Mar 31, 2014
1. 276109 Equity shares of Rs.10 each have been allotted as fully paid
up pursuant to a contract without payment being received in Cash
2. The Company has one class of equity shares with equal voting and
dividend right and alsohave 12% CRPS with preferential right of
distribution in case of dissolution.
As there is no movement in Share Capital during the year no
reconciliation of opening and closing Share Capital is given
3. In an earlier year the company had issued 287000 12% Cumulative
Redeemable Preference Shares of Rs.100 each as fully paid up pursuant
to a contract without payment being received in Cash but redeemable at
par in three equal installments during the years 2004-05, 2005-06 &
2006-07. But the same has not been redeemed till date due to financial
constraints faced by the Company. Similarly in absence of cash accruals
and carried forward losses the arrear of Cumulative Preference
Dividends Rs. 475.04 lacs (Rs.449.21 lacs) has not been provided .as at
the date of the balance sheet
(a) The Amount of Rs.19.75 lacs (Rs.19.75 lacs) standing to the credit
of Capital Suspense Account required to be converted into paid up
equity capital of the Company by issue of 1,99,345(1,99,345) fully paid
up Equity Shares of Rs.10 each for consideration other than cash to the
resident stock holders of erstwhile Indian Copper Corporation Limited,
Holding 7,49,860 (7,49,860) units of stock as and when they will
surrender their stock certificates as per the agreement dated
3rdJanuary,1977 entered into with the liquidators of Indian Copper
Corporation Limited (in Member''s Voluntary Liquidation)
4. a) Out of the above a sum of Rs.21.94 lacs represents very old
balances of raw material and store suppliers for which neither an
approach has been made by the suppliers nor their balance confirmation
and / or their status as SME could be obtained. Hence the balance
appearing in the books of account are taken as correct
5. Previous year Extra Ordinary Item represents-
A) Debit amount was for payment made to Bombay Stock Exchange as
reinstatement fees for allowing trading of Securities,which was
previously suspended due to various non compliance
B) Credit amount was for the amount written back of the unsecured loan
taken in earlier years on short term basis but could not be repaid due
to financial crisis, and interest on such loan could neither be
provided nor paid due to paucity of funds in terms decision taken by
the Board to write back such loan with interest if any which are time
bar under the taw of limitations.
6. On complete erosion of net worth of the company, in an earlier year
it was referred to BIFR. While implementing the BIFR order, it disposed
off its entire assets and cleared secured and unsecured creditors in
the best possible manner. The Company has since been released from
SICA.
In an earlier year there was a change in Management, and the present
management with a view to revive the Company is continuously infusing
fresh Working Capital and have also regularized the listing of Shares
with Bombay Stock Exchange. Further efforts are being made by the
management to revive the Company by brining fresh Capital. Accordingly
the accounts have been prepared on going concern basis.
7. (a) In view of carried forward unabsorbed depreciation and losses
of earlier years, no income tax / MAT liability is envisaged at this
stage..
b) On the basis of the Income-tax return filed and assessment done
creation of deferred taX Assets on carry forward losses is not
considered necessary as future operations are uncertain.(AS 22)
8. In absence of balance confirmation certificates from the parties
the debit / credit balance as appearing in the books of accounts is
taken as correct. However balance Confirmations for unsecured loan
parties are being received
9. The Company do not have any assets requiring provisions for
impairment of loss (AS-28).
10. Quantitative and other information pursuant to the provisions of
Schedule VI to the extent presently applicable to the Company- NIL
(NIL)
11. Previous years figures have been re - arranged and / or re-grouped
wherever necessary for better presentation
Mar 31, 2013
1. Extra Ordinary Item-
A) Debit amount represents the payment made to Bombay Stock Exchange as
re-instatement fees for allowing trading of Securities, which was
previously suspended due to various non compliance
B) Credit represents amount written back of the unsecured loan taken in
earlier years on short term basis but could not be repaid due to
financial crisis, and interest on such loan could neither be provided
nor paid till date due to paucity of funds in terms decision taken by
the Board to write back such loan with interest if any which are time
bar under the law of limitations.
2. In an earlier year, on complete erosion of net worth of the
company, it was referred to BIFR. While implementing tie BIFR order,
it disposed off its entire assets and cleared secured and unsecured
creditors in the best possible manner. The Company has since been
released from SICA.
During the year there was a change in Management, and the present
management with a view to revive the Company infused fresh Working
Capital and have also regularized the listing of Shares with Bombay
Stock Exchange by clearing their dues. The management is also desirous
to revive the Company by brining fresh Capital. Accordingly the
accounts have been prepared on going concern basis.
3. (a) In view of carried forward unabsorbed depreciation and losses
of earlier years, no income tax/ MAT liability is envisaged at this
stage.
(b) On the basis of the Income-tax return filed and assessment done
creation of deferred tax assets on carry forward losses is not
considered necessary as future operations are uncertain.(AS-22)
4. In absence of balance confirmation certificates from the parties
the debit / credit balance as appearing in the books of accounts are
taken as correct.
5. The Segment reporting (AS -17) Â is presently not applicable to
the Company
6. Related party Disclosure - l.Key Management Personnel
1. Mr. BharatMohta( Director)
II. Mr. Vishal Dedhia (Executive Director)
2. Enterprises over which key management persons and their/ relatives
exercise significant influence.
I. M/s. Edge Consultancy Services LLP.
II. M/s. Indian Glass and Electricals Ltd.
7. The Company do not have any assets requiring provisions for
impairment of loss (AS-28).
8. Quantitative and other information pursuant to the provisions of
Schedule VI to the extent presently applicable to the Company - NIL
(NIL)
9. Previous years figures have been e-arranged and / or re-grouped
wherever necessary for better presentation
Mar 31, 2012
1.1(a) 276109 Equity shares of Rs.10 each have been allotted as fully
paid up pursuant to a contract without payment being received in Cash
2.1(b) The Company has one class of equity shares with equal voting and
dividend right and also have 12% CRPS with preferential right of
distribution in case of dissolution.
1.1(d) In an earlier year the company had issued 287000 12% Cumulative
Redeemable Preference Shares of Rs.100 each as fully paid up pursuant
to a contract without payment being received in Cash but redeemable at
par in three equal installments during the years 2004-05, 2005-06 &
2006-07. But the same has not been redeemed till date due to financial
constraints faced by the Company. Similarly in absence of cash accruals
and carried forward losses the arrear of Cumulative Preference
Dividends Rs. 423.38 lacs (Rs.397.55 lacs) has not been provided .as at
the date of the balance sheet
The entire Preference shares are hold by Mrs.Savita Mohta
(a) The Amount of Rs.19.75 lacs (Rs.19.75 lacs) standing to the credit
of Capital Suspense Account required to be converted into paid up
equity capital of the Company by issue of 1,99,345(1,99,345) fully paid
up Equity Shares of Rs.10 each for consideration other than cash to the
resident stock holders of erstwhile Indian Copper Corporation Limited,
Holding 7,49,860 (7,49,860) units of stock as and when they will
surrender their stock certificates as per the agreement dated 3nd
January,1977 entered into with the liquidators of Indian Copper
Corporation Limited (in Member's Voluntary Liquidation)
(b) Capital Reserve amounting to Rs.32,78,841 represents the excess of
assets over liabilities taken over from the Liquidators of Indian
Copper Corporation Limited (in Member's Voluntary Liquidation,
hereinafter referred to as ICCL) as per the agreement dated 3rd
January, 1977.
a) Out of the above a sum of Rs.21.94 lacs represents very old balances
of raw material and store suppliers for which neither an approach has
been made by the suppliers nor their balance confirmation and / or
their status as SME could be obtained. Hence the balance appearing in
the books of account are taken as correct.
1.3 In an earlier year, on complete erosion of net worth of the company,
it was referred to BIFR. While implementing the BIFR order, it disposed
off its entire assets and cleared secured and unsecured creditors in
the best possible manner. The Company has since been released from
SICA.
There being no activity, operation and staff in the Company, some of
the requirements could not be implemented, but the management is still
desirous to revive the company a fresh which largely depends on getting
opportunity and finance for which efforts are going on. Accordingly the
accounts have been prepared on going concern basis.
1.4 (a) No income tax provision is considered necessary in view of
loss for the year as well as carried forward losses of earlier years.
b) On the basis of the Income-tax return filed and assessment done
creation of deferred tax assets on carry forward losses is not
considered necessary as future operations are uncertain.(AS-22)
1.5 In absence of balance confirmation certificates from the parties
the debit / credit balance as appearing in the books of accounts are
taken as correct.
1.6 Computation of Basic & Diluted Earning per Equity Shares of Rs. 10
each (AS 20)
Loss Attributable to Equity Shareholder = Rs.94,656 =(0.001)
No.of Equity share 5500277
1.7. The Segment reporting (AS-17) Ã presently not applicable to the
Company
1.8 Related party Disclosure
I) List of Related Parties - a) Indian Glass & Electricals Ltd &
b) Arvind Engineering Works Ltd
II) Key Managerial Personnel - Mr.K K Mohta & Mr.Bharat Mohta Directors
III) Transactions with related parties - Unsecured Loans from Indian
Glass & Electricals Ltd -- Opening & closing balance Rs. 11,65,000/-
(Not bearing interest)
1.9 The Company do not have any assets requiring provisions for
impairment of loss (AS-28).
1.10 Quantitative and other information pursuant to the provisions of
Schedule VI to the extent presently applicable to the Company NIL (NIL)
1.11 Previous years figures have been re-arranged and / or re-grouped
wherever necessary for better presentation
Mar 31, 2011
1. Capital Reserve amounting to Rs.32,78,841 (Schedule 2) (as detailed
below) represents the excess of assets over liabilities taken over from
the Liquidators of Indian Copper Corporation Limited (in Member's
Voluntary' Liquidation, hereinafter referred to as ICCL) as per the
agreement dated 3rd January, 1977. (32,78,841)
2. The Amount of Rs.19.75 lacs (Rs.19.75 lacs) standing to the credit
of Capital Suspense Account required to be converted into paid up
equity capital of the Company by issue of 1,99,345 (1,99,345) fully
paid up Equity Shares of Rs.10 each for consideration other than cash
to the resident stock holders of erstwhile Indian Copper Corporation
Limited, Holding 7,49,860 (7,49,860) units of stock as and when they
will surrender their stock certificates as per the agreement dated 3rd
January, 1977 entered into with the liquidators of Indian Copper
Corporation Limited (in Member's Voluntary Liquidation).
3. In an earlier, on complete erosion of net worth of the company, it
was referred to BIFR. While implementing the BIFR order, it disposed
off its entire assets and cleared secured and unsecured creditors in
the best possible manner. The Company has since been released from
SICA.
There being no activity, operation' and staff in the Company some of the
requirements could not be implemented, but the management is still
desirous to revive the company a fresh which largely depends on getting
opportunity and finance for which efforts are going on. Accordingly the
accounts have been prepared on going concern basis.
4. In view of present financial situation, the company is not in a
position to pay interest on unsecured loans. - For the year as well as
for Earlier years. In the circumstances no provision is made for
interest payable on such loan the amount of which is not ascertainable
at this stage.
5. In an earlier year the company had issued 2,87,000,12% Cumulative
Redeemable Preference Shares of Rs.100 each redeemable at par in three
equal installments during the years 2004-05, 2005-06 & 2006-07. But the
same has not been redeemed till date due to financial constraints faced
by the Company. Similarly in absence of cash accruals and carried
forward losses the arrear of Cumulative Preference Dividends Rs. 397.55
lacs (Rs.363.11 lacs) has not been provided for.
6. In absence of Balance Confirmations the debit / credit balance of
Sundry Creditors, and Unsecured Loans as appearing in the books of
accounts are taken as correct.
7. SME disclosure requirements are not applicable, as none of the
Sundry Creditors are coming under the said category.
a a) No income tax provision is considered necessary in view of loss
for the year as well as carried forward losses of earlier years. b) On
the basis of the Income-tax return filed and assessment done creation
of deferred tax assets on carry forward losses is not considered
necessary as future operations are uncertain. (AS-22).
8. Related party Disclosure :
II. Key Managerial Personnel : Mr. K. K. Mohta & Mr. Bharat Mohta Ã
Directors
III. Transactions with related parties : Unsecured Loans from Indian
Glass & Elec. Ltd. Ã Opening & Closing balance Rs. 11,65,000 (Not
bearing interest).
9. The Company do not have any assets requiring provisions for
impairment of loss,(AS-28).
10. In absence of any activity in the Company during the year, there
is nothing to report on paragraphs 3, 4C of part II of Schedule VI to
the Companies Act, 1956.
11. The previous years figures have been re-arranged and / or
regrouped wherever necessary for better presentation and are shown in
brackets.
Mar 31, 2010
1. Capital Reserve amounting to Rs.32,78,841 (Schedule 2) (as detailed
below) represents the excess abilities taken over from the Liquidators
of Indian Copper Corporation Limited (in January 1977U a hereinafter
referred to as ICCL) as per the agreement dated 3rd January.1977
2. The Amount (Rs. 19.75 lacs) standing to the credit of Capital
Suspense Account required to be converted into paid up equity capital
of the Company by issue of 1,99,345 (1.99,345) fully paid up Equity
Shares of Rs. 10 each for consideration other than cash to the resident
stock holders of erstwhile Indian Copper Corporation Limited, Holding
7,49,860 (7,49,860) units of stock as and when they will surrender
their stock certificates as per the agreement dated 3rd January, 1977
entered into with the liquidators of Indian Copper Corporation Limited
(in Member's Voluntary Liquidation).
3. In an earlier, on complete erosion of net worth of the company, it
was referred to Birch. wane implementing the BIFR order, it disposed
off its entire assets and cleared secured and unsecured creditors in
the best possible manner. The Company has been released from SICA.
There being no activity, operation and staff in the Company some of the
requirements could not be implemented, but the management is still
desirous to revive the company a fresh which largely depends on getting
opportunity and finance for which efforts are going on. Accordingly the
accounts have been prepared on going concern basis.
4. In view of present financial situation, the company is not in a
position to pay interest on unsecured loans. In the circumstances no
provision is made for interest payable on such loan the amount of which
is not ascertainable at this stage.
5. In an earlier year the company had issued 2,87,000,12% Cumulative
Redeemable Preference Shares of' Rs. 100 each redeemable at par in
three equal installments during the years 2004-05, 2005-06 & 2006-07.
But the same has not been redeemed till date due to financial
constraints faced by the Company. Similarly in absence of cash
accruals and carried forward losses the arrear of Cumulative Preference
Dividends Rs. 363.11 lacs (Rs. 328.67 lacs) has not been provided for,
6. In absence of Balance Confirmations the debit/credit balance of
Sundry Creditors, and Unsecured Loans as appearing in the books of
accounts are taken as correct.
7. To comply SME disclosure requirements none of the Sundry Creditors
has responded to the Circular issued by the Company enquiring about
their status.
8. a) No income tax provision is considered necessary in view of loss
for the year as well as carried forward losses of earlier years. .
b) On the basis of the Income-tax return filed and assessment done
creation of deferred-tax assets on carry forward losses is not
considered necessary as future operations are uncertain.' (AS-22).
9. The Company do not have any assets requiring provisions for
impairment of loss (AS-28).
10. In absence of any activity in the Company during the year, there is
nothing to report on paragraphs 3, 4C of part II of Schedule VI to the
Companies Act, 1956.
11. The previous years figures have been re-arranged and / or regrouped
wherever necessary for better presentation and are shown in brackets.
12. Information pursuant to Schedule VI, part IV of the Companies Act,
1956 are given in Annexure 'A'.
Mar 31, 2009
1. Capital Reserve amounting to Rs. 32,78,841 (Schedule 2) (as detailed
below) represents the excess of assets over liabilities taken over from
the Liquidators of Indian Copper Corporation Limited (in Members
Voluntary Liquidation, hereinafter referred to as ICCL) as per the
agreement dated 3rd January, 1977.
2. The Amount of Rs. 19.75 lacs (Rs. 19.75 lacs) standing to the credit
of Capital Suspense Account required to be converted into paid up
equity capital of the Company by issue of 1,99,345 (1,99,345) fully
paid up Equity Shares of Rs. 10 each for consideration other than cash
to the resident stock holders of erstwhile Indian Copper Corporation
Limited, Holding 7,49,860 (7,49,860) units of stock as and when they
will surrender their stock certificates as per the agreement dated 3rd
January, 1977 - entered into with the liquidators of Indian Copper
Corporation Limited (in Members Voluntary Liquidation).
3. In an earlier year, on complete erosion of net worth of the
company, it was referred to BIFR. While implementing the BIFR order, it
disposed off its entire assets and cleared secured and unsecured
creditors in the best possible manner. The Company has been released
from SICA.
There being no activity, operation and staff in the Company some of the
requirements could not be implemented, but the management is still
desirous to revive the company a fresh which largely depends on getting
opportunity and finance for which efforts are going on. Accordingly the
accounts have been prepared on going concern basis. *
4. In view of present financial situation, the company is not in a
position to pay interest on unsecured loans. The efforts for waiver of
interest etc. are under process. In the circumstances no provision is
made for interest payable on such loan the amount of which is not
ascertainable at this stage.
5. In an earlier year the company had issued 2,87,000, 12% Cumulative
Redeemable Preference Shares of Rs. 100 each redeemable at par in three
equal instalments during 2004-05, 2005-06 & 2006-07. But the same has
not been redeemed till date due to financial constraints faced by the
Company. Similarly in absence of cash accruals and carried forward
losses the arrear of Cumulative Preference Dividend Rs. 328.67 lacs
(Rs. 294.23 lacs) has not been provided for.
6. In absence of Balance Confirmations the debit / credit balance of
Sundry Creditors, and Unsecured Loans as appearing in the books of
accounts are taken as correct.
7. To comply SME disclosure requirements none of the Sundry Creditors
has responded to the Circular issued by the Company enquiring about
their status.
8. a) No income tax provision is considered necessary in view of loss
for the year as well as carried forward losses of earlier years.
b) On the basis of the Income-tax return filed and assessment done
creation of deferred tax assets on carry forward losses is not
considered necessary as future operations are uncertain. (AS-22).
c) Fringe Benefit Tax is not applicable to the Company as there is no
employee in the Company during the year.
9. Computation of Basic & Diluted Earning per Equity Share of Rs. 10
each (AS 20)
10. The Segment reporting (AS-17) - presently not applicable to the
Company.
11. Related party Disclosure :
I. List of Related Parties
a) Indian Glass & Electricals Ltd. b) Arvind Engineering Works Ltd.
II. Key Managerial Personnel : Mr. K. K. Mohta & Mr. Bharat Mohta Ã
Directors.
III. Transactions with related parties : Unsecured Loans (Not bearing
interest)
a) Indian Glass & Elec. Ltd. - Opening balance Rs.11,65,000/- , Paid
during the year - Nil, Closing Balance Rs. 11,65,000/-
12. The Company do not have any assets requiring provisions for
impairment of loss (AS-28).
13. In absence of any activity in the Company during the year, there
is nothing to report on paragraphs 3, 4C of part II of Schedule VI to
the Companies Act, 1956.
14. The previous years figures have been re-arranged and / or
regrouped wherever necessary for better presentation and are shown in
brackets.
15. Information pursuant to Schedule VI, part IV of the Companies Act,
1956 are given in Annexure A.