Mar 31, 2011
1. Contingent Liabilities not provided for :
As at As at
March 31, 2011 March 31,
2010
Rs/ lakhs Rs/ lakhs
a Estimated amount of contracts
remaining to NIL NIL
be executed on capital account
2. The plot of land at Silvassa acquired by the company is subject to
registration and N. A. / Industrial and allied use permission for the
agriculture land.
3. Sundry creditors includes Rs. Nil (Previous year Rs. Nil) due to
small scale industrial undertaking (SSI''s) to the extent such parties
have been identified from the available information / documents with
the company.
4. As per the information available with the company is response to the
enquiries from all existing suppliers with whom the company deals,
none of the suppliers are registered with the micro, small and medium
enterprises Development Act, 2006.
5. The company had invested in a company whose accumulated losses has
exceeded its share capital and free reserves and that company net worth
has become negative. That company is in the process of setting the dues
with its lenders and others creditors. In the meantime, considering the
losses and the financial position of the said company, the company has
made provision for 100% diminution in the value of the investments and
loans and advances given to that company.
6. The Company has applied for scheme of Amalgamation of M/s Ez- comm
wireless India pvt. ltd. and Centered India Pvt ltd with effects from
August 01, 2010 under section 391 to 394 of the Companies Act, 1956 to
the Humble Bombay high court. The said scheme of Amalgamation is under
Consideration of the humble High court and approval/ decision of the
humble high court is awaited. Hence, the attached Balance sheet and
Profit & loss Account pertain to operations of the company on stand
alone basis for the year April 01, 2011 without considering efforts of
amalgamation as applied for to the humble high court.
7. Books Debts, Loans & Advances, Sundry Creditors etc. are taken as
per books, awaiting confirmation and reconciliation.
8. The Company has not made provision for impairment of fixed assets
as required by Accounting Standard AS- 28. The impact of the same on
the profit for the year, if any, is not ascertainable.
9. The Company has given loans lo companies in which some of the
directors of the company are directors during the year as well as in
the earlier years. The above loans were inadvertently given in non
compliance of section 295 of the Companies Act, 1956. The Company is in
the process of making an application for condonation of the above
inadvertent non compliance.
10. Related Party Information
Disclosures in respect of related parties (as defined in Accounting
Standard 18), with whom transactions have taken place during the year
given below :
1) Relationship .
a) Enterprise which is subsidiary Company:-
1 Ez-comm Wireless India Pvt. Ltd.
b) Enterprise where control of Key Management Personnel and / or their
relatives exists.
1 Asia Polytex (India) Pvt. Ltd.
2 Moksh Networks Pvt. Ltd.
3 Awesome Exports & Investments Pvt. Ltd.
4 Safal Holdings Pvt. Ltd.
5 Therefore Couture Pvt. Ltd.
6 Centerac India Pvt. Ltd.
c) Key Management Personnel
1 Shri Sanjiv Khandeiwal
2 Smt. Shilpa Khandeiwal
d) Relative of Key Management Personnel
1 Shri J. C. Khandeiwal
2 Shri Rajeev Khandeiwal
3 Shri Sanjiv Khandeiwal HUF
The operations of the Company represents only one business segment,
viz.
11 The operations of the company represent only one business segment,
viz., E - Commerce solution and Software Development and related
activities and hence segment reporting is not given.
12. Prior Period Adjustment represents Debits relating to year -
Rs. 52,780/- (Previous Year Rs. 2,937/-) and Credits relating to earlier
year - Rs. 10,000/- (Previous Year Rs. Nil-).
13. Disclosures in respect of Derivative instruments
a. There are no derivative instruments outstanding as on March 31, 2011
(Previous Year Rs. Nil)
14. Other Additional information is either NIL or Not Applicable.
15 The Fiqures of the previous year have been regrouped I reclassified
/ rearranged wherever necessary to conform with the current year''s
presentation. Amounts and other disclosures for the preceding year are
included as an integral part of the current year finance statement and
are to be read in relation to the amounts and other disclosures relating
to the current year.
16. Additional information pursuant to the provisions of Part IV of
Schedule VI of the Companies Act, 1956.
Mar 31, 2010
1. Contingent Liabilities not provided for:
As at As at
March 31, 2010 March 31, 2009
Rs./lakhs Rs./lakhs
a. Estimated amount of
contracts remaining to NIL NIL
be executed on capital account -
2. The plot of land at Silvassa acquired by the Company is subject to
Registration and N. A. / Industrial and allied use permission for the
agricultural land.
3- Sundry Creditors include Rs, NIL (Previous year Rs. NIL) due to
Small Scale Industrial Undertakings (SSIs) to the extent such parties
have been identified from the available information / documents with
the company.
4. As per the information available with the Company in response to the
enquiries from all existing suppliers with whom the Company deals, none
of the suppliers are registered with the Micro, Small and Medium
Enterprises Development Act, 2006.
5. The Company had invested in a company whose accumulated losses has
exceeded its share capital and free reserves and that companys net
worth has become negative. That company is in the process of settling
the dues with its lenders and other creditors. In the meantime,
considering the losses and the financial position of the said company,
the Company has made provision for 100% diminution in the value of the
investments and loans and advances given to that company.
6. During the year, the Company has not made any provision for
doubtful loans and advances. (Previous Year Rs. 41,41,662/-).
7. Books Debts, Loans & Advances, Sundry Creditors etc. are taken as
per books, awaiting confirmation and reconciliation.
8. The Company has not made provision for impairment of Fixed Assets
as required by Accounting Standard AS - 28. The impact of the same on
the profit for the year, if any, is not ascertainable.
9. The Company has given loans to companies in which some of the
directors of the company are directors during the year as well as in
the earlie years. The above loans were inadvertently given in non
compliance of section 295 of the Companies Act, 1956. The Company is in
the process of making an appcation for condonation of the above
inadvertent non compliance.
10. Related Party information :-
Disclosures in respect of related parties ( as defined in Accounting
Standard 18), with whom transactions have taken place during the year
given below .
1) Relationship
a) Enterprise which is subsidiary Company :
1 Ez-comm Wireless India Pvt. Ltd.
b) Enterprise where control of Key Management Personnel and / or their
relatives exists.
1 Asia Polytex (India) Pvt. Ltd.
2 Moksh Networks Pvt. Ltd.
3 Awesome Exports & Investments Pvt. Ltd.
4 Safal Holdings Pvt. Ltd.
5 Therefore Couture Pvt. Ltd. 6 Centerac India Pvt. Ltd.
d) Relative of Key Management Personnel
1 Shri J. C. Khandelwal
2 Shri Rajeev Khandelwal
3 Shri Sanjiv Khandelwal HUF
11 The operations of the Company represents only one business segment,
viz. E- commerce Solutions and Software Development and related
activities and hence segment reporting is not given.
a) Profit / (Loss) after tax available for Equity 2,40,659 (48,68,274)
Shareholders
b) Weighted average number of Equity Shares for 50,82,000 50,32,000
Basic and Diluted Earnings per Shares
c) Basic and Diluted Earnings per Equity Share of 0.05 (0.96) Rs. 10/-
12. Prior Period Adjustment represents Debits relating to earlier year
- Rs. 2,938/- (Previous Year Rs. 8,973/-) and Credits relating to
earlier year - Rs. NIL (Previous Year Rs. 8,024/-).
13. Other Additional information is either NIL or Not Applicable.
14. The Figures of the previous year have been regrouped /
reclassified / rearranged, wherever necessary, to conform with the
current years presentation. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statement and are to be read in relation to the amounts and
other disclosures relating to the current year.
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