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Notes to Accounts of Panther Industrial Products Ltd.

Mar 31, 2015

(A) Rights, preferences and restrictions attached to shares

EQUITY SHARES

The company has one class of equity shares having a par value of Rs. 10 each.

PREFERENCE SHARES

The 12% Redeemable Preference Shares are redeemable at Rs. 10 per share.

* Securities pledged for loans obtained by associate concerns from a bank -* Shares lying with CBI

1. Contingent liabilities' not provided for:

Income-tax Rs 2,53,87,549 (previous year Rs 2,53.87,549)

2. (a) The Tax Recovery Of (TRO) has passod order sunder secaon 226 of the lncome-taxAcl,1961 for attachment of credit balances lying in some bank accounts and has commenced recovery proceedings under section 222.

(b) Certain cases have been filed by Serious Fraud Investigation Office (SFIO) for alleged violation of the provisions of the Companies Act, 1956 before the Chief Metropolitan (CMM) Court, the same are pending disposal.

3. Sundry debtors Rs100,222,765 (previous year Rs 99,794,054) and Loan & Advances of Rs 68,081,319 (previous year Rs 77,825,000) due from an associate company Notwithstanding the financial and legal matters involving the said company, the Management is hopeful of recovering the amount and no provision is presently considered necessary.

4. In terms of Accounting standard 17, "Segment Reporting* issued by the Institute of Chartered Accountants of India, no reporting is required to be made as the Company has not undertaken any trading activity during the year under review.

5. In terms of Accounting standard 22, "Accounting for taxes on income* issued by the Institute of Chartered Accountants of India, the Deferred Tax Assets have tnt been created in the accounts for the year ended 31st March, 2015 as the Company considers that there is no reasonable certainty of sufficient future taxable Income being available against which such deferred tax assets can be realized/utilized.

6. The carrying amounts of assets are reviewed at each balance sheet date V there Is any indication of impairment based on internal/external factors i.e. when the carrying amounts of these assets exceeds the recoverable amount, an impairment loss is charged to the profit arid loss account in the year in which an asset is identified as impaired. An impairment toss recognized in prior accounting periods is reversed or reduced If there has been a favorable change in the estimate of recoverable amount

7. There are no dues / overdoes to Smal Scale and/or Anwar Industrial Suppliers on account of principal and/or Interest as at the close of the year.

8. (a) Previous year's figures have been regrouped, re-arranged and / or recast, wherever considered necessary to correspond with current year's classification / disclosures.

(b) Figures have been rounded-off to the nearest rupee.

9. Information pursuant to Part II of Revised Schedule VI of the Companies Act, 1956 are given to the extent they are applicable to the Company.


Mar 31, 2014

1. Contingent liabilities not provided for:

Income-tax Rs 2,53,87,549 (previous year Rs 2,51,31,160)

2. (a) The Tax Re«)very Officer (TRO) has passed orders uiider section 226 rfthelncome-taxAct, 1961 for attachment of credit balances lying in some bank accounts and has commenced recovery proceedings under section 222.

(b) Certain cases have been filed by Serious Fraud Investigation Office (SFIO) for alleged violation of the provisions of the Companies Act, 1956 before the Chief Metropolitan (CMM) Court, the same are pending disposal.

3. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) and Loan & Advances of Rs7,78,25,000 (previous year Rs 7,78,25,000) due from an associate company Notwithstanding the financial and legal matters involving the said company, the Management is hopeful of recovering the amount and no provision is presently considered necessary.

4. In terms of Accounting standard 17, "Segment Reporting" issued by the Institute of Chartered Accountants of India, no reporting is required to be made as the Company has not undertaken any trading activity during the year under review.

5. In terms of Accounting standard 22, "Accounting for taxes on income" issued by the Institute of Chartered Accountants of India, the Deferred Tax Assets have not been created in the accounts for the year ended 31st March, 2014 as the Company considers that there is no reasonable certainty of sufficient future taxable income being available against which such deferred tax assets can be realized/utilized.

6. The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors i.e. when the carrying amounts of these assets exceeds the recoverable amount, an impairment toss is charged to the profit and loss account in the year in which an asset is identified as impaired. An impairment loss recognised in prior accounting periods is reversed or reduced if there has been a favourable change in the estimate of recoverable amount

7. There are no dues / overdues to Small Scale and/or Ancillary Industrial Suppliers on account of principal and/or interest as at the close of the year.

8. (a) Previous year''s figures have been regrouped, re-arranged and / or recast, wherever considered necessary to correspond with current year''s classification /disclosures.

(b) Figures have been rounded-off to the nearest rupee.

9. Information pursuant to Part II of Revised Schedule VI of the Companies Act, 1956 are given to the extent they are applicable to the Company.


Mar 31, 2013

1. Contingent liabilities not provided for:

Income-tax Rs 2,51,31,160 (previous year Rs 2,51,31,160)

2. Mr Ketan V. Parekh, notified under the Special Court (TORTS) Act, 1992 is an ex-director of the Company. The Custodian has withdrawn a sum of Rs 235,376 (previous year Rs 235,376) from various bank accounts of the Company. The Company has no liability under the said Act and hence, the same has been shown as an asset under the head - Long-term Loans and Advances. In any view, the amount is receivable from the aforesaid ex-director. Mr Ketan V. Parekh made an application to Court under the aforesaid Act for de-notification.

The said amount will be received back as soon as he is de-notified. in any view, the said amount is receivable from the aforesaid ex-director.

3. (a) The Tax Recovery Officer (TRO) has passed orders under section 226 of the Income-tax Act, 1961 for attachment of credit balances lying in some bank accounts and has commenced recovery proceedings under section 222.

(b) Certain cases have been filed by Serious Fraud Investigation Office (SFIO) for alleged violation of the provisions of the Companies Act, 1956 before the Chief Metropolitan (CMM) Court, the same are pending disposal.

4. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) and Loan & Advances of Rs7,78,25,000 (previous year Rs 7,78,25,000) due from an associate company Notwithstanding the financial and legal matters involving the said company, the Management is hopeful of recovering the amount and no provision is presently considered necessary.

5. In terms of Accounting standard 17, "Segment Reporting" issued by the Institute of Chartered Accountants of India, no reporting is required to be made as the Company has not undertaken any trading activity during the year under review.

6. In terms of Accounting standard 22, "Accounting for taxes on income'' issued by the Institute of Chartered Accountants of India, the Deferred Tax Assets have not been created in the accounts for the year ended 31st March, 2013 as the Company considers that there is no reasonable certainty of sufficient future taxable income being available against which such deferred tax assets can be realized/utilized.

7. The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors i.e. when the carrying amounts of these assets exceeds the recoverable amount, an impairment loss is charged to the profit and loss account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting periods is reversed or reduced if there has been a favorable change in the estimate of recoverable amount.

8. There are no dues / overdoes to Small Scale and/or Ancillary Industrial Suppliers on account of principal and/or interest as at the close of the year.

9. (a) Previous year''s figures have been regrouped, re-arranged and / or recast, wherever considered necessary to correspond with currant year''s classification / disclosures.

(b) Figures have been rounded-off to the nearest rupee.

10. Information pursuant to Part II of Revised Schedule VI of the Companies Act, 1956 are given to the extent they are applicable to the Company.


Mar 31, 2012

(a) Rights, preferences and restrictions attached to shares EQUITY

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. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuingAnnual 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.

PREFERENCE SHARES

Preference shares would be redeemable at par at the option of the Company by giving a notice of not less than 48 hours. These shares would carry a fixed cumulative dividend of 12% per annum.

(a) Deferred sales tax loan from SICOM carries Nil interest.

(b) Terms of repayment of Loan

There is no repayment schedule for the said loan.

1. Contingent liabilities not provided for:

1ncome-tax Rs 2,51,31,160 (previous year Rs 2,51,31,160)

2. Mr Ketan V. Parekh, notified under the Special Court (TORTS) Act, 1992 is an ex-director of the Company. The Custodian has withdrawn a sum of Rs 235,376 (previous year Rs 235,376) from various bank accounts of the Company. The Company has no liability under the said Act and and hence, the same has been separately shown as an asset under the head - Loans and Advances. In any view, the amount is receivable from the aforesaid ex-director. Mr Ketan V. Parekh made an application to Court under the aforesaid Actfor de-notification.

The said amount will be received back as soon as he is de-notified.In any view, the said amount is receivable from the aforesaid ex-director.

3. (a) The Tax Recovery Officer (TRO) has passed orders undersection 226 of the Income-tax Act, 1961 for attachment of credit balances lying in some bank accounts and has commenced recovery proceedings undersection 222.

(b) Certain cases have been filed by Serious Fraud Investigation Office (SFIO) for alleged violation of the provisions of the CompaniesAct, 1956 before the Chief Metropolitan (CMM) Court, the same are pending disposal.

4. Sundry debtors Rs 9,97,94,054 (previous year Rs 9,97,94,054) and Loan & Advances of Rs7,78,25,000 (previous year Rs 7,78,25,000) due from an associate company Notwithstanding the financial and legal matters involving the said company, the Management is hopeful of recovering the amount and no provision is presently considered necessary.

5. In terms of Accounting standard 17, "Segment Reporting" issued by the Institute of Chartered Accountants of India, no reporting is required to be made as the Company has not undertaken any trading activity during the year under review.

6. In terms of Accounting standard 22, "Accounting for taxes on income" issued by the Institute of Chartered Accountants of India, the Deferred Tax Assets have not been created in the accounts for the year ended 31st March, 2012 as the Company considers that there is no reasonable certainty of sufficient future taxable income being available against which such deferred tax assets can be realized/utilized.

7. The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors i.e. when the carrying amounts of these assets exceeds the recoverable amount, an impairment loss is charged to the profit and loss account in the year in which an asset is identified as impaired. An impairment loss recognised in prior accounting periods is reversed or reduced if there has been a favourable change in the estimate of recoverable amount.

8. There are no dues / overdues to Small Scale and/or Ancillary Industrial Suppliers on account of principal and/or interest as at the close of the year.

9. (a) The Revised Schedule VI has become effective from 1st April, 2011 for the preparation and presentation of financial statements. This has significantly impacted the disclosures and presentations made in the financial statement. Previous year's figures have been regrouped, re-arranged and / or recast, wherever considered necessary to correspond with current year's classification / disclosures.

(b) Figures have been rounded-off to the nearest rupee.

10. Information pursuant to Part II of Revised Schedule VI of the Companies Act, 1956 are given to the extent they are applicable to the Company.

 
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