Mar 31, 2016
(B) NOTES TO THE ACCOUNTS
1. Impairment of Assets
The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the& management Is of the opinion that there is no asset for which provision for impairment is required lobe madras per Accounting Standard- 23 on Impairment of Assets.
2 Contingent Abilities:
a) Performance Baâik Guarantee sued by Orients: Bank of Commerce of Rs. 34.43 lacs.
b} PF commissioner ^as Issued notice of demand of Rs, 57. S4 lacs (Rs. 44.G1 lacs for penalty and Rs. 13.23 lacs for interest). The company has paid Rs.15 lacs upfront and appeal into Appellate Tribunal Delhi in 2007, for May 2011 matter disused off in favour of the company arid restricts the order impute Interest only. The department has challenged the opinion in ''Komura? High Court'' and the scamp was dismissed by Single Judge Bench tin 27.Q3.2012, Department further filed an appeals with Divisional Bench and the said bench was asked for condemnation of delay in filing the appeal by PF department.
3. No provision has been made in accounts for gratuity and other retirement benefits accruing to employees which are not in accordance witty the Accounts Standard 15 and accounting policy of the company.
4. Accounting standard (AS-19) Lease Transaction Disclosures
The company had entered into an agreement in the nature of lease agreements for the purpose of Lease of Factory premises and Car. This is generally in the nature of operating :encase and disclosure required as per Accounting Standard 19 with regard to the above Is as under;
Assets acquired an Lease / Leave Office Premises, Factory Premises, Guest House and Vehicles. and License Period of Lease / Leave and License Varying between 2 years to 5 years Lease payments debited lo Profit and Rs. 3S,34,B3G/- (P.V, of Rs, 32,91,817/-} Loss Account (Including Car lease payment; Factory Rent, Branch Office Rent Guest Mouse Rent.)
5. Segment Reporting
The Company las only one business and geographical Segment viz. HDPE Tarpaulins and related products in India. Other business activities, including installation of pond, etc, during the year, does not qualify as time reporting segment in terms of AS-17, Hence no further disclosures are retired to be ma^ AS-17 on segment reporting,
6. Provision for Taxation
a| Current Tax: The company has made a appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961
b) Deferred Tax: Deferred taxes recognized on timing differences in accordance with AS-22 issued by acacias per details given hereunder.
7. Related Parties Disclosures
(I). Names of related parties
Names of related parties were control exists i respective NI of whether transactions have occurred or not
Names of other related parties with whom transactions Nil have taken place during the year
Associates Nil
Key Management Personnel 1. Mr. Zuzar A, Kathawala
(Managing Director)
Relatives of key management personnel 1 A. G. Kathawala
2. Qusai Kathawala
3. Durriya Z Kathawala
4. Sunrise Carp. (Prop. Zuar Kathawala]
5. Silver Wings
(Prop. Zuiur Katriawala)
Enterprises owned or significantly influenced by key
1. Ambient Media Solutions Pvt. Ltd. management personnel or their relatives
2. Kathawala Healtori Lip
3. A.K- Packaging Pvt Ltd
4. Alban Communications (I) Pvt Ltd E. Niyuprene Plastics Co. pvt Ltd.
6. ShlrTiii Construction Pvt ltd
7. General Machinery
8. In the opinion of the Board, the assets (other than Fixed Assets and Non Current Investments) are approximately of the value stated, if realized in the ordinary course of business. The provisions for liabilities are considered to be adequate by the Board
9. General Notes:
I) In terror of notification GSR (129E) dated, 22.02.99 Issued by the department of the company affairs, the company is required to furnish the details of outstanding to SSI under taking under the head "Current liabilities & Provision" of amount more than one lacs and for the period of more than 45 days the company has requested to vendor to furnish requisite information along with their registration balance sheet, therefore the company is unable to furnish the particulars.
il) Income Tax assessments of the Company have been completed Lil the assessment year 2012 -2013 U/S143
Ill) Provision has for been made for Bonus Payable in the current year.
IV) The company has pledged the shares /the Bank against loan in the year 1997 with were half and owned by the Directors Mr. A. G. Kathawaij, Mr.Z.A. Kathawa-a and Mrs. D. Z. Kathawala and their relative Mrs. M. A, Kathawala, having market value at the lima around Rs. 10.00 Lacs to secure the company''s liabilities for payment of long ''outstanding collection bill dated 17,07 1900 for USD 2 902 5/- (Rupees 7.42 La es).
We a regimens to under static that though the shares were p edged for a particular transaction and Lepton limited of Rs. 10.00 Lacs only, in theyearjanuary2000 the hank exercised their might convoke the pledge without giving notice tooth pledge and without restricting tip salt; to the profit Rs. 10 Lacs only, and according only sold the shakes for Rs. 2,83,50,938/- and created the proceeds to the companies account, The amount credited by the bank s shown under the group of unsecured loans from related party under Note No 4 (SIIDRT-TLRM BORROWINGS) of the Financial Statements.
V) As per the information available, the loan from Ambient Media Pvt. Ltd. for Rs. 1294.23 lacs (as mentioned in Mote No, 3 of the Financial Statements) is representing a son acquired by M/s Ambient Media Solutions Private Limited (AMSPL, Group Company) from Assets Reconstruction Company India Ltd.
During the earlier financial years, the company has made a Sum of Rs. 253-87 lacs to AMSPL as a part of settlement of loan (as mentioned in Note 15 to Balance Sheet), subject to fine! settlement. However during the current Financial Year, due to failure of the settlement proposal, the select amount was recovered back* by the company from AMSPL. However the company is still trying to ingot ate w it h t he A MSP Lor settlement of t h e loan.
10. The financial statements which describes that the Balance of Debtors, Creditors, Loans & Advances and Investments are subject to confirmation and reconciliation, if any, Hence, the effect thereof,, on Profit/ Loss, Assets and Liabilities, if any. Is not ascertainable.
11. Won forward exchange contracts are out standing on the balance sheet date which is entered to hedge foreign exchange e* pushes of t h e Company,
Mar 31, 2015
1. There are Nil ( Previous year - Nil) rights, preference and
restriction attaching to each class of shares including restriction on
the distribution of dividend and the repayment of capital.
2. There are nil number of shares ( Previous year Nil) in respect of
each class in the company held by its holding company or its ultimate
holding company including shares held by or by subsidiary or associates
of the holding company or the ultimate holding company in aggregate.
3. Shares in the company held by each shareholders holding more than 5%
shares, as on 31.03.2015:
4. There are nil number of shares ( Previous year Nil) reserved for
issue under option and contracts /commitment for the sale of
shares/disinvetment including the terms and amounts.
5. For the period of five years immediately preceding the date as at
which the balance sheet is prepared
6. There are no securities issued which are convertible into
equity/preference shares.
7. There are 15630 Calls unpaid (previous year 15630) of Rs 10/-
each.Calls unpaid by directors & officers of the company as on Balance
Sheet date are Nil.(previous year Nil).
8. There is no forfeiture of the shares of any class during the
Financial Year (Previous Year -Nil).
(Working Capital facility from City Co-op Bank is secured by first
charge on stock of raw materials, finished goods, work in progress and
book debts of the company along with the personal sureity & security
given by the directors of the company. Further the said working
facility are repayable on demand and carries interest rates at 15% p.
a. on monthly rest)
9. Impairment of Assets
The Company has carried out Impairment test on its fixed assets as on
the date of Balance Sheet and the management is of the opinion that
there is no asset for which provision for impairment is required to be
made as per Accounting Standard - 28 on Impairment of Assets.
10. Contingent Liabilities:
a) Performance Bank Guarantee issued by Oriental Bank of Commerce of
Rs. 46,00,000/- .
(Fixed deposits of Rs 10.75 lacs (in the name of the company) has been
given to the bankers as a margin for issuing the above guarantees,
along with personal guarantee and pledge of personal assets of the
Directors)
b) PF commissioner has issued notice of demand of Rs. 57.84 lacs (Rs.
44.61 lacs for penalty and Rs. 13.23 lacs for interest). The company
has paid Rs.15 lacs upfront and appeal into Appellate Tribunal Delhi in
2007. In May 2011 matter disposed off in favor of the company and
restricts the order up to interest only. The department has challenged
the decision in 'Honorable High Court' and the same was dismissed by
Single Judge Bench on 27.03.2012. Department further filed an appeal
with Divisional Bench and the said bench was asked for condonation of
delay in filing the appeal by PF department.
11. No provision has been made in accounts for gratuity and other
retirement benefits accruing to employees which is not in accordance
with the Accounting Standard 15 and accounting policy of the company
12. Accounting standard (AS-19) Lease Transaction Disclosures
The company had entered into an agreement in the nature of lease
agreements for the purpose of Lease of Factory premises and Car. This
is generally in the nature of operating lease and disclosure required
as per Accounting Standard 19 with regard to the above is as under:
Assets acquired on Lease / Leave and Office Premises, Factory Premises,
License Guest House and Vehicles.
Period of Lease / Leave and License Varying between 2 years to 5 years
Minimum Lease payments debited to Rs. 32,91,817/- (P.Y. of Rs.
25,03,700/-)
(Including Car lease payment;
Factory Rent, Branch Office Rent
Guest House Rent.)
The Company has only one business and geographical Segment viz. HDPE
Tarpaulene and related products in India. Other business activities,
including installation of pond, etc, during the year, does not qualify
as the reporting segment in terms ofAS-17. Hence no further disclosures
are required to be made as per AS-17 on segment reporting.
13. Related Parties Disclosures
(I). Names of related parties
Names of related parties where control exists irrespective of whether
transactions have occurred or not
Nil
Names of other related parties with whom transactions have taken place
during the year
Nil
Associates
Nil
Key Management Personnel
1. Mr. Zuzar A. Kathawala (Managing Director)
Relatives of key management personnel
1. Mr. Imtiaz A. Kathawala
2. Yunus Kathawala
3. Salim Kathawala
4. A. G. Kathawala
5. Qusai Kathawala
6. Naamah Kathawala
Enterprises owned or significantly influenced by key management
personnel or their relatives
1. Ambient Media Solutions Pvt. Ltd.
2. Kathawala Realtors LLP
* Amount written off or written back in respect of debts due from or to
related parties is "NIL".
** Figures for the previous year have been shown in the brackets.
*** Related party relationship is as identified by the management and
relied upon by the auditor.
14. Segment Reporting
The Company has only one business and geographical Segment viz. HDPE
Tarpaulene and related products in India. Other business activities,
including installation of pond, etc, during the year, does not qualify
as the reporting segment in terms ofAS-17. Hence no further disclosures
are required to be made as per AS-17 on segment reporting.
15. Provision for Taxation
a) Current Tax: The company has made a appropriate provision for
taxation for the year under the provision of the Income Tax Act, 1961
16. In the opinion of the Board, the assets (other than Fixed Assets
and Non Current Investments) are approximately of the value stated, if
realized in the ordinary course of business. The provisions for
liabilities are considered to be adequate by the Board
I) In term of notification GSR (129E) dated. 22.02.99 issued by the
department of the company affairs, the company is required to furnish
the details of outstanding to SSI undertaking under the head "Current
Liabilities & Provision" of amount more than one lacs and for the
period of more than 45 days the company has requested to vendor to
furnish requisite information along with their SSI registration balance
sheet, therefore the company is unable to furnish the particulars.
II) Income Tax assessments of the Company have been completed till the
assessment year 2011 - 2012 U/S 143 (1) (a).
III) Provision has not been made for Bonus Payable in the current year.
IV) The company has pledged the shares with Bank against loan in the
year 1997 which were held and owned by the Directors Mr. A. G.
Kathawala, Mr. Z. A. Kathawala and Mrs. D. Z. Kathawala and their
relative Mrs. M. A. Kathawala, having market value at the time around
Rs. 10.00 Lacs to secure the company's liabilities for payment of long
outstanding collection bill dated 17.07.1990 for USD 29025/- (Rupees
7.42 Lacs).
We are given to understand that though the shares were pledged for a
particular transaction and upto a limit of Rs. 10 Lacs only, in the
year January 2000 the bank exercised their right to invoke the pledge
without giving notice to the pledger and without restricting the sale
to the extent of Rs. 10 Lacs only, and accordingly sold the shares for
Rs. 2,88,50,988/- and credited the proceeds to the companies account.
The amount credited by the bank is shown under the group of unsecured
loans from related party under Note No 4 (SHORT-TERM BORROWINGS) of the
Financial Statements.
V) As per the information available, the loan from Ambient Media Pvt.
Ltd. for Rs. 1294.23 lacs (as mentioned in Note No. 3 of the Financial
Statements) is representing a loan acquired by M/s Ambient Media
Solutions Private Limited (AMSPL, Group Company) from Assets
Reconstruction Company India Ltd.
During the earlier financial years, the company has paid a sum of Rs.
253.87 lacs to AMSPL as a part of settlement of loan (as mentioned in
Note 15 to Balance Sheet), subject to final settlement. However during
the current Financial Year, due to failure of the settlement proposal,
the said amount was recovered back by the company from AMSPL. However
the company is still trying to negotiate with the AMSPL for settlement
of the loan.
17. The financial statements which describes that the Balance of
Debtors, Creditors, Loans & Advances and Investments are subject to
confirmation and reconciliation, if any. Hence, the effect thereof, on
Profit/ Loss, Assets and Liabilities, if any, is not ascertainable.
18. No forward exchange contracts are outstanding on the balance sheet
date which is entered to hedge foreign exchange exposures of the
Company.
Mar 31, 2014
1. Impairment of Assets
The Company has carried out Impairment test on its fixed assets as on
the date of Balance Sheet and the management is of the opinion that
there is no asset for which provision for impairment is required to be
made as per Accounting Standard - 28 on Impairment of Assets.
2 Contingent Liabilities:
a) Performance Bank Guarantee issued by Oriental Bank of Commerce of
Rs. 41,00,000/-
b) PF commissioner was issued notice of demand of Rs. 57.84 lacs (Rs.
44.61 lacs for penalty and Rs. 13.23 lacs ) for interest. The company
was paid Rs.15 lacs upfront and appeal into Appellate Tribunal Delhi in
2007. In May 2011 matter disposed off in favor of the company and
restricts the order up to interest only. The department was challenged
the decision in ''Honorable High Court'' and the same was dismissed by
Single Judge Bench on 27.03.2012. Department further file appeal with
Divisional Bench and the said bench asked for condonation of delay in
filing the appeal from PF department.
d) In Case of Excise duty & TDS following demand notice issued by the
authority.
3. No provision has been made in accounts for gratuity and other
retirement benefits accruing to employees which is not in accordance
with the Accounting Standard 15 and accounting policy of the company
4. Accounting standard (AS-19) Lease Transaction Disclosures
(a) Disclosures relating to Finance and Operating Leases
The Company has not entered in any kind of Finance and Operating Lease
transactions during the Financial Year. Hence, no disclosure is
required to be made as per AS-19 in this respect.
5. Related Parties Disclosures
(I). Names of related parties
6. Accounting standard (AS-19) Lease Transaction Disclosures
(a) Disclosures relating to Finance and Operating Leases
The Company has not entered in any kind of Finance and Operating Lease
transactions during the Financial Year. Hence, no disclosure is
required to be made as per AS-19 in this respect.
* Amount written off or written back in respect of debts due from or to
related parties is "NIL".
** Figures for the previous year have been shown in the brackets.
*** Related party relationship is as identified by the management and
relied upon by the auditor.
7. Segment Reporting
The Company has only one business and geographical Segment viz. HDPE
Tarpaulene and related products in India. Hence no further disclosures
are required to be made as per AS-17 on segment reporting.
8. Provision for Taxation
a) Current Tax: The company has made a appropriate provision for
taxation for the year under the provision of the Income Tax Act, 1961
b) Deferred Tax
Deferred tax is recognized on timing differences in accordance with
AS-22 issued by ICAI as per details given hereunder.
As a matter of Prudence, no provision for deferred Tax Asset has been
made in the accounts.
9. Pursuant to the direction of Ministry of Corporate Affairs Cost
Audit Order No.52/26/CAB-2010 dated 24.01.2012 & 06.11.2012, read with
Section 233B of the Companies Act, 1956, cost audit applicable to
company, Cost Audit report have not been submitted to the auditors, as
the management is still in the process of cost audit exercise.
10. General Notes:
I) In term of notification GSR (129E) dated. 22.02.99 issued by the
department of the company affairs, the company is required to furnish
the details of outstanding to SSI undertaking under the head "Current
Liabilities & Provision" of amount more than one lacs and for the
period of more than 45 days the company has requested to vendor to
furnish requisite information along with their SSI registration balance
sheet, therefore the company is unable to furnish the particulars.
II) Income Tax assessments of the Company have been completed till the
assessment year 2010-2011 U/S 143 (l)(a).
III) Provision has not been made for Bonus Payable in the current year.
IV) The company has in the year 1997 pledged with Bank against loan.
Which held and owned by the Directors Mr. A. G. Kathawala, Mr. Z. A.
Kathawala and Mrs. D. Z. Kathawala and their relative Mrs. M. A.
Kathawala, having market value at the time around Rs. 10.00 Lacs to
secure the company''s liabilities for payment of long outstanding
collection bill dated 17.07.1990 for USD 29025/- (Rupees 7.42 Lacs).
We are given to understand that though the shares were pledged for a
particular transaction and upto a limit of Rs. 10 Lacs only, in the
year January 2000 the bank exercised their right to invoke the pledge
without giving notice to the pledger and without restricting the sale
to the extent of Rs. 10 Lacs only, and accordingly sold the shares for
Rs. 2,88,50,988.57 and credited the proceeds to the companies account.
The amount credited by the bank is shown under the group of unsecured
loans from related party.
V) As per the information available the loan from Ambient Media Pvt.
Ltd. for Rs. 1294.23 lacs (as mentioned in Note No. 3 of the Balance
Sheet) is representing a loan purchased by M/s Ambient Media Solutions
Private Limited (AMSPL, Group Company) from Assets Reconstruction
Company India Ltd. The company has paid a sum of Rs. 253.87 lacs to
AMSPL as a part of settlement of loan (as mentioned in Note 15 to
Balance Sheet), subject to final settlement.
11. Balance of all sundry Debtors, Sundry Creditors & loan and advances
are subject to confirmation and consequent reconciliation and
adjustments, if any.
12. No forward exchange contracts are outstanding on the balance sheet
date which is entered to hedge foreign exchange exposures of the
Company.
13. Account confirmation statements were not received from some of the
parties
14. In the opinion of the Board, the assets (other than Fixed Assets
and Non Current Investments) are approximately of the value stated, if
realized in the ordinary course of business. The provisions for
liabilities are considered to be adequate by the Board
Mar 31, 2013
1. Impairment of Assets
The Company has carried out Impairment test on its fixed assets as on
the date of Balance Sheet and the management is of the opinion that
there is no asset for which provision for impairment is required to be
made as per Accounting Standard - 28 on Impairment of Assets.
2 '' Contingent Liabilities:
a) As per the representation made by management, the company has not
any contigent liability for bill discount from bank and other, futher
all the Bank Guarantee with custom Authorities has been provided by DCB
bank and the same has canceled. Also all the facility including Bank
Guarantee and Bill purchase has been assigned by the DCB to the Asset
Reconstruction Company of India Limited (Arcil). Refer Notel2 (V).
b) Bank Guarantee issued by OBC Bank of Rs. 29,46,500/-
c) PF commissioner was issued notice of demand of Rs. 57.84 lacs (Rs.
44.61 lacs for penalty and Rs. 13.23 lacs ) for interest. The company
was paid Rs.15 lacs upfront and appeal into Appellate Tribunal Delhi in
2007. In May 2011 matter disposed off in favor of the company and
restricts the order up to interest only. The department was challenged
the decision in ''Honorable High Court'' and the same was dismissed by
Single Judge Bench on 27.03.2012. Department further file appeal with
Divisional Bench and the said bench asked for condonation of delay in
filing the appeal from PF department.
d) In Case of Excise duty following demand notice issued by die
audiority.
3. No provision has been made in accounts for gratuity and other
retirement benefits accruing to employees which is not in accordance
with the Accounting Standard 15 and accounting policy of the company
4. Segment Reporting
The Company has only one business and geographical Segment viz. HDPE
Tarpaulene and related products in India. Hence no further disclosures
are required to be made as per AS-17 on segment reporting.
5. Accounting standard (AS-19) Lease Transaction Disclosures
(a) Disclosures relating to Finance and Operating Leases
The Company has not entered in any kind of Finance and Operating Lease
transactions during the Financial Year. Hence, no disclosure is
required to be made as per AS-19 in this respect.
* Amount written offor written back in respect of debts due from or to
related parties is "NIL".
* * Figures for the previous year have been shown in the brackets.
* * * Related party relationship is as identified by the management and
relied upon by the auditor.
6. Provision for Taxation
a) Current Tax: The company has made a appropriate provision for
taxation for the year under the provision of the Income Tax Act, 1961
b) Deferred Tax
Deferred tax is recognized on timing differences in accordance with
AS-22 issued by ICAI as per details given hereunder.
As a matter of Prudence, no provision for deferred Tax Asset has been
made in the accounts.
7. General Notes:
I) In term of notification GSR (129E) dated. 22.02.99 issued by the
department of the company affairs, the company is required to furnish
the details of outstanding to SSI undertaking under the head "Current
Liabilities & Provision" of amount more than one lacs and for the
period of more than 45 days the company has requested to vendor to
furnish requisite information along with their SSI registration balance
sheet, therefore the company is unable to furnish the particulars.
II) Income Tax assessments of the Company have been completed till the
assessment year 2010 - 2011 U/S 143(1) (a).
III) Provision has not been made for Bonus Payable in the current year.
IV) The company has in the year 1997 pledged with Development Credit
Bank Ltd. Share of Public Limited Companies, held and owned by the
Directors Mr. A. G. Kathawala, Mr. Z. A. Kathawala and Mrs. D. Z.
Kathawala and their relative Mrs. M. A. Kathawala, having market value
at the time around Rs. 10.00 Lacs to secure the company''s liabilities
for payment of long outstanding collection bill dated 17.07.1990 for
USD 29025/- (Rupees 7.42 Lacs).
We are given to understand that though the shares were pledged for a
particular transaction and upto a limit of Rs. 10 Lacs only, in the
year January 2000 the bank exercised their right to invoke the pledge
without giving notice to the pledger and without restricting the sale
to the extent of Rs. 10 Lacs only, and accordingly sold the shares for
Rs. 2,88,50,988.57 and credited the proceeds to the companies cash and
the matter is under litigation by the parties concerned the amount so
credited by the bank is shown under the heading suspense account
failing under classified group unsecured loans.
V) As per the information available the loan from Ambient Media Pvt.
Ltd. for Rs. 1294.23 lacs (as mentioned in Note No. 3 of the Balance
Sheet) was originally granted by Development Credit Bank (DCB) and the
same has been assigned by the DCB to the Asset Reconstruction Company
of India Limited (Arcil). The Arcil has again sold its above said loan
asset to one of the group company M/s Ambient Media Solutions Private
Limited (AMSPL). The company has paid a sum of Rs. 253.87 lacs to AMSPL
as a part of settlement of loan (as mentioned in Note 15 to Balance
Sheet), subject to final settlement.
8. Balance of all sundry Debtors, Sundry Creditors & loan and advances
are subject to confirmation and consequent reconciliation and
adjustments, if any.
9. No forward exchange contracts are outstanding on the balance sheet
date which is entered to hedge foreign exchange exposures of the
Company.
10. Account confirmation statements were not received from some of the
parties
11. In the opinion of the Board, the assets (other than Fixed Assets
and Non Current Investments) are approximately of the value stated, if
realized in the ordinary course of business. The provisions for
liabilities are considered to be adequate by the Board
Mar 31, 2012
NOTE - 1 SHARE CAPITAL
a) There are Nil (Previous year - Nil) rights, preference and
restriction attaching to each class of shares including restriction on
the distribution of dividend and the repayment of capital.
b) There are nil number of shares (Previous year Nil) in respect of
each class in the company held by its holding company or its ultimate
holding company including shares held by or by subsidiary or associates
of the holding company or the ultimate holding company in aggregate.
c) There are nil number of shares (Previous year Nil) reserved for
issue under option and contracts/commitment for the sale of
shares/disinvestment including the terms and amounts.
d) For the period of five years immediately preceding the date as at
which the balance sheet is prepared
e) There are no securities issued which are convertible into
equity/preference shares.
f) There are 15630 Calls unpaid (previous year 15630) of Rs 10/- each.
Calls unpaid by directors & officers of the company as on Balance
Sheet date are Nil.(previous year Nil).
i) There is no forfeiture of the shares of any class during the
Financial Year (Previous Year - Nil).
1. Impairment of Assets
The Company has carried out Impairment test on its fixed assets as on
the date of Balance Sheet and the management is of the opinion that
there is no asset for which provision for impairment is required to be
made as per Accounting Standard - 28 on Impairment of Assets.
2. The contingent liabilities:
a) Bills discounted with the banks amount to Rs. 479,473/- (Previous
year Rs. 479,473/-) and other parties Rs. 4,636,340/- (Previous year
Rs. 4,636,340)
b) Bank Guarantee with custom Authorities Rs. 9,645,768/- (Previous
YearRs. 9,645,768/-)
3. No provision has been made in accounts for gratuity and other
retirement benefits accruing to employees which is not in accordance
with the Accounting Standard 15 and accounting policy of die company
4. Miscellaneous Expenditure:
The Company has written off balance preliminary/miscellaneous
expenditure during the current year of Rs. 1.01,743.
5. Related Parties Disclosures
(I). Names of related parties
Names of related parties
where control exists Nil
irrespective of whether
transactions have
occurred or not
Names of other related
parties with whom Nil
transactions have taken
place during the year
Associates Nil
Key Management Personnel 1. Mr. Zuzar A. Kathavvala
(Managing Director)
2. Mrs. Durriya Z. Kathawala
(Director)
3. Mr. Sunil Ramakanth Tripathi
(Director)
Relatives of key
management personnel 1. Mr. Imtiaz A. Kathawala
2. Yunus Kathawala
3. Salim Kathawala
4. A. G. Kathawala
5. Qusai Kathawala
6. Naamah Kathawala
Enterprises owned or
significantly influenced 1. Alban Communications India
by key management Pvt. Ltd.
personnel or their
relatives 2. Adamji Investment Pvt. Ltd.
3. Ambient Media Solutions Pvt. Ltd.
4. Niyuprene Plastics Co. Pvt. Ltd.
5. Kathawala Realtors LLP
6. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES
(a) Disclosures relating to Finance and Operating Leases
The Company has not entered in any kind of Finance and Operating Lease
transactions during the Financial Year. Hence, no disclosure is
required to be made as per AS-19 in this respect.
7. Provision for Taxation
a) Current Tax: The company has made a appropriate provision for
taxation for the year under the provision of the Income Tax Act, 1961
8. Segment Reporting
The Company has only one business and geographical Segment viz. HDPE
Tarpaulene and related products in India. Hence no further disclosures
are required to be made as per AS-17 on segment reporting.
9. Previous Year Comparatives
The Financial Statements for the year ended 31st March, 2011 had been
prepared as per the then applicable, pre-revised schedule VI under the
Companies Act, 1956, the Financial Statement for the Year ended 31st
March, 2012 are prepared as per Revised Schedule VI. Accordingly, the
previous year's does not impact recognisation and measurement
principles followed for preparation of financial statements and the
previous year's figures have been regrouped/rearranged wherever
necessary to conform to current year presentation. Figures have been
rounded off to the nearest rupee.
10. General Notes:
I) In term of notification GSR (129E) dated. 22.02.99 issued by the
department of the company affairs, the company is required to furnish
the details of outstanding to SSI undertaking under the head "Current
Liabilities & Provision" of amount more than one lacs and for the
period of more than 45 days the company has requested to vendor to
furnish requisite information along with their SSI registration balance
sheet, therefore the company is unable to furnish the particulars.
II) Income Tax assessments of the Company have been completed till the
assessment year 2010 - 2011 U/S 143(1) (a).
III) Provision has not been made for Bonus Payable in the current year.
IV) The company has in the year 1997 pledged with Development Credit
Bank Ltd. Share of Public Limited Companies, held and owned by the
Directors Mr. A. G. Kathawala, Mr. Z. A. Kathawala and Mrs. D. Z.
Kathawala and their relative Mrs. M. A. Kathawala, having market value
at the time around Rs. 10.00 Lacs to secure the company's liabilities
for payment of long outstanding collection bill dated 17.07.1990 for
USD 29025/- (Rupees 7.42 Lacs).
We are given to understand that though the shares were pledged for a
particular transaction and upto a limit of Rs. 10 Lacs only, in the
year January 2000 the bank exercised their right to invoke the pledge
without giving notice to the pledger and without restricting the sale
to-the extent of Rs. 10 Lacs only, and accordingly sold the shares for
Rs. 2,88,50,988.57 and credited the proceeds to the companies cash and
the matter is under litigation by the parties concerned the amount so
credited by the bank is shown under the heading suspense account
failing under classified group unsecured loans.
V) As per the information available the loan taken by the company from
Development Credit Bank (DCB) for Rs. 1294.23 lacs (as mentioned in
Note No. 3 and 4 to the Balance Sheet) has been assigned by the DCB to
the Asset Reconstruction Company of India Limited (Arcil). The Arcil
has again sold its above said loan asset to one of the group company
M/s Ambient Media Solutions Private Limited (AMSPL). The company has
paid a sum of Rs. 231.51 lacs to AMSPL as a part of settlement of loan
(as mentioned in Note 15 to Balance Sheet), subject to final
settlement.
11. Balance of all sundry Debtors, Sundry Creditors & loan and
advances are subject to confirmation and consequent reconciliation and
adjustments, if any.
12. No forward exchange contracts are outstanding on the balance sheet
date which is entered to hedge foreign exchange exposures of the
Company.
13. Account confirmation statements were not received from some of the
parties
14. In the opinion of the Board, the assets (other than Fixed Assets
and Non Current Investments) are approximately of the value stated, if
realized in the ordinary course of business. The provisions for
liabilities are considered to be adequate by the Board
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