| (i) The Company has issued only one class of shares referred to as
Equity Shares having a par value of Rs 10/-. All Equity Shares carry
one vote per share without restrictions and are entitled to Dividend,
as and when declared. All shares rank equally with regard to the
Company's residual assets.
1. Previous year figures have beanery-grouped/re-classified whenever
necessary to correspond with the current year
classification/disclosure.
2. Balance of receivables, payables and loans and advances parties are
subject to their confirmations. These balances are therefore, subject
to adjustments, if any, as may be required on settlement of these
balances with the parties.
3. In the opinion of the board, current assets, loans & advances are
approximately of the value stated if realized in the ordinary course of
business.
4. Disclosure required for Employee Benefit (Revised 2005) as per
Accounting Standard 15 of ICAI is not given as it is not applicable to
the company for the year.
5. There are no dues to Micro, Small and Medium Enterprise as at 31st
March, 2015. This information is required to disclose under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. Contingent Liability
No contingent liability existed as at the date of Balance Sheet
7. Consequent to the accounting standard AS-22 effective from 1st
April, 2002 dealing with "Accounting for taxes on Income " issued by
the ICAI
8. The significant component and classification of deferred tax
Assets and liabilities on account of timing differences are.
9. The company had bided for CBM Blocks in consortium with Deep
Industries Limited for Godavari Vally (North) Block in CBM Round III.
The company has successfully bagged a contract for exploration of Coal
Bed Methyl (CBM) from Government of India on revenue sharing basis.
Deep Industries Limited initially incurred expenses for various license
application, tender fees, technical fees and other expenses and sent a
debit note of" 1,37,035/- towards company's share of expenses. The
company has debited the expenses of" 1,37,035/- to Capital Work in
Progress Account for the financial year 2014-15.
10. Segment Reporting
The Company is engaged in the finance activity having mainly the
interest income and bill discounting income and there are no separate
reportable segment as per AS - 17 on segmental reporting issued by
ICAI. The Company does not have any reportable geographical segment.
11. Leases
Lease payments made under cancellable operating lease amounting to "
74,160.00/- (Previous year" 66,742.00/-) disclosed as rent and the same
have been recognized as an expenses in the profit and loss account.
12. Impairment of Assets
Adoption of Accounting Standard 28 on impairment, as mentioned in the
note on accounting policies does not have any impact on either profit
for the year or on the net assets of the company at the year end.
13. Disclosure regarding depreciation
During the year, pursuant to the notification of Schedule II to the
Companies Act, 2013 with effect from April 1, 2014, the Company revised
the estimated useful life of its assets to align the useful life with
those specified in Schedule II.
Pursuant to the transition provisions prescribed in Schedule II to the
Companies Act, 2013, the Company has fully depreciated the carrying
value of assets, net of residual value, where the remaining useful life
of the asset was determined to be nil as on 01 April, 2014 and has
written off an amount of" (-) 23,355/ - to Profit and Loss Account
(Reserve & Surplus).
14. Related Party Disclosures
As per the Accounting Standard on "Related Party Disclosures" (AS-18)
issued by the Institute of Chartered Accountants of India, the related
parties and the details of transactions with them are as follows.
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