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: |
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.