Mar 31, 2014
Share Capital
1.1 Shareholders holding more than 5% of Share
1) Out of the above Equity shares-
(A) 3,36,600 Equity Shares issued as fully paid up bonus shares on
30/09/1992 by capitalisation out of Profit and Loss A/c aggregating to
Rupees 33,66,000/-.
(B). 6,41,520 Equity Shares alloted as fully paid Bonus shares on
30/07/1994 aggregating to Rupees 64,15,200/- by capitalization of
Rupees 15,66,080/- out of profit and loss a/c and Rupees 38,49,120/-
out of revaluation reserve and Rupees 10,00,000/- out of general
reserve.
2) Amount originally paid up on Forfeited Equity shares is added in the
Subscribed & Fully Paid Up Equity Shares capital amount.
Mar 31, 2013
I Prior period adjustment represents short/excess provisioning of
revenue and expenses in earlier years due to errors and omissions,
which are now booked or reversed.
II The Company has entered into Partnership under the name of "M/s.
Miraj Developers"(Formally known as Umbrella Developers) through
Partnership Deed dated 05.03.2007:
III a.The Company had acquired 100% voting power of the Homework Crafts
(India)Private Limited (Subsidiary Company- HWCIPL) and control of
Composition of Board of directors in February 2007, since then the
struc ture of Capital holding and management control were remained the
same however during the current year, The company has sold its 100%
investments in equity shares in M/s Homework craft (india) pvt ltd.
therefore the company has no more control as holding company over the
Homework Crafts (India)Private Limited (earlier wholly owned Subsidiary
Company)
IV Due to Small scale, micro and medium enterprises
Based on the information available with the company, there is no dues
payable to micro, small and medium enterprises as defined in The Micro,
Small & Medium Enterprises Development Act, 2006. This information has
been relied upon by the statutory auditor of the company.
V Segment Reporting: -
a.Primary Segment (by business Segment)
Segments have been identified in line with the Accounting Standard on
Segment Reporting (AS 17), taking into account the organizational
structure as well as the differential risk and returns of these
segments. De tails of Products and services included in each of the
segment are as under: -
b. Secondary Segment (by geographical locations)
The company caters only to the domestic market and hence here are no
reportable geographical segments. Segment Revenue ; Segment results ;
Segment Assets ; Segment Liabilities include the respective amounts
identifiable to each Segment as also amounts allocable on a reasonable
basis. Income and expenses which are not directly attributable to any
business segment are shown as unallocated corporate income/ expense.
Assets and Liabilities that cannot be allocated between the segments
are shown as a part of unallocated corporate assets and liabilities
respectively.
VI Figures of loans, advances, sundry creditors, sundry debtors,
featuring in the Balance Sheet include certain balances, which are
subject to confirmations and adjustment if any upon reconciliation.
VII Capital work in Progress
In the earlier years when the company was engaged into business
activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also
embarked upon setting up a weaving unit incurring substantial cost for
its implementation which later in the interim stages had to be
suspended due to constraints of financing of weaving unit and
subsequently abandoned in view of disposal of entire assets relating to
PE Tarpaulin/PP/HDPE woven sac k manufacturing.
With the aforesaid background of events, the company could neither
liquidate its investment into the un commissioned weaving division nor
could proceed further to complete setting up of the said un
commissioned weaving division since by then the entire projections and
industry economics had undergone substantial change. After the change
of management in FY 2005-06, the new management also explored
possibility for a best possible commercial realization of the value of
cost featuring as Capital work in Progress in respect of the un
commissioned weaving division but failed in view of the changed
industry requirements, technology up gradation and resultant cost
economics.
Consequent to all the aforesaid, in F.Y. 2006-07, the manage ment had
taken a conscious decision to finally abandon the said un-commissioned
weaving division and realize whatever salvages value it can fetch for
all such un commissioned equipments. Value of Capital work in Progress
has therefore been represented net of provision for estimated losses
provided in financial year 2005-06 and actual write off of unrealized
value of capital work in progress totaling Rs. 1,02,62,218/- during
financial year 2007-08 against such provision of impairment losses .
The company is looking for potential buyer of the weaving unit and
planning to sell-off the same in totality.
VIII Investments: Investments in quoted and unquoted companies though
made on long term basis as per information available neither they are
being traded on the stock exchange nor their financial statements have
been available. Management has accordingly termed the "quoted shares"
or "unquoted shares" and provided for diminution in their value on
estimate basis.
IX The figures of previous year have been regrouped /reclassified,
where necessary, to Confirm with the current year''s classification.
Mar 31, 2012
A Other Additional Information
I In addition to the activities in the field of business support
services and consultancy services, the company has further forayed into
real estate construction and development activities and in pursuance to
which the company has entered into a partnershi p with various group of
individuals and has made investment through a hundred percent
subsidiary company.
II Prior period adjustment represents short/excess provisioning of
revenue and expenses in earlier years due to errors an d omissions,
which are now booked or reversed.
IV a.The Company had acquired 100% voting power of the Homework Crafts
(India)Private Limited (Subsidiary Company- HWCIPL) and control of
Composition of Board of directors in February 2007, since then the
structure of Capital holding and management control remains the same.
b.The Company had advanced to HWCIP a sum of Rs. 20441696/- for the
investment in land for a real estate development project of commercial
complex.
VI Due to Small scale, micro and medium enterprises
Based on the information available with the company, there is no dues
payable to micro, small and medium enterprises as defined in The Micro,
Small & Medium Enterprises Development Act, 2006. This information has
been relied upon by the statutory auditor of the company.
b. Secondary Segment (by geographical locations)
The company caters only to the domestic market and hence here are no
reportable geographical segments. Segment Revenue ;
Segment results ; Segment Assets ; Segment Liabilities include the
respective amounts identifiable to each Segment as also amounts
allocable on a reasonable basis. Income and expenses which are not
directly attributable to any business segment are shown as unallocated
corporate income/ expense. Assets and Liabilities that cannot be
allocated between the segments are shown as a part of unallocated
corporate assets and liabilities respectively.
V Capital work in Progress
In the earlier years when the company was engaged into business
activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also
embarked upon setting up a weaving unit incurring substantial cost for
its implementation which later in the interim stages had to be
suspended due to constraints of financing of weaving unit and
subsequently abandoned in view of disposal of entire assets relating to
PE Tarpaulin/PP/HDPE woven sack manufacturing.
With the aforesaid background of events, the company could neither
liquidate its investment into the un commissioned weaving division nor
could proceed further to complete setting up of the said un
commissioned weaving division since by then the entire projections and
industry economics had undergone substantial change. After the change
of management in FY 2005-06, the new management also explored
possibility for a best possible commercial realization of the value of
cost featuring as Capital work in Progress in respect of the un
commissioned weaving division but failed in view of the changed
industry requirements, technology up gradation and resultant cost
economics.
Consequent to all the aforesaid, in F.Y. 2006-07, the manage ment had
taken a conscious decision to finally abandon the said un- commissioned
weaving division and realize whatever salvages value it can fetch for
all such un commissioned equipments. Value of Capital work in Progress
has therefore been represented net of provision for estimated losses
provided in financial year 2005-06 and actual write off of unrealized
value of capital work in progress totaling Rs. 1,02,62,218/- during
financial year 2007-08 against such provision of impairment losses. The
company is looking for potential buyer of the weaving unit and planning
to sell-off the same in totality.
VI Investments: Investments in quoted and unquoted companies though
made on long term basis as per information available neither they are
being traded on the stock exchange nor their financial statements have
been available. Management has accordingly termed the "quoted shares"
or "unquoted shares" and provided for diminution in their value on
estimate basis.
VII During the year the company has made expenses of Rs. 12.83 as
consultancy and listing fess for listing the Equity Shares of the
company at Bombay Stock Exchange. The Equity shares of the company has
been listed with effect from 16 th January 2012.
VIII The Central Government vide notification SO. 447 (E) dated February
28, 2011, has revised the Schedule VI under the Companies Act, 1956 and
the same has become applicable for the Financial Statements to be
prepared for the financial year commencing on or after April 1, 2011.
Accordingly, the company has reclassified the previous year figures to
conform to this year's classification. The adoption of the revised
Schedule VI does not impact the recognition and measurement principles
followed for the presentation of the Financial Statements.
XV The figures of previous year have beenregrouped /r eclassified,
where necessary, to Confirm with the current year's classification.
1) Principles of Consolidation :
i. The consolidated financial statements relates to Asia Pack Ltd. and
its subsidiary company as at 31st March, 2012. Same have been prepared
using uniform accounting policies for like transactions and other
events in similar circumstances and are presented in the same manner as
the company's separate financial statements.
ii.The financial statements of the subsidiary company have been
consolidated on a line to line basis by adding together the book values
of like items of assets, liabilities, incomes and expenses, after fully
eliminating intra group balances / transactions.
iii. Investments in Associate Companies have been accounted for under
the equity method as per Accounting Standard 23 "Accounting for
Investments in Associates in Consolidated Financial Statements "issued
by ICAI.
iv.The details of Subsidiary company whose financial statements are
consolidated is as under:
2) The accounting policies of the parent company are presented in note
1 forming part of its standalone financial statement. Difference in
accounting policies followed by the subsidiary companies consolidated
have been reviewed and no adjustments have been made, since there are
no material differences.
3) The other notes/additional information to these consolidated
financial statements are disclosed to the extent necessary for
presenting a true and fair view of the consolidated financial
statements.
4) Investments: Investments in quoted and unquoted companies though
made on long term basis as per information available neither they are
being traded on the stock exchange nor their financial statements have
been available. Management has accordingly termed the "quoted shares"
or "unquoted shares" and provided for diminution in their value on
estimate basis.
5) Prior period adjustment represents short/excess provisioning of
revenue and expenses in earlier years due to errors and omissions,
which are now booked/reversed.
6) The Central Government vide notification SO. 447 (E) dated February
28, 2011, has revised the Schedule VI under the Companies Act, 1956 and
the same has become applicable for the Financial Statements to be
prepared for the financial year commencing on or after April 1, 2011.
Accordingly, the Company has reclassified the previous year figures to
conform to this year's classification. The adoption of the revised
Schedule VI does not impact the recognition and measurement principles
followed for the presentation of the Financial Statements.
Deferred tax assets has not been recognized because there is less
reasonable certainty that the assets can be realized in the future, and
in case of unabsorbed depreciation or carried forward loss under
taxation laws, deferred tax assets has not been recognized due to non
availability of supporting convincing evidence for recognition of such
assets showing its virtual certainty, . The above assumption for
Deferred tax assets should be reassessed for the its recognition at
each balance sheet date.
7) a. The Company had acquired 100% voting power of the Homework
Crafts (India)Private Limited (Subsidiary Company- HWCIPL) and control
of Composition of Board of directors in February 2007, since then the
structure of Capital holding and management control remains the same.
b.The Company had advanced to HWCIP a sum of Rs. 20 441696/- for the
investment in land for a real estate development project of commercial
complex.
b. Secondary Segment (by geographical locations)
The company caters only to the domestic market and hence here are no
reportable geographical segments. Segment Revenue; Segment results;
Segment Assets; Segment Liabilities include the respective amounts
identifiable to each Segment as also amounts allocable on a reasonable
basis. Income and expenses which are not directly attributable to any
business segment are shown as unallocated corporate income/ expense.
Assets and Liabilities that cannot be allocated between the segments
are shown as a part of unallocated corporate assets and liabilities
respectively.
8) During the year the company has made expenses of Rs. 12.83 as
consultancy and listing fess for listing the Equity Shares of the
company at Bombay Stock Exchange. The Equity shares of the company has
been listed with effect from 16th January 2012.
9) Figures pertaining to the subsidiary companies have been
reclassified wherever necessary to green them in line with the group's
financial statement.
Mar 31, 2011
1. In addition to the activities in the field of business support
services and consultancy services, the company has further forayed into
real estate construction and development activities and in pursuance to
which the company has entered into a partnership with various group of
individuals and has made investment through a hundred percent
subsidiary company.
2. Capital work in Progress
In the earlier years when the company was engaged into business
activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also
embarked upon setting up a weaving unit incurring substantial cost for
its implementation which later in the interim stages had to be
suspended due to constraints of financing of weaving unit and
subsequently abandoned in view of disposal of entire assets relating to
PE Tarpaulin/PP/HDPE woven sack manufacturing.
With the aforesaid background of events, the company could neither
liquidate its investment into the un commissioned weaving division nor
could proceed further to complete setting up of the said un
commissioned weaving division since by then the entire projections and
industry economics had undergone substantial change . After the change
of management in FY 2005- 06, the new management also explored
possibility for a best possible commercial realization of the value of
cost featuring as Capital work in Progress in respect of the un
commissioned weaving division but failed in view of the changed
industry requirements, technology up gradation and resultant cost
economics.
Consequent to all the aforesaid, in F.Y. 2006-07, the management had
taken a conscious decision to finally abandon the said un-commissioned
weaving division and realize whatever salvages value it can fetch for
all such un commissioned equipments. Value of Capital work in Progress
has therefore been represented net of provision for estimated losses
provided in financial year 2005-06 and actual write off of unrealized
value of capital work in progress totaling Rs. 1,02,62,218/- during
financial year 2007-08 against such provision of impairment losses. The
company is still searching for potential buyer of the weaving unit and
planning to sell-off the same in totality.
3. Contingent Liability not provided for: NIL
4. Prior period adjustment represents short/excess provisioning of
revenue and expenses in earlier years due to errors and omissions,
which are now booked or reversed.
During the Year under consideration, the Company has accounted for a
loss of Rs. 3,85,638/ (Rupees Three Lacs Eighty Five Thousand Six
Hundred Thirty Eighty only) from the partnership Firm. This loss has
been derived from M/s Miraj Developer's unaudited financial statements.
5. a The Company had acquired 100% voting power of the Homework Crafts
(India) Private Limited (Subsidiary Company- HWCIPL) and control of
Composition of Board of directors in February 2007, since then the
structure of Capital holding and management control remains the same.
b. The Company had advanced to HWCIPL a sum of Rs. 20441696/- for the
investment in land for a real estate development project of commercial
complex.
6. Due to Small scale, micro and medium enterprises
Based on the information available with the company, there is no dues
payable to micro, small and medium enterprises as defined in The Micro,
Small & Medium Enterprises Development Act, 2006. This information has
been relied upon by the statutory auditor of the company.
b. Secondary Segment (by geographical locations)
The company caters only to the domestic market and hence here are no
reportable geographical segments.
Segment Revenue ; Segment results ; Segment Assets ; Segment
Liabilities include the respective amounts identifiable to each Segment
as also amounts allocable on a reasonable basis.
Income and expenses which are not directly attributable to any business
segment are shown as unallocated corporate income/ expense.
Assets and Liabilities that cannot be allocated between the segments
are shown as a part of unallocated corporate assets and liabilities
respectively.
7. The figures of previous year have been regrouped /reclassified,
where necessary, to Confirm with the current year's classification.
Mar 31, 2010
1. In addition to the activities in the field of business support
services and consultancy services, the company has further forayed into
real estate construction and development activities and in pursuance to
which the company has entered into a partnership with various group of
individuals and has made investment through a hundred percent
subsidiary company.
2. Capital work in Progress
In the earlier years when the company was engaged into business
activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also
embarked upon setting up a weaving unit incurring substantial cost for
its implementation which later in the interim stages had to be
suspended due to constraints of financing of weaving unit and
subsequently abandoned in view of disposal of entire assets relating to
PE Tarpaulin/PP/HDPE woven sack manufacturing.
With the aforesaid background of events, the company could neither
liquidate its investment into the un commissioned weaving division nor
could proceed further to complete setting up of the said un
commissioned weaving division since by then the entire projections and
industry economics had undergone substantial change . After the change
of management in FY 2005-06, the new management also explored
possibility for a best possible commercial realization of the value of
cost featuring as Capital work in Progress in respect of the un
commissioned weaving division but failed in view of the changed
industry requirements, technology up gradation and resultant cost
economics- Consequent to all the aforesaid, in F.Y. 2006-07, the
management had taken a conscious decision to finally abandon the said
un-commissioned weaving division and realize whatever salvages value it
can fetch for all such un commissioned equipments. Value of Capital
work in Progress has therefore been represented net of provision for
estimated losses provided in financial year 2005-06 and actual write
off of unrealized value of capital work in progress totaling Rs.
1,02,62,218/- during financial year 2007-08 against such provision of
impairment losses. The company is looking for potential buyer of the
weaving unit and planning to sell-off the same in totality.
3. Contingent Liability not provided for: NIL
4. Prior period adjustment represents short/excess provisioning of
revenue and expenses in earlieryears due to errors and omissions,
which are now booked or reversed.
5. Income tax:
(a.) Current tax:
Tax liability under the regular provisions of the IT Act, has been
provided for.
(b) Deferred Tax:
Disclosure required pursuant to Accounting Standard 22 - "Accounting
for Taxes on Income" issued by the Institute of Chartered Accountants
of India is as under:
6. Tour & Travel and Traveling expenses include Directors Traveling
amounting to Rs. 39,931 /- (net of recovery from clients) (Previous
Year Rs 1,64,852/-).
7. Particulars of Investments in Capital of Partnership Firm M/s.
Miraj Developers (Formally known as Umbrella Developers) through
partnership deed dated 5-3-2007
During the Year under consideration, the Company has accounted for a
loss of Rs. 203580 (Rupees Two lacs Three Thousand Five Hundred Eighty
Only) form the partnership firm. This loss has been derived from M/s
Miraj Developers.
8. a The Company had acquired 100% voting power of the Homework Crafts
(India) Private Limited (Subsidiary Company- HWCIPL) and control of
Composition of Board of directors in February 2007, since then the
structure of Capital holding and management control remains the same.
b. The Company had advanced to HWCIPL a sum of Rs. 20186425/- for the
investment in land for a real estate development project of commercial
complex in February, 2007.
Notes:
I. Items traded in assorted varying units and hence quantity in units
not furnished.
II. Information has been furnished to the extent possible.
9. Due to Small scale, micro and medium enterprises
Based on the information available with the company, there is no dues
payable to micro, small and medium enterprises as defined in The Micro,
Small & Medium Enterprises Development Act, 2006. This information has
been relied upon by the statutory auditor of the company.
10. Segment Reporting: -
b. Secondary Segment (by geographical locations)
The company caters only to the domestic market and hence here are no
reportable geographical segments.
Segment Revenue ; Segment results ; Segment Assets ; Segment
Liabilities include the respective amounts identifiable to each Segment
as also amounts allocable on a reasonable basis.
Income and expenses which are not directly attributable to any business
segment are shown as unallocated corporate income/ expense.
Assets and Liabilities that cannot be allocated between the segments
are shown as a part of unallocated corporate assets and liabilities
respectively.
11. Related Party Disclosures:-
a. Relationship:
S.
No. Particulars
(a) Subsidiary Companies: Homework Crafts (India) Pvt. Ltd.
(b) Other related parties 1. Miraj Products Pvt. Ltd.
where Control exists: 2. Bhagyadeep Enterprises Pvt. Ltd.
3. Gajanan Hotels Pvt. Ltd.
4. Mahima Multicolour Pvt. Ltd.
5. Deepshri Building Developers
Pvt. Ltd.
6. Asmita Enterprises Pvt. Ltd.
7. Anushthan Plastics Pvt Ltd
8. Miraj Developers
9. Miraj Developers Private Limited
10. Aacharan Enterprises Pvt. Ltd.
11. Miraj Engineering Limited
12. Miraj Entertainment Limited
I3. Miraj Projects Limited
14. Red Ribbon Entertainment
Private Limited
15. I-View Motion Pictures
Private Limited.
16. Modest Builders Limited
17. Unique Affordable Homes Pvt Ltd
(c) Key Management 1. Shri Deepak Kumar Parihar
Personnel: 2. Shri Prakash Chandra Purohit
3. Shri Revant Purbia
(d) Relatives of key Not Applicable
Management Personnel
and their enterprises
where transactions
have taken place:
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
12. Figures of loans, advances, sundry creditors, sundry debtors,
featuring in the Balance Sheet include certain balances, which are
subject to confirmations and adjustment if any upon reconciliation.
13. The figures of previous year have been regrouped /reclassified,
where necessary, to Confirm with the current years classification.
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