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Notes to Accounts of Tilak Ventures Ltd.

Mar 31, 2015

1. The Company has only one class of Equity Shares having par value of Re. 1 Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors are subject to the approval of the shareholders in the ensuing Annual General Meeting.

2. In the event of liquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Employee benefits

Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account.

4. CONTINGENT LIABILITY & CAPITAL COMMITMENTS:

2014-2015 2013-2014 Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for* 5,910 NIL

Contingent Liabilities not provided for** 5,00,000 NIL

Capital Commitments not provided for NIL NIL

Others NIL NIL

* The demand is raised by the assessing officer u/s 143(1) from the Income Tax Authorities for the Assessment Year 2008-09. The demand raised is likely to be deleted and accordingly no provision is considered necessary.

** During the year, company has received various letters from RBI for carrying on NBFC business without obtaining certificate of registration (CoR) from RBI. Hence, penal provisions of section 58-B (4-A) of the RBI Act, 1934 will be attracted imposing liability for payment of fine. However, no fine has been imposed till date.

5. RELATED PARTY TRANSACTION:

List of Related Parties:-

a) Key Management personnel :-

i) Girraj Kishor Agrawal

b) Relatives to Key Management personnel :-

i) Girraj Kishor Agrawal HUF

ii) Saloni Agrawal

iii) Tanu Agrawal

c) Related parties over which Key Management personnel have significant influence

i) Agrawal Bullion Limited (Formerly Kayaguru Health Solutions Limited)

ii) Axon Finance Limited (Formerly known as Axon Infotech Limited)

iii) Banas Finance Limited

iv) Five X Finance & Investment Limited

v) Handful Investrade Private Limited

vi) Kayaguru Capital Market Private Limited

vii) Rockon Capital Market Private Limited

viii) Rockon Fintech Limited

ix) Shree Nath Commercial & Finance Limited

6. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

7. Trade Receivable, Trade Payable, Short Term Borrowings and Short Term Loans and Advances balances are subject to confirmation and reconciliation.

8. The financial assets of the company constitute more than 50% of the total assets of the company. During the year, the company has started a new business of trading in Textile, the income from which is approximately 50% of the gross income of the company. Hence, the company fulfills the NBFC criterion prescribed in terms of section 45-IA of the RBI Act, 1934 in the current financial year (as was applicable last year) and is liable to obtain NBFC Certificate of Registration (CoR). However, in the coming future the management is confident of expanding the textile business, the income from which will be more than 50% of gross income of the company. Hence, the NBFC criterion will not be fulfilled and the company won't be liable to obtain NBFC Certificate of Registration (CoR).

9. Majority of the loans given are demand loans, therefore in some cases the terms of repayment and loan agreement are not available. In view of the management all the loans outstanding are considered good and therefore no provision has been made for bad and doubtful assets. Demand and other loans given are governed by the Board policies. Considering the close monitoring of Board no appraisal, renewal, Policies, Procedure, Committee or documents have been prescribed and executed.

10. Purchase and Sale of unquoted securities are done as per demand and supply forces of the market. Therefore the rationale for the same is not available. In view of the management all the unquoted securities in stock are considered as good and therefore no provision for diminutions has been made for Investments. Purchase and sale decisions are governed by the Board policies. Considering the close monitoring of Board no appraisal, Policies, Procedure, Committee or documents have been prescribed and executed.

11. As the intention is to hold the unquoted securities for sale in short term and in absence of flow of periodic data, absence of liquidity and market related data closing stock of unquoted shares are valued at cost.

12. Chief Financial Officer (CFO) of the company has resigned on 22nd December 2014. However, no CFO has been appointed till date signing of Balance Sheet.

13. The company does not have Internal Auditors for conduct of Internal Audit.

14. Segment Information:

The Company has identified business segments as its primary segment. Business segments are primarily "Finance & Securities" and "Textile Trading". Revenue and expenses, assets and liabilities directly attributable to segments are reported under each reportable segment.

15. The company has made investment in Kayaguru Capital Market Private Limited (Shareholding 20.88%) and Rockon Capital Market Private Limited (shareholding 27.63%). The Investment is acquired and held exclusively with a view for its subsequent disposal in the near future held as stock in Trade. Hence, as per AS 23 issued by ICAI Para no 7, these investments are excluded for preparing consolidated financial statements.

16. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2014

1. Employee benefits:

Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Profit & Loss Account.

2. Contingent Liability:

2013-2014 2012-2013

Amount in Rs. Amount in Rs. Contingent Liabilities not providede for NIL NIL

Others NIL NIL

3. Earnings Per Share:

Earnings per Share, as required by the Accounting Standard 20- "Earning Per Share" issued by the Institute of Chartered Accountants of India, is given below:

4. RELATED PARTY TRANSACTION:

List of Related Parties:- a) Key Management personnel :-

i) Giriraj Kishor Agrawal ii) Tanu Agrawal

b) Related parties over which Key Management personnel have significant influence :-

i) Axon Finance Limited (Formerly Axon Infotech Ltd)

ii) Banas Finance Limited

iii) Rockon Fintech Limited

iv) Rockon Capital Market Pvt Ltd

v) Shree Nath Commercial & Finance Limited

vi) Five X Finance & Investment Ltd

vii) Kayaguru Health Solutions Limited viii) Kayaguru Capital Market Pvt Limited

ix) HandfulInvestrade Pvt Ltd

x) Giriraj Kishor Agarwal HUF xi) Saloni Agarwal

5. Income in Foreign Currency NIL

6. Expenditure in Foreign Currency NIL

7. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

8. Trade Receivable, Trade Payable, Short Term Borrowings and Short Term Loans and Advances balances are subject to confirmation and reconciliation.

9. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

10. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current''s classification/ presentation.


Mar 31, 2013

1. CONTINGENT LIABILITY:

2012-2013 2011-2012 Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for NIL NIL

Others NIL NIL

2. RELATED PARTY TRANSACTION: List of Related Parties:- a) Key Management person

i) Girraj Kishor Agrawal

ii) Tanu Agarwal

b) Related parties over which Key Management Personnel have Significant Influence :-

i) Axon Infotech Ltd.

ii) Banas Finance ltd.

iii) Shree Nath Commercial & Finance Ltd

iv) Rockon Fintech Limited

v) Five X Finance & Investment Ltd

vi) Kayaguru Health Solutions Limited

vii) Handful Investrade Pvt Ltd

viii) Girraj Kishor Agarwal HUF

ix) Saloni Agarwal

3. Income in Foreign Currency NIL

4. Expenditure in Foreign Currency NIL

5. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 2006.

6. Trade payable and Short Term loan and advances balances are subject to confirmation and reconciliation.

7. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

8. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current''s classification/ presentation.


Mar 31, 2012

A. Terms/rights attached to equity shares

The Company has only one class of Equity Shares having par value of Rs. 1 Each holder of equity shares is entitlec to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors are subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event ofi iquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

1.DISC0NTINUED OPERATIONS:

a. The Company had entered into Business Transfer Agreement on 6lh day of August, 2DII with GSR Techno Consultancy Pvt Ltd to Purchase Travel Portal Business including URL www.outDfcity.cam for Consideration of Rs. 5,00,00,ODD/- (Rupees Five Crores Only). Due to lack of business and due to high capital expenditure requirement to sustain business, it was felt difficult by the Management to continue the Travel Portal Business. Therefore the Board of Directors on its meeting held on 2Blh March, 2012 had announced a plan to dispose of Company's Travel Portal Business and its associated Intellectual Rights, subject to approval of member's through postal ballot. However Company will continue this business as Travel Agent as well as restart Investment and Financing activity. On 24th April, 2012, the Company has entered into a Technology Transfer Agreement with M/s°lnfibeam Incorporation Ltd to sell its travel technology and software related to travel portal including the URL www.outnfcitv.com for total consideration of Rs. 4,35,00,000 (Rupees. Four Crores Thirty Five Lakhs Only) in form of 0% Optionally Convertible Redeemable Debenture, redeemable on or before 36 months from the date of execution of Technology Transfer Agreement and which was approved by members through postal ballot, result of which declared by board on 8th June, 2012. Carrying amount of web portal as on 31st March 2012 is Rs. 4,75,00,000/- and hence an impairment loss of Rs. 40,00,00D has been recognized being difference between carrying amount and selling price.

b. During the period Travel Portal Business was the only reportable segment of the company.

c. Date of initial discloser event as per Accounting Standard - 24 Discontinuing operations is Board Meeting held on 29th March, 2012 in which announced the plan to discontinue the business. ,

d. Operation has been discontinued as on signing of this financial statement.

e. Carrying Amount of Assets to he disposed of is Rs. 4,75,00,000/- and liabilities tD be settled is Rs. 7,15,281/-

f. Revenue from discontinued operation during the year is Rs. 8,B2,2Q!/- 3

Expenses (including Depreciation B Impairment) of discontinued operation during the year are Rs. 73,40,129/-

g. Loss incurred in discontinued operation during the year is Rs. 64,77,929/- h. Cash flow from Operating activity discontinued operation during the year is Rs.30,08,043/- Cash flow from Investing activity discontinued operation during the year is Rs. 5,D0,00,DD0/- Cash flow from Financing activity discontinued operation during the year is Rs. NIL

la.COHTINGENT LIABILITY:

2011-2012 2DI0-20II

Amount in Rs. Amount in Rs.

Contingent Liabilities not provided for NIL NIL

2. As per information available with the Company, none of the creditors has confirmed that they are registered under the Micro, Small and Medium enterprises Development Act, 200B.

3. Debtors, Creditors, loan and advances balances are subject to confirmation and reconciliation.

4. Segment Information: The Company is engaged in single segment and there are no separate reportable segments as defined in AS-17.

5. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation


Mar 31, 2011

1. Contingent Liabilities not provided for :

2010-2011 2009-2010

(Rs.) (Rs.)

Claims against the company not acknowledged as debts NIL NIL

Others NIL NIL

2. Balances of Loans and Advances, Sundry Creditors & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

3. In the opinion of the Board & to the best of their knowledge & belief the value of realisation of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

4. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been made.

5. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards- 28 issued by the Institute of Chartered Accountants of India.

6. Related Party Transaction :

Key Management Person

Girraj Kishor Agrawal Tanu Agrawal

Transaction with Related parties:

NIL

7. Balance Sheet Abstract & Company's general business profiles as required by part IV of Schedule VI to the Companies Act, 1956 is enclosed in ANNEXURE "B".

8. Segment Information: As there is no business except the main field of the company where segmental reporting is required.

9. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary to conform to the current's classification/ presentation.


Mar 31, 2010

1. Related Party :

I. Associates Company

A) KAYA GURU HELTH SOLUTION PRIVATE LTD.

B) Key management Personnel Mr. G.K. Agrawal

Mrs. Tanu Agrawal

2. Balance Sheet Abstract & Companys general business profiles as required by part IV of Schedule VI to the Companies Act, 1956.


Mar 31, 2009

A). Deferred Taxation

There are no deferred tax assets or liabilities.

C). Related Party Disclosure

i) Enterprises where control exists

a) Subsidiary Companies - Nil

b) Controlling Companies - Nil

ii) Associates owned by major shareholders Anupam Extractions Limited Orient Flour Mills Limited Shakti Oil Industries Ajanta Extractions R. K. Corporation N. K. Corporation A. K. Corporation Basudeo Saraf & Sons Aditya Saraf & Sons HUF

iii) Key Management Personnel

a) Directors

Smt. Nirmala N. Saraf Smt. Rekha R. Saraf Smt. Lalita A. Saraf

b) Ralatives of Key Management Personnel

Narendra B. Saraf

Rajendra B. Saraf

Ashok B. Saraf

D). Based on the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, business segment of the company is the primary segment comprising of "Trading". As the company operates only in a single primary segment, no segment information thereof is given.

V. Generic Names of Three Principal Products/Services of Company (As per Monetary Terms)

Item Code (ITC Code) N.A.

Product Description Trading in Shares & Securities

 
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