1. Contingent liability not provided for;
- Claims against the Company / Disputed Liabilities, not acknowledged
as Debt: Rs. 22.53 Lacs (Previous Year: Nil)
- Bank Guarantee provided by Union Bank of India on behalf of Company
in favor of Bombay Stock Exchange Limited in lieu of Security Deposit
to Bombay Stock Exchange Limited : Rs. 31.99 Lacs (Previous Year: Nil)
2. The company has started its operation in computer software in the
preceding fiscal i.e. F.Y. 2009-10.
3. Profit / loss from F&O and Non Delivery transactions are accounted
for on net of brokerage paid.
4. Advances recoverable in cash or in kind or for value to be received
in respect of which company is fully secured includes:
a. Rs. 5,81,91,847/- secured against Immovable Property.
b. Rs 24,58,21,203/- secured against Shares.
5. Foreign Currency Transactions:
Outgo in foreign currency: Traveling Expenses: Rs. 1,49,965/- (Previous
Year: Purchase of BUGGY Rs 493216/- & Traveling Exp. Rs 14550/-)
Earning in Foreign Currency: Export Proceeds -STPI Unit Rs.
12,635,892/- (Previous year Rs. 5,549,362-)
6. Balances of the Sundry Debtors, Loans and Advances and Sundry
Creditors are subject to confirmation and resultant reconciliation, if
any.
7. There are no dues to Micro and Small Enterprises as at 31s1 March,
2011. This information as required to be disclosed 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.
8. In accordance with Accounting standard AS -1 8relating to
Related Party Disclosures, information pertinent to related party
transaction is given as under:-
Parties Where Control Exists : Nil
Parties with whom transaction have taken place during the year.
A. Name of the related parties & description of relationship
a) Key Managerial Personnel and
their enterprises Shri. Bharat Shiroya
(Executive Director)
Smt. Annu Agrawal (Director)
Shri Anil Agrawal (Managing Director)
Anil Agrawal - HUF
(HUF of Mr. Anil Agrawal,
Managing Director)
Shri Jugal Thacker
(Independent Director)
Shri Janak Mehta
(Independent Director)
Shri Anand Agrawal
(Independent Director)
b) Relative of Key Managerial
Personnel N.A
c) Associates Comfort Securities Ltd.
Comfort Commotrade Pvt. Ltd.
Comfort Capital Pvt. Ltd.
Luharuka Investment &
Consultants Pvt. Ltd.
Luharuka Exports Pvt. Ltd.
9. Segment Reporting
A) The accounting policies adopted for segment reporting are in line
with the accounting policies used in the preparation of financial
statements.
B) Segment Assets includes all operating assets used by the segment and
consist primarily of debtors, inventories and fixed assets. Segment
liabilities include all operating liabilities and consist primarily of
deposits from customers, creditors and statutory liabilities.
10. Rights Issue and Utilization of Proceeds:
During the current financial year i.e FY 2010-11, Company has issued
15,99,69,040 Equity Shares of face value of Re. 1 at an issue price of
Rs. 4 per Equity Share by way of Rights Issue making total subscribed,
issued and paid up equity share capital to Rs. 31,99,38,080 /- divided
into 218,00,35,200 equity shares of Re. 1/- each.
Utilization of Proceeds of Rights Issue:
* Signifies the Payment to Broker against bills as well as for Margin
requirements.
The Balance fund has been invested in Fixed Deposits, Shares and
Securities and lying in Bank Accounts.
11. The Previous years figures have been regrouped / rearranged/
reclassified wherever necessary. Amount sand other disclosures for the
preceding financial year are included as an integral part of current
years financial statements.
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