Mar 31, 2015
1 Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value
Rs.10/- per Share. Each Holder of Equity Shares is entitled to one vote
per Share. The Company decalres and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the Shareholders in the ensuring Annual General Meeting.
During the year ended 31st March, 2015, the amount of per Share
Dividend recognized as distribution to Equity Sharehold- ers was Rs.
Nil (31 March 2014 : Rs. Nil)
2 Company has discontinued manufacturing operations inspite of that
accounts have been prepared on Going Concern Basis.
3 No provision for diminution in value of investments has been made
in respect of investments in equity shares of TECIL of Rs.166,56,076
eventhough the losses of TECIL has exceeded its net worth, as TECIL has
substantial investment in immovable properties.
4 For the Assessment Year 2003-04 the Income - Tax Department has
raised a demand of Rs. 31,77,291/- on completion of assessment for the
said year. As per the I T A T Order dated 14th June, 2013, The above
case is pending before CIT(Appeal). Also an appeal has been filed by
the company for penalty of Rs. 60,47,659/- imposed by the Department
for the same year which is pending before the said Authority, for which
no provision has been made in the account.
5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001-02 and additional demand
and penalty amounting to Rs.18,05,093/- has been raised by the
Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company. Hence, no provision
required to be made in the accounts.
6 The Company has received Notice from Sale Tax Department for
payment of BST Rs. 9,57,787/- and CST Rs. 1,99,542/- for Financial Year
1989-1990 and 1990-1991. No provision in the accounts has been made for
the above as Company is in process of filling an appeal against the
order in Hon'ble High Court.
7 Non-Current Liabilities include deferred interest free Sales Tax
from SICOM Rs. 11,96,976/- and have since become overdue. The Company
has not provided any interest on this amount.
8 RELATED PARTY DISCLOSURE :
A) List of Related Parties :
a. Associates M/s. Citric India Ltd.
b. Enterprise owned or significantly influenced by key management
personnel or their relatives.
1 M/s. Citric India Ltd.
2 M/s. Tecil Chemical And Hydro Power Ltd.
Note: Related Party Relationships have been identified by the
management and relied upon by the auditors.
9 In view of discontinuance of manufacturing operations and
uncertainty in set off of carried forward losses against future
profits, the Company has not recognised the deferred tax assets and
liabilities as per Accounting Standard AS-22 issued by the Institute of
Chartered Accountants of India.
10 Previous year's figures have been regrouped wherever necessary.
Mar 31, 2014
1 Company has discontinued manufacturing operations inspite of that
accounts have been prepared on Going Concern Basis.
2 No provision for diminution in value of investments has been made in
respect of investments in equity shares of TECIL CHEMICALS & HYDRO
POWER LTD. of Rs. 166,56,076/- eventhough the losses of TECIL CHEMICALS
& HYDRO POWER LTD. has exceeded its net worth, as TECIL CHEMICALS &
HYDRO POWER LTD. has substantial investment in immovable properties.
3 For the Assessment year 2003-04 the Income - Tax Department has
raised a demand of Rs. 31,77,291/- on completion of assessment for the
said year. As per the I T A T Order dated 14th June, 2013, The above
case is pending before CIT(Appeal). Also an appeal has been filed by
the Company for penalty of Rs. 60,47,659/- imposed by the Department
for the same year which is pending before the said Authority, for which
no provision has been made in the account.
4 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001-02 and additional demand
and penalty amounting to Rs.18,05,093/- has been raised by the
Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company. Hence, no provision
required to be made in the accounts.
5. The Company has received Notice from Sale Tax Department for
payment of BST Rs. 9,57,787/- and CST Rs. 1,99,542/-for Financial Year
1989-1990 and 1990-1991. No provision in the accounts has been made for
the above as Company is in process of filling an appeal against the
order in Hon''ble High Court.
6 Non-current Liabilities include deferred interest free Sales Tax
from SICOM Rs. 11,96,976/- and have since become overdue. The Company
has not provided any interest on this amount due to continuous losses.
7 Earning Per Shares (EPS) computed in accordance with Accounting
Standard 20:
8 In view of discontinuance of manufacturing operations and
uncertainty in set off of carried forward losses against future
profits, the Company has not recognised the deferred tax assets and
liabilities as per Accounting Standard AS-22 issued by the Institute of
Chartered Accountants of India.
9 Previous year''s figures have been regrouped wherever necessary.
Mar 31, 2013
1 Company has discontinued manufacturing operations inspite of that
accounts have been prepared on Going Concern Basis.
2 No provision for diminution in value of investments has been made in
respect of investments in equity shares of TECIL of Rs. 167,65,076
eventhough the losses of TECIL has exceeded its net worth, as TECIL has
substantial investment in immovable properties.
3 No provision is made for Corporate deposit given to Ellora
Mercantile Pvt Ltd of Rs. 1,42,00,000/- for the repayment of deposit.
4 For the Assessment year 2003-04 the Income - Tax Department has
raised a demand of Rs.31,77,291/- on completion of assessment for the
said year. The Company has since filed an Appeal against the above
before I .T.A.T. Also an appeal has been filed by the company for
penalty of Rs. 60,47,659/- imposed by the Department for the same year
which is pending before the said Authority, for which no provision has
been provided in the account.
5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001-02 and additional demand
and penalty amounting to Rs. 18,05,093/- has been raised by the
Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company.
6 Non-current Liabilities include deferred interest free Sales Tax
from SICOM Rs. 11,96,976/-and have since become overdue. The Company
has not provided any interest on this amount due to continuous losses.
7 RELATED PARTY DISCLOSURE : A) List of Related Parties.
a. Associates M/s Citric India Ltd.
b. Enterprise owned or significantly influenced by key management
personnel or their relatives.
1 M/s Citric India Ltd.
2 M/s Tecil Chemicals & Hydro Power Ltd.
3 M/s Joshi Thermal (Partnership Firm)
Note: Related Party relationships have been identified by the
management and relied upon by the auditors.
8 In view of discontinuance of manufacturing operations and
uncertainty in set off of carried forward losses against future
profits, the Company has not recognised the deferred tax assets and
liabilities as per Accounting Standard AS-22 issued by the Institute of
Chartered Accountants of India.
9 Previous year''s figures have been regrouped wherever necessary.
Mar 31, 2012
1 Company has discontinued manufacturing operations inspite of that
accounts have been prepared on Going Concern Basis.
2 No provision for diminution in value of investments has been made in
respect of investments in equity shares of TECIL of Rs.167,65,076 even
though the losses of TECIL has exceeded its net worth, as TECIL has
substantial investment in immovable properties.
3 No provision is made for Corporate deposit given to Ellora
Mercantile Pvt Ltd of Rs. 1,42,00,000/- for the repayment of deposit.
4 For the Assessment year 2003-04 the Income - Tax Department has
raised a demand of Rs.31,77,291/- on completion of assessment for the
said year. The Company has since filed an Appeal against the above
before I .T. AT. Also an appeal has been filed by the company for
penalty of Rs. 60,47,659/- imposed by the Department for the same year
which is pending before the said Authority, for which no provision has
been provided in the account.
5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001 -02 and additional demand
and penalty amounting to Rs. 18,05,093/- has been raised by the
Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company.
6 Non-current Liabilities include deferred interest free Sales Tax
From SICOM Rs. 11,96,976/-and have since become overdue. The Company
has not provided any interest on this amount due to continuous losses.
7 in view of discontinuance' or manufacturing operations ana
uncertainty in set on or carried forward losses against future proms,
the Company has not recognised the deferred tax assets and liabilities
as per Accounting Standard AS-22 issued by the Institute of Chartered
Accountants of India.
8 The financial statements for the year ended 31 March 2011 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year
ended 31 March 2012 are prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been reclassified to
conform to this year's classification. The adoption of Revised Schedule
VI for previous year figures does not impact recognition and
measurement principles followed for preparation of financial
statements.
Mar 31, 2011
1. Company has discontinued manufacturing operations inspite of that
account have been prepared on Going Concern Basis.
2. No provision for diminution in value of investments is made for
Rs167,16,826
3. No provision is made for Enter Corporate deposits for Rs.
1,42,00,000/-
4. For the Assessment year 2003-04 the Income à Tax Department has
raised a demand of Rs.31,77,291/- on completion of assessment for the
said year. The Company has since filed an Appeal before CIT. For the
Assessment Year 2004-05, the Income Tax Officer has raised a Demand of
Rs.8053/-, which has not been provided in the accounts.
5. Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001-02 relating to the
additional demands and penalty amounting to Rs.18,05,093/- raised by
the Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company.
6. Unsecured loans include interest free Sales Tax Loan from SICOM Rs.
11,96,976/- and have since become overdue. The Company has not provided
any interest on this amount due to continuous losses.
7. The amounts overdue and remaining unpaid to Small Scale and /or
Ancillary Industrial Suppliers on Principal and / or Interest as at
close of the year could not be ascertained, since the information
regarding the status of the suppliers as defined under the interest on
delayed payment of Small Scale and Ancillary Industrial Undertaking
Act, 1933 and Section 3(i) of the Industrial (Development and
Regulations) Acts, 1951, was not available with the Company.
8. RELATED PARTY DISCLOSURE :
(A) List of Related Parties.
a. Associates
M/s Tecil Chemicals & Hydro Power Ltd.
M/s Citric India Ltd.
M/s Joshi Thermal (Partnership Firm)
Note: Related Party relationships have been identified by the
management and relied upon by the auditors.
(B) Related Party Transactions:
A. Group Companies/Companies in 1. M/s Citric India Ltd.
which Directors of Company 2. M/s Tecil Chemicals & Hydro
are Directors/Firm in which Power Ltd.
Directors of the Company is 3. M/s Joshi Thermal (Partnership
Director Firm)
B. Loan Details :
1. In view of discontinuance of manufacturing operations and
uncertainty in set off of carried forward losses against future
profits, the Company has not ascertained the deferred tax assets and
liabilities as per Accounting Standard AS-22 issued by the Institute of
Chartered Accounts of India.
Mar 31, 2010
1. Company has discontinued manufacturing operations inspite of that
account have been prepared on Going Concern Basis.
2. No provision for diminution in value of investments is made for Rs.
1,95,56,226/- 3. No provision is made for loan given to related
parties for Rs. 1,86,25,000/- 4. For the Assessment year 2003-04 the
Income - Tax Department has raised a demand of Rs.31,77,291/- on
completion of assessment for the said year. The Company has since filed
an Appeal before CIT. For the Assessment Year 2004-05, the Income Tax
Officer has raised a Demand of Rs.8053/-, which has not been provided
in the accounts.
3. Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001-02 relating to the
additional demands and penalty amounting to Rs.18,05,093/- raised by
the Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company.
4. Unsecured loans include interest free Sales Tax Loan from SICOM Rs.
11,96,976/- and have since become overdue. The Company has not
provided any interest on this amount due to continuous losses. Refer
point 11.
5. The amounts overdue and remaining unpaid to Small Scale and /or
Ancillary Industrial Suppliers on Principal and / or Interest as at
close of the year could not be ascertained, since the information
regarding the status of the suppliers as defined under the interest on
delayed payment of Small Scale and Ancillary Industrial Undertaking
Act, 1933 and Section 3(i) of the Industrial (Development and
Regulations) Acts, 1951, was not available with the Company.
6. No Shares Certificate has been obtained in relation to 349250
Shares being investment made in Indian Infotech & Software Ltd.
7. RELATED PARTY DISCLOSURE :
(A) List of Related Parties.
a. Associates
M/s Tecil Chemicals & Hydro Power Ltd.
M/s Citric India Ltd.
M/s Joshi Thermal (Partnership Firm)
Note: Related Party relationships have been identified by the
management and relied upon by the auditors.
(B) Related Party Transactions:
A. Group Companies/Companies 1. M/s Citric India Ltd.
in which Directors of Company are
Directors/Firm 2. M/s Tecil Chemicals &
Hydro Power Ltd.
in which Directors of the Company
is Director 3. M/s Joshi Thermal
(Partnership Firm)
8. In view of discontinuance of manufacturing operations and
uncertainty in set off of carried forward losses against future
profits, the Company has not ascertained the deferred tax assets and
liabilities as per Accounting Standard AS-22 issued by the Institute of
Chartered Accounts of India.
Note:
1 The above Cash Flow Statement has been prepared under the indirect
method as set out in the AS-3 on Cash Flow Statement issued by the
Institute of Chartered Accountants of India
2 Previous Years fugures have been re-arranged / re-grouped wherever
mecessary This Cash Flow Statement referred in our report of even date