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Uniport Computers
BSE: 523632|ISIN: INE491B01011|SECTOR: Computers - Software Medium/Small
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Notes to Accounts Year End : May '06
ANNUAL REPORT 2005-2006
 
 NOTES ON ACCOUNTS
 
 Significant accounting policies and notes forming part of accounts:
 
 1. Significant Accounting Polices:
 
 Basis of accounting:
 
 The  financial  statements  for  the year  has  been  complied/prepared  in 
 accordance with the historical cost convention and as an on going  concern. 
 The basis adopted materially complies with the requirements as provided  in 
 the accounting standards.
 
 NOTES TO ACCOUNTS:
 
 A)  consequent upon collapse of the operating office located at  'B'  Wing, 
 III  Floor Poonam Chambers, Dr Annie Basant Road, worli,  Mumbai-400018  on 
 16th September, 1997, the company lost all fixed assets, current assets and 
 all  records.  The company had to rely on available document  from  outside 
 agencies  for compiling the accounts for the year 1997-98 and the same  had 
 to be relied upon for continuity and inclusion in subsequent account annual 
 reports.
 
 B)  Having lost all the fixed and current assets located at  the  operating 
 office  due to collapse of the building the company, has shown the  balance 
 outstanding un the books prior to the collapse as 'Claim receivable'  based 
 on  legal opinion this claim receivable has been classified  separately  in 
 the  current  assets schedule. The realisibility of the claim  will  depend 
 upon the out come of the legal proceeding.
 
 C) No provision has been made in the accounts for the interest  due/payable 
 to  the institutions/bank for the year under review since  16th  September, 
 1997.
 
 D)  The  company  lost all inventories as on 16th September,  1997  due  to 
 collapse  of the operating office and based on legal opinion,  the  balance 
 outstanding in the books have been included under claim receivable and  has 
 been classified under current assets subsequent to 16th September, 1997 any 
 inventory   acquired/generated   has  been  valued  at   cost   or   market 
 price/realizable value whichever is lower.
 
 E)  The net worth of the company would have been lower than 50%of its  peak 
 net  worth  but  for the claim receivable/lodged  as  shown  under  current 
 assets. Under the circumstances and based on the legal opinion, the company 
 did  not  make  any reference to BIER as was required for  a  sick  company 
 within  the  meaning of section 3(1)(0) of the  sick  industrial  companies 
 (special provision) act, 1985.
 
 F)  Some of the debit/credit balance, balance due to/from  banks,  advance, 
 debtors, creditor are pending confirmation/reconciliation.
 
 G) Contingent liabilities:
 
 Current year-Nil Previous year - Nil
 
 H) Quantitative details:	            Current Year     Previous Year
 			                   (Rs.in Lakhs)     (Rs.in Lakhs)
 
 i) Licenced Capacity	                         N.A		   N.A
 
 ii) Installed Capacity	                         N.A  		   N.A
 
 iii) Sales & Services
      business software & others	               34.55		 38.58
 	
 iv) Computer software	                         N.A		   N.A
 
 The  nature of products dealt with and the nature of services  provided  by 
 the company are not capable of being expressed in generic units. Hence, its 
 is not possible to give the quantitative vi of the companies act, 1956.
 
 k) Expenditure in foreign currency	    Current Year     Previous Year
 			                   (Rs.in Lakhs)     (Rs.in Lakhs)
 		
 Foreign Travel		                        Nil	           Nil
 	
 l) Earning in foreign currency
    software development services
    and products( exports)		        Nil	           Nil
 
 m) Remuneration to Auditors		   Rs.7,500	      Rs.7,500
 
    Statutory Audit		           Rs.2,500	      Rs.2.500
 
    Tax Audit		                        Nil	           Nil
 
    Other Matters
 
 n) Others:
 
 i)  Previous  years  figures  have  shown  regrouped/rearranged,   wherever 
 considered necessary.
 
 ii) All figures are rounded off to nearest rupee.
 
 II. DEPRECIATION:
 
 Depreciation  has  been accounted for till the availability  of  the  fixed 
 assets on straight-line method at the rates and in the manner prescribed in 
 Schedule XIV of the Companies Act, 1956. 
 
 III. REVENUE RECOGNITION:
 
 Revenue  recognition  from Sales is recognized after dispatch of  goods  to 
 customers.
 
 For V. S. PARAB & ASSOCIATES	                     ON BEHALF OF THE BOARD
 
 V. S. PARAB	                               S PAWASKAR     PHILIP AMOLIK
 PROPRIETOR	                                 DIRECTOR          DIRECTOR
 
 Place : Mumbai
 Dated : 26/10/2006
Source : Dion Global Solutions Limited
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