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Notes to Accounts of TCI Industries Ltd.

Mar 31, 2014

I. No provision has been made for depreciation on assets, which have already been depreciated to the exten of 95% of the value.

ii. The Company trades in textiles only, hence the requirement for segment reporting is not applicable.

iii. Earning per share – No. of Equity Shares 8,96,791. Loss for the year Rs.20.24 Lacs. Earning per share of Rs. 10/- each Rs.(-) 2.26 (Previous Year Rs.- 9.16 )

iv. The accumulated losses of the Company exceed its net worth. However these accounts have been prepared on a going concern basis as the management believes that the company will be able to meet all its liabilitie on the basis of the financial support from its Promoters/Directors who have agreed to provide all the necessar financial support from time to time.

Accordingly these financial statements do not include any adjustments relating to the recoverability an classification of the carrying amount of Assets and classification of Liabilities that might have to be don should the company be unable to continue as Going Concern.

v. With regard to the proposed property development,the Hon. Bombay High Court rejected the writ petitio filed by the Company upholding the rejection by Municipal Corporation of the plans submitted by the Compan on the ground of absence of "No Objection" from the Defence /Navy. The Company has preferred SLP in th Hon. Supreme Court against the said order of Bombay High Court, which has been admitted and is pending for final hearing.

vi. Municipal Corporation of Greater Mumbai has revised property taxes with effect from 01st April 2010 and bill in this behalf were received during the previous year. The differential tax arrears relating to the year of R 7,30,300/- ( Previous year Rs 15,24,279 ) has been provided in these accounts and Rs. 5,07,643 has bee paid during the year . Writ petitions have been filed in Bombay High Court by certain parties challenging th said revision in property taxes and by an interim order the property owners have been allowed to pay taxes a old rate plus 50 % of the difference between old and revised rates, pending disposal of the writ petitions.

vii. Related Party Disclosures

I. Directors/key Management Personnel:

1. Mr. S. N. Agarwal – Director

2. Mr. D. P. Agarwal – Director

3. Mr. M. K. Agarwal – Director

II. Enterprises over which persons at (I ) above exercise significant influence/relatives:

1. Mr. Chander Agarwal 7. M/s. Pragya Enterprises.

2. Mr. D. P. Agarwal 8. Mr. S. N. Agarwal

3. Mrs. Kanika Agarwal 9. Mr. Siddhartha Agarwal.

4. Mr. M. K. Agarwal 10. Mrs. Umah Agarwal.

5. M/s. Mahindra Investment Advisors P. Ltd 11. Mr. Vivek Agarwal.

6. Mrs. Nidhi Agarwal. 12. Mr. Vineet Agarwal.

III. Nature of transaction: Advances received against proposed property development Rs. 9.90 Lacs Advances Refunded Rs.19.92Lacs

Balance carried forward as on 31/03/2014 Rs.1,041.71Lacs

ix. Figures for previous year have been regrouped / rearranged wherever necessary. x. Contingent Liability and commitments: ( to the extent not provided for ) Claim against the company not acknowledgement as debt :- a) Income Tax demands under dispute Rs. 116 Lacs. The company has filed appeals before ITAT, Hyderabad, against the demand and has paid Rs. 32 lakhs pending disposal of the appeals.

b) The Hon''ble. Bombay High Court, by a judgment dated 1st March 2012, awarded a decree in favour of Cotton Corporation of India Ltd for Rs.22,78,578 which together with interest amount to Rs. 89,26,844/ - as on 31st March 2013. The Company, has filed SLP before the Hon''ble Supreme Court which has been admitted and stay has been granted on the execution of impugned decree. As directed by the Hon''ble Supreme Court an amount of Rs. 50 Lac has been deposited with Cotton Corporation of India Ltd . The SLP is pending hearing.

c) Municipal Corporation of Greater Mumbai (BEST) filed writ petition in The Hon''ble Bombay High Court in respect of electricity charges of the Ex Workers of the Company. As per the directions given by the Hon. Bombay High Court, the BEST calculated and demanded a sum of Rs. 8,55,168 comprising energy charges of Rs. 83,366/- and interest charges of Rs. 7,71,802. The company has paid the energy charges and challenged the interest demand by way of a writ petition in the Hon. Bombay High Court. The writ is pending for hearing.


Mar 31, 2013

I. No provision has been made for depreciation on assets, which have already been depreciated to the extent of 95% of the value.

ii. The Company trades in textiles only, hence the requirement for segment reporting is not applicable.

iii. Earning per share – No. of Equity Shares 8,96,791. Loss for the year Rs.82.16 Lacs. Earning per share of Rs. 10/- each Rs.(-) 9.16 (Previous Year Rs. -22.21)

iv. The accumulated losses of the Company exceed its net worth. However these accounts have been prepared on a going concern basis as the management believes that the company will be able to meet all its liabilities on the basis of the financial support from its Promoters/Directors who have agreed to provide all the necessary financial support from time to time.

Accordingly these financial statements do not include any adjustments relating to the recoverability and classification of the carrying amount of Assets and classification of Liabilities that might have to be done should the company be unable to continue as Going Concern.

v. With regard to the proposed property development, the Hon. Bombay High Court rejected the writ petition filed by the Company upholding the rejection by Municipal Corporation of the plans submitted by the Company on the ground of absence of "No Objection" from the Defence /Navy. The Company has preferred SLP in the Hon. Supreme Court against the said order of Bombay High Court, which has been admitted.

vi. Municipal Corporation of Greater Mumbai has revised the property taxes w.e.f. 01st April 2010 and bills have been received during the year. The differential tax arrears of Rs 15,24,279 has been provided in these accounts.

vii. Related Party Disclosures

I. Directors/key Management Personnel:

1. Mr. S. N. Agarwal – Director

2. Mr. D. P. Agarwal – Director

3. Mr. M. K. Agarwal – Director

II. Enterprises over which persons at (I ) above exercise significant influence/relatives:

1. Mr. Chander Agarwal

2. Mr. D. P. Agarwal

3. Mrs. Kanika Agarwal

4. Mr. M. K. Agarwal

5. M/s. Mahindra Investment Advisors P. Ltd

6. Mrs. Nidhi Agarwal.

7. M/s. Pragya Enterprises

8. Mr. S. N. Agarwal

9. Mr. Siddhartha Agarwal.

10. Mrs. Umah Agarwal.

11. Mr. Vivek Agarwal.

12. Mr. Vineet Agarwal.

viii. Figures for previous year have been regrouped / rearranged wherever necessary.

ix. Contingent Liability and commitments: ( to the extent not provided for ) Claim against the company not acknowledgement as debt :- a) Income Tax demands under dispute Rs. 116 Lacs

b) The Hon''ble. Bombay High Court, by a judgment dated 1st March 2012, awarded a decree in favour of Cotton Corporation of India Ltd for Rs.22,78,578 which together with interest amount to Rs. 89,26,844/- as on 31st March 2013. The Company, has filed SLP before the Hon''ble Supreme Court which has been admitted and stay has been granted on the execution of impugned decree. As directed by the Hon''ble Supreme Court an amount of Rs. 50 Lac has been deposited with Cotton Corporation of India Ltd . The SLP is pending hearing.

c) Municipal Corporation of Greater Mumbai (BEST) filed writ petition in The Hon''ble Bombay High Court in respect of electricity charges of the Ex Workers of the Company. As per the directions given by the Hon. Bombay High Court, the BEST calculated and demanded a sum of Rs. 8,55,168 comprising energy charges of Rs. 83,366/- and interest charges of Rs. 7,71,802. The company has paid the energy charges and challenged the interest demand by way of a writ petition in the Hon. Bombay High Court. The writ is pending for hearing.


Mar 31, 2012

1. No provision has been made for depreciation on assets, which have already been depreciated to the extent of 95% of the value.

2. The Company trades in textiles only, hence the requirement for segment reporting is not applicable.

3. Earning per share - No. of Equity Shares 8,96,791. Loss for the year Rs. 199.21 Lacs.

Earning per share of Rs. 10/- each Rs. -22.21 (Previous Year Rs. -5.11)

4. The accumulated losses of the Company exceed its net worth. However these accounts have been prepared on a going concern basis as the management believes that the company will be able to meet all its liabilities on the basis of the financial support from its Promoters/Directors who have agreed to provide all the necessary financial support from time to time.

Accordingly these financial statements do not include any adjustments relating to the recoverability and classification of the carrying amount of Assets or the amount and classification of Liabilities that might have to be done should the company be unable to continue as Going Concern.

5. With regard to the proposed property development, the Hon. Bombay High court rejected the writ petition filed by the Company upholding the rejection by Municipal Corporation of the plans submitted by the Company on the ground of absence of NOC of Defence/Navy. The Company has preferred SLP in the Hon. Supreme Court against the said order of Bombay High Court, which has been admitted.

8. Figures for previous year have been regrouped / rearranged wherever necessary.

9. Contingent Liability and commitments: (to the extent not provided for)

Claim against the company not acknowledgement as debt

a) M/s. Cotton Corporation of India Ltd had filled suit no. 1891 of 1980 against the Company on 29.10.1980 in the Bombay High Court claiming damages of Rs.22,78,578/- for breach of contract. The said suit was decided by an order and judgement on 15/12/2008 and a decree for Rs.2,35,691 /-only was awarded by the Hon'ble High Court. The said amount has been provided for in the accounts for 2008 - 2009. Cotton Corporation of India preferred an appeal before the division bench of the Hon'ble High Court Mumbai against the said order and vide their judgement dated 01/03/2012, the Hon'ble Court has reversed the order of the single judge & awarded a decree for Rs.22,78,578/- along with interest @ 9% PA from the date of Institution of the suit which works out to Rs. 87,21,772/-till 31st March 2012. The Company will be filing SLP in the Supreme Court Of India against this order as advised to the Company by it's Legal Advisors.

b) Income tax demands under dispute Rupees 116 lacs.


Mar 31, 2011

1. No provision has been made for depreciation on assets, which have already been depreciated to the extent of 95% of the value.

2. The Company trades in textiles only, hence the requirement for segment reporting is not applicable.

3. Earning per share - No. of Equity Shares 8,96,791. Loss for the year Rs.45.86 Lacs. Earning per share of Rs. 10/- each Rs. -5.11 (Previous Year Rs.-0.78)

4. The accumulated losses of the Company exceed its net worth. However these accounts have been prepared on a going concern basis as the management believes that the company will be able to meet all its liabilities on the basis of the financial support from its Promoters/Directors who have agreed to provide all the necessary financial support from time to time.

Accordingly these financial statements do not include any adjustments relating to the recoverability and classification of the carrying amount of Assets or the amount and classification of Liabilities that might have to be done should the company be unable to continue as Going Concern.

5. The proposed property development at Colaba, Mumbai could not commence in the absence of requisite approvals/sanctions from the authorities concerned due to objections raised by Navy resulting in the litigation on the matter, which is still continuing.

Certain administrative expenses incurred during the year have been debited to Property Development Expenses as per practice followed since last few years and carried in the Balance Sheet.

6. Related Party Disclosures

I. Directors/key Management Personnel:

1. Mr. S. N. Agarwal - Chairman 2. Mr. D. P. Agarwal - Director

3. Mr. M. K. Agarwal - Director

II. Enterprises over which persons at I above exercise significant influence/relatives:

1. M/s. Bhoruka Engineering Inds. Ltd

2. Mr. Chander Agarwal 8. M/s. Pragya Enterprises.

3. Mr. D. P. Agarwal 9. Mr. S. N. Agarwal

4. Mrs. Kanika Agarwal 10. Mr. Siddhartha Agarwal.

5. Mr. M. K. Agarwal 11. Mrs. Umah Agarwal.

6. M/s. Mahindra Investment Advisors P. Ltd 12.Mr.Vivek Agarwal

7. Mrs. Nidhi Agarwal. 13. Mr. Vineet Agarwal.

III. Nature of transaction:

Advances received against proposed property development 35.70 Lacs

Advances Refunded 00.00 Lacs

Balance carried forward as on 31/03/2011 825.74 Lacs


Mar 31, 2010

1. No provision has been made for depreciation on assets, which have already been depreciated to the extent of 95% of the value.

2. The Company trades in textiles only, hence the requirement for segment reporting is not applicable.

3. Earning per share - No. of Equity Shares 8,96,791. Loss for the year Rs.7.02 Lacs. Earning per share of Rs. 10/-each(Rs.0.78)

4. Related Party Disclosures

I. Directors/key Management Personnel:

1. Mr. S. N. Agarwal - Chairman 2. Mr. D. R Agarwal - Director

3. Mr. M. K. Agarwal - Director

 
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