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Notes to Accounts of Avance Technologies Ltd.

Mar 31, 2015

Not available


Mar 31, 2014

Note 1: CONTINGENT LIABILITIES & COMMENTS

Income Tax Liability Rs.222,78,678/- (Previous Year Rs.222,78,678/-.) Company has filed appeals in Appellate Tribunals and expect the decision in favour of company.

Note 2: The previous year figures have been regrouped, rearranged wherever necessary.


Mar 31, 2013

I. The Company has only one class of share capital, i.e. equity shares having face value of Re.1 per share. Each holder of equity share is entitled to one vote per share. The equity shareholders are entitled to receive dividends as and when declared.

ii. 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. The distribution will be in proportion to the number of equity shares held by the shareholder.

iii. The Warrants holder will be entitled to convert each warrant held by them into One Equity Share, at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment, in one or more tranches.

iv. The Warrant holder(s) shall, on/before the date of allotment of Warrants, pay an amount equivalent to at least 25% of the total consideration per warrant.

v. The Warrant(s) are transferable, however, a transfer shall be considered valid only if the same has been registered with the Company and shall be subject to provision of all applicable SEBI Guidelines viz. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 etc.

vi. The warrants outstanding at the expiry of the Warrants exercise period shall expire and the 25% of the total consideration per warrants shall stand forfeited.

vii. The Warrant Holder shall be entitled to any future Bonus issue(s) of Equity Shares or any other security (ies), in the same proportion and manner as any other shareholder of the company. This entitlement is however subject to the exercise of the option by the warrant holder(s) to convert the warrants into Equity shares within the time limit specified in ( iii) above .

viii. The number of Warrants and the price per warrant shall be appropriately adjusted, subject to the companies Act, 1956 and SEBI Guidelines, for other corporate actions such as , stock split, consolidation, demerger and transfer of undertaking , sale of a division or any such capital or corporate restructuring .

ix. The Equity Shares so issued in lieu of the Warrants shall rank pari- passu in all respects with the existing Equity Shares of the Company.

x. The Equity Shares so issued upon conversion of the Warrants shall be subject to the relevant lock-in requirements as mentioned under chapter VII of the SEBI (ICDR) Regulations, 2009.

The Company has not received any memorandum (as required to be filed by the Supplier with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March 2012 as Micro, Small or Medium Enterprises. Consequently the amount paid / payable to these parties during the year is NIL.

*The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

1.1 Contingent Liabilities & Comments

a) Income Tax Liability Rs.22278678/- (Previous Year Rs.222,78,678/-). Company has filed appeals in Appellate Tribunals and expects the decision in favour of Company.

1.2 Related Party Transactions

a)Key Managerial Person

Bimal Pravinchandra Kamdar Srikrishna Bhamidipati Anand Choudhary Randhir Marwa Deepak Goyal

1.3 The previous year figures have been regrouped, rearranged wherever necessary.


Mar 31, 2012

1 * Issued and paid up capital includes 19,23,10,000 No of shares isued as bonus shares during last five years

2 Convertible Equity Warrants Issue under option :

During the year 30,00,00,000 (Thirty Crores) Convertible Warrants of Rs.8.70/-per warrant issued.(Previous NIL) as per terms and condition in para 1.6. Out

3 Terms/Rights attached to equity shares and Convertible Equity Warrants :

i ) The Company has only one class of share capital,i.e.equity shares having face value of Re.1 per share.Each holder of equity share is entiltled to one vote per

ii ) In the event of liquidation of the Company,the holders of equity shares will be entiteld to receive remaining assets of the Company, after distribution of all

iii ) The Warrants holder will be entitled to convert each warrant held by them into One Equity Share,at any time after the date of allotment but on or before

iv ) The Warrant holder(s) shall,on/before the date of allotment of Warrants,pay an amount equivalent to at least 25% of the total consideration per warrant.

v ) The Warrant(s) are transferable,however,a transfer shall be considered valid only if the same has been registered with the company and shall be subject to

vi ) The warrants outstanding at the expiry of the Warrants exercise period shall expire and the 25% of the total consideration per warrants shall stand forfeited.

vii ) The Warrant Holder shall be entitled to any future Bonus issue(s) of Equity Shares or any other security (ies), in the same proportion and manner as any

viii ) The number of Warrants and the price per warrant shall be appropriately adjusted, subject to the companies Act, 1956 and SEBI Guidelines, for other

ix ) The Equity Shares so issued in lieu of the Warrants shall rank pari-passu in all respects with the existing Equity Shares of the Company.

x ) The Equity Shares so issued upon conversion of the Warrants shall be subject to the relevant lock-in requirements as mentioned under chapter VII of the

xi ) Shareholders holding more than 5% of equity shares as at the end of the year:

5 Other Notes to Accounts

5.1 Contingent Liabilities & Comments

a Guarantee Given by the Company''s banker as at March 31, 2012 is Rs.NIL ( previous year : Rs. NIL )

b Income Tax Liability Rs.222,78,678/- ( Previous Year Rs.233,73,358/-.) Company has filed appeales in Applelate Tribunals and expect the decision in favour

5.2 25.2 Quantitative Particulars a ) Capacities : -

License Capacity -- Not Applicable

Install Capacity -- Not Applicable


Mar 31, 2011

1. Secured Loan from Bank

The outstanding amount due to Allahabad Bank is Rs.1,66,97,612 /-(Previous Year Rs.1,66,97,612/- no provision for interest is made (Previous Year Rs. Nil) up to 31st March 2011. The Company's proposal for one time settlement has been in principal accepted by ARCIL.

2. Previous year's figures

The Previous year's figures have been recast/restated, wherever necessary to confirm to current year classification.

3. Loans & Advances

Advances recoverable in cash, kind or value to be received are primarily towards prepayments for value to be received and same has been confirmed by the management.

4. Related Party Disclosure

As per Accounting Standard-18 "Related party Disclosures" comes into effect in respect of accounting periods commencing on or after 01.04.2002, According to the information and explanations given to us, there is no transaction made during the year with related parties into the Company.

5. Sundry Debtors, Creditors, Loans & Advances and bank balances are stated as appear in the books of accounts in the ordinary course of business. The balances are un-confirmed and are subject to confirmation from the party/Bank.

6. Investments in unquoted shares are subject to physical verification. The market value of unquoted shares is not ascertainable.

7. As per Accounting Standard 17 issued by the Institute of Chartered Accountants of India regarding Segmental Reporting, we state that the same is not significant compared to the turnover of main activity. Hence same is not reported

8. Unsecured Loan Rs.3,90,00,000/- (Previous Year Rs.20, 00,000/-) is interest free loan.

9. Micro, Small and Medium Enterprises:-

There are no Micro, Small & Medium Enterprises in respect of whom the Company's dues are outstanding for more than 45 days as at the balance sheet date.

10. Contingents Liability Not Provided For :- Matter under dispute-

Income Tax (Company is in Appeal) Rs.2,33,73,358/-(Previous Year Rs.83,78,848/-) As per our Report of Even Date Attic


Mar 31, 2010

1 Secured Loan from Bank

The outstanding amount due to Allahabad Bank is Rs. 1,66,97,612 /-(Previous Year Rs. .2,22,97,612/ - no provision for interest is made (Previous Year Rs. Nil) up to 31st March 2010. The Companys proposal for one time settlement has been inprinipal accepted by ARCIL, and the Company has paid Rs.56,00,000/- as part payment towards the settlement.

2 Previous years figures

The Previous years figures have been recast/restated, wherever necessary to confirm to current year classification.

3 Loans & Advances

Advances recoverable in cash, kind or value to be received are primarily towards prepayments for value to be received and same has been confirmed by the management.

4 Related Party Disclosure

As per Accounting Standard-18 "Related party Disclosures" comes into effect in respect of accounting periods commencing on or after 01.04.2002, According to the information and explanations given to us, there is no transaction made during the year with related parties into the Company.

5 Sundry Debtors, Creditors, Loans & Advances and bank balances are stated as appear in the books of accounts in the ordinary course of business. The balances are un-confirmed and are subject to confirmation from the party/Bank.

6 Investments in quoted or unquoted shares are subject to physical verification. The market value of unquoted shares is not ascertainable.

7 As per Accounting Standard 17 issued by the Institute of Chartered Accountants of India regarding Segmental Reporting, we state that the same is not significant compared to the turnover of main activity. Hence same is not reported.

8 During the financial year 2009-10, the Company has increased Authorized Capital and Paid-Up Capital as Follows;

A. Increase in Authorized Capital:

i Increased from Rs.6,00,00,000/- divided into 60,00,000 Equity shares of Rs.10/- each to

Rs.25,00,00,000/- divided into 2,50,00,000 Equity Shares of Rs.10/- each on 21s July, 2009 by creation 1,90,00,000 additional Equity Shares.

The equity shares of Face value of Rs10/- each subdivided into 10 equity shares of the face value of Re.1/-.

ii. Authorized capital Increased from Rs. 25,00,00,000/- divided into 25,00,00,000 Equity shares of Re.1/- each to Rs.65,00,00,000/- divided into 65,00,00,000 Equity Shares of Re.1/- each on 12th January 2010 by creation 40,00,00,000 additional Equity Shares.

B. Increase/Change in Paid-up Capital:

I. The equity shares of face value of Rs.10/- has been subdivided into Re.1/- face value hence the number of shares has been increased from 4807750 equity shares to 48077500

II. The Company has issued and allotted bonus shares 19,23,10,000 Nos., in the ratio of 4:1 by capitalizing general reserve, share premium account and surplus of profit and loss account. As a result the paid-up capital increased to Rs. 24,03,87,500/- divided into 24,03,87,500 equity shares of Re.1/- each fully paid-up.

III. On 5th February, 2010, The Company issued 40,00,00,000Nos. Convertible equity warrants each of Rs.3.50/- on preferential basis to individuals and Corporate belonging to non promoter category. Out of the said warrants 17725000 warrants converted into equity shares on 20th February, 2010 and 382275000 warrants converted into equity shares on 27th March, 2010. At face value of Re.1/- the balance amount of Rs.2.50 per warrant transfer to share premium account

9 Unsecured Loan Rs.20, 00,000/- (Previous Year Rs.20, 00,000/-) is interest free loan.

10 Micro, Small and Medium Enterprises:-

There are no Micro, Small & Medium Enterprises in respect of whom the companys dues are outstanding for more than 45 days as at the balance sheet date

11 Quantitative Particulars:-

a) Capacities:-

License Capacity - not Applicable Install Capacity - not Applicable

 
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