Mar 31, 2015
(i) The Company has issued only one class of shares referred to as
Equity Shares having a par value of Rs 10/-. All Equity Shares carry
one vote per share without restrictions and are entitled to Dividend,
as and when declared. All shares rank equally with regard to the
Company's residual assets.
1. Previous year figures have beanery-grouped/re-classified whenever
necessary to correspond with the current year
classification/disclosure.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
3. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realized in the ordinary course of
business.
4. Disclosure required for Employee Benefit (Revised 2005) as per
Accounting Standard 15 of ICAI is not given as it is not applicable to
the company for the year.
5. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2015. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. Contingent Liability
No contingent liability existed as at the date of Balance Sheet
7. Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with "Accounting for taxes on Income " issued by
the ICAI
8. The significant component and classification of deferred tax
Assets and liabilities on account of timing differences are.
9. The company had bided for CBM Blocks in consortium with Deep
Industries Limited for Godavari Vally (North) Block in CBM Round III.
The company has successfully bagged a contract for exploration of Coal
Bed Methyl (CBM) from Government of India on revenue sharing basis.
Deep Industries Limited initially incurred expenses for various license
application, tender fees, technical fees and other expenses and sent a
debit note of" 1,37,035/- towards company's share of expenses. The
company has debited the expenses of" 1,37,035/- to Capital Work in
Progress Account for the financial year 2014-15.
10. Segment Reporting
The Company is engaged in the finance activity having mainly the
interest income and bill discounting income and there are no separate
reportable segment as per AS - 17 on segmental reporting issued by
ICAI. The Company does not have any reportable geographical segment.
11. Leases
Lease payments made under cancellable operating lease amounting to "
74,160.00/- (Previous year" 66,742.00/-) disclosed as rent and the same
have been recognized as an expenses in the profit and loss account.
12. Impairment of Assets
Adoption of Accounting Standard 28 on impairment, as mentioned in the
note on accounting policies does not have any impact on either profit
for the year or on the net assets of the company at the year end.
13. Disclosure regarding depreciation
During the year, pursuant to the notification of Schedule II to the
Companies Act, 2013 with effect from April 1, 2014, the Company revised
the estimated useful life of its assets to align the useful life with
those specified in Schedule II.
Pursuant to the transition provisions prescribed in Schedule II to the
Companies Act, 2013, the Company has fully depreciated the carrying
value of assets, net of residual value, where the remaining useful life
of the asset was determined to be nil as on 01 April, 2014 and has
written off an amount of" (-) 23,355/ - to Profit and Loss Account
(Reserve & Surplus).
14. Related Party Disclosures
As per the Accounting Standard on "Related Party Disclosures" (AS-18)
issued by the Institute of Chartered Accountants of India, the related
parties and the details of transactions with them are as follows.
Mar 31, 2014
1. SHARE CAPITAL
1. The Company has issued only one class of shares referred to as
Equity Shares having a par value of Rs 10/-. All Equity Shares carry
one vote per share wthout restrictions and are entitled to Dividend, as
and when declared. All shares rank equally with regard to the Company''s
residual assets.
2. The Company prepares and presents its financial statements as per
Accounting Standards notified under the Act read with the General
Circular 15/2013 dated 13th September, 2013. The previous year''s
figures have been accordingly regrouped/reclassified to conform to the
current year''s classification.
3. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
4. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realized in the ordinary course of
business.
5. Consequent to the accounting standard As-22 effective from 1st
April, 2002 dealing with "Accounting for taxes on income" issued by the
institute of "Chartered Accountants of India" the significant component
and classification of deferred tax assets and liabilities on account of
timing difference are :
6. As per the Accounting Standard 28 on impairment, it does not have
any impact on either profit for the year or on the net assets of the
company at the year end. So, no provision for the same is made during
the year.
7. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
8. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2014. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
9. The company has not given any Loans and Advances to any firms or
private companies respectively in which any director is a partner or a
director or other companies under the same management within the
meaning of sub section (1B) of section 370.
10. The company had bided for CBM Blocks in consortium with Deep
Industries Limited for Godavari Vally (North) Block in CBM Round III.
The company has successfully bagged a contract for exploration of Coal
Bed Methyl (CBM) from Government of India on revenue sharing basis.
Deep Industries Limited initially incurred expenses for various license
application, tender fees, technical fees and other expenses and sent a
debit note of RS. 22140/- towards company''s share of expenses. The
company has debited the expenses of RS. 22140/- to Capital Work in
Progress Account for the financial year 2013-14.
11. Segment Reporting
The company is engaged in the finance activity having mainly the
interest Income and there are no separate reportable segment as per
Accounting Standard 17 - " Segment Reporting" issued by the Institute
of Chartered Accountants of India. 15.
12. Related Party Disclosures
(I) List of related parties where control exists are related parties,
with whom transactions have taken place and relationships.
Key Management Personnel
Mr. Paras Savla Mr. Manoj Savla
13. The company has not employed any person drawing remuneration of
RS.5,00,000/- per month or more or RS. 60,00,000/- per annum.
Mar 31, 2013
1. The Company prepares and presents its financial statements as per
Schedule VI to the Companies Act, 1956, as applicable to it from time
to time. The previous year''s figures have been accordingly regrouped/
reclassified to conform to the current year''s classification.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
3. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realized in the ordinary course of
business.
4. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
5. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2012. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. The company has not given any Loans and Advances to any firms or
private companies respectively in which any director is a partner or a
director or other companies under the same management within the
meaning of sub section (1B) of section 370.
7. Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with "Accounting for taxes on Income " issued
by the ICAI
The significant component and classification of deferred tax Assets and
liabilities on account of timing differences are.
8. The company had bided for CBM Blocks in consortium with Deep
Industries Limited for Godavari Vally (North) Block in CBM Round III.
The company has successfully bagged a contract for exploration of Coal
Bed Methyl (CBM) from Government of India on revenue sharing basis.
Deep Industries Limited initially incurred expenses for various license
application, tender fees, technical fees and other expenses and sent a
debit note of Rs. 24902 towards company''s share of expenses. The
company has debited the expenses of Rs. 41126 to Capital Work in Progress
Account for the financial year 2011-12.
9. Segment Reporting
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17 - "Segment Reporting" issued by the
Institute of Chartered Accountants of India.
10. Adoption of Accounting Standard 28 on impairment, as mentioned in
the note on accounting policies does not have any impact on either
profit for the year or on the net assets of the company at the year
end.
11. The company has not employed any person drawing remuneration of Rs.
5,00,000/- per month or more or Rs. 60,00,000/- per annum.
Mar 31, 2012
1. The Company prepares and presents its financial statements as per
Schedule VI to the Companies Act, 1956, as applicable to it from time
to time. In view of revision to the Schedule VI as per a notification
issued during the year by the Central Government, the financial
statements for the financial year ended 31st March, 2012 have been
prepared as per the requirements of the Revised Schedule VI to the
Companies Act, 1956. The previous year's figures have been accordingly
regrouped/reclassified to conform to the current year's classification.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
3. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realised in the ordinary course of
business.
4. None of the employee has completed five years of service and hence
liability of gratuity does not arise.
5. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2012. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. Segment Reporting :
The company is engaged in the finance activity having mainly the
interest income and there are no separate reportable segment as per
Accounting Standard 17 Ã "Segment Reporting" issued by the Institute of
Chartered Accountants of India.
7. The company has not given any Loans and Advances to any firms or
private companies respectively in which any director is a partner or a
director or other companies under the same management within the
meaning of sub-section (1B) of section 370.
8. The company had bided for CBM Blocks in consortium with Deep
Industries Limited for Godavari Vally (North) Block in CBM Round III.
The company has successfully bagged a contract for exploration of Coal
Bed Methyl (CBM) from Government of India on revenue sharing basis.
Deep Industries Limited initially incurred expenses for various license
application, tender fees, technical fees and other expenses and sent a
debit note of Rs. 41126 towards company's share of expenses. The
company has debited the expenses of Rs. 41126 to Capital Work in
Progress Account for the financial year 2011-12.
9. Related Party Disclosures
As per the Accounting Standard on "Related Party Disclosures" (AS 18)
issued by the Institute of Chartered Accountants of India, the related
parties and the details of transaction with them are as follows:
Name of Party Relation Nature of Amount Rs.
Transaction
Paras Savla Director Office Rent 60000
Manoj Savla Director Office Rent 6000
10. Contingent Liabilities not provided for :
In respect of corporate collateral guarantees given on behalf of other
group companies Rs. 114,81,00,000/- (Rs. 83,34,00,000 Fund based and
31,47,00,000 non-fund base)
11. Adoption of Accounting Standard 28 on impairment, as mentioned in
the note on accounting policies does not have any impact on either
profit for the year or on the net assets of the company at the year
end.
12. The company has not employed any person drawing remuneration of
Rs. 5,00,000/- per month or more or Rs. 60,00,000/- per annum.
Mar 31, 2010
(a) Figures have been rounded off upto the nearest Rupee.
(b) Balances are subject to confirmation.
(c) None of the employees have completed five years of service and
hence liability of gratuity does not arise.
(d) In the opinion of the Board, the Current Assets, Loans & Advances
are approximately of the value stated if realised in the ordinary
course of business. Provisions of all known liabilities are adequate
and not in excess of the amount reasonably necessary.
(e) The previous years figures have been regrouped and rearranged
wherever necessary.
(f) The company had bided for CBM Blocks in consortium with Deep
Industries Limited for Godavari Vally (North) Block in CBM Round III.
The company has successfully bagged a contract for exploration of Coal
Bed Methyl (CBM) from Government of India on revenue sharing basis.
Deep Industries Limited initially incurred expenses for various license
application, tender fees, technical fees and other expenses and sent a
debit note of Rs. 634420 towards companys share of expenses. The
company has debited the expenses of Rs. 634420 to Capital Work in
Progress Account for the financial year 2009-10.
(g) Segment Reporting :
The company is engaged in the finance activity having mainly the
interest income, so there are no separate reportable segment as per
Accounting Standard 17 - "Segment Reporting"issued by the Council of
the Institute of Chartered Accountants of India.
(h) Contingent Liabilities not provided for:
In respect of corporate guarantees given on behalf of other group
companies Rs. 95,10,00,000/- (Rs. 65,10,00,000 Fund based and Rs.
30,00,000 Non Fund Based).
(i) Adoption of Accounting Standard 28 on impairment, as mentioned in
the note on accounting policies does not have any impact on either
profit for the year or on the net assets of the company at the year
end.
(j) The company has not employed any person drawing remuneration of Rs.
2,00,000/- per month or more or Rs. 24,00,000/- per annum.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article