Mar 31, 2014
1 No managerial remuneration or sitting fees have been paid to or
provided for any directors of the company.
2 Previous years figures are regrouped and rearranged wherever
necessary as per Schedule VI.
3 In the opinion of the Board, the Current Assets, Loans and Advances
(Except mentioned in point no 4 above) are approximately of the value
stated, if realised in ordinary course of business. The provision for
all known liabilities is adequate and not in excess of the amounts
reasonably necessary.No personal expenses have been debited to the
Profit and Loss Account.
4 As per Accounting Standard 22- Taxes on Income issued by ICAI,
working of Deffered Tax Asset/(Liability) is as under:Deffered Tax
Asset and Liabilities are attributable to the following items:
Since there is no virtual or reasonable certainty with the convincing
evidence that future taxable income will be available against which
such deffered tax asset can be realised , deffered tax asset is not
recognised in the books as required by the paragraph 15 and 17 of
Accounting Standard 22 issued by ICAI.
5 The company is a potentially sick company under clause (o) of
Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985
since the accumulated losses of the company exceed 50% of the total Net
Worth of the Company.
6 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''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2013
1 No managerial remuneration or sitting fees have been paid to or
provided for any directors of the company.
2 Previous years figures are regrouped and rearranged wherever
necessary as per Schedule VI.
3 In the opinion of the Board, the Current Assets, Loans and Advances
(Except mentioned in point no 4 above) are approximately of the value
stated, if realised in ordinary course of business. The provision for
all known liabilities is adequate and not in excess of the amounts
reasonably necessary.No personal expenses have been debited to the
Profit and Loss Account.
4 Sundry Debtors, Creditors, Loans, Advances are subject to
confirmationand reconciliation, if any.
5 The company is a potentially sick company under clause (o) of
Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985
since the accumulated losses of the company exceed 50% of the total Net
Worth of the Company.
6 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''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2012
1. As per Accounting Standard 22- Taxes on Income issued by ICAI,
working of Deffered Tax Asset/(Liability) is as under: Deffered Tax
Asset and Liabilities are attributable to the following items:
Deffered Tax Liabilities: 31.3.12 31.3.11
Depreciation - 963,674
- 963,674
Deffered Tax Assets:
Unabsorbed depreciation 1,398,814 2,489,373
Unabsorbed Business Loss - 501,454
1,398,814 2,990,827
Net Deffered Tax Asset 1,398,814 2,027,153
Since there is no virtual or reasonable certainty with the convincing
evidence that future taxable income will be available against which
such deffered tax asset can be realised , deffered tax asset is not
recognised in the books as required by the paragraph 15 and 17 of
Accounting Standard 22 issued by ICAI.
(i) The company is a potentially sick company under clause (o) of
Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985
since the accumulated losses of the company exceed 50% of the total Net
Worth of the Company.
(ii) 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's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
SCHEDULE 2 : SHARE CAPITAL:
AUTHORISED CAPITAL
As at 31st March, As at 31st
2012 March, 2011
35,00,000 Equity Shares of
Rs 10/- each 35,000,000 35,000,000
35,000,000 35,000,000
ISSUED, SUBSCRIBED & PAID UP
CAPITAL
34,80,076 Equity Shares of
Rs 10/- each 34,800,760 34,800,760
34,800,760 34,800,760
The Company has only one class of equity shares having a par value of
Rs. 10 per share.
Reconciliation of Number of Shares
As at 31st March, 2012 As at 31st March, 2011
Equity Shares No. of Rs. No. of Rs.
3,480,076 34,800,760 3,480,076 34,800,760
Opening balance
Issued during
the year - - - -
Closing Balance 3,480,076 34,800,760 3,480,076 34,800,760
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company
Mar 31, 2010
1 No provision for bonus is made by the company in view of losses in
the previous year.
2 No managerial remuneration or sitting fees have been paid to or
provided for any directors of the company.
3 Previous years figures are regrouped and rearranged wherever
necessary.
4 Out of the loans and advances given, advance amount of Rs.3,591.031
is doubtful of recovery and hence no provisio for the interest
amounting to Rs. 538,655/- is made on those advance The interest on
this loan has not been provided since the year ended 31st March, 1999
5 In the opinion of the Board, the Current Assets, Loans and Advances
(Except mentioned in Nolc No.4 above) are approximately of the value
stated, if realised in ordinary course of business. The provision for
all known liabilities is adequate and not in excess of the amounts
reasonably necessary. No personal expenses have been debited to the
Profi and Loss Account.
6 Sundry Debtors, Creditors, Loans, Advances are subject to
confirmationand reconciliation, if any
7 Contingent Liabilities not
provided for: 31-03-2010 31-03-2009
(Rs. in Lakhs) (Rs. in Lakhs)
a Estimated amount of contract to be
executed
on capital account and not produced for Nil Nil
b Letter of Crcdit opened in favour of the
Company. Nil Nil
c Guarantee given on behalf of the Company 0.10 0.10
d Bills Discounted with the Bank NIL NIL
e Disputed Income Tax liability pending in
appeal 6.40 6.40
f Disputed Sales Tax 3.25 3.25
g Disputed Excise Duty NIL NIL
h Custom Duty on goods lying in custom
bonded warehouse as at year end 0.86 0.86
I Excise Duty on goods lying In
bonded warehouse as at year end 5.21 5.21
8 The Companys income tax assessments have been completed upto
Assessment year 2002-03 additional demand of Rs.3,10,047 has been
raised against which assesses has preferred an appeal. The Companys
Sales Tax Assessments have been completed upto A.Y. 93-94 and an
additional demand Rs 73.085/- has arisen The Company has prefcred an
appeal for orders of assessments years 91 -92 and 92-93 for Chiplun
with a disputed liability of Rs. 68,89 and Rs 8,844/- respectively and
for asscssmenlycar 93-94 for Mumbai with an disputed liability of Rs.
201,753/-
9 The Company does not have a full time Company Secretary as required
under Section 383A of the Companies Act,1956. The Company is taking
necessary steps to comply with the same
10 Last year companys factory was closed and no manufacturing activity
was carried out
11 Due to non payment of dues Maharastra State Electricity Board has
disconnected the power supply from 7th December, 1998.
12 A debt Recovery suit u/s 19 of the Recovery of Debts Due to Banks
and Financial Institutions Act, 1993 has been filed against the Company
by Bank of Baroda for non-payment of the dues amounting to
Rs.21,419,597.46/- and the matter is pending in appeal. The suit has
been filed for the sum outstanding along with current and future
interest ant other reliefs.
The company has also filed the counter claim in Debt Recovery Tribunal
for Rs.741.4 lakhs matter is admitted and matter is pending before Debt
Recover Tribunal.
Also, no provision for interest on term loan has been made to the
extent of approximately Rs 2698000/- for the Thirty eight quarters from
1st October,l999 to 31st March, 2009 including current year provision
of Rs 284,000/- Interest on other than term loan of Rs 176,304/-
includes interest not provided for earlier years also.
The company has also not made any provision for interest on any other
bank certificates which are outstanding and the same are not
quantifiable.
The company is pursuing the matter with Bank of Baroda for settlement
13 As per Accounting Standard 22- Taxes on Income issued by ICAI,
working of Deffered Tax Asset/(Liability) is as under Deffered Tax
Asset and Liabilities are attributable to the following items
14 The company is a potentially sick company under clause (o) of
Section 3 of Sick Industrial Companies (Special Provisions) Act,1985
since the accumulated losses of the company exceed 50% of the total Net
Worth of the Company.
15 In view of the multilicaton and identification of accounts relating
to small scale industries undertakings, information determining the
particulars relating to current indebtedness to such undertakings as
required under Schedule VI part to the Company Act. 1956 are not
readily available.
16 figures in brackets relate to the previous year.