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Notes to Accounts of Asia Pack Ltd.

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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