Home  »  Company  »  Solid Carbide To  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Solid Carbide Tools Ltd.

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

 
Subscribe now to get personal finance updates in your inbox!