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Notes to Accounts of Prabhav Industries Ltd.

Mar 31, 2014

General Information

Prabhav Industries Limited is Public Limited Company incorporated in India under the provisions of the Companies Act, 1956. The Company''s strength lies in the business process of manufacturing of MS Ingots and also in Trading of Metal Scraps.

(a) In respect of loan and advances, the amount of bad and doubtful debts is not ascertainable on account of non- receipt of confirmation from the party.

(b) In the opinion of the Directors, Current Assets, Loans & Advances have values at which they are stated in the Balance Sheet, if realized in the ordinary course of business. The provision for depreciation and all known liabilities is adequate.

(c) Sundry Creditors, Unsecured loans, other liabilities, loans and advances, sundry debtors, and other current assets are subject to confirmation.

(d) Micro Small & Medium Enterprise: The Company is in the process of compiling the relevant information. Dues to Micro and small enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by us.

(e) In the opinion of the Management, the Provident Fund and ESI act are not applicable, hence no provision have been made for the same.

(f) Earning & Expenditure in Foreign Currency :Nil (P.Y. - Nil)

(g) Directors Remuneration: 2,92,500 (P.Y. - 3,72,000)

(h) Auditors Remuneration : 56180 (P.Y.185394)


Mar 31, 2011

1) Estimate account of contract remaining to be executed on capital account and not provided for (Net of Advances) Rs. Nil. (Previous Year Nil)

2) INVESTMENTS:

The Company has made investment in Equity Shares of various unlisted companies for the cost of Rs. 7495.35 Lacs (Including under long terms investment of equity shares fully paid up with premium of Rs. 7107.80 Lacs) We are unable to state the book value of the said investment as the details for the same as recorded are yet to be made available for our verification.

The Company has made investment in Equity Shares of various unlisted companies for the cost of Rs.1877.00 Lacs (Including under long terms investment of equity shares partly paid shares with premium of Rs. 1312.12 Lacs) and Share Application Money for Prenatal Industries Ltd shares of Rs. 785.00 Lacs. We are unable to ascertain the details for the same, as records are yet to be made available for our verification.

3) In the opinion of the Management, the Provident Fund and ESI act are not applicable, hence no provision have been made for the same.

4) Loans & Advances in nature of Loans given to Subsidiaries, Associates & Others as on 31.03.2011 RS.1739.38 Lacs (P.Y. Rs. 1568.74 Lacs)

5) Sundry Creditors, Unsecured loans, other liabilities, loans and advances, sundry debtors, and other current assets are subject to confirmation and no exercise carried out to determine bad amount. If any.

6) In respect of advances given in past years, there are no efforts made for the recovery. No provision has been made for Bad & Doubtful Advances and interest there on.

7) Accounts of Debtors are unconfirmed. No provision has been made for Bad & Doubtful Debts.

8) Where no external evidence is available, the directors have approved all such transactions.

9) Directors Remuneration: Rs. 1,19,000/- (P.Y. - Nil)

10) Auditors Remuneration : Rs. 1,50,000/- & Taxes (P.Y.60,000/- & Taxes)

11) In the opinion of the Director, Current Assets, Loans & Advances have value at which they are stated in the Balance Sheet, if realized in the ordinary course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

12) No loans and advances have been made to directors, Firms and to the Companies in which Director/ relative are/were interested as director / partner / proprietor during the year, except Rs. 484.43 Lacs in past year to directors, Firms and to the Companies in which Director/ relative are/were interested as director / partner / proprietor which is continuing contravention of Section 295 of companies Act, 1956.

13) For Section 372A of the Companies Act, 1956 for aggregate inter-corporate Loan of Rs. 1732.84 Lacs and investment of Rs. 10157.35 Lacs in excess of the limit specified thereto, however the resolution has been passed for Rs. 20000.00 Lacs aggregate inter-corporate Loan and investment by postal bellow.

14) Since the beginning, the company is in the process of compiling with the provision of Section 383A of the Companies Act, 1956 relating to appointment of a whole time secretary. In the absence of the company secretary with the company, we are unable to comment on the maintenance of various statutory registers, records, compliance of Stock Exchange listing agreement, SEBI Rules & Regulation and The Companies Act, 1956.

15) Micro Small & Medium Enterprise: The company is in the process of compiling the relevant information. As the relevant information is not yet readily available and / or not given or confirmed by such enterprise, it is not possible to give required information in the accounts. However, in view of the management the impact of interest, if any which may subsequently become payable to such enterprise in accordance with the provision of the Act, would not be material and the same, if any would be disclosed in the year of payments of interest.

In the absence of the necessary information with the company relating to the registration status of the suppliers under Micro, Small and the Medium Enterprise Development Act, 2006, information required under the said Act could not be complied and disclosed

16) The Net deferred tax liability comprises of the difference between Book and Income Tax Depreciation on Fixed Assets of Rs. 10.19 Lacs.

17) Additional Information as required by para 3, 4 and 4-A to 4-D of Part II of Schedule'.

 
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