| 1. CONTINGENT LIABILITIES
a) Corporate Guarantee issued to the banker of Mefcom Securities Ltd.
(subsidiary company) for securing guarantee issued by their banker '
1,00,00,000/- (Previous Year Rs. 1,00,00,000/-).
b) Capital Commitments: Estimated amount of contracts to be executed on
capital account but not provided for - Rs.2,70,00,000/-(Previous
Year-Rs.2,70,00,000/-)
2. PROVISION FOR TAXATION
a) . Provision for Income-tax has been made in accordance with the
provisions of the Income-tax Act, 1961.
b) . The Company has carry forward losses under tax laws. In absence of
virtual certainty of sufficient future taxable income, net deferred tax
asset has not been recognized in accordance with the Accounting
Standard - 22 on "Accounting for Taxes on Income'.
3. The Company has identified that there is no material impairment of
assets and as such no provision is required in terms of Accounting
Standard-28 on "Impairment of Assets".
4. No amount was due to the suppliers registered under The Micro,
Small and Medium Enterprises Development Act, 2006 as on 31st March,
2015.
5. SEGMENT REPORTING
The company has considered business segment as the primary segment.
Segments have been identified taking into account the nature of the
activities, the differing risks and returns, the organisation structure
and internal reporting system. There are no reportable geographical
segments.
Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amount identifiable to each segment
and also amount allocated on a reasonable basis. Assets, Liabilities,
Incomes and Expenses that can not be allocated between the segments are
shown as part of Unallocable Assets, Liabilities, Incomes and Expenses
respectively.
6. RELATED PARTY DISCLOSURE
Related Party Disclosure in accordance with the Accounting Standards
(AS-18) on "Related Party Disclosures" are as under:
i) Related Parties : List of related parties where control exists and
related parties with whom transactions have been taken place and
relationships:
Kev Management Personnel: Subsidiary:
Mr. Vijay Mehta - Chairman Mefcom Securities Ltd.
Enterprise over which
key management personnel can
exercise significant influence:
IKMA Infoway Private Ltd.
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
7. EMPLOYEES BENEFITS
a) Denned Contribution Plan
There was no employee in the company who was eligible for contribution
to Providend Fund or any other Fund.
b) Defined Benefit Plan
Gratuity is being provided on cash basis. During the year no gratuity
was paid.
c) The company does not have practice of carry forward and encashment
of unavailed leaves. Therefore, no disclosures are required in this
regard.
8. Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II, except
in respect of certain assets as disclosed in Accounting policy on
Depreciation and Amortization. Accordingly the unamortized carrying
value is being depreciated/ amortized over the revised/ remaining
useful lives. The written down value of Fixed Assets whose lives have
expired as at 1 st April 2014 have been adjusted on the opening value
of General Reserve Account amounting to Rs.3,04,800.67.
Due to change in useful life of the assets as per Schedule II to the
Companies Act, 2013, there is a higher charge of depreciation of
Rs.1,13,104.35 and a corresponding impact on the written down value of
the assets.
9. In the opinion of the management, Current/Non Current Assets,
Loans and Advances shall have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated in the Balance Sheet and provision for all known liabilities
have been made and contingent liabilities disclosed properly.
10. Previous years' figures have been regrouped / rearranged wherever
considered necessary to conform to current years' classification.
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