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Notes to Accounts of Twin Roses Trades & Agencies Ltd.

Mar 31, 2014

Rights, Preferences and Restrictions attached to Equity Shares.

The Company''s equity shares have a face value of Rs 10 per share. Each equity shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation, the equity shareholders are eligible to receive the assets of the Company remaining after distribution of all preferential amounts, in Proportion to their shareholding.

1 Segment Reporting

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

2 Related Party

As per Accounting Standard 18 " Related Party Disclosure" as notified under the Companies (Accounting Standards) Rules, 2006, the disclosures of the related parties are given below:-

3 In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

4 In view of uncertainty of the future taxable income which will set off the brought forward loss, no deferred tax assets has been created in terms of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

5 The Income Tax assessments of the Company have been completed up to 4he Assessment year 2011-2012 The disputed demand up to the said Assessment year is Rs Nil. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.

6 The Previous year figures have been regrouped/reclassifiecL wherever necssary to conform to the current year presentation


Mar 31, 2013

1 Segment Reporting

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

2 In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

3 In view of uncertainty of the future taxable income which will set off the brought forward loss, no deferred tax assets has been created in tenns of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

4 The Income Tax assessments of the Company have been completed up to the Assessment year 2010-2011 The disputed demand up to the said Assessment year is Rs. Nil. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.


Mar 31, 2012

1.1.1 Rights, Preferences and Restrictions attached to Equity Shares.

The Company's equity shares have a face value of Rs. 10 per share. Each equity shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation, the equity shareholders are eligible to receive the assets of the Company remaining after distribution of all preferential amounts, in Proportion to their shareholding.

1.2 TRADE PAYABLE

@ Based on the available information with the Company/intimation received/from the vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, amounts unpaid as at year end/interest paid during the year/payble at the year end to such Enterprises under this Act is Nil.

1.3 The revised schedule VI notified under the Companies Act 1956 has become applicable to the company during the current year. The previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary, to conform to revised schedule VI classification and are to be read in relation to the amounts and other disclosures relating to the current year.

1.4 Segment Reporting

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

1.5 In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

1.6 In view of uncertainty of the nature taxable income which will set off the brought forward loss, no deferred tax assets has been created in terms of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

1.7 The Income Tax assessments of the Company have been completed up to the Assessment year 2009-2010 The disputed demand up to the said Assessment year is Rs. 2430. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.


Mar 31, 2010

1. Segment Reporting :

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

2. Related Party Disclosures :-

a) Key Management Personnel

U.C.DAMANI - Director

H.M.VORA - Director

J.H.DALIA - Director

b) Transactions with Related Parties - Director Sitting Fees Paid Rs.5400/-

3. In view of uncertainty of the future taxable income which will set off the brought forward loss, no deferred tax assets has been created in terms of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

4. The Income Tax assessments of the Company have been completed up to the Assessment year 2007- 2008 The disputed demand up to the said Assessment year is Rs.2.43 thousands. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.

5. In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

6. Previous years figures are reworked, regrouped, rearranged and reclassified wherever necessary.

7. In the opinion of the Board, the Current Assets and Loans and Advances are approximately of the value stated if realised in the ordinary course of business. The provision of all known liabilities is adequate and neither in excess of nor short of amount reasonably necessary.

8. As no manufacturing activities were carried out during the year ended on 31st March,2010 information in respect of manufacturing activities required under para 3 & 4 of part II of schedule VI of the Companies Act, 1956 is not given.

 
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