Mar 31, 2014
1. (a) Rights, preferences and restrictions attached to shares:
The Company has only one class of shares referred to as equity shares
having a par value of Rs.10/- Each holder of equity shares is entitled
to one vote per share.
In the event of liquidation of the Company, the holders of the equity
shares of the Company will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential amounts.
However, no such preferential amounts exist currently. The distribution
will be in proportion to the number of equity shares held by the
shareholders.
2. a) Figures of the previous year have been regrouped / rearranged
wherever necessary to confirm to those of the current year.
b) The Company was registered as Non Banking Financial Company with
Reserve Bank of India. The Company is deregistered as per letter dated
28th June, 2013 from Reserve Bank of India as a Non Banking Financial
Company.
c) Since company has no employee during the year, no provision in
respect of any employees benefits has been made.
d) Bank Balances, Advances, Bank Loans, Deposits are subject to
confirmation and reconciliation.
e) In the opinion of the Board, subject to notes in earlier clauses,
current assets and loans and advances are approximately of the value
stated, if realised, in the ordinary course of business and provision
for all known liabilities has been made.
f) Segment reporting as defined in Accounting Standard 17 is not
applicable since no business is carried on.
g) Expenditure in Foreign Currency, Earning in Foreign Exchange,
Remittances in Foreign Currency, Import on CIF basis Nil (March 31,2013
: Nil)
(h) There is no business activity carried out by the company. The
company does not forsee any prospect of carrying out business during
near future. There is uncertantity as to the claiming any business loss
or depreciation for the purpose of income tax and hence no deferred tax
asset is provided in books.
Mar 31, 2013
1) The company is having Cash Credit / OD A/c. and HP LHV A/c. with
Canara Bank. These accounts are outstanding for number of years and the
company is in default in making the payment of principal and interest
thereon.
2) The bank has filed the suit against the company with Mumbai Debt
Recovery Tribunal. The Company has not provided interest aggregating to
Rs. 5,89,71,480/- (March 31, 2012 Rs.4,76,72,250/-) on bank borrowing
in terms of the order of the Mumbai Debts Recovery Tribunal-1 dated
08th October, 2002.
3) The bank loans are not covered by Securities and hence they are
shown under the "Unsecured Loans".
4) No confirmations or any documents are available to verify the amount
outstanding as at the balance sheet date and hence are taken subject to
confirmation and reconciliation and as per earlier accounts.
5) Since the claim in respect of the same has already been made before
the Tribunal, the same are shown under the "Short Term Borrowings".
Deposits with BEST of Rs. 33, 240 (March 31 , 2012 Rs.33,240/-) and
Sales Tax Advance of Rs.5,000 (March 31, 2012 Rs.5,000/-) are
considered to be recoverable though no confirmation in respect of the
same is available.
1) The amounts lying in the current accounts with Canara Bank amounting
to Rs. 19,399/- is subject to confirmation from the bank. These amounts
are lying for more than 12 months and are not confirmed by the bank.
2) Deposits with sales tax department of Rs.7,000/- is subject to
confirmation.
During the year the company has given a short term loan of Rs.3,58,400
(March 31, 2012 : Nil) to a relative of a director. Outstanding balance
of the said loan at year end is Rs.Nil (March 31, 2012 : Nil)
During the last year, total Fixed Assets given on lease were not having
any value in use and were not generating any cash. The company did not
have possession of the said assets and also did not have any
information about the existence or value in use. The lease assets were
very old, hence the management had written off / impaired the assets.
a) Figures of the previous year have been regrouped / rearranged
wherever necessary to confirm to those of the current year.
b) The Company was registered as Non Banking Financial Company with
Reserve Bank of India. The company has applied to Reserve Bank of India
to remove from list of Non Banking Financial Company. However, the
company is awaiting deregistration from Reserve Bank of India.
c) Since company has no employee during the year, no provision in
respect of any employees benefits has been made.
d) Bank Balances, Advances, Bank Loans, Deposits are subject to
confirmation and reconciliation.
e) In the opinion of the Board, subject to notes in earlier clauses,
current assets and loans and advances are approximately of the value
stated, if realised, in the ordinary course of business and provision
for all known liabilities has been made.
f) Segment reporting as defined in Accounting Standard 17 is not
applicable since there is only one business segment.
g) Expenditure in Foreign Currency, Earning in Foreign Exchange,
Remittances in Foreign Currency, Import on CIF basis Nil (March 31,
2012 : Nil)
(h) The carrying value of Deferred Tax Liability of Rs.12,98,410/- was
written off in the previous year 2011-12. The management considered the
said written off is an exceptional / extraordinary items arisen on
account not given effect in the earlier year and carried forward from
year to year.
(i) There is no business activity carried out by the company. The
company do not for see any prospect of carrying out any business during
near future. There is un certantity as to the claiming any business loss
or depreciation for the purpose of income tax and hence no deferred tax
asset is provided in books.
Mar 31, 2012
(a) Rights, preferences and restrictions attached to shares
The Company has only one class of shares referred to as equity shares
having a par value of Rs.107- Each holder of equity shares is entitled
to one vote per share.
In the event of liquidation of the Company.the holders of the equity
shares of the Company will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential
amounts.However, no such preferential amounts exist currently.The
distribution will be in proportion to the number of equity shares held
by the shareholders.
The reconciliation of the number of shares outstanding and the amount
of share capital as at March 31, 2012 and March 31, 2011, is set out
below :
1) The company is having Cash Credit / OD A/c. and HP LHV A/c. with
Canara Bank. These accounts are outstanding for number of years and the
company is in default in making the payment of principal and interest
thereon.
2) The bank has filed the suit against the company with Mumbai Debt
Recovery Tribunal. The Company has not provided interest aggregating to
Rs. 4,76,72,250/- (March 31, 2011 Rs.3,81,97,152/-) on bank borrowing
in terms of the order of the Mumbai Debts Recovery Tribunal-1 dated
08th October, 2002.
3) The bank loans are not covered by Securities and hence they are
shown under the "Unsecured Loans".
4) No confirmations or any documents are available to verify the amount
outstanding as at the balance sheet date and hence are taken subject to
confirmation and reconciliation and as per last audited balance sheet.
5) Since the claim in respect of the same has already been made before
the Tribunal, the same are shown under the "Short Term Borrowings:.
1) All the Tangible Assets of the company were given on lease long
back. No confirmation has been received from any of the party to whom
assets were given on lease.
2) None of the fixed assets have been revalued in the past or current
year.
3) Depreciation on Fixed Asset leased out has been provided on straight
line method at the rate prescribed in schedule XIV of the companies act
1956 on pro rata basis which is not according to the Prudential Norms
(Reserve Bank) Direction 1998 appliable to N B F C.
4) The company has not followed the prudential norms relating to assets
classification and provision for lease equilisation adjustment and
termination terms.
5) Considering that there is no useful life of the assets and having no
income earning capacity, assets have been impaired fully during the
year. No depreciation has been provided during the year since the
assets were considered impaired in the beginning of the year.
1) Upto 31st March 2011, depreciation on Fixed Assets leased out has
been provided on Straight Line Method at the rate prescribed in
Schedule XIV of the Companies Act, 1956 on pro rata basis with
reference to actual month of purchase / installation / sale, which is
not according to Prudential Norms (Reserve Bank) Direction, 1998
applicable to NBFC .
2) During the year, no depreciation has been provided on the assets
since the assets were not having any value in use and was not
generating any cash. The company does not have possession of the assets
nor having any information about the existance of the assets or their
value in use. The lease assets are very old , hence the manangement has
decided to write off/impaire the assets.
6. Other Notes
a) Figures of the previous year have been regrouped / rearranged
wherever necessary to confirm to those of the current year.
b) The Company is not following the NBFC Prudential Norms in respect of
assets given on Lease. The company used to account all the assets given
on finance lease as an asset in the books and charged depreciation on
the said assets as per the rateprescribed in the Schedule XIV of the
Companies Act. During the year the has management considered the impact
of not following the said norms and also written off the entire fixed
assets as impairment of assets. In view of the management.considering
the impairment of assets there is no significant impact on financial
statement as on 31st March, 2012 by not following the prudential norms.
c) Since company has no employee during the year, no provision in
respect of any employees benefits has been made.
d) Bank Balances, Advances, Bank Loans, Deposits are subject to
confirmation and reconciliation.
e) In the opinion of the Board, subject to notes in earlier clauses,
current assets and loans and advances are approximately of the value
stated, if realised, in the ordinary course of business and provision
for all known liabilities has been made.
f) Segment reporting as defined in Accounting Standard 17 is not
applicable since there is only one business segment.
g) Expenditure in Foreign Currency, Earning in Foreign Exchange,
Remittances in Foreign Currency, Import on CIF basis Nil (March 31,
2011 : Nil)
Mar 31, 2011
1. The figures of previous year have been re-grouped/re-arranged
wherever necessary to confirm to those of the current year.
2. Since the Company has no employees during the year under review, no
provision for gratuity is made in the accounts.
3. The bank loans which are not covered by adequate securities are
shown under Unsecured Loans and are subject to confirmation and
reconciliation. The company has not accounted claims payable as per the
order directed by the Mumbai Debt Recovery Tribunal in the year
2002-03,amounting to Rs. 492.17 lakhs (Rs.421.01 lakhs) as on 31st
March, 2011 and the same will be accounted in the books on payment
basis.
4. The Company was required to provide depreciation by way of lease
equalisation adjustment & termination account as per prudential norms
relating to assets classification and had the Company followed
prudential norms, depreciation amounting to Rs.99.80 lakhs ( Rs.99.80
lakhs) would have been transferred to lease equalisation adjustment
account.
5. Sundry Debtors, Loans and Advances and Unsecured Loans are subject
to confirmation and reconciliation.
6. Auditor's Remuneration:
Current Year Previous Year Rupees Rupees
Payment to Auditors: For Audit Fees (inclusive of service tax) 6,618
6,618
7. In accordance with Accounting Standard AS-22 issued by the
Institute of Chartered Accountants of India the Company has not
accounted for net deferred tax asset on account of unabsorbed
depreciation/carry forward losses and the same will be reviewed and
recognized at each balance sheet date on a conservative basis as a
matter of prudence.
8. Since the Company has no business activity, segment report in
accordance with Accounting Standard AS17 is not provided.
9. In the Opinion of the Board, subject to notes in earlier clauses,
current assets and loans and advances are approximately of the value
stated, if realised, in the ordinary course of business and provision
for all known liabilities including depreciation has been adequately
made.
Mar 31, 2010
1. The figures of previous year have been re-grouped/re-arranged
wherever necessary to confirm to those of the current year.
2. Since the Company has no employees during the year under review, no
provision for gratuity is made in the accounts.
3. The bank loans which are not covered by adequate securities are
shown under Unsecured Loans arid are subject to confirmation and
reconciliation. The company has not accounted claims payable as per the
order directed by the Mumbai Debt Recovery Tribunal in the year
2002-03, amounting to Rs.421.01 lakhs (Rs.333.10 lakhs) as on 31st
March, 2010 and the same will be accounted in the books on payment
basis.
4. The Company was required to provide depreciation by way of lease
equalisation adjustment & termination account as per prudential norms
relating to assets classification and had the Company followed
prudential norms, depreciation amounting to Rs.99.80 lakhs (Rs.99.80
lakhs) would have been transferred to lease equalisation adjustment
account.
5. Sundry Debtors, Loans and Advances and Unsecured Loans are subject
to confirmation and reconciliation.
6. In accordance with Accounting Standard AS-22 issued by the Institute
of Chartered Accountants of India the Company has not accounted for net
deferred tax asset on account of unabsorbed depreciation/carry forward
losses and the same will be reviewed and recognized at each balance
sheet date on a conservative basis as a matter of prudence.
7. Since the Company has no business activity, segment report in
accordance with Accounting Standard AS17 is not provided.
8. In the Opinion of the Board, subject to notes in earlier clauses,
current assets and loans and advances are approximately of the value
stated, if realised, in the ordinary course of business and provision
for all known liabilities including depreciation has been adequately
made.