|ROSELABS LTD. has taken over all the assets & liabilities at its
depreciated value as per Income Tax, without any revaluation of assets of the running unit of the group viz. M/s. Roselabs w.e.f. 22.10.92, which was engaged in the manufacturing of vat paste. The whole consideration of Rs.3,36,181/- has been paid to Mrs. Rosy Agrawal in cash. At the time of takeover of the firm, no litigation/contingent liabilities of the firm was pending. As the whole firm was taken over by the company, the firm was automatically dissolved on that date. The consent of the Bankers of the company, State Bank Of Saurastra, Bhadra
Branch, Ahmedabad has obtained and all the credit facilities enjoyed by the firm has been transferred by the Bank on the same date to the company.
ROSELABS LIMITED was incorporated as a Public Ltd Company under the Companies Act, 1956 on 8th May, 1992 with a main object of manufacturing vat paste, vat powder, textile dyes, textile auxiliaries, intermediates etc.
Roselabs Limited is not facing any labour problems and had never faced such problems in its history even in the Proprietary concern
The Company does not have any outstanding litigation and disputed tax liability of any nature which can affect the operation and finance of the company as on date.
No criminal prosecution had been launched against the Company and Directors for alleged offenses under the enactments specified in paragraph I of Part I Schedule XIII of the Companies Act, 1956.
The company has not defaulted in any of the statutory and institutional dues towards dues to the Deposit Holders or Debenture Holders. In all other sister concerns also where Directors are interested no such above referred defaults are made.
The company had neither faced nor is facing any labour problems in its unit.
MAIN OBJECTS OF THE COMPANY
The main object of the Company as set out in the Memorandum of
Association, inter alia, including the following:
To carry on the business as manufacturer's representatives, exporters, importers, dealers, traders, stockists, suppliers. consignors, consignees, factors, agents, purifiers, packers, repackers, of all classes and kinds of chemicals, including vat paste, vat powder, pigments, pigment binders, binding, wetting and whitening agents, soda, detergents, textile dyes textile auxiliaries, intermediates derivatives, compounds, colours, sizing and dyeing materials.
Important Notes On Accounts:
1. Inventories have been taken as physically verified and certified by the management and valued at cost.
2. Balance of sundry creditors, debtors and loans and advances are subject to confirmation from the parties, and necessary adjustment, if any, will be made on its reconciliation.
3. Depreciation on Fixed Assets have been provided on the Straight Line Method as per rates
prescribed in Schedule XIV of the Companies Act, 1956.
-Company name has been changed from Roselabs Ltd to Roselabs Industries Ltd.