Mar 31, 2014
As at As at
31.03.2014 31.03.2013
(Rs. in Lakhs) (Rs. in Lakhs)
1.1 Contingent liabilities and commitments
Contingent Liabilities
Sales Tax Demands under
appeal or otherwise disputed. 14,904.06 14,904.06
Income tax matters in appeal. 400.00 400.00
In respect of Trade Finance
facilities availed and assignment
of factored debtors. 3361.36 3,361.36
Commitments
In respect of gurantee issued
in favour of WBSEDCL. 145.20 145.20
In respect of corporate gurantee
issued on behalf of Group Companies. 1783.25 1,783.25
1.2 In respect of the sale proceeds of Rs.70 lacs realized from a
certain party in earlier years, the Company deposited the amount with
the Chennai High Court, and out of the same, a sum of Rs.35 lacs has
been utilized for payment of outstanding dues of employees. The balance
lying with the court is pending adjudication.
1.3 Other Long term liabilities( Rs.1765.99 lacs appearing in Note
2.4) and Long term Advances (Rs.208.13 lacs appearing in Note 2.12)
represent liabilities/assets for pre takeover period, which in the
opinion of the Management is not payable/realisable within one year of
Balance Sheet date.
1.4 Confirmation of balances has been sought from sundry creditors,
sundry debtors and loans & advances given to parties. Confirmations are
awaited.
1.5 Present Directors are not disqualified in terms of Section
274(1)(g) of the Companies Act, 1956, as legally advised.
1.6 a) Particulars in terms of the regulation/ directions issued by
SEBI:
I) Holding Company: Wealth Sea Pte. Ltd. (Singapore) through DIL Rim
and Wheel Corporation Limited, Mauritius
II) Subsidiaries: Ebony Commercial Pvt Ltd, Dunlop East Ltd., Dunlop
South Ltd
III) Associate Companies
As per Separate Annexure
1.7 Segment Reporting
The Company operates in single segment, i.e. manufacturing/trading of
Rubber products, such as Automotive Tyres, Tubes, Industrial Hoses,
Transmission and Conveyor Belting, etc., hence the Accounting Standard
17 regarding Segment Reporting is not applicable.
1.8 Disclosure as per AS-15 "Employees Benefits"
In view of continuing Suspension of Operation at both the Factories,
Acturial valuation of Gratuity has not been done during the year.
Management has paid Rs.58.79 lakhs towards Gratuity payment during
2013-14.
1.9 Previous year figures have been regrouped wherever necessary.
Mar 31, 2013
1.1 In respect of the sale proceeds of Rs.70 lacs realized from a
certain party in earlier years, the Company deposited the amount with
the Chennai High Court, and out of the same, a sum of Rs.35 lacs has
been utilized for payment of outstanding dues of employees. The balance
lying with the court is pending adjudication
1.2 Other Long term liabilities( Rs.1765.99 lacs appearing in Note 4)
and Long term Advances (Rs.279.29 lacs appearing in Note 12) represent
liabilities/assets for pre takeover period, which in the opinion of the
Management is not payable/realisable within one year of Balance Sheet
date.
1.3 Confirmation of balances has been sought from sundry creditors,
sundry debtors and loans & advances given to parties. Confirmations are
awaited.
1.4 Present Directors are not disqualified in terms of Section
274(1)(g) of the Companies Act, 1956, as legally advised
1.5 Particulars in terms of the regulation/ directions issued by SEBI:
I) Holding Company: Wealth Sea Pte. Ltd. (Singapore) through DIL Rim
and Wheel Corporation Limited, Mauritius
II) Subsidiaries: Ebony Commercial Pvt Ltd, Dunlop East Ltd., Dunlop
South Ltd
III) Associate / Group Co.
As per Separate Annexure
1.6 Segment Reporting
The Company operates in single segment, i.e. manufacturing/trading of
Rubber products, such as Automotive Tyres, Tubes, Industrial Hoses,
Transmission and Conveyor Belting, etc., hence the Accounting Standard
17 regarding Segment Reporting is not applicable.
Mar 31, 2012
Term Loan from Banks represent Vehicle loans secured by way of
hypothecation of vehicles.
Term Loan from others are secured by way of creation of charge on fixed
assets of an Associated Company.
Loan from related parties are secured by Second charge of Company's
Fixed Assets.
Note:
Cash credit / Overdraft are secured by hypothecation of inventories,
book debts and all other current assets related to Company's
manufacturing unit at Sahaganj, both present and future and are further
secured by hypothecation of moveable fixed assets ant} equitable
mortgage of land at Sahaganj.
Term Loan from Banks represent Vehicle loans secured by way of
hypothecation of vehicles.
Note:
None of the suppliers have reported Micro, Small and Medium Enterprises
status as defined in the Micro, Small and Medium Enterprises
Development Act, 2006 to whom the company owes dues.
Note:
Other Liabilities includes old secured loans from KSIIDC- Rs.333.05
lacs, and Catholic Syrian Bank - Rs.750 lacs, Company has not repaid
these loans and these loans are now under active consideration of one
time settlement with the Lenders. Pending settlement, no interest has
been provided on these loans.
Fixed Deposits were accepted till 1997 and have fallen due for
repayment with earlier management. In terms of the order received from
the Company Law Board, this will lie dealt with as per the directions
received from the appropriate Authority.
Note:
The Company had recognized deferred tax asset as on 31.03.2007 on
account of carried forward business losses and unabsorbed depreciation
under Income Tax Act, 1961. This was adjusted against General Reserve.
The Company has filed a petition on 11th March, 2010 before Hon'ble
Calcutta High Court seeking extension of carry forward losses period
beyond 8 years because the Compare was under BIFR. Pending
decision, Rs 3358 lakhs, which was adjusted against General Reserve in
2007-08 & 2008-09 was brought back to General Reserve in 2009-10.
Inventories are stated at the lower of cost and estimated net
realisable value. Cost is determined on the basis of first in first
out, except engineering stores, cost for which is computed on the basis
of weighted average. Work- in-progress represents materials cost,
direct labour and appropriate portion of factory overheads. Finished
Goods are valued at lower of Cost or net realizable value.
As per the opinion obtained by the company no depreciation has been
charged on the Assets amounting to Rs. 29384.14 lakhs (P.Y.Rs.29384.14
lakhs) capitalized till 31.3.11 and not put to use.
1.1 Contingent Liabilities and commitments
Contingent Liabilities
Sales Tax Demands under appeal or otherwise
disputed 14,904.06 14,904.06
Income tax matters in appeal 400,00 400.00
In respect of Trade Finance facilities
availed and assignment of factored debtors 3361.36 3,362.71
Commitments
In respect of gurantee issued in favour of WBSEDCL 145.20 145.20
In respect of corporate gurantee issued on
behalf of Group Companies 6063.05 6,063.05
1.2 In respect of the sale proceeds of Rs.70 lacs realized from a
certain party in earlier years, the Company deposited the amount with
the Chennai High Court, and out of the same, a sum of Rs.35 lacs has
been utilized for payment of outstanding dues of employees. The balance
lying with the court is pending adjudication.
1.3 Other Long term liabilities( Rs.2755.54 lacs appearing in Note
2.4) and Long term Advances (Rs.279.29 lacs appearing in Note 2.12)
represent liabilities/assets for pre takeover period, which in the
opinion of the Management is not payable/realisable within one year of
Balance Sheet date.
1.4 Refurbishment work for reaching of optimum production capacities
is in progress at both the plants of the Company at Sahaganj and
Ambattur. Expenses on such Refurbishment work including interest and
overheads as are allocable to reach optimum production capacities
amounting to Rs.1453.92 lakhs ( p.y. fts.3810.48Lakhs) have been
capitalized during 1.4.2011 to 30.9.2011.
1.5 Confirmation of balances has been sought from sundry creditors,
sundry debtors and loans & advances given to parties. Confirmations are
awaited.
1.6 Present Directors are not disqualified in terms of Section
274(1)(g) of the Companies Act, 1956, as legally advised.
1.7 Particulars in terms of the regulation/ directions issued by SEBI:
i) Holding Company: Wealth Sea Pte. Ltd. (Singapore) through DIL Rim
and Wheel Corporation Limited, Mauritius.
ii) Subsidiaries: Ebony Commercial Pvt Ltd, Dunlop East Ltd., Dunldp
South Ltd.
iii) Associate Companies
1) Aakashdeep Properties Pvt Ltd. 2) Acurate Traders Pvt Ltd. 3)
Adhishwar Nivesh Pvt. Ltd. 4) Alpha Airways Pvt Ltd. 5) Alwaye
Properties & Finance Pvt Ltd. 6) American Merchandising Ltd. 7)
Anchita Commercials Pvt Ltd. 8) Angan Properties Private Limited, 9)
Anish Traders Pvt Ltd. 10) Anoush Traders Pvt Ltd. 11) Aparupa
Properties Pvt. Ltd. 12) Ayodhya Properties & Finance Pvt Ltd. 13)
Ballard Commercials Pvt Ltd. 14) Bandana Commercials Pvt Ltd. 15)
Beadon Traders Pvt Ltd. 16) Bharatiya Hotels Pvt. Ltd. 17) Bipul
Commercials Pvt Ltd. 18) Blackstone Holdings Private Ltd. 19) Bloom
Billions Sdn Bhd- Malaysia 20) Borneo Traders Pvt Ltd. 21) Brawany
Nivesh Pvt Ltd. 22) BTR Sealing System UK Ltd. - UK. 23) Chaity
Commercials Pvt Ltd. 24) Chaman Trade Links Pvt Ltd. 25) Chambal
Marketing Pvt Ltd. 26) Chemical Corporation of India Ltd. 27) Chinsurah
Chemicals Pvt. Ltd. 28) Chorus Trade Links Pvt Ltd. 29) Climber
Properties Pvt. Ltd. 30) D K Properties Pvt Ltd. 31) Dadar Properties
& Finance Pvt Ltd. 32) Deblok Traders Pvt Ltd. 33) Deoghar Properties &
Finance Pvt Ltd. 34) Ruia Corporate Services Pvt Ltd. 35) Dil Rim and
Wheel Corporation Ltd.-Mauritius 36) Divya Mercantile Ltd. 37) Dunlop
Estates Pvt. Ltd. 38) Dunlop Infrastructure Pvt. Ltd. 39) Dunlop
Investments Ltd. 40) Dunlop Latex Foam Europe Ltd. 41) Dunlop Polymers
Pvt Ltd. 42) Dunlop Properties Pvt. Ltd. 43) Dunlop Rubbers Limited 44)
Dunlop Tyres Limted, 45) Dunlop Auto Tyres Limted, 46) Dunlop UK
Limited, UK, 47) Durg Properties & Finance Pvt Ltd. 48) Eco Traders Pte
Ltd. 49) Edina Marketing pvt Ltd. 50) eMotions Media Pvt Ltd. 51)
Empire Minerals Pvt Ltd. 52) Enormous Nivesh Pvt Ltd. 53) Eyelid
Mercantile Pvt Ltd. 54) Fabulous Nivesh Pvt Ltd. 55) Falcon Tyres &
Rubber PVT. Ltd. 56) Falcon Tyres Impex Pvt. Ltd. 57) Falcon Tyres
Ltd. 58) FAIRVALUE IMPEX LTD. Maurititius, 59) Mahan Tyres & Tubes
Pvt.Ltd.(Formerly Falken Tyres Ltd.) 60) Fiber Foam (Bombay) Pvt Ltd.
61) Fragment Nivesh Pvt Ltd. 62) Gain E-Commerce Pvt Ltd. 63) Global
Fin Pro Ltd. 64) Global finvest Ltd. UK, 65) Globe Sugar Refinery Ltd.
66) GLORIOUS INVESTMENTS LTD - Maurititius, 67) Goldman Securities Ltd.
68) Goldman Stock & Share Brokers Ltd. 69) Gumasol Rubber Tec GMBH. 70)
Hardcore Viniyog Pvt Ltd. 71) Herald Investments Pvt Ltd. 72) Hiker
Properties Pvt. Ltd. 73) Hiland Traders Pvt Ltd. 74) Hindustan Texknit
Pvt. Ltd. 75) Hirakud Industrial Works Ltd. 76) Hirakud Rolling Mill
Ltd. 77) Hriday Commercials Pvt Ltd. 78) Ibcon(Calcutta) Pvt Ltd 79)
India Finance Ltd 80) India Tyre & Rubber Co (India) Ltd. 81)
Indo-Wagon Engineering Ltd. 82) Jai Badrinath Niketan Pvt. Ltd. 83) Jai
Brijmohan Niketan Pvt. Ltd. 84) Jai Ganga Nirman Pvt. Ltd. 85) Jai
Gokul Towers Pvt. Ltd. 86) Jai Harihor Tower Pvt. Ltd. 87) Jai Raghuvir
Enclave Pvt. Ltd. 88) Jai Tridev Vihar Pvt. Ltd. 89) Jai Vaibhav
Niketan Pvt. Ltd. 90) Janaki Marketing Pvt Ltd. 91) Jessop & Co. Ltd.
92) Jessop Estate Pvt Ltd. 93) Jessop Infotech Pvt Ltd 94) Jessop
Infrastructure Pvt Ltd. 95) Jessop Properties Pvt Ltd. 96) Jessop
Shipyard Limited, 97) Jessop Wagons & Coaches Ltd. 98) Kailash
Enterprises (New Delhi) Pvt Ltd. 99) Kanti Commercials Pvt Ltd. 100)
Kothi Lefin Pvt Ltd. 101) Kulu Properties & Finance Pvt Ltd. 102)
Liluah Ceramics Pvt. Ltd. 103) Mahant Merchandise Pvt Ltd. 104) Malini
Properties Pvt Ltd. 105) Manali Properties & Finance Pvt. Ltd. 106)
Manidipa Properties Pvt. Ltd. 107) Manjari Properties Pvt. Ltd. 108)
Mayank Services Ltd. 109) Metro Developers Ltd. 110) Metropole Hills
Hotel Pvt. Ltd. 111) Monarch Exim Pvt Ltd. 112) Monotona Tyres
Limited, 113) Moulishree Electricals & Electronics Ltd. 114) Mridula
Marketing Pvt Ltd. 115) Mudrika Commercials Pvt. Ltd. 116i Mugdha
Properties Pvt Ltd. 117) Nandini Properties Pvt Ltd. 118) Nevadita
Properties Pvt Ltd. 119) Ocean Constructions Pte Ltd. 120) OM Cotex
Ltd (Formerly Ruia Cotex Ltd), 121) Onix Business Services Ltd. 122)
Orion Otomotiv ve Yedek Par$a Sanayi veTic. -Turkey, 123) Orion
Medencilik Metal Enerji Ticaret A .S -Turkey, 124) P.K. Constructions
Pvt Ltd. 125) Pacific Apparels Ltd., 126) Pallavi Manufacturers Pvt.
Ltd. 127) Parnika Marketing Private Ltd. 128) Pawan Herbals Pvt. Ltd.
129) Payneganga Sugars & Chemicals Ltd. 130) Radient Investment Ltd-
Maurititius, 131) Rapid Investment Ltd - Maurititius, 132) Renuka
Resorts Pvt Ltd., 133) REALWORTH TRADING LTD- Maurititius, 134) Rose
Investment Ltd-Mauritius, 135) Ruia & Sons Pvt Ltd. 136) Ruia Agro
Products Pvt. Ltd. 137) Ruia Electronics Pvt Ltd.138) Ruia Holding -
GMBH, 139) RUIA HOLDING FRANCE SAS, 140) RUIA INTERNATIONAL FRANCE SAS,
141) RUIA AUTOMOTIVE SRO-Chek, 142) Ruia Hospital & Educational
Research Institution, 143) Ruia Hotels Pvt Ltd. 144) RUIA INDUSTRIES
LTD - Maurititius, 145) Ruia Marketing Ltd. 146) Ruia Properties GMBH,
147) Ruia Technologies Ltd. 148) Ryham Pte Limited- Singapore, 149)
Sagarika Properties Pvt Ltd. 150) Sanjose Polymers Pvt Ltd. 151) Sarvan
Commercials Pvt Ltd. 152) Satarupa Properties Pvt. Ltd. 153) Schlegel
Automotive Europe Ltd. UK 154) Schlegel Automotive India Pvt.Ltd. 155)
Securities Brokers India Limited, 156) Shakambari Communications Pvt
Ltd. 157) Shalimar Towers Pvt Ltd. 158) Shalini Properties & Developers
Pvt. Ltd. 159) Shankar Traders & Dealers Ltd. 160) Sheetal Exports
Ltd. 161) Shresth (India) Pvt Ltd. 162) Skypak Properties & Finance Pvt
Ltd. 163) Spices Valley Estates Ltd. 164) SPR Resorts Ltd. 165) Ruia
Global Nivesh Pvt Ltd (Formerly SPR Textiles Pvt. Ltd.), 166)
Stephen Financial Services Pvt Ltd. 167) Sterling Share Brokers (P)
Ltd. 168) Subhlaxmi Compusis Pvt Ltd. 169) Subhra Marketing Ltd. 170)
Sugandha Industries Pvt Ltd. 171) Sukaram Marketing Ltd. 172) Suryamani
Financing Company Ltd. 173) Tribhuban Marketing (P) Ltd. 174) Tulip
Machineries Pvt Ltd. 175) Udbav Commercials Pvt Ltd. 176) Vidyut
Petrochem Pvt Ltd. 177) Vilas Marketing Private Limited 178) Wealth
Field Pte Ltd. 179) Walker Properties Pvt Ltd. 180) Wealth Ocean Pte
Ltd- Sinagpore, 181) Wealth Overseas Pte Ltd- Sinagpore, 182) WEALTH
VALLEY PTE LTD. 183) Wealthsea Ltd - Maurititius, 184) WEALTH TREASURY
Ltd-Maurititius, 185) WEALTH PACIFIC HOLDING LTD-Maurititius 186)
WEALTHSEA HOLDINGS A.S -Turkey 187) Zeal Infotech Pvt Ltd. 188) Zipco
Industrial Finance Pvt. Ltd.
iv. Key Management Personnel:
Mr. S. N. Maheshwari, Executive Director (till 16th June, 2011)
1.8 Previous year figures have been regrouped wherever necessary.
Mar 31, 2011
31.03.2011 31.03.2010
(Rs. in lacs) (Rs. In lacs)
1. Contingent Liabilities
(to the extent ascertainable)
Claims against the Company not
acknowledged as debts
a) Sales Tax Demands under
appeal or otherwise disputed 14904.06 17902.82
b) Income tax matters in appeal 400.00 400.00
c) In respect of guarantee issued
in favour of WBSEDCL 145.20 145.20
d) In respect of corporate guarantee
issued on behalf of group companies 6063.05 5783.40
e) In respect of Trade Finance
facilities availed and
assignment of factored debtors 3362.71 3422.94
2. In respect of the sale proceeds of Rs.70 lacs realized from a
certain party in earlier years, the Company deposited the amount with
the Chennai High Court, and out of the same, a sum of Rs.35 lacs has
been utilized for payment of outstanding dues of employees. The balance
lying with the court is pending adjudication.
3. Loan Fund Include :
a. Cash credit/Overdraft are secured by hypothecation of inventories,
book debts and all other current assets related to company's
manufacturing unit at Sahaganj, both present and future liability of Rs
3545.42 lakhs from Central Bank of India are further secured by
hypothecation of moveable fixed assets and equitable mortgage on land
situated at Sahaganj.
b. Term loans from KSIIDC of Rs.333.05 lacs are secured by an
equitable mortgage of land at Mysore and immovable property of the
company situated at Kolkata.
c. Vehicle loans from Banks/ NBFC are secured by way of hypothecation
of vehicles.
d. No provision has been made for Interest on loans from Catholic
Syrian Bank and KSIIDC in the books of accounts. The company is in the
process of making one time settlement with respective parties.
4. Fixed Deposits were accepted till 1997 and have fallen due for
repayment with earlier management. In terms of the order received from
the Company Law Board, this will be dealt with as per the directions
received from the appropriate Authority. However the present management
has paid Rs.342.88 lakhs (P.Y. Rs.253.19 lakhs) after takeover to the
FD holders.
5 Present Directors are not disqualified in terms of Section 274(1)(g)
of the Companies Act. 1956, as legally advised.
6. As per the opinion obtained by the company no depreciation has been
charged on the Assets amounting to Rs. 29384.14 lakhs (P.Y.Rs.17443.07
lakhs) capitalized till 31.3.11 and not put to use.
7. Particulars in terms of the regulation/ directions issued by SEBI:
a The companies in the group as disclosed below are directly/indirectly
controlled by the Ruia Group of Companies under the chairmanship of Sri
Pawan Kumar Ruia and its various subsidiary/associate companies which
held the controlling stake in the Company during the year ended 31-
March 2011 :
i Holding Company : Wealth Sea Pte. Ltd. (Singa- pore) through DIL Rim
and Wheel Corporation Limited, Mauritius.
ii. subsidiaries: Ebony Commercial Pvt Ltd.
iii Associate/Group Companies : 1) Aakashdeep Properties Pvt Ltd 2)
Acurate Traders Pvt Ltd 3) Adhishwar Nivesh Pvt Ltd 4) Ajit Commercials
Pvt Ltd 5) Alpha Airways Pvt Ltd 6.) Alwaye Properties & Finance Pvt
Ltd 7) American Merchandising Ltd 8) Anchita Commercials Pvt Ltd 9)
Angan Properties Pvt Ltd 10) Aniket Traders Pvt Ltd 11) Anish Traders
Pvt Ltd 12) Anoush Traders Pvt Ltd 13) Anumala Traders Pvt Ltd 14)
Aparupa Properties Pvt. Ltd. 15) Ayodhya Properties & Finance Pvt Ltd
16) Ballard Commercials Pvt Ltd 17) Banalata Traders Pvt Ltd 18)
Bandana Commercials Pvt Ltd 19) Beadon Traders Pvt Ltd 20) Bengal
Institute of Neurosciences Ltd 21) Bharat Vidyut Co Ltd 22) Bharatiya
Hotels Pvt Ltd 23) Bipul Commercials Pvt Ltd 24) Blackstone Holdings
Pvt Ltd 25) Blessings Commercials Pvt Ltd 26) Bloom Billions Sdn Bhd-
Malaysia 27) Borneo Traders Pvt Ltd 28) Brawany Nivesh Pvt Ltd 29) BTR
Sealing System UK Ltd - UK 30) Camac Traders Pvt Ltd 31) Chaity
Commercials Pvt Ltd
8) Chaman Trade Links Pvt Ltd 33) Chambal Marketing Pvt Ltd 34)
Chemical Corporation of India Ltd 35) Chinsurah Chemicals Pvt Ltd 36)
Chorus Trade Links Pvt Ltd 37) Climber Properties Pvt. Ltd. 38)
California Auto Tyres Pvt Ltd 39) D K Properties Pvt Ltd 40) Dadar
Properties & Finance Pvt Ltd 41) Deblok Traders Pvt Ltd 42) Deoghar
Properties & Finance Pvt 'Ltd 43) Dhan E Commerce Pvt Ltd 44) Durg
Properties & Finance Pvt Ltd 45) Dipti Commercials Pvt Ltd 46) Divya
Mercantile Ltd 47) Double Plus Software Pvt Ltd 48) Draftex
Automotive,GMBH 49) Dunlop Estates Pvt Ltd 50) Dunlop Infrastructure
Pvt Ltd 51) Dunlop Investments Ltd. 52) Dunlop Latex Foam Europe Ltd
53) Dunlop Polymers Pvt Ltd (Formerly Jacob & Jacob Polymer Pvt Ltd)
54) Dunlop Properties Pvt Ltd 55) Dunlop Rubber Ltd 56) Dunlop Tyres
Ltd 57) Dunlop UK - Ltd UK 58) Eco Traders Pte Ltd 59) Edina Marketing
Pvt Ltd 60) Electric Corporation of India Ltd 61) Elloit Mercantile Pvt
Ltd 62) eMotions Media Pvt Ltd 63) Empire Minerals Pvt Ltd 64) Enormous
Nivesh Pvt Ltd 65) Eyelid Mercantile Pvt Ltd 66) Fragment Nivesh Pvt
Ltd 67) Fabulous Nivesh Pvt Ltd 68) Falcon Tyres Ltd. 69) Falcon Tyres
& Rubber Pvt Ltd 70) Falcon Tyres Impex Pvt Ltd 71) Fiber Foam (Bombay)
Pvt Ltd 72) Cyan Website Pvt Ltd 73) Gam E- Commerce Pvt Ltd 74) Gain
Dot Com Pvt Ltd 75) Global Finvest Ltd - UK 76) Globe Sugar Refinery
Ltd 77) Goldman Stock & Share Brokers Ltd 78) Global Fin Pro Ltd 79)
Goldman Securities Ltd 80) Gumasol Rubber Tec GMBH 81) Hriday
Commercials Pvt Ltd 82) Hardcore Viniyog Pvt Ltd 83) Herald Investments
Pvt Ltd 84) Himadri Properties Pvt Ltd 85) Hindustan Bauxite Ltd 86)
Hindustan Texknit Pvt Ltd 87) Hirakud Industrial Works Ltd. 88) Hirakud
Rolling Mill Ltd 89) Hiland Traders Pvt Ltd 90) Hiker Properties Pvt.
Ltd. 91) Indo-Wagon Engineering Ltd 92) Ibcon(Calcutta) Pvt Ltd 93)
India Finance Ltd 94) India Tyre & Rubber Co (India) Ltd 95) Janaki
Marketing Pvt Ltd 96) Jessop& Co Ltd 97) Jessop lnfotech Pvt Ltd
98).Jessop
Shipyard Limited 99) Jessop Estate Pvt Ltd 100) Jessop Properties Pvt
Ltd 101) Jessop infrastructure Pvt Ltd 102) Jessop Wagons & Coaches Ltd
103) Jai Vaibhav Niketan Pvt. Ltd: 104) Jai Brijmohan Niketan Pvt. Ltd
105) Jai Harihor Tower Pvt. Ltd. 106) Jai Raghuvir Enclave Pvt. Ltd.
107) Jai Ganga Nirman Pvt. Ltd. 108) Jai Badrinath Niketan Pvt. Ltd.
109) Jai Tridev Vihar Pvt. Ltd. 110) Jai Gokul Towers Pvt. Ltd. 111)
Kulu Properties & Finance Pvt Ltd 112) Kailash Enterprises ( New Delhi)
Pvt Ltd 113) Kamlapur Alcohol Ltd 114) Kamlapur Sugar & Industries Ltd
115) Kanti Commercials Pvt Ltd 116) Kothi Lefin Pvt Ltd 117) Lona
Commercials Pvt Ltd 118) Liluah Ceramics Pvt. Ltd. 119) Manjari
Properties Pvt. Ltd. 120) Mahant Merchandise Pvt Ltd 121) Manali
Properties & Finance Pvt. Ltd. 122) Malini Properties Pvt. Ltd. 123)
Manavendra Commercials Pvt Ltd 124) Mandhatri Traders Pvt Ltd 125)
Manidipa Properties Pvt. Ltd. 126) Mayank Services Ltd 127) Metro
Developers Ltd. 128) Metropole Hills Hotel Pvt. Ltd. 129) Monarch Exim
Pvt Ltd 130) Monotona Tyres Ltd. 131) Mouiishree Electricals &
Electronics Ltd 132) Mridula Marketing Pvt Ltd 133) Mudrika Commercials
Pvt. Ltd. 134) Mugdha Properties Pvt Ltd 135) Nevadita Properties Pvt
Ltd 136) Nandan Suppliers & Contractors Pvt Ltd 137) Nandini Properties
Pvt Ltd 138) Our Films Productions Pvt Ltd 139) Ocean Cement Ltd 140)
Ocean Constructions Pte Ltd 141) Olivia Tours & Travels Pvt Ltd 142) OM
Cotex Ltd (Formerly Ruia Cotex Ltd) 143) Onix Business Services Ltd
144) Payneganga Sugars & Chemicals Ltd 145) P.K. Constructions Pvt Ltd
146) Pacific Apparels Ltd. 147) Pacific Website Pvt Ltd 148) Pallavi
Manufacturers Pvt Ltd 149) Parnika Marketing Pvt Ltd 150) Pawan Herbals
Pvt. Ltd. 151) Power Corporation of India Ltd 152) Rose Investment
Ltd-Mauritius 153) Radient Investment Ltd-Mauritius 154) Raghav
Industries Ltd. 155) Rapid Investment Ltd -Mauritius 156) Renuka
Resorts Pvt Ltd 157) Resource Cement Ltd 158) Rose E-Commerce Pvt Ltd
159) Ruia & Sons Pvt Ltd 160) Ruia Global Nivesh Pvt Ltd (Formerly SPR
Textiles Pvt.
Ltd.) 161) Ruia Agro Products Pvt. Ltd. 162) Ruia Hospital &
Educational Research Institution 163) Ruia Corporate Services Pvt Ltd
164) Ruia Electronics Pvt Ltd 165) Ruia Global Fasteners AG 166) Ruia
Holding-GMBH 167) Ruia Hotels Pvt Ltd 168) Ruia Iron & Steel Co. Pvt
Ltd 169) Ruia Marketing Ltd 170) Ruia Overseas Pvt. Ltd 171) Ruia
Properties GMBH 172) Ruia Technologies Ltd 173) Ryham Pte Ltd -
Singapore 174) Sanjose Polymers Pvt Ltd. 175) Sarvan Commercials Pvt
Ltd 176) Sayaji Marketing Pvt Ltd 177) Shakambari Communications Pvt
Ltd 178) Shalimar Towers Pvt Ltd 179) Shankar Traders & Dealers Ltd
180) Sheetal Exports Ltd 181) Shresth (India) Pvt Ltd 182) Skypak
Properties & Finance Pvt Ltd 183) SPR Sugar & Chemicals Ltd 184)
Stephen Financial Services Pvt Ltd 185) Sterling Share Brokers (P) Ltd
186) Subhlaxmi Compusis Pvt Ltd 187) Sugandha Industries Pvt Ltd 188)
Sukaram Marketing Ltd. 189) Schlegel Automotive Europe Ltd - UK 190)
Schlegel Automotive India Pvt.Ltd 191) Securities Brokers India Ltd.
192) Shalini Properties & Developers Pvt. Ltd. 193) Spices Valley
Estates Ltd. 194) SPR Resorts Ltd. 195) Sagarika Properties Pvt Ltd
196) Subhra Marketing Ltd. 197) Surag Commercials Pvt Ltd 198)
Suryamani Financing Company Ltd. 199) Satarupa Properties Pvt. Ltd.
200) Tribhuban Marketing Pvt Ltd 201) Tulip Machineries Pvt Ltd 202)
U.P Bio Chem Ltd 203) U.P.Hydro Projects Ltd 204) Udbav Commercials Pvt
Ltd 205) Ventura Project Pvt Ltd 206) Vidyut Petrochem Pvt Ltd 207)
Vilas Marketing Pvt Ltd 208) Wealth Filed Pte Ltd. 209) Walker
Properties Pvt Ltd 210) Wealth Valley Pte. Ltd 211) Wealthsea Ltd -
Maurititius 212) Wizer Advertising Pvt Ltd 213) Wealth overseas Pte
Ltd-Singapore 214) Wealth ocean Pte Ltd- Singapore 215) Yamuna Website
Pvt Ltd 216) Zeal Infotech Pvt Ltd 217) Zipco Industrial Finance Pvt.
Ltd.
iv . Key Management Personnel:
Mr. R K Budhiraja, Executive Director
(till May 10, 2010)
Mr. S N Maheswari, Executive Director
9 The Company had recognized deferred tax asset as on 31.03.2007 on
account of carried forward business losses and unabsorbed depreciation
under Income Tax Act, 1961. This was adjusted against General Reserve.
The Company has filed a petition on 11th March, 2010 before Hon'ble
Calcutta High Court seeking extension of carry forward losses period
beyond 8 years because the Company was under BIFR. Pending decision, Rs
3358 lakhs, which was adjusted against General Reserve in 2007-08 &
2008-09 was brought back to General Reserve in 2009-10.
10 Refurbishment work for reaching of optimum production capacities is
in progress at both the plants of the Company at Sahaganj and Ambattur.
Expenses on such Refurbishment work including interest and overheads as
are allocable to reach optimum production capacities amounting to
Rs.3810.48 lakhs (P.Y. Rs. 4553.30 Lakhs) have been capitalized during
the year.
11 Company revalued its Fixed assets last on 31.3.2007 by approved
valuers on 'Open Market Value Method/Net Replacement Value Method' and
consequential increase in value of fixed assets amounting to Rs. 107207
lakhs has been added to Revaluation Reserve. Differential depreciation
on asset is being adjusted against Revaluation Reserve amounting to Rs.
3806.95 lakhs (P.Y. 3806.95 lakhs).
12. Based on the legal opinion obtained by the Company that the
provisions of the Section 115JB of the Income Tax Act., 1961 are not
applicable to the Company, no provision has been made for taxation in
these accounts in view of huge carried forward business losses as per
the Income Tax Act., 1961.
13. a) None of the supplier have reported Micro, Small and Medium
Enterprises status as defined in the Micro, Small and Medium
Enterprises Development Act, 2006 to whom the company owes dues.
b) Confirmation of balances has been sought from sundry creditors,
sundry debtors and loans & advances given to parties. Confirmations are
awaited.
14. Company recognized all the known liabilities related to pre take
over period but there may be still some liabilities which are not known
to Company. As and when they will arise company will contest and
provide the same on determination.
15. The Company operates in the single segment, i.e.
manufacturing/trading of Rubber products, such as Automotive Tyres,
Tubes, Industrial Hoses, Transmission and Conveyor Belting, etc.. hence
the Accounting Standard 17 regarding Segment Reporting is not
applicable.
16. Previous year's figures have been regrouped / re-arranged wherever
necessary.
Mar 31, 2010
31.03.2010 31,03.2009
(Rs .in lacs) (Rs. In lacs)
1. Contingent Liabilities
(to the extent ascertainable)
Claims against the Company
not acknowledged as debts
a) Sales Tax Demands
under appeal or
otherwise disputed 17902.82 21853.00
b) Income tax matters
in appeal 400.00 -
c) In respect of guarantee
issued in favour of WBSEDCL. 145.20 -
2. In respect of the sale proceeds of Rs.70 lacs realized from a
certain party in earlier years, the Company deposited the amount with
the Chennai High Court, and out of the same, a sum of Rs.35 lacs has
been utilized for payment of outstanding dues of employees. The
balance lying with the court is pending adjudication.
3. Loan Fund Include :
a. Cash credit / Overdraft are secured by hypothecation of
inventories, book debts and all other current assets, both present and
future liability of Rs 3446.45 lakhs from Central Bank of India are
further secured by first charge on the property at Sahaganj.
b. Term loans from KSIIDC of Rs.360.05 lacs are secured by an
equitable mortgage of land at Mysore.
c. Vehicle loans from Banks/ NBFC are secured by way of hypothecation
of vehicles.
d. No provision has been made for Interest on loans from Catholic
Syrian Bank and KSIIDC in the books of accounts. The company is in the
process of making one time settlement with respective parties.
4. Fixed Deposits were accepted till 1997 and have fallen due for
repayment with earlier management. In terms of the order received form
the Company Law Board, this will be dealt with as per the directions
received from the appropriate Authority. However the present management
has paid Rs.253.19 Lakhs after takeover to the FD holders.
5. Present Directors are not disqualified in terms of Section 274(1
)(g) of the Companies Act, 1956, as legally advised.
6. As per the opinion obtained by the company no depreciation has been
charged-on the Assets amounting to Rs. 17443.07 lakhs capitalized on
31.3.08 and not put to use.
7. Particulars in terms of the regulation/ directions issued by SEBI :
a. The companies in the group as disclosed below are directly /
indirectly controlled by the Ruia Group of Companies under the
chairmanship of Sri Pawan Kumar Ruia and its various subsidiary /
associate companies which held the controlling stake in the Company
during the year ended 31s1 March 2010:
i. Holding Company : Wealth Sea Pte. Ltd. (Singapore) through DIL Rim
and Wheel Corporation Limited, Mauritius.
ii. Subsidiaries: (1) Ebony Commercial Pvt Ltd. (2) Wizer Advertising
Pvt Ltd.
iii. Associate / Group Companies : 1) Acurate Traders Pvt Ltd 2) Alpha
Airways Pvt ltd 3) Anoush Traders Pvt Ltd 4) Aparupa Properties Pvt.
Ltd. 5) Bharatiya Hotels Pvt Ltd 6) Bloom Billions Sdn Bhd- Malaysia 7)
BTR Sealing System UK Ltd - UK 8) Chinsurah Chemicals Pvt Ltd 9)
Climber Properties Pvt. Ltd. 10) Draftex Automotive , GMBH 11) Dunlop
Estates Pvt Ltd 12)Dunlop Infrastructure Pvt Ltd 13) Dunlop Investments
Ltd.14) Dunlop Properties Pvt Ltd 15) Dunlop Rubber limited 16) Dunlop
Tyres limited 17) Dunlop UK limited UK 18) Dunlop Polymers Pvt Ltd
(Formerly Jacob & Jacob Polymer Pvt Ltd) 19) Falcon Tyres Ltd. 20)
Falcon Tyres & Rubber Pvt Ltd 21) Falcon Tyres Impex Pvt Ltd 22) Fiber
Foam (Bombay) Pvt Ltd 23) Global Finvest Ltd UK 24) Globe Sugar
Refinery Ltd 25) Goldman Stock & Brokers Ltd 26) Global Fin Pro Ltd 27)
Hirakud Industrial Works Ltd. 28) Hirakud Rolling Mill Ltd. 29) Hiland
Traders Pvt Ltd 30) Hiker Properties Pvt. Ltd. 31) India Tyre & Rubber
Co (India) Ltd. 32) Indo-Wagon Engineering Ltd. 33) Jessop & Co. Ltd.
34) Jessop Infotech Pvt Ltd 35) Jessop Shipyard Limited 36) Jessop
Estate Pvt Ltd 37) Jessop Properties Pvt Ltd 38) Jessop Infrastructure
Pvt Ltd 39) Jessop Wagons & Coaches Ltd 40) Jai Vaibhav Niketan Pvt.
Ltd.41) Jai Brijmohan Niketan Pvt. Ltd 42) Jai Harihor Tower Pvt. Ltd.
43) Jai Raghuvir Enclave Pvt. Ltd. 44) Jai Ganga Nirman Pvt. Ltd. 45)
Jai Badrinath Niketan Pvt. Ltd. 46) Jai Tridev Vihar Pvt. Ltd. 47) Jai
Gokul Towers Pvt. Ltd. 48) Kailash Enterprises ( New Delhi) Pvt Ltd 49)
Kulu Properties & Finance Pvt Ltd 50) Liluah Ceramics Pvt. Ltd. 51)
Manali Properties & Finance Pvt. Ltd. 52) Malini Properties Pvt Ltd 53)
Metropole Hills Hotel Pvt. Ltd. 54) Monotona Tyres Limited 55) Mudrika
Commercials Pvt. Ltd. 56) Mugdha Properties Pvt Ltd 57) Manjari
Properties Pvt. Ltd. 58) Manidipa Properties Pvt. Ltd. 59) Nandini
Properties Pvt Ltd 60) Nevadita Properties Pvt Ltd 61) Pacific Apparels
Ltd. 62) Pallavi Manufacturers Pvt Ltd 63) Parnika Marketing Pvt Ltd
64) Pawan Herbals Pvt. Ltd. 65) Radient Investment Ltd-Mauritius 66)
Raghav Industries Ltd. 67) Rapid Investment Ltd - Mauritius 68) Ruia &
Sons Pvt Ltd 69) Ruia Agro Products Pvt. Ltd. 70)Ruia Hospital &
Educational Research Institution 71) Ryham Pte limited- Singapore 72)
Rose Investment Ltd-Mauritius 73) Schlegel Automotive Europe Ltd UK 74)
Schlegel Automotive India Pvt.Ltd 75) Securities Brokers India limited
76) Shalini Properties & Developers Pvt. Ltd. 77) Spices Valley
Estates Ltd. 78) SPR Resorts Ltd.
8. The Company had recognized deferred tax asset as on 31.03.2007 on
account of carried forward business losses and unabsorbed depreciation
under Income Tax Act, 1961. This was adjusted against General Reserve.
The Company has filed a petition on 11,h March, 2010 before Honble
Calcutta High Court seeking extension of carry forward losses period
beyond 8 years because the Company was under BIFR. Pending decision, Rs
3358 lakhs, which was adjusted against General Reserve in 2007-08 &
2008- 09 has been brought back to General Reserve.
9. Refurbishment work for restoration of the Installed Capacities is
still in progress at Companys both the plants at Sahaganj and
Ambattur, the restoration work of all the major utility services and a
small portion of production facilities has been already completed at
both the plants. Companys products have been sold in the market in the
normal course of business and such sales have been duly recognized in
these accounts. Direct expenses including Gratuity, working capital
interest as allocable to restoration of capacity amounting to Rs
4553.30 lakhs (P.Y. 3180.38 lakhs) have been capitalized during the
year.
10. Company revalued its Fixed assets last on 31.3.2007 by approved
valuers on Open Market Value Method/ Net Replacement value Method and
consequential increase in value of fixed assets amounting to Rs 107207
lakhs has been added to Revaluation Reserve. Differential depreciation
on asset is being adjusted against Revaluation Reserve amounting to Rs.
3806.49 lakhs (P.Y. 3806.49 lakhs).
11. Based on the legal opinion obtained by the Company that the
provisions of the Section 115JB of the Income Tax Act., 1961 are not
applicable to the Company, no provision has been made for taxation in
these accounts in view of huge carried forward business losses as per
the Income Tax Act., 1961.
12. a) None of the supplier have reported Micro, Small and Medium
Enterprises status as defined in the Micro, Small and Medium
Enterprises Development Act, 2006 to whom the company owes dues.
b) Confirmation of balances has been sought from sundry creditors,
sundry debtors and loans & advances given to parties. Confirmations are
awaited.
13. Company recognized all the known liabilities related to pre take
over period but there may be still some liabilities which are not known
to Company. As and when they will arise company will contest and
provide the same on determination.
14. The Company operates in the single segment, i.e. manufacturing
/trading of Rubber products, such as Automotive Tyres, Tubes,
Industrial Hoses, Transmission and Conveyor Belting, etc., hence the
Accounting Standard 17 regarding Segment Reporting is not applicable.
15. Previous years figures have been regrouped/re-arranged wherever
necessary.