Mar 31, 2014
1. In the opinion of the Board the value of realization of current
assets, loans & advances in the ordinary course of business would not
be less than the amount at which they are stated in the Balance Sheet &
the provisions for all the loans & determined liabilities is adequate
and not in excess of the amount.
2. Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Statement of Profit & Loss.
3. According to a technical assessment carried out by the Company,
there is no impairment in the carrying cost of cash generating units of
the Company in terms of accounting standards-28 issued by the Institute
of Chartered Accountants of India.
4. Accounts payable to Small Scale Industrial Undertaking under the
head of Sundry Creditors  NIL (Previous Year  NIL)
5. Related Party Transaction :
Related Parties and Nature of Relationship:
Related''Party Nature of Relation ship.
KAVYA AMIT DIGVIJAY SINGH Key Managerial Personal
VIJAY DASHRATH BHAGAT Director
NAVMEET ARORA Director.
PURABI JHAVERI Director
Note: Related Parties as disclosed by the management and relied upon by
auditors. Related Party Transaction
6. The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s
classification/disclosure.
7. During the financial year 2013-14 Company has issued 6,25,000 Zero
Percent Convertible Preference shares of Rs.10/- each and Premium
amount of Rs. 2/-each.
8. In accordance with Accounting Standard 22 (AS 22) issued by the
ICAI, the Company has accounted for deferred income tax Liability
during the year of Rs 58,47,561.87
Mar 31, 2013
(a) Corporate Information
Brief Business Activity - Trading in Garment Fabric Place of Business
-C-24, Ground floor, Shubdha CHS, Sir Pochkhanwala Road, Worli, Mumbai
- 30
1. Balances of Debtors, Loans and Advances, Secured Loans, Sundry
Creditors & Others are subject to confirmation and reconciliation and
consequential adjustments, if any.
2. In the opinion of the Board & to the best of their knowledge &
belief the value of realization of current assets, loans & advances in
the ordinary course of business would not be less than the amount at
which they are stated in the Balance Sheet & the provisions for all the
loans & determined liabilities is adequate and not in excess of the
amount.
3. Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Statement of Profit & Loss.
4. According to a technical assessment carried out by the Company,
there is no impairment in the carrying cost of cash generating units of
the Company in terms of accounting standards-28 issued by the Institute
of Chartered Accountants of India.
5. Segment Information (AS-17)
Company has only one segment of activity namely "Trading
Activities". Since there is No export turnover, there are no
reportable geographical segments.
6. The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s
classification/ disclosure.
Mar 31, 2012
(a) Corporate Information
Brief Business Activity - Trading in Garment Fabric Place of Business -
C-24, Ground Floor,
Shubhdha CHS., Sir Pochkhanwala Road,
Worli, Mumbai - 30.
(b) Retirement Benefits
Liabilities in respect of bonus, gratuity, retirement benefit & leave
encashment is being accounted for on cash basis.
(c) Earnings per share
The earnings considered in ascertaining the company''s EPS comprise of
the net profit after tax as per Accounting Standard 20 on "Earnings
Per Share", issued by the Institute of Chartered Accountants of
India. The number of shares used in computing basic EPS is the weighted
average number of shares outstanding during the period. The diluted EPS
is calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive equity shares is anti-dilutive.
(d) Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
(a) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10 per share.Each holder of equity shares is entitled to one vote
per share.
The Company decleres and pays dividend in Indian Rupees. The dividend
proposed by the Board of directors is subject to the approval of the
shareholders in ensuing Annual General Meeting. In event of liquidation
of the Company,the holders of equity shares would be entitled to
receive remaining assets of the Company, after distribution of all
preferential amounts. The Distribution will be in proportion to the
number of equity shares held by the shareholders.
1. Balances of Debtors, Loans and Advances, Secured Loans, Sundry
Creditors & Others are subject to confirmation and reconciliation and
consequential adjustments, if any.
2. In the opinion of the Board & to the best of their knowledge &
belief the value of realization of current assets, loans & advances in
the ordinary course of business would not be less than the amount at
which they are stated in the Balance Sheet & the provisions for all the
loans & determined liabilities is adequate and not in excess of the
amount.
3. Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Statement of Profit & Loss.
4. According to a technical assessment carried out by the Company,
there is no impairment in the carrying cost of cash generating units of
the Company in terms of accounting standards- 28 issued by the
Institute of Chartered Accountants of India.
5. The Company has not received the required information from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the year end together with interest
paid/payable as required under the said Act have not been made.
6. Earnings Per Share (AS-20) :
The Earning Per Share computed as per the requirement under Accounting
Standard 20 on Earning Per Share issued by The Institute of Chartered
Accountant of India, is as under:
7. According to a technical assessment carried out by the Company,
there is no impairment in the carrying cost of cash generating units of
the Company in terms of accounting standards- 28 issued by the
Institute of Chartered Accountants of India.
8. Accounts payable to Small Scale Industrial Undertaking under the
head of Sundry Creditors - NIL (Previous Year - NIL)
9. Segment Information (AS-17)
Company has only one segment of activity namely "Trading and
Financial Activities". Since there is No export turnover, there are
no reportable geographical segments.
10. The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2010
1) The Balance of Sundry Debtors, Advances and Current Liabilities are
subject to confirmation from parties.
2) The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS Ã 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Profit & Loss Account.
3) In the opinion of the management, loans & advances are recoverable
at the value stated in the financial statements and adequate provisions
have been made in the accounts for all known liabilities.
4) Additional information pursuant to the provisions of Clause 4a of
Part II of Schedule VI of the Companies Act, 1956: Commission (u/s 349)
"Nil".
5) Additional information pursuant to the provisions of Paragraphs 4c
of Part II of Schedule VI of the Companies Act, 1956:
"Not Applicable"
6) Additional information pursuant to the provisions of Paragraphs 4d
of Part II of Schedule VI of the Companies Act, 1956:
a. Expenditure in Foreign currency "Nil"
b. Earning in Foreign currency "Nil"
7) Accounts payable to Small Scale Industrial Undertaking the head of
Sundry Creditors à Nil (Previous Year à Nil)
8) Related party disclosures
As per the accounting standard 18 on "Related Party Disclosures" issued
by ICAI the related parties of the company and nature of relationship
are as follows:
Related Party Nature of Relationship
Bio Green Papers Limited Subsidiary Company
Sri Mukhalinga Aqua Private
Limited Subsidiary Company
V. Jagdish Key Management Personnel
V. Pushpalata Key Management Personnel
V. Venkateswarulu Relative of Key Management Personnel
NOTE: Related Party Relationship is identified by the Management &
relied upon by the Auditor. Nature and volume of transaction carried
out with the above related parties in the ordinary course of business
for the year ended March 31, 2010. NIL
9) Accounting for taxes on income (AS-22)
In the opinion of the management the company will not have the taxable
income from the business carried out by it hence the deferred tax
assets is created.
10) Segment Information (AS-17)
The Company was engaged primarily in the business of Trading in Shares
and Financial Activities presently the company has diversified into the
sale of Jatropha podogrica plants, Paper Manufacturing and Mineral
water accordingly there are no separate reportable segments as per
Accounting Standard 17 dealing with segment reporting.
11) As required by accounting standard (AS 28) "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the company
has carried out the assessment of impairment of assets. There has been
no impairment of loss during the year.
12) Schedule 1 to 15 forms the integral part of the Balance Sheet as at
31st March 2010 and the P&L A/c for the year ended on that date.
13) Prior year amounts have been regroup & reclassified, where
necessary to confirm to current years presentation.
14) Balance Sheet abstract and companys general business profile as
per the annexure.
15) Contingent liability in respect of income tax demand
Status Nature Amount Period Forum where is
Involved (F.Y) dispute is
pending
Income tax
Act Penalty
proceeding Rs. 531,000 2000-01 Honorable CIT
(Appeal)
Income tax
Act Deemed for
tax Rs. 273,331 2002-03
Mar 31, 2009
1) The Company has issued 20,03,500 new Equity Shares on preferential
basis in term of the fresh resolution passed by share holders of the
Company in their Extra-ordinary General Meeting held on 27th May, 2008
and the date of allotment was 26,th June, 2008 and the return of
Allotment to the Registrar of Companies Mumbai was done within the
stipulated period as prescribed under the Companies Act 1956, under
section 81(1 A) of the Companies Act, 1956. These shares have been
allotted at a price of Rs 10/- each which are in accordance with
Preferential Issue Guidelines issued by Securities & Exchange Board of
India.
2) The Balance of Sundry Debtors, Advances and Current Liabilities are
subject to confirmation from parties.
3) The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS - 15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Profit & Loss Account.
4) In the opinion of the management, loans & advances are recoverable
at the value stated in the financial statements and adequate provisions
have been made in the accounts for all known liabilities.
5) Additional information pursuant to the provisions of Clause 4a of
Part II of Schedule VI of the Companies Act, 1956:
Commission (u/s 349) "Nil".
6) Additional information pursuant to the provisions of Paragraphs 4c
of Part II of Schedule VI of the Companies Act, 1956:
"Not Applicable"
7) Additional information pursuant to the provisions of Paragraphs 4d
of Part II of Schedule VI of the Companies Act, 1956:
a. Expenditure in Foreign currency "Nil"
b. Earning in Foreign currency "Nil"
8) Accounts payable to Small Scale Industrial Undertaking the head of
Sundry Creditors - Nil (Previous Year-Nil)
9) Related party disclosures
As per the accounting standard 18 on "Related Party Disclosures" issued
by 1CA1 the related parties of the company and nature of relationship
are as follows:
Related Party Nature of Relationship
Bio Green Papers Limited Subsidiary Company
Sri Mukhalinga Acqua Private Limited Subsidiary Company
V.Jagadish Key Management Personnel
V.Pushpalata Key Management Personnel
V.Venkateswarulu Relative of Key Management Personnel
NOTE: Related Party Relationship is identified by the Management &
relied upon by the Auditor.
Nature and volume of transaction carried out with the above related
parties in the ordinary course of business for the year ended March 31,
2009. NIL
10) Accounting for taxes on income (AS-22)
In the opinion of the management the company will not have the taxable
income from the business carried out by it hence the deferred tax
assets is created.
11) Segment Information (AS-17)
The Company was engaged primarily in the business of Trading in Shares
and Financial Activities presently the company has diversified into the
sale of Jatropha podogrica plants, Paper Manufacturing and Mineral
water accordingly there are no separate reportable segments as per
Accounting Standard 17 dealing with segment reporting
12) As required by accounting standard (AS 28) "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the company
has carried out the assessment of impairment of assets. There has been
no impairment of loss during the year.
13) Schedule 1 to 15 forms the integral part of the Balance Sheet as at
31st March 2009 and the P&L A/c for the year ended on that date.
14) Prior year amounts have been regroup & reclassified, where
necessary to confirm to current years presentation.
15) Balance Sheet abstract and companys general business profile as
per the annexure.
16) Contingent liability in respect of income tax demand
Status Nature Amount Period Forum where is
Involved (F.Y) dispute is
pending
Income
tax Act Penalty proc
-eeding Rs. 531000 2000-01
Honl CIT
Deemed for tax (appeal)
Income
tax Act Rs. 273331 2002-03