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SVC Resources

BSE: 512449|ISIN: INE254H01044|SECTOR: Mining & Minerals
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VOLUME 1
SVC Resources is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
(a) Basis of preparation
 
 These financial statements have been prepared in accordance with the
 Generally Accepted Accounting Principles in India (''Indian GAAP'') to
 comply with the Accounting Standards specified under Section 133 of the
 Companies Act, 2013, read with Rule 7 of the Companies (Accounts)
 Rules, 2014 and the relevant provisions of the Companies Act, 2013. The
 financial statements have been prepared under the historical cost
 convention on accrual basis, except for certain financial instruments
 which are measured at fair value.
 
 (b) Use of estimates
 
 The preparation of financial statements requires the management of the
 Company to make estimates and assumptions that affect the reported
 balances of assets and liabilities and disclosures relating to the
 contingent liabilities as at the date of the financial statements and
 reported amounts of income and expense during the year. Examples of
 such estimates include provisions for doubtful receivables, employee
 benefits, provision for income taxes, accounting for contract costs
 expected to be incurred, the useful lives of depreciable fixed assets
 and provision for impairment. Future results could differ due to
 changes in these estimates and the difference between the actual result
 and the estimates are recognised in the period in which the results are
 known / materialise.
 
 The Company Law Board, vide its order dated April 4, 2014 had removed
 the management of the Company and asked to conduct an Extra Ordinary
 General Meeting (EGOM) to appoint new management.
 
 The old management did not handover any records i.e. books of accounts,
 statutory records, minute books, bank statements, user id and log-in
 passwords, subsidiary details, bank account of subsidiary, trade
 licenses of subsidiary, etc to the new management.
 
 In the meanwhile, the Company had filed Company Petition No. 10 of 2014
 with Company Law Board, Delhi for handover of records from old
 management to new management. The matter was decided on June 4, 2015 in
 favour of the new management. However, the handover of records has not
 happened to date.
 
 In view of the above, the Company neither has records of itself nor its
 subsidiary in Sharjah (UAE). Hence, the Company is unable to prepare
 consolidated accounts.
 
 As such, the Company has prepared the financial statements on the basis
 of information and records that were available. On recovery of
 additional information and records, the necessary effect will be given
 in accounts.
 
 The Company has already filed a complaint against the old management
 with the Economic Offences Wing (EOW) and is in the process of filing
 the same before Serious Fraud Investigation Office (SFIO).
 
 (c) Going concern
 
 As per Annual Reports available, the Company has incurred cash losses
 for two consecutive years.
 
 The Company is currently not carrying out any operations and entangled
 in legal matters.
 
 This may affect the going concern assumption. However, the Company and
 its New Management is positive of turning the Company around by
 resolving the legal hurdles and resuming operations thereafter.
 
Source : Dion Global Solutions Limited
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