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Notes to Accounts of Fortune International Ltd.

Mar 31, 2014

Not Available.


Mar 31, 2013

1. Contingent Liabilities

CONTINGENT LIABILITIES CURRENTYEAR PREVIOUSYEAR

In respect of Bank Guarantees Nil Nil

2. Quantitative & Value information: Not Applicable since there is no opening & closing stock.

3. Consumption of imported and indigenous materials and percentage thereof to total consumption, Raw Materials, Sub-assemblies and Components Consumed. - NIL

4. In Compliance of Accounting Standard -18 on related party disclosures issued by the Institute of Chartered Accountants of India, the required information is given as under.

1. List of Related Parties

a) Directors and Key Managerial Persons

1. Mrs. Rekha Shrivastava

2. Mr. Nivedan Bharadwaj

3. Mr. Madanlal Jain

b) Relatives of Directors

1. Ruchika Shrivastava - Bharadwaj

2. Anu Malhotra

3. Pritika Shrivastava

4. Radhika Shrivastava

c) The entities and the associations in which Directors are interested

1. M/s. Dr. R.D. Shrivastava Family Trust

2. M/s. Ganga Agencies

3. M/s. Krishna Family Trust

4. Fortune Polymer Industries Pvt. Ltd.

5. Fortune Stones Ltd

6. ISS International Ltd

5. Deferred tax assets have not been recognized and carried forward as there is no certainty of any furthertaxable income.

6. Provision for Income tax has not been made in the absence of taxable income.

7. Superannuation Payable to employee is Rs 11, 26,109.The amount payable is on Account of withdrawal of the names of the member from the pension group scheme of LIC. The amount will be reimbursed to the employees/member covered under the scheme within a reasonable time.

8. Misc Income of Rs. 25 Lac is towards waiver of unsecured loan by Krishna Family Trust.

9. Exceptional item shown in the Profit & Loss Account is the amount paid to BSE as one time charges as Re-lnstatementfees.

10. Previous Year figures have been regrouped and re-arranged wherever Necessary.


Mar 31, 2012

* 10% amount of invoice value which is payable by Ministry of Food, Government of Bangladesh after inspection of the goods and other formalities has not yet received inspite of serious efforts made by the company, amounting to Rs.2,14,47,920/- is outstanding since last 10 years and seems doubtful of recovery.

* Balance of Trade Receivables are subject to confirmation.

1. Contingent Liabilities

CONTINGENT LIABILITIES CURRENT YEAR PREVIOUS YEAR

In respect of Bank Guarantees Nil Nil

2. Quantitative & Value information: Not Applicable since there is no opening & closing stock.

3. Consumption of imported and indigenous materials and percentage thereof to total consumption, Raw Materials, Sub-assemblies and Components Consumed. - NIL

4. In Compliance of Accounting Standard -18 on related party disclosures issued by the institute of Chartered Accountants of India, the required information if given as under.

1. List of Related Parties

a) Directors and Key Managerial Person

1. Mrs. Rekha Shrivastava

2. Mr. Nivedan Bharadwaj

3. Mr. Madanlal Jain

b) Relatives of Directors

1. Ruchika Shrivastava - Bharadwaj

2. Anu Malhotra

3. Pritika Shrivastava

4. Meenu Shrivastava

5. Radhika Shrivastava

c) The entities and the associations in which Directors are interested

1. Wisdom Properties Private Limited

2. M/s. Dr. R.D. Shrivastava Family Trust

3. M/s. Ganga Agencies

4. M/s. Krishna Family Trust

5. Eastern Leather Products P. Ltd

6. Abhinav Engineers Pvt. Ltd.

7. Fortune Polymers Industries Pvt. Ltd.

8. Ramdayal associates Ltd.

5. Deferred tax assets have not been recognized and carried forward as there is no certainty of any further taxable income.

6. Previous Year figures have been regrouped and re-arranged wherever Necessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES C URRENT PREIOD PREVIOUS YEAR

a) In respect of Bank Guarantees Nil Nil

2. Quantitative & Value information: Not Applicable since there is no opening & closing stock.

3. Consumption of imported and indigenous materials and percentage thereof to total consumption, Raw Materials, Sub assemblies and Components Consumed. - NIL

4. During the financial year 2008-09, the company has made OTS settlement with Central Bank of India, Parliament Street branch, New Delhi in respect of suit filed by bank before DRT, New Delhi vide approval reference N.o.BR:REC-.2008-09 dated 23.4.2008 at agreed amount of Rs.19 crores as One Time Settlement(OTS). During the yearthe company has fuliy paid the OTS alongwith the interest. The difference between the outstanding balance of loan in books and the total amount paid has been debited to interest account. In previous years no provision for interest has been made in the absence of details of interest charged by the bank, hence the total amount of interest has been claimed during this year and debited to Profit & Loss Account.

5. Share of M/s.Rathi Alloys and Steel Ltd. have been pledged with Central Bank of India, Parliament Street Branch, New Delhi. Presently these are not quoted / traded on the Stock-Exchanges, hence present market value is not ascertainable and loss on diminution on value of shares not provided for.

6. ICICI bank had filed a suit against the company before DRT for claim of penal interest etc. amounting to Rs.98,91,308 & being defended by the company.

7. Balances of Creditors/Loans & Advances and Debtors are subject to confirmation.

8. 10% amount of invoice value which is payable by Ministry of Food, Government of Bangladesh after inspection of the goods and other formalities has not yet received in-spite of serious efforts made by the company, amounting to Rs.3,60,45,593/- is outstanding since last 10 years and seems doubtful of recovery

9. Amount due from New World Enterprises Rs.8,30,52,720 is doubtful of recovery; in-spite of serious efforts being made to receive the amount.

10. Amount due from Mondial Granites US$ 22,052.85 against exports made in August-2000 goods not accepted by the importer and had been auctioned by the Custom-Authorities. Necessary details are being called for, and seems to be doubtful of recovery.

11. Demand Draft in hand of Rs.54,749 issued by Stahate Bank of India, Nhava Sheva Branch, Mumbai favouring Fortune International Ltd A/c with ICICI Bank d not been deposited due to litigation with ICICI Bank & necessary efforts are being made to get it revalidated.

12. Following suits filed against the company and not acknowledged as debts; being subjudice matters.

a) Ekta Trade-Links (P) Ltd, Ahmedabad Before Civil Court, Ahmedabad

b) Vijay Anand Associates

c) Euro-Asia, Singapore

13. No Provision has been made for accounting liability up-to 31.3.2010 for gratuity to employees. Gratuity payable will be accounted as and when payments are made and as such the liability as at 31.03.2010 has not been ascertained.

14. Company has received a refund of Rs. 15,59,686 from LIC superannuation Fund & the same has been shown as miscellaneous income as claims of eligible employees were settled earlier at the time of leaving jobs and all contributions were paid by the company

15. Deferred tax assets have not been recognized and carried forward as there is no certainty of any further taxable income.

16. Previous Year figures have been regrouped and re-arranged wherever Necessary.

 
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