Mar 31, 2014
1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rupees in Lakh)
Particulars 31st March, 2014 31st March, 2013
(6 Months)
Estimated amount of contracts
remaining to be
executed on capital account Nil Nil
Bills discounted with Banks Nil Nil
Bank Guarantees outstanding Nil 9.63
Service tax under dispute 3.30 3.30
Excise Duty under SEZ clearance 353.44 353.44
Note: The above disputed liabilities since been transferred while
transferring Aluminium Extrusion Business Division by way of slump
sale. However, the appeals are still pending in the Company''s name.
2. In terms of Accounting Standard (AS-11) "changes in Foreign
Exchange Rates" on transaction of monetary items at the year end
exchange rate, there is notional exchange gain / (loss) of Rs. 64,143
which has been accounted in the Profit and Loss Account.
3. GROUP:
1. Shri R.K.Aggarwal
2. Smt.Urmila Agarwal
3. Shri Rajat Agarwal
4. Shri Utsav Agarwal
5. Smt.Tanushree Hazarika Agarwal
6. Rockstrong Investments Private Limited
7. Sunbright Investments Private Limited
8. Elegant Enterprises
9. Rajkumar Aggarwal, Karta
10. Rajkumar & Sons (HUF)
11. Bhoruka Fabcons Private Limited
12. Maverick Infotec Private Limited
13. Bhoruka Aluminium FZE
4. There are no Micro, Small and Medium Enterprises to whom dues are
outstanding for more than 45 days at the year end as determined to the
extent such parties have been identified on the basis of information
available with the Company.
5. Adequate provisions as required by Accounting Standard 15
employees benefits has been made and no further liability on this
account is envisaged.
6. Previous year''s Figures have been regrouped/restated wherever
necessary to conform to Current period''s classification. However,
current period being of twelve months, to that extent, previous year''s
figures are not comparable.
Mar 31, 2013
1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rupees in Lakhs)
Particulars 31s''March, 2013 30m Sept., 2012
Estimated amount of contracts
remaining to be
executed on capital account Nil Nil
Bills discounted with Banks Nil Nil
Bank Guarantees outstanding 9.63 9.63
ROR Nil 194.43
Service tax under dispute 3.30 11.43
Excise Duty under SEZ
clearance 353.44 353.44
2. (a) State Bank of India, the lender Bank, has treated all
outstanding dues from the company, as NPA and has issued notices under
Securitizations And Reconstruction of Financial Asset and Enforcement
of Security Interest Act, 2002 to which the Company has replied.
(b) These accounts have been prepared on a going concern basis.
However, the going concern concept will hold good depending upon the
receipt of required support from its bankers, promoters and others.
Necessary adjustments may have to be made in the value of assets and
liabilities, in case the going concern concept is vitiated.
(i) No provision has been made in these accounts for interest of Rs
893.65 lacs on outstanding dues to State Bank of India. No confirmation
of the outstanding dues as on 31st March, 2013 (6 months) from State
Bank of India has been received.
(ii) No provision has been made for interest on unsecured loan to the
extent of Rs. 2.00 lacs (6 months) in view of severe financial
constraint.
(iii) The outstanding receivables and payables and loans and advances
given and taken have been considered in these accounts at values as
stated in the books of accounts and the reconciliation is under
process. Necessary adjustments are being carried out in the books on
completion of reconciliation.
3A. During the financial period under review (6months), the amount
paid/payable to the Managing Director and Executive Director amounting
to Rs. 28,16,002/- was approved by ROC on 28.04.2013 based on
Shareholders'' approval at the Annual General Meeting held on
25.02.2013. However, the auditors are having a view that the payment to
Managing Director and Executive Director are to be approved by the
Central Government.
4. In terms of Accounting Standard (AS-11) "changes in Foreign
Exchange Rates" on transaction of monetary items at the year end
exchange rate, there is notional exchange gain / (loss) of Rs.
25,761/- which has been accounted in the Profit and Loss Account.
5. GROUP:
1. Shri R.K.Aggarwal
2. Smt.Urmiia Agarwal
3. Shri Rajat Agarwal
4. Smt.Tanushree Hazarika Agarwal
5. Shri Utsav Agarwal
6. Rockstrong Investments Private Limited
7. Sunbright Investments Private Limited
8. Elegant Enterprises
9. Rajkumar Aggarwal, Karta
10. Rajkumar & Sons (HUF)
11. Bhoruka Fabcons Private Limited
12. Maverick Infotec Private Limited
13. Bhoruka Aluminium FZE
14. Bhoruka Facades Private Limited
6. There are no Micro, Small and Medium Enterprises to whom dues are
outstanding for more than 45 days at the year end as determined to the
extent such parties have been identified on the basis of information
available with the Company.
7. Adequate provisions as required by Accounting Standard 15
employees benefits has been made and no further liability on this
account is envisaged.
8. During the financial period under review, a new temporary
subsidiary Company, namely, Bhoruka Facades Private Limited was
incorporated on 11th February, 2013. The Company holds 9900 Equity
Shares (99% holding) in the said subsidiary company. As per AS 21
issued by the Institute of Chartered Accountants of India (ICAI), a
subsidiary company should be excluded from consolidation when the
"control is intended to be temporary because the subsidiary is acquired
and held exclusively with a view to its subsequent disposal in the near
future". Further Bhoruka Facades Private Limited will be closing its
books of accounts in the next financial year, therefore, the Company
has not incorporated the same in its Consolidated Financial Statements
and is also not attaching subsidiary company''s balance sheet with the
balance sheet of the Company as required under Section 212 of the
Companies Act, 1956.
9. Previous year''s Figures have been regrouped/restated wherever
necessary to conform to Current period''s classification. However,
current period being of six months, to that extent, previous year''s
figures are not comparable.
Sep 30, 2012
The Company has only one Class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders, except in case of interim dividend. In
the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
A. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rupees in Lakhs)
Particulars 30th Sept, 20t2 31th March,2011
Estimated amount of
contracts remaining to be
executed on capital account Nil Nil
Bills discounted with Banks Nil 1738.94
Bank Guarantees outstanding 9.63 27.50
ROR 194.43 194.43
Service tax under dispute 11.43 0.65
B. (i) a. Losses incurred during the period have eroded over fifty
percent of the net worth of the Company. State Bank of India ,the
lender Bank, has treated all outstanding dues from the company, as NPA
and has issued notices under Securitizations And Reconstruction of
Financial Asset and Enforcement of Security Interest Act, 2002 to which
the Company has replied.
b. These accounts have been prepared on a going concern basis.
However, the going concern concept will hold good depending upon the
receipt of required support from its bankers, promoters and others.
Necessary adjustments may have to be made in the value of assets and
liability, in case the going concern concept is vitiated.
(ii) No provision has been made in these accounts for interest of Rs
1204 lakh on out- standing dues to State Bank of India, of Rs 16.80
lakh on other loans & advances and of Rs 17.27 lakh on dues to vendors
for materials supplied
(iii) No confirmation of the outstanding dues as on 30th September 2012
from State bank of India has been received.
(iv) The outstanding receivables and payables and loans and advances
given and taken have been considered in these accounts at values as
stated in the books of accounts and the reconciliation is under
process. Necessary adjustments are being carried out in the books on
completion of reconciliation.
C GROUP:
1. Shri R.K. Aggarwal
2. Smt.Urmila Agarwal
3. Shri Rajat Agarwal
4. Smt.Tanushree Hazarika Agarwal
5. Shri Utsav Agarwal
6. Rockstrong Investments Private Limited
7. Sunbright Investments Private Limited
8. Elegant Enterprises
9. Rajkumar Aggarwal, Karta
10. Rajkumar & Sons (HUF)
11. Bhoruka Fabcons Private Limited
12. Maverick Infotec Private Limited
i. There are no Micro, Small and Medium Enterprises to whom dues are
outstanding for more than 45 days at the yearend as determined to the
extent such parties have been identified on the basis of information
available with the Company.
D. Adequate provisions as required by Accounting Standard-15, employees
benefits has been made and no further liability on this account is
envisaged.
E. a) On 14th December, 2010 the Company had issued 17,17,222 Equity
share Warrants to the Bodies Corporate in the Promoters group on
Preferential basis convertible into even number of equity share of
Rs.10/- each at a premium of Rs. 35/- per share at any time within a
period of 18 months from the date of Issue. Accordingly, 4,30,222
Equity shares were allotted on exercise of conversion option on 14th
December, 2010 and balance 12,87,000 Warrants were converted into
Equity shares on 26th August, 2011.
Mar 31, 2011
1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rupees in Lakhs)
Particulars 31st March, 2011 31st March, 2010
Estimated amount of Nil Nil
contracts remaining to be
executed on capital account
Bills discounted with Banks 1738.94 2008.37
Bank Guarantees outstanding 27.50 52.38
R O R 194.43 194.43
Service tax under dispute 0.65 0.65
2. In terms of Accounting Standard (AS-11) "changes in Foreign Exchange
Rates" on translation of monetary items at the year end exchange rate,
there is notional exchange gain of Rs. 3,885,143 which has been
accounted in the Profit & Loss Account.
3. GROUP:
1. Shri R.K.Aggarwal
2. Smt.Urmila Agarwal
3. Shri Rajat Agarwal
4. Smt.Tanushree Hazarika Agarwal
5. Shri Utsav Agarwal
6. Rockstrong Investments Private Limited
7. Sunbright Investments Private Limited
8. Elegant Enterprises
9. Rajkumar Aggarwal, Karta
10. Rajkumar & Sons (HUF)
11. Bhoruka Fabcons Private Limited
12. Maverick Infotec Private Limited
4. RELATED PARTY DISCLOSURES:
Related parties with whom transactions have taken place during the
year:
Key Management Personnel:
Shri R.K. Aggarwal Managing Director
Shri Rajat Agarwal Executive Director
5. There are no Micro, Small and Medium Enterprises to whom dues are
outstanding for more than 45 days at the year end as determined to the
extent such parties have been identified on the basis of information
available with the Company.
6. Adequate provisions as required by Accounting Standard 15
employees benefits has been made and no further liability on this
account is envisaged
7. a) On 14th December, 2010 the Company had issued 17,17,222 Equity
share Warrants to the Bodies Corporate in the Promoters group on
Preferential basis convertible into even number of equity share of
Rs.10/- each at a premium of Rs.35/= per share at any time within a
period of 18 months from the date of Issue. Accordingly, 4,30,222
Equity shares were allotted on exercise of conversion option leaving a
balance of 12,87,000 Warrants to be converted into Equity shares.
b) As per the terms of the issue, if the option is not exercised on or
before 13th June, 2012 against the aforesaid balance warrants, the said
warrants stand lapsed.
c) SCHEME OF AMALGAMATION
In terms of Scheme of Amalgamation as approved by members of the
company at a court convened meeting held on 1st September,2010 and
subsequently sanctioned by the Hon'ble High Court of Karnataka,
judicature at Bangalore vide its order dated 15th December, 2010
approving the Scheme of Amalgamation under section 391 to 394 of the
Companies Act, 1956 the erstwhile Bhoruka Agro Greens Limited (BAGL) is
merged with the Company with effect from appointed date i.e. 1st April,
2010. In accordance with the said scheme:
1. The Assets, liabilities including contingent liabilities, reserves,
rights and obligations of BAGL have been vested in the Company w.e.f.
1st April, 2010 and have been recorded at their respective book values
under the pooling of interest method of accounting for Amalgamation as
prescribed by Accounting Standard à 14 issued by the institute of
Chartered Accountants of India after making adjustments to ensure
uniform accounting policy as stated in(4) below.
2. 5903333 Equity shares of Rs. 10/- each of the Company allotted on
27th January,2011 as fully paid up shares to the shareholder of
erstwhile BAGL in ratio of 28 Equity shares of the Company of Rs.10/-
each for every 3 shares of BAGL of Rs. 10/- each without payment being
received in cash.
3. There is no change in method of providing depreciation on fixed
assets between the BAGL and the Company.
8. The Company has incorporated a wholly owned Subsidiary Company on
29th November 2010 in UAE since there were no business transactions and
in view of Section 212 (2) (c) of the Companies Act, 1956 consolidation
of the accounts with the Company is not considered during this year
only.
9. Previous year's Figures have been regrouped/restated wherever
necessary to conform to current classification.
Mar 31, 2010
1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rupees in Lakhs)
Particulars 31st March, 2010 31st March, 2009
Bills discounted with Banks 2008.37 1044.11
Bank Guarantees outstanding 52.38 41.38
R.O.R 194.43 194.43
Service tax under dispute 0.65 0.65
2. In terms of Accounting Standard (AS-11) The Effect of changes in
Foreign Exchange Rates" on translation of monetary items at the year
end exchange rate, there is notional exchange gain of Rs.29,92,500
which has been accounted in the Profit & Loss Account.
The operation of the company is primarily engaged in the business of
manufacturing, processing and dealing in Aluminium Extrusions. Since
all the activities are governed by the same set of risk and returns,
these have been grouped as a single segment. In view of this the
segment reporting prescribed under Accounting Standard - 17 is not
applicable to the company.
3. DISCLOSURES:
Related parties with whom transactions have taken place during the
year: Key Management Personnel:
Shri R.K. Aggarwal Managing Director
Shri Rajat Agarwal Executive Director
4. There are no Micro, Small and Medium Enterprises to whom dues are
outstanding for more than 45 days at the year end as determined to the
extent such parties have been identified on the basis of information
available with the Company.
5. In view of carried forward losses no tax provision is considered
necessary in these accounts.
6 Adequate provisions as required by Accounting Standard 15 employees
benefits has been made and no further liability on this account is
envisaged.
7. GROUP
Persons constituting Group coming within the definition of "Group" as
defined in the Monopolies and Restrictive Trade Practices Act, 1969
include.
1. Smt Sannodevi Agarwal
2. Shri R.K. Aggarwal
3. Smt. Urmila Agarwal
4. Shri Rajat Agarwal
5. Smt. Tanushree Hazarika Agarwal
6. Shri Utsav Agarwal
7. Rockstrong Investments Private Limited
8. Sunbright Investments Private Limited
9. Elegant Enterprises
10. Rajkumar Aggarwal, Karta
11. Rajkumar & Sons (HUF)
12. Bhoruka Agro Greens Limited
13. Bhoruka Fabcons Private Limited
14. Maverick Infotec Private Limited
8. Previous years Figures have Deen regrouped / restated wherever
necessary to conform to current years classification
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