Mar 31, 2021
Contingent Liabilities
a) A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation Contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably The company does not recognize a contingent liability but discloses its existence in the financial statements.
b) Demand of Rs 179.51 Lakhs includingthe interest and penalty under VAT the Company is of the opinion that there are no groundsfor levying VAT Based on legal Opinion obtained the company is of the view that said demandcontesting Hence, no provision has been considered by the management in these financialstatements.
c) The Company name is in the list of shell companies (Vide SEBI on its letter bearing no. SEBI /HO/ISD/OW/P/2017/18183 dated August 7, 2017). Exchange had initiated a process of verifying the credentials / fundamentals of the company. It had appointed an auditor to conduct audit of the company to verify its credentials/fundamentals.
On verification, if Exchange do not find appropriate credentials / fundamentals about existence of the company, Exchange may initiate the proceeding for compulsory delisting against the company, and the said company shall not be permitted to deal in any security on exchange platform and its holding in any depository account shall be frozen till such delisting process is completed.
Accordingly, the forensic audit was conducted, however, till date the company has not received any further communication from BSE.
Balances in respect of certain sundry debtors, sundry creditors and loans and advances are taken as shown by the books of account and am subject to confirmation and consequent adjustments and reconciliation if any
(i) As per the management opinion current assets, loans and advances have a value on realization which in the ordinary course of business would not be less than the amount in which they are stated in the balance sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reasonably required.
(ii) Details of dues to micro and small enterprises as defined under the MSMED Act2006 there are no micros small and medium enterprises, to which the Company owes dues
which are outstanding for more than 15 days at March 31 2021.Thisinformation as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 as been determined to the extent such parties have been identified on the basis of information available with the Company
'' Figures for the previous year have been regrouped / amended wherever necessary
Sep 30, 2014
(a) Terms/ rights attached to equity shares
The company has only one class of equity shares having par value of 1
per share. Each holder of equity shares is entitled to one vote per
share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held.
1. Background
Basis of the preparations of financial statements are prepared
accordance with "GAAP "under the historical cost conversion on the
accrual basis. In accordance with the requirements of the Companies
Act, 1956, accounting policies not referred to otherwise are consistent
with generally accepted accounting principles and the provisions of the
Companies Act, 1956.
2. Basis of Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
3. Balances in respect of certain sundry debtors, sundry creditors,
investments and loans and advances are taken as shown by the books of
account and are subject to confirmation and consequent adjustments and
reconciliation, if any.
4. As per Management opinion Current assets, loans and advances have
a value on realization which in the ordinary course of the business
would not be less than the amount at which they are stated in the
balance sheet and the provisions for all known and determined
liabilities are adequate and not in excess of the amount reasonably
required.
5. Details of dues to micro and small enterprises as defined under
the MSMED Act, 2006
There are no micro, small and medium enterprises, to which the Company
owes dues, which are outstanding for more than 45 days as at September
30, 2014. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
6. Figures in brackets represent those of the previous year.
7. Figures for the previous year have been regrouped / amended
wherever necessary.
Sep 30, 2013
1.1 Balances in respect of certain sundry debtors, sundry creditors,
investments and loans and advances are taken as shown by the books of
account and are subject to confirmation and consequent adjustments and
reconciliation, if any.
1.2 As per Management opinion Current assets, loans and advances have
a value on realization which in the ordinary course of the business
would not be less than the amount at which they are stated in the
balance sheet and the provisions for all known and determined
liabilities are adequate and not in excess of the amount reasonably
required.
1.3 Details of dues to micro and small enterprises as defined under
the MSMED Act, 2006
There are no micro, small and medium enterprises, to which the Company
owes dues, which are outstanding for more than 45 days as at March 31,
2013. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information avail- able with the Company.
1.4 3.30 As per the information and explanation given by the
management, the company has shown Rs. 50,00,000/- as Long term Loans
and Advances Âdoubtful, the said amount was paid under case no
RC-25(A)-2011 recoverable.
1.5 Figures in brackets represent those of the previous year.
1.6 Figures for the previous year have been regrouped / amended
wherever necessary.
Sep 30, 2012
* Aggregate Book Value of Unquoted Investments : Rs. 19,45,75,000/-
previous Year Rs. 19,75,75,000/- )
* Aggregate Book Value of quoted Investments : Rs. 12,19,90,963/-
(Previous Year Rs. 14,95,18,328 /- )
* Aggregate Market Value of quoted Investments :5,25,48,048/- (Previous
Year Rs. 90,11,3673/- )
Current investments are carried in the financial statements at cost and
Long-term investments are also carried at cost. However, provision for
diminution in value is not recognize other than temporary in the value
of the investments. On disposal of an investment, the difference
between its carrying amount and net disposal proceeds is charged or
credited to the statement of profit and loss.
1. Background
Basis of the preparations of financial statements are prepared
accordance with "GAAP "under the historical cost conversion on the
accrual basis. In accordance with the requirements of the Companies
Act, 1956. Accounting policies not referred to otherwise are consistent
with generally accepted accounting principles and the provisions of the
Companies Act, 1956.
2. Basis of Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
3.1 Balances in respect of certain sundry debtors, sundry creditors
and loans and advances are taken as shown by the books of account and
are subject to confirmation and consequent adjustments and
reconciliation, if any.
3.2 As per Management opinion Current assets, loans and advances have
a value on realization which in the ordinary course of the business
would not be less than the amount at which they are stated in the
balance sheet and the provisions for all known and determined
liabilities are adequate and not in excess of the amount reasonably
required.
3.3 Details of dues to micro and small enterprises as defined under
the MSMED Act, 2006
There are no micro, small and medium enterprises, to which the Company
owes dues, which are outstanding for more than 45 days as at March 31,
2012. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
3.4 Figures in brackets represent those of the previous year.
3.5 Figures for the previous year have been regrouped / amended
wherever necessary.
Sep 30, 2011
1. RELATED PARTIES:
Disclosures as required by Accounting Standard (AS) -18 "Related Party
Transaction" issued by the Institute of Chartered Accountants of India
are as follows:
2. Inventories are as per taken, valued and certified by the
management.
3. In the opinion of the management and to the best of their knowledge
and belief, the value on realization of loans, advances and other
current assets in the ordinary course of business will not be less than
the amount at which they are stated in the Balance Sheet.
4. The Company operates in single business segment, i.e. Textile
comprising cotton, yam, fabrics etc.
5. DEFERRED TAX LIABILITIES
Deferred tax on timing differences between taxable and accounting
income is accounted for, using the tax rates and the tax laws enacted
or substantially enacted as on the balance sheet date. Deferred tax
assets on unabsorbed tax losses and unabsorbed depreciation are
recognized only when there is a virtual certainty of their realization.
Other items are recognized only when there is a reasonable certainty of
their realization.
The Company has adopted Accounting Standard-22 on "Accounting for Taxes
on Income" issued by the Institute of Chartered accountants of India.
Consequently, the Company has recorded deferred tax liability/Assets in
respect of timing differences on account of Depreciation as on 30th
September 2011 and the net effects of the same has been given in the
Profit & Loss Account and Balance Sheet as on 30th September 2011.
6. Foreign currency transactions
Foreign currency transactions are recorded at exchange rates prevailing
on the date of respective transactions.
Current assets and current liabilities in foreign currencies existing
at balance sheet date are translated at year-end rates.
Foreign currency translation differences related to acquisition of
imported fixed assets, if any are f* adjusted in the carrying amount of
the related fixed assets. All other foreign currency gains and losses
are recognized in the profit and loss account.
7. Provision and contingent liabilities
Provisions are recognized when the Company has present legal or
constructive obligation, a result of past events, for which it is
probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made for the
amount of the obligation. Contingent liabilities, if any, are
disclosed by way of notes to the Balance Sheet
8. Balances in respect of certain sundry debtors, sundry creditors
and loans and advances are taken as shown by the books of account and
are subject to confirmation and consequent adjustments and
reconciliation, if any.
9. The Company did not have any transactions with Small Scale
Industrial ('SME's') Undertakings during the year ended March 31, 2010
and hence there are no amounts due to such undertakings. The
identification of SME's undertakings is based on the management's
knowledge of their status.
The Company has not received any information from "suppliers" regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amount unpaid as
at the year end together with interest paid / payable as required under
the said Act have not been furnished.
10. Figures in brackets represent those of the previous year.
11. As per the information and explanation given by the management,
During the company has paid cash Rs. 50,00,000/- to Mr. Rajesh Ranjan
and Mr.Ashwin Kumar under case Number RC 25(A) - 2011, as the said
person cheated to company Same has been shown under the head Advances
(Refundable).
12. As per the information and explanation given by the management,
the Board has passed a resolution for cancellation of the dividend, the
provision for proposed dividend which is appearing in the books may be
written back and the amount of Rs. 3.75 crores credited to profit and
loss account, company has also written back the provision for dividend
distribution tax on purposed dividend (v and such amount Rs. 48.05
lacks credited in the profit and loss account.
13. Pending the confirmation from BSE of the record date for deciding
the entitlement of shares to shareholders of the transferor company,
i.e., Janice Textiles Limited, formal allotment in terms of Clause No.
11, of the scheme of Amalgamation sanctioned by the hon'ble High
Courts, has not been made, as a result that of the value of the shares
to be allotted to the shareholders of the transferor company has been
disclosed separately under the head "Transferor Company's Shareholders
Fund".
14. Additional information pursuant to Part "1" of Schedule "VI" of
the Companies Act 1956
(a) Value of imports calculated on CIF basis on capital account is NIL.
(b) Expenditure in foreign currency (on payment basis)
Note: The Proxy and the Power of Attorney (if any) under which it is
signed or a notarially copy of that Power of Attorney must be deposited
at the Registered Office of the Company at E-211, Crystal Plaza, Opp.
Fame adlabs, New Link Road, Andheri (W), Mumbai - 400053, Maharashtra,
not less than 48 hours before the date for holding the Annual General
Meeting.
I hereby record my presence at the Eighteenth Annual General Meeting of
the Company being held at Wednesday the 14th March, 2012 at 9.30 a.m.
at Kailash Parbat, K.P Restaurants, 7A/8A ,7VWing, Crystal Plaza, New
Link Road, Andheri (West), Mumbai 400053.
Sep 30, 2010
1. RELATED PARTIES:
Disclosures as required by Accounting Standard (AS) -18 "Related Party
Transaction" issued by the Institute of Chartered Accountants of India
are as follows:
Nature of the Related Party Description of Relationship
(A) Related Parties where control exists NIL
(B) Related Parties where control exists NIL
2. Inventories are as per taken, valued and certified by the
management.
3. In the opinion of the management and to the best of their knowledge
and belief, the value on realization of loans, advances and other
current assets in the ordinary course of business will not be less than
the amount at which they are stated in the Balance Sheet.
4. The Company operates in single business segment, i.e. Textile
comprising cotton, yarn, fabrics etc.
5. DEFERRED TAX LIABILITIES
Deferred tax on timing differences between taxable and accounting
income is accounted for, using the tax rates and the tax laws enacted
or substantially enacted as on the balance sheet date. Deferred tax
assets on unabsorbed tax losses and unabsorbed depreciation are
recognized only when there is a virtual certainty of their realization.
Other items are recognized only when there is a reasonable certainty of
their realization.
The Company has adopted Accounting Standard-22 on "Accounting for Taxes
on Income" issued by the Institute of Chartered accountants of India.
Consequently, the Company has recorded deferred tax liability/Assets in
respect of timing differences on account of Depreciation as on 30th
September 2010 and the net effects of the same has been given in the
Profit & Loss Account and Balance Sheet as on 30th September 2010.
6. Foreign currency transactions
Foreign currency transactions are recorded at exchange rates prevailing
on the date of respective transactions.
Current assets and current liabilities in foreign currencies existing
at balance sheet date are translated at year-end rates.
Foreign currency translation differences related to acquisition of
imported fixed assets, if any are adjusted in the carrying amount of
the related fixed assets. All other foreign currency gains and losses
are recognized in the profit and loss account.
7. Provision and contingent liabilities
Provisions are recognized when the Company has present legal or
constructive obligation, a result of past events, for which it is
probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made for the
amount of the obligation. Contingent liabilities, if any, are disclosed
by way of notes to the Balance Sheet
8. Balances in respect of certain sundry debtors, sundry creditors
and loans and advances are taken as shown by the books of account and
are subject to confirmation and consequent adjustments and
reconciliation, if any.
9. The Company did not have any transactions with Small Scale
Industrial (SMEs) Undertakings during the year ended 30th September,
2010 and hence there are no amounts due to such undertakings. The
identification of SMEs undertakings is based on the managements
knowledge of their status.
The Company has not received any information from "suppliers" regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amount unpaid as
at the year end together with interest paid / payable as required under
the said Act have not been furnished.
10. Figures in brackets represent those of the previous year.
11. Previous year figures has been re-grouped & re-arranged wherever
necessary
12. Pending the confirmation from BSE of the record date for deciding
the entitlement of shares to shareholders of the transferor company,
i.e., Janice Textiles Limited, formal allotment in terms of Clause No.
11, of the scheme of Amalgamation sanctioned by the honble High
Courts, has not been made, as a result that of the value of the shares
to be allotted to the shareholders of the transferor company has been
disclosed separately under the head "Transferor Companys Shareholders
Fund".
Sep 30, 2009
1. RELATED PARTIES:
Disclosures as required by Accounting Standard (AS) -18 "Related Party
Transaction" issued by the Institute of Chartered Accountants of India
are as follows:
Name of the Related Party Description of Relationship
(A) Related Parties where
control exists NIL
(B) Related Parties where control exists NIL
2 Inventories are as per taken, valued and certified by the
management.
3. In the opinion of the management and to the best of their
knowledge and belief, the value on realization of loans, advances and
other current assets in the ordinary course of business will not be
less than the amount at which they are stated in the Balance Sheet.
4. The Company operates in single business segment, i.e. Textile
comprising cotton, yarn, fabrics etc.
5. Earnings Per Share as computed in accordance with Accounting Std.
20 for the year ended 30th September 2009:
6. DEFERRED TAX LIABILITY.
The Company has adopted Accounting Standard-22 on "Accounting for Taxes
on Income* issued by the Institute of Chartered accountants of India.
Consequently, the Company has recorded deferred tax 1 lability/Assets
in respect of timing differences on account of Depreciation as on 30th
September 2009 and the net effects of the same has been given in the
Profit & Loss Account and Balance Sheet as on 30th September 2009.
7. CURRENT TAX: LIABILITY.
Considering the eligible deductions under Inco me Tax- Act, and Loss
during the year, the provision for taxation has been made in the books
of accounts.
8. Previous year figures has been re-grouped & re-arranged wherever
necessary
9. Balances of sundry debtors and sundry creditors are subject to
confirmation.
10 Pending the confirmation from BSE of the record date for deciding
the entitlement of shares to shareholders of the transferor company,
i.e., Janice Textiles Limited, formal allotment in terms of Clause No.
1 1, of the scheme of Amalgamation sanctioned by the honble High
Courts, has not been made, as a result that of the value of the shares
to be allotted to the shareholders of the transferor company has been
disclosed separately under the head "Transferor Companys Shareholders
Fund".