Mar 31, 2015
1. Corporate information
The Company was incorporated on 22nd April, 1965 as a Private Limited
company limited by shares. It was converted in Public Limited company
in the year 1995. It has its Registered office in Mumbai and
manufacturing facility at village Umaraya, Taluka-Padra, Dist-
Vadodara,Gujarat, India. The company is engaged in the business of
manufacturing and trading in Printing Inks & Allied products. The
company sells its products across India and to other countries.
2. The Company does not have different segments and hence segment wise
reporting in terms of the Accounting standard (AS) 17 "Segment
Reporting" issued by the Institute of the Chartered Accountant of India
is not applicable.The Company mainly deals printing inks and
auxiliaries which is considered as a one segment only. Geographical
segment is not material and hence not required to disclose separately
3.1. In terms of Accounting Standard 22- "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India, the
Company has Deferred Tax Assets as on 31st March 2015. In terms of the
said Standard, in view of unabsorbed depreciation and unabsorbed
business losses under the tax laws, net result of computation is net
deferred tax assets. Hence, the management has decided not to
incorporate the same in the books of accounts as a matter of prudence
and in absence of virtual certainty as to its realization.
4. In the opinion of the management, current and non current assets
are recoverable in normal course of the Business.
5. The provisions of the section 135 in respect of corporate social
responsibility is not applicable to the company as company is not
falling under any criteria of the said provisions.
6. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2013
1. The Company does not have different segments and hence segment
wise reporting in terms of the Accounting standard (AS) 17 "Segment
Reporting" issued by the institute of the Chartered Accountant of India
is not applicable.
2. The Company has entered in to memorandum of understanding on 18th
April, 2013 for sale of land and Building of its factory situated at S
V Road, Ghodbunder Village, Post- Mira Road. Dist-Thane-401104 for
consideration of (Rs.)15.50 Crores. The formalities of transfer of the
titles would be competed on receipt of the sales consideration.
3. The Borrowing cost of (Rs.).Nil (Previous year (Rs.).21,62,212/-) is
capitalised in fixed assets/capital or in Progress in terms of the
Accounting standard (AS) 16 "Borrowing Cost" issued by the institute of
the Chartered Accountant of India.
4. No Provision for the Income Tax has been made in view of the
losses of the Company.
5. In terms of Accounting Standard 22- "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India, the
Company has Deferred Tax Assets as on 31st March 2013. In terms of the
said Standard the Management has decided not to incorporate the same in
the books of accounts, considering the future taxable income available
for realisation of this Differed Tax Assets.
6. CONTIGENT LIABILITIES AND COMMITMENTS
Particulars As At As At
31st March 2013 31st March 2012
(Rs.) (Rs.)
(I) Contingent Liabilities Nil Nil
(II) Commitments
(a) Estimated amount of contracts
remaining to be executed on
capital account and not provided
for
- Tangible Assets Nil Nil
- Intangible Assets Nil Nil
(b) Other Commitments
- Bank Guarantee 39,46,500 38,46,500
- Sales Tax liability for Non
Receipt of "C" and "F" Form - 1,89,739
- Sales Tax Appeal liability - 5,04,647
- Local Body Tax of Mira Bhyandar
Mahanagarpalika 77,80,963 77,80,963
7. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure.
Mar 31, 2012
1.1 Terms/Rights attached to Equity Shares
The Compnay has only one class of Equity Shares having a par value of
(Rs.) 10/- per share. Each holder of the Equity shares is entitled to one
vote per share. The Company declares and pays dividends in indian
rupees and every equity share is entitled to the same rate of dividend.
2.1 The Term Loan on Plant and Equipment are secured by Equitable
mortgage of Factory Land and Building and hypothecation of Plant and
Equipment at S V Road, Ghodbunder Village, Post Mira Road, District -
Thane and at Village Umraya, Taluka-Padra, District- Vadodara. These
loans are further guaranteed by one of the director in his personal
capacities.
2.2 The Vehicles loans are secured bv hvDOthecation of Vehicles.
3.1 In terms of Accounting Standard 22 "Accounting for Taxes on Income"
issued by the Instititue of Chartred Accountants of India, the Compny
has Deferred Tax Assets as on 31st March 2012. In terms of the said
Standard, the Management has decided not to incorporate the same, in
the books of accounts, considering' the future taxable income available
for realisation of this Deffrered Tax Assets.
4.1 The Working Capital Loan are secured by hypothecation of the
inventory and trade receivables, Equitable mortgage of Factory land and
Building and hypothecation of Plant and Equipment at S V Road,
Ghodbunder Village, Post Mira Road, District -Thane and at Village
Umraya, Taluka-Padra, District- Vadodara. These loans are further
guaranteed by one of the director in his personal capacities.
5.1 The Company has not received any intimation from suppliers
regarding status under "Micro, Small and Medium Enterprises Development
Act, 2006" and hence, disclosure, if any relating to amounts unpaid as
at the end of year together with interest paid/payable as.required
under the said act has not been given.
6. The Company does not have different segments and hence segment
wise reporting in terms of the Accounting standard (AS) 17 "Segment
Reporting" issued by the institute of the Chartered Accountant of India
is not applicable.
7. The Borrowing cost of (Rs.) 21,62,212/- (Previous year (Rs.)
24,13,002/-) is capitalised in fixed assets/capital or in Progress in
terms of the Accounting standard (AS) 16 "Borrowing Cost" issued by the
institute of the Chartered Accountant of India.
8. No Provision for the Income Tax has been made in view of the
losses of the Compnay.
9. Year end Balances of payables/receivables of the parties which are
subject to confirmation/reconciliation impact of which on the
profit/loss and on the assets/liabilities, if any is not ascertainable.
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for -Tangible Assets Nil 3,39,90,287
-Intangible Assets Nil Nil
(b) Other Commitments
- Bank Guarantee 38,46,500 38,46,500
- Sales Tax liability for Non Receipt of "C" and T" Form 1,89,739
1,89,739
- Sales Tax Appeal liability 5,04,647 - Nil
- Local Body Tax of Mira Bhyandar Mahanagarpalika 77,80,963 Nil
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, 2011
1. On payment of balance price of 90% of the Issue price, the share
warrants holders have exercised their rights to apply for 769840 Equity
Shares and accordingly 769840 Equity Shares of Rs. 10/ each were
allotted during the year @ a premium of Rs. 4/ per share.
2. The company had revalued its Fixed Assets viz. Land, Factory
Building, Plant & Machinery, Office Premises & Furniture Fixtures based
on valuation reports of approved valuers as on 31st March, 1994. The
difference between the fair market value and written down value as on
31st March, 1994 amounting to Rs. 3,70,68,059/ was credited to
Revaluation Reserve.
3. (a) Term Loan for Plant& Machinery and Working Capital facilities
from Bank of Maharashtra are secured by first charge against mortgage
of Land & Building, Hypothecation of Plant & Machinery, Stockin trade
and Book Debts and are further guaranteed by some of the Directors in
their personal Capacities.
(b) Vehicle loans are secured by hypothecation of vehicles.
4. Contingent Liabilities not provided for:
Year ended Year ended
31 st March 2011 31stMarch2010
Rupees Rupees
(a) Against Capital Expenditure (
net of Advances) 3,39,90,287 5,75,500
(b) Against Nonreceipt of C & F Forms 1,89,739 10,51,048
6. (i) Loans and Advances includes
Advances for Capital Expenditure 2,43,46,588 7,48,410
Statement showing computation of net profits in accordance with Section
349 of the Companies Act, 1956 with relevant details of the calculation
of the commission payable by way of percentage of such profits to the
Directors is not given as there is a loss during the year.
5. The Company has not received any intimation from suppliers
regarding their status under" Micro, Small and Medium Enterprises
Development Act, 2006", and hence, disclosures, if any relating to
amounts unpaid as at the year end together with interest paid/ payable
as required under the said Act has not been given.
6. The Company does not have different segments and hence segment
wise reporting in terms of Accounting Standard Segment Reporting (AS17)
issued by the Institute of Chartered Accountants of India is not
applicable.
7. In terms of Accounting Standard regarding Related Party Disclosures
(AS18) issued by the Institute of Chartered Accountants of India the
Related Party transactions are as under:
In view of Accounting Standard interpretation (ASI) 21 issued bythe
Institute of Chartered Accountants of India payments to Non Executive
Directors are not included in the above details.
8. The Company follows AS22'Accounting for Taxes on Income'issued by
the Institute of Chartered Accountants of India and provision for the
same has been made accordingly in the Books of Accounts. Deferred Tax
is recognised subject to the consideration of prudence for timing
differences between the book profits and Tax profits and is accounted
for using the tax rates and laws that have been enacted. Deferred Tax
Assets arising from the timing differences are recognised to the extent
there is reasonable certainty that sufficient future taxable income
will be available against which such deferred asset can be realised.
Mar 31, 2010
1. (a) On payment of 90% of the issue price and in terms of the
requisite approval and the provisions Of Chapter XIII of the Sebi
(Disclosure and Investment protection) guidelines 2000, the Company has
allotted 230160 Equity Shares of Rs. 10/- each to share warrant holders
@ premium of Rs. 4/- per share.
(b) 769840 share warrants of Rs. 14/- each on which Rs. 1.40 (10%) is
received as a application money aggregating to Rs. 1,07,77,760/-, have
a right to apply for one equity shares of the company on payment of
balance price of 90% of the Issue price on before expiry of eighteen
months from the 12th November, 2008 in one and more tranches.
2. The company had revalued its Fixed Assets viz. Land, Factory
Building, Plant & Machinery, Office Premises & Furniture Fixtures based
on valuation reports of approved valuers as on 31st March, 1994. The
difference between the fair market value and written down value as on
31st March, 1994 amounting to Rs. 3,70,68,059/- was credited to
Revaluation Reserve.
3. (a) Term Loan for Plant & Machinery and Working Capital facilities
from Bank of Maharashtra are secured by first charge against mortgage
of Land & Building, Hypothecation of Plant & Machinery, Stock-in-trade
and Book Debts and are further guaranteed by some of the Directors in
their personal Capacities.
(b) Vehicle loans are secured by hypothecation of vehicles.
4. Contingent Liabilities not provided for:
Year ended Year ended
31st March, 2010 31st March, 2009
(a) Against Capital Expenditure 5,75,500 -
(b) Against Non-receipt of C & F Forms 10,51,048 4,89,660
(c) Disputed Income Tax Demands - 11,33,960
5. UnderThe Micro, Small and Medium Enterprises DevelopmentAct,
2006", the Company has not received any intimation from any of its
suppliers regarding their status under the said Act.
6. The Company does not have different segments and hence segment
wise reporting in terms of Accounting Standard Segment Reporting -
(AS-17) issued by the Institute of Chartered Accountants of India is
not applicable.
7. The Company follows AS-22 Accounting for Taxes on Income issued
by the Institute of Chartered Accountants of India and provision for
the same has been made accordingly in the Books of Accounts. Deferred
Tax is recognised subject to the consideration of prudence for timing
differences between the book profits and Tax profits and is accounted
for using the tax rates and laws that have been enacted. Deferred Tax
Assets arising from the timing differences are recognised to the extent
there is reasonable certainty that sufficient future taxable income
will be available against which such deferred asset can be realised.