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Notes to Accounts of Varun Mercantile 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.

None of the Share holder holds more than 5% shares as at 31st March,2014 and at 31st March 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 There are no transaction during the year with related parties as per Accounting Standard 18 " Related Party Disclosure" as notified under the Companies (accounting Standards) Rule,2006.

3 The directors have waived their right to receive sitting fees and remuneration.

4 In view of pending scrutiny/appeals, the interest on Income Tax Refund has not been recognized as income.

5 The Income Tax assessment of the Company are completed up to Assessment year 201 l-2012.The total demand raised by the income tax department up to the said assessment year is Rs Nil

6 The Previous year figures have been regrouped/reclassified, wherever necessary 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 There are no transaction during the year with related parties as per Accounting Standard 18 " Related Party Disclosure" as notified under the Companies (accounting Standards) Rule,2006.

3 The directors have waived their right to receive sitting fees and remuneration.

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

5 The Income Tax assessment of the Company are completed up to Assessment year 2010-2011 .The total demand raised by the income tax department up to the said assessment year is Rs. Nil


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.

1.1.2 None of the Share holder holds more than 5% shares as at 31st March, 2012 and at 31st March 2011.

1.1.3 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.

1.2 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.

1.3 There are no transaction during the year with related parties as per Accounting Standard 18 "Related Party Disclosure" as notified under the Companies (Accounting Standards) Rules, 2006.

1.4 The directors have waived their right to receive sitting fees and remuneration.

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

1.6 The Income Tax assessment of the Company are completed up to Assessment year 2009-2010. The total demand raised by the income tax department up to the said assessment year is Rs. Nil


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. There are no transaction during the year with related parties as per Accounting Standard-18. notified under the Companies (Accounting Standards) Rules,2006.

3. The Income Tax assessment of the Company are completed up to Assessment year 2007-2008.The total demand raised by the income tax department up to the said assessment year is Rs. Nil

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

5. The directors have waived their right to receive sitting fees and remuneration.

6. In the opinion of the Board, the Current Assets and Loans and Advances are approximately of the value stated if realized 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.

7. Figures in bracket represent actual amounts.

8. Previous years figures have been reworked, rearranged and reclassified wherever necessary.

9. 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 and 4 of part II of Schedule VI of the Companies Act, 1956 is not given.

 
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