Home  »  Company  »  United Interactive L  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of United Interactive Ltd.

Mar 31, 2015

1. Fundamental Accounting Assumption:- Going concern

The accumulated losses of the Company as at 31st March, 2015 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity and has earned dividend on such investment.

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

2. Terms/ rights attached to equity shares

The company has only one class of shares having a par value Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

3. Taxation

Since the company does not have any taxable income during the year, no tax provision is required to be made.

In view of the accumulated losses, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

4. Previous year figure has been recast, regrouped and rearranged as per the Revised schedule III of the Companies Act, 2013 & wherever necessary to make them comparable.


Mar 31, 2014

1. Background of the Company:

Company is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2014 have exceeded 50% of the net worth of the Company as at year end. Further, the company has carried out investment activity and has earned dividend on such investment.

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

3. Statement of significant accounting policies:

4 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

5 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

6 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2014, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

7 Dues to Micro, Small and Medium enterprises:

The Company doesn''t have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Revised Schedule VI of the Companies Act, 1956 is not applicable.

8 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

9. Previous year figure has been recast, regrouped and rearranged as per the Revised schedule VI of the Companies Act, 1956 & wherever necessary to make them comparable.


Mar 31, 2013

1. Background of the Company:

Company is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2013 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity and has earned dividend on such investment

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

3 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

4 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

5 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2013, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

6 Dues to Micro, Small and Medium enterprises:

The Company doesn''t have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 is not applicable.

7 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

8 Related Parties:

Related Parties with whom transaction has taken place during the year: is Rs. Nil

9. Defined Contribution Plans

On account of Defined Contribution Plan, the Company has charged the following amounts in the Profit and Loss Account:

10. Previous period figure have been regrouped as per revised Schedule VI of the Companies Act 1956 introduced by Ministry of Corporate Affairs vide notification dated February 28, 2011.


Mar 31, 2012

1. Background of the Company:

Company is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2012 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity and has earned dividend on such investment

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

NOTE 1.1

Terms/ rights attached to equity shares

The company has only one class of shares having a par value Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

NOTE 2.1

United Interactive Limited acquired 51% stake in Netesoft India Limited in last year, as the Netesoft India Limited is in the same line of business since year 2000.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

3 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

4 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

5 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2012, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

6 Dues to Micro, Small and Medium enterprises:

The Company doesn't have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 is not applicable.

7 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

8 Previous period figure have been regrouped as per revised Schedule VI of the Companies Act 1956 introduced by Ministry of Corporate Affairs vide notification dated February 28, 2011.


Mar 31, 2011

1. Background of the Company:

United Interactive Limited (formerly Neemtek Organic Products Limited) ('the Company'), a public limited company, was engaged in the manufacturing of high quality Neem products. The Company exited the neem business and is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same. Further United Interactive Limited acquired 51% stake in Netesoft India Limited during the year, as the Netesoft India Limited is in the same line of business since year 2000.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2011 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity during year and has earned dividend on such investment

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future. Accordingly, these financial statements have been prepared on Going Concern Basis.

3. Statement of significant accounting policies:

1 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

2 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

3 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2011, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

4. Contingent liabilities not provided for:

The claims against the Company comprises of:

The Company had transferred its manufacturing unit situated at Vellore in previous year and had not charged applicable VAT on transfer of inventory. The monetary effect thereof is unascertainable. Further, it had also transferred VAT liability amounting to ` 2,86,442. However, in case the transferee fails to meet this obligation, the Company shall be liable to pay the same to the Department of Sales Tax.

5 Dues to Micro, Small and Medium enterprises:

The Company doesn't have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 is not applicable.

6 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

7. Balances of Loans and Advances, Sundry Creditors have been taken at value stated in the books of accounts and the reconciliation is in progress. Necessary adjustments shall be carried out wherever applicable.

8. Figures have been rounded off to nearest rupee.

9. Previous year's figures have been regrouped / re-classified wherever necessary to conform to this year's classification.


Mar 31, 2010

1. Background of the Company

United Interactive Limited (formerly Neemtek Organic Products Limited) (the Company), a public limited company, originally incorporated on September 22, 1983, was engaged in the manufacturing of high quality Neem products. The Company decided to exit the neem business and enter into the Information Technology and Information Technology enabled Services. Consequently, the Company has transferred its manufacturing unit situated at Vellore during the year.

2. Going concern

The accumulated losses of the Company as at 31st March, 2010 have exceeded 50% of the net worth of the Company as at year end.

Further, based on Companys research and management decision, it has disposed off its manufacturing facility at Vellore and has decided to diversify its activities into Information Technology and Information Technology enabled Services

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

3. Segment Information

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

4. Related Parties

The Company has not entered into the any transactions with related party as required by AS-18 Related Parties Disclosures during the year under review.

5. Retirement and Other Employee Benefits

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

Consequent to the Business Transfer Agreement, the company had transferred all the personnel related to its manufacturing unit at Vellore during the year.

6. Taxation

Since the company does not have any taxable income during the year no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2010, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

7. Accounting policies not specifically referred to above are consistent with earlier years and in consonance with generally accepted accounting principles.

8. Contingent liabilities not provided for:

The claims against the Company comprises of:

a) The Company had transferred its manufacturing unit situated at Vellore during the year and had not charged applicable VAT on transfer of inventory. The monetary effect thereof is unascertainabie. Further, it had also transferred VAT liability amounting to Rs.2,86,442. However, in case the transferee fails to meet this obligation, the Company shall be liable to pay the same to the Department of Sales Tax.

9. Events Occurring after Balance Sheet Date

The Company had acquired controlling stake of 51% in Netesoft India Limited.

10. Dues to Micro, Small and Medium enterprises

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 could not be provided.

11. Balances of Loans and Advances, Sundry Creditors and Sundry Debtors have been taken at value stated in the books of accounts and the reconciliation is in progress. Necessary adjustments shall be carried out wherever applicable.

12. The figures of previous year were audited by a firm of Chartered Accountants other than M/s. D. N. Kanabar & Co.

13. Figures have been rounded off to nearest rupee.

14. Previous years figures have been regrouped / re-classified wherever necessary to conform to this years classification.

 
Subscribe now to get personal finance updates in your inbox!