Mar 31, 2014
1 . a) Contingent liabilities and commitments
(to the extent not provided for)
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt
(i) Custom Duty demand in dispute 0 11,618,956
(ii) Income Tax demand in dispute 94,891 94,891
(b) Guarantees
(i) Counter guarantees to the bank
in respect of Guarantees given
by banker to Custom Dept. 0 2,117,100
(ii) for supply order 3,182,887 15,990,224
b) There is no commitments made by the Company
2. Lease:
Office premises is on rental basis and risks & rewards of ownership are
retained by the lessor. The Rent is charged to profit and loss account.
3. Segment Reporting:
Segament Reporting as required by AS-17 is not applicable as the
company operates in one single primary business segament i.e. Steel
Wire Ropes Manufacturing.
4. There is no Raw Material, nor any Spare parts or components
imported during the year.
5. There is no Expenditure made in Foreign currency during the year
6. There is no Earnings in foreign currency during the year
7. In the absence of information relating to the suppliers registered
as Micro, Small and Medium Enterprises under Micro Small and Medium
Enterprises (Development) Act, 2006, the Company has been unable to
identify such suppliers and information required underthe said Act
could not be complied and disclosed.
8. In respect on Long term Loans and advances given to 2 unrelated
parties, we have to state that in our opinion company has not taken any
security for such advances, which was essential, and interest amount of
one party is not recovered from F.Y. 12-13 till signing the balance
sheet. An opinion can be formed that the Company is also changing its
nature of business. Total amount outstanding on the balance sheet date
are Rs. 2,95,42,162/-which is 45% of Share capital and Free Reseerves
and 90% of only share capital. As per explanation received from the
management, they state that, the surplus fund has been invested in open
market in the form of advances to earn high rate of interest, and the
high rate of interest will be earned only when the company takes the
risk of advancing loan without any security. Further management has
assured that the advances are though unsecured but should be considered
as good, there is no contingency in there recoverability.
9. Current yearfigures are shown in highlight & bold prints
Mar 31, 2013
1. a) Contingent liabilities and commitments (to the extent not
provided for)
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt
(i) Custom Duty demand in dispute 11,618,956 11,618,956
(ii) Income Tax demand in dispute 94,891 94,891
(b) Guarantees
(i) Counter guarantees to the bank
in respect of Guarantees given
by banker to Custom Department 2,117,100 2,117,100
_(ii) for supply order 2,159,277 1,064,475
15,990,224 14,283,149
b) There is no commitments made by the Company
2. Provisions
Custom duty payable to custom department for non fulfillment of export
obligation under EPCG Licence amounting to Rs. 42,34,198/- is provided
in the books during the RY. 2009-2010. The management is assured that
the obligation will arise in future year.
3. Related party disclosures, as required by Accounting Standards -
AS-18 Related Parties Disclosures" issued by the institute of Chartered
Accountants of India are given below:
A. Related parties and their relationship.
i) Related parties:
Magenta Infrastructures Pvt. Ltd. : Mr. Manoj B. Jeswani- Director
Suchit Developers : Mr. Chandru R. Chawla- Partner
Embee International Resources Pvt. Ltd. : Mr. Chandru R. Chawla-
Director
Bholenath Developers Ltd : Mr. Anil L. Sajnani- Director
Soham Hospitality Pvt. Ltd. : Mr. Anil L. Sajnani- Director
Soham Hospitality Pvt. Ltd. : Mr. Ashish L. Sajnani- Director
Basant Rubber Factory Pvt. Ltd. : Mr. Anil L. Sajnani- Director
ii) Key Management Personnel
Mr. Chandru R. Chawla - Whole Time Director
Mr. Manoj B. Jeswani - Whole Time Director
Mr. Anil L. Sajnani - Whole Time Director
4. Lease:
Office premises is on rental basis and risks & rewards of ownership are
retained by the lessor. The Rent is charged to profit and loss account.
5. Segment Reporting:
The Company operates in manufacturing of steel wire ropes, steel wire
rope products, Regulating Equipment and building construction activity.
6. There is no Raw Material, nor any Spare parts or components imported
during the year.
7. There is no Expenditure made in Foreign currency during the year
8. There is no Earnings in foreign currency during the year
9) In the absence of information relating to the suppliers registered
as Micro, Small and Medium Enterprises under Micro Small and Medium
Enterprises (Development) Act, 2006, the Company has been unable to
identify such suppliers and information required under the said Act
could not be complied and disclosed.
10) In respect on Long term Loans and advances given to 2 unrelated
parties, we have to state that in our opinion company has not taken any
security for such advances, which was essential, and interest amount of
one party is not recovered till signing the balance sheet. An opinion
can be formed that the Company is also changing its nature of business.
Total amount outstanding on the balance sheet date are Rs.
2,78,80,511/- which is 48.06% of Share capital and Free Reserves and
84.52% of only share capital. As per explanation received from the
management, they state that, the surplus fund has been invested in open
market in the form of advances to earn high rate of interest, and the
high rate of interest will be earned only when the company takes the
risk of advancing loan without any security. Further management has
assured that the advances are though unsecured but should be considered
as good, there is no contingency in there recoverability.
11) Current year figures are shown in bold prints
Mar 31, 2012
1.
(Amount in Rupees)
Particulars 2011-12 2010-11
a) Contingent liabilities and
commitments (to the extent not
provided for)
(i) Contingent Liabilities
(a) Claims against the company
not acknowledged as debt
i) Custom Duty demand in dispute 11,618,956 11,618,956
ii) Income Tax demand in dispute 94,891 94,891
(b) Guarantees
i) Counter guarantees to the bank
in respect of Guarantees given by
banker to Custom Department 2,117,100 2,117,100
ii) for supply order 1,064,475 452,202
14,895,422 14,283,149
b) There is no commitments made by the Company
2. PROVISIONS
Custom duty payable to custom department for non fulfilment of export
obligation under EPCG Licence amounting to Rs. 42,34,198/- is provided
in the books during the FY. 2009 - 2010. The management is assured that
the obligation will arise in future year.
3. Related party disclosures, as required by Accounting Standards -
AS-18 Related Parties Disclosures" issued by the institute of Chartered
Accountants of India are given below:
A. Related parties and their relationship.
i) Related parties:
Magenta Infrastructures Pvt. Ltd. Mr. Manoj B. Jeswani- Director
Suchit Developers Mr. Chandru R. Chawla- Partner
Embee International Resources Mr. Chandru R. Chawla- Director
Pvt. Ltd.
Kanishk Global Solutions Pvt. Ltd. Mr. Chandru R. Chawla- Director
Bholenath Developers Ltd. Mr. Anil L. Sajnani- Director
Soham Hospitality Pvt. Ltd. Mr. Anil L. Sajnani- Director
Basant Rubber Factory Pvt. Ltd. Mr. Anil L. Sajnani- Director
ii) Key Management Personnel
Mr. Chandru R. Chawla - Whole Time Director
Mr. Manoj B. Jeswani - Whole Time Director
Mr. Anil L. Sajnani - Whole Time Director
4. Lease:
Office premises is on rental basis and risks & rewards of ownership are
retained by the lessor. The Rent is charged to profit and loss account.
5. There is no Raw Material, nor any Spare parts or components
imported during the year.
6. There is no Expenditure made in Foreign currency during the year
7. There is no Earnings in foreign currency during the year
8. In the absence of information relating to the suppliers registered
as Micro, Small and Medium Enterprises under Micro Small and Medium
Enterprises (Development) Act, 2006, the Company has been unable to
identify such suppliers and information required under the said Act
could not be complied and disclosed.
9. Current year figures are shown in bold prints
Mar 31, 2011
1) PROVISIONS:
Custom duty payable to custom department for non fulfilment of export
obligation under EPCG Licence amounting to Rs.42,34,198/- is provided
in the books during the FY. 2009-2010. The management is assured that
the obligation will arise in future year.
2) CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS :
(a) Income Tax demand of Rs. 94,891/- for which company is in Appeal
with higher Appellate Authorities. (Previous year Rs.94,891/-.)
(b) Counter guarantees to the banks in respect of guarantees given by
the bankers, to the custom department for fulfilment of export
obligations against EPCG Licence of the Company is Rs.21,17,100/-
(Previous Year Rs. 21,17,100/-). To Army Headquarters, New Delhi, for
supply order to be executed is Rs. Nil (Previous year Rs.120,488/-), to
CAFVD - Kirkee for supply order to be executed is Rs.100,144/-(Previous
year Rs.54,125/-),C.O.D.- Kandivali for Supply Order Rs.52,111I-
(Previous year Nil) and to the Tata Projects Ltd. for Supply Order
Rs.299,941 /- (Previous year Nil)
(c) DGFT Interest Demand of Rs.1,16,18,956/- for non fulfillment of
export obligation under EPCG Licence (Previous Year - Rs.
1,16,18,956/-). The Company is in appeal to Higher Authorities.
3) In the absence of information relating to the suppliers registered
as Micro, Small and Medium Enterprises under Micro Small and Medium
Enterprises (Development) Act-2006, the Company has been unable to
identify such suppliers and information required under the said Act
could not be complied and disclosed.
4) In the opinion of the Board of Directors Current Assets, Loans and
Advances, have a value on realisation in ordinary course of the
business at least equal to the amount at which they are stated in the
Balance Sheet, subject to provision made against inventories.
5) Related party disclosures, as required by Accounting Standards -
AS-18 Related Parties Disclosures issued by the institute of Chartered
Accounts of India are given below:
A. Related parties and their relationship.
i) Related parties:
Magenta Infrastructure Pvt. Ltd. Mr. Manoj B. Jeswani - Director
Suchit Developers Mr. Chandru R. Chawla - Partner
Embee International Resources
Pvt. Ltd. Mr. Chandru R. Chawla - Director
Kanishk Global Solutions Pvt. Ltd. Mr. Chandru R. Chawla - Director
Bholenath Developers Ltd. Mr. Anil Sajnani - Director
Soham Hospitality Pvt. Ltd. Mr. Anil Sajnani - Director
Basant Rubber Factory Pvt. Ltd. Mr. Anil Sajnani - Director
ii) Key Management Personnel
Mr. Chandru R. Chawla - Whole Time Director
Mr. Manoj B. Jeswani - Whole Time Director
Mr. Anil L. Sajnani - Whole Time Director
6) Lease: Office premises is on rental basis and risks & rewards of
ownership are retained by the lessor & lessee. The Rent is charged to
profit and loss account.
7) Segment Reporting :
The Company operates in manufacturing of steel wire ropes, steel wire
rope products, Regulating equipment and building construction activity.
8) FOB Value of Exports Realisation is Rs. Nil- (Previous Year Rs.
Nil-)
9) CIF Value of Imports:
Raw Material Rs. NIL (previous Year NIL)
10) Previous year's figures have been regrouped and rearranged wherever
necessary.
11) Schedules '1' to '19' form an integral part of the Balance Sheet as
at 31st March, 2011 and the Profit and Loss Account for the year ended
on that date and have been duly authenticated.
12) Additional information as required under part IV of schedule VI to
the companies Act 1956.
2. Capital raised during the year
Private Placement NIL
Public Issue NIL
Rights Issue NIL
Bonus Issue NIL
Mar 31, 2010
1) CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS:
(a) Income Tax demand of Rs. 94,891/- for which company is in Appeal
with higher Appellate Authorities. (Previous year Rs.94,891/-.)
(b) Counter guarantees to the banks in respect of guarantees given by
the bankers, to the custom department for fulfilment of export
obligations against EPCG Licence of the Company is Rs.21,17,100/-
(Previous year Rs. 21,17,100) and to Army H.Q. New Delhi for supply
order to be executed is Rs. 120,488/- (Previous Year Rs. 120,488) and
to CAFVD- Kirkrr for supply order to be executed is Rs. 54,125/-
(Previous year Rs.54,125/-)
(c) DGFT Interest Demand of Rs. 1,16,18,956/- for non fulfillment of
export obligation under EPCG Licence (Previous Year - Custom Duty Rs.
42,34,198/- and Interest Rs. 1,16,18,956/- Total Rs. 1,58,53,154/-).
During the year Company has provided Custom Duty Rs. 42,34,198/- in
Profit and Loss Account and for Interest Demand of Rs. 1,16,18,956/-
Company is in appeal to Higher Authorities.
2) Sundry Creditors in Schedule No. 11 to the Accounts includes Rs.Nil
(Previous year Rs.9.96 lacs) due to Small Scale Industrial
undertakings.
In the absence of information relating to the suppliers registered as
Micor, Small and Medium Enterprises under Micor Small and Medium
Enterprises (Developement) Act, 2006, the Company has been able to
identify such suppliers and information required under the said Act
could not be complied and disclosed.
3) In the opinion of the Board of Directors Current Assets, Loans and
Advances, have a value on realisation in ordinary course of the
business at least equal to the amount at which they are stated in the
Balance Sheet, subject to provision made against inventories.
4) The Balances in Debtors, Creditors, Loans and Advances are as per
books of account and are subject to confirmation.
5) Related party disclosures, as required by Accounting Standards -
AS-18 Related Parties Disclosures" issued by the institute of Chartered
Accounts of India are given below:
A. Related parties and their relationship.
i) Related parties:
Magenta Infrastructure Pvt. Ltd. Mr. Manoj B. Jeswani - Director
Suchit Developers Mr. Chandru R. Chawla - Partner
Embee International Resources
Pvt. Ltd. Mr. Chandru R. Chawla - Director
Kanishk Global Solutions Pvt. Ltd. Mr. Chandru R. Chawla - Director
Pilot Constructions Pvt. Ltd. Mr. Chandru R. Chawla - Director
Bholenath Developers Ltd. Mr. Anil L. Sajnani - Director
Soham Hospitality Pvt. Ltd. Mr. Anil L. Sajnani - Director
Basant Rubber Factory Pvt. Ltd. Mr. Anil L. Sajnani - Director
ii) Key Management Personnel
Mr. Chandru R. Chawla - Whole Time Director
Mr. Manoj B. Jeswani - Whole Time Director
Mr. Anil L. Sajnani - Whole Time Director
6) Lease:
Office premises is on rental basis and risks & rewards of ownership are
retained by the lessor & lessee. The Rent is charged to profit and loss
account.
7) Segment Reporting:
The Company operates in manufacturing of steel wire ropes, steel wire
rope products and building construction activity.
8) Information pursuant to the provisions of paragraphs 3,4C & 4D of
part II of schedule-VI of the companies Act, 1956
9) FOB Value of Exports Realisation is Rs. NIL (Previous Year NIL)
10) CIF Value of Imports:
Raw Material Rs. NIL (previous Year NIL)
11) Previous years figures have been regrouped and rearranged wherever
necessary.
12) Schedules 1 to 19 form an integral part of the Balance Sheet as
at 31 st March, 2010 and the Profit and Loss Account for the year ended
on that date and have been duly authenticated.
13) Additional information as required under part IV of schedule VI to
the companies Act 1956.
1. Generic Names of Principal Products. Services of the Company
Item Code No: 7312.10
Product Description: WIRE ROPES, REGULATING EQUIPMENT & CONSTRUCTION
ACTIVITY
Note: Classification of products/services being of technical nature is
not verified by auditors.
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