Mar 31, 2015
BRIEF DESCRIPTION OF THE COMPANY AND ITS BUSINESS
M/s. TATIA GLOBAL VENNTURE LTD was incorporated in India, and is
engaged primarily into financing activities along with investing in to
long term and short term projects, securities, debts related
instruments etc.
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1. The financial statements have been prepared under the historical
cost convention in accordance with the generally accepted accounting
principles and the provisions as specified under section 133 of the
Companies Act, 2013 read with rule 7 of the companies (Accounts) Rules
,2014 and other relevant provisions of the Companies Act 2013 and/or
Companies Act ,1956 as applicable.
2. Method of Accounting - The Company maintains its accounts under
mercantile basis of accounting.
3. The Accounting Standards recommended by The Institute of Chartered
Accountants of India have been followed wherever applicable to the
Company.
4. Use of Estimates :- The preparation of the financial statements in
conformity with Indian GAAP requires the Management to make estimates
and assumptions considered in the reported amounts of assets and
liabilities (including contingent liabilities) and the reported income
B. REVENUE RECOGNITION
1. Interest Income are recognized on the date which they have become
due or up on receipt whichever is earlier. The Interest income is
recognized on gross basis.
2. In respect of other incomes, accrual system of accounting is
followed.
C FIXED ASSETS, DEPRECIATION & IMPAIRMENT
The Fixed assets are stated at cost of their acquisition less
depreciation .
D. VALUATION OF CLOSING STOCK
The company does not hold any inventories during the year under review
and hence the valuation is dispensed with.
E. INVESTMENTS & DEPOSITS
Investments/Deposits are classified as long-term wherever applicable
and are shown and valued at cost, there are no current investments in
the company.
F. RETIREMENT BENEFITS
Contribution of Provident fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis.
G. FOREIGN CURRENCY TRANSACTION
There are no reportable Foreign Currency related transaction in the
company during the year under review.
H. TAX ON INCOME
a. Tax on income for the current period is determined on the basis of
Taxable Income computed in accordance with the provisions of the Income
Tax Act 1961.
b. Deferred Tax on timing differences between the accounting income
and taxable income for the year and quantified using the tax rates and
laws enacted or substantively enacted as on the Balance Sheet date as
per the Accounting Standard (AS 22) laid down by the Institute of
Chartered Accountants of India (ICAI).
I. EARNINGS PER SHARE (EPS)
The earnings considered in ascertaining the Company's earnings per
share is net profit after tax. The earnings per share for the year is
0.05/- (Basic & Diluted) as compared to the previous year of Rs.0.03/-
(Basic & Diluted).
Earnings Per Share
The Following reflects the profit and share data used in the basic
and diluted EPS Computations
31.03.2015 31.03.2014
Note Rs. Rs.
Total Operation for the year
Profit / (Loss) after tax 7,413,919 4,948,697
Less Dividends on convertibel
preference shares and tax thereon - -
Net Profit/ (Loss) for calculation
of basic EPS 7,413,919 4,948,697
Net Profit/ (Loss) as above 7,413,919 4,948,697
Add : Dividends on convertible
preference shares & tax thereon - -
Add : Interest on bonds convertible
into equity shares (net of tax) - -
Net Profit/ (Loss) for calculation
of diluted EPS 7,413,919 4,948,697
Continuing Operations
Profit / (Loss) after tax 7,413,919 4,948,697
Less Dividends on convertibel
preference shares and tax thereon - -
Net Profit for calculation of basic EPS 7,413,919 4,948,697
Net Profit as above 7,413,919 4,948,697
Add : Dividends on convertible
preference shares & tax thereon - -
Add : Interest on bonds convertible
into equity shares (net of tax) - -
Net Profit/ (Loss) for calculation
of diluted EPS 7,413,919 4,948,697
Weighted averate number of equity
shares in calculating basic EP 0.05 0.03
Effect of Dilution :
Convertible Preference Shares - -
Convertible Bonds - -
Stock options granted under ESOP - -
Weighted averate number of equity
shares in calculating basic EPS 0.05 0.03
J. CONTINGENT LIABILITIES AND CAPITAL CONTRACTS
The company as on date have not provided for any contingent liability
(Previous Year NIL) and there are no unexecuted capital contracts which
are outstanding or remaining to be performed.
K. IMPAIRMENT OF ASSETS
As required by accounting standard 28 issued by the Institute of
Chartered Accountants of India, provision for impairment loss of Assets
is not required to be made as the estimated realizable value of such
assets will be more or equal to the carrying amount of the respective
assets as stated in the Balance Sheet.
L. BUSINESS SEGMENT
The Company is engaged primarily in one segment, accordingly there are
no separate reportable segment as per the accounting standard 17
(Segmental Reporting) issued by Institute of Chartered Accountants of
India.
M. RELATED PARTY DISCLOSURES
The Company had no transactions with the related parties during the
year under review other than temporary current account transactions.
A INVESTMENT IN GROUP COMPANIES
S. Script Name No. of Shares Amount Rs. Remarks
no
1 M/s. Kreon Finnancial 12381985 29250000/- Group
Services Ltd Company
B LOANS BORROWED
S. Script Name Amount Rs. Interest Remarks
no Amount Rs.
1 M/s. Ashram onlne.com Ltd 95,21,576/- 7,26,126/- Group
Company
2 M/s.Make My innerwear 519128/- 43221/- Group
India Pvt Ltd Company
C LOANS GIVEN
S. Script Name Amount Rs. Interest Remarks
no Amount Rs.
1 Sarvamangal Estate& 1519129 126477 Group Company
Holdings Pvt Ltd
N. PERSONNEL
During the year under review, no employee was in receipt of
remuneration in excess of limits laid down under the companies act
other than below:-
There are no employees employed throughout the financial year were in
receipt of remuneration which in aggregate was more that Rs.6000000/-
per annum Rs.500000/- per month.
O. RECEIVABLES AND PAYABLES
The receivables and payables as stated in Current Assets, Loans and
Advances and Current Liabilities and in the opinion of the management
have a value and realization equal to the amount at which they are
stated in the Balance Sheet and provision for all known liabilities if
any has been made by the company.
P. AUDITOR REMUNERATION
S. Particulars 2014 - 2015 2013 - 2014
no
1. Statutory Audit Fees Rs. 15000/- Rs. 15000/-
Q . DUES TO SME'S
Management has determined that there were no balances outstanding as at
the beginning of the year and no transactions entered with micro, small
and medium enterprises as defined under Micro, Small and Medium
Enterprises Development Act, 2006, during the current year, based on
the information available with the company as at March 31, 2015.
R. CASH AND CASH EQUIVALENTS (FOR PURPOSES OF CASH FL OW STATEMENT)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances, (with original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
S. CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions 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.
T. GENERAL
1. The figures for the previous year have been regrouped /
reclassified / rearranged where ever necessary with the conformity with
the current year figures for facilitating proper comparisons.
2. The company has followed prudential norms, except otherwise stated,
prescribed by Reserve Bank of India for Non-Banking Finance
Companies-financial statements.
3. The figures have been rounded off to the nearest rupee.
Mar 31, 2014
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1. The financial statements have been prepared to comply in all
material respects with the Notified accounting standard by the
companies Accounting standards Rules,2006 and the relevant provisions
of the companies Act''1956.
The financial statements have been prepared under the historical cost
convention on an accrual basis. The accounting polices have been
consistently applied by the company and except for the changes in
accounting policy discussed are fully if any, are consistent with those
used in previous year.
REVENUE RECOGNITION
1. Income for sales have been reported on gross basis.
2. Inrespect of other incomes, accrual system of accounting is
followed
B. USE OF ESTIMATES
The preparation of financial statement in line with the generally
accepted Accounting Principles requires management to make estimates
and assumptions that affect the reported amount of assets ,
liabilities, disclosures relating to contingent liabilities and assets
as at the balance sheet date and the reported amounts of income and
expenses during the year. Difference between the actual amounts and the
estimates are recognized in the year in which the events become known /
are materialized.
C. FIXED ASSETS, DEPRECIATION & IMPAIRMENT
1. The Fixed Assets are stated at cost of their acquisition less
depreciation.
2. Depreciation is provided on fixed assets, on written down value
method, as per the rates specified in Schedule XIV of the Companies
Act, 1956
D. VALUATION OF CLOSING STOCK
Wherever applicable inventories have been valued at cost or net
realized value whichever is less. However during the year under review
the company does not hold any inventories other than held by its
Subsidiaries.
E. INVESTMENTS
Investments are classified as long-term and current investments.
Long-term investments are shown at cost, or written down value (in case
of other than temporary diminution) and there are no Current
Investments in the company.
The company has valued the investments in its subsidiaries at the cost
price at which the investment were made.
The company has also made certain investments as strategic investments
in to the project which are directly identifiable with specific project
. As the nature of the project being falling in to main business activity of
the company the same have been classified under advance during he year
under review.
F. IMPAIRMENT OF ASSETS As required by AS -28 issued by the Institute
of Chartered Accounts of India, provision for Impairment loss of Assets
is not required to be made as the estimated realizable value of such
assets will be more or equal to the carrying amount stated in the
Balance Sheet.
G. RETIREMENT BENEFITS
Contribution of Provident fund ,Gratuity and leave encashment benefits
wherever applicable is being accounted on actual liability basis as
currently the company does not make any contributions during the
period.
H. TAX ON INCOME
a. Tax on income for the current period is determined on the basis of
Taxable Income computed in accordance with the provisions of the Income
Tax Act 1961.
b. Deferred Tax on timing differences between the accounting income
and taxable income for the year and quantified using the tax rates and
laws enacted or substantively enacted as on the Balance Sheet date as
per the Accounting Standard (AS 22) laid down by the Institute of
Chartered Accountants of India (ICAI).
I .EARNINGS PER SHARE (EPS)
The earnings considered in ascertaining the Company''s earnings per
share is net profit after tax. The earnigs per share for the year is Rs
0.03 as compared to the previous year of Rs. 0.01 The EPS reported is
basic and diluted.
J. FOREIGN CURRENCY TRANSACTION
There are no reportable foreign exchange transaction during the year
under review.
K. SEGMENTAL REPORT
The company has derived its income during the year primarily in the one
Segment, accordingly there are no separate reportable segment as per
the Accounting Standard 17 ( segmental Reporting ) issue by the
Institute of Chartered Accountants of India.
L. RELATED PARTY DISCLOSURES
The Company transactions with the related parties during the year under
review are as under:-
Name of the persons Nature of Transaction Amount (RS )
a. Bharat Tatia Salary 70000/-
b. Sundry Creditors (Non- Interest bearing)
Bharat Tatia current account 27784/-
M. DUES TO SME''S
Management has determined that there were no balances outstanding as at
the beginning of the year and no transactions entered with micro, small
and medium enterprises as defined under Micro, Small and Medium
Enterprises Development Act, 2006, during the current year, based on
the information available with the company as at March 31,2014
O. GENERAL
a. The figures for the previous year are not comparable with the
current year to effect of scheme of arrangement in current year. The
figures for previous year are given statistical purposes only and have
been regrouped / reclassified / rearranged where ever necessary.
Mar 31, 2012
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1. The financial statements have been prepared to comply in all
material respects with the Notified accounting standard by the
companies Accounting standards Rules,2006 and the relevant provisions
of the companies Act'1956.
The financial statements have been prepared under the historical cost
convention on an accrual basis . The accounting polices have been
consistently applied by the company and except for the changes in
accounting policy discussed ore fully if any, are consistent with those
used in previous year.
REVENUE RECOGNITION
1. Inrespect of income from Infra project , the company has accounted
income on contracted values, for the year under review there is no
income being reported under infra projects.
2. Inrespect of other incomes, accrual system of accounting is
followed
B. USE OF ESTIMATES
The preparation of financial statement sin with the generally Accepted
Accounting Principles requires management to make estimates and
assumptions that affect the reported amount of assets , liabilities,
disclosures relating to contingent liabilities and assets as at the
balance sheet date and the reported amounts of income and expenses
during the year. Difference between the actual amounts and the
estimates are recognized in the year in which the events become known /
are materialized
C. FIXED ASSETS, DEPRECIATION & IMPAIRMENT
1. The Fixed Assets are stated at cost of their acquisition less
depreciation.
2. Depreciation is provided on fixed assets, on written down value
method, as per the rates specified in Schedule XIV of the Companies
Act, 1956
D. VALUATION OF CLOSING STOCK
Wherever applicable inventories have been valued at cost or net
realized value whichever is less. However during the year under review
the company does not hold any inventories other than held by its
Subsidiaries .
E. INVESTMENTS
Investments are classified as long-term and current investments.
Long-term investments are shown at cost, or written down value (in case
of other than temporary diminution) and there are no Current
Investments in the company.
The company has valued the investments in its subsidiaries at the cost
price at which the investment were made.
The company has also made certain investments as strategic investments
in to the project which are directly identifiable with specific project
. As the nature of the project being falling in to main business
activity of the company the same have been classified under advance
during he year under review.
F. OTHER NON - CURRENT ASSETS
Goodwill : Goodwill is amortised over a period of five years, based on
management estimates. Deferred Revenue Expenses have been written off
over a period of five years.
G. IMPAIRMENT OF ASSETS
As required by AS -28 issued by the Institute of Chartered Accounts of
India , provision for Impairment loss of Assets is not required to be
made as the estimated realizable value of such assets will be more or
equal to the carrying amount stated in the Balance Sheet.
H. RETIREMENT BENEFITS
Contribution of Provident fund ,Gratuity and leave encashment benefits
wherever applicable is being accounted on actual liability basis as
currently the company does not make any contributions during the
period.
I. TAX ON INCOME
a. Tax on income for the current period is determined on the basis of
Taxable Income computed in accordance with the provisions of the Income
Tax Act 1961.
b. Deferred Tax on timing differences between the accounting income
and taxable income for the year and quantified using the tax rates and
laws enacted or substantively enacted as on the Balance Sheet date as
per the Accounting Standard (AS 22) laid down by the Institute of
Chartered Accountants of India (ICAI) .
J. EARNINGS PER SHARE (EPS)
The earnings considered in ascertaining the Company's earnings per
share is net profit after tax. The earnigs per share for the year is Rs
-0.04 as compared to the previous year of Rs. -0.04 The EPS reported is
basic and diluted.
K. FOREIGN CURRENCY TRANSACTION
All foreign currency monetary transactions are recorded at the rate
prevailing on the date of transaction / realization . All exchange
difference are recogonised as income or expenses as the case may be
during the year.
L. SEGMENTAL REPORT
The company has derived its income during the year primarily in the one
Segment , accordingly there are no separate reportable segment as per
the Accounting Standard 17 ( segmental Reporting ) issue by the
Institute of Chartered Accountants of India.
Mar 31, 2010
Brief description of the Company and its Business
TATIA GLOBAL VENNTURE LIMITED was incorporated in India, and is engaged
in the Business with the main objects of the company being Real Estate,
Infrastructure Developers and Textile and Accessories.
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared to comply in all material
respects with the standards notified under the Companies (Accounting
Standards) Rules,2006 and the relevant provisions of the Companies
Act,1956. The financial Statements have been prepared under the
historical cost convention on an accrual basis. The accounting policies
have been consistently applied by the company and except for the
changes in accounting policy discussed ore fully blow if any, are
consistent with those used in previous year.
REVENUE RECOGNITION
1. In respect of income from infraproject, the Company has accounted
income on contracted values. For the year under review there is no
income being reported under infra projects.
2. In respect of other incomes, accrual system of accounting is
followed.
B. USE OF ESTIMATES
The preparation of financial statement sin conformity with the
Generally Accepted Accounting Principles requires management to make
estimates and assumptions that affect the reported amount of assets,
liabilities, disclosures relating to contingent liabilities and assets
as at the balance sheet date and the reported amounts of income and
expenses during the year. Difference between the actual amounts and the
estimates are recognized in the year in which the events become known /
are materialized.
C. FIXED ASSETS, DEPRECIATION & IMPAIRMENT
1. The Fixed Assets are stated at cost of their acquisition less
depreciation.
2. Depreciation is provided on fixed assets, on written down value
method, as per the rates specified in Schedule XIV of the Companies
Act, 1956. Depreciation on fixed assets added / disposed off/ discarded
during the year has been provided on pro-rata basis with reference to
the date of addition/discarding.
D. VALUATION OF CLOSING STOCK
Wherever applicable inventories have been valued at cost or net
realizable value whichever is less. however during the year under
review the company does not hold any inventories other than held by its
subsidiaries.
E. INVESTMENTS
Investments are classified as long-term and current investments.
Long-term investments are shown at cost or written down value (in case
of other than temporary diminution) and there are no Current
Investments in the company.
The company has valued the investment in its subsidiaries at the cost
price at which the investment were made.
The company has also made certain investments as strategic investments
in to the project which are directly identifiable with specific
project.As the nature of the project being falling in to main business
activity of the company the same have been classified under advances
during the year under review.
F. INTANGIBLE ASSETS
Goodwill : Goodwill is amortised over a period of five years, based on
management estimates. Preliminary Expenses have been amortised and
being written off over a period of five years.
G. IMPAIRMENT OF ASSETS
As required by AS-28 issued by the Institute of Chartered Accountants
of India, provision for impairment loss of Assets is not required to be
made as the estimated realizable value of such assets will be more or
equal to the carrying amount stated in the Balance Sheet.
H. RETIREMENT BENEFITS
Contribution of Provident fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis as
currently the company does not fall within the purview of the
respective acts and not contributions were required to be made either
by company or any of its employees.
I. TAX ON INCOME
a. Tax on income for the current period is determined on the basis of
Taxable Income computed in accordance with the provisions of the Income
Tax Act 1961.
b. Deferred Tax on timing differences between the accounting income
and taxable income for the year and quantified using the tax rates and
laws enacted or substantively enacted as on the Balance Sheet date as
per the Accounting Standard (AS 22) laid down by the Institute of
Chartered Accountants of India (ICAI).
J.EARNINGS PER SHARE (EPS)
The earnings considered in ascertaining the Companys earnings per
share is net profit after tax. The earnigs per share for the year is Rs
0.16 (basic EPS)as compared to the previous year of Rs 0.22 and Rs 0.10
(Diluted EPS) as against the previous year EPS of Rs N A
K.FOREIGN CURRENCY TRANSACTIONS
All foreign currency monetary transactions are recorded at the rate
prevailing on the date of transaction/realization. All exchange
differences are recogonised as income or expense as the case may be
during the year.
During the year under review the company has received a sum of Rs 5.70
crores (Rupees Five Crores and Seventy Lakhs) towards 25% of upfront
money on account of issue of 38,00,000 preferential warrants issued @
of Rs 60/- each (including premium of Rs 50/- each) on paid up value of
Rs 10/- each to two Foreign Institutional Investors (FII). However the
company has received the said sum in Indian currency from the local
account of respective FIIs after conversion of foreign currency.
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