Mar 31, 2015
1. Contingent Liabilities
No evaluation and estimate has been made by the management in respect
of contingent
2. The management has prepared the accounts of the company on going
concern basis inspite of the fact that the companies manufacturing
activities has been suspended from FY 2013-14 and the losses have
exceeded 50% of the net worth.The Companies office and factory were
under courts seal and the seal has been removed in November 2005, and
the management of the company has been entrusted to an administrator
appointed by the Hon'ble Bombay high court. The management of the
comnpany was under the said administrator up to 3rd August, 2012 and
there after the management of the comapny is under a newly constitued
board of directors.
3. previous year audit has been conducted by the auditor other than
batliboi & purohit
4. Previous year figures have been regrouped wherever neccessary
5. Company does not have any segment which is reportable as per
Accounting Statdard 17
6. RELATED PARTY DISCLOSURES :
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
(i) List of related parties where control exists and related parties
with whom transactions have taken place and relationships:
Sr.No Name of the Related Party Relationship
1) Mr. Dilip Shah - Key Managerial Person Director
2) Mr. Saurabh Kothari Director
3) Mr.Keyur R Sanghvi Director
4) Mr.Ramesh B Patel Director
5) Ms. Pooja Lodha Director
Mar 31, 2014
1.1) During the year pursuant to a Scheme of Compromise and arrangement
duly sanctioned by the Honourable High Court of Bombay,vide its order
dated 03rd August, 2012, the Board of Directors of the Company at their
meeting held on 10th September, 2013, reduced its equity share capital
from Rs.8,86,20,000/- divided into 88,62,000 equity shares of Rs.10/-
each to Rs.88,62,000/- divided into 88,62,000 Equity Shares of Re.1/-
each, thereby cancelling Rs.9/- per share on 88,62,000/- equity shares
aggregating to Rs.7,97,58,000/- against Debit Balance of Profit & Loss
A/c.
1.2) Accordingly, the Issued & Subcribed Capital of the Company has
become 88,62,000 Equity Shares of Re.1/- each i.e. Rs.88,62,000/-.
1.3) The Calls in Arrears as on 31st March, 2013 were Rs.2,34,02,010/-,
which is more than the reduced Issued & Subcribed Capital of
Rs.88,62,000/-.
1.4) As the Company was under the Supervision of Administrator
appointed by the Official Liquidator from November, 2005 to 03rd
August, 2012, the records in respect of Shareholding of the Company
have not been reconciled since last so many years. Therefore the up to
date details and records in respect of shareholders from whom the
allotment/Call money is receivable, are under reconciliation. In the
absence of such information, the Calls in Arrears as on 31st March,
2013 are not adjusted against the amount of ''Capital Reduction'' of
Rs.7,97,58,000/- and the calls in arrears of Rs.2,34,02,010/- as on
31-03-2013, have been carried forward & only the amount recovered
during the year of Rs.1,30,000/- has been reduced from the said figure.
1.5) Any amount pertaining to Calls in Arrears, not recovered would
have been written off, after the forfeiture of shares, & therefore as
on 31st March, 2014, the balance in the Profit & Loss Account is
overstated by an amount of Rs.2,32,72,010/-, as the company has not
been able to recover the said amount since last so many years.
RELATED PARTY DISCLOSURES :
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
(i) List of related parties where control exists and related parties
with whom transactions have taken place and relationships:
Sr.
No Name of the Related Party Relationship
1) Mr. Dilip Shah Director
2) Mr. Saurabh Kothari Director
3) Mr.Keyur R Sanghvi Director
4) Mr.Ramesh B Patel Director
5) Ms. Pooja Lodha Director
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