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SVP Global Ventures

BSE: 505590|ISIN: INE308E01011|SECTOR: Textiles - General
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SVP Global Ventures is not listed on NSE
Mar 16
Notes to Accounts Year End : Mar '18

Corporate Information

SVP GLOBAL VENTURES LIMITED (the Company) is a listed Public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. The Company is engaged In Manufacturing of Textiles Goods.

Basis of Preparation

I. Compliance with IND AS

These financial statements “Standalone” have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (‘Act’) read with of the Companies (Indian Accounting Standards) Rules,2015 as amended and other relevant provisions of the Act.

These financial statements for the year ended 31st March, 2018 are the first financials with comparatives, prepared under Ind AS. For all previous periods including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the accounting standards notified under companies (Accounting Standard) Rule, 2006 (as amended) and other relevant provisions of the Act (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India.

The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the date of transition to Ind AS.

ii.Historical Cost convention

The financial statements have been prepared on the accrual and going concern basis. The financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities that is measured at fair value as stated in subsequent policies.

The accounting policies have been applied consistently over all the period presented in these financial statements.

iii. Current non-current classification

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.

A). NOTES FORMING PART OF ACCOUNTS:

1. No contract on capital account remains to be executed.

2. Contingent Liability in the books of Rs. Nil. (P.Y. Bank Guarantee to DGFT of Rs. 1, 41, 60,000/-)

3. The amount of Exchange difference (Net) debited to the profit & Loss Account for the Year Rs. 55,177/

4. The Company has considered interest subsidy income of Rs.3,24,57,399/-from State Government of Rajasthan out of which Rs. 2,43,20,412 /- already been received and balance of Rs. 81,36,987/- shown under Interest subsidy receivable.

5. The balances appearing under Sundry Debtors, Sundry Creditors Advances to Suppliers and others are subject to confirmation.

6. Details of remuneration to Managing Director and Whole Time Director

7. The company has not received information from suppliers regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence the disclosures, if any, relating to amount unpaid as at the year-end together with interest paid/payable and other disclosures required to be made U/s.22 of the above Act is have not been given.

8. In determining Earning per share as per Ind AS - 33, the Company has considered net profit after tax. The Number of Shares used for determining basic EPS is the total Number of shares issued & fully paid up as at 31st March, 2018.

9. The cash flow Statement As per Ind AS 7 is as per Annexure.

10. No disclosure is required under Ind AS-105 on “Discontinuing Operations” issued by the Institute of Chartered Accountants of India as the company has not discontinued any line of its activity/product line during the year.

*Deferred tax Asset is created only to the extent of timing differences, the reversal of which has virtual certainty as per clause 18 of IND AS 12

11. RELATED PARTY TRANSACTIONS:-

1. Related parties particulars pursuant to “ Ind Accounting Standard - 24”

- Scenario Communication Limited holds 67.58% of SVP Global Ventures Limited

- SVP Global Ventures Limited holds 99.99% of Citron Infraprojects Limited

12. Figures of the previous year have been regrouped and reclassified wherever necessary to confirm to the current year’s classification.

Source : Dion Global Solutions Limited
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