Mar 31, 2015
1. The accounts have been prepared on the basis of the assumption that
the Company is "not a going concern".
2. The company negotiated with both the entitles of erstwhile Unit
Trust of India for One Time Settlement (OTS) for a Lump sum amount Rs.
9.00 crores against the total outstanding along with reimbursement of
legal expenses of Rs. 5929145/- as per the letter dated 20th February,
2015. And the balances lying in the accounts of Unit Trust of India
written back and transferred to reserves and surplus.
3. As reported earlier, the company's proposal vide its letter dated
6.11.2007 for One Time Settlement (OTS) with Consortium Banks has been
accepted for Rs. 14.29 crores by them vide letter dated 28.2.2008 of
lead bank and accordingly the Company has complied with all the terms
including the handing over of the mortgaged property. And the balances
lying in the accounts of Consortium of Banks written back and
transferred to reserves and surplus. Balances lying in current assets
and current liabilities, no longer payable or receivable written
Off/written back and the net balance transferred to reserves and
surplus.
4. The Company at present is not pursuing any business activity and
hence there are no reportable segments as per the Accounting Standard
on Segment Reporting (AS 17).
4. Contingent Liabilities and Commitments NIL (previous year NIL).
5. The Company has not received information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
QUARTER end together with interest paid / payable under the Act has not
been given.
6. RELATED PARTY DISCLOSURES:
(A) NAME OF RELATED PARTIES AND RELATIONSHIP
Name Relationship
Bhupesh R. Patel Key Management Personnel (KMP)
(B) TRANSACTION WITH RELATED PARTIES
Name Transaction Details
Bhupesh R. Patel Loan Taken Rs. 539.08 Lakhs
Notes: Related parties relationship is as identified by the Company on
the basis of information available with them and accepted by the
Auditors.
7. In the absence of any business activities, most of the other
information required to be disclosed by Revised Schedule VI is not
applicable during the year under review.
8. PREVIOUS YEAR FIGURES
Previous year figures have been regrouped, rearranged and classified,
where ever necessary to correspond with the current year's
classification / disclosure.
Mar 31, 2014
1. The accounts have been prepared on the basis of the assumption that
the Company is "not a going concern".
2. In respect of debentures issued to UTI, the Administrator of the
Specified Undertaking of UTI and UTI Trustee Co. Pvt. Ltd., successors
in interest of the erstwhile UTI had filed an application in Debts
Recovery Tribunal (DRT) at Mumbai for recovery of Rs. 10598.02 lacs
which includes Rs. 4150.00 lacs towards principal outstanding alongwith
further interest thereon @ 18% p.a. from 21 September 2002, till
payment and / or realisation and for enforcement of securities and
appointment of receiver, commissioner and other reliefs, more
particularly set out in the said application. On 15 April 2005 the
Hon.P.O. has partially allowed the said application and has authorised
to issue Recovery Certificate is issued for a total amount of Rs.
10389.17 lacs with future interest @ 12% p.a with quarterly rests from
the date of the application till realisation of the amount.
The Company is in negotiation with both the aforesaid entities for one
time settlement (OTS) and as a part of the proposal Rs. 3.00 crores has
been paid.
The Company has not provided for:
a) the overdue and penal interest claimed by the UTI amounting ro. Rs.
2734.15 lacs upto 21 September 2002; and
b) interest and other claims, if any, from 21 September 2002 onwards.
3. As reported earlier, the Company''s proposal vide its letter dated
6.11.2007 for One Time Settlement (OTS) whith Consortium Banks has been
accepted for Rs. 14.29 crores by them letter dated 28.02.2008 of lead
bank and accordingly the Company has complied with all the terms
including the handing over of the mortgaged property. Pending release
of no due certificate from Consortium Bank and related documents, no
accounting entries are passed to that effect till date and no
depreciation has been provided on the aforesaid property.
4. The Company at present is not pursuing any busines activity and
hence there are no reportable segments as per the Accounting Standard
on Segment Reporting (AS 17).
5. Contingent Liabilities and Commitments NIL (previous year NIL).
6. The Company has not received information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Develpoment
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid / payable under the Act has not
been given.
7. RELATED PARTY DISCLOSURES:
(A) NAME OF RELATED PARTIES AND RELATIONSHIP
Name Relationship
Bhupesh R. Patel Key Management Personnel (KMP)
Notes: Related parties relationship is as identified by the Company on
the basis of information available with them and accepted by the
Auditors.
8. In the absence of any business activities, most of the other
information required to be disclosed by Revised Schedule VI is not
applicable during the year under review.
9. PREVIOUS YEAR FIGURES
Previous year figures have been regrouped, rearranged and classified ,
whereever necessary to correspond with the current year''s clasification
/ disclosure.
Mar 31, 2012
1. The accounts have been prepared on the basis of the assumption that
the Company is "not a going concern".
2. In respect of debentures issued to UTI, the Administrator of the
Specified Undertaking of UTI and UTI Trustee Co Pvt. Ltd., successors
in interest of the erstwhile UTI had filed an application in Debts
Recovery Tribunal (DRT) at Mumbai for recovery of Rs. 10598.02 lacs
which includes Rs. 4150.00 lacs towards principal outstanding alongwith
further interest thereon @ 18% p.a. from 21st September, 2002, till
payment and/or realisation and for enforcement of securities and
appointment of receiver, commissioner and other reliefs, more
particularly set out in the said application. On 15th April, 2005 the
Hon.P.O. has partially allowed the said application and has authorised
to issue Recovery Certificate is issued for a total amount of Rs.
10389.17 lacs with future interest @ 12% p.a with quarterly rests from
the date of the application till realisation of the amount.
However, the Company has not provided for:
a) the overdue and penal interest claimed by the UTI amounting to Rs.
2734.15 lacs upto 21st September, 2002; and
b) interest and other claims, if any, from 21st September, 2002
onwards.
3. As reported earlier, the Company's proposal vide its letter dated
6.11.2007 for One Time Settlement (OTS) with Consortium Banks has been
accepted for Rs. 14.29 crores by them letter dated 28.02.2008 of lead
bank and accordingly the Company has complied with all the terms
including the handing over of the mortgaged property. Pending release
of no due certificate from Consortium Bank and related documents, no
accounting entries are passed to that effect till date and no
depreciation has been provided on the aforesaid property.
4. The Company at present is not pursuing any business activity and
hence there are no reportable segments as per the Accounting Standard
on Segment Reporting (AS 17).
5. Contingent Liabilities and Commitments NIL (previous year NIL).
6 The Company has not received information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Develpoment
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid/payable under the Act has not been
given.
7. RELATED PARTY DISCLOSURES:
(A) NAME OF RELATED PARTIES AND RELATIONSHIP
Name Relationship
Bhupesh R. Patel Key Management Personnel (KMP)
Notes: Related parties relationship is as identified by the Company on
the basis of information available with them and accepted by the
Auditors.
8. In the absence of any business activities, most of the other
information required to be disclosed by Revised Schedule VI is not
applicable during the year under review.
9. PREVIOUS YEAR FIGURES
The Revised Schedule VI has become effective from 1st April, 2011 for
the preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year figures have been regrouped, rearranged and reclassified,
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2010
1. The Company surrendered its registration as Non-Banking Financial
Company to the Reserve Bank of India in January 2002. The Company
wanted to start trading and other activities in precious metals which
could not be pursued due to non availability of funds. For the same
reason it is not possible to start any other business activity. As a
consequence, the management has decided to discontinue the business.
Hence, the accounts for the year have been prepared on the assumption
that the Company is not a going concern. In view of this assets and
liabilities have been adjusted to realisable and payable values,
wherever ascertainable and necessary.
2. In respect of debentures issued to UTI, the Administrator of the
Specified Undertaking of UTI and UTI Trustee Co. Pvt. Ltd. successors
in interest of the erstwhile UTI, had filed an application in the Debts
Recovery Tribunal (DRT) at Mumbai for the recovery of Rs. 10598.02 lacs
which includes Rs.4150 lacs towards principal outstanding along with
further interest thereon @18% p.a. from 21 September, 2002, till
payment and/or realisation and for enforcement of securities and
appointment of receiver, commissioner and other reliefs, more
particularly set out in the said application. On 15 April, 2005 the
Hon. P. O. has partially allowed the said application and has
authorised to issue Recovery Certificate for a total amount of Rs.
10389.17 lacs with future interest @. 12% p.a with quarterly rests from
the date of the application till realisation of the amount.
However, the Company has not provided for:
(i) the overdue and penal interest claimed by the Unit Trust of India
amounting to Rs. 2734.15 lacs up to 21 September, .2002; and
(ii) interest and other claims, if any, from 21 September, 2002
onwards.
3. As reported earlier, the Companys proposal dated 6 November 2007
for One Time Settlement (OTS) with Consortium Banks has been accepted
for Rs. 14.29 crores by them by letter dated 28 February 2008 of lead
bank. The Company has complied with all the terms including the handing
over of the mortgaged property. Pending release of no due certificate,
collateral securities and related documents from consortium Banks, no
effect has been given in books of accounts till date in respect of
transfer of property, deed of cancellation pertaining to right in
property etc. No depreciation has been provided on the aforesaid
property.
4. The balance in sundry creditors, deposits, loans and advance, etc.
are subject to confirmation.
5. The Company has not received information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid / payable under the Act has not
been given.
6. RELATED PARTY DISCLOSURES:
NAME OF RELATED PARTIES AND RELATIONSHIP
Name Relationship
Mr. Bhupesh Patel Key Managerial Person
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
7. EARNING PER SHARE:
31.03.2010 31.03.2009
Rs. Rs.
Profit/(Loss) After Taxation (247,271) (39,96,855)
Weighted Average Number of Shares 1,31,07,000 1,31,07,000
Earning per Share (Basic & Diluted) (0.02) (0.30)
Face Value Per Share 10 10
8. In the absence of any activity during the year under review and
status of the Company being not going concern: (a) Segment Reporting
under Accounting Standard - 17 is not applicable and (b) additional
information required to be disclosed as per clauses 3, 4C and 4D of
Schedule VI of part II of the Companies Act, 1956, are not applicable.
9. No provision for taxation has been made in the absence of taxable
income.
10. Previous year figures have been regrouped, rearranged and
reclassified, wherever necessary.
Mar 31, 2009
1. The Management surrendered its registration as Non-Banking
Financial Company to the Reserve^ Bank of India in January 2002. Since
then the Company wanted to start trading and other activities in
precious metals which could not be pursued due to non availability of
funds. For the same reason it is not possible to start any other
business activity. As a consequence, the management has decided to
discontinue the business. Hence, the accounts for the year have been
prepared on the assumption that the Company is not a going concern. In
view of this assets and liabilities have been adjusted to realisable
and payable values, wherever ascertainable and necessary.
2. The Administrator of the Specified Undertaking of UTI and UTI
Trustee Co. Pvt Ltd. successors in interest of the erstwhile UTI, had
filed an application in the Debts Recovery Tribunal (DRT) at Mumbai for
the recovery of Rs.10598.02 lacs which includes Rs.4150 lacs towards
principal outstanding along with further interest thereon @18% p.a.
from 21st September, 2002, till payment and/or realisation and for
enforcement of securities and appointment of receiver, commissioner and
other reliefs, more particularly set out in the said application. On
15, April, 2005 the Hon. P.O. has partially allowed the said
application and has authorised to issue Recovery Certificate for a
total amount of Rs.10389.17 lacs with future interest @ 12% p.a with
quarterly rests from the date of the application till realisation of
the amount.
However the Company has not provided for:.
(i) the overdue and penal interest claimed by the Unit Trust of India
amounting to Rs. 2734.15 lacs up to 21st September, 2002; and
(ii) interest and other claims, if any, from 21st September, 2002
onwards.
3. As reported earlier the Companys proposal for One Time Settlement
(OTS) with Consortium Banks has been accepted for Rs.14.29 crores and
accordingly the company has complied with all the terms including the
handing over of the mortgaged property. Pending release of no due
certificate from consortium of Bank and related documents no accounting
entries have been passed in the year under review.
4. In view of not going concern status of the company, charge of the
consortium of the Banks to the fixed assets and providing depreciation
on written down value, the management considers it not necessary to
make any provision for the loss on Impairment of assets for the year
under review.-As per the valuation Report the fixed assets stated in
the books are approximately at the realisable value.
5. Additional information required to be disclosed as per clauses 3,
4C and 4D of Schedule VI of part II of the Companies Act, 1956, are not
applicable during the year under review.
6. Information pursuant to Part IV of Schedule VI of the Companies
Act, 1956. -
i) Information u/s.211 R.W. Part I Sch. VI Dues to SSI Units - There is
no outstanding to SSI Units (further no activities is being undertaken
by the company).
ii) Sch. VI - Obtaining of Confirmation of Bank Balances - as the OTS
was in progress in spite of sending letters for confirmation, no bank
was ready to confirm the balance.
iii) U/s. 211(3A) r.w. AS18) - Transaction with related party - There
are no materially significant transactions made by the Company with its
promoters, directors or the management, their subsidiaries or
relatives, etc. which have potential conflict with the interests of the
Company at large (further no activities is being undertaken by the
company).
7. Figures of previous year have been regrouped wherever necessary
and are shown in the brackets.