Mar 31, 2015
1. During the current financial year 2014-15 the company has sold its
IT devision to ECS Biz Tech P. Ltd. under the scheme of demerger
approved by Hon'ble Gujarat High Court and accordingly cancelled
80,36,062 Equity Shares under the said scheme Company has allotted
68,17,400 Equity Shares during F.Y. 2009-10 to the Shareholders of
Lesha Energy Resources Limited on aquiring the steel devision from the
said company under the scheme of De-merger approved by the Hon'ble High
Court of Gujarat.
The Company has not issued any Bonus Shares or Bought back any shares
during the period of last five years immediately preceeding the Balance
Sheet date.
2. Terms/rights attached to equity shares
The company has only one class of equity shares having par value of
Rs.10 per share.Each holder of equity shares is entitled to one vote
per share.The dividend,if any,proposed by the Board of Directors will
be subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the company,the
holders of equity shares will be entitled to receive assets of the
company remaining after settlement of all liabilities.
The Company has not received any intimation on suppliers regarding
their status under the Micro, Small and Medium Enterprise Development
(MSMED) Act, 2006 and hence disclosure as required under section 22 of
The Micro, Small and Medium Enterprise regarding:
(a) Amount due and outstanding to suppliers as at the end of the
accounting year;
(b) interest paid during the year;
(c) interest payable at the end of the accounting year;
(d) interest accrued and unpaid at the end of the accounting year;
have not been given , the company is making efforts to get the
confirmation from the suppliers as regards their status under the said
act.
3. Notes on Accounts Contingent Liabilities
There is no contingent liability as informed by management.
Capital Expenditure Commitments: Nil
4. Related Party Transactions:-
As per Accounting Standard (AS -18) issued by the Institute of
Chartered Accountants of India, the disclosures of transactions with
the related parties are given below:
List of related parties where control exists and related parties with
whom transactions have taken place and relationships:
Sr No Name Relationship
1 Shalin A. Shah Director
2 Ashok C. Shah Director
3 Hitesh Donga Director
4 Daksha D Bhatt Director
5 Leena A. Shah Director's Relative
6 Gujarat Natural Resources Ltd. Associate Concern
7 Shree Ghantakarna Rolling Mills P. Ltd Associate Concern
8 Tanya Estate Pvt. Ltd. Associate Concern
9 Lesha Agro Food Pvt. Ltd Associate Concern
10 Ashnisha Alloys Pvt. Ltd Associate Concern
11 Shalin A. Shah HUF Director's Relative
5. Segment Reporting:
Accounting standards interpretation (ASI) 20 dated 14-02-2004, issued
by the accounting standard board of ICAI, on AS-17, Segment reporting
clarifies that in case by applying the definition of "Business Segment
and Geographical Segment" given in AS-17, it is concluded that there
the company has following business segments:
1 Trading of Steel Products
2 Trading of Electronics Products
3 Trading of Toys
4 Dealing in Shares & Securities
There is no secondary identifiable segment.
Information given in accordance with the requirement of Accounting
Standard 17, on "Segment Reporting"
6. Earnings per Share:-
The earning considered in ascertaining the company's EPS comprises the
profit available for shareholders i.e profit after tax and
statutory/regulatory appropriations. The number of shares used in
computing Basic EPS is the weighted average number of shares
outstanding during the year as per the guidelines of AS-20.
Others;- * Details of loan made during the year 2014-15 as per section
186(4) of The Companies Act 2013 is as per Annexure -1
* Scheme of Arrangement: High Court has sanctioned the Scheme of
Arrangement in the nature of De-merger between the company and M/s. ECS
Biztech Pvt. Ltd. for the De-merger of I T Division of the Demerged
Company. As a result of the Scheme, the Paid up Capital of the Company
reduced from Rs.17,46,97,000/- to Rs.9,43,36,380/-. Further the
shareholders of the Company gets 23 equity shares of Resulting Company
for every 50 equity shares held by the shareholders of Demerged Company
on the Record Date.
* In opinion of the management of the company, all loans, advances and
deposits are recoverable in cash or kind for value to be received for
which no provision is required. However in the opinion of the auditors,
it shall be prudent to make sufficient provision for such
non-performing assets amounting to Rs. 135.32 Lacs
* As informed by the management that the loans are interest free, which
in our opinion is violation of Section 186 (7) of the Companies Act,
2013.
* Confirmation of the concerned parties for the amount due to them
and/or due from them as per accounts of the company are not received.
Necessary adjustments, if any, will be made when accounts are
reconciled or settled. Balance of sundry debtors and creditors, loans
and advances accepted and given in the balance sheet are subject to
confirmation.
* In the opinion of board of directors the value of loans and advances
and other current assets have a value on realization in the ordinary
course of business at least equal to the amount at which they are
stated in balance sheet.
* Balance with IDBI bank for Rs. 10,969/- is subject to confirmation as
no details has been produced before us for the same.
* As regarding loans from GIDC , the said amount is outstanding since
long, the management has provided us with the explanation that as the
GIDC has not allotted them their land, the said loan is not repayable
and the repayment will start once the GIDC will allots the plot to the
company.
* As regards to the differed tax liability the company needs to reverse
Rs. 30.45 L against opening reserves as the assets been transferred in
the scheme of demerger. Also there is carry forward of losses, the
company need not to recognize deferred tax assets in the event of
non-availability of convincing evidence as to future income.
* Above Disclosure is made after taking into account the principle of
materiality.
* The previous year's figures have been reworked, regrouped, rearranged
and reclassified wherever necessary. Amounts and other disclosures for
the preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
Mar 31, 2014
1. The Company has only one class of equity shares having a par value
of Rs. 10 per share. Each shareholder is elligible for one vote per
share. The dividend proposed by the Board of Directors is subject to
the approval of shareholders, except in case of interim dividend in the
event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
2. Company has not alloted any bonus shares and/or bought back any
equity shares during the priod of five years immediately preceeding the
Balance sheet date. However the company had allotted 68,17,400 Equity
Shares during F.Y. 2009-10 to the Shareholders of Lesha Energy
Resources Limited on acquiring the steel division from the said company
under the Scheme of De-merger approved by the Hon''ble High Court of
Gujarat
II. ADDITIONAL NOTES (Forming an integral part of Accounts)
1. Scheme of Arrangement : The company has filed petition in High Court
u/s. 391 and 394 for sanction of the Scheme of Arrangement in the
nature of De-merger between the company and M/ s. ECS Biztech Pvt. Ltd.
for the De-merger of I T Division of the Demerged Company. The
appointed date for the Scheme is 1st October, 2013.
As per the Scheme, upon coming in to effect of the Scheme, the Paid up
Capital of the Company will be reduced from Rs. 17,46,97,000/- to Rs.
12,31,90,510/-. Further the shareholders of the Company will get 23
equity shares of Resulting Company for every 50 equity shares held by
the shareholders of Demerged Company on the Record Date to be fixed by
the Board in this regard.
2. In opinion of the management of the company, all loans, advances and
deposits are recoverable in cash or kind for value to be received for
which no provision is required. However in the opinion of the Auditors,
it shall be prudent to make sufficient provision for such non
performing assets amounting to Rs. 1,35,32,302/-.
3. In the opinion of the Board of Directors, the value of Loans and
Advances and other current assets have a value on realisation in the
ordinary course of business atleast equal to the amount at which they
are stated in the Balance Sheet.
4. Confirmation of concerned parties for the amount due to them and /or
due from them as per accounts of the company are not received.
Necessary adjustments if any will be made when accounts are reconciled
or settled.
5. Wherever the vouchers / bills / invoices / challans etc. have not
been adequately supported or are missing, the Management has certified
that the transactions under question are genuine transactions. The
Auditors have accepted such certification of the management.
6. As per Accounting Standard 18 the details of Related Party
disclosure is as under:
Related Party :
Shalin A. Shah Managing Director
Ashok C. Shah Director
Keyoor Bakshi Director
Hitesh Donga Director
Leena A. Shah Director''s Relative
Gujarat Natural Resources Ltd. Associate Concern
Shree Ghantakarna Rolling Mills P. Ltd. Associate Concern
Tanya Estate Pvt. Ltd. Associate Concern
Lesha Agro Food Pvt. Ltd. Associate Concern
7. Segment Reporting:
Information given in accordance with the requirement of Accounting
Standard 17, on "Segment Reporting".
Segment Results : Information about primary business segments :
8. Previous year figures have been regrouped and/or rearranged
whenever necessary.
Mar 31, 2013
1. In the opinion of the Board of Directors, the value of Loans and
Advances and other current assets have a value on realisation in the
ordinary course of business atleast equal to the amount at which they
are stated in the Balance Sheet.
2. Confirmation of concerned parties for the amount due to them and
/or due from them as per accounts of the company are not received.
Necessary adjustments if any will be made when accounts are reconciled
or settled.
3. Wherever the vouchers / bills / invoices / challans etc. have not
been adequately supported or are missing, the Management has certified
that the transactions under question are genuine transactions. The
Auditors have accepted such certification of the management.
4. Previous year figures have been regrouped and/or rearranged
whenever necessary.
Mar 31, 2012
1. The Company has only one class of equity shares having a par value
of Rs. 10 per share. Each shareholder is elligible for one vote per
share. The dividend proposed by the Board of Directors is subject to
the approval of shareholders, except in case of interim dividend in the
event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
2. Company has not alloted any bonus shares and/or bought back any
equity shares during the priod of five years immediately preceeding the
Balance sheet date. However the company had allotted 68,17,400 Equity
Shares during F.Y. 2009-10 to the Shareholders of Lesha Energy
Resources Limited on acquiring the steel division from the said company
under the Scheme of De-merger approved by the Hon'ble High Court of
Gujarat
3. In the opinion of the Board of Directors, the value of Loans and
Advances and other current assets have a value on realisation in the
ordinary course of business atleast equal to the amount at which they
are stated in the Balance Sheet.
4. Confirmation of concerned parties for the amount due to them and
/or due from them as per accounts of the company are not received.
Necessary adjustments if any will be made when accounts are reconciled
or settled.
5. Wherever the vouchers / bills / invoices / challans etc. have not
been adequately supported or are missing, the Management has certified
that the transactions under question are genuine transactions. The
Auditors have accepted such certification of the management.
6. Segment Reporting:
The company's activities cover IT, Shares and Steel business. The
activities pertains to steel business, share business and IT therefore
there are three segment - Trading in Shares & Securities, Steel
products and IT segment as required under Accounting Standard -17.
7. There is no Foreign exchange earning and outgo during the year.
8. Previous year comparatives:
Till the year ended 31st March, 2011, the Company was using pre-revised
Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended 31st
March, 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 conform to this year's
classification.
Mar 31, 2009
1. In the opinion of the Board of Directors, the value of Loans and
Advances and other current assets have a value on realisation in the
ordinary course of business at least equal to the amount at which they
are stated in the Balance Sheet.
2. Confirmation of concerned parties for the amount due to them and /or
due from them as per accounts of the company are not received.
Necessary adjustments if any will be made when accounts are reconciled
or settled.
3. None of the employees are in receipt of the enunciable exceeding the
limits specified u/s 217(2-A) of the companies Act, 1956
4. Wherever the vouchers / bills / invoices / challans etc. have not
been adequately supported or are missing, the Management has certified
that the transactions under question are genuine transactions. The
Auditors have accepted such certification of the management.
5. In the opinion of the Board of Directors, no provision for diminution
in the value of shares is required as the diminution is temporary and
the investments are of long-term nature.
6. Since the company is not a manufacturing company, information
required under clause 4c of part II of schedule VI of the companies
act, 1956, has not been furnished.
7. There is no Foreign exchange earning and outgo during the year.
8. Previous year's figures were re-grouped and rearranged. wherever
necessary.
9. Information pursuant to part IV of schedule VI is enclosed
herewith.
Mar 31, 2008
1. In the opinion of the Board of Directors, the value of Loans and
Advances and other current assets have a value on realisation in the
ordinary course of business at least equal to the amount at which they
are stated in the Balance Sheet.
2. Confirmation of concerned parties
for the amount due to them and /or due from them as per accounts of the
company are not received. Necessary adjustments if any will be made
when accounts are reconciled or settled.
3. None of the employees are in receipt of the remuneration exceeding
the limits specified u/s
(217(2-A) of the companies Act.1956.
4. Wherever the Voucher/bills/invoices/challans etc, have not been
adequately supported or are missing, the management has certified that
the transactions under question are genuine transactions. The Auditors
have accepted such certification of the management.
5. In the opinion of the Board of Directors, on provision for
diminution in the value of shares is required as the diminution is
temporary and the investments are of long-tem nature.
6. Since the company is not a manufacturing company, information
required under clause 4c of part II of Schedule VI of the companies
act,1956, has not been furnished.
7. There is no Foreign exchange earning or outgo during the year.
8 Previous year's Figures were re-grouped and rearranged, wherever
necessary.
9. Information pursuant to part IV of Schedule VI is enclosed
herewith.
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