Mar 31, 2014
A. BASIS OF ACCOUNTING :
1. The financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to in sub-section(3c) of Section 211 of the said Act, except
in case of certain items which have been accounted on cash basis as
reported hereafter.
b. FIXED ASSETS
2. AII fixed assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. REVENUE RECOGNITION :
Revenue in respect of Dividend Income & Interest on Debentures is
accounted as an when received.
d. INVESTMENTS :
1) Long Term Investments are stated At Cost. No adjustments is made in
respect of decline in value of temporary nature, if any, as they are
considered long term by the management.
The company does not have any current investment.
Mar 31, 2013
A. BASIS OF ACCOUNTING :
l.The financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to in sub-section(3c) of Section 211 of the said Act, except
in case of certain items which have been accounted on cash basis as
reported hereafter.
b. FIXED ASSETS
2.AII fixed assets have been capitalized at cost inclusive of expenses
relating to acquisition and installation.
c. REVENUE RECOGNITION :
Revenue in respect of Dividend Income & Interest on Debentures is
accounted as an when received.
d. INVESTMENTS :
1) Long Term Investments are stated At Cost. No adjustments is made in
respect of decline in value of temporary nature, if any, as they are
considered long term by the management. The company does not have any
current investment.
Mar 31, 2012
A. BASIS OF ACCOUNTING :
1. The financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to in sub-section(3c) of Section 211 of the said Act, except
in case of certain items which have been accounted on cash basis as
reported hereafter.
b. FIXED ASSETS
2. All fixed assets have been capitalized at cost inclusive of expenses
relating to acquisition and installation.
C. REVENUE RECOGNITION :
Revenue is respect of Dividend Income & Interest on Debentures is
accounted as an when received.
Mar 31, 2011
A. The financial statements are prepared under historical cost
convention on accrual basis, and are in accordance with requirements of
the Companies Act, 1956 and comply with Accounting standards referred
to the sub-section (3C) of the section 211 of the said Act, except in
case of certain items which have been accounted on cash basis as
reported hereafter.
B. All fixed assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
C. Investments are shown at cost.
Mar 31, 2010
A. The Financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub-section (3C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. All Fixed Assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. Investments are shown at Cost.
Mar 31, 2009
A. The Financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub-section (3C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. All Fixed Assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. Investments are shown at Cost.
Mar 31, 2008
A. The Financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub- section (3 C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. AH Fixed Assets have been capitalized at cost inclusive of expenses
relating to acquisition and installation.
c. Investments are shown at Cost
Mar 31, 2007
A. The Financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub-section (3C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. All Fixed Assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. Investments are shown at Cost.
2. The Company was wound up by an order dated 4th February 2008 passed
by the Hon. Bombay High Court in Company Petition no. 228 of 1987 and
upon the opinion expressed by the Hon. BIFR in case no. 57 of 1987
which was converted into Company Petition and numbered as CP/ 735 of
2004.
Subsequent to the winding up order as above, the shareholders and the
promoters of the company who along with their friends, relatives and
associates who held and controlled about 56% of the paid-up Share
Capital of the company (hereinafter referred to as the Applicants),
propounded a scheme under Section 391 to 393 of the Companies Act, 1956
for the revival of the company. The Hon. Bombay High Court vide its
order dated 10th September, 2009 has accorded sanction to a scheme of
Compromise/Arrangement under sections 391 to 393 of the Companies Act
1956, inter alia, for revival of the company. The scheme was further
modified by the subsequent orders of the Hon. Bombay High Court dated
6th January 2010 and 7th January 2010.
Under the said revival scheme PLATINUM SQUAARE PVT LT., Mumbai is the
Strategic Investors in the Company who would provide the funds to the
extent of Rs. 30 Crores, over a period of time, for payment of existing
negotiated/settled liabilities to the Creditors of the Company
(comprising of the Secured Creditors, Statutory dues, Workers and
Unsecured Creditors) and for the revival of the companys operation.
The Company shall issue to Platinum Square Pvt Ltd 8 years Secured
Redeemable Non Convertible Debentures each of the face value of Rs.l,
00,000 at par and each debentures shall be accompanied by a detachable
warrant entitling the holder to subscribe for 13 equity shares of the
face value of Rs. 100 at par within 18 months from the allotment of the
Warrants..
In the scheme of Compromise/arrangement referred to above, the company
has allotted 3000 8 years Secured R Redeemable Non Convertible
Debentures each of the face value of Rs.l, 00,000 at par on 9th of
October 2009 .The amount paid up on each debentures as on date is Rs.
17,500/- amounting to Rs. 5,25,00,000/-
Interest dues to Secured Creditors:
Bank of India:
i) Simple interest at 10% p.a from 17.04.2008 to 08.12.2009 ii) Simple
interest at 12% p.a from 09.12.2009 till the date of payment, which is
not later than 31st March, 2010
Union Bank of India:
i) Simple interest at 10% p. a from 01.06.2008 to 08.12.2009 ii) Simple
interest at 12% p. a from 09.12.2009 till the date of payment, which is
not later than 31st March, 2010
Mar 31, 2006
A. The Financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub-section (3C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. All Fixed Assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. Investments are shown at Cost.
Mar 31, 2005
A. The Financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub-section (3C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. All Fixed Assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. Investments are shown at Cost.
Mar 31, 2004
1. Accounting Policies:-
a. The Financial statements are prepared under historical cost
convention, on accrual basis and are in accordance with requirements of
the Companies Act, 1956 and comply with Accounting Standards referred
to the sub-section (3C) of the section 211 of the said Act, except in
case of certain items which have been accounted on cash basis as
reported hereafter.
b. All Fixed Assets have been capitalized at cost inclusive of
expenses relating to acquisition and installation.
c. Investments are shown at Cost.
2. The Company was wound up by an order dated 4th February 2008 passed
by the Hon. Bombay High Court in Company Petition no. 228 of 1987 and
upon the opinion expressed by the Hon. BIFR in case no. 57 of 1987
which was converted into Company Petition and numbered as CP/ 735 of
2004.
Subsequent to the winding up order as above, the shareholders and the
promoters of the company who along with their friends, relatives and
associates who held and controlled about 56% of the paid-up Share
Capital of the company (hereinafter referred to as the Applicants),
propounded a scheme under Section 391 to 393 of the Companies Act, 1956
for the revival of the company. The Hon. Bombay High Court vide its
order dated 10th September, 2009 has accorded sanction to a scheme of
Compromise/Arrangement under sections 391 to 393 of the Companies Act
1956, inter alia, for revival of the company. The scheme was further
modified by the subsequent orders of the Hon. Bombay High Court dated
6th January, 2010 and 7th January, 2010.
Under the said revival scheme, PLATINUM SQUARE PVT LTD. Mumbai, is the
Strategic Investors in the Company who would provide the funds to the
extent of Rs. 30 crores, over a period of time, for payment of existing
negotiated/settled liabilities to the Creditors of the Company
(comprising of the Secured Creditors, Statutory dues, Workers and
Unsecured Creditors) and for the revival of the companys operation.
The Company shall issue to Platinum Square Pvt Ltd 8 years Secured
Redeemable Non Convertible Debentures each of the face value of Rs.
l,00,000 at par and each debentures shall be accompanied by a
detachable warrant entitling the holder to subscribe for 13 equity
shares of the face value of Rs.l00 at par within 18 months from the
allotment of the warrants.
In the scheme of Compromise/arrangement referred to above, the company
has allotted 3000, 8 years Secured Redeemable Non Convertible
Debentures each of the face value of Rs .l 00,000 at par on 9th of
October 2009. The amount paid up on each debentures as on date is
Rs.l7,500/- amounting to Rs. 5,25,00,000/-
3. Interest dues to Secured Creditors:
Bank of India:
i) Simple interest at 10% p.a from 17.04.2008 to 08.12.2009
ii) Simple interest at 12% p.a from 09.12.2009 till the date of
payment, which is not later than 31st March, 2010
Union Bank of India:
i) Simple interest at 10% p. a from 01.06.2008 to 08.12.2009
ii) Simple interest at 12% p. a from 09.12.2009 till the date of
payment, which is not later than 31 st March, 2010
Mar 31, 2001
A. The financial statements are prepared under historical cost
convention, on accrual basis, and are in accordance with requirements
of the Companies Act, 1956 and comply with Accounting Standards
referred to the sub-section (3C) of the section 211 of the said Act,
except in case of certain items which have been accounted on cash basis
as reported hereafter.
b. The accounts have been prepared under Historical Cost Convention.
c. All Fixed Assets have been capitalised at cost inclusive of
expenses relating to acquisition and installation.
d. No Depreciation has been provided since accounting year ended
30.06.1986.
e. Investments are generally shown At Cost.