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Notes to Accounts of Vibros Organics Ltd.

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.

 
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