Mar 31, 2015
Note : 1
2014-15 2013-14
A. Contingent Liabilities not provided
for in respect of:
Liability in respect of a award of
the Labour Court which has been 192,000 192,000
deposited in court pending disposal
of the case
B. Corporate guarantees given by the
Company to ICICI Bank Ltd., for NIL 210,000,000
securing credit facilities given
by the said bank to the
Joint Venture Company namely Strata
Geosystems (India) Private Limited.
C. The Joint Commissioner, Central
Excise & Customs, Daman NIL 1,754,486
vide order dated 10th (interest not
January, 2008 ordered the quantifiable)
Company to pay a demand of
Rs. 8,77,243/- on account of
cenvat credit availed on
certain fixed assets which were
disposed off during 2005-06.
The Joint Commissioner has also
ordered the Company to pay interest
thereon. The Joint Commissioner has
also levied penalty of Rs. 8,77,243/-
on the Company. The Company had
disputed the above and an appeal was
filed against the above order, which
has been disposed off in favour of the
Company during 2008-09. The Department
went in appeal against the above after
the time-limit and the appeal was
admitted in the past. The honourable
acting Chief Justice Mr. Vijay Manohar
Sahai and Honourable Mr. Justice
R.P Dholaria of the High Court of
Gujarat, vide order dated 12th
January 2015, have dismissed the appeal
(preferred by the department) for want
of territorial jurisdiction.
Note : 2
The Joint Venture Company, viz. Strata Geosystems (India) Private
Limited has secured in the past credit facilities with ICICI Bank
Limited to the tune of Rs. 21 Crores. The Company had then issued
corporate guarantees of Rs. 21.00 Crores during 2011-12 to ICICI Bank
Ltd to secure the above credit facilities sanctioned to the Joint
Venture Company referred above . The said guarantees are within the
limit of Rs. 50 Crores approved by the shareholders of the Company
under section 180(1)(C) of the Companies Act, 2013 on September 11,
2014. The above guarantees were also secured by deposit of title deeds
of Unit No 317 & 319 at Tantia Jogani Industrial Premises, J. R.
Boricha Marg, Lower Parel, Mumbai.
During 2014-15, post payment of entire outstanding, by Strata
Geosystems (India) Private Limited, to ICICI Bank Limited, ICICI Bank
limited has released the Corporate Guarantee vide their letter dated
23rd January 2015. Further ICICI Bank Limited has also released charge
on Unit No 317 & 319 of Tantia Jogani Industrial Premises, J R Boricha
Marg, Lower Parel, Mumbai. Company has since filed the necessary forms
with Registrar of Companies and obtained satisfaction of Charge.
Note : 3
Apart from the limited trading activities, the management has also
leased out part of the Mumbai office premises at Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai - 11.
Note : 4
Related Party Transactions
a. List of Related Parties and Nature of Relationship
List of related parties Related Entity Nature of
Relationship
Mr. Amit R Dalmia Creative Global
Chairman Services Pvt. Ltd., Director
Viaton Energy Pvt. Ltd., Director
Viaton Infrastructures
Pvt. Ltd., Director
Encompass Design India Director
Pvt Ltd., and
Member
Talenttube Entertainment
Pvt. Ltd., Director
21 Trends India Pvt. Ltd., Member
Mr. Narendra Kumar Dalmia Strata Geosystems (India) Director
Managing Director Pvt Ltd., and Member
Saanwaria Polyesters Director
Pvt Ltd.., and Member
Mr. Ashok M Bhawnani Strata Geosystems (India) Director
Director Pvt Ltd and Member
Sun-N-Sand Hotels
Pvt. Ltd., Director
Ms. Geeta Pardiwalla Nicetrends Jewels Director
Director Pvt. Ltd.,
Mr. Durgaprasad S Sabnis Lex Firmus Proprietor
Director
Unisource Legal
Associates Partner
Mr. J Ramakrishnan Director Strata Geosystems GM Finance
(India) Pvt. Ltd. & Taxation
Strata Geosystems (India) Strata Geosystems Joint
Pvt. Ltd. (India) Pvt. Ltd. Venture
Company
Note : 5
Segment Reporting:
The operation of the Company represents only one business segment, viz.
'Trading in Textiles'. Accordingly, all earnings, assets and
liabilities relate to this activity only and there is no separate
Segment.
Note : 6
The Company has a 29.50% equity interest in a Jointly Controlled
Entity- M/s. Strata Geosystems (India) Private Limited. ("Strata"). The
Company has made an investment into Strata's Equity Capital and will
from time to time commit other resources, as may be necessary, based on
Strata's business plan.
In accordance with the requirements of Accounting Standard on Financial
Reporting of Interest in Joint Ventures (AS-27) notified by the
Companies (Accounts) Rules, 2014, the interest in the jointly
controlled entity has been accounted for as an Investment in accordance
with Accounting Standard (AS) 13, Accounting for Investments and has
been reflected under investments - Note 1.7 to the Balance Sheet.
In compliance with Accounting Standard 27 - 'Financial Reporting of
Interests in Joint Venture' - AS(27), notified by the Companies (
Accounts ) Rules, 2014 the Company has interest in the following
jointly controlled entity.
Mar 31, 2014
NOTE 1.1: CONTINGENT LIABILITIES AND COMMITMENTS (Refer Note 3.2)
Contingent liabilities and commitments As At As At
(to the extent not provided for) 31st March 2014 31st March 2013
(a) Contingent Liabilities
(refer note 3.2)
(i) Claims against the company not
acknowledged as debt - -
(ii) Guarantees 210,000,000 210,000,000
(iii) Other money for which the
company is contingently liable 1,946,486 1,946,486
211,946,486 211,946,486
(b) Commitments - -
Total 211,946,486 211,946,486
1. A. Contingent Liabilities not provided for in respect of:
Liability in respect of a award of the Labour Court which has been
192,000 192,000 deposited in court pending disposal of the case
B. Corporate guarantees given by the Company to ICICI Bank Ltd., for
210,000,000 210,000,000 securing credit facilities given by the said
bank to the Joint Venture
Company namely Strata Geosystems (India) Private Limited. ( Refer Note
2 below )
C. The Joint Commissioner, Central Excise & Customs, Daman 1,754,486
1,754,486 vide order dated 10th January, 2008 ordered the Company to
pay (interest not (interest not a demand of Rs. 8,77,243/- on account of
cenvat credit availed on quantifable) quantifable) certain fixed assets
which were disposed off during 2005-06.
The Joint Commissioner has also ordered the Company to pay interest
thereon. The Joint Commissioner has also levied penalty of Rs. 8,77,243/-
on the Company. The Company had disputed the above and an appeal was
fled against the above order, which has been disposed off in favour of
the Company during 2008-09. The Department went in appeal against the
above after the time-limit and the appeal has now been admitted
2. The Joint Venture Company, viz. Strata Geosystems (India) Private
Limited has secured credit facilities with ICICI Bank Limited to the
tune of Rs. 21 Crores. The Company has issued corporate guarantees of Rs.
21.00 Crores during 2011-12 to ICICI Bank Ltd to secure the above
credit facilities sanctioned to the Joint Venture Company referred
above . The said guarantees are within the limit of Rs. 25 Crores
approved by the shareholders of the Company under section 372-A of the
Companies Act, 1956 vide postal ballot notice dated May 26, 2008. The
above guarantees are secured by deposit of title deeds of Unit No 317 &
319 at Tantia Jogani Industrial Premises, J. R. Boricha Marg, Lower
Parel, Mumbai.
The above facilities are also secured by the personal guarantee of one
of the erstwhile Directors of the Company.
3. Apart from the limited trading activities, the management has also
leased out part of the Mumbai office premises at Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai  11.
4. Segment Reporting:
The operation of the Company represents only one business segment, viz.
''Trading in Fabrics''. Accordingly, all earnings, assets and liabilities
relate to this activity only and there is no separate Segment.
5. The Company has a 29.50% equity interest in a Jointly Controlled
Entity- M/s. Strata Geosystems (India) Private Limited. ("Strata"). The
Company has made an investment into Strata''s Equity Capital and will
from time to time commit other resources, as may be necessary, based on
Strata''s business plan.
In accordance with the requirements of Accounting Standard on Financial
Reporting of Interest in Joint Ventures (AS-27) notifed by the
Companies (Accounting Standards) Rules, 2006, the interest in the
jointly controlled entity has been accounted for as an Investment in
accordance with Accounting Standard (AS) 13, Accounting for Investments
and has been refected under investments  Note 1.7 to the Balance
Sheet.
In compliance with Accounting Standard 27 Â ''Financial Reporting of
Interests in Joint Venture'' Â AS(27), notifed by the Companies (
Accounting Standards ) Rules, 2006 the Company has interest in the
following jointly controlled entity.
6. The figures of the previous year have been regrouped / reclassified,
wherever necessary, to conform to the current year''s presentation.
Mar 31, 2013
1. The Joint Venture Company, viz. Strata Geosystems (India) Private
Limited has secured credit facilities with ICICI Bank Limited to the
tune of Rs. 21 Crores. The Company has issued corporate guarantees of
Rs. 21.00 Crores during 2011-12 to ICICI Bank Ltd to secure the above
credit facilities sanctioned to the Joint Venture Company referred
above . The said guarantees are within the limit of Rs. 25 Crores
approved by the shareholders of the Company under section 372-A of the
Companies Act, 1956 vide postal ballot notice dated May 26, 2008. The
above guarantees are secured by deposit of title deeds of Unit No
317,318 & 319 at Tantia Jogani Industrial Premises, J. R. Boricha Marg,
Lower Parel, Mumbai.
The above facilities are also secured by the personal guarantee of one
of the erstwhile Directors of the Company.
2. Apart from the limited trading activities, the management has also
leased out part of the Mumbai office premises at Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai - 11.
3. Segment Reporting:
The operation of the Company represents only one business segment, viz.
''Trading in Fabrics''. Accordingly, all earnings, assets and
liabilities relate to this activity only and there is no separate
Segment.
4. The Company has a 29.50% equity interest in a Jointly Controlled
Entity- M/s. Strata Geosystems (India) Private Limited. ("Strata"). The
Company has made an investment into Strata''s Equity Capital and will
from time to time commit other resources, as may be necessary, based on
Strata''s business plan.
In accordance with the requirements of Accounting Standard on Financial
Reporting of Interest in Joint Ventures (AS-27) notified by the
Companies (Accounting Standards) Rules, 2006, the interest in the
jointly controlled entity has been accounted for as an Investment in
accordance with Accounting Standard (AS) 13, Accounting for Investments
and has been reflected under investments - Note 1.9
5. Earning Per Share
Earning per share is calculated by dividing the profit attributable to
the equity shareholders by the weighted average number of equity shares
outstanding during the year. The numbers used in calculating basic and
diluted earning per equity share are as stated below:
6. The figures of the previous year have been regrouped /
reclassified, wherever necessary, to conform to the current year''s
presentation.
Mar 31, 2012
NOTE 1.1 A
Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule VI to the
Companies Act, 1956 Rights, Preferences and restrictions attached to
shares
The Company has only one class of Equity Shares, having par value of
Rs. 10/- per share. Each Shareholder is eligible for one vote per share
held.
Dividend if proposed by the Board of Directors will be subject to the
approval of the Shareholders in the ensuing Annual General Meeting
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 to their shareholding.
Note : Deferred Tax Liability has been reviewed and restated since no
depreciation has been claimed in Income-Tax on certain Leased out Fixed
Assets. Company has recongnised Deferred Tax Assets on unabsorbed
depreciation to the extent of Deferred Tax Liability.
NOTE 1.2: CONTINGENT LIABILITIES AND COMMITMENTS (Refer Note 3.2)
Disclosure pursuant to Note no. 6 (T) of Part I of Schedule VI to the
Companies Act, 1956
Contingent liabilities and commitments As At As At
(to the extent not provided for) 31st March
2012 31st March 2011
(a) Contingent Liabilities
(i) Claims against the company not
acknowledged as debt - -
(ii) Guarantees 210,000,000 127,500,000
(iii) Other money for which the
company is contingently liable 1,946,486 1,946,486
211,946,486 129,446,486
(b) Commitments _ _
Total 211,946,486 129,446,486
3. The Company had issued corporate guarantees upto an aggregate value
of Rs. 12.75 Crores to Bank of India for securing credit facilities
granted by the said bank to the Joint Venture Company, viz. Strata
Geosystems (India) Private Limited. The said guarantees are within the
limit of Rs. 25 Crores approved by the shareholders of the Company
under section 372-A of the Companies Act, 1956 vide postal ballot
notice dated May 26, 2008. The above guarantees were secured by deposit
of title deeds of Unit No 317,318 & 319 at Tantia Jogani Industrial
Premises, J. R. Boricha Marg, Lower Parel, Mumbai. The above guarantees
were annulled upon repayment by the Joint Venture Company, of all the
outstanding to Bank of India and cessation of credit facilities with
the said bank.
The Joint Venture Company, viz. Strata Geosystems (India) Private
Limited has since secured credit facilities with ICICI Bank Limited to
the tune of Rs. 21 Crores. The Company has issued corporate guarantees
of Rs. 21.00 Crores during 2011-12 to ICICI Bank Ltd to secure the
above enhanced credit facilities sanctioned to the Joint Venture
Company referred above . The said guarantees are within the limit of
Rs. 25 Crores approved by the shareholders of the Company under section
372-A of the Companies Act, 1956 vide postal ballot notice dated May
26, 2008. The above guarantees are secured by deposit of title deeds of
Unit No 317,318 & 319 at Tantia Jogani Industrial Premises, J. R.
Boricha Marg, Lower Parel, Mumbai.
The above facilities are also secured by the personal guarantee of one
of the erstwhile Directors of the company.
4. Apart from the limited trading activities, the management has also
leased out part of the Mumbai office premises at Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai - 11.
5. Segment Reporting:
The operation of the Company represents only one business segment, viz.
'Trading in Fabrics'. Accordingly, all earnings, assets and
liabilities relate to this activity only and there is no separate
Segment.
6. The Company has a 29.50% equity interest in a Jointly Controlled
Entity- M/s. Strata Geosystems (India) Private Limited. ("Strata").
The Company has made an investment into Strata's Equity Capital and
will from time to time commit other resources, as may be necessary,
based on Strata's business plan.
In accordance with the requirements of Accounting Standard on Financial
Reporting of Interest in Joint Ventures (AS-27) notified by the
Companies (Accounting Standards) Rules, 2006, the interest in the
jointly controlled entity has been accounted for as an Investment in
accordance with Accounting Standard (AS) 13, Accounting for Investments
and has been reflected under investments - Note 1.9
7. The figures of the previous year have been regrouped /
reclassified, wherever necessary, to conform to the current year's
presentation.
Mar 31, 2011
Previous Year
Rupees Rupees
1. A. Contingent Liabilities
not provided for in respect of:
Liability in respect of a award
of the Labour Court Silvassa 192,000 192,000
which has been deposited in
court pending disposal of the case
2. The Company had issued corporate guarantees upto an aggregate value
of Rs. 10 Crores during the year 2008-09 to Bank of India for securing
credit facilities granted by the said bank to the Joint Venture
Company, viz. Strata Geosystems (India) Private Limited, in which a
director of the company was a director at the relevant time. The said
guarantees are within the limit of Rs. 25 Crores approved by the
shareholders of the Company under section 372-A of the Companies Act,
1956 vide postal ballot notice dated May 26, 2008. Before issue of the
above guarantees, the Company has made an application to the Central
Government for approval under section 295 of the Act which requires
prior approval. The Central Government has intimated its approval to
the Company wide approval letter dated August 05, 2009.The above
guarantees were secured by deposit of title deeds of land and building
situated at plot no 126, Piparia Industrial Estate, Piparia Silvassa
and also of unit no 317, Tantia Jogani Industrial Premises, J. R.
Boricha Marg, Lower Parel, Mumbai à 11 of the Company. Subsequent to
the sale of Silvassa land and building and purchase of Units 318 and
319 at Tantia Jogani Industrial Premises, Mumbai the above guarantees
are secured by deposit of title deeds of Unit No 317,318 & 319 at
Tantia Jogani Industrial Premises, J. R. Boricha Marg, Lower Parel,
Mumbai. The Company has issued a further guarantee of Rs. 2.75 Crores
during 2009-10 to Bank of India to secure the enhanced credit
facilities sanctioned to the Joint Venture Company referred above . The
said guarantee is within the limit of Rs. 25 Crores approved by the
shareholders of the Company under section 372-A of the Companies Act,
1956 vide postal ballot notice dated May 26, 2008.
The above guarantees are also secured by the personal guarantee of Mr.
Ashok M. Bhawnani the erstwhile Chairman and Managing Director of the
Company.
3. Apart from the limited trading activities, the management has also
leased out part of the Mumbai office premises at Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai à 11.
4. Related Party Transactions
a. List of Related Parties and Nature of Relationship
List of related parties Nature of Relationship
Amit R. Dalmia, Saanwaria Polyester
Pvt. Ltd. Director
Chairman Creative Global
Services Pvt. Ltd. Director
Viaton Energy Pvt. Ltd. Director
Viaton Infrastructure
Pvt. Ltd. Director
Encompass Designs
Pvt. Ltd. Director
Company Strata Geosystems
(India) Pvt. Ltd. Joint Venture Company
5. Taxation:
a. Provision for current tax has been made in accordance with Section
115JB of the Income-Tax Act and applicable MAT Credit has been
recognized.
c. The Deferred Tax Liability (Net) for the year comes to Rs. 448,172
{Previous year Deferred Tax Liability (Net) Rs. 2,004,805}.
6. Segment Reporting:
The operation of the Company represents only one business segment, viz.
'Trading in Fabrics'. Accordingly, all earnings, assets and
liabilities relate to this activity only and there is no separate
Segment.
7. The Company has a 33.88% equity interest in a Jointly Controlled
Entity- M/s. Strata Geosystems (India) Private Limited. ("Strata"). The
Company has made an investment into Strata's Equity Capital and will
from time to time commit other resources, as may be necessary, based on
Strata's business plan.
In accordance with the requirements of Accounting Standard on Financial
Reporting of Interest in Joint Ventures (AS-27) notified by the
Companies (Accounting Standards) Rules, 2006, the interest in the
jointly controlled entity has been accounted for as an Investment in
accordance with Accounting Standard (AS) 13, Accounting for Investments
and has been reflected under investments à Schedule 4
8. Disclosure as required by Accounting Standard 19, "Leases" (AS-19),
notified by the Companies (Accounting Standards) Rules, 2006 are given
below:
a. Where the Company is a lessor:
i. Licence Fee of Rs. 1,455,000/- (Previous Year Rs. 1,440,129/-)
received from temporary user is recognized in the Profit and Loss
Account.
ii. The future minimum lease receipts under non-cancelable operating
lease-not later than one year Rs. NIL, (Previous year Rs. NIL).
iii. Initial direct costs are recognized as expenses in the year in
which it is incurred.
9. The figures of the previous year have been regrouped /
reclassified, wherever necessary, to confirm to the current year's
presentation.
Mar 31, 2010
1. The Company had issued corporate guarantees upto an aggregate value
of Rs. 10 Crores during the year 2008-09 to Bank of India for securing
credit facilities granted by the said bank to the Joint Venture
Company, viz. Strata Geosystems (India) Private Limited, in which a
director of the company was a director at the relevant time. The said
guarantees are within the limit of Rs. 25 Crores approved by the
shareholders of the Company under section 372-A of the Companies Act,
1956 vide postal ballot notice dated May 26, 2008. Before issue of the
above guarantees, the Company has made an application to The Central
Government for approval under section 295 of the Act which requires
prior approval. The Central Government has intimated its approval to
the Company. The above guarantees were secured by deposit of title
deeds of land and building situated at plot no 126, Piparia Industrial
Estate, Piparia Silvassa and also of unit no 317, Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai - 11 of
the Company. Subsequent to the sale of Silvassa land and building and
purchase of Units 318 and 319 at Tantia Jogani Industrial Premises,
Mumbai the above guarantees are secured by deposit of title deeds of
Unit No 317,318 & 319 at Tantia Jogani Industrial Premises, J. R.
Boricha Marg, Lower Parel, Mumbai.
The above guarantees are also secured by the personal guarantee of Mr.
Ashok M. Bhawnani the erstwhile Chairman and Managing Director of the
Company.
2. The Company has issued a further guarantee of Rs. 2.75 Crores
during the year to Bank of India to secure the enhanced credit
facilities sanctioned to the Joint Venture Company referred to in
note(2) above . The said guarantee is within the limit of Rs. 25 Crores
approved by the shareholders of the Company under section 372-A of the
Companies Act, 1956 vide postal ballot notice dated May 26, 2008.
3. Fixed Assets being Land & Building, Plant & Machinery, Electrical
Installations, Furniture & Fixtures and Office Equipments at Silvassa
which were held for sale have been sold during the year. The disposal
was approved by the shareholders of the Company vide resolution passed
in terms of Postal Ballot Notice dated February 9, 2008. Since the said
assets except the building block were not in use, no depreciation was
provided in respect of these assets upto the date of sale.
4. Apart from the limited trading activities, the management has also
leased out part of the Mumbai office premises at Tantia Jogani
Industrial Premises, J. R. Boricha Marg, Lower Parel, Mumbai -11.
5. Miscellaneous Expense include Rs. Nil/- (Previous year Rs.
20,000/-) being compounding fees paid in terms of CLB order dated March
31, 2009.
6. Taxation:
a. Provision for current tax has been made in accordance with Section
115JB. of the Income-Tax Act and applicable MAT Credit has been
recognized.
7. Segment Reporting:
The operation of the Company represents only one business segment, viz.
Trading in Fabrics. Accord- ingly, all earnings, assets and
liabilities relate to this activity only and there is no separate
Segment.
8. The Company has a 33.88% equity interest in a Jointly Controlled
Entity- M/s. Strata Geosystems (In- dia) Private Limited. ("Strata").
The Company has made an investment into Stratas Equity Capital and
will from time to time commit other resources, as may be necessary,
based on Stratas business plan.
9. Disclosure as required by Accounting Standard 19, "Leases" (AS-19),
notified by the Companies (Ac- counting Standards) Rules, 2006 are
given below: a. Where the Company is a lessee:
i. Lease payments are recognized in the statement of Profit and Loss
Account under "Rent, Rate & Taxes" in Schedule 11.
10. The figures of the previous year have been regrouped /
reclassified, wherever necessary, to conform to the current years
presentation.