Mar 31, 2013
1. RELATED PARTY TRANSACTIONS, TRANSACTIONS WITH RELATED PARTIES :
Amount of Outstanding
Unsecured Loans taken 10,18,500/-
Amount of Outstanding
Unsecured Loans Given 2,13,54,350/-
2. PREFERENTIAL ISSUE OF EQUITY SHARES:
During the year the company has made a preferential issue of 40,00,000 of Rs. 10/- each at par to the investors who have subscribed to the issue with the aim of maximizing the returns to the shareholders.
3. There is no earning in Foreign Exchange nor any expenditure in foreign Exchange.
4. There are no Sundry Creditors at the end of the year who has registered as Small Scale Industries. Hence relevant information is not applicable.
5. Previous year figures have been regrouped, rearranged and recosted to Correspond the figures of the current year.
Mar 31, 2012
A)Rights, preferences and restrictions attached to Equity shares
The Company has one class of equity shares having a par value of ` 10each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors,if any 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.
1. RELATED PARTY TRANSACTIONS; TRANSACTIONS WITH RELATED PARTIES:
Amount of Outstanding Unsecured Loans taken 13,03,000/ Amount of Outstanding
Unsecured Loans Given 4,58,00,000/-
2. There is no earning in Foreign Exchange nor any expenditure in foreign Exchange.
3. There are no Sundry Creditors at the end of the year who has registered as Small Scale Industries. Hence relevant information is not applicable.
4. Previous year figures have been regrouped, rearranged and recosted to Correspond the figures of the current year.
Mar 31, 2010
1) CONTINGENT LIABILITIES NOT PROVIDED FOR:
1. In respect of penalty proceedings u/s 271(1) (c) of Income tax Act, 1961 for the assessment Year 1997-98, 1999-00 & 200-01 initiated on the quantum of additions made which are under are not ascertainable.
2. The company has not deposited the amount due on allotment amounting to Rs. 25000/- for the investment in the shares of Viraj Foregenings. The amount is payable with interest @ 18 % per annum from 30-11-1996. The shares may be forfeited non payment of allotment money.
3. The income tax assessment of the company has been completed up to assessment year 2001-02. The total demand of Income Tax under Appeal and in dispute is Rs. 26, 36,137/- pertaining to A.Y. 1992-93 and 1993-94. Pending decision of the appeal a sum of Rs. 10.00 Lacs has been deposited by the company under protest. The same has been treated as advance recoverable in cash or kind.
4. There is contingent liabilities of the company to the extent of Rs. 8,26,506/- to Madhya Pradesh state Electricity Board which is under dispute and any interest if any on such outstanding dues of Rs. 49,71,514/- towards power charges payable to the board. In the absence of any speculations for the same, the quantum is not ascertainable.
5. No provision has been made for annual listing fees since F.Y. 1998-99 for which company has been listed with Indore, Mumbai, Calcutta and ahemdabad Stock exchanges.
6. No provision for gratuity has been made in respect of gratuity payable to the staff, if Gratuity Act is applicable.
7. Balance of debtors, creditors and Loans and Advances are subject to confirmations, reconciliation and adjustment, if any.
8. in absence of details from the registrar to issue the liability for share application money could not be adjusted till date
9. Previous Year figures have been regrouped or rearranged to make the comparable with current year figures.
10. No provision for Doubtful Debts of Rs. 38.69 Lacs has been made out of which Rs. 2.36 Lacs are under dispute.
11. Deferred tax Assets have not been created in view of Accumulated Loss and Unabsorbed Depreciation. This is in conformity of AS-22 "Accounting for Taxes on income" issued by ICAI.
12. Earnings in Foreign Exchange:
Export of Goods on F.O.B. basis during the year was Rs. Nil (Previous Year Rs. Nil). Foreign Exchange outgo was Rs. Nil (Previous Year Rs. Nil).
13. The commercial production of the company was suspended from the month of October, 1999 and further on account of seizure and auction of the assets of the company by Madhya Pradesh State Electricity Board.
14. The Madhya Pradesh State Electricity Board, Mandsaur has auctioned the factory along with fixed assets lying in the factory fro Rs. 45.00 Lacs. The balance of Rs. 49, 71,514/- excluding the claim of expenses on auction is still outstanding The company has filed suit before District Judge, Mandsaur on 24-06-02 challenging the legality of the auction. The same is pending till the date of audit
15. The figures have been rounded off to the nearest rupee.
16. Additional information pursuant to the provision of the Part II of schedule - VI to the companies Act, 1956 is as per annexure.