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Notes to Accounts of Universal Prime Aluminium Ltd.

Mar 31, 2014

1. Due to considerable fall in the demand for Aluminium Collapsible tubes with the introduction of Plastic Laminated Tubes and Oval Tin Containers, the Company was forced to discontinue its manufacturing activities a few years back.

As reported in the earlier years, with the approval of the shareholders as required under section 293 of the Companies Act 1956, the company had disposed of off the plant and machinery specifically installed for the manufacturing of goods as per the Main Object of the Company. The Management is perceiving efforts for taking up manufacturing of Plastic laminated tubes for packaging of FMCG products/ manufacturing of Aluminium Rod and Aluminium Conductor for power distribution and printing of tin plate sheet usable for commercial buildings and dialogues with various equipment suppliers for procurement at economical prices is in progress. Accordingly accounts have been prepared on a "Going Concern" basis.

2. Contingent Liability

* Central Sales Tax Demand contested under appeal " 1,46,202/- (Previous Year " 1,46,202/-),

* Other disputed claims -Telephone Exp. dues at Hyderabad " 1,40,000/- (Previous Year " 1,40,000/-)

* Property taxes of Pendhar Grampanchayat of Rs.862574/= demanded by Grampanchayat vide demand notice no. 177dt. 18-2-2006 for the period up to 31-3-2006 against which company has filed special suit in the court of Civil Judge Senior division Panvel. From 1-4-2006 to 31-3-2014 no any demand notice received for the same , hence amount can not be identifiable. Property tax liability of the periods, for which bill/demand is not raised by the Pendhar Grampanchayat, not known to us and hence it is neither provided in books nor not quantifiable for us due to non-availability of information.

3. The amount represents recoveries made against common administrative expenses from associate companies.

4. (a) In the opinion of the management, the current assets, loans and advances including deposits are recoverable at the value stated in the financials.

(b) Balances of certain creditors and advances are subject to confirmations and reconciliations, if any. The difference as may be noticed on reconciliations will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference, if any, will not be material.

5. The manufacturing activities of the Company are suspended hence no information could be furnished under segment wise information to be report as per Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

6. In view of considerable reduction in activities of the Company, a Whole Time Company Secretary could not be appointed.

7. Employee Benefits as on 31st March 2014 are provided on the basis of the Company''s rules and not on the basis of Actuarial valuation as required under Accounting Standard 15 (revised).

8. During the year, the company has made Investment in 20% Non-convertible debentures (200 numbers) of Prince Foundation Ltd having a face value of " 50,000/- each aggregating to " 10,000,000. The debentures were redeemable in 4 installments. The redemption proceeds together with interest due for realisation in December 2013 and March 2014 amounting to " 5,337,808 were not realised till 31st March 2014. Accordingly, the same were being disclosed as "other assets" under "Current Assets". While installment and interest dues of December 2013 and interest dues of March 2014 were realised subsequent to the date of Balance Sheet, the installment due of March 2014 of " 25,00,000 is yet to be realised as on date. No provision is being made for such overdue redemption proceeds as Management is of opinion that the proceeds would be realised.


Mar 31, 2013

1.1) Due to considerable fall in the demand for Aluminium Collapsible tubes with the introduction of Plastic Laminated Tubes and Oval Tin Containers, the Company was forced to discontinue its manufacturing activities a few year back.

While other avenues of manufacturing activity were being explored, with the approval of the shareholders, as per the requirements of Section 293 of the Companies Act, 1956, step were taken to disposing off the plant & machinery specifically installed for manufacturing of the goos as per the Main Object of the Company. With the removal of the plant and machineries the shop floor is completely vacant to enable installation of machineries for taking up manufacture of other products under consideration of management including Plastic laminated tubes for packaging of FMCG products/manufacturing of Aluminium Rod and/or Aluminium Conductor for power distribution/printing of tin plate sheet usable for commercial buildings. The Company has been in dialogue with various equipment suppliers to ensure procurement from most economical source. Considering the progress of the development, the accounts have been prepared on "Going Concern" basis.

1.2) Contingent Liability

- Central Sales Tax Demand contested under appeal Rs. 1,46,202/- (Previous Year Rs. 1,46,202/-)

- Other disputed claims-Telephone Exp. dues at Hyderabad Rs. 1,40,000/- (Previous Year Rs. 1,40,000/-)

- Property taxes of Pendhar Grampanchayat ofRs. 8,62,574/- demanded by Grampanchayat vide demand notice no. 177 dt. 18-2-2006 for the period up to 31-3-2006 against which company has filed special suit in the court of Civil Judge Senior division Panvel. From 1-4-2006 to 31-3-2013 no any demand notice received for the same, hence amount can not be identifiable. Property tax liability of the periods, for which bill/demand is not raised by the Pendhar Grampanchayat, not known to us and hence it is neither provided in books and not quantifiable for us due to non availability of information.

1.3) During the year, company changed the practice of accounting for various recoveries made against administrative cost. The recoveries made hitherto were being adjusted against the value of expenses incurred. The practice was changed in current year and the same are accounted for separately. In the financial statement the same is shown as deduction from total expenses incurred.

1.4) (a) In the opinion of the management, the current assets, loans and advances including deposits are recoverable at the value stated in the financials.

(b) Balances of certain creditors and advances are subject to confirmations and reconciliations, if any. The difference as may be noticed on reconciliations will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference, if any, will not be material.

1.5) The accounts relating to unclaimed share application money for the year 1994-95 aggregating to Rs. 89,895/= (Previous Year Rs. 89,895/=) are under reconciliation with the Company''s Share Registrar, Registrar to the Issue and Bankers and therefore, could not be paid to Investor Education and Protection Fund as required under Section 205C of the Companies Act, 1956. On completion of reconciliation, these would be transferred to the said Fund.

1.6) The manufacturing activities of the Company are suspended hence no information could be furnished under segment wise information to be report as per Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

1.7) Related Party disclosure as per Accounting Standard 18 :

(i) Parties with whom the Company has entered into transactions during the year: Associates

IrconTrading & Manufacturing Pvt. Ltd. Universal Enterprises Ltd. Universal Plastocrafts Pvt. Ltd. Universal Autocrafts Pvt. Ltd.

P. P. PackagingsPvt.Ltd.

Bhagwati Industries (Prop. Kumar Metals Pvt. Ltd.)

(ii) Key Management Personnel

Shri Prakash Kumar Mohta - Director

1.8) In view of considerable reduction in activities of the Company, a Whole Time Company Secretary could not be appointed.

1.9) Employee Benefits as on 31st March 2013 are provided on the basis of the Company''s rules and not on the basis of Actuarial valuation as required under Accounting Standard 15 (revised).


Mar 31, 2012

1.1) Due to considerable fall in the demand for Aluminium Collapsible tubes with the introduction of Plastic Laminated Tubes and Oval Tin Containers, the Company was forced to discontinue its manufacturing activities a few year back.

As per the requirements of Section 293 of the Companies Act, 1956 and duly approved by the General Body in an earlier year, the Company had been disposing off Plant & Machinery over the years. The last of sizeable portion of machinery was sold in current year to enable the Company to re-design the shop floor for taking up manufacturing of Plastic laminated tubes for packaging of FMCG products/ manufacturing of Aluminium Rod and/or Aluminium Conductor for power distribution/printing of tin plate sheet usable for commercial buildings. The Company has been in dialogue with various overseas equipment suppliers to ensure procurement from most economical source. Considering the progress of the development, the accounts have been prepared on "Going Concern" basis.

1.2) Contingent Liability

- Central Sales Tax Demand contested under appeal 146,202/- (Previous Year 146,202/-)

- Other disputed claims-Telephone Exp. dues at Hyderabad 140,000/- (Previous Year 140,000/-)

- Property taxes of Pendhar Grampanchayat of 862,574/- demanded by Grampanchayat vide demand notice no. 177 dt. 18-2-2006 for the period up to 31-3-2006 against which company has filed special suit in the court of Civil Judge Senior division Pannel. From 1-4-2006 to 31-3-2012 no any demand notice received for the same, hence amount can not be identifiable. Property tax liability of the periods, for which bill/demand is not raised by the Pendhar Grampanchayat, not known to us and hence it is neither provided in books and not quantifiable for us due to non availability of information.

1.3) Disposal of Fixed Assets

Company has disposed of the fixed assets consisting of plant & machinery having gross value of 123.52 lacs and net value of 6.78 lacs. After such disposal, the balance value of Plant & Machinery stands at 1.50 lacs. The disposal of assets has been done in view of management's plan to bring new plant and machineries for a new project what ever and when ever will be finalized in near future. However till new project get finalized, the factory shed can be used for storage and can be let out on commercial basis for a shorter period in future.

1.4) Write off/wite back of assets and liabilities Company has during the year

- Written off Debtors and advances aggregating to 45,00,631 which were disputed.

- Written off the Value of closing stock of material lying with third party by 10,15,700 and the same is valued at nominal price of 1 per kg. which comes amounting to 13,568.

- Written back liabilities of 12,29,849.

Management had reviewed from time to time the realisability of the amounts recoverable and probability of payments to be made against such payable. It is assessed that such sums are not recoverable / payable and accordingly decision was taken to write them off.

Any recoveries made / payments made against such assets / liabilities would be accounted for in the year of receipt / payment.

1.5) (a) In the opinion of the management, the current assets, loans and advances including deposits are approximately of the value stated, if realised in the ordinary course of business.

(b) Balances of certain Sundry debtors, creditors and advances are subject to confirmations and reconciliations, if any. The difference as may be noticed on reconciliations will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference, if any, will not be material.

1.6) The accounts relating to unclaimed share application money for the year 1994-95 aggregating to 89,895/- (Previous Year 89,895/-) are under reconciliation with the Company's Share Registrar, Registrar to the Issue and Bankers and therefore, could not be paid to Investor Education and Protection Fund as required under Section 205C of the Companies Act, 1956. On completion of reconciliation, these would be transferred to the said Fund.

1.7) The Company is engaged in manufacture and sale of "Tubes and Tin Containers". As the manufacturing activities of the Company are suspended hence there is no any segment wise information to report as per Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

1.8) Related Party disclosure as per Accounting Standard 18 :

i) Parties with whom the Company has entered into transactions during the year :

Associates

Ircon Trading & Manufacturing Pvt. Ltd.

Universal Enterprises Ltd.

Universal Plastocrafts Pvt. Ltd.

Universal Autocrafts Pvt. Ltd.

P. P. Packagings Pvt. Ltd.

Bhagwati Industries (Prop. Kumar Metals Pvt. Ltd.)

(ii) Key Management Personnel

Shri Prakash Kumar Mohta - Director Note : Related parties are as identified by the Company and relied upon by the Auditors.

1.9) In view of considerable reduction in activities of the Company, a Whole Time Company Secretary could not be appointed.

1.10) Employee Benefits as on 31st March 2012 are provided on the basis of the Company's rules and not on the basis of Actuarial valuation as required under Accounting Standard 15 (revised).


Mar 31, 2011

1. The Company has discontinued its manufacturing activities at Taloja in view of considerable fall in the demand for Aluminium Collapsible tubes with the introduction of Plastic Laminated Tubes and Oval Tin Containers. Production has been held up due to dispute with the principal customer. The accounts have, however, been prepared on a "going concern" basis as the long term prospects appear better considering the fact that certain new projects which have been identified are under active consideration by the Management.

2 Contingent Liability:

-Central Sales Tax Demand contested under appeal Rs. 1,46,202/- (Previous Year Rs. 1,46,202/-),

-Other disputed claims-Telephone Exp. dues at Hyderabad Rs. 1,40,000/- (Previous Year Rs. 1,40,000/-)

-Property taxes of Pendhar Grampanchayat of Rs. 862574/- demanded by Grampanchayat against which company has filed special suit in the court of Civil Judge Senior division Pannel.

-Property tax liability of the periods, for which bill/demand is not raised by the Pendhar Grampanchayat, not known to us and hence it is neither provided in books and not quantifiable for us due to non availability of information.

3 (a) In the opinion of the management, the current assets, loans and advances including deposits are approximately of the value stated, if realised in the ordinary course of business.

(b) Balances of certain Sundry debtors, creditors and advances are subject to confirmations and reconciliations, if any. The difference as may be noticed on reconciliations will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference, if any, will not be material.

4. In respect of long overdue/legally disputed debtors of Rs. 39,22,530/- (Previous year Rs. 39,22,530/-) and loans and advances including deposits of Rs. 5,78,099/- (Previous year Rs. 5,78,099/-) respectively, the management is hopeful of their recovery in due course of time in view of inter alia, continuing negotiations / legal cases filed and therefore no provision has been considered necessary at this stage.

5. In the opinion of the management all the inter-corporate deposits given by the company are considered good and are repayable on demand.

6. (a) Stock of Raw Materials of the value of Rs. 10,29,268/- (Previous Year Rs. 10,29,268/-) is lying with a third party since quite some time. The Company has filed legal case against the said party and is hopeful of receipt of money / recovery of the said material.

(b) Stock of Stores and Spare parts of Rs. 53,911/- (Previous Year Rs. 71,882/-) are non-moving since last more than five years. However, the management is confident of utilising the same / realising its value in due course of time.

7. The consumption of stores and spares, raw materials have been arrived at by adding opening stock and purchases made during the year and deducting closing stock there from, and physically verified by the management at the year end.

8. The accounts relating to unclaimed share application money for the year 1994-95 aggregating to Rs. 89,895/- (Previous Year ? 89,895/-) are under reconciliation with the Company's Share Registrar, Registrar to the Issue and Bankers and therefore, could not be paid to Investor Education and Protection Fund as required under Section 205C of the Companies Act, 1956. On completion of reconciliation, these would be transferred to the said Fund.

9. The Company is in the process of obtaining/compiling information from the suppliers about the applicability of Small scale/Ancillary Industrial Suppliers as defined under the "Industrial (Development and Regulation) Act, 1951" and "Interest on delayed payments to Small Scale /Ancillary Industrial Undertakings Act, 1993."

Accordingly, the information relating to their dues/over dues could not be furnished. Further, the Company has not receivedany information from its vendor regarding their status under Micro Small and Medium Enterprises Development Act 2006 and hence disclosures, if any, required under the Act have not been made.

10. The Company is engaged in manufacture and sale of "Tubes and Tin Containers". As the manufacturing activities of the Company are suspended hence there is no any segment wise information to report as per Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

11. Related Party disclosure as per Accounting Standard 18 :

i) Parties with whom the Company has entered into transactions during the year:

Associates

Ircon Trading & Manufacturing Pvt. Ltd.

Universal Enterprises Ltd.

Universal Plastocrafts Pvt. Ltd.

Universal Autocrafts Pvt. Ltd.

P. P. Packagings Pvt. Ltd.

Bhagwati Industries (Prop. Kumar Metals Pvt. Ltd.)

(ii) Key Management Personnel

Shri Prakash Kumar Mohta - Director

Note : Related parties are as identified by the Company and relied upon by the Auditors.

12. The Company has been incurring losses and accordingly, as a matter of prudence, no deferred tax asset has been recognised in the accounts.

13. In view of considerable reduction in activities of the Company, a Whole Time Company Secretary could not be appointed.

14. Employee Benefits as on 31st March 2011 are provided on the basis of Company's rules and not on the basis of Acturial valuation as required under Accounting Standard 15 (revised).

15. Particulars of Installed Capacity, Production, Purchases, Stocks and Turnover :

ii) Since the production activities are suspended figures of production, sale and stocks of finished goods are Nil.

Note : The Licensed capacity is not given as licensing has ben abolished.

16. Previous year's figures have been regrouped or re-arranged & recasted wherever necessary & pos- sible to conform to the current year's presentation.

 
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