Mar 31, 2014
Note 1.1 - The Managing Director has been appointed during the year
w.e.f 12 November 2012. The salary of the Managing Director is in
Excess of the limit prescribed for Loss making companies. However, the
company has complied with the new provision inserted in Schedule XIII,
Part II, Section II by notification no. G.S.R. 534 (E) dated 14 July
2011 as per point no. 3 and hence no Central Government approval was
required as per the Management.
2 Related party transactions
Parties where control exists Subsidiaries
- Highbrow Investments Pvt. Ltd.
Associates
- GeneOmbio Technologies Pvt. Ltd.
- Opal Luxury Time Products Pvt Ltd.
- Aim Filtertech Pvt. Ltd. (ceased to be subsidiary)
- Membrane Filters (India) Pvt. Ltd. (ceased to be subsidiary)
3 Contingent Liabilities
As per the management, there are no contingent liabilities outstanding
as on balance sheet date.
5 As per the management, the company does not envisage any liability
for AS-15, Retirement Benefits for the current year and also for the
previous years since the number employees working with the company are
less than the prescribed limit.
6 In the opinion of the Board, the Current Assets, Loans & Advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated in the Balance Sheet and
provision for all the known liabilities have been made, subject to and
read together with the notes thereon at the reasonable amounts.
7 As per Regulatory Framework for Core Investment Companies where not
less than 90% of their Assets were in investment in shares for the
purpose of holding stake in the company is considered to be an
Investment Company as per Section 45-IA of the RBI Act, 1934. The
company though falls as an Investment Company but is exempted from the
Registration as per following Guidelines / notifications since Asset
Size is Less than 100 Crores.
- DNBS (PD) CC. No. 206/ 03.10.001/ 2010-11 dated January 5, 2011
- Notification No. DNBS. (PD) 219/ CGM (US) Â 2011 dated January 5,
2011
- Notification No. DNBS. (PD) 220/ CGM (US) Â 2011 dated January 5,
2011
- Notification No. DNBS. (PD) 221/ CGM (US) Â 2011 dated January 5,
2011
8 Provisions of Section 372 of the Companies Act, 1956 needs to be
complied by the company since at the time of making investment, the
investments were done in the subsidiaries of the company & therefore it
was exempted but subsequently the investment in the subsidiaries is
diluted & has become associate & therefore company is taking necessary
action to ratify the same in the next annual general meeting along with
Central Government Approval.
9 Provisions of Section 372A of the Companies Act, 1956 needs to be
complied by the company during the year and the company is taking
necessary action to ratify the same in the next annual general meeting.
Mar 31, 2013
1 Related party transactions
a) Parties where control exists
Subsidiaries
- Aim Filtertech Pvt. Ltd.
- Membrane Filters (India) Pvt. Ltd.
Associates
- geneOmbio Technologies Pvt. Ltd
- Opal Luxury Time Products Pvt. Ltd
2 Contingent Liabilities
There are no contingent liabilities outstanding as on balance sheet
date.
3 In the opinion of the Board, the company does not envisage any
liability for AS-15, Retirement Benefits for the current year and also
for the previous years since the number employees working with the
company are less than the prescribed limit.
4 In the opinion of the Board, the Current Assets, Loans & Advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated in the Balance Sheet and
provision for all the known liabilities have been made, subject to and
read together with the notes thereon at the reasonable amounts.
5 As per Regulatory Framework for Core Investment Companies where not
less than 90% of their Assets were in investment in shares for the
purpose of holding stake in the company is considered to be an
Investment Company as per Section 45-IA of the RBI Act, 1934. The
company though falls as an Investment Company but is exempted from the
Registration as per following Guidelines / notifications since Asset
Size is Less than 100 Crores.
- DNBS (PD) CC. No. 206/ 03.10.001/ 2010-11 dated January 5, 2011
- Notification No. DNBS. (PD) 219/ CGM (US) Â 2011 dated January 5,
2011
- Notification No. DNBS. (PD) 220/ CGM (US) Â 2011 dated January 5,
2011
- Notification No. DNBS. (PD) 221/ CGM (US) Â 2011 dated January 5,
2011
Mar 31, 2012
1 Contingent Liabilities
As per the management, there are no contingent liabilities outstanding
as on balance sheet date.
2 Change in the Management
During the financial year, Mr. Chandu Chavan, Promoter has taken over
this Company from Capetown Trading Company Pvt. Ltd. (Erstwhile
Promoter). Post takeover, existing management has changed name as well
as registered office and also main object clause of the Memorandum of
Association of the Company.
3 As per the management, the company does not envisage any liability
for AS-15, Retirement Benefits for the current year and also for the
previous years since there are no employees working with the company.
4 In the opinion of the Board, the Current Assets, Loans & Advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated in the Balance Sheet and
provision for all the known liabilities have been made, subject to and
read together with the notes thereon at the reasonable amounts.
5 Prior year comparatives
Till the year end March 31, 2011, the company had adopted pre-revised
Schedule VI as required by the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended March
31, 2012, the revised Schedule VI notified under the Companies Act
1956, has become applicable to the Company. The Company has
reclassified previous year figures to confirm to this year's
classification. The adoption of revised schedule VI does not impact
recognition and measurement principles followed for preparation of
financial statements. However, it significantly impacts presentation
and disclosures made in the financial statements, particularly
presentation of balance sheet.
6 As per Regulatory Framework for Core Investment Companies where not
less than 90% of their assets were in investment in shares for the
purpose of holding stake in the company is considered to be an
investment company as per section 45IA of the RBI Act , 1934. The
company though falls as an investment company but is exempted from the
registration as per following guidelines / notifications since the
asset size is less than 100 Crores.
Mar 31, 2011
1. As per the management, there is no contingent liability outstanding
as on year end.(P.Y:NIL)
2. As per the management, the company does not envisage any liability
for AS-15, Retirement Benefits for the current year and also for the
previous years since there are no employees working with the company.
3. There are no Fixed Assets in the Company.
4. Payment to Auditors ( including Service Tax wherever applicable)
a. Audit Fees Rs 11,030/- (Previous year 11,030/-)
b. Others Rs. 18,201/- (Previous year 6,620/-)
5. In the opinion of the Board, the Current Assets, Loans & Advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated in the Balance Sheet and
provision for all the known liabilities have been made, subject to and
read together with the notes thereon at the reasonable amounts.
6. No Provision of Tax is provided since there are carry forward
losses and there is a loss during the current Year.
7. The company has taken interest free loan out of the business
expediency from Obident Exports Pvt Ltd of Rs 3.25 crores.
9. Related Party Transactions- Disclosures as required by the
Accounting Standard-18ÃRelated Party Disclosuresà issued by The
Institute of Chartered Accountants of India, are given below- A- List
of Related Parties:- Companies having Common Directors: There are
Companies having common Directors however the same does not require to
be disclosed since in the opinion of management all the Directors were
appointed in their individual capacity and not by virtue of being
directors in the other company and they do not control the composition
of the Board of Directors of other Companies.
B- List of Related parties and relationship-
S.No. Name of Related party Relationship
1 Mr. AP Agrawal Director
2 Mr. Vaibhav Maloo Director
C- 3 Mr. Pradeep Tupe Director
4 Mr. Ram Prasad Joshi Director
5 Burlington Finance Limited Preference Shareholder
6 Amrit Sales Promotion Pvt. Ltd. Preference Shareholder
10. Earning Per Share: - The calculation of Earning per Share (EPS) as
disclosed in the statement of profit & loss has been made in accordance
with Accounting Standard (AS)-20 on ÃEarning Per ShareÃ.
11. The shares of the company on Bombay Stock Exchange are not traded
since many years.
12. Previous Year Figures have been regrouped/ rearranged wherever
considered necessary.
13. Company has sold all the shares of Cyberscape Multimedia Ltd. for
a consideration of Rs.420,000/- (Cost Rs.5,617,500/-) which is yet to
be transferred to the transfereeÃs demat account as per the management.
14. Information as required by Part IV of schedule VI of the Companies
Act, 1956 relating to Balance Sheet Abstract & Company`s General
Business Profile is given on Separate Sheet.
15. Information as required by Part II of schedule VI of the Companies
Act, 1956 is not applicable.
Mar 31, 2010
Not Available