Mar 31, 2015
1) Terms and Rights attached to shares:
The Company has only one class of equity shares having face value of
Rs, 10 per share. Each holder of equity shares is entitled to one vote
per share. Equity shares holders are also entitled to dividend as and
when proposed by the Board of Directors and approved by Share holders
in Annual General Meeting. 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
which shall be in proportion to the number of shares held by the
Shareholders.
Note: The Company has not received the required information from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence, disclosure relating to
amounts unpaid as at the yearend together with interest paid / payable
as required under the said Act have not been made.
* Note: 1) Indicates that the amount has been deposited in accordance
with the order dated 18.11.2008 of the High Court of Chennai. The
matter is still pending final disposal with Supreme Court. (Refer
Note: 22) 2) The maturity period is of more than 12 months.
Note 2. CONTINGENT LIABILITIES:
a) The Electricity Department Pondicherry has filed a special leave
petition before the Supreme Court of India, challenging the findings of
the Madras High Court in respect of demand towards Electricity Charges
of Rs, 17,78,51,077/- (includes interest of Rs, 12,10,85,645/-) since
converted into a civil Application. Subsequently the matter has been
referred to Supreme Court, Lok Adalat, where it is pending for hearing
and disposal. The Company has been legally advised that the case can
be successfully contested/defended and hence no provision is made.
b) The Company has not provided in the Accounts disputed claim of Rs,
1,34,00,000/- towards demurrage charges (in addition to interest on the
said claim) relating to import of scrap for which the appeal before the
Supreme Court is pending disposal. The Company has been advised that no
liability will be fastened on the Company, based on the facts and
circumstances of the case. However, an amount (along with Interest over
the years) of Rs, 86,53,116/- is lying deposited with HDFC Bank Ltd. in
accordance with the directions of the Supreme Court vide order dated
18th November, 2008 (See Note 11).
Note 3. The Company has not been carrying on any operations. Hence
information pursuant to AS-17 on "Segment Reporting" is not applicable
to the Company.
Note 4. The Company has suspended its operation. In view thereof and in
consideration of prudence, the Company has not recognized Deferred Tax
Asset in respect of set off of available losses and timing differences.
Note 5. No provision for taxation is necessary, in view of the
accumulated losses incurred over the years.
Note 6. EMPLOYEE BENEFITS OBLIGATIONS:
As per Accounting Standard 15 "Employee Benefits", the disclosures as
defined in the Accounting Standard are given below:
Defined Contribution Plans:
The Company offers its employees defined contribution plan in the form
of provident fund, family pension fund and superannuation fund.
Provident fund, family pension fund cover substantially for all regular
employees. Contributions are paid during the year into separate funds.
While both the employees and the Company pay predetermined
contributions into the provident fund and pension fund, no fund has
been created by the Company for gratuity. The Company's contribution to
the provident fund and family pension fund has been charged to
Statement of Profit and Loss.
Defined Benefit Plans:
The company offers its employees defined benefit plans in the form of
gratuity (a lump sum amount). Benefits under the defined benefit plans
are based on years of service and the employees last drawn salary
immediately before exit. The gratuity scheme covers substantially all
regular employees. However the Company has not created any fund in
accordance with the scheme. Commitments are actuarially determined at
year end. On adoption of the revised Accounting Standard (AS 15) on
"Employee Benefits", actuarial valuation is done based on "Projected
Unit Credit Method". Gains and loss of changed actuarial assumptions
are charged to Statement of Profit & Loss. The obligation for leave
Encashment benefits is recognized in the manner similar to Gratuity.
The Company has not created any fund into which contributions are made.
Hence furnishing of information on Return on Plan Assets does not
arise.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
vi) The expected contributions for Defined Benefit Plan for the next
financial year will be in line with FY 14-15.
Note 28 Additional information as required under Section 186 (4) of the
Companies Act, 2013 during the year:
(a) No investment made in Body Corporate.
(b) No Guarantee is given by the Company.
Note 7. The figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary to conform to the
current year presentation.
Mar 31, 2014
1) Terms and Rights attached to shares:
The Company has only one class of equity shares having face value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. Equity shares holders are also entitled to dividend as and
when proposed by the Board of Directors and approved by Share holders
in Annual General Meeting. 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
which shall be in proportion to the number of shares held by the
Shareholders.
Note : The Company has not received the required information from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence, disclosure relating to
amounts unpaid as at the year end together with interest paid / payable
as required under the said Act have not been made.
* Note 1) Indicates that the amount has been deposited in accordance
with the order dated 18.11.2008 of the High Court of Chennai. The
matter is still pending final disposal with Supreme Court. (Refer Note:
21)
2) The maturity period is of more than 12 months.
Note 2 CONTINGENT LIABILITIES:
a) The Electricity Dept. Pondicherry has filed a special leave petition
before the Supreme Court of India, challenging the findings of the
Madras High Court in respect of demand towards Electricity Charges of
Rs. 1,77,851,077 (includes interest of Rs. 121,085,645/-) since
converted into a civil Application. Subsequently the matter has been
referred to Supreme Court, Lok Adalat, where it is pending for hearing
and disposal. The Company has been legally advised that the case can be
successfully contested/defended and hence no provision is made.
b) The Company has not provided in the Accounts disputed claim of Rs.
13,400,000/- towards demurrage charges (in addition to interest on the
said claim) relating to import of scrap for which the appeal before the
Supreme Court is pending disposal. The Company has been advised that no
liability will be fastened on the Company, based on the facts and
circumstances of the case. However, an amount (along with Interest over
the years) of Rs. 8,653,116 is lying deposited with HDFC in accordance
with the directions of the Supreme Court vide order dated 18th
November, 2008 (See Note 11) .
Note 3 The Company has not been carrying on any operations. Hence
information pursuant to AS-17 on "Segment Reporting" is not applicable
to the Company.
Note 4 The Company has suspended its operation. In view thereof and in
consideration of prudence, the Company has not recognised Deferred Tax
Asset in respect of set off, of available losses and timing
differences.
Note 5 No provision for taxation is necessary, in view of the
accumulated losses incurred over the years.
Note 6 Employee Benefits Obligations:
As per Accounting Standard 15 "Employee Benefits", the disclosures as
defined in the Accounting Standard are given below :
Defined Contribution Plans:
The Company offers its employees defined contribution plan in the form
of provident fund, family pension fund and superannuation fund.
Provident fund, family pension fund cover substantially for all regular
employees. Contributions are paid during the year into separate funds.
While both the employees and the Company pay predetermined
contributions into the provident fund and pension fund, no fund has
been created by the company for gratuity. The Company''s contribution to
the provident fund and family pension fund has been charged to
Statement of Profit and Loss.
Defined Benefit Plans:
The company offers its employees defined benefit plans in the form of
gratuity (a lump sum amount). Benefits under the defined benefit plans
are based on years of service and the employees last drawn salary
immediately before exit. The gratuity scheme covers substantially all
regular employees. However the company has not created any fund in
accordance with the scheme. Commitments are actuarially determined at
year end. On adoption of the revised Accounting Standard (AS 15) on
"Employee Benefits" notified under the Companies (Accounting Standards)
Rules, 2006, actuarial valuation is done based on "Projected Unit
Credit Method". Gains and loss of changed actuarial assumptions are
charged to Statement of Profit & Loss. The obligation for leave
Encashment benefits is recognized in the manner similar to Gratuity.
vi) The expected contributions for Defined Benefit Plan for the next
financial year will be in line with FY 13-14.
Note 7 The figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary to conform to the
current year presentation.
Mar 31, 2013
1 The figures of the previous year have been reworked, regrouped,
rearranged and reclassified, wherever necessary to conform to the
current year presentation.
2 The company has not been carrying on any operations. Hence
information pursuant to AS17 on Segment Reporting is not applicable to
the company.
3 The Company has suspended its Operation .In view thereof and in
consideration of prudence, the company has not recognised Deferred Tax
Asset in respect of Set off of available losses and timing differences.
4 The company does not owe amount to any Small Scale Industrial
Undertaking and to micro, small and medium enterprises.
5 No provision for taxation is necessary, in view of the accumulated
losses incurred over the years.
6 Employee Benefits Obligations: Defined Contribution Plans
The company offers its employees defined contribution plan in the form
of provident fund, family pension fund and superannuation fund.
Provident fund, family pension fund cover substantially for all regular
employees. Contributions are paid during the year into separate funds.
While both the employees and the company pay predetermined
contributions into the provident fund and pension fund, no fund has
been created by the company for gratuity, The company''s contribution to
the provident fund and family pension fund has been charged to
Statement of Profit and Loss.
Defined Benefit Plans:
The company offers its employees defined benefit plans in the form of
gratuity (a lump sum amount). Benefits under the defined benefit plans
are based on years of service and the employees last drawn salary
immediately before exit. The gratuity scheme covers substantially all
regular employees. However the company has not created any fund in
accordance with the scheme. Commitments are actuarially determined at
year end. On adoption of the revised Accounting Standard (AS 15) on
"Employee Benefits" notified under the Companies (Accounting Standards)
Rules, 2006, actuarial valuation is done based on "Projected Unit
Credit Method". Gains and loss of changed actuarial assumptions are
charged to Statement of Profit & Loss. The obligation for leave
Encashment benefits is recognized in the manner similar to Gratuity.
7 Contingent Liabilities
a) The Electricity Dept. Pondicherry has filed a special leave petition
before the Supreme Court of India, challenging the findings of the
Madras High Court in respect of demand towards Electricity Charges of
Rs.17,78,51,077 (includes interest of Rs.12,10,85,645/-) since converted
into a civil Application. Subsequently the matter has been referred to
Supreme Court, Lok Adalat, where it is pending for hearing and
disposal. The company has been legally advised that the case can be
successfully contested/defended and hence no provision is made.
b) The Company has not provided in the Accounts disputed claim of
Rs.1,34,00,000/- towards demurrage charges (in addition to interest on
the said claim) relating to import of scrap for which the appeal before
the Supreme Court is pending disposal. The Company has been advised
that no liability will be fastened on the company, based on the facts
and circumstances of the case. However, an amount (along with Interest
over the years) of Rs.70,64,858 is lying deposited with HDFC in
accordance with the directions of the Supreme Court vide order dated
18th November, 2008 (See Note 12) .
8 The Company Petition Nos. 154 & 155 of 2012 for Amalgamation/
Arrangements between Mind Factory Entertainment Private Limited and
itself have since been withdrawn and order passed in this effect by the
Madras High Court on 21.02.2012
Mar 31, 2011
1. Contingent Liabilities:
(a) The Electricity Dept. Pondicherry had filed a special leave
petition before the Supreme Court of India, challenging the findings of
the Madras High Court in respect of demand towards Electricity Charges
of Rs. 17,78,51,077/- (includes interest of Rs. 12,10,85,645/-), since
converted into a Civil Application. Subsequently, the matter has been
referred to Supreme Court Lok Adalat, where it is pending for hearing
and disposal. The company has been legally advised that the case can be
successfully contested/ defended and hence no provision is made.
(b) The Company has not provided in the Accounts disputed claim of Rs.
1,34,00,000/- towards demurrage charges (in addition to interest on the
said claim) relating to import of scrap for which the appeal before the
Supreme Court is pending disposal. The Company has been advised that no
liability will be fastened on the company, based on the facts and
circumstances of the case. However, an amount (along with Interest over
the years) of Rs. 70,64,858/- is lying deposited with HDFC LTD in
accordance with the directions of the Supreme Court vide order dated
26th September, 2008 (See Schedule 6)
2. No provision for taxation is necessary, in view of the accumulated
losses incurred over the years.
3. The company does not owe amount to any Small Scale Industrial
Undertaking and to micro, small and medium enterprises.
4. The company has not been carrying on any operations. Hence
information pursuant to AS 17 on Segment Reporting is not applicable to
the company.
5. The Company has suspended its Operation. In view thereof and in
consideration of prudence, the company has not recognised Deferred Tax
Asset in respect of Set off of available tax losses & timing
differences.
6. In the opinion of the Board, Current Assets, Loans & Advances have
value on realisation in the ordinary course of business approximately
the same at which these are stated in the Balance Sheet and provision
for all known liabilities have been made and the same are not in excess
of the amount reasonably necessary.
7. Employee benefits Obligations:
Defined contribution plans:
The company offers its employees defined contribution plan in the form
of provident fund, family pension fund and superannuation fund
substantially for all regular employees and makes contribution to the
Regional Provident Fund Commissioner and ESIC to Regional Director of
ESIC. While both the employees and the company pay predetermined
contributions into the provident fund and pension fund, the company's
contribution to the provident fund and family pension fund has been
charged to the Profit & Loss Account.
Defined Benefit Plans:
The company offers its employees defined benefit plans in the form of
gratuity (a lump sum amount). Benefits under the defined benefit plans
are based on years of service and the employees last drawn salary
immediately before exit. The gratuity scheme covers substantially all
regular employees. However the company has not created any fund in
accordance with the scheme. Commitments are actuarially determined at
year end. On adoption of the revised Accounting Standard (AS 15) on
"Employee Benefits" notified under the Companies (Accounting Standards)
Rules, 2006, actuarial valuation is done based on "Projected Unit
Credit Method". Gains and loss of changed actuarial assumptions are
charged to Profit & Loss Account. The obligation for leave encashment
benefits is recognized in the manner similar to Gratuity.
8. Related Party Disclosures:
I. Relationship:- Associate Companies:-
i) Western Ministil Limited
ii) Western Rolling Mills Pvt. Ltd
II. Key managerial Personnel:
1. Mr. Prithviraj S. Parikh- Executive Director (w.e.f. 30-01-2009)
(No remuneration has been paid to Mr. Prithviraj S. Parikh as an
Executive Director during the year, except sitting fees paid for
attending Board and Committee Meetings)
9. Previous Year's figures have been regrouped, rearranged and
reclassified wherever found necessary.
Mar 31, 2010
1. Contingent Liabilities:
Year ended Year ended
Particulars 31-03-2010 31-03-2009
(Rs. in Lacs) (Rs. in Lacs)
Contingent Liabilities Nil Nil
a) The Electricity Dept. Pondicherry had filed a special leave petition
before the Supreme Court of India, challenging the findings of the
Madras High Court in respect of demand towards Electricity Charges of
Rs. 17.79 Crores (includes interest of Rs. 12.11 Crores), since
converted into a Civil Application. Subsequently, the matter has been
referred to Supreme Court Lok Adalat, where it is pending for hearing
and disposal. The company has been legally advised that the case can be
successfully contested/ defended and hence no provision is made.
b) The Company has not provided in the Accounts disputed claim of
Rs.134/- Lacs (in addition to interest on the said claim) relating to
import of scrap for which the appeal before the Supreme Court is
pending disposal. The Company has been advised that no liability will
be fastened on the company, based on the facts and circumstances of the
case. However, an amount (along with Interest over the years) of
Rs.70.18 Lacs is lying deposited with HDFC in accordance with the order
of the High Court of Madras dated 18-11-2008. (See Schedule 6)
2. No provision for taxation is necessary in view of the accumulated
losses incurred over the years.
3. The company does not owe amount to any Small Scale Industrial
Undertaking and to micro, small and medium enterprises.
4. The company has not been carrying on any operations. Hence
information pursuant to AS 17 on Segment Reporting is not applicable to
the company.
5. The Company has appointed Mr. P. K. R. K. Menon, director of the
company, as a Company Secretary w.e.f. 01.10.2003, being qualified for
such assignment. This is in compliance of the statutory requirements
and he has been paid remuneration for the services rendered as the
Company Secretary.
6. The Company has suspended its operation and its activities have
come to a standstill. In view thereof and in consideration of
prudence, the company has not recognised Deferred Tax Asset in respect
of Set off of available losses, & timing differences.
7. In the opinion of the Board, Current Assets, Loans & Advances have
value on realisation in the ordinary course of business approximately
the same at which these are stated in the Balance Sheet and provision
for all known liabilities have been made and the same are not in excess
of the amount reasonably necessary.
8. Employee benefits Obligations:
(i) Defined contribution plans:
The company offers its employees defined contribution plan in the form
of provident fund, family pension fund and superannuation fund.
Provident fund, family pension fund covers substantially for all
regular employees. Contributions are paid during the year into separate
funds. While both the employees and the company pay predetermined
contributions into the provident fund and pension fund, no fund has
been created by the company for gratuity. The companys contribution to
the provident fund and family pension fund has been charged to the
Profit & Loss account.
(ii) Defined Benefit Plans:
The company offers its employees defined benefit plans in the form of
gratuity (a lump sum amount). Benefits under the defined benefit plans
are based on years of service and the employees last drawn salary
immediately before exit. The gratuity scheme covers substantially all
regular employees. However, the company has not created any fund in
accordance with the scheme. Commitments are actuarially determined at
year end. On adoption of the revised Accounting Standard (AS 15) on
"Employee Benefits" notified under the Companies (Accounting Standards)
Rules, 2006, actuarial valuation is done based on "Projected Unit
Credit Method". Gains and loss of changed actuarial assumptions are
charged to Profit & Loss Account. The obligation for leave Encashment
benefits is recognized in the manner similar to Gratuity.
9. Related Party Disclosures:
I. Relationship:- Associate Companies:- i) Western Ministil Limited
ii) Western Rolling Mills Pvt. Ltd
II. Key managerial Personnel:
1. Mr. Prithviraj S. Parikh- Executive Director (w.e.f. 30-01-2009)
(No remuneration has been paid to Mr. Prithviraj S. Parikh as an
Executive Director during the year, except sitting fees paid for
attending Board and Committee Meetings)
10. Previous Years figures have been regrouped, rearranged and
reclassified wherever necessary.