Mar 31, 2017
1. Hon''ble Calcutta High Court vide order dated 9th December, 2014 had approved the scheme for amalgamation of Mono herbicides Ltd, Gateway Distributor Limited, Unicorn Vyapar Limited, Subhankar Vinimay Limited, Swagatam Tradevin Limited and Lotus Financial Management Private Limited with Monotype India Limited. At the time of Merger, Swagatam Tradevin Limited had Preference Shares of Monotype India Limited in its Stock in Trade and the same was transferred as stock in Trade in books of Monotype India Ltd. In Current Financial Year, Company have corrected treatment of Stock in trade & Preference Share Capital (i.e Eliminating Intercompany holding) in its books and corresponding impact of the same has been given in Amalgamation Adjustment Reserve and subsequently balance of Amalgamation Adjustment Reserve have been transferred to General Reserve.
2. Segment Information
As per the definition of ''Business Segment'' and ''Geographical Segment'' contained in Accounting Standard 17 âSegment Reportingâ, the management is of the opinion that the Company''s operation comprise of Trading in Shares and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.
3. Related Party Transaction
Disclosure in accordance with Accounting Standard-18 - Related Party transactions during the year
I) Companies/ Firms in which Director, Director''s relatives are Directors/Shareholders/Partners Companies
Truce Multitrade Ltd. BT Divine Power & Mining Corporation Ltd.
Elan Capital Advisors Pvt. Ltd. Pranjali Infrastructure Pvt. Ltd.
Cinch Multitrade Pvt. Ltd. Divine Power & Mining Corporation Ltd.
Pranjali Services Pvt. Ltd. 52 Weeks Entertainment Ltd.
Four Lions Films Pvt. Ltd. Pranjali (India) Pvt Ltd.
Venus Intergrated Textile Park Pvt Ltd Adrina Realties Pvt. Ltd LLP
Innocent Investment Consultants LLP Sandeep Ispat Traders LLP
ii) Key management personnel
Naresh Jain (Whole Time Director) Harsh Jain (CFO and Director)
Rohitash Bhomia (Resigned w.e.f 13/08/2016) Pradeep Gupta (Company Secretary)
iii) Relatives of Key management personnel
Karishma Jain (Daughter of Whole Time Director)
4. Contingent Liability to the extended not provided for
Central Excise Liability under dispute Rs, 16,34,3 7/- (P.Y Rs, 16,34,397 /-).
5. Prior Year Comparatives
Previous year''s figures have been regrouped, rearranged or recanted wherever necessary to confirm to this year''s classification. Figures in brackets pertain to previous year.
Mar 31, 2016
2. Other Notes on Accounts:
1) Contingent Liabilities in respect of : As at As at
31.03.2016 31.03.2015
(Rs.) (Rs.)
Central Excise Liability under dispute 16,34,397 16,34,397
2) In the opinion of the management, the current assets, loans and advances have the values on realization in the ordinary course of business at least equal to the amounts at which they are stated in the balance sheet except the trade receivables and loans and advances which falls under management''s policy for bad and doubtful debts as taken in the previous years.
3) All Debit and Credit balances are subject to confirmation and reconciliation.
4) There are no dues to Micro, Small & Medium Enterprises as at Balance Sheet date and no interest has been paid to any such parties. This is based on the information on such parties having been identified on the basis of information available with the Company and relied upon by the auditors.
5) Related Parties Disclosures in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India:-
6) The Company operates in one segment and hence no separate disclosure of segment-wise information has been made as per Accounting Standards (AS-17) Segment Reporting issued by the Institute of Chartered Accountants of India.
7) The financial statements for the year ended 31st March, 2016 have been prepared as per the requirement of the Schedule III to the Companies Act, 2013. The previous year''s figures have been accordingly regrouped / classified to confirm to the year''s classification.
Mar 31, 2014
1) Contingent Liabilities in respect of: As at As at
31.03.2014 31.03.2013
Central Excise Liability under dispute 16,34,397 16,34,397
2) In the opinion of the management, the current assets, loans and
advances have the values on realization in the ordinary course of
business at least equal to the amounts at which they are stated in the
balance sheet except the trade receivables and loans and advances which
falls under management''s policy for bad and doubtful debts as taken in
the previous years.
3) Debit and Credit balances are subject to confirmation and
reconciliation.
4) There are no dues to Micro, Small & Medium Enterprises as at Balance
Sheet date and no interest has been paid to any such parties. This is
based on the information on such parties having been identified on the
basis of information available with the Company and relied upon by the
auditors.
5) The Company operates in one segment and hence no separate
disclosure of segment-wise information has been made as per Accounting
Standards (AS-17) Segment Reporting issued by the Institute of
Chartered Accountants of India.
6) In view of the revision to the Schedule VI as per notification
issued by the Central Government, the financial statement for the year
ended 31st March, 2014 have been prepared as per the requirement of the
Revised Schedule VI to the Companies Act, 1956. The previous year''s
figures have been accordingly regrouped / classified to confirm to the
year''s classification.
The accompanying notes are an integral part of the financial statements
Note:Previous Year figures has been regrouped/rearranged wherever
considered necessary.
Mar 31, 2013
1) In the opinion of the management, the current assets, loans and
advances have the values on realization in the ordinary course of
business at least equal to the amounts at which they are stated in the
balance sheet except the trade receivables and loans and advances which
falls under management''s policy for bad and doubtful debts as taken in
the previous yea''
2) Debit and Credit balances are subject to confirmation and
reconciliation.
3) There are no dues to Micro, Small & Medium Enterprises as at Balance
Sheet date and no interest has been paid to any such parties. This is
based on the information on such parties having been identified on the
basis of information available with the Company and relied upon by the
audito''
4) Related Parties Disclosures in accordance with Accounting Standard
18 issued by the Institute of Chartered Accountants of India :- Related
Parties and description of relationship
a. Promoter Company : Swagatam Tradevin Limited
b. Nature of transaction with the related party
Promoter Company : Swagatam Tradevin Limited Unsecured Loan Taken :
56,084/- Amount Outstanding at year end : 3,56,084/- Previous Year
Balance : 3,00,000
5) The Company operates in one segment and hence no separate
disclosure of segment- wise information has been made as per Accounting
Standards (AS-17) Segment Reporting issued by the Institute of
Chartered Accountants of India.
6) In view of the revision to the Schedule VI as per notification
issued by the Central Government, the financial statement for the year
ended 31st March, 2013 have been prepared as per the requirement of the
Revised Schedule VI to the Companies Act, 1956. The previous year''s
figures have been accordingly regrouped/classified to confirm to the
year''s classification.
Mar 31, 2012
I. Terms/rights attached to equity shares
The CompanyÃs authorised capital consists of two classes of shares,
referred to as equity shares and preference shares, having par value of
Rs. 10/- and Rs. 100/- each respectively. Each holder of equity shares is
entitled to one vote per share. The Preference shareholders have a
preferential right over equity share holders , in respect of repayment
of capital and payment of dividend. However, no such preference shares
have been issued by the Company during the years ended 31st March,2011
& 31st March,2012.The Preference Shares shall be redeemed at par at the
end of 20 years from the date of allotment, i.e. 30.03.2018.The Company
has the option to however, redeem the shares at par at any time after
the expiry of an initial period of 60 months from the date of
allotment, i.e. after 30.03,2003 by giving the shareholders three month
notice of its intention to do so.
1. Contingent liabilities in respect of :
As at As at
31.03.2012 31.03.2011
(Rs.) (Rs.)
Excise liability under dispute 16,34,397 16,34,397
The above figures represent the amount as on 31.03.1999, since the
updated figures as on 31.03.2012 are not available.
2. The operations of the manufacturing units of the Company at
Bangalore has been suspended from 01.08.1999 subsequently closed and
disposed off. Further, the marketing and other Offices of the Company
have also been closed and have become non operational. Earlier the
various credit balances details
retrieved prior to the suspension of operations and such other
adjustments as considered necessary by the management are taken on the
basis of available records. The balances compiled was not reconciled
with the primary and secondary records since various supporting and
other related details were not accessible and these records could not
be made available for verification.
3. There are no dues due to the small scale and ancillary industrial
undertakings.
4. As the manufacturing units of the company at Bangalore had been
closed, the management is exploring possibilities of other business
activities. Pending utilization of funds in other business activities,
these have been deployed temporarily in Shares & Securities / Loans and
Advances. In the opinion of the management, the company as such has not
undertaken any activity meant for Non-Banking Financial Companies as
its business operations, requiring adherence to the requirement of
various directions issued by Reserve Bank of India for Non-Banking
Financial Companies.
5. The accumulated losses of the company are in excess of its net
worth. The management is exploring possibility of other business
activities for the company, and accordingly, the accounts have been
prepared on the basis that the Company is a going concern.
a. The above related party information has been disclosed to the
extent such parties have been identified by the management on the basis
of information available. This has been relied upon by the Auditors.
6. The operations of the Company had been closed since 01-08-1999
(Refer Note no. 12.B.2 ), therefore the surplus funds are deployed in
deposits and investments and that is the only reportable segment as
specified in Accounting Standard 17 issued by the Institute of Chartered Accountants of India.
Preference shares being non-cumulative the Earning Per Share has been
computed without considering the dividend on preference shares.
Accordingly, the Earning Per Share of previous year has been shown on
the same basis.
7. a. Provision for current tax has not been made due to losses during
the year.
b. The company has significant amount of carry forward losses and
depreciation under the Income Tax Act. However, as a matter of prudence
deferred tax assets arising on account of the same has not been created
by the management.
8. Previous year figures:
During the year ended 31st March 2012, Revised Schedule VI notified
under the Companies Act, 1956 became applicable to the Company, for
preparation and presentation of its Financial Statements. The adoption
of Revised Schedule VI does not impact recognition and measurement
principles followed for preparation of Financial Statements .However,
it has significant impact on presentation and disclosures made in the
financial statements. The Company has also reclassified the previous
year figures in accordance with the requirements applicable in the
current year.
Mar 31, 2010
1. Contingent liabilities in respect of: As at As at
31.03.10 31.03.09
Excise liability under dispute 16,34,397 16,34,397
The above figures represent the amount as on 31.03.1999, since the
updated figures as on 31.03.2010 are not available.
2. The operations of the manufacturing units of the Company at
Bangalore had been suspended from 01.08.1999 subsequently closed and
disposed off. Further, the marketing and other Offices of the Company
have also been closed and have become non operational. Earlier The
various credit balances details retrieved prior to the suspension of
operations and such other adjustments as considered necessary by the
management are taken on the basis of available records. The balances
compiled was not reconciled with the primary and secondary records
since various supporting and other related details were not accessible
and these records could not be made available for verification.
3. There are no dues due to the small scale and ancillary industrial
undertakings.
4. As the manufacturing units of the company at Bangalore had been
closed, the management is exploring possibilities of other business
activities. Pending utilization of funds in other business activities,
these have been deployed temporarily in Shares & Securities / Loans and
advances. In the opinion of the management, the company as such has not
undertaken any activity meant for Non-Banking Financial Companies as
its business operations, requiring adherence to the requirement of
various directions issued by Reserve Bank Of India for Non-Banking
Financial Companies.
5. The accumulated losses of the company are in excess of its net
worth. The management is exploring possibility of other business
activities for the company, and accordingly, the accounts have been
prepared on the basis that the Company is a going concern.
6. Related party disclosure in accordance with Accounting Standard 18
issued by the Institute of Chartered Accountants of India:
a. Names of Related parties and description of relationship Associate
Company - Jalan Chemical Industries Private Limited
b. Nature of transaction with the related party Associate Company:
Payment of Unsecured Loan - Rs. 12,50,000/-
Unsecured Loan Taken - Rs. 80,000/-
Amount outstanding at year-end - Rs. 22,46,886/-
c. The above related party information has been disclosed to the
extent such parties have been identified by the management on the basis
of information available. This has been relied upon by the Auditors.
7. The operation of the company had been closed since 01-08-1999 (Refer
Note No. 2 of Notes on Accounts), therefore the surplus funds are
deployed in deposits and investments and that is the only reportable
segment as specified in Accounting Standard 17 issued by The Institute
of Chartered Accountants of India.
8. a. Provision for current tax has been made as per the provisions
of the Income Tax Act, 1961.
b. The Company has significant amount of carry forward losses and
depreciation under the Income Tax Act. However as a matter of prudence
deferred tax assets arising on account of the same has not been created
by the management.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article