Mar 31, 2014
1. Contingent & Accrued Liabilities
a) On account of delayed/non  compliance or in dispute with various
statutes are
(i) Income Tax Rs. 5558.93 Lacs (Previous Year-Rs.608.43 Lacs)
(ii) Provident Fund Rs. 14.17 Lacs (Previous year - Rs. 7.73 Lacs).
b) Redemption of Prefererence Shares amounting to Rs. 509 Lakhs
(Previous Year Rs.509 Lakhs)
2. The balances appearing under Unsecured Loan certain sundry debtors,
loans and advances, deposits and current liabilities are subject to
confirmations and/or reconciliations.
3. The Company was to transfer certain assets and all liabilities of
wind energy division as a going concern to M/S. Southern Wind Farm
Limited as on 1st May 2006 as per the slump sale agreement dated
16-01-2006. The Company transferred certain assets and all liabilities
of wind energy division and accounted accordingly in the books as on
1st May 2006. Dispute arose due to Non fulfillment of all the
obligations and non payment of consideration by the other party. The
transactions could not be completed and the matter is referred to
arbitration.
Since this slump sale is not complete the gain/loss due to transfer of
assets and liabilities was not accounted in the profit and loss account
during the period ended 31st December, 2006 and thereafter.
4. Physical verification of the fixed assets is carried on by the
management in a phased program covering all the assets and the said
assets have been certified by the Management.
5. Permanent diminution/erosion, if any, in the book value of quoted
Investments
has not been considered in the accounts, since the said investments are
of long term in nature.
6. On account of nil commercial operation taking place in the joint
venture Turkestanenergo NEPC, the Company is not in a position to
comply with the disclosure requirements as stipulated in para 54 of the
Accounting Standard 27 - Financial Reporting of Interests in Joint
Ventures issued by the Institute of Chartered Accountants of India.
7. The Company has not granted interest-free advances to any of the
related parties covered in the register maintained under Section 301 of
the Companies Act 1956.
8. During the year, the Company has not complied with the provisions
as prescribed by Accounting Standard 28 Â Impairment of Assets issued
by the Institute of Chartered Accountants of India and has not
recognised any impairment in the value of assets pertaining to Airline
Division, though conditions exist for the impairment of the same. The
amount of such non recognition is presently unascertainable.
9. Amounts due to Small Scale Industrial undertakings under Current
Liabilities, based on the information available with the Company and
relied upon by the auditors- Nil (Previous year- Nil).
10. The Company has not made provision for Retirement Benefits as
prescribed under Accounting Standard 15 Â Accounting for Retirement
Benefits in the Financial Statements of Employers issued by the
Institute of Chartered Accountants of India.
11. Current Taxation:
No provision towards current taxation has been made in view of the
accumulated carried forward losses during the current financial year.
12. Deferred Taxation:
The Company has not provided for Deferred Tax Assets that may be
created on account of Timing Differences that may arise due to
disallowances of certain expenses under the Income Tax Act 1961. The
provision was not considered since future year operations results and
consequently adjustment of tax provision are not certain
13. Segment Reporting:
The operations of the Company are in essence concentrated in a
particular geographical area and in a particular product/service only.
Hence, Segment Reporting as prescribed by the Accounting Standard 17 Â
Segment Reporting issued by the Institute of Chartered Accountants of
India is not applicable.
14. Related Party Disclosure:
In pursuance of Accounting Standard 18 pertaining to Related Party
Disclosure issued by The Institute of Chartered Accountants of India,
there are no related party transaction during the year.
15. Previous year figures have been regrouped, rearranged and
reclassified wherever considered necessary.
Mar 31, 2013
1. Contingent Liabilities
a) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for - Nil (Previous year Nil).
b) On account of delayed/non - compliance or in dispute with various
statutes are (i) Sales Tax Rs. 1.63 Lacs (Previous Year Rs.1.63 Lacs)
(ii) Income Tax Rs. 608.43 Lacs (Previous Year Rs.608.43 Lacs) and
(iii) Provident Fund Rs. 7.73 Lacs (Previous year - Rs. 7.73 Lacs).
2. The Preference Shares issued in earlier years amounting to
Rs.590.00 Lacs were liable to be redeemed three years after their
respective issue dates, ranging from 13th September 1998 to 27th March
2000 and remained overdue for redemption.
3. The balances appearing under Unsecured Loan certain sundry debtors,
loans and advances, deposits and current liabilities are subject to
confirmations and/or reconciliations.
4. The Company was to transfer certain assets and all liabilities of
wind energy division as a going concern to M/S. Southern Wind Farm
Limited as on Is'' May 2006 as per the slump sale agreement dated
16-01-2006. The Company transferred certain assets and all liabilities
of wind energy division and accounted accordingly in the books as on
1st May 2006. Dispute arose due to Non fulfillment of all the
obligations and non payment of consideration by the other party. The
transactions could not be completed and the matter is referred to
arbitration.
Since this slump sale is not complete the gain/loss due to transfer of
assets and liabilities was not accounted in the profit and loss account
during the period ended 31st December, 2006 and thereafter.
5. Physical verification of the fixed assets is carried on by the
management in a phased program covering all the assets and the said
assets have been certified by the Management
6. Permanent diminution/erosion, if any, in the book value of quoted
Investmentshas not been considered in the accounts, since the said
investments are of long term in nature.
6.1 On account of nil commercial operation taking place in the joint
venture Turkestanenergo NEPC, the Company is not in a position to
comply with the disclosure requirements as stipulated in para 54 of the
Accounting Standard 27 - Financial Reporting of Interests in Joint
Ventures issued by the Institute of Chartered Accountants of India.
7. Loans and Advances include one of the related parties in which the
directors are interested which are purely in the nature of business
advances, with maximum balance during the year of Rs. 31,19,89,895/-
and closing balance of Rs. 31,19,89,895/-
8. During the year, the Company has not complied with the provisions
as prescribed by Accounting Standard 28 - Impairment of Assets issued
by the Institute of Chartered Accountants of India and has not
recognised any impairment in the value of assets pertaining to Airline
Division, though conditions exist for the impairment of the same. The
amount of such non recognition is presently unascertainable.
9. Amounts due to Small Scale Industrial undertakings under Current
Liabilities, based on the information available with the Company and
relied upon by the auditors- Nil (Previous year- Nil).
10. The Company has not made provision for Retirement Benefits as
prescribed under Accounting Standard 15 - Accounting for Retirement
Benefits in the Financial Statements of Employers issued by the
Institute of Chartered Accountants of India.
11 Current Taxation:
No provision towards current taxation has been made in view of the
accumulated carried forward losses during the current financial year.
11.1 Deferred Taxation:
The Company has not provided for Deferred Tax Assets that may be
created on account of Timing Differences that may arise due to
disallowances of certain expenses under the Income Tax Act 1961. The
provision was not considered since future year operations results and
consequently adjustment of tax provision are not certain
12. Segment Reporting:
The operations of the Company are in essence concentrated in a
particular geographical area and in a particular product/service only.
Hence, Segment Reporting as prescribed by the Accounting Standard 17 -
Segment Reporting issued by the Institute of Chartered Accountants of
India is not applicable.
13. Related Party Disclosure:
In pursuance of Accounting Standard 18 pertaining to Related Party
Disclosure issued by The Institute of Chartered Accountants of India
and based on available information, the disclosure are as under:
Mar 31, 2012
1. Contingent Liabilities
a) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for - Nil (Previous year Nil).
b) On account of delayed/non - compliance or in dispute with various
statutes are (i) Sales Tax Rs. 1.63 Lacs (Previous Year Rs.1.63 Lacs)
(ii) Income Tax Rs. 608.43 Lacs (Previous Year Rs.608.43 Lacs) and
(iii) Provident Fund Rs. 7.73 Lacs (Previous year - Rs. 7.73 Lacs).
2. The Preference Shares issued in earlier years amounting to
Rs.590.00 Lacs were liable to be redeemed three years after their
respective issue dates, ranging fi;om 13th September 1998 to 27th March
2000 and remained overdue for redemption.
3. The balances appearing under Unsecured Loan certain sundry debtors,
loans and advances, deposits and current liabilities are subject to
confirmations and/or reconciliations.
4. The Company was to transfer certain assets and all liabilities of
wind energy division as a going concern to M/S. Southern Wind Farm
Limited as on 1st May 2006 as per the slump sale agreement dated
16-01-2006. The Company transferred certain assets and all liabilities
of wind energy division and accounted accordingly in the books as on
1st May 2006. Dispute arose due to Non fulfillment of all the
obligations and non payment of consideration by the other party. The
transactions could not be completed and the matter is referred to
arbitration.
Since this slump sale is not complete the gain/loss due to transfer of
assets and liabilities was not accounted in the profit and loss account
during the period ended 31st December, 2006 and thereafter.
5. Physical verification of the fixed assets is carried on by the
management in a phased program covering all the assets and the said
assets have been certified by the Management.
6. Permanent diminution/ erosion, if any, in the book value of quoted
Investmentshas not been considered in the accounts, since the said
investments are of long term in nature.
6.1 On account of nil commercial operation taking place in the joint
venture Turkestanenergo NEPC, the Company is not in a position to
comply with the disclosure requirements as stipulated in para 54 of the
Accounting Standard 27 - Financial Reporting of Interests in Joint
Ventures issued by the Institute of Chartered Accountants of India.
7. Loans and Advances include one of the related parties in which the
directors are interested which are purely in the nature of business
advances, with maximum balance during the year of Rs. 31,19,89,895/-
and closing balance of Rs. 31,19,89,895/-
8. During the year, the Company has not complied with the provisions
as prescribed by Accounting Standard 28 - Impairment of Assets issued
by the Institute of Chartered Accountants of India and has not
recognised any impairment in the value of assets pertaining to Airline
Division, though conditions exist for the impairment of the same. The
amount of such non recognition is presently unascertainable. ,
9. Amounts due to Small Scale Industrial undertakings under Current
Liabilities, based on the information available with the Company and
relied upon by the auditors- Nil (Previous year- Nil).
10. The Company has not made provision for Retirement Benefits as
prescribed under Accounting Standard 15 - Accounting for Retirement
Benefits in the Financial Statements of Employers issued by the
Institute of Chartered Accountants of India.
11 Current Taxation:
No provision towards current taxation has been made in view of the
accumulated carried forward losses during the current financial year.
11.1 Deferred Taxation:
The Company has not provided for Deferred Tax Assets that may be
created on account of Timing Differences that may arise due to
disallowances of certain expenses under the Income Tax Act 1961. The
provision was not considered since future year operations results and
consequently adjustment of tax provision are not certain
12. Segment Reporting:
The operations of the Company are in essence concentrated in a
particular geographical area and in a particular product/service only.
Hence, Segment Reporting as prescribed by the Accounting Standard 17 -
Segment Reporting issued by the Institute of Chartered Accountants of
India is not applicable.
13. Related Party Disclosure:
In pursuance of Accounting Standard 18 pertaining to Related Party
Disclosure issued by The Institute of Chartered Accountants of India
and based on available information, the disclosure are as under:
14. Previous year figures have been regrouped, rearranged and
reclassified wherever considered necessary.
Mar 31, 2010
1. Contingent Liabilities
a) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for - Nil (Previous year Nil).
b) On account of delayed/non - compliance or in dispute with various
statutes are (i) Sales Tax Rs. 1.63 Lacs (Previous Year Rs.1.63 Lacs)
(ii) Income Tax Rs. 608.43 Lacs (Previous Year Rs.608.43 Lacs) and
(iii) Provident Fund Rs. 7.73 Lacs (Previous year - Rs. 7.73 Lacs).
2. The Preference Shares issued in earlier years amounting to
Rs.590.00 Lacs were liable to be redeemed three years after their
respective issue dates, ranging from 13th September 1998 to 27th March
2000 and remained overdue for redemption during the current year.
3. The balances appearing under Unsecured Loan certain sundry debtors,
loans and advances, deposits and current liabilities are subject to
confirmations and/or reconciliations.
4. The Company was to transfer certain assets and all liabilities of
wind energy division as a going concern to M/S. Southern Wind Farm
Limited as on 1st May 2006 as per the slump sale agreement dated
16-01-2006. The Company transferred certain assets and all liabilities
of wind energy division and accounted accordingly in the books as on
1st May 2006. Dispute arose due to Non fulfillment of all the
obligations and non payment of consideration by the other party. The
transactions could not be completed and the matter is referred to
arbitration.
Since this slump sale is not complete the gain/loss due to transfer of
assets and liabilities was not accounted in the profit and loss account
during the period ended 31st December, 2006 and thereafter.
5. Physical verification of the fixed assets is carried on by the
management in a phased program covering all the assets and the said
assets have been certified by the Management.
6.1 Permanent diminution/erosion, if any, in the book value of quoted
Investments has not been considered in the accounts, since the said
investments are of long term in nature.
6.2 On account of nil commercial operation taking place in the joint
venture Turkestanenergo NEPC, the Company is not in a position to
comply with the disclosure requirements as stipulated in para 54 of the
Accounting Standard 27 - Financial Reporting of Interests in Joint
Ventures issued by the Institute of Chartered Accountants of India.
7. Loans and Advances include one of the related parties in which the
directors are interested which are purely in the nature of business
advances, with maximum balance during the year of Rs. 30,24,72,875/-
and closing balance of Rs. 31,19,89,895.
8. During the year, the Company has not complied with the provisions
as prescribed by Accounting Standard 28 - Impairment of Assets issued
by the Institute of Chartered Accountants of India and has not
recognised any impairment in the value of assets pertaining to Airline
Division, though conditions exists for the impairment of the same. The
amount of such non recognition is presently unascertainable.
9. The Company has received a part refund of Provident Fund enormusly
paid in prior years after the discussion of the Honble High court.
10. Amounts due to Small Scale Industrial undertakings under Current
Liabilities, based on the information available with the Company and
relied upon by the auditors- Nil (Previous year- Nil).
11. The Company has not made provision for Retirement Benefits or as
prescribed under Accounting Standard 15 - Accounting for Retirement
Benefits in the Financial Statements of Employers issued by the
Institute of Chartered Accountants of India.
12.1 Current Taxation:
No provision towards current taxation has been made in view of the
accumulated carried forward losses during the current financial year.
12.2 Deferred Taxation:
The Company has not provided for Deferred Tax Assets that may be
created on account of Timing Differences that may arise due to
disallowances of certain expenses under the Income Tax Act 1961. The
provision was not considered since future year operations results and
consequently adjustment of tax provision are not certain
13. Segment Reporting:
The operations of the Company are in essence concentrated in a
particular geographical area and in a particular product/service only.
Hence, Segment Reporting as prescribed by the Accounting Standard 17 -
Segment Reporting issued by the Institute of Chartered Accountants of
India is not applicable.
14. Related Party Disclosure:
In pursuance of Accounting Standard 18 pertaining to Related Party
Disclosure issued by The Institute of Chartered Accountants of India
and based on available information, the disclosure are as under:
a) List of Related Parties and Relationships:
Nature of Relation Name of Party
1. Associates NEPC Agro Foods Ltd.
National Wind Power Corporation Ltd.
NEPC Textiles Ltd.
Skyline NEPC Ltd.
Sai Televisions Ltd.
2. Enterprises over which
Directors have SRC Industries (Partner ship firm)
significant influence Al Merchant Exporr(Partner ship firm)
Tamilnadu Bluemetal (Partner
ship firm)
3. Subsidiaries and Fellow
Subsidiaries None
4. Joint Venture Turkestanenergo NEPC
5. Key Management Personnel Mr. Ravi Prakash- Chairman
Mr. Raj Kumar - Wholetime director
Mr. Tirupathi Kumar-Managing Director
6. Relatives of Key Management
Personnel Mrs.Champa Devi (wife of Chairman)
Mrs. Ritu Devi (wife of wholetime Director)
Mrs. Shivani Devi (Wife of Managing Director)
15. Previous year figures have been regrouped, rearranged and
reclassified wherever considered necessary.
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