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Notes to Accounts of UTL Industries Ltd.

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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