Mar 31, 2015
1. SHARE CAPITAL
(a). Terms / rights attached to Equity Shares
a The company has only one class of equity shares having a per value of
Rs.100. Each Holder of equity shares is entitled to one vote per share.
b 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 number of equity shares held by the
shareholders.
2. CONTINGENT LIABILITIES AND COMMITMENTS
As at As at
Particular March 31 March 31
2015 2014
(A) Contingent Liabilities
1) Claims against company not acknowledgment - 277,789
as debt
2) Disputed Custom Duty 3,908,349 3,908,349
3,908,349 4,186,138
(B) Commitments - -
3. Related party disclosure
Related Parties Nature of Relationship
Mr. P. K. Nevatia Key Management Personnel
Phoolchand Anand Kishore HUF HUF of which Key Management Personnel
Nevatia is Member
4. Assets taken on Lease
The Company's major leasing arrangements are in respect of commercial
premises taken on leave and license basis. The aggregate lease rentals
of Rs. 1,80,000/- (Previous Year Rs. 1,80,000/-) as Rent are grouped
under Note No. 19 of "Other Expenses". The lease period is for the 11
months and renewable at mutual consent.
5. The Company is engaged only in trading of Chain and hence does not
have any reportable segment.
6. The company has disposed off substantial part of the fixed assets
during the last few years. However, the company intends to invest the
surplus money from the sale of the assets into a profitable business
and also the company is doing trading activity, hence the company's
should be viewed as a going concern. Accordingly accounts have been
prepared considering that the company is going concern.
7. Balances of Trade Receivables, Trade Payables and Loans and Advances
are subject to confirmation and consequential adjustment, if any.
8. In the opinion of the Board, Current Assets, Loans and Advances have
value in the ordinary course of business at least equal to the amount
at which they are stated.
9. Considering the size of the business of the Company, the Company has
not appointed Company Secretary and Chief Financial Officer as required
by sub section 1 of Section 203 of the Companies Act, 2013.
10. The previous year figures have been regrouped/reclassified,wherever
necessary to confirm to the current presentation as per the Schedule
III.
Mar 31, 2014
Note No 1.1: During the year, the company applied for discharge of
liabilities of incentive availed under the Package Scheme of Incentive
of Government of Maharashtra and have received the approval letter for
discharging the company from liabilities under the Package Scheme of
incentive. Accordingly the amount is no more payable and has been
transferred to General Reserve.
Note No 1.2 : The company has not received information from vendors
regarding their status under the Micro,Small and Medium Enterprises
Development Act,2006 and hence disclosures relating to amounts unpaid
as at the year end together with interest with interest paid/ payable
under this Act, have not been given. The same has been relied upon by
the Auditors.
Note No 2.1 : During the earlier years the company had received Show
Cause Notice demanding duty of Rs. 1.45,65,801/- which in view of the
department escaped assessment on import of sulphur for the chemical
division in the year 2004-2005 to 2005-2006. Representations were made
disputing the charge of the duty.''During the previous year order had
been received trom Custom Authorities raising Demand of Rs.
75,49,799/-. The company has filed appeal against the same. However, as
a matter of prudence the directors decided to continue the provision of
Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/-
(Previous Year Rs. 39,08,349/-) is shown as Contingent Liabilities.
3 CONTINGENT LIABILITIES AND COMMITMENTS
As at As at
Particular March 31.2014 March 31.2013
(A) Contingent Liabilities
1) Claims against company not
acknowledgment as debt 277.789 267,779
2) Disputed Custom Duty 3,908,349 3,908,349
4,186,138 4,176,128
(B) Commitments Â
4 Assets taken on Lease
The Company''s major leasing arrangements are in respect of commercial
premises taken on leave and license basis. The aggregate lease rentals
of Rs. 1,80,000/- (Previous Year Rs. 1,80,000/-) as Rent are grouped
under Note No. 18 of "Other Expenses" The lease period is for the 11
months and renewable at mutual consent.
5 The Company is engaged only in trading of Chain and hence does not
have any reportable segment.
6 The company has disposed off substantia! part of the fixed assets
during the last few years. However, the company intends to invest the
surplus money from the sale of the assets into a profitable business
and also the company is doing trading activity, hence the company''s
should be viewed as a going concern. Accordingly accounts have been
prepared considering that the company is going concern.
7 Balances of Trade Receivables, Trade Payables and Loans and Advances
are subject to confirmation and consequential adjustment, if any.
8 In the opinion of the Board, Current Assets, Loans and Advances have
value in the ordinary course of business at least equal to the amount
at which they are stated.
9 The previous year figures have been regrouped/redassified, wherever
necessary to confirm to the current presentation as per the revised
schedule VI.
Mar 31, 2013
1 CONTINGENT LIABILITIES AND COMMITMENTS :
Particulars As at As at
March 31,2013, March 31,2012
(A) Contingent Liabilities
1) Claims against company not
acknowledgment as debt 267,779 257,769
2) Disputed Custom Duty 3,908,349 3,908,349
3) Gram Panchayat Tax 71,312
- 4,176,128 4,237,430
(B) Commitments
2 Assets taken on Lease
The Company''s major leasing arrangements are in respect of commercial
premises taken on leave and license basis. The aggregate lease rentals
of Rs. 1,80,000/- (Previous Year Rs. 30.000/-) as Rent are grouped
under Note No. 19 of "Other Expenses", The lease period is for the 11
months and renewable at mutual consent.
3 The Company is engaged only in trading of Chain and hence does not
have any reportable segment.
4 The company has disposed off substantial part of the fixed assets
during the last few years. However, the company intends to invest the
surplus money from the sale of the assets into a profitable business
and also the company is doing trading activity, hence the company''s
shouid be viewed as a going concern. Accordingly accounts have been
prepared considering that the company is going concern.
5 Balances of Trade Receivables, Trade Payables and Loans and Advances
are subject to confirmation and consequential adjustment, if any.
6 In the opinion of the Board, Current Assets, Loans and Advances have
value in the ordinary course of business at ieast equal to the amount
at which they are stated.
7 The previous year figures have been regrouped/reclassified, wherever
necessary to confirm to the current presentation as per the reviseo
schedule VI.
Mar 31, 2012
The previous years figures have been regrouped/reclassified, wherever
necessary to conform to the current presentation.
1.1 SHARE CAPITAL
a) The Company have only one class of shares i.e Equity Shares having
par value of Rs. 100/-. Each Equity shareholder have one voting right
per share.
1.2 OTHER CURRENT LIABILITIES
(a) During the previous year the company had received Show Cause Notice
demanding duty of Rs. Rs. 1,45,65,801/ - which escaped assessment on
import of sulphur for the chemical division in the year 2004-2005 to
2005-2006. Representations were made disputing the charge of the duty.
During the current year order has been received from Custom Authorities
raising Demand of Rs. 75,49,799/-. The company has filed appeal against
the same. However, as a matter of prudence the directors decided to
continue the provision of Rs. 36,41,450/- made in the previous year.
Balance of Rs. 39,08,349/- (Previous Year Rs. 1,09,24,351/-) is shown
as Contingent Liabilities.
(b) The company has entered into a MOU for sales of its Land & Building
at Tarapur, MIDC, for Rs. 1,68,00,000/- (Previous Year Rs.
1,65,00,000/-). Pending approval from MIDC the assignment deed has not
been executed. Sale will be effective only after approval of MIDC is
received and legal documents are executed. Accordingly no effect has
been given for Sale of Asset.
1.3 FIXED ASSETS
Note: a. Building includes 10 unquoted shares of Rs.50/- each of Mount
Unique Co - Operative Housing Society Ltd, Mumbai.
b. Land is held for sale and building includes Gross Block of Rs.
25,92,429, Depreciation of Rs.7,85,429 and Net Block of Rs.18,07,000
being Building Held for Sale. The Same have been valued at lower of
cost or Net Realisable Value.
Accounting Policies on Fixed Assets
Fixed Assets and Depreciation/Amortisation
1. Fixed Assets are stated at cost less accumulated depreciation
except for those, which are revalued, in which case they are stated at
the revalued cost less accumulated depreciation.
2. Depreciation is provided under straight-line method at rates and in
the manner provided by Schedule XIV of the Companies Act, 1956.
Leasehold land is amortized over the period of lease.
1.4 REVENUE FROM OPERATION
1.5 CONTIGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :
Particulars As at As at
March 31, 2011 March 31, 2012
"1) Claims against company not
acknowledgment as debt" 257,769 247,760
2) Disputed Custom Duty 3,908,349 10,924,351
3) Gram Panchayat Tax 71,312 71,312
TOTAL 4,237,430 11,243,423
Accounting Policy on Revenue Recognition
"Sales are recognised when the significant risk and reward of ownership
of the goods are passed to the customer. Sales are net off sales
return, quantity discount and exclusive of value added tax collected.
1.6 Related party disclosure
Related party disclosure in accordance with Accounting Standard 18
issued by the Institute of Chartered Accountants of India ("ICAI").
Related Parties Nature of Relationship
Mr. R K. Nevatia Key Management Personnel
Phoolchand AnandiKishore
Nevatia HUF HUF of which Key Management
Personnel is Member
1.7 Assets taken on Lease
The Company's major leasing arrangements are in respect of commercial
premises taken on leave and license basis. The aggregate lease rentals
of Rs. 30,000/- (P.Yr. Rs. NIL) as Rent are grouped under Note No. 1.17
of "Other Expenses". The lease period is for the 11 months and
renewable at mutual consent.
1.8 The Company is engaged only in trading of Chain and hence does not
have any reportable segment.
1.9 The company has disposed off substantial part of the fixed assets
during the last few years. However, the company intends to invest the
surplus money from the sale of the assets into a profitable business
and also the company is doing trading activity, hence the company's
should be viewed as a going concern.
1.10 Balances of Sundry Debtors, Sundry Creditors and Loans & Advances
are subject to confirmation and consequential adjustments, if any.
Mar 31, 2011
1. Contingent liability as at 31st March 2011 on account of:
2010-11 2009-10
Rs. Rs.
i) Gram Panchayat Tax 71,312 71,312
ii) Claims against company not
acknowledgment as debt 2,47,760 2,37,760
iii) Disputed Sales Tax - 2,50,217
vi) Disputed Custom Duty 1,09,24,351 1,09,24,351
2. Related Party Transaction:
Related Parties:
Key Management Personnel : Mr. P. K. Nevatia.
Summary of transactions with above related parties.
3. Additional information pursuant to the provision of paragraph 3 and
4 in part II of the Schedule VI to the Companies Act, 1956.
a) Licensed Capacity, Installed Capacity and Actual Production. (In
M.T.) - Not Applicable
4. The company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises Development
Act,2006 and hence disclosures relating to amounts unpaid as at the
year end together with interest paid/ payable under this Act, have not
been given. The same has been relied upon by the Auditors.
5. Custom authorities have raised a demand of Rs.1,45,65,801 asking the
company to show cause why the duty which escaped assessment on import
of sulphur for the chemical division in the year 2004-2005 to
2005-2006. Representations have been made disputing the charge of the
duty. However as matter of prudence, the directors have decided to make
a provision of Rs. 36,41,450 in the accounts for the year. Balance of
Rs. 1,09,24,351 is shown as contingent liabilities.
6. Balances of Sundry Debtors, Creditors and Advances are subject to
confirmation and Consequential adjustments, if any.
7. The Company is engaged only in trading of Chain and hence does not
have any reportable segment:
8. Receivable towards sale of assets of Rs. 5,00,000 is outstanding
since long. However no provision for the same has been made in the
accounts as the management is hopeful of recovery.
9. The company has entered into a MOU for sales of its Land &
Building at Tarapur, MIDC, for Rs. 1.65 crore. Pending approval from
MIDC the assignment deed has not been executed. Accordingly sales of
Assets has not been booked in the accounts.
10. Figures for previous year have been regrouped/re-arranged wherever
necessary to make them comparable with those of the current year
Mar 31, 2010
1. Contingent liability as at 31st March 2010 on account of:
2009 - 10 2008-09
Rs. Rs.
i) Disputed Sales Tax - 580,660
ii) Gram Panchayat Tax 71,312 71,312
iii) Claims against company not
acknowledgment as debt 2,37,750 227,740
iv) Disputed Sales Tax 250,217 -
v) Guarantee given to MIDC for
Water Charges - 1,882,580
vi) Disputed Custom Duty 1,09,24,351 -
2. Related Party Transaction:
Related Parties: Key Management
Personnel : Mr. P.K. Nevatia.
3. Additional information pursuant to the provision of paragraph 3 and
4 in part II of the Schedule VI to the Companies Act, 1956.
i) Licensed Capacity, Installed Capacity and Actual Production. (In
M.T.) Ã Not Applicable
ii) Details of Opening Stock, Purchase/Resale,Turnover and Closing Stock
4. The company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises Development
Act,2006 and hence disclosures relating to amounts unpaid as at the
year end together with interest paid/ payable under this Act, have not
been given. The same has been relied upon by the Auditors.
5. Custom authorities have raised a demand of Rs.1,45,65,801 asking
the company to show cause why the duty which escaped assessment on
import of sulphur for the chemical division in the year 2004-2005 to
2005-2006. Representations have been made disputing the charge of the
duty. However as matter of prudence, the directors have decided to make
a provision of Rs. 36,41,450 in the accounts for the year. Balance of
Rs.1,09,24,351 is shown as contingent liabilities.
6. Balances of Sundry Debtors, Creditors and Advances are subject to
confirmation and Consequential adjustments, if any.
7. The Company is engaged only in trading of Chain and hence does not
have any reportable segment.
8. The Company is maintaining the gratuity fund which is administered
through policy taken from LIC of India. The company has not received
the information as required by Accounting Standard 15 on "Employee
Benefits" from LIC of India. Accordingly the adjustment of short or
Excess in gratuity liability has not been done and the impact is un-
ascertainable.
9. Receivable towards sale of assets of Rs. 16,50,000 is outstanding
since long. However no provision for the same has been made in the
accounts as the management is hopeful of recovery.
10. Figures for previous year have been regrouped/re-arranged wherever
necessary to make them comparable with those of the current year.
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