| 1. TERMS/ RIGHTS ATTACHED TO EQUITY SHARES
The Company has only one class of equity share having par value of
Rs.10/- per share. Each holder of Equity share is entitled to one vote
per share.
In the event of liquidation of the company, the holder of equity shares
will be entitled to receive remaining assets of the Company after
distribution of all preferential amounts. The Distribution will be in
proportion to the number of equity share held by the shareholders.
2.OTHER NOTES ON ACCOUNTS
i Based on the information / documents available with the Company, no
creditor is covered under Micro, Small and Medium Enterprise
Development Act, 2006. As a result, no interest provision/payments have
been made by the Company to such creditors, if any, and no disclosures
thereof are made in these accounts.
ii The Company has parked temporarily its surplus funds in money market
liquid funds which are readily realisable.
iii The management has assessed that there is no impairment of Fixed
Assets requiring provision in the Accounts. Accordingly, there is no
debit to the Profit & Loss Account for the impairment of Assets.
iv The Financial Statements and Notes on Account has been prepared as
per Companies Act, 2013 with their Schedule as the same is effective on
1st April, 2014
v Deferred Taxation :
No Provision has been made for Deferred Tax Assets in respect of
assessed unabsorbed brought forward losses and unabsorbed depreciation
as per Income Tax Act in view on uncertainity of income that will be
available for realisation of the said asset. However, the company will
made the deferred tax assets/ liabilities on the timing difference for
the period in which there is virtual certainty of future income.
vi Segment Report:
The Company is not engaged in any business during the year so Segment
Reporting as per Accounting Standard 17 is not applicable.
vii Related Party Disclosure :
As per accounting statndard 18 the information for related parties is
given below: Name of the related parties
ASSOCIATES - None
SUBSIDIARIES - None
KEY MANAGEMENT PERSONNEL ( KMP )
1. Pradeep Kumar Daga (upto 31/01/2015) - Managing Director
2. Vinita Daga (from 01/02/2015) - Managing Director
(Wife of Pradeep Kr. Daga)
3. Harshwant Joshi (from 11/09/2015) - Chief Financial Officer
4. Sweta Sethia - Company Secretary
RELATIVES OF (KMP) - None
viii The Company has Complied this information based on the current
information in its possession. As at 31.03.2015, No supplier has
intimated the Company about its status as a Micro or Small enterprise
or its Registration with the appropriate authority under under Micro,
Small and Medium Enterprise Development Act, 2006.
Amount due to Micro Small and Medium Enterprises as on 31.03.2015 Rs.
NIL (PY Rs. NIL)
ix Effective from 1st April, 2014, the Company has charged depreciation
based on the useful life of the assets as per the requirement of
Schedule II of the Companies Act, 2013. It has recomputed the
depreciation on various fixed assets in accordance with and in the
manner prescribed with Part C of Schedule II of the Companies Act,
2013. The aggregate difference between the depreciation so computed as
per the companies Act, 2013 till 31st March, 2014 and the depreciation
charged in the accounts till 31st March, 2014 has been debited to the
opening balance of profit & Loss Account.
Deferred Tax assets arising there on has been debited to or credited to
against the opening balance of Profit & Loss Account.
x No provision has been made on account of leave salary as there are no
leave to the credit of employees as at the end of the year.
xi No provision has been made on account of gratuity as there are no
employees who have completed the required number of years as per the
Payment of Gratuity Act, 1972.
xii Previous Year figures have been regrouped, rearranged or recasted
wherever considered necessary.
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