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Notes to Accounts of Svaraj Trading & Agencies Ltd.

Mar 31, 2015

1. Related Party Transactions

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:

2. Auditors remuneration paid / payable during the year financial year is as under:

3. Other notes –

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

b) There are no due 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 in the Balance Sheet and provision for all known and determined liabilities is adequate and not in Excess of amount reasonably required. 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, 2012

1) Other Accounting Policies are consistent with generally accepted account practices.

2 a) The Hon'ble High Court of judicature at Bombay has vide its order dated 27th April, 2012 approved the scheme of amalgamation of Kamala Udyoga Ltd (KUL), wholly owned subsidiary which was primarily engaged in the business of trading and investment business activities , with the Company. The said scheme is operative from the appointed date ie. 1st April, 2011. The effective date of the scheme is 14,n May, 2012 i.e. the date of filing certified copies of the order of High Court of Judicature at Bombay with the Registrar of Companies, Maharashtra at Mumbai.The effect of t h e said scheme has been given in the books of accounts for the year ended 31st March, 2012.

Up on the scheme becom in geffective w.e.f.14th May, 2012, the 4,00,000 cunclassifiedSharesofthefacevalueof Rs. 10/- each stands reclassified and re-organized into equity shares. Further the Authorised Share Capital of KUL of Rs. 1,00,00,000/- comprising of 10,00,000 Equity Shares of Rs. 10/- each stand transferred and credited to Authorised Share Capital of the Company . Accordingly the Authorised shares capital of the company is increased from Rs. 50,00,000/- comprising of 5,00,000 Equity Shares of Rs. 10/- each to Rs. 1,50,00,000/- comprising of 15,00,000 Equity shares of Rs. 10/- each.

a) In accordance with the scheme of Amalgamation, the transferor company ie. KUL is a wholly owned subsidiary of the Company, thus no new shares are issued by the company.

b) In accordance with the accounting treatment specified in the scheme, the assets and liabilities of KUL have been vested in the company with effect from the appointed date i.e. 1sty April, 2011 and have been recorded at their respective fair value as on the appointed date.

c) In consideration of the transfer to and vesting of the 'Assets and Liabilities' of KUL in the Company, all the Equity shares of KUL owned/ held by the Company stands cancelled and no further consideration shall be payable by the company.

d) In accordance with accounting treatment specified in the scheme the assets and liabilities of KUL have been vested in the Company w.e.f from the appointed date i.e. 1s'April, 2011 and have been recorded at their respective fair value as on appointed date and the excess of the fair value of the assets of the KUL over fair value of liabilities have been credite to Capital Reserve.

e) In view of amalgamation of Kamala Udyoga Ltd (KUL) with the Company with effect from 1st April, 2011, the figure of current year are not comparable with the previous year's figures. Figures of the previous year have been re-grouped, re-classified and re- arranged wherever necessary.

3. Contingent Liabilities not provided for in respect of partly paid shares Rs.3,00,000/- Previous Year Rs.3,00,000/-)

4. In the opinion of the Board, the Current Assets, Loans, and advances are approximately of the value stated in the Balance Sheets if realised in ordinary courses of the business and the provision of all known liabilities is made and is adequate and is not in excess of the amount reasonable considered necessary.

5. In the opinion of the Board, the Current Assets, Loans, and advances are approximately of the value stated in the Balance Sheets if realised in ordinary courses of the business and the provision of all known liabilities is made and is adequate and is not in excess of the amount reasonable considered necessary.

6. Some of the balances of sundry debtors, sundry creditors, deposits, loans and advances and unsecured loan are subject to confirmation and adjustments necessary upon reconciliation, if any consequential impact thereof on the financial statement is not ascertainable.

7. Other additional information pursuant of the provisions of paragraph 3, 4C and 4D of part II of schedule VI of Companies Act, 1956 are not applicable to the company.

8. Previous year figures are regrouped, reclassified and recasted whenever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for in respect of partly paid shares Rs.3,00,000/- Previous Year Rs.3,00,000/-)

2. In the opinion of the Board, the Current Assets, Loans, and advances are approximately of the value stated in the Balance Sheets if realised in ordinary courses of the business and the provision of all known liabilities is made and is adequate and is not in excess of the amount reasonable considered necessary.

3. Some of the balances of sundry debtors, sundry creditors, deposits, loans and advances and unsecured loan are subject to confirmation and adjustments necessary upon reconciliation, if any consequential impact thereof on the financial statement is not ascertainable.

4. Related Party Disclosure

Disclosure requirement as per Accounting Standard 18(AS-18) "Related Party Discloures" issued by the institute of Chartered Accountants of India .

List of Related Parties:

a) Key Management Personnel

1. Mr. Rajendra Somani

2. Mr. V. N. Khanna

3. Mr. Adarsh Somani

Note: Related Party Relationships have been identified by the Management and relied upon by the Auditors

5 In view of time limitations on carry forward of losses and as a matter of prudence Deferred Tax Assets arising on account of brought forward losses and unabsorbed Depreciation under tax laws has not been recognised.

6 The accounts are prepared on a going concern basis inspite of accumulated losses exceeding the paid up share capital and reserve & surplus.

7 Other additional information pursuant of the provisions of paragraph 3, 4C and 4D of part II of schedule VI of Companies Act, 1956 are not applicable to the company.

8 Previous years figures are regrouped, reclassified and recasted whenever necessary.

 
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