Mar 31, 2015
1. At the outsight, we would like to bring to your notice that the Chief
Promoter and Managing Director of the company Mr. Rahul Patwardhan
expired on 1st July, 2012. As a result of this the entire business
collapsed and came to a standstill. All the existing staff of the
company abruptly left the company. Other directors of the company are
in the process of restructuring the company and will take some time
before the company start operation in full.
2. Rights, Preferences and restrictions attached to the shares:
Equity Shares
The company has one class of Equity shares have a face value of Rs. 2
Each. Each Share- holder is eligible for one vote for one shares held.
In the event of Liquidation, equity shares holders are eligible to
receive the remaining assets of the company after distribution of
all preferential amount , in proportion to their shareholding.
3. OTHER NOTES:- a. Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
4. Investment:
We draw your attention for Non-Provision for Diminution in the value of
investment as 31st March, 2015, of Rs. 1,903.75 Lacs, but Management is
of the opinion, that all the Investments are of a long term nature and
no provision is required for diminution in the value of Investment.
5. Contingent Liability:-
Claims against the company not acknowledged are Rs. Nil.
Income Tax Demand for the Assessment Year 2010-11-Rs.456.25 Lacs
(Previous Year Rs.456.25)
Income Tax Demand for the Assessment Year 2007-08 Rs.2.17 Lacs
(Previous Year Rs.2.17)
Income Tax Demand for the Assessment Year 2006-07 Rs.22.01 Lacs
(Previous Year Rs. 22.01)
Income Tax Demand for the Assessment Year 2007-08 Rs.764.73 Lacs
(Previous Year Rs. 764.73)
Income Tax Demand for the Assessment Year 2010-11 Rs.22.47 Lacs
(Previous Year Rs. 22.47)
The liability on account of non compliance of any of the statutory
requirements under any law, to the extent applicable is not
ascertainable.
6. Related Party Disclosure:-
Related party disclosures as per Accounting Standard-18 'Related Party
Disclosures' issued by the Institute of Chartered Accountants of India
are given as follows:
Related Parties:
Subsidiaries:
*Indiaco Telecom Private Limited (99.55% Holding)
*Indiaco Healthcare Private Limited (100% Holding)
*Indiaco Advisors Private Limited (98.78% Holding)
*Indiaco Capital Private Limited (99.01 % Holding)
Others Concerns & Associaties -Indiaco India Fund
7. Income Tax & Deferred Tax Provision
Taking Foreseeable future into consideration, no Provision for Deferred
Tax has not been made for the F.Y. 2014-2015 .
8. Impairment of Assets
There is no impairment of fixed assets during the Financial 2013-14 ,
as such the provision for impairment of assets as per Accounting
Standard (AS-28) 'Impairment of Assets' issued by the Institute of
Chartered Accountants of India is not made in the books of account.
9. Previous Years figures have been regrouped, wherever necessary.
Mar 31, 2014
NOTE:- 1
At the outsight, we would like to bring to your notice that the Chief
Promoter and Managing Director of the company Mr. Rahul Patwardhan
expired on 1st July, 2012. As a result of this the entire business
collapsed and came to a standstill. All the existing staff of the
company abruptly left the company. Other directors of the company are
in the process of restructuring the company and will take some time
before the company start operation in full.
OTHER NOTES:-
l. Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
2. Investment:
We draw your attention for Non-Provision for Diminution in the value of
investment as as 31st March, 2014, of Rs. 2,114.00 Lacs, but Management
is of the opinion, that all the Investments are of a long term nature
and no provision is required for diminution in the value of Investment.
3. Contingent Liability:-
Claims against the company not acknowledged are Rs. Nil.
Income Tax Demand for the Assessment Year 2010-11-Rs.4,56,25,
170/-Income Tax Penalty Demand for the Assessment Year 2007-08
Rs.7,38,960/-Income Tax Demand for the Assessment Year 2007-08
Rs.2,17,260/-
The liability on account of non compliance of any of the statutory
requirements under any law, to the extent applicable is not
ascertainable.
Mar 31, 2013
NOTE 1:-
At the outsight, we would like to bring to your notice that the Chief
Promoter and Managing Director of the company Mr. Rahul Patwardhan
expired on 1st July, 2012. As a result of this the entire business
collapsed and came to a standstill. All the existing staff of the
company abruptly left the company. Other directors of the company are
in the process of restructuring the company and will take some time
before the company start operation in full.
2. Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
3. Investment:
Management is of the opinion, that all the Investments are of a long
term nature and no provision is required for diminution in the value of
Investment.
4. Contingent Liability:-
Claims against the company not acknowledged are Rs. Nil. Income Tax
Demand for the Assessment Year 2010-11-Rs.4,56,25, 170/- Income Tax
Penalty Demand for the Assessment Year 2007-08 Rs.7,38,960/- Income Tax
Demand for the Assessment Year 2007-08 Rs.2,17,260/- The liability on
account of non compliance of any of the statutory requirements under
any law, to the extent applicable is not ascertainable.
5. Related Party Disclosure:-
Related party disclosures as per Accounting Standard-18 ÂRelated Party
Disclosures'' issued by the Institute of Chartered Accountants of India
are given as follows:
Related Parties:
Subsidiaries:
-Indiaco Telecom Private Limited (99.55% Holding) -Indiaco Healthcare
Private Limited (100% Holding) -Indiaco Advisors Private Limited
(97.50% Holding) -Indiaco Capital Private Limited (99.01% Holding)
Others Concerns & Associaties
-Indiaco India Fund
6. Income Tax & Deferred Tax Provision
Taking Foreseeable future into consideration, no Provision for Deferred
Tax has not been made for the F.Y. 2012-2013 .
7. Impairment of Assets
There is no impairment of fixed assets during the Financial 2012-13 ,
as such the provision for impairment of assets as per Accounting
Standard (AS-28) ÂImpairment of Assets'' issued by the Institute of
Chartered Accountants of India is not made in the books of account.
8. Previous Years figures have been regrouped, wherever necessary.
Mar 31, 2012
1.1 SEGMENT REPORTING
During the Financial Year 2011-12, the Company has income under only
one reportable segment i.e., Advisory and consultancy services. However
company had substantial income from its investments.
1.2 RELATED PARTY DISCLOSURE
Related party disclosures as per the Accounting Standard-18 ''Related
Party Disclosures'' issued by the Institute of Chartered Accountants of
India are given as follows:
Related Parties:
Subsidiaries:
- Indiaco Telecom Private Limited (99,55% Holding)
- Indiaco Healthcare Private Limited (100% Holding)
- Indiaco Advisors Private Limited (97.50% Holding)
- Indiaco Capital Private Limited (99.01% Holding)
Others Concerns & Associates
- Indiaco India Fund
Key Management Personnel:
- Rahul Patwardhan Chairman & Managing
Note : Mr Rahul Patwardhan died on 1*( July 2012. His untimely loss has
impacted operations of the company considerably.
1.3 EARNING PER SHARE
The earning per share has been computed on the basis of profits
attributable to the Equity Share Holders with respect to weighted
number of equity shares according to the provisions of the Accounting
Standard-20 ''Earning Per Share'' Issued by the Institute of Chartered
Accountants of India. The detailed working is given herein below.
1.4 INCOME TAX & DEFFERED TAX PROVISION
In compliance with the Accounting Standard-22 ''Accounting For Taxes on
Income'' issued by the Institute of Chartered Accountants of India, the
company has accounted net debit of Rs. 2,22,000 on account of deferred
tax liabilities. The major components of the deferred tax asset and
liabilities arising on account of timing differences are:
1.5 IMPAIRMENT OF ASSETS
There is no impairment of fixed assets during the financial 2010-11, as
such the provision for impairment of assets as per Accounting Standard
(AS-28) ''Impairment of Assets'' issued by the Institute of Chartered
Accountants of India is not made in the books of account.
1.6 Employee Stock option plan (ESOP)
During the financial year 2011-12 the company has granted Nil Previous
Year 1,950) employee stock options under ''Employee Stock Option Scheme''
vide resolution passed by the compensation committee in its meeting
held on 12th August, 2010. The compensation cost relating to employee
stock option scheme is determined by intrinsic value method and
amortised over the vesting period of four years in accordance with the
SEBI (Employee stock option scheme and employee stock purchase scheme)
Guidelines, 1999. The details of options granted are as follows:
1.7 Previous Year Figure
During the year ended 31st March, 2012, the revised format of accounts
was notified by modifying Schedule VI under the Companies Act, 1956.
The new format has been followed for preparation and presentation of
the financial statements. The adoption of revised Schedule VI, as
aforesaid, does not impact recognition and measurement principles
followed for preparation of the financial statements. The Company has
reclassified the previous year''s figures in accordance with the
requirements applicable in the current year
2.1.1 Rights, preference and restrictions attached to Equity Shares
The Company has only one class of equity shares having par value of
Rs.2/- per share. Each holder of the equity share is entitled to one
vote per share. In the event of liquidation of the Company, the holders
of equity shares will be entitled to receive the remaining assets of
the Company, after distribution of all preferential amounts.
2.1.2 Aggregate number of bonus shares issued and shares issued for
consideration other than cash during the five years immediately
preceding the reporting date
During the year ended March 31, 2010. the Company had issued 85,56,105
equity shares of Rs.2/- each as fully paid bonus shares by
capitalisation of Rs. 1.71,12.210 from profit and loss account.
Mar 31, 2010
1. SEGMENT REPORTING
During the Financial Year 2009-10, the Company has income under only
one reportable segment i.e., Advisory and consultancy services. However
company had substantial income from its investments.
2. RELATED PARTY DISCLOSURE
Related party disclosures as per the Accounting Standard-18 Related
Party Disclosures issued by the Institute of Chartered.
Accountants of India are given as follows:
f During the year Company incurred Expenses on behalf of IndiaCo
Telecom Pvt.Ltd., Subsidiary, amounting to Rs. 926/-. However
same are recoverable in nature.
3. EARNING PER SHARE
The earning per share has been computed on the basis of profits
attributable to the Equity Share Holders with respect to weighted
number of equity shares according to the provisions of the Accounting
Standard-20 Earning Per Share issued by the Institute of Chartered
Accountants of India. The detailed working is given herein below.
4. INCOME TAX &DEFFERED TAX PROVISION
In compliance with the Accounting Standard-22Accounting For Taxes on
Incomeissued by the Institute of Chartered Accountants of India, the
company has accounted net debit of Rs. 2,22,000 on account of deferred
tax liabilities. The major components of the deferred tax asset and
liabilities arising on account of timing differences are:
5. IMPAIRMENT OF ASSETS
There is no impairment of fixed assets during the financial 2009-10, as
such the provision for impairment of assets as per Accounting Standard
(AS-28) Impairment of Assets issued by the Institute of Chartered
Accountants of India is not made in the books of account.
6. Employee Stock option plan (ESOP)
During the financial year 2009-10 the company has granted 2,38,100
(Previous Year 95,000) employee stock options under Employee Scheme
Option Scheme 2007 vide resolution passed by the compensation
committee in its meeting held on 9th July, 2009. The compensation cost
relating to employee stock option scheme is determined by intrinsic
value method and amortised over the vesting period of four years in
accordance with the SEBI (Employee stock option scheme and employee
stock purchase scheme) Guidelines, 1999. The details of options granted
are as follows: ,
7. Foreign Currency Out Flows and Inflows
Particulars of foreign currency Inflows and outflows:
8. Requirements of para 3 & 4 regarding of part 11 of schedule VI to
the companies Act, 1956 are not applicable to the company.
9. Previous Years figures have been regrouped and rearranged
wherever considered necessary. ;
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