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Notes to Accounts of Overseas Synthetics Ltd.

Mar 31, 2015

1.1 Terms / Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held.

In the event of liquidation of the company, the holders of equity shares will 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.

2 Balances of Trade Payable and Loans & Advances are subject to confirmation & reconciliation if any.

3 Previous year figures have been recast / restated to confirm to the classification of the current period. Figures in bracket as given in notes to accounts relates to the previous year.

4 Since the company has substantial carried forward losses and unabsorbed depreciation and also in the absence of virtual certainty of having taxable income in the near future, hence no Deferred Tax provision has been recognized as envisaged in AS -22 on Accounting Taxes on Income issued by The Institute of Chartered Accountants of India.

5 No Provision for taxes have been made inveiw of the current and carried forward losses.

6 No Depreciation is provided since commercial production is yet to commence.


Mar 31, 2014

1.1 Terms / Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held.

In the event of liquidation of the company, the holders of equity shares will 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.

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal beneficial ownerships of shares.

2 Balances of Debtors, Creditors and Loans & Advances are subject to confirmation & reconciliation if any.

3 Previous year figures have been recast / restated to confirm to the classification of the current period. Figures in bracket as given in notes to accounts relates to the previous year.

4 Since the company has substantial carried forward losses and unabsorbed depreciation and also in the absence of virtual certainty of having taxable income in the near future, hence no Deferred Tax provision has been recognized as envisaged in AS -22 on Accounting Taxes on Income issued by the Institute of Chartered Accountants of India.

5 No Provision for taxes have been made inveiw of the current and carried forward losses.

6 No Depreciation is provided since commercial production is yet to commence.

Notes:

1 The above Cash flow statement has been prepared under the indirect method as set out in the AS - 3 Cash Flow Statements issued by the Institute of Chartered Accountant of India.

2 Cash and cash equivalents for the purposes of financial statement comprise cash at bank and in hand as per Note No-8.

3 Purchase of fixed assets includes movements of capital work-in-progress (including Capital Advances) during the year.

4 Previous Year figures have been regrouped when necessary to conform to the year''s classification.


Mar 31, 2013

1.1 Terms/Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. ^

In the event of liquidation of the company, the holders of equity shares will 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.


Mar 31, 2012

1. Additional information pursuant to the provisions of Schedule VI to the Companies Act, 1956

2. Disclosure in accordance with Accounting Standard-18 Related Party Transactions.

(I) Relative of Key Management Personnel

Name Relative

a) Krupalu Fabrics (Prop. H. R. Patel) Father of Director

b) Overseas Textiles (Prop. M. H. Patel (H.U.F.) Brother of Director c) Geetaben R. Patel Wife of Director

(II) Key Management Personnel

Name Relation

a) Mr. Rohit. H. Patel Managing Director

b) Mr. Mayur. V. Shah Director

c) Mr. Dinkarbhai. H. Patel Director

(3) Exceptional Item relates profit on sale of immovable property situated at Nutan Estate, Vasta Devdi Road, Madhav baugh, Katargam, Surat & residential flats & other fixed assets.

(4) The company is contingently liable in respect of the following:

For guarantees given by the Banks on behalf of the Company to Excise authority NIL (Pre. Year Rs. 2,00,000/-).

(5) During the year, company has not carried on any operational activity. Other non- operational activity is only source of income. So as per Accounting Standard 17

"Segment Reporting" issued by the ICAI, disclosure of segment information is not required.

(6) i. Due to non existence with the virtual certainty of foreseeable future profits, which can absorb the brought forward losses, further deferred tax assets have not been recognized/created.

ii. No Provision for taxation is made considering the unabsorbed depreciation/losses.

(7) Previous year figures have been recast and regrouped wherever necessary to make them comparable with the figures of the current year.

(8) Share Application Money of Rs. Nil (Pre. Year 9.22 Lacs) represents amount taken from promoters pending allotment of shares.

(9) Information has been provided to the extent applicable under the revised schedule VI of the Companies Act, 1956 is attached.


Mar 31, 2010

(1) The company is contingently liable in respect of the following:

(i) For guarantees given by the Banks on behalf of the Company Rs. 2,00,000/- (Pre. Year Rs. 2,00,000/-).

(ii) Matters under dispute before various authorities under excise Rs. 11,21,262/- ( Previous year Rs. 11,21,262/-).

(2) Sundry debtors include debts considered doubtful.

(3) Provision for taxation for the year under review has not been made in view of current year''s loss as well as brought forward unabsorbed Business losses from previous year(s).

(4) Details of small-scale industrial undertaking creditors to whom a sum outstanding for more than 30 days are under compilation.

(5) Company has not identified any asset, which has been impaired in terms of Accounting Standard 28 Issued by The Institute of Chartered Accountants of India as on 31st March, 2009.

(6) Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the Company as at March 31, 2010 and March 31, 2009.

(7) The company has not deposited Rs. 511,584/- (P.Y. Rs. 511,584/-) of Provident Fund & Rs. 103,732/- (P.Y. Rs. 103,732/-) of Employee State Insurance dues pertaining to the earlier years.

(8) The company has identified two product segment viz ''Textile'' and ''Speculation Business'' as per Accounting Standard 17 "Segment Reporting" issued by the ICAI, and has not identified any geographical segment, where risks and returns are materially different. Segment wise details are as follows

Note :The sale & Operating expenses in respect of shares segment represents the value of transactions of speculative nature and the same does not fall within the part of ''Turnover'' and hence not reflected in the profit & loss account. They are taken in the above table only for the purpose of segment information.

(9) Related party Disclosure as per AS - 18 issued by ICAI is as under.

1) Key Managerial Personnel:

a) Mr. Rohit. H. Patel - Managing Director

b) Mr. Mayur. V. Shah - Director

c) Mr. Dinkarbhai. H. Patel - Director

2) Relatives of Key Managerial Personnel & their Enterprises, where transactions have taken place:

a) Rohit Silk Mills (Prop. K. H. Patel (H.U.F.) - Brother of Director

b) Kay Tee Fabrics (Prop. K. H. Patel) - Brother of Director

c) Ram Fabrics (Prop. H. R. Patel (H.U.F.) - Father of Director

d) Geetaben R. Patel - Wife of Managing Director

e) Krupalu Fabrics (Prop. H. R. Patel) - Father of Director

f) Overseas Textiles (Prop. M. H. Patel (H.U.F.) - Brother of Director

g) Narendra Textile (Prop. Jankiben M. Patel) - Wife of Director''s Brother

h) Dinesh Textiles (Prop. Rekhaben D. Patel) -Wife of Director

(10) The company has not reduced deferred tax liability / created deferred tax assets in respect of its brought forward losses & unabsorbed depreciation under the tax law, because the management is of the opinion that there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets could be absorbed.

(11) Additional information pursuant to the provisions of Paragraphs 3, 4B, 4C and 4D of Part II of the Schedule VI to the Companies Act, 1956.

Information pertaining to capacity, goods manufactured turnover, stock and raw materials consumed, etc.

All the machineries related to productions have been sold.

Note: 1. Installed capacity being a technical matter is as certified by the director on which Auditors have placed reliance.

a) No Raw Material was consumed either in the current year or previous year; hence there was no production and sales of finished product in the related period. Accordingly, furnishing of information relating thereto would not be applicable.

(12) Previous year figures have been recast and regrouped wherever necessary to make them comparable with the figures of the current year.

(13) Share Application Money of Rs. 9.22 Lacs (Pre. Year 9.22 Lacs) represents amount taken from promoters pending allotment of shares.

(14) Information required in terms of Part IV of Schedule VI to the Companies Act, 1956 is attached.

 
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