Mar 31, 2014
Note 1.1
Disclosure with regard to Accounting Standard 29 Â Provisions.
Contingent Liabilities and Contingent Assets
"Following contingent liabilities are not provided for in accordance
with As-29, as there is very less likelihood of any outflow, in respect
of any of above Contingent Liability, further, there is no possibility
of any reimbursement in respect of any of above Contingent Liability
and these guarantees are fully backed by Fixed Deposit Receipts pledged
with the Sales Tax authorities."
Year Ended Year Ended
Particulars March 31st, 2014 March 31st, 2013
Guarantees issued for Sales Tax 120,000 120,000
120,000 120,000
Note 1.2
Deferred Tax Asset/ Liability
The management has considered it prudent to not to recognize deferred
Tax Asset as per Accounting Standard (AS)Â22 "Accounting for Taxes on
Income" on accumulated taxable losses/ unabsorbed depreciation (under
Income Tax Act), owing to uncertain future of the business.
Note 1.3
Retirement Benefit Obligation
Provision for retirements'' benefits have not been made under the
relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to
company since the company have no employees.
Note 1.4
Segment Reporting
Segment reporting, as defined in Accounting Standard  17 is not
applicable, as the business of the company falls in one segment.
Note 1.5
Related party transaction
Related Party Disclosure as required by Accounting Standard (As) Â 18
"Related Party Disclosures" Issued by The Institute of Chartered
Accountants of India:
Relationship :
Key Management Personnel  Director
Mr. Vijay Misquitta
Mr. Ajay Sarupriya
Mr. Harshad Dholakia
Mr. Shailesh Hingarh
Mr. Ramakant Nayak
Note : There is no transaction with any of the related party during the
year or in previous year
Note 1.6
Dues to Small Micro and Medium Enterprises
There are no outstanding dues to any Micro, Small and Medium
Enterprises as defined by the Micro, Small and Medium Enterprises
Development Act, 2006.Therefore prescribed disclosures under Section 22
of the act have not been provided.
In the opinion of the board, the current assets, loan and advances are
approximately of the value stated, if realized in the ordinary course
of the business. The provisions for all known liabilities are adequate
and not in excess of amount reasonably necessary.
Note 1.7
Managerial Remuneration Rs. Nil (Previous year Rs. Nil).
Note 1.8
Previous year figures have been regrouped and re-arranged to comply
with the requirement of Revised Schedule VI.
Notes:
1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits ( Reserve Bank) Directions,
1998.
2. Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 1998.
3. All Accounting Standard and Guidance Notes issued by ICAI are
applicable including for investments and other assets as also assets
acquired in satisfaction of debts. However, market value in respect of
quoted investments and break-up/ fair value/ NAV in respect of unquoted
investments should be disclosed irrespective of whether they are
classified as long term or current in column (5) above.
4. Reduction in cost of Investment.-
a. In case of shares which are not quoted at any stock exchange,the
value of the investment has been reduced to NIL.
b. In case of shares which are quoted,the value of the investment has
been reduced to the market value as at 31.03.2013.
Mar 31, 2013
Note 1.1 Deferred Tax Asset/ Liability
The management has considered it prudent to not to recognize deferred
Tax Asset as per Accounting Standard (AS)-22 "Accounting for Taxes on
Income" on accumulated taxable losses/ unabsorbed depreciation (under
Income Tax Act), owing to uncertain future of the business.
Note 1.2 Retirement Benefit Obligation
Provision for retirements'' benefits have not been made under the
relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to
company since the company have no employees.
Note 1.3 Segment Reporting
Segment reporting, as defined in Accounting Standard - 17 is not
applicable, as the business of the company falls in one segment.
Note 1.4 Related party transaction
Related Party Disclosure as required by Accounting Standard (As) -18
"Related Party Disclosures" Issued by The Institute of Chartered
Accountants of India:
Note 1.5 Dues to Small Micro and Medium Enterprises
There are no outstanding dues to any Micro, Small and Medium
Enterprises as defined by the Micro, Small and Medium Enterprises
Development Act, 2006.Therefore prescribed disclosures under Section 22
of the act have not been provided.
Note 1.5 in the opinion of the board, the current assets, loan and
advances are approximately of the value stated, if realized in the
ordinary course of the business. The provisions for all known
liabilities are adequate and not in excess of amount reasonably
necessary.
Note 1.6 Managerial Remuneration Rs. Nil (Previous year Rs. Nil).
Note 1.7 Previous year figures have been regrouped and re-arranged to
comply with the requirement of Revised Schedule VI.
1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial
Companies. Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
2. Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 1998.
3. All Accounting Standard and Guidance Notes issued by ICAI are
applicable including for investments and other assets as also assets
acquired in satisfaction of debts. However, market value in respect of
quoted investments and break-up/fair value/ NAVin respect unquoted
investments should be disclosed irrespective of whether they are
classified as long term or current in column (5) above.
4. Reduction in cost of Investment.
a. In caseof shares which are not quoted at any stock exchange, the
value of the investment has been reduced to NIL.
b .In case of shares which are quoted, the value of the investment has
been reduced tothe market value as at 31.03.2013.
Mar 31, 2012
Note 1.1 Disclosure with regard to Accounting Standard 29 -
Provisions. Contingent Liabilities and Contingent Assets
Following contingent liabilities are not provided for in accordance
with As-29, as there is very less likelihood of any outflow, in respect
of any of above Contingent Liability, further, there is no possibility
of any reimbursement in respect of any of above Contingent Liability
and these guarantees are fully backed by Fixed Deposit Receipts pledged
with the Sales Tax authorities.
Notes to financial statements for the year ended 31st March 2012 Note
1.2 Deferred Tax Asset/ Liability
The management has considered it prudent to not to recognize deferred
Tax Asset as per Accounting Standard (AS)-22 "Accounting for Taxes on
Income" on accumulated taxable losses/ unabsorbed depreciation {under
Income Tax Act), owing to uncertain future of the business.
Note 1.3 Retirement Benefit Obligation
Provision for retirements' benefits have not been made under the
relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to
company since the company have no employees.
Note 1.4 Segment Reporting
Segment reporting, as defined in Accounting Standard - 17 is not
applicable, as the business of the company falls in one segment.
Note : There is no transaction with any of the related party during the
year or in previous year
Note 1.5 Dues to Small Micro and Medium Enterprises
There are no outstanding dues to any Micro, Small and Medium
Enterprises as defined by the Micro, Small and Medium Enterprises
Development Act, 2006.Therefore prescribed disclosures under Section 22
of the act have not been provided.
Note 1.6 In the opinion of the board, the current assets, loan and
advances are approximately of the value stated, if realized in the
ordinary course of the business. The provisions for all Known
liabilities are adequate and not in excess of amount reasonably
necessary.
Note 1.7 Managerial Remuneration Rs. Nil (Previous year Rs. Nil).
Note 1.8 Previous year figures have been regrouped and re-arranged to
comply with the requirement of Revised Schedule VI.
Notes:
1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits ( Reserve Bank) Directions,
1998. .
2 Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial _ investments and other assets as also assets
acquired in satisfaction of debts. However, market value in respect of
quoted investments and break-up/ fair value/ NAV in respect of unquoted
investments should be disclosed irrespective of whether they are
classified as long term or current in column (5) above.
3.Reduction in cost of Investment.-
a.In case of shares which are not quoted at any stock exchange, the
value of the investment has been reduced to NIL.
b.In case of shares which are quoted, the value of the investment has
been reduced to the market value as at 31.03.2012.
Mar 31, 2011
1. Following disclosures are made for Contingent Liabilities not
provided for in accordance with AS-29, on provisions, contingent
liabilities and contingent assets:
Particulars Estimated Financial
Financial Effect
Effect as on
as on
31-03-2011 31-03-2010
(Rs.) (Rs.)
Guarantees 1,20,000 1,20,000
issued for
Sales Tax
Note : a) There is very less likelihood of any outflow, in respect of
any of above Contingent Liability.
b) There is no possibility of any reimbursement in respect of any of
above Contingent Liability.
c) These guarantees are fully backed by Fixed Deposit Receipts pledged
with the Sales Tax Authorities.
2. Investments
All scrips are held in the name of the Company, except those sent for
transfer in the normal course.
3. Fixed Deposits include Rs. 1,20,000/- pledged to the bank against
the bank guarantees issued by the bank.
4. Deferred Tax Asset / Liability
The management has considered it prudent to not to recognize deferred
Tax Asset as per Accounting Standard (AS)-22 "Accounting for Taxes on
Income" on accumulated taxable losses/ unabsorbed depreciation (under
Income Tax Act), owing to uncertain future of the business.
5. Provision for retirements' benefits have not been made under the
relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to
company since the company have no employees.
6. Segment Accounting
Segment reporting, as defined in Accounting Standard - 17 is not
applicable, as the business of the company falls in one segment.
7. Related Party Disclosures
Mr. Vijay Misquitta, Mr. Ajay Sarupria, Mr. Harshad Dholakia, Mr.
Bhupendra Avasthi, Mr. Bhavesh Bhatt & Mr. Ramakant Nayak are related
parties, though there is no transaction during the year & previous
year.
8. Managerial Remuneration NIL
9. There are no outstanding dues to any Micro, Small and Medium
Enterprises as defined by the Micro, Small and Medium Enterprises
Development Act, 2006.Therefore prescribed disclosures under Section 22
of the act have not been provided.
10. Previous Financial Year figures have been regrouped or rearranged
wherever considered necessary.
Mar 31, 2010
1. Following disclosures are made for Contingent Liabilities not
provided for in accordance with AS - 29, on provisions, contingent
liabilities and contingent assets: -
Particulars Estimated Financial Estimated Financial
Effect as on 31-03-2010 Effect as on 31-03-2009
(Rs.) (Rs.)
Guarantees issued
for Sales Tax 1,20,000 1,20,000
Note: a) There is very less likelihood of any outflow, in respect of
any of above Contingent Liability.
b) There is no possibility of any reimbursement in respect of any of
above Contingent Liability.
c) These guarantees are fully backed by Fixed Deposit Receipts pledged
with the Sales Tax authorities.
2. Investments:
All scrips are held in the name of the Company, except those sent for
transfer in the normal course.
3. Fixed Deposits include Rs. 1,20,000/- pledged to the bank against
the bank guarantees issued by the bank.
4. Deferred Tax Asset/Liability
The management has considered it prudent to not to recognize deferred
Tax Asset as per Accounting Standard (AS)22 "Accounting for Taxes on
Income" on accumulated taxable losses/ unabsorbed depreciation (under
Income Tax Act), owing to uncertain future of the business.
5. Provision for retirements benefits have not been made under the
relevant Acts, i.e. Gratuity Act, P.F. Act are not applicable to
company since the company have no employees.
6. Segment Accounting
Segment reporting, as defined in Accounting Standard 17 is not
applicable, as the business of the company falls in one segment.
7. RELATED PARTY DISCLOSURES:
Mr. Vijay Misquitta, Mr. Ajay Sarupria, Mr. Harshad Dholakia, Mr.
Bhupendra Avasthi & j Mr. Bhavesh Bhatt, are related parties, though
there is no transaction during the year & previous year
8 EARNING PER SHARE
The following disclosure is made as required by Accounting Standard-20
(AS-20) on "Earning Per Share" issues by the Institute of Chartered
Accountants of India:
9 There are no outstanding dues to any Micro, Small and Medium
Enterprises as defined by the Micro, Small and Medium Enterprises
Development Act,2006.Therefore Prescribed disclosures under Section 22
of the act have not been provided.
10. Previous Financial Year figures have been regrouped or rearranged
wherever considered necessary.