Mar 31, 2014
1. Previous year figure have been regrouped/rearranged wherever
necessary.
2. Balances of some of the Sundry Debtors, Creditors, Loans & Advances
are taken as per Books of Accounts and are subject to confirmation from
respective parties.
3. Income Tax liability has been worked out as per provisions of
Income Tax Act 1961.
4. Quantitative Details of Opening Stock, Purchase, Sales, and Closing
Stock of Inventories are not Maintained
5. Expenditure and Earning in Foreign Currency: ----Nil----
6. Expenditure incurred on employees who are in receipt of
remuneration of not less than Rs. 2400000/-p.a. if employed for a whole
year and Rs.200000/- p.m if employed for a part of the year:
-----Nil-----
7. In case where voucher and/or supporting are not available it has
accepted as per the Books of Accounts maintained by the Assessee that
the expenses have been incurred wholly & exclusively for the purpose of
business or for creation of assets as the case may be. As explained to
us mostly purchase & sales of Agriculture products made in cash and
from/ to small farmers, for which proper supporting are not available.
8. Related Party Disclosures:
A. List of related Parties & Relationship:
a) Sisters Concern & Relatives:
i) M/s Alfavision Fibers P. Ltd
ii) M/s Vishnu Vision Credit & Capital Ltd.
9. The Computation of Net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of profit is not payable for the year to any of the
Directors of the Company.
10. In the opinion of the directors the assets had recoverable value
as compared to their carrying cost and therefore no provision is
considered necessary.
11. Opening balances have been incorporated from the Balance Sheet
audited by erstwhile Auditors.
12. In the opinion of the Board the current assets, loans & advances
have a value on realization in the ordinary course of business, at
least equal to the amounts at which they stated in the Balance Sheet.
13. The company''s bid for acquiring 9.8 Acres of land situated at
Ujjain yielded into a letter of Intent No.
MPSTC/95/MNG/97/ASSETS/ITU/1384 dated 28/11/1998 from MP Textile
Corporation Ltd. The bid in favor of your company was contested by
other interested parties in a P.I.L before MP High court and the
decision was given in the favor of the company. Against this decision
the other interested parties moved to Honorable Supreme Court of India,
where the contention of those parties was dismissed. The
transfer/possession of the said land to the company from the MPSTC Ltd
is under the process.
It is Premature to account for the land until the documents of the said
property comes under the company name. The recent orders of the high
court & subsequent applications forwarded and as stipulated by Supreme
Court, the Supreme Court also supports the contention of the company
and given the decision in favor of Company. The Company has given the
various representations to MPSTC Ltd and The Government of Madhya
Pradesh and therefore is in process of registering the said land soon.
Once the company takes control over the title and possession over the
said land, whole booking of transaction will take place thereafter.
14. Schedules referred to herein are under the same signature and form
an integral Hart of the Accounts.
Mar 31, 2013
1. Previous year figure have been regrouped/rearranged wherever
necessary.
2. Figure have been rounded off to the nearest rupee.
3. Balances of some of the Sundry Debtors, Creditors, Loans & Advances
are taken as per Books of Accounts and are subject to confirmation from
respective parties.
4. Income Tax liability has been worked out as per provisions of
Income Tax Act 1961 please also refer note no. 18 for more details.
5. Quantitative Details of Opening Stock, Purchase, Sales, and Closing
Stock of Inventories are not Maintained
6. Expenditure and Earning in Foreign Currency:
7. Expenditure incurred on employees who are in receipt of
remuneration of not less than Rs. 2400000/-p.a. if employed for a whole
year and Rs.200000/- p.m if employed for a part of the year:
ÂNil
8. In case where voucher and/or supporting are not available it has
accepted as per the Books of Accounts maintained by the Assessee that
the expenses have been incurred wholly & exclusively for the purpose of
business or for creation of assets as the case may be. As explained to
us mostly purchase & sales of Agriculture products made in cash and
from/ to small farmers, for which proper supporting are not available.
9. Related Party Disclosures:
A. List of related Parties & Relationship: a) Sisters Concern &
Relatives:
i)M/s Alfa vision Fibers P. Ltd
ii) M/s Vishnu Vision Credit & Capital Ltd.
10 The Computation of net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of profit is not payable for the year to any of the
Directors of the Company.
11. In the opinion of the directors the assets had recoverable value
as compared to their carrying cost and therefore no provision is
considered necessary.
12. Opening balances have been incorporated from the Balance Sheet
audited by erstwhile Auditors.
13. In the opinion of the Board the current assets, loans & advances
have a value on realization in the ordinary course of business, at
least equal to the amounts at which they stated in the Balance Sheet.
14. The company''s bid for acquiring 9.8 Acres of land situated at
Ujjain yielded into a letter of Intent No.
MPSTC/95/MNG/97/ASSETS/ITU/1384 dated 28/11/1998 from MP Textile
Corporation Ltd. The bid in favor of your company was contested by
other interested parties in a P.I.L before MP High court and the
decision was given in the favor of the company. Against this decision
the other interested parties moved to Honorable Supreme Court of India,
where the contention of those parties was dismissed. The
transfer/possession of the said land to the company from the MPSTC Ltd
is under the process.
During the previous years, the company entered into an MOU with the
Ujjai Estates Private Limited and other parties for the development of
the said land. However since until now the land is under litigation and
there is not Title control or possession of the company over the said
land, hence no development work was initiated.
Further, MOU has been entered during the year by the company with
Global Vision Infrastructures Private Limited and others (this MOU
superseded all previous MOUs). Whereby the Global Vision
Infrastructures Private Limited will develop the land as specified in
the MOU and all the liabilities & Assets of Ujjai Estates Pvt. Ltd. to
be taken over by Global Vision Infrastructures Private Limited.
According to the MOU, and considering the total Land allotment to be
received in favor of the Company as per the MOU, the Company will be in
possession and control of 120000 Sq. Ft of the aforesaid land. and
40000 Sq Ft of the land is to be reserved for Others (As per MOU) And
thereafter, the remaining land of the company i.e. 240000 Sq. feet will
be available for the development work to be carried out by Global
Vision Infrastructures Private Limited in the near future.
It was also decided under the MOU to strike off the Company Ujjai
Estates Private limited from the register of companies maintained under
The Companies Act, 1956 and following the MOU the application for
strike off was file with the ROC, and the same is "Under the Process
of Strike Off" as on 31st march 2013.
It is Premature to account for the land until the documents of the said
property comes under the company name. The recent orders of the high
court & subsequent applications forwarded and as stipulated by Supreme
Court, the Supreme Court also supports the contention of the company
and given the decision in favor of Company. The Company has given the
various representations to MPSTC Ltd and The Government of Madhya
Pradesh and therefore is in process of registering the said land soon.
Once the company takes control over the title and possession over the
said land, whole booking of transaction will take place thereafter.
Accordingly in the Previous Years the entry of allotment of said shares
in Ujjai Estates Private limited was passed in the books but at later
stage, on expert advice, the same was reversed in the same years, as
the company was not able to enforce sale of future rights.
Similarly as per expert advice, the income tax liability on all such
transactions shall be attracted not this year but in the year when
finality shall be arrived at hence, no income tax provision is made
during the year on such transactions.
15. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
Mar 31, 2010
1. Previous year figure have been regrouped/rearranged wherever
necessary.
2. Figure have been rounded off to the nearest rupee. Additional
information as required under Para 4, 4 A, 4 B, 4C, 4D, of Part II of
the Schedule VI of the Companies Act, 1956.
3. Balances of some of the Sundry Debtors, Creditors, Loans & Advances
are taken as per Books of Accounts and are subject to confirmation from
respective parties.
4. Income Tax liability has been worked out as per provisions of
Income Tax Act 1961 please also refer note no. 18 for more details.
5. Quantitative Details of Opening Stock, Purchase, Sales, and Closing
Stock of Inventories are not Maintained
6. Expenditure and Earning in Foreign Currency: ----Nil----
7. Expenditure incurred on employees who are in receipt of
remuneration of not less than Rs. 2400000/-p.a. if employed for a whole
year and Rs.200000/- p.m if employed for a part of the year: ---Nil---
8. In case where voucher and/or supporting are not available it has
accepted as per the Books of Accounts maintained by the Assessee that
the expenses have been incurred wholly & exclusively for the purpose of
business or for creation of assets as the case may be. As explained to
us mostly purchase & sales of Agriculture products made in cash and
from/ to small farmers, for which proper supporting are not available.
9. Related Party Disclosures:
A. List of related Parties & Relationship:
a) Sisters Concern & Relatives:
i) M/s Alfavision Fibers P. Ltd
ii) M/s Vishnu Vision Credit & Capital Ltd.
iii) Mr. Omprakash Ghisalal
iv) Mrs. Rekha Goyal
B. Transactions with related parties
a) Nature of Transactions Amount / Rs
Income:
Sales to Alfavision Fibers Pvt. Ltd. 61178346/-
Expenses:
Remuneration paid to Managing Director 240000/-
10. The Computation of net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of profit is not payable for the year to any of the
Directors of the Company.
11. In the opinion of the directors the assets had recoverable value
as compared to their carrying cost and therefore no provision is
considered necessary.
12. Opening balances have been incorporated from the Balance Sheet
audited by erstwhile Auditors.
13. In the opinion of the Board the current assets, loans & advances
have a value on realization in the ordinary course of business, at
least equal to the amounts at which they stated in the Balance Sheet.
14. The company's bid for acquiring 9.8 Acres of land situated at
Ujjain yielded into a letter of Indent No. MPSTC/95 /MNG /97 /ASSETS
/ITU /1384 dated 28/11/1998 from MP Textile Corporation Ltd. The bid in
favour of your company was contested by other interested parties in a
P.I.L before MP High court and the litigation is yet continued with the
result that your company could not pay the remaining consideration of
Rs. 341 lacs and the transfer/possession of land to the company also
became contingent upon the decision of the court & further action to be
taken by MPSTC Ltd.
However in anticipation of acquiring the said land and selling it for a
gain the Company entered into an MOU with Mr. Vinod Gupta. Therefore,
in consideration of the sale of future rights, UJJAI ESTATES Pvt Ltd
has allotted 1.20 Cr. Shares of Rs. 5 each to the company.
Though UJJAI ESTATES Pvt Ltd allotted the shares pursuant to the MOO
dated 10/11/2007 your company in turn affected transfer of 50% of such
shares to Mr Vinod Gupta in individual capacity as a consideration of &
following outcome
1) The efforts of the second partner in contesting the presently
pending litigation before the Hon'ble High Court of Madhya Pradesh,
Indore & if required , before any other Body or Authority, including
the Hon'ble Supreme Court of India, & meeting cost towards contesting
the pending litigation.
2) Payment of a sum of Rs l,50,00,000(Rs one crore fifty lacs) to
Alfavision by the Second partner, and
3)The balance amount ordered to be paid by the court, towards the cost
of the land to MP State Textile Corporation, and any other charges and
amounts, if any, thereon as may be directed to be paid by the court,
which shall be paid by the second partner.
Further such Rs. 150 lacs received last year in the same related
transaction was shown as unsecured loan owing to it being a part
payment and our inability to fulfill our commitment to transfer the
land to UJJAT ESTATES Pvt Ltd. As the transactions of 1.) Acquiring the
land and sale thereof, and 2.) In the event of the unsuccessful sale &
transaction of returning back 50% of the aforesaid shares are closely
inter linked due to two way deal & the same being contingent upon the
court decision, no finality has been arrived at and therefore it is
premature to incorporate the same in the accounts. However, The
earnest money of Rs. 301acs deposited with MPSTC remains shown as
advance against land of MP textile corporation Ltd in the books of
accounts.
The nature of the said transactions being closely interlinked &
dependent on one another, also there is a condition in MOU that in case
of failure in court the balance 3 Crores shares shall have to be
transferred by the company to Mr. Vinod Gupta, hence the said shares
are not freely transferable in the hands of the company, the allotment
being conditional no finality being arrived at. It is Premature to
account for the said transactions in the books of accounts in view of
the fluid situation of the matter involving proposed sale of future
right of land, the company has not yet become the owner of the land and
is unable to deliver possession, the Board is of the view that the
entire transaction can be completed and recorded only when the final
judgment of the court is delivered & the effective sale is made by MPTC
Ltd. to the company. The recent interim order of the high court also
supports the contention of the company. And the company is hopeful to
win the case.
Accordingly last year the entry of allotment of said shares was passed
in the books but at later stage, on expert advice, the same was
reversed at the year end as the company was not able to enforce sale of
future rights.
Your company expects an early decision of the court and the transaction
shall be accounted for when finality would be certain. Similarly as per
expert advice, the income tax liability on all such transactions shall
be attracted not this year but in the year when finality shall be
arrived at hence, no income tax provision is made during the year on
such transactions.
15. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
Mar 31, 2009
1. Previous year figure have been regrouped/rearranged wherever
necessary.
2. Figures have been rounded off to the nearest rupee.
3. Balances of some of the Sundry Debtors, Creditors, Loans & advances
are taken as per Books of Account and are subject to confirmation from
respective parties.
4. No Provision for taxation is necessary in view of carry forward
losses and unabsorbed depreciation and losses during the year.
5. Quantitative Details of Opening Stock, Purchase, Sales, and Closing
Stock of Agriculture products & script are not Maintained.
6. Expenditure and Earning in Foreign Currency : -Nil-
7. Expenditure incurred on employees who are in receipt of
remuneration of not less than Rs. 2400000/- p,a. if employed for a
wjjgje year and RÃs.200000/- p.m. if employed for a part of the
year.: -NilÃ
8. In case where voucher and/or supporting are not available it has
accepted as per the Books of Account maintained by the Assesses the
expenses have been incurred wholly & exclusively for the purpose of
business or for creation of assets as the case may be. As explained to
us mostly purchase & Sales of Agriculture products made in cash and
from/ to small farmers, for which proper supporting are not available.
9. The Computation of net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as Commission by way of
percentage of Profit is not payable for the year to any of the
Directors of the Company,
10. In the opinion of the directors the assets had recoverable value as
compared to their carrying Cost, and therefore no provision is
considered necessary.
11. Opening balances have been incorporated from the Balance Sheet
audited by erstwhile Auditors.
12. In the opinion of the Board the current assets, loans St advances
have a value on realisation in the ordinary course of business, at
least equal to the amounts at which they are stated in the Balance-
Sheet.
13. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
Mar 31, 2008
1. Previous year figure have been regrouped/rearranged wherever
necessary.
2. Figures have been rounded, off to the nearest rupee.
3. Balances of some of the Sundry Debtors, Creditors, Loans & advances
are taken as per Books of Account and are subject to confirmation from
respective parties.
4. No Provision for taxation is necessary in view of carry forward
losses and unabsorbed depreciation and losses during the year.
5. Quantitative Details of Opening Stock, Purchase, Sales, and Closing
Stock of Agriculture products & script are not Maintained.
6. Expenditure and Earning in Foreign Currency : -----Nil-----
7. Expenditure incurred on employees who are in receipt of
remuneration of not less than Rs. 2400000/- p.a. if employed for a
whole year and Rs.200000/- p.m. if employed for a part of the year. :
-----Nil-----
8. In case where voucher and/or supporting are not available it has
accepted as per the Books of Account maintained by the Assesses that
the expenses have been incurred wholly & exclusively for the purpose of
business or for creation of
9. The Computation of net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as Commission by way of
percentage of Profit is not payable for the year to any of the
Directors of the Company.
10. In the opinion of the directors the assets had recoverable value as
compared to their carrying Cost, and therefore no provision is
considered necessary.
11. Opening balances have been incorporated from the Balance Sheet
audited by erstwhile Auditors.
12. In the opinion of the Board the current assets, loans & advances
have a value on realisation in the ordinary course of business, at
least equal to the amounts at which they are stated in the Balance-
Sheet.
13. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.