Mar 31, 2016
1. Confirmation of balances/reconciliation of accounts pertaining to certain advances/creditors/debtors is pending as at period end. Hence, the balances have been adopted as per the books of accounts.
2. Previous yearâs figures have been regrouped wherever necessary to confirm to current periodâs classification
3. Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounting periods commencing from 1st April 2014, the Company has reassessed the remaining useful life of fixed assets in accordance with the provisions prescribed under Schedule II to the Act. There are no assets which have completed their useful life. In case of other assets, the carrying value (Net of Residual Value) is being depreciated over the revised remaining useful life.
Mar 31, 2015
1. RELATED PARTY DISCLOSURE (As per Accounting Standard 18 issued by
ICAI)
1. Relationship
a. Wholly Owned Subsidiary - Not Any
b. Associate Company - Not Any
c. Company under the Common Control of Promoters - Not Any
d. Key Managerial Personnel - Mr. Aallan Paul (Whole-Time Director) ;
Mr. Renganathan Raman (CFO)
2. Transactions
a. Remuneration to Whole-Time Director - Rs. 17,85,129/- (PY : Rs.
2,50,000/-)
b. Remuneration to CFO - Rs. 2,67,000/- (PY : Rs. NIL)
c. Amount due from/to company /firm in which Directors are Interested :
Rs. NIL (PY : Rs. NIL)
d. Amount due to Whole-Time Director : Rs. 29,96,400/- (PY : NIL)
2. The Company has not received any intimation from their suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure, if any, relating to the
amount unpaid as at the year end together with interest paid / payable
as required under the said Act, have not been given.
3. Confirmation of balances/reconciliation of accounts pertaining to
certain advances/creditors/debtors is pending as at period end. Hence,
the balances have been adopted as per the books of accounts.
4. Previous year's figures have been regrouped wherever necessary to
confirm to current period's classification.
5. Consequent to the enactment of the Companies Act, 2013 (the Act)
and its applicability for accounitng periods commencing from 1st April
2014, the Company has reassessed the remaining useful life of fixed
assets in accordance with the provisions prescribed under Schedule II
to the Act. There are no assets which have completed their useful life.
In case of other assets, the carrying value (Net of Residual Value) is
being depreciated over the revised remaining useful life. The
depreciation and amortization expenses charged for year ended would
have been higher by Rs. 55,546/-, had the company continued with the
previous assessment of useful life of such assets.
6. Preliminary Expenses for the Current Year has been written off in
full. Had the company continued to write- off the preliminary expenses
as per last year, the expenses would have been lower by Rs. 21,080/-.
Mar 31, 2013
1.1 RELATED PARTIES DISCLOSURES (As per Accounting Standard 18)
1. Relationship
a. Wholly Owned Company - Not Any
b. Associate Company - None
c. Company under the Common Control of Promoters - Not Any
d. Key Management Personnel
1. Mr. Pravin Sawant
2. Transactions
There has been no related parties transactions during the year under
review.
1.2 SEGMENT REPORTING (As per Accounting Standard 17)
a. The Company has three Primary Business Segments viz.
i. NBFC Business
ii. Infrastructure Business
iii. Investment in Shares & Securities
1.3 DISCLOSURE FOR PAYMENT TO MICRO, SMALL & MEDIUM ENTERPRISES
The Company has not received any intimation from their suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure, if any, relating to the
amount unpaid as at the year end together with interest paid / payable
as required under the said Act, have not been given.
1.4 IMPAIREMENT OF ASSETS
Company Management during the year have carried out technographical
evaluation for identification of Assets, if any, in accordance with
Accounting Standard 28. Based on the judgement of the Management and as
certified by Directors, no provision for impairement is found to be
necessary in respect of any Assets.
Mar 31, 2012
1. Contingent Liability not provided for - Nil (Previous year - Nil)
2. Estimated amount of contracts remaining to be executed on capital
account (net of advances) - Nil (Previous Year - Nil)
3. In the opinion of Board of Director and to the best of their
knowledge and belief, the value on realization of Loans & advances and
current assets in the ordinary course of business will not be less than
the amount at which they are stated in the balance sheet.
4. Deferred Tax : During the year, company have not adopted the
Accounting Standard 22 "Accounting for taxes on Income" issued by The
Institute of Chartered Accountants of India. As explained to us by the
management, the company is making losses with no immediate visibility
of turnaround, so deferred assets has not been recognised as a matter
of prudence.
5. The he company is unable to provide the details of Related Parties,
so we are unable to give the Related Party Disclosure as required as
per Accounting Standard (As - 18) on "Related Party Disclosure" issued
by the Institute of Chartered Accountants of India.
6. SEGMENT INFORMATION FOR THE YEAR ENDED 31st March 2012 Primary
Segment Reporting - Business Segment
Since the company's entire business of Finance & Investments, so, there
is no reportable segment.
Secondary Segment Reporting - Geographical Segment
Since the company's entire business is in India, so, there is no
reportable segment.
7. The management has not made any provision for Income Tax as there
will be no taxable income.
8. The company did not earn/spend any money in Foreign Exchange.
(Previous year - Nil)
9. Negative figures have been shown in brackets.
10. Previous year's figures have been regrouped and rearranged
wherever found necessary.
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