Mar 31, 2014
A. Terms & Rights attached to Shares
i. Equity Shares
The company has one class of equity shares having a par value of '' 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 ensuing Annual 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.
ii. 0.5% Non Cumulative Redeemable Preference Shares
0.5% Non Cumulative Redeemable Preference shares would be redeemable at
the option of the company at any time within a period of 20 years from
the date of issue. These shares would carry a fixed non-cumulative
dividend of 0.5% per annum. 14,60,000 shares were alloted through Board
meeting held on 25th February, 2014 and pursuant to special resolution
passed at Extra ordinary General meeting of the company held on 10th
February,2014
1. The Company is a Sick Industrial company within the meaning of
clause (o) of sub-section (i) of section 3 of the Sick Industrial
Companies (Special Provisions) Act 1985.
2. Contingent Liabilities:
Particulars As on As on
31/03/2013 31/03/2014
(Rs) (Rs)
i) Excise duty under adjudication 854736 854736
ii) Sales Tax under Appeal 473536 473536
Sales Tax under Appeal 103481 103481
iii) (Silvassa)
iv) Income Tax under Appeal 2537354 2537354
v) Bank Guarantee for Electricity 1000000 1000000
vi) Liability on account of non- Amount not Amount not
fullfillment of export obligations ascertained ascertained
/ EPCG Scheme
(refer Note below)
The above have not been provided for in the accounts as in the opinion
of the company the demands are not sustainable to the company.
3. The company is in the process of identification of micro, small and
medium enterprise suppliers as defined under the provisions of "Micro,
small and medium enterprises development Act, 2006". The relevant
information in this regard shall be given when it is complied
4. The cash flow Statement As per AS 3 is as per Annexure ''A''
5. Related Party information as identified by the management as per
Accounting Standard - 18 on ''Related Party Disclosure'' issued by the
Institute of Chartered Accountants of India.
Relationships
a) Joint Venture Nil
b) Key Management Personnel
- Mr. Himalay Dassani
- Mr. G. K. Bhandari
- Mr. Rajkishan Singh
c) Enterprise over which key - Genesis E Tech Limited
management Personnel exercise - Dreamworks Pictures
significant influence or Control
(Formerly Known as - Shrishti Entertainment Pvt. Ltd.)
d) Relatives of Key Management
- Mrs. Bhagyashree Dassani Personnel
- Mr. Abhimanyu Dassani
- Smt. Shakuntala Dassani
- Mr. Pannalal Dassani
- Ms. Avantika Dassani
Note: A related party relationship is as identified by the Company and
relied upon by the Auditors.
6. Earning Per Share (EPS) : For calculating EPS Net Profit/(Loss)
after Tax as shown in P & L A/c. is taken as numerator and weighted
average number of equity shares taken as denominator are 30,35,000
share of Rs.10/- each
7. No disclosure is required under AS-24 on "Discontinuing Operations"
issued by the Institute of Chartered Accountants of India as the
company has not discontinued any line of its activity/product line
during the year.
8. The company is in the process of conducting an exercise for
identification of impaired assets, if any, as required AS-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India.
9. Disclosure of Derivative Instruments :
During the year the company has not entered into any forward exchange
contracts as such there are not outstanding derivative contract as at
31st March, 2013 to be disclosed as per the ICAI announcement.
10. The Company has not appointed a whole time Company Secretary under
Section 383A of the Companies Act,1956. However company is trying to
fill up the vacancy by finding out a suitable candidate.
11. One of the foreign Machinery supplier, i.e., Glint Global
(Unsecured Loans) has also filed a suit against the company. The same
has been disputed as the machinery did not comply with the order
specification as to origin and quality.
Mar 31, 2013
Note: 1 Corporate information
Quantum Digital Vision (INDIA) Ltd. is a Public Limited Company listed
on Bombay Stock Exchange (BSE) in India and incorporated under the
provisions of the Companies Act, 1956. The company is engaged in the
business of manufacturing of Spring Leaves and assembles, polymer bags,
TV Serial and trading in Medicine items
Note : 2 Basis of preparation
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 1956 and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accouting policies have been consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use.
3. The Company is a Sick Industrial company within the meaning of
clause (p] of sub-section (i) of section 3 of the Sick Industrial
Companies (Special Provisions) Act 1985.
4. Contingent Liabilities:
SI Particulars As on 31/03/2013 As on 31/03/2012
i) Excise duty under adjudication 854736 854736
ii) Sales Tax under Appeal 473536 473536
iii) Sales Tax under Appeal (Silvassa) 103481 103481
iv) Income Tax under Appeal 2537354 2537354
vj Bank Guarantee for Electricity 1000000 1000000
vi" Liability on account of non-fullfillment of Amount not Amount not
ascertained export obligations / EPCG Scheme ascertained
(refer Note below)*
* Liability on account of non fulfillment of export obligations / EPCG
scheme - it is not possible to quantify the above liability at present,
the normal procedure is that custom duty is charged on depreciated
value on machines at the end of the extended period if further
extensions is either not sought or not granted.
The above have not been provided for in the accounts as in the opinion
of the company the demands are not sustainable to the company.
5. The balances in respect of Sundry Debtors, Sundry Creditors and
other Loans & Advances are subject to confirmation and adjustment
necessary upon reconciliation thereof and hire purchase loan from GSFC,
Supplier credit machinery import are also subject to confirmation and
also including interest provisions if any.
6. Interest on secured loan from financial institutions and interest
on imported machinery from M/s. Glint Global (Unsecured Loans) has not
provided in the books of accounts for the year under review as well as
earlier years also amount unascertained. As a result of these the
accumulated loss has been lower stated to that extent.
7.The company is in the process of identification of micro, small and
medium enterprise suppliers as defined under the provisions of "Micro,
small and medium enterprises development Act, 2006". The relevant
information in this regard shall be given when it is complied
8. The cash flow Statement As per AS 3 is as per Annexure ''A''
9. Related Party information as identified by the management as per
Accounting Standard - 18 on ''Related Party Disclosure'' issued by the
Institute of Chartered Accountants of India.
10. Earning Per Share (EPS): For calculating EPS Net Profit/(Loss)
after Tax as shown in P & L A/c. is taken as numerator and weighted
average number of equity shares taken as denominator are 98,70,855
share of Rs.10/- each
11. No disclosure is required under AS-24 on "Discontinuing
Operations" issued by the Institute of Chartered Accountants of India
as the company has not discontinued any line of its activity/product
line during the year.
12. The company is in the process of conducting an exercise for
identification of impaired assets, if any, as required AS-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India.
13. Disclosure of Derivative Instruments :
During the year the company has not entered into any forward exchange
contracts as such there are not outstanding derivative contract as at
31st March, 2013 to be disclosed as per the ICAI announcement.
14. The Company has not appointed a whole time Company Secretary under
Section 383A of the Companies Act,1956. However company is trying to
fill up the vacancy by finding out a suitable candidate.
Mar 31, 2012
Note : 1 Corporate information
Quantum Digital Vision (I) Ltd. is a Public Limited Company listed on
Bombay Stock Exchange (BSE) in India and incorporated under the
provisions of the Companies Act' 1956. The company is engaged in the
business of manufacturing of Spring Leaves and assembles' polymer bags'
TV Serial and trading in Medicine items.
Note : 2 Basis of preparation
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules' 2006' the provisions of the Companies Act' 1956 and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accouting policies have been consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use.
A. Terms & Rights attached to eaulty shares
The company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity share is entitled to one vote
per share.
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.
3. The Company is in the process of identifying S.S.I' units from its
creditors. The relevant information in this regard shall be give when
it is compiled. So far' there has been no claim on the company in
respect of any interest by supplier including SSI Units.
4. The cash flow Statement As per AS 3 is as per Annexure 'A
5. Earning Per Share (EPS) : For calculating EPS Net Profiti(Loss)
after Tax as shown in P & L A/c. is taken as numerator and weighted
average number of equity shares taken as denominator are 30'35'000
share-of Rs.10/- each.
6. No disclosure is required under AS-24 on "Discontinuing
Operations" issued by the Institute of Chartered Accountants of India
as the company has suspended its manufacturing activity/product line
since earlier years.
7. The company is in the process of conducting an exercise for
identification of impaired assets' if any' as required AS-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India.
8. Disclosure of Derivative Instruments :
During the year the company has not entered into any forward exchange
contracts as such there are not outstanding oeriaaarv contract as at 31
st March' 2009 to be disclosed as per the ICAI announcement.
9. The Company has not appointed a-whole time Company Secretary under
Section 383A of the Companies Act' 1956' however the comp any is trying
to fill up the vacancy by finding out a suitable candidate.
10. The Company has settled the dispute with the Indian Overseas Bank
and paid the compromise amount to the Bank during the year.
11. One of the foreign machinery supplier' ie' Renova. Plastik
Maschinen GmBH (Unsecured Loans) has also filed a suit against the comp
any. The same has been disputed as the machinery did not comply with
the order specifications as to origin and quality.
Mar 31, 2010
1. The Company is a Sick Industrial company within the meaning of
clause (o) of sub-section (0 of section 3 of the Sick Industrial
Companies (Special Provisions) Act 1985.
2. Contingent Liabilities:
Sl Particulars As on 31/03/2010 As on 31/03/2009
(Rs) (Rs)
i) Excise duty under
adjudication 854736 854736
ii) Sales Tax under Appeal 473536 473536
iii) Sales Tax under Appeal 103481 103481
(Silvassa)
iv) Income Tax under Appeal 2537354 2537354
v) Bank Guarantee for
Electricity 1000000 1000000
vi) Liability on account
of non- Amount not Amount not
fullfillment of export
obligations : ascertained ascertained
EPCG Scheme (refer Note below)*
* Liability on account of non fulfillment of export obligations / EPCG
scheme - it is not possible to quantify the above liability at present,
the normal procedure is that custom duty is charged on depreciated
value on machines at the end of the extended period if further
extensions is either not sought or not granted. The above have not
been provided for in the accounts as in the opinion of the company the
demands are not sustainable to the company.
3. Estimated amount of contracts remaining to be executed on Capital
Account not provides for Rs.Ni! (P.Y. Rs. Nil)
4. Secured Loans
Nature of security for secured loan
a). Cash Credit Facility from Indian Overseas Bank is secured by
hypothecation of old stock, raw materials and first charge on fixed
assets of the company in leaf spring division at Chennai and Personal
guarantee of Mr. Himalay Dassani, Chairman of the Company
b) Bills purchased facilities from Indian Overseas Bank is secured by
first charge on fixed assets of the company in leaf spring division at
Chennaiand persona! guarantee of Mr, Himalay Dassani, Chairman of the
Company.
c). Hire purchase, loan facilities and term loan facilities from
Gujarat State Financial Corporation are secured by hypothecation of
assets of polymer division and charge of machineries of polymer
division and persona! guarantee of directors of the Company.
5. The balances in respect of Sundry Debtors, Sundry Creditors and
other Loans & Advances are subject to confirmation and adjustment
necessary upon reconciliation thereof and hire purchase loan from GSFC,
Supplier credit machinery import are also subject to confirmation and
also including interest provisions if any.
6. Interest on secured loan from financial institutions and interest
on imported machinery from M/s. Reigenhauser GmBH & Co. and Renova
Plastik Maschinen GMBH (Unsecured Loans) has not provided in the books
of accounts for the year under review as well as earlier years also
amount unascertained. As a result of these the accumulated loss has
been lower stated to that extend.
7. Directors Remuneration Rs. NIL/- (PY. NIL)
8. The Company is in the process of identifying 5.S.I.units from its
creditors .The relevant information in this regard shall be given when
it is compiled. So far, there has been no claim on the company in
respect of any interest by supplier including SSI Units.
9.The cash flow Statement As per AS 3 is as per Annexure A
10. Related Party information as identified by the management as per
Accounting Standard - 18 on Related Party Disclosure issued by the
Institute of Chartered Accountants of India.
Relationships
a) Joint Venture Nil
b) Key Management Personnel - Mr. Himalay Dassani
- Mr G. K. Bhandari i
- Mr.Jaykishan N. Singh
- Mr. R. Paid
c) Enterprise over which key - Genesis E Tech Limited
management Personnel exercise - Dreamworks Pictures Limited
significant influence or Control (Formally known as Shristi
Entertainment Pvt. Ltd.)
d) Relatives of Key Management - Mrs. Bhagyashree Dassani I
Personnel - Master Abhimanyu Dassani
- Miss. Avantika Dassani
- Smt. Shakuntala Dassani I
11. Earning Per Share (EPS) : For calculating EPS Net Proflt/(Loss)
after Tax as shown in P & LA/c. is taken as numerator and weighted
average number of equity shares taken as denominator are
30.35,000 share of Rs.10/- each.
12.Deferred Tax Assets and Liabilities : The Company has unabsorbed
depreciation and carried forward losses available for set off under the
Income Tax Act, 1961. however, in view of inability to assess future
taxable income the extent of net deferred tax assets which may be
adjusted in the subsequent years is not ascertainable at this stage and
accordingly the same has not been recognised in these accounts on
prudent basis.
13.No disclosure is required under AS-24 on "Discontinuing Operations"
issued by the Institute of Chartered Accountants of India as the
company has suspended its manufacturing activity/product line since
earlier years.
14.The company is in the process of conducting an exercise for
identification of impaired assets, if any, as required AS-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India.
15. Disclosure of Derivative Instruments :
During the year the company has not entered into any forward exchange
contracts as such there are not outstanding derivative contract as at
31st March, 2009 to be disclosed as per the ICAI announcement.
16. Loans and Advances (Schedule 1) Advances to suppliers include
Rs.NIL (Rs. NIL ) gien to concerns in which Directors are interested
as directors/members/partners
17. The Company has not appointed a whole time Company Secretary under
Section 383A of the Companies Act. 1956, however the company is trying
to fill up the vacancy by finding out a suitable candidate.
18. The Company has settled the dispute with the Indian Overseas Bank
and paid the compromise amount to the Bank during the year.
19. One of the foreign machinery supplier, ie, Renova Plastik
Maschinen GmBH (Unsecured Loans) has also filed a suit against the
company. The same has been disputed as the machinery did not comply
with the order specifications as to origin and quality.
a) As certified by the Management and accepted by the Auditors.
b) since the leaf spring division is closed from 1986 and no activity
was carried out thereafter, hence the same is not considered in
quantitative information.
c) Capacity of media division is not ascertainable as it
is order/ demand driven
20. Additional information pursuant to the provisions of paragraph 3, 4
& 4D of Part II of Schedule VI to the Companies Act, 1956 is as under:
A Value of imports calculated on CIF basis Rs. Nil (PY.Rs. Nil)
B. Expenditure in foreign currency - Rs Nil (P.Y. Rs. Nil )
C. Earning in foreign currency -Rs Nil (P.Y. Rs. Nil)
21. Figures for the previous year have been re-arranged and
re-grouped, wherever necessary to make them comparable to the
classification of current year,
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