Mar 31, 2015
A) - Rights, preferences and restrictions attaching to each class of
shares
1) - The Company has only one class of equity shareholders. Each holder
of equity shares is nettled to one vote per share.
2) - In the event of liquidation of the Company, the holders of equity
shares will be nettled to receive any of the remaining assets of the
company, afar distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
b) - Monies received against Share Warrants:
The Board of Directors of the Company at their Meeting held on 6th
November, 2012 and as approved at its Postal Ballot Meeting held on
10th December, 2012 have resolved to create, offer, issue and allot up
to 40,56,000/- warrants, convertible into 40,56,000/- Equity Shares of
Rs,10/- each on a preferential allotments basis, pursuant to Section
81(1A) of the Companies Act, 1956, at a conversion price of Rs,36/- per
Equity Share of the Company, arrived at in accordance with the SEBI
Guidelines in this regard and subsequently 39,01,000/- warrants were
allotted on 3rd January, 2013.
c) - Security for Long Term - Secured Loans
(i) Term Loan from Financial Institution is secured by 1st charge by
way of Equitable Mortgage of land & building/fixed assets and 1st
charge by way of hypothecation of all movable assets (except vehicles)
of the Company, pledge of fixed deposits with Banks and further secured
by 2nd charge on current assets, stock, WIP, book debts of the company
and by personal guarantee of a Director.
Note 1.1
Disclosures under Section 22 of the Micro, Small and Medium Enterprises
Development Act, 2006 The Company has not received any informaton from
its vendors regarding their status under Micro, Small and Medium
Enterprises Development Act, 2006. Nonetheless, there are no amounts
outstanding for a period beyond the stipulated period as specified
under Micro, Small and Medium Enterprises Development Act, 2006.
Note 1.2 In the opinion of Board, Current assets, Loans & Advance have
been stated at a value realizable in the ordinary course of business.
The provision for all known liabilities are adequate, neither short nor
excess from the amount reasonably stated.
Note 1.3 No provision for payment of Gratuity in books of accounts as
required under Accountings Standard 15 (Revised) issued by the
Institute of Chartered Accountants of India in respect of accounting
for retirement benefits has been made as none of the employees have
completed 5 years of service. As per the Company's Policy the unused
accumulated leave balance lapses at the year end and no employee is
nettled to cash compensation for unused accumulated leave balance at
the end of the year. In view of this, no provision for the same has
been made.
Note 1.4
The company has incurred expenditure prior to commencing of plant for
processing of fresh fruits. All expenses, including Direct expenses,
Capital expenditure & Indirect revenue expenses which are carried
forward under the head Fixed Assets - CWIP (Pending Allocation), will
be capitalized on commencement of respective Plant.
Note 1.5
All the Fixed Assets are assessed at the balance sheet date to check
the indicaton of Impairment of assets as required by AS 28 "Impairment
of Assets". None of the indicators are listed in paragraph 8 to 10 of
Accountings Standard-28 Issued by the ICAI was found on Assessment.
Note 1.6
Segment Reporting The Company's business actives fall within single
segment viz. Processing of Fruit Products, it has no other primary
reportable segment
Note 1.7
Deferred tax is recognized, subject to the consideration of prudence,
on taming difference being differences between taxable and accounting
income that originates in one period and are capable of reversal in one
or more subsequent periods. The company has taming differences on
account of depreciation giving rise to Deferred Tax Liability (DTL) and
also on account of unabsorbed losses, depreciation and other
adjustments, which gives rise to Deferred Tax Asset (DTA). As a mater
of prudence, the company has recognized the DTA only to the extent of
DTL since in the year in which the tax liability would arise, bereft of
unabsorbed losses and depreciation would also be available to the
company. Accordingly, no adjustments are necessary for the same.
Note 1.8
Related party transactions
Description of relationship Names of related parts
Enters having significant influence over the Company Rids Textile
Limited
Dinesh Patadia Finance & Investment Pvt Ltd
Tricom India Limited
Adilnath Finance Pvt Ltd
Trio Mercantle & Trading Limited
Tricom InfoTech Solutions Limited
data Processing Pvt Ltd (Previously Known as Tricom IT Services Pvt
Ltd)
Tricom Data Processing Pvt Ltd (Previously Known as Mastf Tech Pvt Ltd)
Tricom LPO Pvt Ltd
Tricom Document Management Inc.
Tricom Software Services, Inc.
Tricom Litigation Coding Services, Inc.
Tricom Search Services, Inc.
Tricom Data Services, Inc.
Pacifc Data Centers, Inc.
Tricom InfoTech Solutions (Cyprus) Limited
Tricom InfoTech Solutions, Inc.
Grand Imaging & Technology Inc.
Kothari Financial Services
Chetan Kothari H.U.F.
Manshant Enterprises
Key Management Personnel (KMP) Mr. Chetan S. Kothari - Execute Director
Note 1.9
Previous year's figures
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2014
Additional information to the Financial Statements
Note 1.1 Contingent liabilities and commitments (to the extent not
provided for)
Amount (Rs)
As at As at
PARTICULARS 31 March, 2014 31 March, 2013
i) Bank Guarantees issued to Custom
authorities /DGFT 54,43,000 54,43,000
ii) Appeals filed at different forums
/ authorities in respect ofdisputed
demands:
Income Tax 4,80,32,960 -
Note 1.2 Disclosures under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006
The Company has not received any information from its vendors regarding
their status under Micro, Small and Medium Enterprises Development Act,
2006. Nonetheless, there are no amounts outstanding fora period beyond
the stipulated period as specified under Micro, Small and Medium
Enterprises Development Act, 2006.
Note 1.3 In the opinion of Board, Current assets, Loans & Advance have
been stated at a value realisable in the ordinary course of business.
The provision for all known liabilities are adequate, neither short nor
excess from the amount reasonably stated.
Note 1.4 Due to severe financial crises, the Company has requested some
of the lenders to waive off some part of their interest on loan and
negotiation on aforesaid matter is going on between the Company and the
lenders. On the basis of discussion with lenders, management feels that
no interest provision is required on loan from some of the lenders
however, if any interest provision is required as per final negotiation
it will be made as and when required.
Note 1.5 No provision for payment of Gratuity in books of accounts as
required under Accounting Standard 15 (Revised) issued by the Institute
of Chartered Accountants of India in respect of accounting for
retirement benefits has been made as none of the employees have
completed 5 years of service.
As per the Company''s Policy the unused accumulated leave balance lapses
at the year end and no employee is entitled to cash compensation for
unused accumulated leave balance at the end of the year. In view of
this, no provision for the same has been made.
Note 1.6 The Company has incurred expenditure prior to commencing of
plant for processing of fresh fruits. All expenses, including Direct
expenses, Capital expenditure & Indirect revenue expenses which are
carried forward under the head Fixed Assets - CWIP (Pending
Allocation), will be capitalized on commencement of respective Plant.
Note 1.7 Related party transactions
Description of relationship :
Entities having significant influence over the Company :
Names of related parties :
Rids Textile Limited
Dinesh Patadia Finance & Investment Pvt Ltd
Tricom India Limited
Adilnath Finance Pvt Ltd
Trio Mercantile & Trading Limited
Tricom Infotech Solutions Limited
Tricom IT Services Pvt Ltd
Tricom Data Processing Pvt Ltd (Previously Known as Mastiff Tech Pvt
Ltd)
Tricom LPO Pvt Ltd
Tricom Document Management Inc.
Tricom Software Services, Inc.
Tricom Litigation Coding Services, Inc.
Tricom Search Services, Inc.
Tricom Data Services, Inc.
Pacific Data Centers, Inc.
Tricom Infotech Solutions (Cyprus) Limited Tricom Infotech Solutions,
Inc.
Grand Imaging & Technology Inc.
Kothari Financial Services Chetan Kothari H.U.F.
Manshanti Enterprises
Key Management Personnel (KMP) :
Mr. Chetan S. Kothari - Executive Director
Note 1.8 All the Fixed Assets are assessed at the balance sheet date
to check the indication of Impairment of assets as required by AS 28
"Impairment of Assets". None of the indicators are listed in paragraph
8 to 10 of Accounting Standard-28 Issued by the ICAI was found on
Assessment.
Note 1.9 Segment Reporting
The Company''s business activities fall within single segment viz.
Processing of Fruit Products, it has no other primary reportable
segment.
Note 1.10 Deferred tax is recognised, subject to the consideration of
prudence, on timing difference being differences between taxable and
accounting income that originates in one period and are capable of
reversal in one or more subsequent periods. The Company has timing
differences on account of depreciation giving rise to Deferred Tax
Liability (DTL) and also on account of unabsorbed losses, depreciation
and other adjustments, which gives rise to Deferred Tax Asset (DTA). As
a matter of prudence, the Company has recognised the DTA only to the
extent of DTLsince in the year in which thetax liability would arise,
benefit of unabsorbed losses and depreciation would also be available
to the Company. Accordingly, no adjustments are necessary for the same.
Note 1.11 Previous year''s figures
Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2013
Note 1.1 Disclosures under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006
The Company has not received any information from its vendors regarding
their status under Micro, Small and Medium Enterprises Development Act,
2006. Nonetheless, there are no amounts outstanding for a period beyond
the stipulated period as specified under Micro, Small and Medium
Enterprises Development Act, 2006.
Note 1.2 In the opinion of Board, Current assets, Loans & Advance have
been stated at a value realisable in the ordinary course of business.
The provision for all known liabilities are adequate, neither short nor
excess from the amount reasonably stated.
Note 1.3 No provision for payment of Gratuity in books of accounts as
required under Accounting Standard 15 (Revised) issued by the Institute
of Chartered Accountants of India in respect of accounting for
retirement benefits has been made as none of the employees have
completed 5 years of service.
As per the Company''s Policy the unused accumulated leave balance lapses
at the year end and no employee is entitled to cash compensation for
unused accumulated leave balance at the end of the year. In view of
this, no provision for the same has been made.
Note 1.4 The company has incurred expenditure prior to commencing of
plant for processing of fresh fruits. All expenses, including Direct
expenses, Capital expenditure & Indirect revenue expenses which are
carried forward under the head Fixed Assets - CWIP (Pending Allocation)
, will be capitalized on commencement of respective Plant.
Note 1.5 All the Fixed Assets are assessed at the balance sheet date to
check the indication of Impairment of assets as required by AS 28
"Impairment of Assets". None of the indicators are listed in paragraph
8 to 10 of Accounting Standard-28 Issued by the ICAI was found on
Assessment.
Note 1.6 Segment Reporting
The Company''s business activities fall within single segment viz.
Processing of Fruit Pr oducts, it has no other primary reportable
segment.
Note 1.7 Deferred tax is recognised, subject to the consideration of
prudence, on timing difference being differences between taxable and
accounting income that originates in one period and are capable of
reversal in one or more subsequent periods. The company has timing
differences on account of depreciation giving rise to Deferred Tax
Liability (DTL) and also on account of unabsorbed losses, depreciation
and other adjustments, which gives rise to Deferred Tax Asset (DTA).
As a matter of prudence, the company has recognised the DTA only to the
extent of DTL since in the year in which the tax liability would arise,
benefit of unabsorbed losses and depreciation would also be available
to the company. Accordingly, no adjustments are necessary for the
same.
Note 1.8 Previous year''s figures
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2010
1. Contingent Liability
Estimated amount of contracts remaining to be
executed on capital account and not provided for
(net of advances) Rs. 1252.90 Lacs
Bank Guarantees issued to Customs Authorities/DGFT Rs. 54.43 Lacs
2. Where external evidence in form of cash memos, bill, stamped
receipts etc. were not available, the internal vouchers have been
prepared by the company and authorized by authorized signatory.
3. The Company is in process of compiling the data of suppliers which
are covered under the Micro, Small & Medium Enterprises Development
Act, 2000. Hence, the details pertaining to that are not disclosed
separately. However, out of the total Sundry Creditors Rs. NIL is due
to Small Scale and / or ancillary Industrial Suppliers (Previous Year
Rs. NIL). No amount is outstanding for more than 30 days with SSI
Units. Information regarding Small scale industrial undertakings has
been determined to the extent such parties have been identified on the
basis of information available with the company. This has been relied
upon by the auditors.
4. In the opinion of the Board of Directors, Current Assets and Loans
and Advances have a value on realization in the ordinary course of
business equal to the amount at which they are stated in the Balance
Sheet.
5. No provision for payment of Gratuity in books of accounts as
required under Accounting Standard 15(Revised) issued by the Institute
of Chartered Accountants of India in respect of accounting for
retirement benefits has been made as none of employee has completed 5
years of service.
As per the Companys Policy the unused accumulated leave balance lapses
at the year end and no employee is entitled to cash compensation for
unused accumulated leave balance at the end of the year and hence no
provision is made.
6. The company has incurred expenditure prior to commencing of plant
for processing of fresh fruits. All expenses including Direct expenses,
Capital expenditure & Indirect revenue expenses are carried forward
under the head Fixed Assets - CWIP ( Pending Allocation ) which will be
capitalized on commencement of Plant.
7. The company has made provision for Deferred Tax Liability as per
"AS 22 Accounting for Taxes on income" of Rs.45,537/- during the
current year and is Related to Fixed Assets.
8. All the Fixed Assets are assessed at the balance sheet date to
check the indication of Impairment of assets as required by AS 28
"Impairment of Assets". None of the indicators are listed in paragraph
8 to 10 of Accounting Standard-28 Issued by the ICAI was found on
Assessment.
9. Security for Secured Loans
(a) Loan from Banks are secured by way of Equitable Mortgage of land &
building, fixed assets and all movable assets (except Vehicles) of the
Company, pledge of fixed deposits with Banks and further secured by
personal guarantee of a Director.
(b) Vehicle Loans from Banks are secured against the specific vehicle
financed by respective banks.
10. Amalgamation of the Company Tricom Agrochem Limited with RIDS
Securities Limited.
a) Pursuant to the shareholders approval at the Court convened meeting
of the Company held on 10th September,2009 and the sanction of the
Bombay High Court and Gujarat High Court to the Scheme of Amalgamation
vide orders dated 29th January,2010 and 6th May, 2010 respectively, the
assets and liabilities of the erstwhile Company Tricom Agrochem Limited
were transferred to and vested with the Rids Securities Limited with
effect from the Appointed Date, viz, 1st April, 2008 in accordance with
the Scheme so sanctioned. Accordingly, the Scheme has been given effect
to in these accounts.
b) As per the scheme sanctioned the Amalgamation has been accounted for
on the " Pooling of Interests method" as prescribed by Accounting
Standard ( AS-14 ) issued by the Institute of Chartered Accountants of
India.
c) Accordingly,
i) The Assets and Liabilities of the erstwhile Tricom Agrochem Limited
as at 01.04.2008 have been taken over at their book value subject to
adjustments made for differences in accounting policies among the
companies , and/or as specified in the Scheme of Amalgamation.
ii) The above has resulted in the transfer of assets and liabilities
and the issue of share as consideration thereof at the following
summarised value:
d) Pending receipt of approvals, the erstwhile Tricom Agrochem Limited
and Rids Securities Limited carried on business separately till 31st
March 2010. Consequently, the losses of the erstwhile Tricom Agrochem
Limited for the period 01.04.08 to 31.03.2009 amounting to Rs.
1,64,77,333/- have been adjusted against General Reserves arising on
amalgamation. Subsequent income and expenses have been incorporated in
the Profit & Loss Account for the year.
e) Pursuant to the Scheme, referred in (a) above, 4855050 fully paid
equity shares of Rs.10/- each are to be issued by the Company to the
shareholders of the erstwhile Tricom Agrochem Limited in the ratio of 1
(one) Equity share of Rids Securities Limited for 2(two) Equity shares
of Tricom Agrochem Limited. Pending allotment of the said Equity
Shares, the amount of Rs. 48550500/- being the aggregate value of
4855050 Equity Shares of Rs.10/- each as at 31.03.2010 has been shown
under Equity Share Capital Suspense Account in Schedule A.
11. The Current year results includes the working of the Transferor
Company i.e. Tricom Agrochem Ltd.,and hence the figures relating to the
Current year are not comparable to those of the previous year.
12. Figures of previous year have been regrouped/reclassified wherever
necessary.