Mar 31, 2015
1. As informed and self certification made by the management,
Contingent Liabilities for the year ended 31st March, 2015 Â refer note
9(b) of annexure to paragraph 1 of our audit report.
2. Deferred Tax Assets / (Liabilities) comprises timing differences on
account of:
3. List of Related Parties and transactions made:
During the year 2014-15, director Bharat Mashruwala was paid
remuneration amounting to 1,80,000. This remuneration is made up of
only basic salary, no other emoluments or incentive was provided. The
company has paid 1,80,000 for office rent. The office is owned by Merry
Sharefin Ltd arising associate concern of having common management.
Mihir Shah, an independent director of company has given unsecured loan
of 33,578,267 during the year, of which the Company repaid 19,960,968
in the same year. At the end of financial year total outstanding loan
was 13,617,299. At any time in year outstanding loan was not more than
3.0 cr. The company has paid total interest of 2,47,011 for loan given
by Mihir R Shah. The company has paid seven lacs fifteen thousand as
salary to Manit M Shah, son of director. Also, during the year, he was
given advance of 195,000 against his salary out of which 180,000, was
paid back within a month and remaining amount was adjusted against the
salary. Paumil M Shah, son of director was paid three lacs five
thousand as salary. Also, director Mayukh J Pandya and wife of a
deirector Nina Pandya was given advance against purchase of commodity
as they are having farmer status. However, Money was return within less
than a week as transaction didn't happen as planned.
4. The company has during the period under review is in the business of
Investment / trading in commodities in spot market and hedging /
trading on the said commodities in future markets. Details of trading
in commodities are as under:
5. Details about the Micro, Small and Medium Enterprises
The firm has not received any intimation from the suppliers regarding
their status under the Micro, Small & Medium Enterprises Development
Act, 2006 and hence disclosure regarding:
a. Amount due and outstanding to suppliers as at the end of accounting
year
b. Interest paid during the year
c. Interest payable at the end of the accounting year
d. Interest accrued and unpaid at the end of the accounting year, has
not been given. The firm is making efforts to get the confirmations
from suppliers as regards their status under the Act.
6. Balance of trade receivable, trade payable, sundry creditors, loans
and advances, Banks and deposits are subject to confirmations by the
parties concerned.
7. Previous year's figures have been regrouped, reclassified and
rearranged wherever necessary.
8. The company has not appointed a qualified secretary as defined
under section 203 of the Companies Act, 2013.
Mar 31, 2014
1. As informed and self certification made by the management,
Contingent Liabilities for the year ended 31st March, 2014 - refer note
9(b) of annexure to paragraph 1 of our audit report.
2. List of Related Parties and transactions made:
During the year 2013-14, director Bharat Mashruwala was paid
remuneration amounting to 1,50,000. This remuneration is made upon only
basic salary, no other emoluments or incentive was provided. The
company has paid 1,80,000 for office rent. The office is owned by Merry
Sharefin Ltd arising associate concern of having common management.
Mihir Shah, an independent director of company has given unsecured loan
of which 21,74,731 is outstanding at year end. The company has paid
total interest of 3,44,007 for loan given by Mihir R Shah. The company
has paid seven lacs two thousand as professional fees to Manit M Shah,
son of director and Paumil M Shah, son of director and nineteen
thousand three hundred fifty four to as C&F agent commission to Paumil
M Shah, son of director.
3. The company has during the period under review started new line of
activities i.e. trading in commodities. Old business line of activities
has been discontinued. During the year under review since there was
only one line of business activity, segment reporting is not required.
The company is in the business of investment in commodities and hedging
/ trading on the said commodities.
4. As explained by the management, Company has been disposing the VAT
liabilities through appointment of clearing agent on behalf of itself.
5. Details about the Micro, Small and Medium Enterprises
The firm has not received any intimation from the suppliers regarding
their status under the Micro, Small & Medium Enterprises Development
Act, 2006 and hence disclosure regarding:
a. Amount due and outstanding to suppliers as at the end of accounting
year
b. Interest paid during the year
c. Interest payable at the end of the accounting year
d. Interest accrued and unpaid at the end of the accounting year, have
been given
e. The firm is making efforts to get the confirmations from suppliers
as regards their status under the Act has not been given. The firm is
making efforts to get the confirmations from the supplier as regards
their status under the Act.
6. Information pursuant to the part B of schedule VI of the Companies
Act, 1956 as compared to previous year since the company has
discontinued its manufacturing business operation.
7. Balance of trade receivable, trade payable, sundry creditors, loans
and advances, Banks and deposits are subject to confirmations by the
parties concerned.
8. Previous year''s figures have been regrouped, reclassified and
rearranged wherever necessary.
9. The company has not appointed a qualified secretary as defined
under section 383A of the Companies Act, 1956.
Mar 31, 2013
1. As informed and self certification made by the management,
Contingent Liabilities for the year ended 31st March, 2013 is Nil (P.
Y: NIL)
*All transactions carry forward from previous years. No new
transactions undertaken during the year.
2. The company has not carried out any manufacturing activity during
the year and hence the information on segment reporting has not been
given for the year under report. Company has discontinued its
manufacturing operations and during the previous year under review
trading in commodities business is only undertaken.
3. Information pursuant to the part B of schedule VI of the Companies
Act, 1956 as compared to previous year since the company has
discontinued its manufacturing business operation.
4. Balance of trade receivable, trade payable, sundry creditors, loans
and advances, Banks and deposits are subject to confirmations by the
parties concerned.
5. Previous year''s figures have been regrouped, reclassified and
rearranged wherever necessary.
6. The company has not appointed a qualified secretary as defined
under section 383A of the Companies Act, 1956.
Mar 31, 2012
1. As informed and self certification made by the management,
Contingent Liabilities for the year ended 31st March, 2012 is Nil (P.
Y: NIL)
2. Auditors Remuneration is made up of :
3. During the year under review, company has made revaluation for its
freehold land for amount Rs. 1,80,47,362/- resulting into freehold
land value revised up to 2,00,00,000/- from existing acquisition value
of Rs. 19,52,638/-. (duly certified by certified valuer)
4. As per the past practice, the company is accounting for interest on
loans granted/received on payment basis. The effect of such non
provisions for the year as well as cumulative effect since 01/04/1998,
being the date of effecting change in method of accounting, has not
been quantified as the principal/ advances have been doubtful of
recovery.
5. List of Related Parties and transactions made:
Sr. Name of the Party Nature of Amount
transaction
1 Magnus Rubber Industries Limited Outstanding as 189750
debtors
2 Miraj Polymers Limited Outstanding as 6602997
debtors
3 Miraj Polymers Limited Outstanding as 6621016
loans
4 Magnus Rubber Industries Limited Investments 3844859
5 Miraj Polymers Limited Investments 401600
6 Miraj Polymers Limited Outstanding Interest 3778952
*All transactions carry forward from previous years. No new
transactions undertaken during the year
6. The company has not carried out any manufacturing activity during
the year and hence the information on segment reporting has not been
given for the year under report.
7. The accounts have been prepared on the basis of going concern in
spite of suspension of activity as well as non-provision of heavy
doubtful outstanding in debtors and loans & advances, obsolete stock of
trading goods, non-availability of power form Gujarat Electricity
Board..
8. Information pursuant to the part B of schedule VI of the Companies
Act, 1956. (Certified by Director and unaudited data accepted by
Auditors in absence of records)
Product Licensed Installed Production Production
Capacity capacity P.Y
Plastic Compound (M.T) N.A 432 NIL NIL
Rubber Stoppers (nos) NIL 500 lacs NIL NIL
9. In view of suspension of manufacturing activity and no production,
details of trading stock is not applicable
10. No expenditure is made by the company in convertible foreign
currency.
11. Balance of trade receivable, trade payable, sundry creditors,
loans and advances, Banks and deposits are subject to confirmations by
the parties concerned.
12. Previous year's figures have been regrouped, reclassified and
rearranged wherever necessary.
13. The company has not appointed a qualified secretary as defined
under section 383A of the Companies Act, 1956.
Mar 31, 2010
1. As informed and self certification made by the management,
Contingent Liabilities for the year ended 31st March, 2010 is Nil (P.
Y: NIL)
2. As per the past practice, the company is accounting for interest on
loans granted / received on payment basis. The effect of such non
provisions for the year as well as cumulative effect since 01/04/1998,
being the date of effecting change in method of accounting, has not
been quantified as the principal / advances have been doubtful of
recovery.
3. The company has not carried out any manufacturing activity during
the year and hence the information on segment reporting has not been
given for the year under report.
4. The accounts have been prepared on the basis of going concern in
spite of suspension of activity as well as non-provision of heavy
doubtful outstanding in debtors and loans & advances, obsolete stock of
trading goods, non-availability of power form Gujarat Electricity
Board..
5. In view of suspension of manufacturing activity and no production,
details of trading stock is not applicable
6. No expenditure is made by the company in convertible foreign
currency.
7. Balance of trade receivable, trade payable, sundry creditors,
loans and advances, Banks and deposits are subject to confirmations by
the parties concerned.
8. Previous years figures have been regrouped, reclassified and
rearranged wherever necessary.
9. The company has not appointed a qualified secretary as defined
under section 383A of the Companies Act, 1956.