.

Note No.4 in Schedule 14 regarding non-provision for increase of the value of closing stock of quoted shares in trade to the extent of Rs. (2, 40,507/-) PY.Rs.4.33. 951/- having consequential impact on the profit for the Year, reserves and surplus and assets of the Company.

4. Figures of previous year have been regrouped and recasted wherever necessary.

5. a) Remuneration of Managing Director and Whoe Time Director consists at Salary Rs. 4,48,673/- (previous year Rs. 1,89,555/-)

b) The Company has been advised that the computation of net profit for The purpose of Directors Remuneration u/s 349 of the Companies Art, 1956 need not be enumerated since no commission has been paid to the directors.

c) Auditors Remuneration F.Y.2008-2009 Rs 13,750/-(P.Y. Rs 12,500/-)

1. (i) GIF , C & F value of import purchase Rs 49, 24.656/- (P.Y.Rs. 1,77,51.677/-) and

High seas Sales Import purchase (P.Y.Rs.14, 89,970/-).

ii) CIF, C & F value of export of Rs 3, 82,719.05 (P Y.Rs.1, 72, 96,903/-).

iii Income & Expenditure in foreign currency.

a) Foreign traveling expenses Rs. 3,52,513/-(Previous year Rs. 12,48,640/-)

2. In the opinion of the Board the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized in the ordinary course of business.

3. Quantative details in respect of opening stock. Purchase, Sales and Closing Stock of finished Shares and goods are Enclosed in Annexure -A" and "B" annexed herewith.

4. There was marginal difference between the depreciation provision under the Companies Act and Income Tax Act. Hence, there is no provision of Deferred Taxation.

5. Provision /Clauses applicable to listed companies are not applicable to this company as companys are suspended on BSE, AND CSE during the year.

 
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