Mar 31, 2015
1. Rights, preferences and restrictions attached to equity shares
The company has only one class of Equity Shares having a par value of
Rs.10 per shares. Each holder of equity shares is entitled to one vote
per share. Any shareholder whose name is entered in the Register of
Members of the company shall enjoy the same rights and be subject to
the same liabilities as all other shareholders of the same class.
2. Dividend proposed by the Board of directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. The
company in general meeting can't declare dividend in excess of the
amount recommended by the Board. Dividend as declare in the ensuing
Annual General Meeting shall be distributed within the period prescribed
under the Companies Act, 2013.
3. In the event of winding up of the company, Equity Shareholders will
be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. For the said purpose, the
liquidator may set such value as he deems fair upon any property to be
divided and may determine how such division shall be carried out between
the members.
4. Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II, except
in respect of certain assets as disclosed in Accounting Policy on
Depreciation, Amortisation and Depletion. Accordingly, the unamortised
carrying value is being depreciated/amortised over the
revised/remaining useful lives. The written down value of Fixed Assets
whose lives have expired as at 1st April 2014 have been adjusted net of
taxes, in the opening balance of Profit and Loss Account amounting to
Rs. 397,375.84/-
5. Term Loan represents the loan taken from Bank of Baroda for
purchase of Machinery, secured, by charge against repective Machinery
and are repayable in 60 monthly instalments. Loan outstanding as on
date is Rs. 265.00 Lacs.
6. Claim of interest by Bank of Maharastra is disputed by the Company
as non payable.
7. Interest on late payment of Rs. 2,684,738/- (2013-2014 - Rs.
2,684,738/-) and Rs. 18,725/- (2013- 2014 Rs. 18,725/-) has been levied
under the Employees Provident Funds and Miscellaneous Provisions Act,
1952 and Employees State Insurance Act, 1948 respectively by the
authorities for the years 2000-2005. Appeal has been filed against this
demand in the Court and provision has been created for this liability
in the books of accounts. Out of this demand, Rs. 498,387/- has been
deposited with the authorities under protest and adjusted with this
provision amount.
8. Packing Credit loans and Foreign Bills Loans availed from Bank of
Baroda, International Business Branch, Sansad Marg, New Delhi are
secured by hypothecation of present and future stock of raw materials,
stock in progress, finished goods, stores and spares, books debts and
outstanding receivables.
9. Aggregate amount of quoted investments in Baroda Pioneer
ELSS-96-Plan A Dividend (Market value of 4,734,225/- (2013-2014 Rs.
2,695,915/-)
PARTICULARS As at As at
31.03.2015 31.03.2014
Rupees Rupees
10. LONG TERM LOANS AND ADVANCES
(Unsecured and Considered Good)
Security Deposits 1,874,888 1,674,888
Other Loans and Advances
(Refer Note-13.1, 13.2, 13.3) 54,180,732 31,209,587
TOTAL 56,055,620 32,884,475
11. Excise demand of Rs. 10,000,000/- (2013-2014- Rs. 10,000,000/-)
has been paid in protest to the Excise Department. Company has filed an
appeal in Central Excise and Service Tax Appellate Tribunal against the
order of Commission Adjudication - Excise Department.
12. Civil Court, Gurgaon has settled the claim of arrears of Rs.
21,41,830/- of Employees State Insurance Scheme for the years 1997 to
2001 levied by Regional Office of Employees State Insurance Corporation
at Rs. 708,144/- along with interest Rs. 378,175/-. The arrears and
interest aggregating to Rs. 10,86,319/- has been charged to Profit and
Loss Account.
13. Following are the contingent liabilities, which has not been
provided for:
a) Bank Guarantee of Rs. 4,700,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
b) Excise Duty of Rs. 50,000,000/- out of which Rs. 10,000,000/- has
been paid in protest for filing the appeal with the Tribunal.
c) Bank Guarantee of Rs. 60,000/- issued to Assistant Commissioner,
Central Excise, Delhi-III
14. Speculative loss of Rs. 5,124,972.38 (2013-2014 Rs. 6,833,296.51)
incurred on trading of foreign currency, as per accounting policy, has
been amortized in five years in equal installments.
15. In the opinion of the management, the current assets, loans and
advances have a value on realization in the ordinary course of the
business at least equal to the amount at which they are stated in the
balance sheet.
16. Related Party Disclosures:
a. Following are related parties:
Key Management Personnel Mr. Suneel Gupta (Managing Director)
Mrs. Sangeeta Gupta (Whole time Director)
b. Related party transactions:
Transaction Key Management Personal
2014-2015 2013-2014
Director Salary 11,900,000 6,000,000
c. No balance has been written off and written back of the related
parties during the year.
Mar 31, 2014
General
(A) The voting period begins on 22nd September, 2014 (9:30 am) and ends
on 24th Septemebr, 2014 (6:30 pm). During this period shareholders'' of
the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date of 29th August 2014, may
cast their vote electronically. The e- voting module shall be disabled
by CDSL for voting thereafter.
(B) Mr. Deepak Bansal, Practising Company Secretary, (Membership Number
FCS 3736), has been appointed as the Scrutinizer to scrutinize the
e-voting process.
(C) The voting rights of shareholders shall be in proportion to their
shares of the paid up equity share capital of the Company as on 29th
August 2014.
(D) In case you have any queries or issues regarding e-voting, you may
refer the Frequently Asked Questions ("FAQs") and e-voting manual
available at www.evotingindia.com under help section or write an email
to [email protected].
Re-issued of 45,849 forfeited equity shareon preferential allotment
basis to the non promoters (45,849 equity shares) on September 13, 2013
at Rs. 10/- per share pursuant to the provision of Chapter VII of the
SEBI (ICDR) Regulations, 2009, in principal approval of Bombay Stock
Exchange under Clause 24(a) of the listing agreement and special
resolution passed in the Extra Ordinary General Meeting on March 19,
2013. These shares were listed on November 11, 2013 in in BSE.
45,849 equity shares issued to non promoters on September 13, 2013 are
under lock-in period upto September 12, 2014
1.2 Rights, preferences and restrictions attached to equity shares
The company has only one class of Equity Shares having a par value of
Rs. 10 per shares. Each holder of equity shares is entitled to one vote
per share. Any shareholder whose name is entered in the Register of
Members of the company shall enjoy the same rights and be subject to
the same liabilities as all other shareholders of the same class.
Dividend proposed by the Board of directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting. The company
in general meeting can''t declare dividend in excess of the amount
recommended by the Board. Dividend as declare in the ensuing Annual
General Meeting shall be distributed within the period prescribed under
the companies Act, 1956.
In the event of winding up of the company, Equity Shareholders will be
entitled to receive remaining assets of the company, after distribution
of all preferential amounts. For the said purpose, the liquidator may
set such value as he deems fair upon any property to be divided and may
determine how such division shall be carried out between the members.
The issue of additional equity shares has not resulted in any change in
management or control of the company and holding of the promoters
increased from 63.47% to 63.20%.
1.3 Details of Calls in Arrears
1.4 The Company has not issued any equity shares for consideration
other than cash in last 5 years immediately preceding the reporting
date.
1.5 The Company has not issued any bonus shares nor has there been any
buy back of shares during five years immediately preceding March, 2014.
2.1 Interest on late payment of Rs. 2,684,738/- (2012-2013 - Rs.
2,684,738/-) and Rs. 18,725/- (2012-2013 Rs. 18,725/-) has been levied
under the Employees Provident Funds and Miscellaneous Provisions Act,
1952 and Employees State Insurance Act, 1948 respectively by the
authorities for the years 2000-2005. Appeal has been filed against this
demand in the Court and provision has been considered in books of
accounts . Out of this demand, Rs. 498,387/- has been deposited with
the authorities under protest and adjusted with this provision amount.
3.1 Packing Credit loans and Foreign Bills Loans availed from Bank of
Baroda, International Business Branch, Sansad Marg, New Delhi are
secured by hypothecation of present and future stock of raw materials,
stock in progress, finished goods, stores and spares, books debts and
outstanding receivables.
4.1 There are no amount due to the suppliers covered under the Micro,
Small and Medium Act, 2006. This information takes into account only
those suppliers who have responded to the inquiries made by the company
for this purpose.
5.1 Excise demand of Rs. 10,000,000/- (2012-2013- Rs. 10,000,000/-)
has been paid in protest to the Excise Department. Company has filed an
appeal in Central Excise and Service Tax Appellate Tribunal against the
order of Commission Adjudication - Excise Department.
5.2 An Appeal is pending with the Civil Court, Gurgaon for the arrears
of Employees State Insurance Scheme amounting to Rs. 2,141,830/-
(2012-2013 - Rs. 2,141,830/-) for the years 1997 to 2001 levied by
Regional Office of Employees State Insurance Corporation. Provision for
this amount has not been created. For filing the appeal, Rs. 563,706/-
(2012-2013 - Rs. 563,706/-) has been deposited with the Corporation
Under Protest''
6.1 Confirmation from customers were not received and their balances
are shown as appearing in the accounts.
7.1 Interest Free Margin Money of Rs. 104,70,000/- (2012-2013 Rs.
94,44,000/- issued to Bank of Baroda for Foreign Currency Transaction.
7.2 Following are the contingent liabilities, which has not been
provided for:
a) Employees State Insurance Scheme dues of Rs. 2,141,830/- (2012-2013
- Rs. 2,141,830/-).
b) Excise Duty of Rs. 50,000,000/- out of which Rs. 10,000,000/- has
been paid in protest for filing the appeal with the Tribunal.
c) Bank Guarantee of Rs. 60,000/- issued to Assistant Commissioner,
Central Excise, Delhi-III
d) Bank Guarantee of Rs. 4,700,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
8.1 Speculative loss of Rs. 6,833,296.51/- (2012-2013 Rs.
8,541,620.63) incurred on trading of foreign currency has been shown as
current assets instead of charging to Profit and Loss Account. As per
accounting policy of the company, this loss will be amortized in five
years in equal installments.
8.2 In the opinion of the management, the current assets, loans and
advances have a value on realization in the ordinary course of the
business at least equal to the amount at which they are stated in the
balance sheet.
Mar 31, 2013
Additional shares have been issued to promoters (1,892,239 equity
shares) and non promoters (443,323 equity shares). Shares issued to
promoters and non promoters are in lock in for three years and one year
respectively from the date of allotment. Equity shares held by Mrs.
Sangeeta Gupta, one of the promoters, before preferential allotment,
are also in lock in for eight months from February 15,2013
The issue of additional equity shares has not resulted in any change in
management or control of the company and holding of the promoters
increased from 58.57% to 63.47%.
1.1 Rights, preferences and restrictions attached to equity shares The
Company has only one class of equity shares having a par value of Rs.
10 per share. Each holder of equity shares is entitled to one vote per
share. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
1.2 The Company has not issued any equity shares for consideration
other than cash in last 5 years immediately preceding the reporting
date.
2.1 Interest on late payment of Rs.2,684,738/- (2011-2012 -
Rs.2,684,738/-) and Rs.18,725/- (2011-2012 - Rs.18,725/-) has been
levied under the Employees Provident Funds and Miscellaneous Provisions
Act, 1952 and Employees State Insurance Act, 1948 respectively by the
authorities for the years 2000-2005. Appeal has been filed against this
demand in the Court and provision has been consider in books of
accounts. Out of this demand, Rs. 498,387/- has been deposited with the
authorities under protest and adjusted with this provision amount.
3.1 Packing Credit loans and Foreign Bills Loans availed from Bank of
Baroda, International Business Branch, Sansad Marg, New Delhi are
secured by hypothecation of present and future stock of raw materials,
stock in progress, finished goods, stores and spares, books debts and
outstanding receivables.
4.1 There are no amount due to the suppliers covered under the Micro,
Small and Medium Act, 2006. This information takes into account only
those suppliers who have responded to the inquiries made by the company
for this purpose.
5.1 Excise demand of Rs. 10,000,000/- (2011-2012-Rs. 10,000,000/-) has
been paid in protest to the Excise Department and is shown under
''Excise Demand Paid Under Protest''. Company has filed an appeal in
Central Excise and Service Tax Appellate Tribunal against the order of
Commission Adjudication - Excise Department.
5.2 An Appeal is pending with the Civil Court, Gurgaon for the arrears
of Employees State Insurance Scheme amounting to Rs. 2,141,830/-
(2011-2012 - Rs. 2,141,830/-) for the years 1997 to 2001 levied by
Regional Office of Employees State Insurance Corporation. Provision for
this amount has not been created. For filing the appeal, Rs. 563,706/-
(2011-2012 - Rs. 563,706/-) has been deposited with the Corporation
Under Protest''
6.1 Confirmation from customers were not received and their balances
are shown as appearing in the accounts.
7.1 Interest Free Margin Money of Rs. 6,287,000/- (2011-2012 Rs.
10,160,000/- issued to Bank of Baroda for Foreign Currency Transaction.
7.2 Following are the contingent liabilities, which has not been
provided for:
a) Employees State Insurance Scheme dues of Rs. 2,141,830/- (2011-2012
- Rs. 2,141,830/-).
b) Excise Duty of Rs. 50,000,000/- out of which Rs. 10,000,000/- has
been paid in protest for filing the appeal with the Tribunal.
c) Bank Guarantee of Rs. 60,000/- issued to Assistant Commissioner,
Central Excise, Delhi-Ill
d) Bank Guarantee of Rs. 4,700,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
8.1 In the opinion of the management, the current assets, loans and
advances have a value on realization in the ordinary course of the
business at least equal to the amount at which they are stated in the
balance sheet.
Mar 31, 2012
1.1 Term Loan from Bank of Baroda for purpose of Plant and Machinery is
against security of Immovable and Movable Properties and Assets, and
personal guarantees of two Directors and relatives of directors.
Repayable in 48 monthly installments of Rs. 10,93,750/- from May 2008.
2.1 Interest on late payment of Rs.2,684,738/- (2010-2011 Â
Rs.2,684,738/-) and Rs. 18,725/- (2010-2011 - Rs.18,725/-) has been
levied under the Employees Provident Funds and Miscellaneous Provisions
Act, 1952 and Employees State Insurance Act, 1948 respectively by the
authorities for the years 2000-2005. Appeal has been filed against this
demand in the Court and provision has been consider in books of
accounts . Out of this demand, Rs. 498,387/-has been deposited with the
authorities under protest and adjusted with this provision amount and
showing under other provision.
3.1 Packing Credit loans and Foreign Bills Loans are secured by
hypothecation of present and future stock of raw materials, stock in
progress, finished goods, stores and spares, books debts and
outstanding receivables.
4.1 There are no amount due to the suppliers covered under the Micro,
Small and Medium Act, 2006. This information takes into account only
those suppliers who have responded to the inquiries made by the company
for this purpose.
5.1 Excise demand of Rs. 10,000,000/-(2010-2011-Rs. 10,000,000/-) has
been paid in protest to the Excise Department and is shown under
''Excise Demand Paid Under Protest'' under ''Other Receivables'' in
Schedule-I of ''Loans and Advances''. Company has filed an appeal in
Central Excise and Service Tax Appellate Tribunal against the order of
Commission Adjudication - Excise Department.
6.1 Confirmation from Debtors and advances to and from various parties
were not received and their balances are shown as appearing in the
accounts.
7.1 Companies has given Interest Free Margin Money of Rs. 6,287,000/-
(2010-2011 Rs. 10,160,000/- to Bank of Baroda for Foreign Currency
Transaction.
7.2 Following are the contingent liabilities, which has not been
provided for:
a) Excise Duty of Rs. 50,000,000/- out of which Rs. 10,000,000/- has
been paid in protest for filing the appeal with the Tribunal.
b) Bank Guarantee of Rs. 60,000/- issued to Assistant Commissioner,
Central Excise, Delhi-Ill
c) Bank Guarantee of Rs. 4,000,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
d) Bank Guarantee of Rs. 750,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
e) Bank Guarantee of Rs. 175,00,000/- issued Globe Capital for trading
with foreign currency.
8.1 Speculative loss of Rs.21,453,563.91 (2010-2011 Rs.8,541,620.63)
incurred on trading of foreign currency has been shown as current
assets instead of charging to Profit and Loss Account. As per
accounting policy of the company, this loss will be amortized in five
years in equal installments.
8.2 In the opinion of the management, the current assets, loans and
advances have a value on realization in the ordinary course of the
business at least equal to the amount at which they are stated in the
balance sheet.
Mar 31, 2010
1. Comparative figures for the previous years have been regrouped,
recast and rearranged wherever necessary to conform to current years
classification. Figures in parenthesis represent previous financial
years figures unless stated otherwise. Amounts are mentioned in Rupees
and quantity in Kilograms unless stated otherwise.
2. Excise demand of Rs. 10,000,000/- (2008-2009- Rs. 10,000,000/-) has
been paid in protest to the Excise Department and is shown under
Excise Demand Paid Under Protest under Other Receivables in
Schedule- I of Loans and Advances. Company has filed an appeal in
Central Excise and Service Tax Appellate Tribunal against the order of
Commission Adjudication - Excise Department.
3. An Appeal is pending with the Civil Court, Gurgaon for the arrears
of Employees State Insurance Scheme amounting to Rs. 2,141,830/-
(2008-2009 - Rs. 2,141,830/-) for the years 1997 to 2001 levied by
Regional Office of Employees State Insurance Corporation. Provision for
this amount has not been created. For filing the appeal, Rs. 563,706/-
(2008-2009 - Rs. 563,706/-) has been deposited with the Corporation,
which is shown as ESI Demand Paid Under Protest under Other
Receivables in Schedule-I ofLoans and Advances.
4. Interest on late payment of Rs. 2,684,738/- (2008-2009 - Rs.
2,684,738/-) and Rs. 18,725/- (2008-2009 - Rs. 18,725/-) has been
levied under the Employees Provident Funds and Miscellaneous Provisions
Act, 1952 and Employees State Insurance Act, 1948 respectively by the
authorities for the years 2000-2005. Appeal has been filed against
this demand in the Court. Out of this demand, Rs. 498,387/- has been
deposited with the authorities under protest.
5. Following are the contingent liabilities, which has not been
provided for:
a) Employees State Insurance Scheme dues of Rs. 2,141,830/- (2008-2009
- Rs. 2,141,830/-).
b) Excise Duty of Rs. 50,000,000/- out of which Rs. 10,000,000/- has
been paid in protest for filing the appeal with the Tribunal (CEST AT).
c) Bank Guarantee of Rs. 60,000/- issued to Assistant Commissioner,
Central Excise, Delhi-Ill
d) Bank Guarantee of Rs. 4,000,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
e) Bank Guarantee of Rs. 7,50,000/- issued to Assistant Commissioner,
Central Excise, for deboning of the Unit.
f) One overseas supplier has filed legal suit for recovery of balance
payment of JPY 11,340,000/- along with interest in Japan.
g) Wages of Mr. Sukhdev of Rs. 38,000/- out of which Rs. 1,227.07 has
been provided for. The case is pending in Labour Court, Gurgaon.
h) Foreign Bills of Rs. 48,930,000/- discounted with Bank of Barada
6. Secured Loan
a) Outstanding balance amount of Term Loan is Rs. 21,198,741/-
(2008-2009- Rs. 35,940,833/-). This term loan was availed from Bank of
Baroda, International Business Branch, Sansad Marg, New Delhi for
acquiring plant and machinery to increase production capacity, against
security of immovable proprieties and assets, and personal guarantee of
two Directors and relation of directors. Term loan is repayable in 48
equal monthly installments of Rs. 10.93 Lakh beginning from May 2008.
b) Packing Credit Limit of Rs. 49,982,665/- (2008-2009 Rs.
45,999,141/-) availed from Bank of Baroda, International Business
Branch, Sansad Marg, New Delhi.
c) Foreign Bill Discounting Limit of Rs. 48,930,000/- (2008-2009 Rs.
38,453,000/-) availed from Bank of Baroda, International Business
Branch, Sansad Marg, New Delhi
d) Vehicle loans are secured by hypothecation of respective vehicles.
Amount due is Rs. 1,974,958/- (2008-2009- Rs. 5,045,635.76)
7. Rs. 545,232/- deposited with Central Excise Department towards duty
payable on inputs on debonding of its 100% Export Oriented Unit Status.
8. Service tax receivable of Rs. 556,440/- has been written off being
non receivable on debonding of its 100% Export Oriented Unit Status.
9. Companys contribution to Provident Fund and Employees State
Insurance include amount contributed and borne by the Company towards
share of contractors is Rs. Nil (2008-2009 - Rs. 12,581/-) and Rs. Nil
(2008-2009 - Rs. 3,202/-) respectively.
10. The Profit and Loss Account includes Rs. 4,860,000/- (2008-2009 -
Rs. 4,680,000/-) for remuneration to Managing Director and Whole Time
Director. For the year ended March 31, 2010 no commission has been paid
hence, computation of profit under section 349 of the Companies Act,
1956 is not given.
11. As per the information available with the Company, there are no
creditors pertaining to Small Scale Industries, whom the Company owes a
sum exceeding Rs. 1 Lakh to, which is outstanding for more than thirty
days at the Balance Sheet date.
12. There are no amount due to the suppliers covered under the Micro,
Small and Medium Act, 2006. This information takes into account only
those suppliers who have responded to the inquiries made by the company
for this purpose.
13. Creditors for goods and expense of Rs. 435,878.33 (2008-2009 - Rs.
9,792,655.16) have been written back being not payable.
14. Confirmation from Debtors, Creditors and advances to and from
various parties were not received and their balances are shown as
appearing in the accounts.
15. In the opinion of the management, the current assets, loans and
advances have a value on realization in the ordinary course of the
business at least equal to the amount at which they are stated in the
balance sheet.
16. Balance Sheet Abstract and Companys General Business Profile (in
terms of amendment of part IV of Schedule VI to the companies Act,
1956) is annexed herewith.
17. Schedules A to T form an integral part of the Balance Sheet and
the Profit and Loss Account and have been duly authenticated.