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Notes to Accounts of iStreet Network Ltd.

Mar 31, 2015

1 iStreet Network Ltd (Previously known as Principal Pharmaceuticals and Chemicals Ltd) is a public limited company and listed on BSE stock Exchange. The Company is an Internet & Retail Catalogue company and sells products of various categories through online platforms and network stores.

2. Rights, preferences and restrictions in respect of equity shares issued by the Company

The Equity shareholders are entitled to receive dividends as and when declared; a right to vote in proportion to holding etc. and their rights, preferences and restrictions are governed by / in terms of their issue under the provisions of the Companies Act, 2013.

3. In the opinion of the Board of Directors of the Company

(i) The current assets are approximately of the value stated, if realized in the ordinary course of business

(ii) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

4. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any.

5. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, the same has not been recognized in these accounts.

6. Related Party Disclosures

Related party disclosures, as required by Accounting Standard - 18 on 'Related Party Disclosure' issued by the Institute of Chartered Accountants of India, are given below

(i) Key management personnel and their relatives

(a) Mr. Pradeep Malu Managing Director

(ii) Other parties where key management personnel and /or their relatives have significant influence

(a) Inovent Solutions Ltd. Associates

(b) Cardioid Plasteel Pvt. Ltd. Associates

(c) Crest Latex Pvt. Ltd. Associates

(d) Radelf Pharmacueticals Private Ltd Associates

(e) Kushal C.Sacheti Director

7. Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year classifications/disclosures.


Mar 31, 2014

1. iStreet Network Ltd. (Old Name - Principal Pharmaceuticals and Chemicals Ltd) is a public limited company and listed on BSE stock Exchange. The company is an Internet & Retail Catalouge company and sells products of various brands through online platforms and network stores. The company also has a manufacturing facility at Panoli, Ankleshwar and the same is operated on job work basis. However, company has decided to dispose off these assets it has been turned junk/scrap.

Note 2

Total liability towards interest, penal interest and lease rentals payable to GIDC has been determined and provided during the current financial year which pertains to previous years.

Note 3

Total liability towards cess, interest, and penal interest payable to Panoli Notified Area has been determined and provided during the current financial year which pertains to previous years. However, no provision has been made for the liability / such charges which are on account of 3rd party who were carrying out Job Work at the unit of the company. This is as per the arrangement with them and shall be borne by them.

Note 4

Security deposit of Rs. 10 Lacs paid by Job work company has been forfeited on account of various reasons, interalia, breach of terms of arrangement, regulatory non-compliances.

5. Contingent Liabilities and Commitments

(i) Contingent Liabilities

Claim against the company / disputed liabilities not acknowledged as debt in respect of others Rs. 20,00,000 (Previous Year Rs. 20,00,000/-) A suit has been filed by the party against the company.

(ii) Commitments

Company has not paid and accounted unpaid called amount of Rs. 6.50 per share aggregating to Rs. 88,400/- in respect of investment of 13600 Equity Shares of Rs. 10/- each of Panoli Enviro Technologies Ltd.

6. In the opinion of the Board of Directors of the Company

(i) The current assets are approximately of the value stated, if realized in the ordinary course of business

(ii) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

7. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any.

8. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, the same has not been recognized in these accounts.

9. The company has identified two business segments viz .Digital & eCommerce and Pharmaceuticals & Intermediates as per Accounting Standard - 17 issued by the Institute of Chartered Accountants of India

10. Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year classifications/disclosures.


Mar 31, 2013

1. The name of the company was changed from Principal Pharmaceuticals & Chemicals Ltd. to iStreet Network Ltd.. The change was approved by the Registrar of Companies on 18th April, 2013 hence became effective from that day.

2. Upon turning net worth negative in the year 2002, the company filed reference to the Board for Industrial and Financial Reconstruction (BIFR) and was declared as ''SICK'' in the year 2005. The rehabilitation scheme was approved by the H''ble BIFR vide their order no. 321/2002 dated 27-03-2012. As per the directions of the H''ble BIFR and as per special resolution passed by the Members of the Company, the paid up capital of the company reduced from Rs. 600 lacs (60,00,000 equity shares of Rs. 10/- each) to Rs. 240 lacs (60,00,000 equity shares of Rs. 4/- each) during FY 2011-12. In the same year, the company issued 48,74,000 equity shares of Rs. 41- each aggregating to Rs. 194.96 lacs to the promoters and associates as per the Order of the H''ble BIFR. As per the directives of H''ble BIFR, the company further issued 90,01,000 equity shares of Rs. 4 each for aggregate value of Rs. 360.04 lacs during the year. The company''s net worth turned positive as on 31st March, 2012 and hence was no more a sick company. H''ble BIFR discharged the company from the purview of Sick Industrial Companies Act and BIFR on 14th September, 2012.

3. The company''s business of manufacturing of Pharmaceutical, Intermediates and Chemicals is almost stagnant. With the poor conditions of its plant, machineries and facilities, the company, however has been carrying out job work for last over eight years just to meet its cash expenses. It needs huge investments to upgrade the facilities and additional product range besides various government approvals particularly Pollution Board clearance which has become very time consuming. The company does not want to pursue the project any more as it is a VERY HIGH risk project and accordingly, added new line of business of Digital marketing and ecommerce during the current year. As per the directives of H''ble BIFR, the company has also raised additional capital during the year. In view of the decision of not pursuing further investments in its manufacturing facilities, the whole new additional capital has been allocated to its new activities viz. Digital marketing and eCommerce. The company has started utilizing these additional funds for expanding its Digital marketing and eCommerce activities and surplus funds have been parked as temporary loans. The company has also gave deposit to one of its group companies towards using their complete infrastructure, human knowledge, experience, resources and brand name. The temporary parking of funds may appear to be in excess of the limit provided in Sec 372A of the Companies Act, 1956 however, it is not so in view of the given circumstances like implementing the directives of BIFR for raising the additional capital, deploying the same for its new business activities, the limit going up post additional capital coming in etc. All such temporary advances are well within the limits provided under section 372A as on 31 st March, 2013.

4. Contingent Liabilities and commitments

4.1 Contingent Liabilities not provided for:

i) Claim against the company / disputed liabilities not acknowledged as debt in respect of others Rs. 20,00.000 (Previous Year Rs. 16,13,774/-) A suit has been filed by the party against the company.

4.2 Commitments

i) Company has not paid and accounted unpaid called amount of Rs. 6.50 per share aggregating to Rs. 88,400/- in respect of investment of 13600 Equity Shares of Rs. 10/- each of Panoli Enviro Technologies Ltd. Present status of the said investment is not known.

5. In the opinion of the Board of Directors of the Company:

a) The current assets are approximately of the value stated, if realized in the ordinary course of business.

b) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

6. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any.

7. The Company has not received any information from any of the suppliers of there being Small Scale Industrial Unit. Hence, the amount due to Small Scale Industrial units outstanding as on 31 st March 2013 are not ascertain.

8. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, in keeping with Accounting Standard 22 on ''Accounting for taxes on Income'' issued by the Institute of Chartered Accountants of India, the same has not been recognized in these accounts on prudent basis.

9. Related Party Disclosures:

Related party disclosures, as required by Accounting standard - 18 on ''Related Party Disclosure'' issued by the Institute of Chartered Accountants of India are given below:

1) Relationships

(Related parties with whom transactions have taken place during the year)

(a) Key management personnel and their relatives:

1. Mr. Pradeep Malu - President & CEO

(b) Other parties where key Management Personnel and /or their relatives have significant influence

1. Inovent Solutions Ltd.

2. RadelfPharmaceuticals Pvt.Ltd.

3. Cardioid Plasteel Pvt.Ltd.

4. Crest Latex Pvt.Ltd.

10. EARNING PER SHARE

a) The amount used as the numerator in calculating basic and diluted earnings per share is the net profit for the year disclosed in the profit and loss account.

b) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is


Mar 31, 2012

1. The company was declared as SICK in the year 2002. The rehabilitation scheme has been approved by the Hon'ble Board of Industrial and Financial Restructure (BIFR) vide their order no. 321/2002 dated 27-03-2012. As per the directions of the BIFR and as per special resolution passed by the Members of the Company, during the year there is a reduction in its share capital by 60%, by reducing its face value of each Equity share from Rs. 10/- to Rs. 4/- Consequently paid up capital of the company has changed from 60,00,000 equity shares of Rs. 10/- each aggregating to Rs. 6,00,00,000to 60,00,000 equity shares of Rs. 41- each aggregating to Rs. 2.40.00,000. Further 48,74,000 equity shares of Rs. 41- each aggregating to Rs. 1,94,96,000 have been issued to the promoters and associates as per Order of the H'ble BIFR. The Net Worth of the company has turned positive as on 31st March, 2012 and since then as per Sick & Industrial Companies Act, the company remains no more a SICK company from that date.

2 Contingent Liabilities and commitments

2.1 Contingent Liabilities not provided for:

i) Claim against the company / disputed liabilities not acknowledged as debt in respect of others Rs. 16,13,774/- (Previous Year Rs. 16,13,774/-) A suit has been filed by the party against the company

2.2 Commitments

i) Company has not paid and accounted unpaid called amount of Rs. 6.50 per ' share aggregating to Rs. 88,400/- in respect of investment of 13600 Equity Shares of Rs. 10/- each of Panoli Enviro Technologies Ltd. Present status of the said investment is not known.

3. In the opinion of the Board of Directors of the Company:

a) The current assets are approximately of the value stated, if realized in the ordinary course of business

b) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

4. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any

5. The Company has not received any information from any of the suppliers of there being Small Scale Industrial Unit. Hence, the amount due to Small Scale Industrial units outstanding as on 31st March 2012 are not ascertainable.

6. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, in keeping with Accounting Standard 22 on 'Accounting for taxes on Income' issued by the Institute of Chartered Accountants of India, the same has not been recognized in these accounts on prudent basis. .

7. The Company is operating only in one segment i.e. Bulk Drugs and Intermediates and therefore no segment report is made as required by Accounting Standard -17 issued by the Institute of Chartered Accountants of India.

8. Related Party Disclosures:

Related party disclosures, as required by Accounting standard -18 on 'Related Party Disclosure' issued by the Institute of Chartered Accountants of India are given below:

1) Relationships

(Related parties with whom transactions have taken place during the year)

(a) Key management personnel and their relatives:

1. Mr. Pradeep Malu -Presidents CEO

(b) Other parties where key Management Personnel and /or their relatives have significant influence

1. Inovent Solutions Ltd.

2. Radelf Pharmaceuticals Pvt.Ltd.

3. Cardioid Plasteel Pvt.Ltd.

4. Crest Latex Pvt.Ltd.

9. EARNING PER SHARE

a) The amount used as the numerator in calculating basic and diluted earning per share is the net profit for the year disclosed in the profit and loss account.

b) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is


Mar 31, 2010

1. Previous years figures have been regrouped and/or re-arranged wherever necessary in conformity with current years figures.

2. Contingent Liabilities not provided for:

i) Call money on 13,600 Partly paid up Equity Shares of Panoli Enviro Technology Ltd. Rs. 88,400/- (previous year 88,400/-)

ii) Claim against the company not acknowledged as debt Rs. 16,13,774/-(Previous Year Rs. 16,13,774/-) A suit has been filed by the party against the company.

3. The Accounts have been prepared on a going concern basis notwithstanding the extent of Companies accumulated losses, in view of the ongoing efforts being made by the company for revival of its operations.

4. The company has suffered heavy losses during the last few years and consequently.it turned into a Sick Company as per Sick & Industrial Companys Act. The major thrust has been on reviving the company and bringing it out from financial sickness by increasing operations, adding / acquiring other profitable businesses and by settling its dues towards Secured and other creditors. Working Capital Term Loan and working capital credit facilities from a Bank, later on assigned to Asset Reconstruction Company (India) Ltd. (ARCIL), were secured by way of various assets of the company and personal guarantee of the Promoter Director.

The company had needed, interalia, a complete restructuring of its debts for revival and as a part of the said restructuring of debt, it was expecting the waiver of Interest and Principal amount from ARCIL. As per the companys rehabilitation proposal, theARCILs liability was estimated for Rs. 140 lacs. During the current year the company has settled and fully repaid outstanding of ARCIL for Rs. 140 lacs which was as per the I _>oks of account and such settlement and payment I as no impact on the liability and profit / (loss).

5. In view of insignificant level of operations during last few years, there is a need of recognizing impairment of assets as per Accounting Standard 28 issued by The Institute of Chartered Accountants of India. The process of recognizing impair ment of assets shall be undertaken upon the approval of rehabilitation scheme by the Honble Board and the effect of the same shall be given in the books of accounts as per the Accounting Standard 28.

6. In the opinion of the Board of Directors of the Company.

a) The current assets loans and advances are approximately of the value stated, if realized in the ordinary course of Business ;

b) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

7. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any.

8. The Company has not received any information from any of the suppliers of there being Small Scale Industrial Unit. Hence, the amount due to Small Scale Industrial units outstanding as on 31st March 2010 are not ascertainable.

9. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, in keeping with Accounting Standard 22 on Accounting for taxes on Income issued by the Institute of Chartered Accountants of India, the same has not been recognized in these accounts on prudent basis.

10. The Company is operating only in one segment i.e. Bulk Drugs and Intermediates and therefore no segment report is made as required by Accounting Standard - 17 issued by the Institute of Chartered Accountants of India.

11. Related Party Disclosures:

Related party disclosures, as required by Accounting standard - 18 on Re lated Party Disclosure issued by the Institute of Chartered Accountants of India are given below:

1) Relationships

(Related parties with whom transactions have taken place during the year)

(a) Key management personnel and their relatives:

1. Mr. Pradeep Malu - President & CEO

2. Mr. Sanjeev Chhajed - Director

3. Mr. Nilesh Bhandari - Director

(b) Other parties where key Management Personnel and /or their relatives have significant influence

1. Inovent Solutions Ltd. (formerly known as Principal E-Business Solu tions P.Ltd.)

2. Radelf Pharmaceuticals Pvt.Ltd.

3. Cardioid Plasteel Pvt.Ltd.

4. Crest Latex Pvt.Ltd.

5. Raj Tex Machineries Pvt. Ltd.

12. EARNING PER SHARE

a) The amount used as the numerator in calculating basic and diluted earning per share is the net profit for the year disclosed in the profit and loss account.

b) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is

13. Additional information pursuant to the provisions of Paragraph 3 & 4 Part II of the Schedule VI to the Companies Act, 1956 (As certified by the Management):

a) Quantitative Information: Manufacturing facilities of the company are used on job work basic and there is no own production, hence no quantitative information is provided for purchases, productions and sales for the year.

14. Additional information pursuant to Part IV of the Schedule VI to the Companies Act, 1956 : Balance Sheet abstract and companys general Business Profile :

V. Generic Names of three Principal products of the Company (as per monetary Terms)

 
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