Mar 31, 2015
1. Terms/rights attached to equity shares
The Company has only one class of Equity Shares having par value of Rs.
10 Each holder of equity shares is entitled to one vote per share. The
company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors are subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holder of equity shares
will being entitled to receive any of the remaining assets of the
company, after distribution of all preferential amount. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
2. Employee benefits
Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Profit & Loss Account.
3. Contingent Liability & Capital Commitment:
2014-2015 2013-2014
Amount in Rs. Amount in Rs.
Contingent Liabilities not provided for* 5,00,000 NIL
Contingent Liabilities not provided for** 35,16,460 NIL
Capital Commitment not provided for NIL NIL
Others NIL NIL
*During the year, company has received various letters from RBI for
carrying on NBFC business without obtaining certificate of registration
(CoR) from RBI. Hence, penal provisions of section 58-B (4-A) of the
RBI Act, 1934 will be attracted imposing liability for payment of fine.
However, no fine has been imposed till date.
**The demand was raised by the jurisdictional assessing officer u/s 147
r.w.s 143(3) of the Income Tax Act, 1961 for income escaping assessment
conducted by the Income Tax Authorities for the Assessment Year
2007-08. The management feels that the demand raised is likely to be
either deleted or substantially reduced as the company has filed appeal
in response to the demand raised by the Assessing officer and
accordingly no provision is considered.
4. Related Party Transactions:
List of Related Parties :
a) Key Management personnel :-
i) Tanu Agrawal
b) Relatives of Key Management personnel :-
i) Girraj Kishor Agrawal
ii) Girraj Kishor Agrawal HUF
iii) Saloni Agrawal
c) Related parties (Group Companies) :-
i) Agrawal Bullion Limited (Formerly Kayaguru Health Solutions Limited)
ii) Axon Finance Limited (Formerly Axon Infotech Limited)
iii) Banas Finance Limited
iv) Five X finance & Investment Limited
v) Handful Investrade Pvt Limited
vi) Kayaguru Capital Market Private Limited
vii) Rockon Capital Market Private Limited
viii) Shree Nath Commercial & Finance Limited
ix) Tilak Finance Limited (Formerly Out of City Travel Solutions
Limited)
5. As per information available with the Company, none of the
creditors has confirmed that they are registered under the Micro, Small
and Medium enterprises Development Act, 2006.
6. Trade Receivable, Trade Payable, Short Term Borrowings and Short
Term Loans and Advances balances are subject to confirmation and
reconciliation.
7. The financial assets of the company constitute more than 50% of the
total assets of the company. However, during the year, the company has
started a new business of trading in Textiles, the income from which
exceeds more than 50% of the gross income of the company. Since, the
company does not fulfill one of the criteria prescribed for NBFC in
terms of section 45-IA of the RBI Act, 1934, the NBFC provisions are not
applicable in the current financial year (as was applicable last year).
8. Majority of the loans given are demand loans, therefore in some
cases the terms of repayment and loan agreement are not available. In
view of the management all the loans outstanding are considered good
and therefore no provision has been made for bad and doubtful assets.
Demand and other loans given are governed by the Board policies.
Considering the close monitoring of Board no appraisal, renewal,
Policies, Procedure, Committee or documents have been prescribed and
executed.
9. As the intention is to hold the unquoted securities for sale in
short term and in absence of flow of periodic data, absence of
liquidity and market related data closing stock of unquoted shares are
valued at cost.
10. The company does not have Internal Auditors for conduct of
Internal Audit.
11. Segment Information:
The Company has identified business segments as its primary segment.
Business segments are primarily "Finance & Securities" and "Textile
Trading". Revenue and expenses, assets and liabilities directly
attributable to segments are reported under each reportable segment.
12. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current's
classification/ presentation.
Mar 31, 2014
A. Terms/rights attached to equity shares
The Company has only one class of Equity Shares having par value of Rs.
10 Each holder of equity shares is entitled to one vote per share. The
company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors are subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holder of equity shares
will being entitled to receive any of the remaining assets of the
company, after distribution of all preferential amount. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
2. CONTINGENT LIABILITY:
2013-2014 2012-2013
Amount in Rs. Amount in Rs.
Contingent Liabilities not provided for NIL NIL
Others NIL NIL
3. EARNING PER SHARE:
Earnings per Share, as required by the Accounting Standard 20- "Earning
Per Share" issued by the Institute of Chartered Accountants of India,
is given below:
4. RELATED PARTY TRANSACTION:
List of Related Parties:-
a. Key Management person
i) Tanu Agarwal
ii) Saloni Agrawal
b. Related parties over which Key Management Personnel have Significant
Influence :-
i) Axon Infotech Ltd.
ii) Banas Finance ltd.
iii) Shree Nath Commercial & Finance Ltd
iv) Five X Finance & Investment Limited
v) Out of City Travel Solutions Ltd
vi) Kayaguru Health Solutions Limited
vii) Handful Investrade Pvt Ltd
viii) Girraj Kishore Agrawal
ix) GK Agrawal HUF
x) Kayaguru Capital Market Pvt Ltd
xi) Rockon Capital Market Pvt Ltd
5. Income in Foreign Currency NIL
6. Expenditure in Foreign Currency NIL
7. As per information available with the Company, none of the
creditors has confirmed that they are registered under the Micro, Small
and Medium enterprises Development Act, 2006.
8. Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Profit & Loss Account.
9. Trade payable, Trade receivables, Short Term Borrowings and Short
Term loan and advances balances are subject to confirmation and
reconciliation.
10. Segment Information: The Company is engaged in single segment and
there are no separate reportable segments as defined in AS-17.
11. Previous year''s figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current''s
classification/ presentation.
Mar 31, 2013
1. RELATED PARTY TRANSACTION: List of Related Parties:-a) Key
Management person
i) Saloni Agrawal
ii) Tanu Agarwal
b) Related parties over which Key Management Personnel have Significant
Influence :-
i) Axon Infotech Ltd.
ii) Banas Finance ltd.
iii) Shree Nath Commercial & Finance Ltd
iv) Five X Finance & Investment Limited
v) Out of City Travel Solutions Ltd
vi) Kayaguru Health Solutions Limited
vii) Handful Investrade Pvt Ltd
viii) Girraj Kishor Agrawal
2. Income in Foreign Currency NIL
3. Expenditure in Foreign Currency NIL
4. As per information available with the Company, none of the
creditors has confirmed that they are registered under the Micro, Small
and Medium enterprises Development Act, 2006.
5. Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount as not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Profit & Loss Account.
6. Trade payable, Trade receivables, Short Term Borrowings and Short
Term loan and advances balances are subject to confirmation and
reconciliation.
7. Segment Information: The Company is engaged in single segment and
there are no separate reportable segments as defined in AS-17.
8. Previous year''s figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current''s
classification/ presentation.
Mar 31, 2012
A. Terms/rights attached to equity shares
The Company has only one class of Equity Shares having par value of Rs.
1 Each holder of equity shares is entitled to one vole per share. The
company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors are subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event ofl iquidation of the Company, the holder of equity shares
will being entitled to receive any of the remaining assets of the
company, after distribution of all preferential amount. The
distribution will be in proportion to the number of equity shares held
by the shareholder's.
1. CONTINGENT LIABILITY:
2011-2012 2010-2011
Amount in Rs. Amount in Rs.
Contingent Liabilities not provided for NIL NIL
2. Income in Foreign Currency NIL
3. Expenditure in Foreign Currency NIL
4. As per information available with the Company, none of the
creditors has confirmed that they are registered under the Micro, Small
and Medium enterprises Development Act, 2006.
5. Debtors, Creditors, loan and advances balances are subject to
confirmation and reconciliation.
6. Segment Information: The Company is engaged in single segment and
there are no separate reportable segments as defined in AS-17.
7. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current's
classification/ presentation.
Mar 31, 2010
1. Contingent Liabilities not provided for :
2009-2010 (Rs.) 2008-2009(Rs.)
Claims against the company not NIL NIL
acknowledged as debts
Others NIL NIL
2 Balances of Loans and Advances, Sundry Creditors are subject to
confirmation and reconciliation and consequential adjustments, if any
3 In the opinion of the Board & to the best of their knowledge & belief
the value of realisation of current assets, loans & advances in the
ordinary course of business would not be less than the amount at which
they are stated in the Balance Sheet & the provisions for all the loans
& determined liabilities is adequate and not in excess of the amount.
4. During the year, name of the Company was change to M/S ROCKON
FINTECH LIMITED from M/S INSUTECH INDIA LIMITED
5. The Company has issued 93,00,000 Equity Shares through
Extra-Ordinary General Meeting held on 18/02/2010 under section 81 (1A)
and other applicable provision of the Company Act, 1956. These shares
have been allotted at a price of Rs 10/- each which is in accordance
with the Preferential Issue Guidelines issued by Securities & Exchange
Board of India.
6. Balance Sheet Abstract & Companys general business profiles as
required by part IV of Schedule VI to the Companies Act, 1956 is
enclosed in ANNEXURE "B".
7. As per information available with the Company, none of the
creditors has confirmed that they are registered under the Micro, Small
and Medium enterprises Development Act, 2006
8. Segment Information :
a) Segment information for primary reporting (by business segment)
The company has its operation in Finance and software & Hardware
trading. The primary reporting segment for the company, therefore, is
business segment, viz., Finance Division and software & Hardware
Division which is enclosed in ANNEXURE "C
b) Segment information for secondary segment reporting
Company is not operating in more than one geographical area, hence
disclosure under secondary segment is not applicable to the company
9. Previous years figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the currents
classification/ presentation.