Mar 31, 2014
OTHER NOTES:
NOTE: 1.1 Contingent Liabilities - NIL (Previous Year NIL)
Claims against the company not acknowledged as debt - NIL Unexpired
Capital commitments for purchases of capital items - NIL (Previous Year
NIL)
NOTE: 1.2 In the opinion of the Board of Directors, the Current
Assets, Loans &
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they have been stated in the
Balance Sheet and provision for all known liabilities have been made in
the books of accounts.
NOTE: 2.1 In view of financial constraints being faced by the company
and disposal of fixed assets the business activity could not be resumed
during the year.The financial statements have been prepared assuming
that the Company will continue as a going concern. Management is
planning a new line of business activity.
NOTE: 2.2 Balance with Govt. Authorities under Note No. 2.10 of
Balance Sheet includes a sum of '' 1.33 lacs (previous year '' 1.33 lacs)
are pending in appeal with Excise Department.
NOTE: 2.3 Since there is no demand outstanding towards ESI therefore
the excess liability provided of Rs.1.48 Lacs outstanding in the books
of account has been written back during the year.
NOTE: 2.4 a) Earning in Foreign Currency - Nil (Previous year - Nil)
b) Expenditure in Foreign Currency - Nil (Previous Year - Nil)
NOTE: 2.5 Remuneration paid to Directors -Nil (Previous Year -Nil)
NOTE: 2.6 Deposits and advances balances are subject to confirmation.
NOTE: 2.7 Amount due to Micro, Small & Medium Enterprises -Nil.
(Previous Year - Nil)
NOTE: 2.8 Related Parties Disclosures
As per Accounting Standard 18 '''' Related Party Transaction''''.
A. List of Associates Companies:
a) M/s. Tecon Projects Pvt. Ltd.
b) M/s. Naveen Projects Ltd.
c) M/s. Kolsons Exims Pvt. Ltd.
d) M/s. Pranav Comtech Pvt. Ltd.
B. Key Management Personnel :-
a) Mr. Naveen Kohli (Managing Director)
b) Mr. Anil Sood (Director)
NOTE: 2.9 SEGMENT REPORTING: -
The Company had only one line of product and is managed
organizationally as asingle unit, therefore no separate segment is
identifiable. Also there are no reportable geographical segments as
required by Accounting Standard 17, issued by The Institute of
Chartered Accountants of India.
NOTE: 2.10 DEFERRED INCOME TAX AS PER AS -22:
As the company is a sick Company and do not foresee any taxable income
in future the Deferred Tax Assets / Liability is not considered to be
accounted for in accordance with Accounting Standard -22,
"Accounting for Taxes Income" issued by Institute of Chartered Accoun
-tants of India.
NOTE: 2.11 All amounts in the financial statements are presented in ''
except otherwise stated.
Figures of previous year have been re-grouped / re arranged, wherever
considered necessary.
Mar 31, 2013
NOTE : 1. Contingent liabilities NIL (Previous Year NIL.)
Unexpired Capital commitments for purchases of capital items NIL.
(Previous Year NTT.)
NOTE; 2. To the opinion of the Board of Directors, the Current
Assets, Loans & Advances have a value on realization in the ordinary
course of business at least equal to the amount at which they have been
stated in the Balance Sheet and provision for all known liabilities
have been made in the books of accounts.
NOTE: 3. The production activity could not be resumed during the
year, in view of financial constraints being faced by the company and
disposal of the assets of the company and change in business plan of
the company.
NOTE : 4. Balance with Govt. Authorities under Note No. 2.10 of
Balance Sheet includes a sum of Rs. 1.33 lacs (previous year t 1.33
lacs) are pending in appeal with Excise Department.
NOTE : 5. a) Earning in Foreign Currency - Nil (Previous year - Nil)
b) Expenditure in Foreign Currency - Nil (Previous Year - Nil)
NOTE: 6. Payment made to Directors -Nil (Previous Year -Nil)
NOTE: 7. Debtors and creditors balances are subject to confirmation.
NOTE: 8. Amount due to Micro, Small & Medium Enterprises -Nil.
(Previous Year -Nil)
NOTE: 9. Discontinuing of Operations (AS-24): a) Since all the Fixed
Assets of the Company is impaired and due to recessionary market
conditions and financial constraints subsequently sale/disposal of the
land and assets, the company could not resume its business activity of
manufacturing of NCB/PNCB., during the year Board of Directors of the
Company have decided to discontinue the business activity of the
Company of manufacturing of NCB/PNCB.
Since Company had no employee in the company at the yearend hence
there is no effect on employee due to such discontinuation.
It now intends to instead start operations of trading in chemicals as
part of its operations. Necessary steps are underway by the management
for the same.
b) During the year Company has sold its factory land it Building at
Sikandrabad at Rs.380 lacs had cost value Rs.10.43 lacs and
consequently earned profit of rs.369.57 lacs. Due to carry over/ book
losses there is no Income tax liability on such game. All other fixed
assets including capital work in progress of the company had written
down value Rs.253.49 lacs were impaired as the same were not in use
since long period. Company has written off all impaired fixed assets
and capital work in progress as at the year end.
NOTE: 10. RELATED PARTIES DISCLOSURES
As per Accounting Standard 18 " Related I ''art Transaction .
A. List of Associates Companies:
a) M/s. Tecon Projects Pvt. Ltd.
b) M/s. Naveen Projects Ltd.
c) M/s. Allied Metal & Engg. Works
d) M/s. Kolsoiis Exims Pvt Ltd.
e) M/s. Pranav Comtech Pvt Ltd.
B. Key Management Personnel
a) Mr. Naveen Kohli (Managing Director)
b) Mr. Anil Sood (Director)
NOTE: 11. SFGMEN I REPORTING: -
The Company had only one line of product and is managed
organizationally as a single unit, therefore no separate segment is
identifiable. Also there are no reportable geographical segments as
required by Accounting Standard 17, issued by The Institute of
Chartered Accountants of India.
NOTE: 12. DEFERRED INCOME TAX AS PER AS -22:
As the company is a sick Company and do not foresee any taxable income
in future the Deferred Tax Assets / liability is not considered to be
accounted for in accordance with Accounting Standard -22, " Accounting
for Taxes of Income " issued by
Institute of Chartered Accountants of India.
NOTE: 13. All amounts in the financial statements are presented in
except others use stated.
Figures of previous year have been re-grouped / re-arranged, wherever
considered necessary.
Mar 31, 2012
NOTE: 1.1 Unexpired Capital commitments for purchases of capital
items Rs. NIL (Previous Year NIL)
NOTE: 1.2 In the opinion of the Board of Directors, the Current
Assets, Loans & Advances have a value on realization in the
ordinary course of business at least equal to the amount at which
they have been stated in the Balance Sheet and provision for all
known liabilities have been made in the books of accounts.
NOTE: 1.3 The production activity could not be resumed during the
year, in view of financial constraints being faced by the company.
NOTE: 1.4 Capital Work in Progress amounting to Rs. 163.40 Lacs
(previous year Rs. 163,40 Lacs) include Plant and Machinery purchased for
the manufacturing of NCB/PNCf! during the financial year 1995-96,
pending commissioning due to recessionary market conditions and
financial constraints being faced by the company.
NOTE: 1.5 Balance with Govt. Authorities under Note No. 2.10 of
Balance Sheet includes a sum of Rs. 1.33 lacs (previous year Rs. 1.33 lacs)
are pending in appeal with Excise Department.
NOTE: 1.6 a) Earning in Foreign Currency - Nil (Previous year - Nil)
b) Expenditure in Foreign Currency - Nil (Previous Year - Nil)
NOTE: 1.7 Payment made to Directors -Nil (Previous Year -Nil)
NOTE: 1.8 Debtors and creditors balances are subject to confirmation.
NOTE: 1.9 Amount due to Micro, Small & Medium Enterprises -NIL.
{Previous Year -Nil)
NOTE: 1.10 Since Fixed Assets of the Company was not in use,
depreciation for the year is not charged by the Company.
NOTE: 1.11 Company has intended to seil the land & Building of
Sikandrabad plant since earlier year and has received amount of advance
from the prospective buyer but the ownership of that land has not been
vested to buyer therefore the said assets are still appearing in the
books of accounts of the Company.
NOTE: 1.12 RELATED PARTIES DISCLOSURES
As per Accounting Standard 18 " Related Party Transaction".
A. List of Associates Companies: -
a) M/s. Tccon Projects Pvt. Ltd.
b) M/s. Naveen Projects Ltd.
c) M/s. Allied Metal & Engg. Works
d) M/s. Kolsons Exims Pvt, Ltd.
e) M/s. Pranav Comtech Pvt. Ltd.
f) M/s. Vibros & Company.
NOTE: 1.13 SEGMENT REPORTING: -
The Company has only one line of product and is managed
organizationally as a single unit, therefore no separate segment is
identifiable. Also there arc no reportable geographical segments as
required by Accounting Standard 17, issued by The Institute of
Chartered Accountants of India.
NOTE: 1.14 DEFERRED INCOME TAX AS PER AS -22:
As the company is a sick Company and do not foresee any taxable income
in future the Deferred Tax Assets / Liability is not considered to be
accounted for in accordance with Accounting Standard -22, " Accounting
for Taxes of Income " issued by Institute of Chartered Accountants of
India.
NOTE: 1.15 Revised Schedule VI under the Companies Act, 1956:
During the year ended 3I51 March, 2012 the Revised Schedule VI notified
under the Companies Act, 1956 has become applicable lor preparation and
presentation of Financial Statements. The preparation of financial
statements based on that Revised Schedule VI does not impacl the
recognition and measurement principles followed for preparation of the
financial statements.
NOTE: 1.16 All amounts in the financial statements are presented in Rs.
except otherwise stated.
Figures of previous year have been re-grouped / re-arranged, wherever
considered necessary.
Mar 31, 2011
1) CONTINGENT LIABILITIES
Unexpired capital commitments for purchases of capital items Rs. NIL
(Previous Year NIL)
2) In the opinion of the Board of Directors, the Current Assets,
Loans & Advances have a value on realization in the ordinary course
of business at least equal to the amount at which they have been stated
in the Balance Sheet and provision for all known liabilities have been
made in the books of accounts.
3) The production activity could not be resumed during the year, in
view of financial constraints being faced by the company.
4) Capital Work in Progress amounting to Rs. 163.40 Lacs (previous year Rs.
163.40 Lacs) include Plant and Machinery purchased for the
manufacturing of NCB/PNCB during the financial year 1995-96, pending
commissioning due to recessionary market conditions and financial
constraints being faced by the company.
5) Loan & Advances includes a sum of Rs. 1.33 lacs (previous year Rs. 1.33
lacs) are pending in appeal with excise department. (Schedule - 5
Balances with Excise & Service Tax Authorities)
6) Since Fixed Assets of the Company was not in use, depreciation for
the year is not charged by the Company
7) Company has intended to sell the land & Building of Sikandrabad
plant since earlier year and has received amount of advance from the
prospective buyer but the ownership of that land has not been vested to
buyer therefore the said assets are still appearing in the books of
accounts of the Company.
8) SEGMENT REPORTING: -
The Company has only one line of product and is managed
organizationally as a single unit, therefore no separate segment is
identifiable. Also there are no reportable geographical segments as
required by Accounting Standard 17, issued by The Institute of
Chartered Accountants of India.
9) All amounts in the financial statements are presented in ? except
otherwise stated. Figures of previous year have been re- grouped /
re-arranged, wherever considered necessary segments as required by
Accounting Standard 17, issued by The Institute of Chartered
Accountants of India.
10) DEFERRED INCOME TAX AS PERAS 22:
As the company is a sick Company and do not foresee any taxable income
in future the deferred tax assets / liability is not considered to be
accounted for in accordance with accounting standard 22, "Accounting
for Taxes of Income" issued by Institute of Chartered Accountants of
India
Mar 31, 2010
1) CONTINGENT LIABILITIES
Unexpired capital commitment for purchase of capital items Rs. NIL
(previous year Rs. NIL).
2) In the opinion of the Board of Directors, the Current Assets, Loans
& Advances have a value on realization in the ordinary course of
business at least equal to the amount at which they have been stated in
the Balance Sheet and provision for all known liabilities have been
made in the books of accounts.
3) The production activity could not be resumed during the year, in
view of financial constraints being faced by the company.
4) Capital Work in Progress amounting to Rs. 163.40 Lacs include Plant
and Machinery purchased for the manufacturing of NCB/PNCB during the
financial year 1995- 9 6, pending commissioning due to recessionary
market conditions and financial constraints being faced by the company.
5) Advances recoverable include a sum of Rs. 1.33 lacs
(previous year Rs. 1.33 lacs) pending in appeal with excise
department.
6) (a) Earning in Foreign Currency - NIL (Previous year - Nil)
(b) Expenditure in Foreign Currency - NIL (Previous Year NIL)
7) Payment made to Directors -NIL (Previous Year -NIL)
8) Debtors and creditors balances are subject to confirmation.
9) Previous year figure have been regrouped/recast wherever considered
necessary.
10) Amount due to Micro, Small & Medium Enterprises -NIL.
11) In view of the settlement with PICUP the company has paid overdue
interest of Rs.14,39,730/- on term loan.
12) During the year One Time settlement has been made for the overdue
loan repayable to State Bank of Bikaner & Jaipur and the excess
liability of Rs.53,56,939 appearing in the books of account has been
written back.
13) Since Fixed Assets of the Company was not in use, depreciation for
the year is not charged by the Company
14) Pre issue expenses of Rs . 10.20 lacs have been written off during
the year -
15) During the year Company has intended to sell the land & Building of
Sikandrabad plant of the Company and has received amount of advance
from the prospective buyer.
Mar 31, 2009
1) CONTINGENT LIABILITIES
Unexpired capital commitment for purchase of capital items Rs. NIL
(previous year Rs. NIL).
2) In the opinion of the Board of Directors, the Current Assets, Loans
& Advances have a value on realization in the ordinary course of
business at least equal to the amount at which they have been stated
in. the Balance Sheet and provision for all known liabilities have been
made in the books of accounts.
3) The production activity could not be resumed during the year, in
view of financial constraints being faced by the company.
4) Plant and Machinery amounting to Rs. 163.40 Lacs
(including preoperative expenses amounting to Rs. 81.59 Lacs),
purchased for the manufacturing of NCB/PNCB during the financial year
1995-96, has been shown as Capital Work-in-Progress, pending
commissioning due to recessionary market conditions and financial
constraints being faced by the company.
5) Advances recoverable include a sum of Rs. 1.33 lacs {previous year
Rs. 1.33 .lacs) pending in appeal with excise department.
6) (a) Earning in Foreign Currency - NIL (Previous year - Nil)
(b) Expenditure in Foreign Currency - NIL (Previous Year NIL)
7) Payment made to Directors: -
Sitting Fee Nil (Previous Year -Nil)
8) Debtors and creditors balances are subject to confirmation.
9} Previous year figure have been regrouped/recasted wherever
10) Amount due to Micro, small & Medium Enterprises NIL
11) In View of the negation for settlement with PICUP and SBBJ the
company has not provided Interest (amount not ascertainable ) for
various years including the current year on working capital facilities
availed from state bank of term loan payble to PICUP. The loss of the
company and the amount of interest accrued and due has therefore been
understated by the same amount.
12) In view of no business activity the company has not
written off pre issue expenses of Rs. 10.20 lacs.
Additional Information pursuant to paragraphs 3 & 4 of
Part II of Schedule - VI of the Companies Act,.1956
Segment Reporting: -
The Company has only one line of product and is managed
organizationally as a single unit, therefore no separate segment is
identifiable. Also there are no reportable geographical segments as
required by Accounting Standard 17, issued by The Institute of
Chartered Accountants of India.
Deferred Income Tax as per AS -22:
à As the company is a sick and do not for see any taxable income in
future the deferred tax assets / liability not considered to be
accounted for in accordance with accounting standard -22 issued by
Institute of Chartered Accountants of India