Home  »  Company  »  Avasara Finance  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Avasara Finance Ltd.

Mar 31, 2014

Note 1.1

Disclosure with regard to Accounting Standard 29 – Provisions. Contingent Liabilities and Contingent Assets

"Following contingent liabilities are not provided for in accordance with As-29, as there is very less likelihood of any outflow, in respect of any of above Contingent Liability, further, there is no possibility of any reimbursement in respect of any of above Contingent Liability and these guarantees are fully backed by Fixed Deposit Receipts pledged with the Sales Tax authorities."

Year Ended Year Ended Particulars March 31st, 2014 March 31st, 2013

Guarantees issued for Sales Tax 120,000 120,000

120,000 120,000

Note 1.2

Deferred Tax Asset/ Liability

The management has considered it prudent to not to recognize deferred Tax Asset as per Accounting Standard (AS)–22 "Accounting for Taxes on Income" on accumulated taxable losses/ unabsorbed depreciation (under Income Tax Act), owing to uncertain future of the business.

Note 1.3

Retirement Benefit Obligation

Provision for retirements'' benefits have not been made under the relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to company since the company have no employees.

Note 1.4

Segment Reporting

Segment reporting, as defined in Accounting Standard – 17 is not applicable, as the business of the company falls in one segment.

Note 1.5

Related party transaction

Related Party Disclosure as required by Accounting Standard (As) – 18 "Related Party Disclosures" Issued by The Institute of Chartered Accountants of India:

Relationship :

Key Management Personnel – Director

Mr. Vijay Misquitta

Mr. Ajay Sarupriya

Mr. Harshad Dholakia

Mr. Shailesh Hingarh

Mr. Ramakant Nayak

Note : There is no transaction with any of the related party during the year or in previous year

Note 1.6

Dues to Small Micro and Medium Enterprises

There are no outstanding dues to any Micro, Small and Medium Enterprises as defined by the Micro, Small and Medium Enterprises Development Act, 2006.Therefore prescribed disclosures under Section 22 of the act have not been provided.

In the opinion of the board, the current assets, loan and advances are approximately of the value stated, if realized in the ordinary course of the business. The provisions for all known liabilities are adequate and not in excess of amount reasonably necessary.

Note 1.7

Managerial Remuneration Rs. Nil (Previous year Rs. Nil).

Note 1.8

Previous year figures have been regrouped and re-arranged to comply with the requirement of Revised Schedule VI.

Notes:

1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits ( Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting Standard and Guidance Notes issued by ICAI are applicable including for investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break-up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.

4. Reduction in cost of Investment.-

a. In case of shares which are not quoted at any stock exchange,the value of the investment has been reduced to NIL.

b. In case of shares which are quoted,the value of the investment has been reduced to the market value as at 31.03.2013.


Mar 31, 2013

Note 1.1 Deferred Tax Asset/ Liability

The management has considered it prudent to not to recognize deferred Tax Asset as per Accounting Standard (AS)-22 "Accounting for Taxes on Income" on accumulated taxable losses/ unabsorbed depreciation (under Income Tax Act), owing to uncertain future of the business.

Note 1.2 Retirement Benefit Obligation

Provision for retirements'' benefits have not been made under the relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to company since the company have no employees.

Note 1.3 Segment Reporting

Segment reporting, as defined in Accounting Standard - 17 is not applicable, as the business of the company falls in one segment.

Note 1.4 Related party transaction

Related Party Disclosure as required by Accounting Standard (As) -18 "Related Party Disclosures" Issued by The Institute of Chartered Accountants of India:

Note 1.5 Dues to Small Micro and Medium Enterprises

There are no outstanding dues to any Micro, Small and Medium Enterprises as defined by the Micro, Small and Medium Enterprises Development Act, 2006.Therefore prescribed disclosures under Section 22 of the act have not been provided.

Note 1.5 in the opinion of the board, the current assets, loan and advances are approximately of the value stated, if realized in the ordinary course of the business. The provisions for all known liabilities are adequate and not in excess of amount reasonably necessary.

Note 1.6 Managerial Remuneration Rs. Nil (Previous year Rs. Nil).

Note 1.7 Previous year figures have been regrouped and re-arranged to comply with the requirement of Revised Schedule VI.

1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial Companies. Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting Standard and Guidance Notes issued by ICAI are applicable including for investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break-up/fair value/ NAVin respect unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.

4. Reduction in cost of Investment.

a. In caseof shares which are not quoted at any stock exchange, the value of the investment has been reduced to NIL.

b .In case of shares which are quoted, the value of the investment has been reduced tothe market value as at 31.03.2013.


Mar 31, 2012

Note 1.1 Disclosure with regard to Accounting Standard 29 - Provisions. Contingent Liabilities and Contingent Assets

Following contingent liabilities are not provided for in accordance with As-29, as there is very less likelihood of any outflow, in respect of any of above Contingent Liability, further, there is no possibility of any reimbursement in respect of any of above Contingent Liability and these guarantees are fully backed by Fixed Deposit Receipts pledged with the Sales Tax authorities.

Notes to financial statements for the year ended 31st March 2012 Note

1.2 Deferred Tax Asset/ Liability

The management has considered it prudent to not to recognize deferred Tax Asset as per Accounting Standard (AS)-22 "Accounting for Taxes on Income" on accumulated taxable losses/ unabsorbed depreciation {under Income Tax Act), owing to uncertain future of the business.

Note 1.3 Retirement Benefit Obligation

Provision for retirements' benefits have not been made under the relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to company since the company have no employees.

Note 1.4 Segment Reporting

Segment reporting, as defined in Accounting Standard - 17 is not applicable, as the business of the company falls in one segment.

Note : There is no transaction with any of the related party during the year or in previous year

Note 1.5 Dues to Small Micro and Medium Enterprises

There are no outstanding dues to any Micro, Small and Medium Enterprises as defined by the Micro, Small and Medium Enterprises Development Act, 2006.Therefore prescribed disclosures under Section 22 of the act have not been provided.

Note 1.6 In the opinion of the board, the current assets, loan and advances are approximately of the value stated, if realized in the ordinary course of the business. The provisions for all Known liabilities are adequate and not in excess of amount reasonably necessary.

Note 1.7 Managerial Remuneration Rs. Nil (Previous year Rs. Nil).

Note 1.8 Previous year figures have been regrouped and re-arranged to comply with the requirement of Revised Schedule VI.

Notes:

1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits ( Reserve Bank) Directions, 1998. .

2 Provisioning norms shall be applicable as prescribed in the Non-Banking Financial _ investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break-up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.

3.Reduction in cost of Investment.-

a.In case of shares which are not quoted at any stock exchange, the value of the investment has been reduced to NIL.

b.In case of shares which are quoted, the value of the investment has been reduced to the market value as at 31.03.2012.


Mar 31, 2011

1. Following disclosures are made for Contingent Liabilities not provided for in accordance with AS-29, on provisions, contingent liabilities and contingent assets:

Particulars Estimated Financial Financial Effect Effect as on as on 31-03-2011 31-03-2010 (Rs.) (Rs.)

Guarantees 1,20,000 1,20,000 issued for Sales Tax

Note : a) There is very less likelihood of any outflow, in respect of any of above Contingent Liability.

b) There is no possibility of any reimbursement in respect of any of above Contingent Liability.

c) These guarantees are fully backed by Fixed Deposit Receipts pledged with the Sales Tax Authorities.

2. Investments

All scrips are held in the name of the Company, except those sent for transfer in the normal course.

3. Fixed Deposits include Rs. 1,20,000/- pledged to the bank against the bank guarantees issued by the bank.

4. Deferred Tax Asset / Liability

The management has considered it prudent to not to recognize deferred Tax Asset as per Accounting Standard (AS)-22 "Accounting for Taxes on Income" on accumulated taxable losses/ unabsorbed depreciation (under Income Tax Act), owing to uncertain future of the business.

5. Provision for retirements' benefits have not been made under the relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to company since the company have no employees.

6. Segment Accounting

Segment reporting, as defined in Accounting Standard - 17 is not applicable, as the business of the company falls in one segment.

7. Related Party Disclosures

Mr. Vijay Misquitta, Mr. Ajay Sarupria, Mr. Harshad Dholakia, Mr. Bhupendra Avasthi, Mr. Bhavesh Bhatt & Mr. Ramakant Nayak are related parties, though there is no transaction during the year & previous year.

8. Managerial Remuneration NIL

9. There are no outstanding dues to any Micro, Small and Medium Enterprises as defined by the Micro, Small and Medium Enterprises Development Act, 2006.Therefore prescribed disclosures under Section 22 of the act have not been provided.

10. Previous Financial Year figures have been regrouped or rearranged wherever considered necessary.


Mar 31, 2010

1. Following disclosures are made for Contingent Liabilities not provided for in accordance with AS - 29, on provisions, contingent liabilities and contingent assets: -

Particulars Estimated Financial Estimated Financial

Effect as on 31-03-2010 Effect as on 31-03-2009

(Rs.) (Rs.)

Guarantees issued for Sales Tax 1,20,000 1,20,000

Note: a) There is very less likelihood of any outflow, in respect of any of above Contingent Liability.

b) There is no possibility of any reimbursement in respect of any of above Contingent Liability.

c) These guarantees are fully backed by Fixed Deposit Receipts pledged with the Sales Tax authorities.

2. Investments:

All scrips are held in the name of the Company, except those sent for transfer in the normal course.

3. Fixed Deposits include Rs. 1,20,000/- pledged to the bank against the bank guarantees issued by the bank.

4. Deferred Tax Asset/Liability

The management has considered it prudent to not to recognize deferred Tax Asset as per Accounting Standard (AS)22 "Accounting for Taxes on Income" on accumulated taxable losses/ unabsorbed depreciation (under Income Tax Act), owing to uncertain future of the business.

5. Provision for retirements benefits have not been made under the relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to company since the company have no employees.

6. Segment Accounting

Segment reporting, as defined in Accounting Standard 17 is not applicable, as the business of the company falls in one segment.

7. RELATED PARTY DISCLOSURES:

Mr. Vijay Misquitta, Mr. Ajay Sarupria, Mr. Harshad Dholakia, Mr. Bhupendra Avasthi & j Mr. Bhavesh Bhatt, are related parties, though there is no transaction during the year & previous year

8 EARNING PER SHARE

The following disclosure is made as required by Accounting Standard-20 (AS-20) on "Earning Per Share" issues by the Institute of Chartered Accountants of India:

9 There are no outstanding dues to any Micro, Small and Medium Enterprises as defined by the Micro, Small and Medium Enterprises Development Act,2006.Therefore Prescribed disclosures under Section 22 of the act have not been provided.

10. Previous Financial Year figures have been regrouped or rearranged wherever considered necessary.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X