Mar 31, 2015
1 Company Information
Birla Transasia Carpets Limited (the 'Company') is a public limited
company listed on Bombay stock Exchange (BSE). The company is
manufacturer of machine made natural wool carpets. The company is a
quality leader in plush wall to wall cut piles, loop piles, cut loop,
graphics and designer woolen carpets and rugs in myraid colours. The
Company has manufacturing facility at Sikandarabad in Utter
Pradesh,India. Currently company in BIFR and not performing at par.
2. Terms and Rights attached to Equity Shares
The company has only one class of equity shares having a par value of
Rs 10 per share. Each holder of equity shares is entitled to one vote
per share. 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 numbers of equity shares held
by the shareholders.During the year, the company has reclassified the
Share Forfeiture Account to Capital Reserves Account amounting to Rs.
32,813/-.
3. Shares held by holding/ultimate holding company and/or their
subsidiaries/associates
Company does not have any Subsidiary or Holding Company.
4. Aggregate number of bonus shares issued, share issued for
consideration other than cash and shares bought back during the period
of five years immediately preceding the reporting date:
5. No shares issued either in bonus or consideration other than cash &
no buy back of shares took place in last 5 Year.
6. Deferred Sales Tax Loan from Pradeshiya Industrial & Investment
Corporation of Uttar Pradesh Limited (PICUP) is secured by way of
second charge on the movable assets of the Company situated at Plot No.
3 & 4, Industrial Area, Sikandarabad (Uttar Pradesh). No interest has
been provided on the above loan whereas overdue interest not provided
for amounts to Rs 2,67,34,127/- upto 31st March, 2013 and no amount has
been ascertained for the financial year 2013-14 & 2014-15.
7. The Cash Credit is provided by the consortium of Banks viz, ICICI
Bank Limited, New Delhi and Punjab National Bank, New Delhi are secured
against Hypothecation of Inventory, Book Debts and Other receivables and
first charge of Company's Immovable Property situated at plot no. 3 and
4 UPSIDC industrial area sikandarabad , Bulandshar, UP.
8. Short term loan from body corporate are from related parties and
payable on call. Although the same has not been paid during the year.
On the above amount interest has not been provided. These are subject
to confirmation, reconciliation and settlement there of, if any.
9. The Revised Schedule III, among other matters, requires that
borrowing will be further sub classified as secured and unsecured. The
Revised Schedule III requires that the period and amount of continuing
default as on Balance Sheet date in repayment of loans and interest will
be specified separately in each case.
10. The management of the company has considered above liabilities as
short term. Although there exist amounts payable for more than normal
operating cycle. Above are subject to confirmation, reconciliation and
settlement there of, if any.
Notes:
11. Deperciation on Fixed Asset is Provided on Straight line basis or on
useful life of Asset Lease hold land is being amortized over the period
of lease ( 90 Year).
12. Depreciation of Buidling is provided over the revised/remaining
useful life which is based on Management estimation.
13. Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II, except
in respect of Leasehold Land. Accordingly the unamortised carrying
value is being depreciated / amortised over the revised/ remaining
useful lives which is based on management technical estimate. The
written down value of Fixed Assets whose useful lives have expired as
at 1st April 2014 have been adjusted net of tax, in the opening balance
of Profit and loss account amounting to Rs 5,68,873/- transferred :o
Profit/Loss A/c
B - Intangible Assets
The Company does not own any intangible assets.
C - Capital Work in Progress
The Company does not have assets in progress which will take time to be
ready for inteded use.
The company has not revalued its Fixed assets during the year or year
end. In absense of such revaluation process and fair market value of
assets by an valuer. No impairment loss has been provided in the books.
The company has classified all receivables as short term unsecured.
Although amounts outstanding more than six months are beyond the normal
credit period allowed by the company. Receivables are subject to
confirmation, reconciliation and settlement there of, if any.
14. Contmgent Liabilities
Being claims against the Company not
acknowledged as Debts (The amount
of claim are as per information &
current status provided by the
management as per their cuurent
information available with 41,428,086 39,048,493
them. These claims are subject to
full & final settlement in due course)
Guarantees issued by the Banks on behalf
of the Company (DGFT) 100,000 400 000
Non provision of disputed liabilities
Appeal pending before Jt.Commissioner
of Trade Tax, 4,329,922 4,329,922
Uttarakhand for F.Y. 2000-01.
Income Tax
Appeal pending before Jt. Commissioner
of Income Tax, New 4,867,100 4,867,100
Delhi for F.Y. 1997-98
Appeal pending before Dy. Commissioner
of Income Tax, New 200,887 200,887
Delhi for F.Y. 2001-02
Appeal pending before Asstt.
Commissioner of Income Tax, 171,201 171,201
New Delhi for F.Y. 2005-06
Appeal pending before Dy. Commissioner
of Income Tax, New
Delhi for F.Y. 2007-08 1,05,33,346 1,05,33,346
15. PROVIDENT FUND
In the matter of the proceedings under section 14-B & 7-Q of the
Employee's Provident Fund & Misc. Provisions Act, 1952 and imposed the
damages & interest for the period from 12/1997 to 11/2001 amounting Rs.
21,73,215/-and Rs. 7,43,883/- respectively for which Stay was taken
Before the Hon'ble Employee's Provident Fund Appellate Tribunal, New
Delhi. After several hearings the case was dismissed in favor of P.F.
Commissioner however the final order was kept under ambiance.
1) Notice for interest payment from 10.06.2007 to 31.12.2014 (7Q) for
M/s. Gayatri Allied & Security Services of Panel Interest of Rs. 4,
08,964/- to be paid immediately. Hearing is in progress.
2) Pending deposit of P.F. for M/s. Gayatri Allied & Security Services
from October 13 to December 14 Rs.2,68,553/- to be Paid.
16. The above cases are filed under Water (Prevention & Control of
Pollution Act) 1974 by UPPCB against the Company. Non-bailable warrants
were issued to the directors of the Company for personal non-appearance
before the Court as per the orders. The Company has of filed a writ
petition before High Court to get a stay in the above mentioned case.
17. Pending settlement of the liabilities which may arise on account of
short-fall in fulfillment of export obligations against duty free
import of raw material on Advance Licenses in earlier years and also
pending finalization of export benefits which may accrue to the Company
on account of exports made in earlier years, the matters pertaining to
which have become very old, no adjustments therefore, have been made in
the accounts and the same will be accounted for as and when settled.
The quantification of liability cannot be ascertainable at present.
18. Civil Suit
Civil Suit for recovery filed By M/s. Daulat Ram Amarnath Fazilka
against Birla Transasia on 08/02/2008 amounting Rs. 4,77,065/- Last
date for evidence was on 12/02/2011. Case was decided in favor of M/s
Daulat Ram Amarnath. Paid Rs. 2,96,416/- Balance to be paid, however
repetition has been filed in distt. Courts.
One Civil Suit filed for recovery of Rs. 90,34,079.39 against M/s.
Roshinlal Gupta & Sons. Notice issued to party. Case Bearing No. CS -
05 - 2308/2009. The case on argument stage, our advocate has asked to
provide weather the A/c of RLG is in our DRS scheme or not
With Reference to Case filed by us against M/s Roshanlal Gupta & Sons &
Partner. Case No. 2301094/SS/Of 2007 Amount in Dispute Rs. 600000/- a
counter criminal case was filed by M/s Roshanlal Gupta & Sons. On Birla
Transasia under section 420 of IPC that amount claimed by Birla
Transasia is illegal and forged. The case is under trial and evidence
of the witness is in progress.
19. EXCISE:-
1) One appeal filed at Appelate Tribunal, New Delhi on 06/10/2009 for
Rs. 17,25,392.00 with interest from the date of payment till the refund
being granted. It is still pending before the adjucating authority.
2) Contempt Petition filed against Excise Department at Allahabad High
Court against our refund of Rs. 17, 25,392.00 against the order of
Supreme Court in our favor.
Balances of Sundry Debtors and Sundry Creditors are as per books of
account only and are subject to confirmation,
20. reconciliation and settlement there of, if any. There exist amounts
which are outstanding beyond the expected settlement time. These
balances are not reconciled from a long period.
21. In compliance with Accounting Standard-18 on "Related Party
Disclosures" issued by the Institute of Chartered Accountants of India,
Related Party disclosures are as under:
(A) Name of Related parties and description of relationship
Enterprises over which Directors and relatives of such personnel
exercise significant influence:
Birla Bombay Pvt.Ltd Nirvend Traders Pvt.Ltd
Birla Cotysn (I) Ltd Shearson Investment Trading P. Ltd.
Birla International (P) Ltd. Shloka Publications
Birla Power Solution Ltd. Vedant Consultancy P Ltd
Godavari Corporation Pvt Ltd. Zenith Dyentermidiatn Ltd.
The information required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 for amount due to small scale
industrial undertakings is not identified by the company.
In view of the persistent losses and company being under reference to
Board for Industrial and Financial
22. Reconstruction (BIFR), no interest has been provided on Inter
Corporate Loans. As Company has incurred loses in current year also
amounting to Rs 1,50,86,000/- Liabilities would have been increased by
the amount of interest, amount of interest are unascertained.
23. Previous Year Figures
The financial statements for the year ended 31st March, 2015 had been
prepared as per the then applicable, prerevised Schedule III to the
Companies Act, 2013. Consequent to the notification of Revised Schedule
III under the Companies Act, 2013. the financial statements for the
year ended 31st March, 2015 are prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been
regrouped/reclassified to conform to this year's classification. The
adoption of Revised Schedule III for the previous year figures does not
impact recognition and measurement principle followed for the
preparation of financial statements.
24. The abridged financial statements are represented in ' (Rounded off
to nearest rupee) unless otherwise stated..
Mar 31, 2014
A. Terms and Rights attached to Equity Shares
The company has only one class of equity shares having a par value of
Rs 10 per share. Each holder of equity shares is entitled to one vote
per share. 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 numbers of equity shares held
by the shareholders.
b. Shares held by holding/ultimate holding company and/or their
subsidiaries/associates
Company does not have any Subsidiary or Holding Company.
c. Aggregate number of bonus shares issued, share issued for
consideration other than cash and shares bought back during the period
of five years immediately preceding the reporting date:
No shares have issued either in bonus or consideration other than cash
and no buy back of shares took place in the last five Year.
Deferred Sales Tax Loan from Pradeshiya Industrial & Investment
Corporation of Uttar Pradesh Limited (PICUP) is secured by way of
second charge on the movable assets of the Company situated at Plot No.
3 & 4, Industrial Area, Sikandarabad (Uttar Pradesh). No interest has
been provided on the above loan whereas overdue interest not provided
for amounts to Rs 2,67,34,127/- upto 31st March, 2013 and no interest
has been ascertained on the current fiancial year.
The company does not operates defined plans for employee benefits. The
above provisions has been created only on management''s assumptions. No
independent Actuarial valuation taken into account while creating
provision.
The Cash Credit is provided by the consortium of Banks viz, ICICI Bank
Limited, New Delhi and Punjab National Bank, New Delhi are secured
against Hypothecation of Inventory, Book Debts and Other receivables
and first charge of Company''s Immovable Property.
Short term loan from body corporate are from related parties and
payable on call. Although the same has not been paid during the year.
On the above amount interest has not been provided. These are subject
to confirmation, reconciliation and settlement there of, if any.
The Revised Schedule VI, among other matters, requires that borrowing
will be further sub classified as secured and unsecured. The Revised
Schedule VI requires that the period and amount of continuing default
as on Balance Sheet date in repayment of loans and interest will be
specified separately in each case.
Interest payable Rs. 2,55,35,736/- as on 31.03.2014 (provided in the
books of accounts upto 31.03.2003), includes interest payable to
various companies including above body corporate but segregation of the
same has not been given in the books.
The management of the company has considered trade payable as short
term. Although there exist amounts payable for more than credit period
allowed by the parties. Payables are subject to confirmation,
reconciliation and settlement there of, if any.
The management of the company has considered above liabilities as short
term. Although there exist amounts payable for more than normal
operating cycle. Above are subject to confirmation, reconciliation and
settlement there of, if any.
B - Intangible Assets
The Company does not own any intangible assets.
C - Capital Work in Progress
The Company does not have assets in progress which will take time to be
ready for inteded use.
The company has not revalued its Fixed assets during the year or year
end. In absense of such revaluation process and fair market value of
assets by an valuer no impairment loss has been provided in the books.
The management of the company has considered above loans and advances
as loang term. Although there exist amounts payable for more than
normal peroid cycle. Above are subject to confirmation, reconciliation
and settlement there of, if any.
The company has classified all receivables as short term unsecured.
Although amounts outstanding more than six months are beyond the normal
credit period allowed by the company. Receivables are subject to
confirmation, reconciliation and settlement there of, if any.
Advances recoverable in cash or in kind includes claim and sales tax
receivables which are outstanding more than a year. Management has
treated the said sales tax amount as undisputed and good. Above amounts
are subject to confirmation, reconciliation and settlement there of, if
any.
The revenue is from normal operating activities of the company.
Turnover is stated at realisable value net of Trade Discount, Sales tax
and VAT.
Contingent Liabilities
Being claims against the Company 39048.493 39048.493
not acknowledged as Debts
Guarantees issued by the Banks on 400.000 400.000
behalf of the Company
The above cases are filed under Water (Prevention & Control of
Pollution Act) 1974 by UPPCB against the Company. Non-bailable warrants
were issued to the directors of the Company for personal non-appearance
before the Court as per the orders. The Company has of filed a writ
petition before High Court to get a stay in the above mentioned case.
Pending settlement of the liabilities which may arise on account of
short-fall in fulfillment of export obligations against duty free
import of raw material on Advance Licenses in earlier years and also
pending finalization of export benefits which may accrue to the Company
on account of exports made in earlier years, the matters pertaining to
which have become very old, no adjustments therefore, have been made in
the accounts and the same will be accounted for as and when settled.
The quantification of liability cannot be ascertainable at present.
Balances of Sundry Debtors and Sundry Creditors are as per books of
account only and are subject to
confirmation, reconciliation and settlement there of, if any. There
exist amounts which are outstanding beyond the expected settlement
time. These balances are not reconciled from a long period
In compliance with Accounting Standard-18 on "Related Party
Disclosures" issued by the Institute of Chartered Accountants of India,
Related Party disclosures are as
under:
(A) Name of Related parties and description of relationship
Enterprises over which Directors and relatives of such personnel
exercise significant influence:
Ashok Birla Apollo Hospital Private Limited
Asian Distributors Private Limited
Birla Accucast Limited
Birla Aircon Infrastructure Private Limited
Birla Art Lifestylepvt Ltd
Birla Bombay Pvt.Ltd
Birla Capital And Financial Services Limited
Birla Charity Trust
Birla Concepts India Private Limited
Birla Cotysn (1) Ltd
Birla Edutech Limited
Birla Electrical Ltd
Birla Energy Infra Limited
Birla Global Corporation Ltd.
Birla H & M Centre
Birla Industries Group Charity Trust
Birla Infrastructure Pvt Ltd
Birla Integrated Textile Park Limited
Birla International (P) Ltd.
Birla IVF LLP
Birla Kerala Vaidyashala Private Limited
Birla Lifestyle Private Limited
Birla Machining & Toolings Limited
Birla Pacific Medspa Limited
Birla Power Solution Ltd.
Birla Precision Technologies Limited
Birla Research & Lifesciences Limited
Birla Shloka Edutech Ltd
Birla Surya Ltd
Birla Terrajoule Private Limited
Birla Urja Limited
Birla Viking Travels Ltd.
Birla Infrasolution
Birla Wellness And Healthcare Private Limited
Birla DP Carpet Pvt. Ltd
Dagger Forest Tools Ltd.
English Learning Group Private Limited
Godavari Corporation Pvt Ltd.
Lakshmi Properties Ltd
Melstar Information Technologies Ltd
Nirvend Traders Pvt. Ltd
Scimitar Invt. & Trading Co. Pvt. Ltd.
Shearson Investment Trading P. Ltd.
Vedant Consultancy P Ltd
Zenith Birla India Ltd
Zenith Dyentermidiatn Ltd.
Zenith Pipe India Ltd
The information required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 for amount due to small scale
industrial undertakings is not identified by the company.
In view of the persistent losses and company being under reference to
Board for Industrial and Financial Reconstruction (BIFR), no interest
has been provided on Inter Corporate Loans. As Company has incurred
loses in current year also amounting to Rs 1,71,54,690/- Liabilities
would have been increased by the amount of interest, amount of interest
are unascertained.
Previous Year Figures
The financial statements for the year ended 31st March, 2014 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year
ended 31st March, 2014 are prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been
regrouped/reclassified to conform to this year''s classification. The
adoption of Revised Schedule VI for the previous year figures does not
impact recognition and measurement principle followed for the
preparation of financial statements.
Mar 31, 2010
1. CONTINGENT LIABILITIES
(NOT PROVIDED FOR) 31.03.2010 31.03.2009
i) Being claims against the
Company not acknowledged a<; Debts 3,90,48,493/- 3,90,48,493/-
ii) Guarantees issued by the Banks
on behalf of the Company 4,00,000/- 4,00,000/-
iii) Non provision of disputed
liabilities
a) Appeal pending before
Jt.Commissioner of Trade Tax,
Uttarakhand for F.Y. 2000-01. 43,29,922/- 43,29,922/-
b) Appeal pending before Dy.
Commissioner of Sales Tax,
Delhi for F.Y. 1985-86, 1990-91,
1993-94 to 2004-05. 64,75,081/- 64,75,081/-
c) Following Appeals under Central
Excise Act, 1944 are pending :
Before Supreme Court of India,
in respect of Excise duty
on Raw Material. 10,26,636/- 10,26,636/-
Before Commissioner of Central
Excise, Delhi in respect of
Excise duty on finished goods. 1,67,000/- 1,67,000/-
d) Appeal pending before Jt.
Commissioner of Income Tax,
New Delhi for FY. 1997-98 48,67,100/- 48,67,100/-
The above cases are filed under Water (Prevention & Control of
Pollution Act) 1974 by UPPCB against the Company. Non-bailable warrants
were issued to the then directors of the Company for personal
non-appearance before the Court as per the orders. The Company has of
filed a writ petition before High Court to get a stay in the above
mentioned case.
Note : Details of amount involved at point (g) could not be ascertained
2. Pending settlement of the liabilities which may arise on account of
short-fall in fulfillment of export obligations against duty free
import of raw material on Advance Licenses in earlier years and also
pending finalization of export benefits which may accrue to the Company
on account of exports made in earlier years, the matters pertaining to
which have become very old, no adjustments therefore, have been made in
the accounts and the same will be accounted for as and when settled.
The amount of liability cannot be ascertained at present.
3. Balances of Sundry Debtors and Sundry Creditors are as per books of
account only and are subject to confirmation and reconciliation there
of, if any.
4. The company is engaged in manufacturing of machine made carpets
business which as per Accounting Standard-17 on "Segment Reporting"
issued by the Institute of Chartered Accountants of India, is
considered the only reportable segment of the company, hence no segment
wise reporting is given.
5. In compliance with Accounting Standard-18 on "Related Party
Disclosures" issued by the Institute of Chartered Accountants of India,
related party disclosures are as under:
6. (a) No provision for current taxation has been made in the accounts
in view of the carried forward business loss in respect of past years.
(b) As the Company have substantial carried forward business losses
under the Income Tax Act, 1961 and is unlikely to have taxable income
in the foreseeable future the deferred tax assets/liabilities have not
been recognized. This is in accordance with Accounting Standard (AS) 22
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India.
7. Disclosure in terms of Accounting Standard 29 issued by The
Institute of Chartered Accountants of India.
8. No provision for Minimum Alternate Tax has been made in view of
brought forward losses and loss in the year under consideration.
9. The information required to be disclosed under the Micro, Small
and Medium Enterprises Devel- opment Act, 2006 for amount due to small
scale industrial undertakings is not identified by the company.
10. In view of the persistent losses and company being under reference
to Board for Industrial and Financial Reconstruction (BIFR), no
interest has been provided on Inter Corporate Loans. As Company has
incurred loses in current year also amounting to Rs. 1.69 Crores.
Liabilities would have been increased by the amount of interest, amount
of interest are unascertained.
11. Previous years figures have been regrouped/rearranged/reclassified,
wherever deemed necessary to make these comparable with those of the
current year.
12. Old stock damaged due to moth and rains lying with company
amounting to Rs.57,00,126/-has been destroyed during the year, hence
written off by reducing directly from stock value.
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