Mar 31, 2015
1.1. Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) and to comply with the Accounting Standards notified
under the Section 133 of the Companies Act 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014) and other accounting pronouncements
of the Institute of Chartered Accountants of India. The Company follows
the directives prescribed by the Reserve Bank of India ('RBI') for Non
Banking Finance Companies.
The Financial Statements have been prepared under the historical cost
convention on an accrual basis. However income is not recognised and
also provision is made in respect of non performing assets as per the
guidelines for prudential norms prescrobed by the RBI. Except otherwise
mentioned, the accounting policies applied by the company are
consistent with those used in earlier years.
2.2. 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 and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
2.3. Non Current, Current Investments & Inventories
Non Current Investments, are valued at cost (on FIFO) after providing
for obsolescence and other losses, where considered necessary Cost
includes all charges in bringing the goods to the point of sale,
including all levies, charges and other expenses. Provision for
Diminution in Value of Long Term Investments is made if such decline is
other than temporary in the eyes of the Management.
Current Investments and Inventories of Shares are valued at cost or
fair Value whichever is lower as per provisions of As13
2.4. Short term loans & Advances
These are unsecured , considered good by the management except as
otherwise disclosed and provided for.
2.5. Revenue Recognition
The company follows accrual basis of accounting. Revenues are
recognized when there is certainity as to measurability or
collectability. Dividend Income is recognized when the right to
receive the dividend is unconditional at the Balance Sheet Date.
Interest Income is recognized on the time proportion basis. Profit /
Loss on sale of Investments is recognised at the time of actual sale/
redemption. The revenue Recognition Policy of the company are in
confirmity with the provisions of AS 9
2.6. The Company has no other business apart from its core business of
Investment and Finance. Thus segment wise information is not
applicable.
2.7. Taxation
The Provision for Taxation is made at the average rate of Tax as
applicable for the Income of the previous Year as defined under the
Income Tax Act, 1961
Tax expense comprises both Current Tax and Deferred Tax at the
applicable enacted or substantively enacted rates. Current Tax
represents the amount of Income Tax payable/ recoverable in respect of
taxable income/ loss for the reporting period.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability. Accordingly, MAT is recognised as an asset in the
Balance Sheet.
2.8. Disclosure as required by Accounting Standard 18 (AS-18) ' Related
Party Disclosures' issued by the ICAI
Related Party Transactions
Details of related parties
Description of relationship Names of related party
Key Management Personnel (KMP)
Directors
Jitendra Kumar Mehta, Binjal Mehta (appointed w.e f.
14.08.14), Alok Kumar Goenka, Subrata Saha (appointed w.e f.
14.08.2014) and Ajay Agarwal (resigned w.e.f. 20.08.2014)
Company Secretary
Binjal Mehta - (Resigned w.e.f. 31.07.2014)
Sunita Singh (from 14.08.2014 to 28.12.2014)
Sradha Gupta (w.e.f. 30.03.2015)
Chief Financial Officer Sumant Kumar Singh (w.e.f. 10.12.2014)
Subsidiaries of the Company
Pushpadant Enterprises Ltd. (Divested)
Sindhuchita Enterprises Ltd. (Divested)
Keshwi Traders Ltd. (Divested)
Gokuleshwar Estates Ltd. (Divested)
Pratibhanu Mercantile Ltd.
Locavi Enterprises Ltd.
Simmander Merchants Ltd.
Udyati Traders Ltd.
Enterprises in which KMP & their Relatives have Significant Influence
DWA Pvt. Ltd.
** Advances given to subsidiaries in FY 2013-14 have been converted
into Equity Shares during the current Financial Year. No New Funds have
been advanced during the year for subscribing to the shares of the
subsidiaries. Consequently the balances of advances given to
subsidiaries has been reduced to NIL except an amount of Rs.21,00,000/-
receivable from Sindhuchita Enterprises Ltd. which has not been
converted in equity and would be repaid by the company. Sindhuchita
Enterprises Ltd.is no longer a Subsidiary of the Company (Divested) No
amount is either receivable or payable from any of the related party
except for the amount of Rs. 21 lacs mentioned above.
2.9. Provisions & Contingencies
The Company makes provision against standards assets @ 0.25% as per RBI
Prudential Norms. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. However, the provisions
made against Standard Assets once created is not written back until and
unless the managemnt is of the view that the provisions made are far in
excess of the requirments as per prudential norms.No Contingent
liability exists as on the date of the Balance Sheet.
2.10. Micro small and Medium Enterprises-The Company does not have and
outstandings to any creditors as on the Balance Sheet date.
2.11. Earning Per Share
Basic & Diluted earnings per share is computed by dividing the profit /
(loss) after tax by the weighted average number of equity shares
outstanding during the year.
2.12. Cash and cash equivalents (for the purpose of Cash Flow
Statement)
Cash comprises cash on hand and deposits with banks in current
Accounts. Cash equivalents are short-term balances (with an 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.
2.13. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) is adjusted for the effects of transactions of non-cash nature
and any deferrals or accruals of past or future cash receipts or
payments.
2.14. Amalgamation Expenses are being written off over a period of 5
years.
2.15. Foreign Currency Transactions - NIL
2.16 Exceptional items of Expenditure consists of expenses incurred by
the company in getting its shares listed on the Bombay Stock Exchange.
2.17. The Company has prepared these financial statements as per the
format prescribed by schedule III to the Companies Act, 2013 ('the
schedule') issued by Ministry of Corporate Affairs. Previous Year's
Figures have been recast /restated to conform to the classification
required by the Schedule.
Mar 31, 2014
The Accounting pocilies followed by the the company as defined in the
General Instructions in respect of Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended).
1.1. Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements on have been prepared accrual basis under the historical
cost convention.
1.2. 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 and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3. Non Current, Current Investments & Inventories
Non Current , are valued at cost (on FIFO) after providing for
obsolescence and other losses, where considered necessary. Cost
includes all charges in bringing the goods to the point of sale,
including all levies, charges and other expenses. Provision for
Diminution in Value of Long Term Investments is made if such decline is
other than temporary in the eyes of the Management.
Current Investments and Inventories of Shares are valued as per
provisions of AS 13
1.4. Short term loans & Advances
These are unsecured , considered good by the management.
1.5 Advance to Susidiaries
The company has advanced money to its susidiaries free of Interest. The
same is unsecured.
1.6. Revenue Recognition
The company follows accrual basis of accounting. Revenues are
recognized when there is certainity as to measurability or
collectability. Dividend Income is recognized when the right to receive
the dividend is unconditional at the Balance Sheet Date. Interest
Income is recognized on the time proportion basis. Profit / Loss on
sale of Investments is recognised at the time of actual sale/
redemption
1.7. The Company has no other business apart from its core business of
Investment and Finance. Thus segment wise information is not
applicable.
1.8. Taxation
The Provision for Taxation is made at the average rate of Tax as
applicable for the Income of the previous Year as defined under the
Income Tax Act, 1961 Tax expense comprises both Current Tax and
Deferred Tax at the applicable enacted or substantively enacted rates.
Current Tax represents the amount of Income Tax payable/ recoverable in
respect of taxable income/ loss for the reporting period.
Deferred Tax represents the effect of timing difference between taxable
income and accounting income for the reporting period that originates
in one year and are capable of reversal in one or more subsequent
years.
1.9 Value of Imports on C.I.F. basis, expenditure in foreign currency,
remittance in foreign currency, earnings in foreign Exchange - NIL
1.10 Number of Employees who are entitled to emolument aggregating to
Rs.60,00,000/- p.a or more OR Rs.5,00,000/- per month or more who are
employed for the part of the year is NIL ( Previous Year NIL)
1.11. Provisions & Contingencies
The Company makes provision against standards assets @ 0.25% as per RBI
Norms. These are reviewed at each Balance Sheet date and adjusted to
reflect the current best estimates. However, the provisions made
against Standard Assets once created is not written back until and
unless the managemnt is of the view that the provisions made are far in
excess of the requirments as per prudential norms.No Contingent
liability exists as on the date of the Balance Sheet.
1.12. Micro small and Medium Enterprises-The Company does not have and
outstandings to any creditors as on the Balance Sheet date.
1.13. Earning Per Share
Basic & Diluted earnings per share is computed by dividing the profit /
(loss) after tax by the weighted average number of equity shares
outstanding during the year.
1.15. Cash and cash equivalents (for the purpose of Cash Flow
Statement)
Cash comprises cash on hand and deposits with banks in current
Accounts. Cash equivalents are short-term balances (with an 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.
1.16. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) is adjusted for the effects of transactions of non-cash nature
and any deferrals or accruals of past or future cash receipts or
payments.
1.17. Amalgamation Expenses are being written off over a period of 5
years.
1.18. The Company has prepared these financial statements as per the
format prescribed by revised schedule VI to the Companies Act, 1956
(''the schedule'') issued by Ministry of Corporate Affairs. Previous
years'' figures have been recast / restated to conform to the
classification required by the Revised Schedule VI.
Mar 31, 2013
The Accounting pocilies followed by the the company as defined in the
General Instructions in respect of Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended).
1.1. Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements on have been prepared accrual basis under the historical
cost convention.
1.2. 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 and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3. Inventories & Current Investments
Inventories are valued at cost (on FIFO) after providing for
obsolescence and other losses, where considered necessary. Cost
includes all charges in bringing the goods to the point of sale,
including octroi and other levies, transit insurance and receiving
charges.
1.4. Cash and cash equivalents (for the purpose of Cash Flow Statement)
Cash comprises cash on hand and deposits with banks in current
Accounts. Cash equivalents are short-term balances (with an 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.
1.5. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) is adjusted for the effects of transactions of non-cash nature
and any deferrals or accruals of past or future cash receipts or
payments.
1.6. Revenue Recognition
The company follows accrual basis of accounting. Revenues are
recognized when there is certainity as to measurability or
collectability. Dividend Income is recognized when the right to receive
the dividend is unconditional at the Balance Sheet Date. Interest
Income is recognized on the time proportion basis. Profit / Loss on
sale of Investments is recognised at the time of actual sale/
redemption
1.7. Taxation
The Provision for Taxation is made at the average rate of Tax as
applicable for the Income of the previous Year as defined under the
Income Tax Act, 1961
1.8. Earning Per Share
Basic & Diluted earnings per share is computed by dividing the profit /
(loss) after tax by the weighted average number of equity shares
outstanding during the year.
1.9. Provisions & Contingencies
The Company has made provision against standards assets @ 0.25% as per
RBI Norms. These are reviewed at each Balance Sheet date and adjusted
to reflect the current best estimates. No Contingent liability exists
as on the date of the Balance Sheet.
1.10. Short term loans & Advances
These are unsecured , considered good by the management.
Mar 31, 2012
1. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) 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 whole of cash is generated from the operating activities
of the company.
2. Revenue Recognition
The company follows accrual basis of accounting. Revenues are
recognized when there is certainity as to measurability or
collectability. Dividend Income is recognized when the right to receive
the dividend is unconditional at the Balance Sheet Date. Interest
Income is recognized on the time proportion basis.
3. Investments
Current investments are carried individually, at the lower of cost and
fair value. Cost of investments include acquisition charges such as
brokerage, fees and duties.
4. Taxation
The Provision for Taxation is made at the average rate of Tax as
applicable for the Income of the previous Year as defined under the
Income Tax Act, 1961
5. Earning Per Share
Basic & Diluted earnings per share is computed by dividing the profit /
(loss) after tax by the weighted average number of equity shares
outstanding during the year.
6. Provisions & Contingencies
The Company has made provision against standards assets @ 0.25% as per
RBI Norms. These are reviewed at each Balance Sheet date and adjusted
to reflect the current best estimates. No Contingent liability exists
as on the date of the Balance Sheet.
7. Share Capital
The Company has split the shares of Rs. 10/- each fully paid up into
five equity shares of Rs. 2/- each fully paid up during the year.
8. Short term loans & Advances
These are unsecured , considered good by the management.
9. Disclosure as required by Accounting Standard 18 (AS-18) '' Related
Party Disclosures'' issued by the ICAI Related Party Transactions
10. As required in terms of paragraph 9BB of Non-Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998 issued by
Reserve Bank of India, enclosed in the annexure the required - Schedule
O the Balance Sheet of a Non Banking Financial Company.
11. Value of Imports on C.I.F. basis, expenditure in foreign currency,
remittance in foreign currency, earnings in foreign Exchange - NIL
12. Number of Employees who are entitled to emolument aggregating to
Rs.60,00,000/- p.a or more OR Rs.5,00,000/- per month or more who are
employed for the part of the year is NIL ( Previous Year NIL)
13. The provisions of Payment of Gratuity Act is not applicable to the
employees of the company for the year under review.
14. Previous Year''s figures have been rearranged and/or regrouped
wherever necessary.
Mar 31, 2011
1. General
The Financial Statements are prepared on the historical cost basis and
on the principle of a going concern. Accounting policies not
specifically referred to otherwise are consistent with Generally
Accepted Accounting Principal.
2. Use of Estimates
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of thefinancial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between actual results and estimates are recognized in the period in
which the results are known / materialized.
3. Investments
Long Term Investments are stated at cost of acquisition except where
there is permanent dimunition in value of investments. Provision is
made for dimunition in the value of investments, if in the opinion of
the management, the dimunition is other than temporary.
4. Sundry Debtors , Loans & Advances
These are unsecured , considered good by the management.
5. Revenue Recognition
The company follows accrual basis of accounting. Revenues are
recognized when there is certainity as to measurability or
collectability. Dividend Income is recognized when the right to
receive the dividend is unconditional at the Balance Sheet Date.
Interest Income is recognized on the time proportion basis.
6. Expenses
All Known and material liability for expenses are accounted for on
accrual basis.
7. Taxation
The Provision for Taxation is made at the average rate of Tax as
applicable for the Income of the previous Year as defined under the
Income Tax Act, 1961 TYCOON TRADES & INVESTMENTS LIMITED Financial year
2010-11 23 TTIL
8. Income Tax Demand: Appeal against the Order of Income Tax Officer
for accounting year ended 31.03.1983 has been allowed. Estimated
Liabilities on the basis of order passed in appeal is Rs.7291/- against
which Provision in the books is Rs.6000/-. Short Provision will be
adjusted in the books when the final order giving effect to relief
granted in the appeal is received.
9. The Company has no other business apart from its core business of
Investment and Finance. Thus segment wise information is not
applicable.
10. Amalgamation Expenses are being written off over a period of 5
years.
11. Preliminary Expenses have arisen on consolidation of balances of
the amalgamating companies
12. Disclosure as required by Accounting Standard 18 (AS-18) '' Related
Party Disclosures'' issued by the ICAI
Name of the Related parties and description of relationship :
Alok Kumar Goenka - Director Ajay Kumar Agarwal - Director
Jitendra Kumar Mehta - Director ( Rs.60000 paid to Paraj
Mehta HUF as rent)
(Relative of Mr.Jitendra Kumar Mehta as per Companies Act)
13. Earning per Share ( EPS ) computed in accordance with Accounting
Standard 20 is as follows
Particulars
Profit/ ( Loss) after Tax (Amount Rs.) (8,035)
No of Shares outstanding (Face Value Rs.10) 10,404,422
Basic ( Weighted Avg.) 0.00
Diluted ( Weighted Avg.) 0.00
14. As required in terms of paragraph 9BB of Non-Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998 issued by
Reserve Bank of India, enclosed in the annexure the required - Schedule
O the Balance Sheet of a Non Banking Financial Company.
15. Value of Imports on C.I.F. basis, expenditure in foreign currency,
remittance in foreign currency, earnings in foreign Exchange - NIL
16. The provisions of Payment of Gratuity Act is not applicable to the
employees of the company for the year under review.
17. Number of Employees who are entitled to emolument aggregating to
Rs.24,00,000/- p.a or more OR Rs.200000/- per month or more who are
employed for the part of the year is NIL ( Previous Year NIL)
18. Contingent liabilities - No Contingent liability exists as on the
date of the Balance Sheet
19. Previous Year''s figures have been rearranged and/or regrouped
wherever necessary.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article