Mar 31, 2015
1. Fundamental Accounting Assumption:- Going concern
The accumulated losses of the Company as at 31st March, 2015 have
exceeded 50% of the net worth of the Company as at year end.
Further, the company has carried out investment activity and has earned
dividend on such investment.
On the basis of the above, the management is confident that the Company
will be able to generate sufficient cash flows in order to meet its
obligation as and when they fall due for payment in foreseeable future.
Accordingly, these financial statements have been prepared on Going
Concern Basis.
2. Terms/ rights attached to equity shares
The company has only one class of shares having a par value Rs.10/- per
share. Each holder of equity shares is entitled to one vote per share.
3. Taxation
Since the company does not have any taxable income during the year, no
tax provision is required to be made.
In view of the accumulated losses, neither Deferred Tax Assets on carry
forward loss and unabsorbed depreciation has been recognized, nor any
deferred tax liability, as there is no virtual certainty that there
would be future taxable profits to realize the above assets.
4. Previous year figure has been recast, regrouped and rearranged as
per the Revised schedule III of the Companies Act, 2013 & wherever
necessary to make them comparable.
Mar 31, 2014
1. Background of the Company:
Company is presently involved in the Information Technology and
Information Technology enabled Services, however, there is no
transaction during the year for the same.
2. Going concern:
The accumulated losses of the Company as at 31st March, 2014 have
exceeded 50% of the net worth of the Company as at year end. Further,
the company has carried out investment activity and has earned dividend
on such investment.
On the basis of the above, the management is confident that the Company
will be able to generate sufficient cash flows in order to meet its
obligation as and when they fall due for payment in foreseeable future.
Accordingly, these financial statements have been prepared on Going
Concern Basis.
3. Statement of significant accounting policies:
4 Accounting policies not specifically referred are consistent with
earlier years and in consonance with generally accepted accounting
principles.
5 Retirement and Other Employee Benefits:
Contribution to the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at
a predetermined rate.
The Company at present does not have any other retirement benefit
scheme for its employees.
6 Taxation:
Since the company does not have any taxable income during the year, no
tax provision is required to be made. Further, no provision is made for
Minimum Alternate Tax for the year ended March 31, 2014, in lieu of
Explanation (vii) to sub-section (2) section 115JB of the Income Tax
Act, 1961.
In view of the accumulated losses and discontinuation of operations,
neither Deferred Tax Assets on carry forward loss and unabsorbed
depreciation has been recognized, nor any deferred tax liability, as
there is no virtual certainty that there would be future taxable
profits to realize the above assets.
7 Dues to Micro, Small and Medium enterprises:
The Company doesn''t have any transaction with the Micro, Small and
Medium Enterprises, hence, disclosure requirements in this regard as
per Revised Schedule VI of the Companies Act, 1956 is not applicable.
8 Segment Information:
The Company does not have reportable Segments. Therefore, compliance to
the AS-17 segment Reporting does not arise.
9. Previous year figure has been recast, regrouped and rearranged as
per the Revised schedule VI of the Companies Act, 1956 & wherever
necessary to make them comparable.
Mar 31, 2013
1. Background of the Company:
Company is presently involved in the Information Technology and
Information Technology enabled Services, however, there is no
transaction during the year for the same.
2. Going concern:
The accumulated losses of the Company as at 31st March, 2013 have
exceeded 50% of the net worth of the Company as at year end.
Further, the company has carried out investment activity and has earned
dividend on such investment
On the basis of the above, the management is confident that the Company
will be able to generate sufficient cash flows in order to meet its
obligation as and when they fall due for payment in foreseeable future.
Accordingly, these financial statements have been prepared on Going
Concern Basis.
3 Accounting policies not specifically referred are consistent with
earlier years and in consonance with generally accepted accounting
principles.
4 Retirement and Other Employee Benefits:
Contribution to the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at
a predetermined rate.
The Company at present does not have any other retirement benefit
scheme for its employees.
5 Taxation:
Since the company does not have any taxable income during the year, no
tax provision is required to be made. Further, no provision is made for
Minimum Alternate Tax for the year ended March 31, 2013, in lieu of
Explanation (vii) to sub-section (2) section 115JB of the Income Tax
Act, 1961.
In view of the accumulated losses and discontinuation of operations,
neither Deferred Tax Assets on carry forward loss and unabsorbed
depreciation has been recognized, nor any deferred tax liability, as
there is no virtual certainty that there would be future taxable
profits to realize the above assets.
6 Dues to Micro, Small and Medium enterprises:
The Company doesn''t have any transaction with the Micro, Small and
Medium Enterprises, hence, disclosure requirements in this regard as
per Schedule VI of the Companies Act, 1956 is not applicable.
7 Segment Information:
The Company does not have reportable Segments. Therefore, compliance to
the AS-17 segment Reporting does not arise.
8 Related Parties:
Related Parties with whom transaction has taken place during the year:
is Rs. Nil
9. Defined Contribution Plans
On account of Defined Contribution Plan, the Company has charged the
following amounts in the Profit and Loss Account:
10. Previous period figure have been regrouped as per revised Schedule
VI of the Companies Act 1956 introduced by Ministry of Corporate
Affairs vide notification dated February 28, 2011.
Mar 31, 2012
1. Background of the Company:
Company is presently involved in the Information Technology and
Information Technology enabled Services, however, there is no
transaction during the year for the same.
2. Going concern:
The accumulated losses of the Company as at 31st March, 2012 have
exceeded 50% of the net worth of the Company as at year end.
Further, the company has carried out investment activity and has earned
dividend on such investment
On the basis of the above, the management is confident that the Company
will be able to generate sufficient cash flows in order to meet its
obligation as and when they fall due for payment in foreseeable future.
Accordingly, these financial statements have been prepared on Going
Concern Basis.
NOTE 1.1
Terms/ rights attached to equity shares
The company has only one class of shares having a par value Rs.10/- per
share. Each holder of equity shares is entitled to one vote per share.
NOTE 2.1
United Interactive Limited acquired 51% stake in Netesoft India Limited
in last year, as the Netesoft India Limited is in the same line of
business since year 2000.
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
3 Accounting policies not specifically referred are consistent with
earlier years and in consonance with generally accepted accounting
principles.
4 Retirement and Other Employee Benefits:
Contribution to the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at
a predetermined rate.
The Company at present does not have any other retirement benefit
scheme for its employees.
5 Taxation:
Since the company does not have any taxable income during the year, no
tax provision is required to be made. Further, no provision is made for
Minimum Alternate Tax for the year ended March 31, 2012, in lieu of
Explanation (vii) to sub-section (2) section 115JB of the Income Tax
Act, 1961.
In view of the accumulated losses and discontinuation of operations,
neither Deferred Tax Assets on carry forward loss and unabsorbed
depreciation has been recognized, nor any deferred tax liability, as
there is no virtual certainty that there would be future taxable
profits to realize the above assets.
6 Dues to Micro, Small and Medium enterprises:
The Company doesn't have any transaction with the Micro, Small and
Medium Enterprises, hence, disclosure requirements in this regard as
per Schedule VI of the Companies Act, 1956 is not applicable.
7 Segment Information:
The Company does not have reportable Segments. Therefore, compliance to
the AS-17 segment Reporting does not arise.
8 Previous period figure have been regrouped as per revised Schedule
VI of the Companies Act 1956 introduced by Ministry of Corporate
Affairs vide notification dated February 28, 2011.
Mar 31, 2011
1. Background of the Company:
United Interactive Limited (formerly Neemtek Organic Products Limited)
('the Company'), a public limited company, was engaged in the
manufacturing of high quality Neem products. The Company exited the
neem business and is presently involved in the Information Technology
and Information Technology enabled Services, however, there is no
transaction during the year for the same. Further United Interactive
Limited acquired 51% stake in Netesoft India Limited during the year,
as the Netesoft India Limited is in the same line of business since
year 2000.
2. Going concern:
The accumulated losses of the Company as at 31st March, 2011 have
exceeded 50% of the net worth of the Company as at year end.
Further, the company has carried out investment activity during year
and has earned dividend on such investment
On the basis of the above, the management is confident that the Company
will be able to generate sufficient cash flows in order to meet its
obligation as and when they fall due for payment in foreseeable future.
Accordingly, these financial statements have been prepared on Going
Concern Basis.
3. Statement of significant accounting policies:
1 Accounting policies not specifically referred
are consistent with earlier years and in consonance with generally
accepted accounting principles.
2 Retirement and Other Employee Benefits:
Contribution to the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at
a predetermined rate.
The Company at present does not have any other retirement benefit
scheme for its employees.
3 Taxation:
Since the company does not have any taxable income during the year, no
tax provision is required to be made. Further, no provision is made for
Minimum Alternate Tax for the year ended March 31, 2011, in lieu of
Explanation (vii) to sub-section (2) section 115JB of the Income Tax
Act, 1961.
In view of the accumulated losses and discontinuation of operations,
neither Deferred Tax Assets on carry forward loss and unabsorbed
depreciation has been recognized, nor any deferred tax liability, as
there is no virtual certainty that there would be future taxable
profits to realize the above assets.
4. Contingent liabilities not provided for:
The claims against the Company comprises of:
The Company had transferred its manufacturing unit situated at Vellore
in previous year and had not charged applicable VAT on transfer of
inventory. The monetary effect thereof is unascertainable. Further, it
had also transferred VAT liability amounting to ` 2,86,442. However, in
case the transferee fails to meet this obligation, the Company shall be
liable to pay the same to the Department of Sales Tax.
5 Dues to Micro, Small and Medium enterprises:
The Company doesn't have any transaction with the Micro, Small and
Medium Enterprises, hence, disclosure requirements in this regard as
per Schedule VI of the Companies Act, 1956 is not applicable.
6 Segment Information:
The Company does not have reportable Segments. Therefore, compliance to
the AS-17 segment Reporting does not arise.
7. Balances of Loans and Advances, Sundry Creditors have been taken at
value stated in the books of accounts and the reconciliation is in
progress. Necessary adjustments shall be carried out wherever
applicable.
8. Figures have been rounded off to nearest rupee.
9. Previous year's figures have been regrouped / re-classified
wherever necessary to conform to this year's classification.
Mar 31, 2010
1. Background of the Company
United Interactive Limited (formerly Neemtek Organic Products Limited)
(the Company), a public limited company, originally incorporated on
September 22, 1983, was engaged in the manufacturing of high quality
Neem products. The Company decided to exit the neem business and enter
into the Information Technology and Information Technology enabled
Services. Consequently, the Company has transferred its manufacturing
unit situated at Vellore during the year.
2. Going concern
The accumulated losses of the Company as at 31st March, 2010 have
exceeded 50% of the net worth of the Company as at year end.
Further, based on Companys research and management decision, it has
disposed off its manufacturing facility at Vellore and has decided to
diversify its activities into Information Technology and Information
Technology enabled Services
On the basis of the above, the management is confident that the Company
will be able to generate sufficient cash flows in order to meet its
obligation as and when they fall due for payment in foreseeable future.
Accordingly, these financial statements have been prepared on Going
Concern Basis.
3. Segment Information
The Company does not have reportable Segments. Therefore, compliance to
the AS-17 segment Reporting does not arise.
4. Related Parties
The Company has not entered into the any transactions with related
party as required by AS-18 Related Parties Disclosures during the year
under review.
5. Retirement and Other Employee Benefits
Contribution to the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at
a predetermined rate.
The Company at present does not have any other retirement benefit
scheme for its employees.
Consequent to the Business Transfer Agreement, the company had
transferred all the personnel related to its manufacturing unit at
Vellore during the year.
6. Taxation
Since the company does not have any taxable income during the year no
tax provision is required to be made. Further, no provision is made for
Minimum Alternate Tax for the year ended March 31, 2010, in lieu of
Explanation (vii) to sub-section (2) section 115JB of the Income Tax
Act, 1961.
In view of the accumulated losses and discontinuation of operations,
neither Deferred Tax Assets on carry forward loss and unabsorbed
depreciation has been recognized, nor any deferred tax liability, as
there is no virtual certainty that there would be future taxable
profits to realize the above assets.
7. Accounting policies not specifically referred to above are
consistent with earlier years and in consonance with generally accepted
accounting principles.
8. Contingent liabilities not provided for:
The claims against the Company comprises of:
a) The Company had transferred its manufacturing unit situated at
Vellore during the year and had not charged applicable VAT on transfer
of inventory. The monetary effect thereof is unascertainabie. Further,
it had also transferred VAT liability amounting to Rs.2,86,442.
However, in case the transferee fails to meet this obligation, the
Company shall be liable to pay the same to the Department of Sales Tax.
9. Events Occurring after Balance Sheet Date
The Company had acquired controlling stake of 51% in Netesoft India
Limited.
10. Dues to Micro, Small and Medium enterprises
The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure requirements in this regard as per
Schedule VI of the Companies Act, 1956 could not be provided.
11. Balances of Loans and Advances, Sundry Creditors and Sundry
Debtors have been taken at value stated in the books of accounts and
the reconciliation is in progress. Necessary adjustments shall be
carried out wherever applicable.
12. The figures of previous year were audited by a firm of Chartered
Accountants other than M/s. D. N. Kanabar & Co.
13. Figures have been rounded off to nearest rupee.
14. Previous years figures have been regrouped / re-classified
wherever necessary to conform to this years classification.
Mar 31, 2009
1. The Company had taken Cash Credit of Rs. 35.00 Lacs from a bank by
creating first charge on its Current Assets.
2. Capital WorkingÃin Progress
The Technological Capital work in progress amounting to Rs.
2751600/-incurred in Earlier years pertain to the expenditure incurred
by the company for acquisition of intellectual property and
understanding of the market for various categories of proposed herbo-
pharma and FMGC product range . Both these proposed items need an
increase in the purity level of the core product for which further work
and investment are required. As such this pertains to the technological
work-in progress and is accordingly classified by the management. Being
a technical matter auditors have relied upon the judgment of the
management
3. Miscellaneous Expenditure is written off over a period of five
years and Trail Run Expense is written off over a period of Ten years
4. Confirmations of balance have been received in respect of major
Creditors and Debtors except for Loans and Advances.
5. Advances recoverable in cash or in kind or for value to be received
includes Rs.5123442/-, given to parties in earlier years in pending
recovery over a long period of time. The auditors have relied upon the
judgment of the management that the advances are duly classified and
are fully realizable.
6. Previous years figures have been regrouped/recast wherever
necessary.
7. Additional Information pursuant to the provisions of paragraph 3,4
and 4d of the part II Schedule VI of the Companies Act,1956