| 1.1 The Company has only one class of shares referred to as equity
shares having a par value of Rs. 25/- Each holder of equity shares is
entitled to one vote per share.
1.2 In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all the preferential amount, in the proportion
of the number of equity shares held by each share holders.
2. Pursuant to the Companies Act 2013, the Company has applied the
useful lives of the fixed assets as specified in Schedule II, except
in respect of computer software, where the amortisation is made as per
the policy consistently followed by the Company in the past.
Accordingly, the unamortised carrying values of the fixed assets are
being depreciated over the remaining useful lives of the respective
assets, after considering the specified residual value of the assets.
The written down value of Fixed Assets whose lives have expired as at
I st April 2014, have been adjusted, net of tax, in opening balance of
statement of Profit and Loss.
3. The Regional Provident Fund Office, Mumbai (RPFO) vide its Order
dated 24.09.2013 had directed the Company to pay Provident Fund dues
amounting to Rs. 23.55 Lacs in respect of certain contract workers,
retrospectively w.e.f. 01.04.1999 onwards. The RPFO has fully
recovered the said amount from the Company. The Company has however,
preferred an appeal against the Order before the EPF Appellate
Tribunal, New Delhi (EPFAT). Pending decision of the EPFAT, the amount
so recovered has been disclosed under the heading "Long Term loans &
Advances". The interest and penalty, if any, payable thereon is
presently not ascertainable.
4. Segment Reporting:
The Company is, at present, primarily engaged in a single business
segment of providing and rendering administrative and allied services
and operates only in a single geographical segment.
5. Related Party Disclosures:
As per Accounting Standard 18, the disclosures of transactions with
related parties are as under : I) Relationships:
(a) Related Parties where control exists (on the Company):
i) Bachhraj & Company Pvt. Ltd.
ii) Sikkim Jansewa Pratisthan Pvt. Ltd.
iii) Jamnalal Sons Pvt. Ltd.
c) Enterprises over which Key Managerial Personnel (KMP) or their
relatives are able to exercise ' Significant Influence, where
transactions have taken place.
6. (a) "Other Liabilities" and "Creditor for Capital Goods"
in Note 7' to Account include (i) Rs. Nil (31.03.2014
Rs. Nil) due to micro and small enterprises registered under the Micro,
Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs.
33,03,007 (31.03.2014 Rs. 29,35,874/-) due to other creditors.
(b) No interest is paid / payable during the year and there in no
interest accrued / payable under the MSME at the close of the year.
(c) The above information has been determined to the extent such
parties could be identified on the basis of the information available
with the Company regarding the status of the suppliers under the MSME
7. In the opinion of the Board of Directors, all items of Current
Assets, Loans and Advances continue to have a realizable value of at
least the amounts at which they are stated in the Balance Sheet,
unless otherwise stated.
8. Balances of Loans and advances, Creditors for Capital goods and
Sundry Deposits are subject to confirmation and are as per books of
account only. However, in the opinion of management, the
reconciliation will not have any material impact on profitability of
the Company for the year.
9. Effective from April 01,2014 the Company has charged depreciation
based on the remaining useful life of the assets as per the
requirement of Schedule II of the Companies Act, 2013. Due to above,
the depreciation charge for the year ended March 31,2015 is higher by
Rs. 36,96,700/- Further, based on transitional provision of Schedule II,
an amount Rs. 9,88,404/- ( net of deferred tax Rs. 4,41,992/-) has been
recognised in the Retained Earnings.
10. The provisions of Section 135 of the Companies Act, 2013 read
together with the rules framed thereunder relating to CSR initiatives
which need to be undertaken by specified companies are at present not
applicable to the Company.
11. Previous year's figures have been regrouped / reclassified
wherever necessary.
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