Mar 31, 2015
1. The Company has only one class of Equity Shares having par value of
Re. 1 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.
2. 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.
3. 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.
4. CONTINGENT LIABILITY & CAPITAL COMMITMENTS:
2014-2015 2013-2014
Amount in Rs. Amount in Rs.
Contingent Liabilities not provided for* 5,910 NIL
Contingent Liabilities not provided for** 5,00,000 NIL
Capital Commitments not provided for NIL NIL
Others NIL NIL
* The demand is raised by the assessing officer u/s 143(1) from the
Income Tax Authorities for the Assessment Year 2008-09. The demand
raised is likely to be deleted and accordingly no provision is
considered necessary.
** 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.
5. RELATED PARTY TRANSACTION:
List of Related Parties:-
a) Key Management personnel :-
i) Girraj Kishor Agrawal
b) Relatives to Key Management personnel :-
i) Girraj Kishor Agrawal HUF
ii) Saloni Agrawal
iii) Tanu Agrawal
c) Related parties over which Key Management personnel have significant
influence
i) Agrawal Bullion Limited (Formerly Kayaguru Health Solutions Limited)
ii) Axon Finance Limited (Formerly known as Axon Infotech Limited)
iii) Banas Finance Limited
iv) Five X Finance & Investment Limited
v) Handful Investrade Private Limited
vi) Kayaguru Capital Market Private Limited
vii) Rockon Capital Market Private Limited
viii) Rockon Fintech Limited
ix) Shree Nath Commercial & Finance Limited
6. 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.
7. Trade Receivable, Trade Payable, Short Term Borrowings and Short
Term Loans and Advances balances are subject to confirmation and
reconciliation.
8. The financial assets of the company constitute more than 50% of
the total assets of the company. During the year, the company has
started a new business of trading in Textile, the income from which is
approximately 50% of the gross income of the company. Hence, the
company fulfills the NBFC criterion prescribed in terms of section
45-IA of the RBI Act, 1934 in the current financial year (as was
applicable last year) and is liable to obtain NBFC Certificate of
Registration (CoR). However, in the coming future the management is
confident of expanding the textile business, the income from which will
be more than 50% of gross income of the company. Hence, the NBFC
criterion will not be fulfilled and the company won't be liable to
obtain NBFC Certificate of Registration (CoR).
9. 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.
10. Purchase and Sale of unquoted securities are done as per demand
and supply forces of the market. Therefore the rationale for the same
is not available. In view of the management all the unquoted securities
in stock are considered as good and therefore no provision for
diminutions has been made for Investments. Purchase and sale decisions
are governed by the Board policies. Considering the close monitoring of
Board no appraisal, Policies, Procedure, Committee or documents have
been prescribed and executed.
11. 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.
12. Chief Financial Officer (CFO) of the company has resigned on 22nd
December 2014. However, no CFO has been appointed till date signing of
Balance Sheet.
13. The company does not have Internal Auditors for conduct of
Internal Audit.
14. 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.
15. The company has made investment in Kayaguru Capital Market Private
Limited (Shareholding 20.88%) and Rockon Capital Market Private Limited
(shareholding 27.63%). The Investment is acquired and held exclusively
with a view for its subsequent disposal in the near future held as
stock in Trade. Hence, as per AS 23 issued by ICAI Para no 7, these
investments are excluded for preparing consolidated financial
statements.
16. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current's
classification/ presentation.
Mar 31, 2014
1. 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.
2. Contingent Liability:
2013-2014 2012-2013
Amount in Rs. Amount in Rs.
Contingent Liabilities
not providede for NIL NIL
Others NIL NIL
3. Earnings 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 personnel :-
i) Giriraj Kishor Agrawal ii) Tanu Agrawal
b) Related parties over which Key Management personnel have significant
influence :-
i) Axon Finance Limited (Formerly Axon Infotech Ltd)
ii) Banas Finance Limited
iii) Rockon Fintech Limited
iv) Rockon Capital Market Pvt Ltd
v) Shree Nath Commercial & Finance Limited
vi) Five X Finance & Investment Ltd
vii) Kayaguru Health Solutions
Limited
viii) Kayaguru Capital Market Pvt Limited
ix) HandfulInvestrade Pvt Ltd
x) Giriraj Kishor Agarwal HUF
xi) Saloni Agarwal
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. Trade Receivable, Trade Payable, Short Term Borrowings and Short
Term Loans and Advances balances are subject to confirmation and
reconciliation.
9. Segment Information: The Company is engaged in single segment and
there are no separate reportable segments as defined in AS-17.
10. Previous year''s figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current''s
classification/ presentation.
Mar 31, 2013
1. CONTINGENT LIABILITY:
2012-2013 2011-2012
Amount in Rs. Amount in Rs.
Contingent Liabilities not provided for NIL NIL
Others NIL NIL
2. RELATED PARTY TRANSACTION: List of Related Parties:- a) Key
Management person
i) Girraj Kishor 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) Rockon Fintech Limited
v) Five X Finance & Investment Ltd
vi) Kayaguru Health Solutions Limited
vii) Handful Investrade Pvt Ltd
viii) Girraj Kishor Agarwal HUF
ix) Saloni Agarwal
3. Income in Foreign Currency NIL
4. Expenditure in Foreign Currency NIL
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 payable 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 entitlec 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 ofi 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 shareholders.
1.DISC0NTINUED OPERATIONS:
a. The Company had entered into Business Transfer Agreement on 6lh day
of August, 2DII with GSR Techno Consultancy Pvt Ltd to Purchase Travel
Portal Business including URL www.outDfcity.cam for Consideration of
Rs. 5,00,00,ODD/- (Rupees Five Crores Only). Due to lack of business
and due to high capital expenditure requirement to sustain business, it
was felt difficult by the Management to continue the Travel Portal
Business. Therefore the Board of Directors on its meeting held on 2Blh
March, 2012 had announced a plan to dispose of Company's Travel Portal
Business and its associated Intellectual Rights, subject to approval of
member's through postal ballot. However Company will continue this
business as Travel Agent as well as restart Investment and Financing
activity. On 24th April, 2012, the Company has entered into a
Technology Transfer Agreement with M/sðlnfibeam Incorporation Ltd to
sell its travel technology and software related to travel portal
including the URL www.outnfcitv.com for total consideration of Rs.
4,35,00,000 (Rupees. Four Crores Thirty Five Lakhs Only) in form of 0%
Optionally Convertible Redeemable Debenture, redeemable on or before 36
months from the date of execution of Technology Transfer Agreement and
which was approved by members through postal ballot, result of which
declared by board on 8th June, 2012. Carrying amount of web portal as
on 31st March 2012 is Rs. 4,75,00,000/- and hence an impairment loss of
Rs. 40,00,00D has been recognized being difference between carrying
amount and selling price.
b. During the period Travel Portal Business was the only reportable
segment of the company.
c. Date of initial discloser event as per Accounting Standard - 24
Discontinuing operations is Board Meeting held on 29th March, 2012 in
which announced the plan to discontinue the business. ,
d. Operation has been discontinued as on signing of this financial
statement.
e. Carrying Amount of Assets to he disposed of is Rs. 4,75,00,000/-
and liabilities tD be settled is Rs. 7,15,281/-
f. Revenue from discontinued operation during the year is Rs.
8,B2,2Q!/- 3
Expenses (including Depreciation B Impairment) of discontinued
operation during the year are Rs. 73,40,129/-
g. Loss incurred in discontinued operation during the year is Rs.
64,77,929/- h. Cash flow from Operating activity discontinued operation
during the year is Rs.30,08,043/- Cash flow from Investing activity
discontinued operation during the year is Rs. 5,D0,00,DD0/- Cash flow
from Financing activity discontinued operation during the year is Rs.
NIL
la.COHTINGENT LIABILITY:
2011-2012 2DI0-20II
Amount in Rs. Amount in Rs.
Contingent Liabilities not provided
for NIL NIL
2. 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, 200B.
3. Debtors, Creditors, loan and advances balances are subject to
confirmation and reconciliation.
4. Segment Information: The Company is engaged in single segment and
there are no separate reportable segments as defined in AS-17.
5. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current's
classification/ presentation
Mar 31, 2011
1. Contingent Liabilities not provided for :
2010-2011 2009-2010
(Rs.) (Rs.)
Claims against the company not acknowledged
as debts NIL NIL
Others NIL NIL
2. Balances of Loans and Advances, Sundry Creditors & Others 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. The Company has not received the required information from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the year end together with interest paid/
payable as required under the said Act have not been made.
5. According to a technical assessment carried out by the Company,
there is no impairment in the carrying cost of cash generating units of
the Company in terms of accounting standards- 28 issued by the
Institute of Chartered Accountants of India.
6. Related Party Transaction :
Key Management Person
Girraj Kishor Agrawal Tanu Agrawal
Transaction with Related parties:
NIL
7. Balance Sheet Abstract & Company's general business profiles as
required by part IV of Schedule VI to the Companies Act, 1956 is
enclosed in ANNEXURE "B".
8. Segment Information: As there is no business except the main field
of the company where segmental reporting is required.
9. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current's
classification/ presentation.
Mar 31, 2010
1. Related Party :
I. Associates Company
A) KAYA GURU HELTH SOLUTION PRIVATE LTD.
B) Key management Personnel Mr. G.K. Agrawal
Mrs. Tanu Agrawal
2. Balance Sheet Abstract & Companys general business profiles as
required by part IV of Schedule VI to the Companies Act, 1956.
Mar 31, 2009
A). Deferred Taxation
There are no deferred tax assets or liabilities.
C). Related Party Disclosure
i) Enterprises where control exists
a) Subsidiary Companies - Nil
b) Controlling Companies - Nil
ii) Associates owned by major shareholders Anupam Extractions Limited
Orient Flour Mills Limited Shakti Oil Industries Ajanta Extractions R.
K. Corporation N. K. Corporation A. K. Corporation Basudeo Saraf & Sons
Aditya Saraf & Sons HUF
iii) Key Management Personnel
a) Directors
Smt. Nirmala N. Saraf
Smt. Rekha R. Saraf
Smt. Lalita A. Saraf
b) Ralatives of Key Management Personnel
Narendra B. Saraf
Rajendra B. Saraf
Ashok B. Saraf
D). Based on the Accounting Standard on Segment Reporting (AS-17)
issued by the Institute of Chartered Accountants of India, business
segment of the company is the primary segment comprising of "Trading".
As the company operates only in a single primary segment, no segment
information thereof is given.
V. Generic Names of Three Principal Products/Services of Company (As
per Monetary Terms)
Item Code (ITC Code) N.A.
Product Description Trading in Shares & Securities
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