Mar 31, 2015
1 Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income
Tax Act 1961.
2 Income Tax assessments of the Company have been completed up to
assessment year 2013-14.
3 The Company has no liability towards leave encashment, gratuity and
bonus payable for the year under consideration.
4 The Company has no suppliers covered under "Micro, Small & Medium
Enterprises Development Act, 2006". This has been relied upon by the
auditors.
5 The Company will review the various credit balances appearing in the
ledger for a considerable period of time and necessary adjustment, if
any, shall be carried out upon the completion of review.
6 Exceptional items denotes PF arrear paid to Employees Provident Fund
Organization.
7 The company has taken interest free Security deposit amounting to
Rs. 25.51 lacs (Previous year Rs. 22.50 lacs).
8 Deferred taxation
The Company has adopted Accounting Standard 22 "Accounting for Taxation
on Income" issued by the Institute of Chartered Accountants of India
with effect from 1st April 2001. As on the date of Balance Sheet, the
Company has significant unabsorbed depreciation and carry forward
losses. In view of the absence of virtual certainty of realization of
unabsorbed depreciation and carry forward losses, no deferred tax
assets have been recognized.
9. Previous year's figures have been regrouped /rearranged wherever
considered necessary to confirm to this year classification.
Mar 31, 2014
1. Contingent liabilities to the extend not provided for:
Claims against Company not acknowledged as debt: (Rs. in Lacs)
Current Previous
Year Year
1. Customs & Excise demands in dispute/ 178.24 178.24
Under appeal as per order of CESTAT
New Delhi for admission of appeals.
2. Sales Tax and other demands in dispute/ 82.77 82.77
Under appeal.
3. Provided Fund demand under appeal 9.59 Nil
4. Income Tax demands under appeal for
AY 2008-09 1584.66 1584.66
2. Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income
Tax Act 1961.
3. Income Tax assessments of the Company have been completed up to
assessment year 2012-13.
4. The Company has no liability towards leave encashment, gratuity and
bonus payable for the year under consideration.
5. The Company has no suppliers covered under "Micro, Small & Medium
Enterprises Development Act, 2006". This has been relied upon by the
auditors.
6. The Company will review the various credit balances appearing in the
ledger for a considerable period of time and necessary adjustment, if
any, shall be carried out upon the completion of review.
7. Exceptional items for year ended 31st March, 2014 denotes PF arrear
paid to Employees Provident Fund Organization related to prior years;
and for year ended 31st March, 2013 denotes fees paid to Bombay Stock
Exchange Ltd for revocation of suspension in trading of equity shares of
the company.
8. The company has taken interest free Security deposit amounting to
Rs. 22.50 lacs during the current year.
9. Related Party Disclosures in accordance with the Accounting
Standard-18, Related Party Disclosures" issued by the Institute of
Chartered Accountants of India.
(a) SI. No. Name of Related Party Relationship
1) Sh Manoj Khemani Manager under the Companies
Act,1956
10. Deferred taxation
The Company has adopted Accounting Standard 22 "Accounting for Taxation
on Income" issued by the Institute of Chartered Accountants of India
with effect from 1st April 2001. As on the date of Balance Sheet, the
Company has significant unabsorbed depreciation and carry forward
losses. In view of the absence of virtual certainty of realization of
unabsorbed depreciation and carry forward losses, no deferred tax assets
have been recognized.
11. Previous year's figures have been regrouped /rearranged wherever
considered necessary to confirm to this year classification.
Mar 31, 2013
1 Contingent liabilities to the extend not provided for Claims against
Company not acknowledged as debt:
(Rs. in Lacs)
Current Previous
Year Year
1. Customs & Excise demands in dispute/ 178.24 178.24
Under appeal as per order of CEGAT
New Delhi for admission of appeals.
2. Sales Tax and other demands in
dispute/ 82.77 82.77
Under appeal.
3. Damages claim by Provident Fund
Authorities 19.17 19.17
4. Income Tax demands under appeal
for AY 2008-09 1584.66 1584.66
2 Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income
Tax Act 1961.
3 Income Tax assessments of the Company have been completed up to
assessment year 2010-11.
4 The company has made refund of the interest free Security deposit
amounting to Rs. 9.50 lacs during the current year (taken in Previous
Year Rs. 9.50 lacs).
5 The Company has no liability towards leave encashment, gratuity and
bonus payable for the year under consideration.
6 The Company has no suppliers covered under ''Micro, Small & Medium
Enterprises Development Act, 2006''. This has been relied upon by the
auditors.
7 The Company will review the various credit balances appearing in the
ledger for a considerable period of time and necessary adjustment, if
any, shall be carried out upon the completion of review.
8 Exceptional Item relates to payments made for revocation of
suspension of trading in Equity Shares of the Company on the Bombay
Stock Exchange.
9 Related Party Disclosures in accordance with the Accounting
Standard-18, Related Party Disclosures'' issued by the Institute of
Chartered Accountants of India.
10 Deferred taxation
The Company has adopted Accounting Standard 22 "Accounting for
Taxation on Income" issued by the Institute of Chartered Accountants
of India with effect from 1" April 2001. As on the date of Balance
Sheet, the Company has significant unabsorbed depreciation and carry
forward losses. In view of the absence of virtual certainty of
realization of unabsorbed depreciation and carry forward losses, no
deferred tax assets have been recognized
Previous year''s figures have been regrouped /rearranged wherever
considered necessary to confirm to this year classification in view of
the revised Schedule VI.
Mar 31, 2012
1.1.1 The Company has only one class of shares referred to as equity
shares having par value of Rs 10/- Each holder of equity shares is
entitled to one vote per share.
1.1.2 Shares in respect of each class in the company held by its
holding company rights ultimate holding company including shares held
by or by subsidiaries or associates of the holding company or the
ultimate holding company is aggregate : NIL
1.1.3 Shares reserved for issue under options and contracts /
commitments for the sale of shares / disinvestment, including the terms
and amounts : NIL
1.1.4 In the event of liquidation of the company, the holders of equity
shares will be entitles to received any of the remaining assets of the
company, after distribution of all preferential amounts. However, no
such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
1.2 Contingent liabilities to the extend not provided for:
Claims against Company not acknowledged as debt:
(Rs, In Lacs)
Current Previous
Year Year
1. Customs & Excise demands in dispute/ 178.24 178.24
Under appeal as per order of
CEGAT New Delhi for admission of appeals.
2. Sales Tax and other demands in dispute/ 82.77 82.77
Under appeal.
3. Damages claim by Provident Fund Authorities 19.17 19.17
4. Income Tax demands under appeal for
AY 2008-09 1584 66 1584.66
1.3 Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income
Tax Act 1961.
1.4 Income Tax assessments of the Company have been completed up to
assessment year 2009-10,
1.5 The Company has written off Rs 15.09 lacs as bad debt during the
year based on the management s estimate. However the Company has
initiated legal proceedings for recovery.
1.6 The company has refundable interest free security deposit of Rs
9.50 Lacs (Previous Year Rs. 38.51 lacs out of which Rs 26.51 lacs was
interest bearing and the balance Rs, 12.00 lacs was interest free) as
at end of the year.
1.7 The Company has no liability towards leave encashment, gratuity
and bonus payable for the year under consideration
1.8 The Company has no suppliers covered under ' Micro, Small & Medium
Enterprises Development Act. 2006'. This has been relied upon by the
auditors.
1.9 The Company will review the various credit balances appearing in
the ledger for a considerable period of time and necessary adjustment,
if any. shall be carried out upon the completion of review.
1.10 Exceptional Item relates to payments made for revocation of
suspension of trading in Equity Shares of the Company on the Bombay
Stock Exchange.
1.11 Related Party Disclosures in accordance with the Accounting
Standard- 18, Related Party Disclosures" issued by the Institute of
Chartered Accountants of India.
1.12 Deferred taxation
The Company has adopted Accounting Standard 22 " Accounting for
Taxation on Income" issued by the Institute of Chartered Accountants of
India with effect from 1st April 2001. As on the date of Balance Sheet,
the Company has significant unabsorbed depreciation and carry forward
losses. In view of the absence of virtual certainly of realisation of
unabsorbed depreciation and carry forward losses, no deferred tax
assets have been recognised.
1.13 Previous year's figures have been regrouped / rearranged wherever
considered necessary to confirm to this year classification in view of
the revised Schedule VI.
Mar 31, 2010
A, i) The Company is awaiting no dues certificate in respect of
extinguishment of secured liabilities from Bohemia Enterprises Pvt.
Ltd, - First Charge Holder, consequent to takeover and sale of assets
by secured creditors under Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002
ii) Kotak Mahindra Bank Ltd., one of the secured creditors, who had
disagreed with other secured creditors had filed recovery suit in DRT
for Rs.1.33 cr. During the year, the Company entered into a settlement
with Kotak Mahindra Bank Ltd. by paying them an additional sum of Rs,
10.73 lacs over and above their share of dues receivable from SASF.
iii) During the year the Company has also written off/written back
debit and credit balances amounting to Rs.41,920/- (Previous Year Rs
4,884,597.39/*) appearing in the accounts of customers, Suppliers,
Deposit accounts etc, which in the opinion of Company are not
recoverable/ payable. This include Nil (Previous year Rs37,37,731/-)
towards interest warrant payable to 15% Nonconvertible debenture
holders which is no more payable as it found part and parcel of the one
time settlement of all their dues and accordingly IDBI trusteeship
Services ltd ./Trustees to the 15% non convertible debenture holders has
issued no due certificate to the company.
B, Claim of Nil (Previous Year Rs. 21 lacs) referred to
arbitration in respect of foreign supplier of plant in earlier year
will be dealt with in accordance with the award of arbitration in the
year of receipt of funds, if any.
C, Remuneration under Section 198 of The Companies Act, 1956 to the
Managing Director included in the relevant account heads in schedule J - Rs.622048A(salary Rs,8,00,000 lacs and Medici aim insurance Rs.22048/-; (Previous year- 600000/-)
D The Income tax assessments of the Company have been completed up to
assessment year 2007-08, There is no demand outstanding forthé
assessments completed by the Income tax Department.
E. (a) Sundry Debtors includes doubtful debts of Rs. 21,23,548.07 /-
(Previous Year Rs,3,018,484.37 /-) and Loans & advances includes
Rs.99494/- (Previous year Rs.99494/-) for which teal action have been
taken for recovery but the management is doubtful of recovering these
amounts. However no provision has been made against these doubtful
debts & advances.
(b) The Company has written off Rs 15,09,242/- as bad debt during the
year based on the management's estimates.
F. The Company has no liability towards leave encashment, gratuity and
Bonus payable for the year under consideration..
G. The Company has no suppliers covered under "Micro, Small & Medium
Enterprises Development Act, 2006". This has been relied upon by the
auditors.
H. The Company is in the process of reviewing the various credit
balances appearing in the ledger for a considerable period of time and
necessary adjustment, if any, shall be carried out upon the completion
of review process.
I Related Party Disclosures in accordance with the Accounting
Standard-18 issued by the institute of Chartered Accountants of India
J. DEFERRED TAXATION
The Company has adopted Accounting Standard 22 "Accounting for Taxation
on income" issued by the institute 1eÃof Chartered Accountants of India
with effect from 1st April 2001. As on the date of Balance Sheet,
the Company has significant unabsorbed depreciation and carry forward
losses. In view of the absence of virtual certainty of realisation of
unabsorbed depreciation and carry forward losses, no deferred tax assets
have been recognized.
K Previous years figures have been regrouped /rearranged wherever
necessary so as to make them comparable with the figures of current
year & figures have been rounded off to the nearest rupee except for
Earnings per share