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Notes to Accounts of Tavernier Resources Ltd.

Mar 31, 2015

1. Related Party Disclosure

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below.

2. Key Management Personnel:

1) Sudhir Naheta - Managing Director

2) Rajkumari Sudhir Naheta - Director

3. Segment Reporting:

As per Accounting Standard (AS) 17 on "Segment Reporting", segment information has been provided under the Notes to the Financial Statements.

4. Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of ' 7,00,000 is pledged in favour of "President of India- Development Commissioner Indore SEZ" on behalf of M/s. CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

5. These financial statements have been prepared in the format prescribed by the Schedule III to the Companies Act 2013. Previous period figures have been recast/ restated to confirm to the classification of the current period.

6. The balance lying with the Share Broker agents represents excess exchange margin lying with them against derivative transactions.

7. Micro, Small & Medium Enterprises:

As required by section 22 of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.


Mar 31, 2014

1 Related Party Disclosure

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below.

I. Key Management Personnel:

1) Sudhir Naheta – Managing Director

2) Rajkumari Sudhir Naheta – Director

There are no related party transactions during the year.

2 Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalf of M/s. CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

3 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous period figures have been recast/ restated to confirm to the classification of the current period.

4 The balance lying with the Share Broker agents represents excess exchange margin lying with them against derivative transactions.

5 Micro, Small & Medium Enterprises:

As required by section 22 of the Micro, Small & Medium Enterprises Development Act, 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.


Mar 31, 2013

1. Related Party Disclosure

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below.

I. Key Management Personnel:

1) SudhirNaheta- Managin- Director

2) Rajkumari Sudhir Naheta Director

There are no related party transactions during the year.

2. Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalfof M/s. CTCotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

3. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous period figures have been recast/restated to confirm to the classification of the current period.

4. Micro, Small & Medium Enterprises:

As required by section 22 Of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.


Mar 31, 2012

1. Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ"on behalf of M/s. CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

2. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recast / restated to confirm to the classification of the current period.

3. Micro, Small & Medium Enterprises:

As required by section 22 of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

As Per Our Report of Even Date Attached.


Mar 31, 2011

A) CONTINGENT LIABILITIES: - As reviewed by management, there were no contingent liability as at the end of the Financial Year reported.

b) Fixed deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalf of M/S CT Cotton Yarn Limited. The aforesaid Fixed Deposit is duly matured but same is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from the UCO Bank.

c) The Company intends to switch to IFRS accounting standards at some point during the year towards the endeavour of improving corporate governance and providing a true and accurate state of accounts to all stake holders. This will provide a significant level of transparency and enable better performance measurement for all the new activities that company is undertaking.

d) INCOME-TAX

Provision for taxation for the year ended 31st March 2011 has been calculated as per Section 115JB of the Income Tax Act, 1961 i.e. MAT provisions and MAT credit available is Rs.4,42,795/- which will be carried forward for set-off against regular tax payable during the subsequent five year period .

e) Previous year figures have been regrouped /reclassified wherever necessary.

f) BALANCE CONFIRMATION

The Balances of the parties under the head debtors, creditors and loans and advances are subject to confirmation.

g) RELATED PARTY DISCLOSURE

There are no related party transactions entered into during the year.

i) EARNINGS PER SHARE (EPS)

In terms of Accounting Standards (AS-20) issued by the Institute of Chartered Accountants of India, the Calculation of EPS is given below: -

h) Additional Information pursuant to provision of paragraph 3 & 4 of schedule VI of the Companies Act, 1956. i) Particulars of Licensed Capacity, installed Capacity and production for the year ending 31.03.2011:

*Company is not holding any manufacturing license from the department of industrial license; hence it is not required to disclose Licensed Capacity.

**Company is not having any manufacturing facility, hence not required to disclose information as to installed capacity and production.

ii) Particulars of purchases, Sales and Stock:-

i) BALANCE SHEET ABSTRACT

A statement showing the Balance Sheet abstract and the Company's General Business profile in terms of Part IV to the Companies Act, 1956 is attached.

j) As per the Listing Agreement under clause 38 of Companies Act 1956, Company has paid the entire listing fee due for the year ended 31st March 2011.

k) FOREIGN EXCHANGE EARNING & OUTGO

Additional information pursuant to the provisions of Paragraph 4D of Part ii of schedule VI of the Companies Act, 1956

Amt. Rs.

a. Earnings in Foreign Exchange Nil

b. Expenditure in Foreign Exchange Nil

o) DEFERRED TAX: - During the year, Deferred Tax Asset on brought forward losses and unabsorbed depreciation pertaining to Financial Year 09-10 has been reassessed and Deferred Tax Asset of Rs.10,85,188/- has been recognised and reversed.

l) MICRO, SMALL & MEDIUM ENTERPRISES

As required by section 22 0f the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

As Per Our Report of Even Date Attached


Mar 31, 2010

A) The Company has incurred a loss before tax of Rs. 55, 89,033 /- during the year. It mainly comprises of loss due to trading in shares and derivatives carried out during the year. Schedule to Profit & Loss Account (Schedule-9) provides complete details of the same.

b) CONTINGENT LIABILITIES: - As reviewed by the management, company is liable to pay penalty for delay in furnishing the returns under regulation 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. But vide SEBI Circular no. EFD/ED/Cir-1/2007 dated April 20, 2007; Company is given the option to avail of the consent process of settling the administrative/civil cases. Company has opted to avail of the above option. As a result, Company would be liable to pay the legal expenses in relation to settlement of said case through consent order of SEBI and the settlement charges to be levied by SEBI. The amount so payable to SEBI can not be quantified until the conclusion of the case. As a result, provision to that effect can not be made in books. Hence, the disclosure is made as per the requirements of AS-29 (Provisions, Contingent Liabilities and Contingent Assets) in Notes on Accounts.

c) Fixed deposit of Rs. 7, 00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalf of M/S CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but same is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from the UCO Bank.

d) INCOME-TAX: - Adequate provision for taxation has been made for the year ended 31st March 2010.

e) Previous year figures have been regrouped /reclassified wherever necessary.

f) BALANCE CONFIRMATION

The Balances of the parties under the head debtors, creditors and loans and advances are subject to confirmation.

g) RELATED PARTY DISCLOSURE

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below. I. Key Management Personnel:

1) Sudhir Naheta - Managing Director

2) Rajkumari Sudhir Naheta - Director

II. List of the parties holding substantial interest:

1) Jas Expoship Pvt. Ltd. - Associate Company

2) Connexions air travel services P. Ltd. - Associate Company

3) Mr. Ashwani Dewan - Director

I) BALANCE SHEET ABSTRACT

A statement showing the Balance Sheet abstract and the Companys General Business profile in terms of Part IV to the Companies Act, 1956 is attached.

h) As per the Listing Agreement under clause 38 of Companies Act 1956, Company has paid the entire listing fee due for the year ended 31st March 2010.

i) DEFERRED TAX: - As per the deferred tax computation as at 31st March, 2010, Deferred tax assets of Rs.17,45,751/- have been worked out on carry forward losses and unabsorbed depreciation. In view of the losses incurred by the Company, there is no virtual certainty that deferred tax assets will be realized and accordingly, no deferred tax assets have been recognized in the books in the line of Paragraph 17 of AS -22 and paragraph 3 and 4 of ASI -9. The same will be reassessed at subsequent balance sheet date and will be accounted for in the year of virtual certainty.

j) MICRO, SMALL & MEDIUM ENTERPRISES

As required by section 22 Of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

 
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