Mar 31, 2016
B. Contingent Liabilities and Notes:
1. Contingent Liabilities:
(a) Contingent Liabilities of the Company at the end of the year is Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of Credit/ Bank Guarantee facility of any commercial/ Financial Institution nor any civil/criminal case is pending against company.
2. Notes to Accounts:
(a) Share Capital:
During the year. Company has received share application money amounting to Rs. 18,75,10,000/-. Out of Rs. 18.75.10.000/-, Company has allocated shares for Rs. 6,80,00.000/-(20,00.000 shares @ Rs. 34/-; Rs. 10 base price plus Rs. 24 Security Premium) during the year. Balance 11.95,10.000/- lying in book of account as share application money pending for allotment.
(b) Balances of sundry debtors, creditors and loans and advances, unsecured loans are unconfirmed and subject to reconciliation wherever necessary.
(c) In the opinion of the management, all the current assets. Loans and advances and deposits are realizable at value stated in the ordinary course of the business which are at least equal to the amount at which they are stated in the books unless otherwise explicit.
(d) There are no small scale industrial units which has supplied the material to the company and the owes a sum exceeding Rs. 1 Lac and which is outstanding to more than 30 days.
(e) Aggregate director''s remuneration Rs.0.12 lacs (previous year Rs.0.12 lacs). The remuneration of directors are as per the approval accorded by remuneration committee, shareholder and central Government as per the previous of section 311 read with Schedule XIII of the Companies act, 1956.
(f) Aggregate auditor remuneration is fixed which includes Audit fees Rs.1,00.000/- (Previous year Rs.1,00,000/-) Tax Audit Fees Rs NIL ( Previous year Rs 45,000/-),
(g) Previous year figures are regrouped /reclassified to make them comparable with the current year.
The Company operates business of i.e. âl.T. businessâ & Trading businessâ, the activities to the business are inter connected / inter mix, it is not possible to directly attribute or allocate on a reasonable basis the expenses / assets and liabilities to these segments. As per requirement of Accounting Standard (AS) 17- âSegment Reportingâ issued by the Institute of Chartered Accountants of India.
Note: 3 Cash Flow Statement:
Cash flows are reported using the indirect method, whereby Profit / (Loss) before extra ordinary items and tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments the cash flows from operating, investing and financing activities of the company are segregated based on the available information.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an original maturity of three month or less from the date of acquisition), highly liquid time deposit that are readily convertible into know amounts of cash and which are subject to insignificant risk ot changes in value.
Mar 31, 2015
1. Contingent Liabilities:
(a) Contingent Liabilities of the Company at the end of the year is
Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of
Credit/ Bank Guarantee facility of any commercial/ Financial
Institution nor any civil/criminal case is pending against company.
2. Notes to Accounts:
(a) Share Capital:
Company has received share application money amounting Rs.NIL
(previous year Rs.161.18Lacs).
(b) Balances of sundry debtors, creditors and loans and advances,
unsecured loans are unconfirmed and subject to reconciliation wherever
necessary.
(c) In the opinion of the management, all the current assets, Loans
and advances and deposits are realizable at value stated in the
ordinary course of the business which are at least equal to the amount
at which they are stated in the books unless otherwise explicit.
(d) There are no small scale industrial units which has supplied the
material to the company and the owes a sum exceeding Rs. 1 Lac and
which is outstanding to more then 30 days.
Note: During the Current Year there is Deferred Tax Asset, hence no
provision for the same has been made during the year.
11. Impairment of Assets: An asset is treated as impaired when the
carrying cost of assets exceeds its recoverable value. An impairment
loss is charged to the Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amount.
(e) Aggregate director's remuneration Rs.0.12 lacs (previous year
Rs.0.12 lacs). The remuneration of directors are as per the approval
accorded by remuneration committee, shareholder and central Government
as per the previous of section 311 read with Schedule XIII of the
Companies act,1956.
(f) Aggregate auditor remuneration is fixed which includes Audit fees
Rs.1.00 Lac (previous year Rs.1.00 Lac) Tax Audit Fees Rs 0.45 Lac (
Previous year Rs 0.45 Lac),
(g) Previous year figures are regrouped /reclassified to make them
comparable with the current year.
(h) Segment reporting:
The Company operates business of i.e. "I.T. business" & Trading
business", the activities of the business are inter connected /
inter mix, it is not possible to directly attribute or allocate on a
reasonable basis the expenses / assets and liabilities to these
segments. As per requirement of Accounting Standard (AS) 17-
"Segment Reporting" issued by the Institute of Chartered
Accountants of India.
Cash flows are reported using the indirect method, whereby Profit /
(Loss) before extra ordinary items and tax is adjusted for the effect
of transaction of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments the cash flows from
operating, investing and financing activities of the company are
segregated based on the available information.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposit with banks. Cash
equivalents are short-term balances (with an original maturity of
three month or less from the date of acquisition), highly liquid time
deposit that are readily convertible into know amounts of cash and
which are subject to insignificant risk of changes in value.
Mar 31, 2014
Share Application Money pending for Allotment
The Company has received an amount of Rs.16117500/- towards share
application money towards equity shares of the company. The share
application money was received pursuant to an invitation to offer
shares and in terms of such invitation. The company has sufficient
authorised capital to cover the allotment of these shares as the
allotment of shares are still pending, the amounts are not maintained
in a designated bank account and is already used by the company.
Monies received against share warrants
There is no any share warrants issued by the company during the year
under review.
Notes forming part of the financial statements
Contingent Liabilities and Notes:
1. Contingent Liabilities:
(a) Contingent Liabilities of the Company at the end of the year is
Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of
Credit/ Bank Guarantee facility of any commercial/ Financial
Institution nor any civil/criminal case is pending against company.
2. Notes to Accounts:
(a) Share Capital:
Company has received share application money amounting
Rs.1,61,17,500.00 (previous year Rs.1,61,17,500.00) and shares are
still to be allotted
(b) Balances of sundry debtors, creditors and loans and advances,
unsecured loans are unconfirmed and subject to reconciliation wherever
necessary.
(c) In the opinion of the management, all the current assets, Loans and
advances and deposits are realizable at value stated in the ordinary
course of the business which are at least equal to the amount at which
they are stated in the books unless otherwise explicit.
(d) There are no small scale industrial units which has supplied the
material to the company and the owes a sum exceeding Rs. 1 Lac and
which is outstanding to more then 30 days.
(e) Aggregate director''s remuneration Rs.0.12 lacs (previous year
Rs.0.12 lacs). The remuneration of directors are as per the approval
accorded by remuneration committee, shareholder and central Government
as per the previous of section 311 read with Schedule XIII of the
Companies act,1956.
(f) Aggregate auditor remuneration is fixed which includes Audit fees
Rs.1,00,000/- (previous year Rs.1,00,000/-) Tax Audit Fees Rs 45,000/-(
Previous year Rs 45,000/-),
(g) Previous year figures are regrouped /reclassified to make them
comparable with the current year.
Note: 2 Cash Flow Statement:
Cash flows are reported using the indirect method, whereby Profit /
(Loss) before extra ordinary items and tax is adjusted for the effect
of transaction of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments the cash flows from operating,
investing and financing activities of the company are segregated based
on the available information.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposit with banks. Cash
equivalents are short-term balances (with an original maturity of three
month or less from the date of acquisition), highly liquid time deposit
that are readily convertible into know amounts of cash and which are
subject to insignificant risk of changes in value.
Mar 31, 2013
1. Contingent Liabilities:
(a) Contingent Liabilities of the Company at the end of the year is
Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of
Credit/ Bank Guarantee facility of any commercial/ Financial
Institution nor any civil/criminal case is pending against company.
2. Other Notes:
(a) Share Capital:
Company has received share application money amounting
Rs.1,61,17,500.00 (previous year Rs.1,61,17,500.00) and shares are
still to be allotted
(b) Balances of sundry debtors, creditors and loans and advances,
unsecured loans are unconfirmed and subject to reconciliation wherever
necessary.
(c) In the opinion of the management, all the current assets, Loans and
advances and deposits are realizable at value stated in the ordinary
course of the business which are at least equal to the amount at which
they are stated in the books unless otherwise explicit.
(d) There are no small scale industrial units which has supplied the
material to the company and the owes a sum exceeding Rs. 1 Lac and
which is outstanding to more then 30 days.
(e) Aggregate director''s remuneration Rs.0.12 lacs (previous year
Rs.0.12 lacs). The remuneration of directors are as per the approval
accorded by remuneration committee, shareholder and central Government
as per the previous of section 311 read with Schedule XIII of the
Companies act, 1956.
(f) Aggregate auditor remuneration is fixed which includes Audit fees
Rs. 1,00,000/- (previous year Rs. 75,000/-) Tax Audit Fees Rs 45,000/-(
Previous year Rs 35,000/-),
(g) Previous year figures are regrouped /reclassified to make them
comparable with the current year.
Note: Cash Flow Statement:
Cash flows are reported using the indirect method, whereby Profit /
(Loss) before extra ordinary items and tax is adjusted for the effect
of transaction of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments the cash flows from operating,
investing and financing activities of the company are segregated based
on the available information.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposit with banks. Cash
equivalents are short-term balances (with an original maturity of three
month or less from the date of acquisition), highly liquid time deposit
that are readily convertible into know amounts of cash and which are
subject to insignificant risk of changes in value.
Note. Share Application Money pending for Allotment
The Company has received an amount of Rs. 16117500/- towards share
application money towards equity shares of the company. The share
application money was received pursuant to an invitation to offer
shares and in terms of such invitation. The company has sufficient
authorised capital to cover the allotment of these shares as the
allotment of shares are still pending, the amounts are not maintained
in a designated bank account and is already used by the company.
Note. Monies received against share warrants
There is no any share warrants issued by the company during the year
under review.
Mar 31, 2012
Note: 1 Cash Flow Statement:
Cash flows are reported using the indirect method, whereby
Profit/(Loss) before extra ordinary items and tax is adjusted for the
effect of transaction of non-cash nature and any deferrals or accruals
of past or future cash receipts or payments the cash flows from
operating, investing and financing activities of the company are
segregated based on the available information.
Cash and Cash Equivalents
Cash comprises cash on hand and demand deposit with banks. Cash
equivalents are short-term balances (with an original maturity of three
month or less from the date of acquisition), highly liquid time deposit
that are readily convertible into know amounts of cash and which are
subject to insignificant risk of changes in value.
Mar 31, 2010
1. Contingent Liabilities:
(a) Contingent Liabilities of the Company at the end of the year is
Nil, (Previous Year Nil) as Company had not enjoyed any Letter Of
Credit/ Bank Guarantee facility of any commercial/ Financial
Institution nor any civil/criminal case is pending against company.
(a) Share Capital:
Company has received share application money amounting
Rs.1,61,17,500.00 and shares are still to be allotted
(b) Balances of sundry debtors, creditors and loans and advances,
unsecured loans are unconfirmed and subject to reconciliation wherever
necessary.
(c) In the opinion of the management, all the current assets, Loans and
advances and deposits are realizable at value stated in the ordinary
course of the business which are at least equal to the amount at which
they are stated in the books unless otherwise explicit.
(d) There are no small scale industrial units which has supplied the
material to the company and the owes a sum exceeding Rs. 1 Lac and
which is outstanding to more then 30 days.
(e) Aggregate director's remuneration Rs.0.12 lacs (previous year
Rs.0.12 lacs). The remuneration of directors are as per the approval
accorded by remuneration committee, shareholder and central Government
as per the previous of section 311 read with Schedule XIII of the
Companies act, 1956.
(f) Aggregate auditor remuneration is fixed which includes Audit fees
Rs.75,000/- (previous year Rs. 50,000/-) Tax Audit Fees Rs 35,000/-(
Previous year Rs 25,000/-),
(g) Previous year figures are regrouped /reclassified to make them
comparable with the current year.
(h) Though Company is liable to make provision for Deferred Tax
Liabilities, but the company has not provided for Deferred Tax
Liabilities. To that extent AS 22 is not complied.
The Company operates business of i.e. "I.T. business" & out source
business", the activities of the business are inter connected / inter
mix, it is not possible to directly attribute or allocate on a
reasonable basis the expenses / assets and liabilities to these
segments. As per requirement of Accounting Standard (AS) 17-"Segment
Reporting" issued by the Institute of Chartered Accountants of India.
Name of Related parties:
1. Associate : Diamond Power Infrastructure Ltd, Diamond Projects Pvt.
Ltd., Diamond Power Transformer Ltd
2. Key Management Personnel :
Mr. S.N. Bhatnagar (Chairman)
Mr. Amit Suresh (M.D)
Mr. Sumit Suresh (J.M.D)S
3. Relatives of key Managerial personal :
None