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Notes to Accounts of UTL Industries Ltd.

Mar 31, 2018

NOTE 3: Property. Plant and Equipment

Gross Block

Depreciation/Amortisation

Net Block

PARTICULARS

As at

Additions

Deductions /

As at

As at

FOR THE YEAR

Deductions /

As at

As at

As at

l-Apr-17

Adjustments

31-Mar-18

l-Apr-17

Adjustments

31-Mar-18

31-Mar-18

31-Mar-17

Tangible Assets

Computers

53,000

-

-

53,000

52,735

264

-

52,999

1

265

Printer

10,900

24,119

-

35,019

10,513

3,065

-

13,578

21,441

387

Air Cooler

-

8,790

-

8,790

-

1,434

-

1,434

7,356

-

Office Equipment

-

2,09,607

-

2,09,607

-

11,839

-

11,839

1,97,768

-

Total

63,900

2,42,516.00

-

3,06,416

63,248

16,602

-

79,850

2,26,566

652

Previous Year (2016-17)

PARTICULARS

Gross Block

Depreciation/Amortisation

Net Block

As at l-Apr-16

Additions

Deductions / Adjustments

As at 31-Mar-17

As at l-Apr-16

FOR THE YEAR

Deductions / Adjustments

As at 31-Mar-17

As at 31-Mar-17

As at 31-Mar-16

Tangible Assets

Computers

53,000

- 53,000 35,951 16,784 52,735 265 17,049

Printer

10,900

-

10,900 7,061 3,452 - 10,513 387 3,839

Total

63,900

-

-

63,900

43,012

20,236

-

63,248

652

20,888

*Note:

The Company is not having any Intangible Assets.

The Depreciation has been provided on the fixed assets as per The Companies Act 2013 on Straight Line Basis.

NOTE 4: LONG TERM LOANS & ADVANCES

NOTE 7: TRADE RECEIVABLES

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At 01 -Apr-2016

Security Deposits Other Loans & advances

-

-

1,06,842 18,33,620

19,40,462

NOTE 5: OTHER NON-CURRENT ASSETS (AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At 01-Apr-2016

Over Six Months Less: Provision for Doubtful Debts

-

-

1,48,71,002 -92,01,114

56,69,888

NOTE 6: INVENTORIES

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At 01-Apr-2016

Closing Work in Progress

-

1,76,40,385

-

-

1,76,40,385

-

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At Ol-Apr-2016

Other Debts Unsecured Considered Good (Less than six months)

3,62,61,480

1,13,00,800

-

3,62,61,480

1,13,00,800

-

NOTE 8: CASH AND CASH EQUIVALENTS

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At 01 Apr-2016

Cash on hand

1,04,287

4,02,811

2,09,743

Balances with banks

- in current accounts

8,46,350

-32,04,292

29,758

in FD Sweep accounts

18,50,000

45,80,000

Interest accrued on MOD

5,269

28,05,906

17,78,519

2,39,501

NOTE 9: SHORT TERM LOANS & ADVANCES

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At 01-Apr-2016

To Relatives

4,48,120

5,68,120

-

To Other

66,20,216

66,20,217

24,01,822

Advance Tax FY 2016-17 4,52,918 6,66,272 -

75,21,254

78,54,609

24,01,822

a. In the opinion of management, the current assets including loans, advances, deposits etc, is fully realizable in the normal course of business.

b. The balances of loan & advances as appearing above are fully confirmed.

NOTE 10: OTHER CURRENT ASSETS

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At Ol-Apr-2016

Security Deposit VAT Deposit

22,820

22,820

22,820

Interest accrued on MOD

_

3,705

_

TDS on VAT Receivables Other advances

95,15,822

93,000

-

95,38,642

1,19,525

22,820

NOTE 11: NOTES FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018

a) EQUITY SHARE CAPITAL

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

As At 31-Mar-17

As At Ol-Apr-16

Authorized:
35,000,000 (Previous year 35,000,000) Equity Shares of Rs.l Each Issued, subscribed and fully paid up:

3,50,00,000

3,50,00,000

3,50,00,000

32,955,000 ( Previous year 3,255,000) Equity Shares of Rs.l Each

3,29,55,000

3,29,55,000

32,55,000

Total

3,29,55,000

3,29,55,000

32,55,000

(AMOUNT IN Rs.)

Balance as on 1st April, 2016

Changes in equity share capital during the Reporting Period

Balance as on 31st March, 2017

3255000

29700000

32955000

Balance as on 1st April, 2017

Changes in equity share capital during the Reporting Period

Balance as on 31st March, 2018

32955000

Nil

32955000

Other Information:

Terms/Rights attached to the Equity Shares

The Company has only one class of equity shares having a par value of Rs. I/- per share, each holder of equity shares is entitled to one vote oer share.

Details of Shareholders holding more than 5% shares in the Company

Equity shares of Rs.l each fully paid up:

There are no equity shareholders holding more than 5% of euity shares in the company during the year.

NOTE 12:

b) OTHER EQUITY

Money

Share

Equity

Reserves and Surplus

Effective

Exchange

Other Items

Received

Application

component of

Debt

Equity

portion of

Differences

of OCI

against

Money pending

Financial

Securities

Instruments

Instruments

Cash flow

Revaluation

on

(specify

share

Particulars

allotment

Instruments

Capital Reserve

Premium Reserve

Other Reserves

Retained Earnings

Through OCI

through OCI

hedge

Reserve

translation

nature)

warrants

Total

Balance at the

beginning of the

reporting period

Nil

Nil

Nil

Nil

12,58,469

(98,38,640)

Nil

Nil

Nil

Nil

Nil

Nil

Nil

(85,80,171)

Changes in

accounting

policy or prior

period errors

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Restated

balance at the

beginning of the

period

Nil

Nil

Nil

Nil

-1258469

1258469

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Total

Comprehensive

income for the

year

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Dividends

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Transfer to

Retained

earnings

Nil

Nil

Nil

Nil

Nil

1,06,88,575

Nil

Nil

Nil

Nil

Nil

Nil

Nil

1,06,88,575

Any other

change (Specify)

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Balance at the

end of the

reporting period

Nil

Nil

Nil

Nil

Nil

21,08,404

Nil

Nil

Nil

Nil

Nil

Nil

Nil

21,08,404

NOTE 13: NON-CURRENT BORROWINGS

(AMOUNT IN Rs.)

Non Current Portion

Current Portion

PARTICULARS

As At

As At

As At

As At

As At

As At

31-Mar-18

31-Mar-17

Ol-Aor-16

31-Mar-18

31-Mar-17

Ol-Aor-16

Secured:

National Small Industries Corporation

-

-

-

-

-

1,46,57,713

Unsecured:

From Related Parties

-

-

-

6,05,759

3,29,759

52,757

From Others

-

-

-

-

-

3,00,000

From Companies

-

-

-

-

-

63,00,000

-

-

-

6,05,759

3,29,759

2,13,10,470

NOTE 14: TRADE PAYABLES

(AMOUNT IN Rs.)

PARTICULARS

As At 31-Mar-18

AsAt31-Mar-17

As At Ol-Apr-16

Trade payables for material, supplies & services

1,63,28,008

1,31,79,431

5,65,092

Statutory liabilities

8,80,141

4,78,867

-

1,72,08,149

1,36,58,298

5,65,092

a) Trade payables include Nil (Previous Year Nil) due to Micro, Small and Medium Enterprises to the extent such parties have been identified by the management from available information.

b) The Company has not received any intimation from the ''suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any relating to amounts unpaid as at March 31, 2018 (Previous year as at March 31,2017) together with interest paid / payable as required under the said Act, have not been given.

c) Statutory liabilities includes TDS payable and output GST payable as on March 31, 2018.

NOTE 15: SHORT-TERM PROVISIONS

PARTICULARS

1

A^^l-Mar-18

As At 31-Mar-17

As ^l-Apr-16

Provision for Construction Expenses

25,50,000

_

_

Provision for Audit Fees

60,000

54,000

20,000

Provision for Professional Fees

_

81,000

_

Provision for Salary Expenses

1,18,700

1,80,700

-

Provision for Electricity Expenses

31,302

15,904

-

Provision for Income Tax

7,15,404

-

-

34,75,406

3,31,604

20,000

(AMOUNT IN Rs)

PARTICULARS

AsAt31-Mar-18

AsAt31-Mar-17

Construction Receipt Interest Income

13,14,58,000

5,87,00,000

13,14,58,000

5,87,00,000

NOTE 17: OTHER INCOME (AMOUNT IN Rs)

PARTICULARS

AsAt31-Mar-18

AsAt31-Mar-17

Interest Income Dr/ Cr. Balance Written Off

5,25,257

3,92,711 22,78,340

5,25,257

26,71,051

NOTE 21: FINANCE COST

NOTE 22: OTHER EXPENSES

(AMOUNT IN Rs)

PARTICULARS

AsAt31-Mar-18

As At 31-Mar-17

Interest Expenses

2,14,285

2,14,285

-

(AMOUNT IN Rs)

PARTICULARS

AsAt31-Mar-18

As At 31-Mar-17

Advertisement Expenses

10,325

11200

Computer Expenses

36,000

29,363

Demat Account Charges

4,683

Electricity Expenses

3,83,363

1,49,340

Festival Gift Exp

3,09,338

-

Insurance Expenses

35,071

Internet Expenses

3,474

10,540

Legal & Professional Fees

1,32,000

1,00,500

Listing Expenses

3,31,081

3,63,850

Office Expenses

9,066

78,060

Other Expenses

59,348

60,217

Petrol Expenses

33,630

7,960

Postage & Courier Expenses

10,550

59,506

Printing & Stationery Expenses

92,778

92,241

Rent Expenses

60,000

60,000

ROC Filling Fees

2,400

1,200

Security Charges

72,896

-

Swachh Bharat Cess

31,672

1,02,295

Telephone Expenses

16,636

12,624

Payment to Auditor:

Audit Fees

60,000

60,000

Tax Matters

90,000

90,000

17,44,557 13,28,650

NOTE 23: EARNING PER SHARE (EPS)

(AMOUNT IN Rs)

PARTICULARS

AsAt31-Mar-18

As At 31-Mar-17

Profit / (Loss) after tax

1,06,88,575

62,75,010

Net Profit / (Loss) for calculation of basic EPS

1,06,88,575

62,75,010

Number of equity shares

3,29,55,000

3,29,55,000

Number of equity shares for calculation of basic EPS

3,29,55,000

1,87,38,288

Earnings Per Share (EPS)

0.32

0.33

NOTE 24: RELATED PARTY DISCLOSURE

As per Indian Accounting Standard 24, the disclosures of transactions with the related parties are given below:

a. List of related parties where control exists and related parties with whom transactions have taken place and relationships:

Name of Related Party

Relationship

Pro Leasing and Finance Limited

Company in which director is director

Parimal RShah Bhavik V Patel Shailesh chandra N Naik Samir D Vora PintubhaiSShah

Directors

Parimal RShah

Managing Director

b. Transaction during the year with related parties.

(AMOUNT IN Rs)

Nature of Transaction

As At 31-Mar-18

As At 31-Mar-17

Lease rent for office premises

Pro Leasing and Finance Limited

60,000

60,000

Director Remuneration

Bhavik V Patel

4,94,000

4,18,000

Umesh Gandhi

56,000

Parimal RShah

2,76,000

2,76,000

Unsecured loan taken

Parimal R Shah

6,05,759

3,29,759

Short Term advances

Pro Leasing and Finance Limited

4,68,120

5,68,120

Mr. Umesh Gandhi left the company as a director w.e.f. 25th July 2016.

NOTE 25

The Company is engaged in construction business only and therefore there is only one reportable segment in accordance with Indian Accounting Standard 108 on "Operating Segments".

NOTE 26

Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of

NOTE 27

The disclosures regarding details of specified bank notes held and transacted during November 8, 2016 to December 30, 2016 has not been made since the requirement does not pertain to financial year ended March 31, 2018. Corresponding disclosure as appearing in the audited financial statements for the period ended March 31, 2017 have been disclosed below: Details of Specified Bank Notes (SBN) held and transacted during the period Novembers, 2016 to December 30, 2016:

Particulars

SBNs

Other denomination notes

Total

Closing cash in hand as on 08.11.2016

64000

246893

310893

( ) Permitted receipts

Nil

Nil

Nil

(-) Permitted payments

Nil

(85913)

(85913)

(-) Amount deposited in Banks

(64000)

Nil

(64000)

( ) Amount withdrawn from Banks

Nil

300000

300000

Closing cash in hand as on 30.12.2016

Nil

460980

460980

NOTE 28

A] Explanation of transition to Ind AS

There is no difference in total equity as on 31.03.2017 and 01.04.2016 and total comprehensive income for the year ended 31.03.2017 in comparison to previous GAAP. Resultantly effect of transition to Ind AS is considered as Nil.

B] First time adoption of Ind AS

The accounting policies have been applied consistently in preparing the financial statements for the year ended 31.03.2017, the comparative information presented in these financial statements for the year ended 31.03.2016 and in the preparation of an opening Ind AS balance sheet as at 01.04.2016 (the company''s date of transition).

C] Ind AS optional exemptions

Deemed cost of Property, Plant and Equipment, Investment Property and Intangible Assets

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financila statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-comissioning liabilities. This exemption can also be used for Intangible assets covered by Ind AS 38 Intangible Assets and Investment Property covered by Ind AS 40 Investment properties. Accordingly, the company has elected to measure all of its Property, Plant and Equipment, Intangible Assets and Investment property at their previous GAAP carrying value as deemed cost.

D] Ind AS mandatory exemptions Estimates

An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any differences in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 01.04.2016 are consistent with the estimates as the same date made in confirmity with previous GAAP.

Classification and Measurement of Financial assets and liabilities

The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.

Reconciliation between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile total equity and total comprehensive income for prior periods. The following tables represent the reconciliation from previous GAAP to Ind AS.

1. Reconciliation of total equity as at 31 March 2017 and 1 April 2016

(AMOUNT IN RS)

Particulars

31-Mar-17

01-Apr-16

Total Equity (Shareholder''s Funds) as per previous GAAP

2,43,74,829

1,16,00,181

Adjustments

Total Equity as per Ind AS

2,43,74,829

1,16,00,181

2. Reconciliation of total comprehensive income for the year ended 31 March 2017

(AMOUNT IN RS)

Particulars

31-Mar-17

Profit after tax as per previous GAAP

62,75,010

Adjustments:

-

Total comprehensive income for the year ended 31 March 2017

62,75,010

3. Reconciliation of Statement of cash flows for the year ended 31 March 2017

Particulars

Previous GAAP

Adjustments

Ind AS

Net cash flows from Operating activities

(1,47,90,621)

0

(1,47,90,621)

Net cash flows from investment activities

0

0

0

Net cash flows from financing activities

1,63,29,639

0

1,63,29,639

Net increase/ decrease in cash and cash equivalents

15,39,018

0

15,39,018

Cash and cash equivalents at 1 April 2016

2,39,501

2,39,501

Cash and cash equivalents at 31 March 2017

17,78,519

0

17,78,519

As Per Our Report of Even Date

For Shirish Desai & Co.

For and On Behalf Of the Board of Directors

Chartered Accountants

(Firm Registration No: 112226W)

Jaydeep A. Samani

Parimal Shah

Bhavik Patel

(Partner)

(Managing Director)

(Director)

Membership No: 150207

DIN: 00569489

DIN: 07521766

Place : Vadodara

Date : 28th May 2018


Mar 31, 2014

For the period For the period As On 31/03/14 As On 31/03/13 Particulars

1. Contingent Liabilities:

Contingent Liabilities : 0 0

a. Claims against the company not acknowledged as debt

b. Guarantees 0 0

c. Other money for which the company is contingently liable 0 0

2. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

3. Letters seeking confirmation of balances outstanding from Banks, Debtors, Creditors and others are not being issued. Accordingly balances as on 31St March 2014 as appearing in books of account have been recognised and are subject to reconciliation / adjustment if any, when the accounts of the concerned parties are reconciled and settled.

4. The company has availed facilities under Raw Material Assistance Schema from National small Industries Corporation (N.S.I.C.) during the year 1996. The Company has defaulted in making payment to N.S.I.C. since the year 1997-1998. No interest has been provided in the books for the year 2013-14 on outstanding amount of Rs.1,75,07,713/- as on 01.04.2013 in absence of details.

5. The Company is "SICK" within the meaning of clause (0) of sub-section (1) of section 3 of Sick industrial Companies ( Special Provision) Act 1985 (SICA), However as the company is Small Scale Industry, it is not eligible for making reference to Board for Industrial Financial Reconstruction for declaration of Company as "Sick Industrial Undertaking".

6. Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of the current period


Mar 31, 2013

NOTE ''1'' Contingent Liabilities:

Contingent Liabilities:

a. Claims against the company not acknowledged as 0 0 debt

b. Guarantees 0 0

c. Other money for which the company is contingently liable

NOTE ''2'' In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE ''3'' Letters seeking confirmation of balances outstanding from Banks, Debtors, Creditors and others are not being issued. Accordingly balances as on 31st March 2013 as appearing in books of account have been recognised and are subject to reconciliation / adjustment if any, when the accounts of the concerned parties are reconciled and settled.

NOTE "4'' The company has availed facilities under Raw Material Assistance Schema from National small Industries Corporation (N.S.I.C.) during the year 1996. The Company has defaulted in making payment to N.S.I.C. since the year 1997-1998. No interest has been provided in the books for the year 2012-13 on outstanding amount of Rs.1,75,07,713/- as on 01.04.2012 in absence of details.

NOTE "5'' Term Loan from Gujarat State Financial Corporation (G.S.F.C.) is secured by way of first charge on the fixed assets of the company, both present and future, and the personal guarantee of one of the Directors. As the Company has defaulted in repayment of dues to Gujarat state Financial Corporation, G.S.F.C. took the possession of all the fixed assets of the Company during the 1999-2000 and realised an amount of Rs.17,61,000/- from the sale of those assets.

In terms of One Time Settlement (OTS) scheme the Company has paid an amount of Rs. 871,286/- during the year 2012-13. As the Company has not received "No Due Certificate" from G.S.F.C. the balance amount including interest due thereon is still payable to G.S.F.C. However in absence of necessary details with regard to interest charged by G.S.F.C, no provision is made in respect of interest payable to G.S.F.C. for the year 2012-13.

NOTE "6'' The Company is "SICK" within the meaning of clause (0) of sub-section (1) of section 3 of Sick industrial Companies (Special Provision) Act 1985 (SICA), However as the company is Small Scale Industry, it is not eligible for making reference to Board for Industrial Financial Reconstruction for declaration of Company as "Sick Industrial Undertaking";

NOTE ''7'' Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of the current period.


Mar 31, 2012

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

Letters seeking confirmation of balances outstanding from Banks, Debtors, Creditors and others are not being issued. Accordingly balances as on 31st March 2012 as appearing in books of account have been recognised and are subject to reconciled / adjustment if any , when the accounts of the concerned parties are reconciled and settled.

The company has availed facilities under Raw Material Assistance Schema from National small Industries Corporation (NSIC) during the year 1996. The Company has defaulted in making payment to NSIC since the year 1997-1998. No interest has been provided in the books for the year 2011-12 on outstanding amount of Rs. 17507713/-as on 01.04.2011 in absence of details.

Term Loan from Gujarat State Financial Corporation (GSFC) is secured by way of first charge on the fixed assets of the company, both present and future, and the personal guarantee of one of the Directors. As the Company has defaulted in repayment of dues to Gujarat state Financial Corporation, GSFC took the possession of all the fixed assets of the Company during the 1999-2000 and realized an amount of Rs.1761000/- from the sale of those assets. The balance amount including interest due thereon is still payable to GSFC. However in absence of necessary details with regard to interest charged by GSFC, no provision is made in respect of interest payable to GSFC for the year 2011-12.

The Company is "SICK" within the meaning of clause (0) of sub-section (1) of section 3 of Sick industrial Companies ( Special Provision) Act 1985 (SICA), However as the company is small Scale industry it is not eligible for making reference to Board for Industrial Financial Reconstruction for declaration of Company as "Sick Industrial Undertaking".

These Financial statement have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956 which has become effective from 01/04/2011. Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of the current period.


Mar 31, 2007

1. Corresponding figures of the previous year have been regrouped and reclassified to make them comparable with current year's figures wherever necessary.

2. Letters seeking confirmation of balances outstanding from Banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2007 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled.

3. No provision for Income tax liability is considered necessary in view of the loss during the year and brought forward losses.

4. The deferred tax assets has not been recognised as provided by Accounting Standards 22 as there is no reasonable certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

5. In the opinion of Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

6. Term Loan from Gujarat State Financial Corporation (GSFC) is secured by way of first charge on the fixed assets of the Company, both present and future, and the personal guarantee of one of the Directors. As the Company has defaulted in repayment of dues to Gujarat State Financial Corporation, it took the possession of all the fixed assets of the Company during the 1999-2000 and realised an amount of Rs. 17,61,000/- from the sale of those assets. The balance amount including interest due thereon is still payable to GSFC. However in absence of necessary details with regard to interest charged by GSFC, no provision is made for the year 2006-07 Working Capital borrowings from Union Bank of India, is secured by way hypothecation of stock of Raw Materials, Work in Process, Finished Goods, Book Debts and are further secured by way of the personal guarantee of one of the Directors. The bank has filed suit against the Company for recovery of its outstanding dues. No interest has been provided in the books for the year 2006-07 on outstanding amount of Rs. 25,00,150/- as on 01-04-2005. The Company in terms of settlement proposal dated paid 130.5.2002 has paid Rs 09.50 Lacs to the said Bank during the year 2006-07.

The Company has availed financial assistance from National Small Industries Corporation (NSIC) under Material Assistance Scheme. No interest has been provided in the books for the year 2006-07 on outstanding amount of Rs, 1,75,07,713/- as on 01-04-2006.

7. The Company is sick within the meaning of clause (o) of Sub-Section (1) of Section 3 of Sick Industrial Companies (Special Provision) Act 1985 (SICA), However as the company is Small Scale Industry it is not eligible for making reference to Board for Industrial and Financial Reconstruction for declaration of Sick Industrial Undertaking.

8. Additional information pursuant to the provisions of paragraphs 3 & 4 ( C) & (D) of part-II of schedule-VI to the Companies Act 1956 is not furnished as the company has neither undertaken any manufacturing or trading activity.

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