Mar 31, 2014
1 Terms/Rights attached to Equity Shares:
The Company has issued only one class of shares referred to as equity
shares having a par value of Rs.10/- per share. All equity shares carry
one vote per share without restrictions and are entitled to dividend,
as and when declared. All shares rank equally with regards to the
Company''s residual assets.
2. a) In pursuance of the order dated 24th September 2002 of Hon''ble
Supreme Court, the company has been held liable for payment of Excise
duty on its Finished product (Fur Fabrics). In pursuance of the said
order the Central Excise Authorities has asked the company to pay
amount of Rs 1,45,78,305/- towards Central Excise duty payable on the
goods cleared by the company during the period from 20.10.1987 to
31.07.1990. The company has accordingly provided a sum of Rs 1, 45,
78,305/- towards Central Excise duty liability in its accounts during
the year ended 31st March 2003. The company has however not provided
for interest on the demand of Rs 1, 45, 78,305/- from the date of the
Order of the Hon''ble Supreme Court.
b) In pursuance of the order dated 30th November 2004 of Additional
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of BED, AED, and AD (T & T) under section 11 A of Central
Excise Act, 1944 on its finished products Fur Fabrics. In pursuance of
the said order, the Central Excise authorities had asked the company to
pay an amount of Rs 1, 60, 29,381/- towards Central Excise Duty payable
on goods cleared by the Company during the period from Sept 1996 to Nov
2000, The company accordingly provided a sum of Rs 1, 60, 29,381/-
towards Central Excise Duty liability in its accounts during the year
ended 31st March 2005. The company has however not provided for
interest on demand of Rs 1, 60, 29,381/- from the date of order.
c) In pursuance of the order dated 16th March 2005 of Assistant
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of short payments arising out of the finalisation of the
provisional assessment of its finished products Fur Fabrics. In
pursuance of the said order the Central Excise authorities had asked
the company to pay an amount of Rs 2, 29, 16,596/- towards Central
Excise Duty payable on goods cleared by the Company during the period
from 24.03.1987 to 31.05.1994 the company accordingly provided a sum of
Rs 2, 29, 16,596/- towards Central Excise Duty liability in its account
during the year ended 31st March 2005.
However against the above demands the Company had received a letter
dated 20-12-2012 from the Office of the Deputy Commissioner Central
Excise, Mahad Division for the recovery of the said demands. The
Company had filed a detailed proposal to the Excise Department for the
revival of the Company, but the proposal was not considered by the
Department and an Order of attachment of Company''s Property at plot No
B-5, B-6, MIDC Mahad, Taluka Mahad, Dist - Raigad dated 23-04-2013 has
been issued from the Office of the Deputy Commissioner of Central
Excise, Mahad Division, attaching the Company''s property at plot No
B-5, B-6, MIDC Mahad, Taluka Mahad, Dist - Raigad, and in persuance of
the said order, the Excise Department issued a letter dated 4th March,
2014 mentioning that the Company''s attached property at plot No 8-5,
B-6, MIDC Mahad, Taluka Mahad, Dist - Raigad has been put for auction
for recovery of their dues. No further information has been received
thereafter.
3. In pursuance of the order dated 19th December, 2006 of The
Commissioner, Central Excise (ADJ), Mumbai, the Company has been held
liable for demand of duty under section 11 A (2) of Central Excise Act,
1944 for Rs 2,22,34,778/- and also penalty imposed of Rs 2,00,91,308/-
u/s 11 AC and Rs 5,00,000/- under rule 209 of CER,1944 regarding its
deemed export transactions under 100% EOU with GCU Ltd, during the
period August 1996 to July 1998. Although the company has disputed the
same and filed appeal against the same before the Appellate Tribunal
u/s 358 of the Central Excise Act, the Company has provided for total
amount of Duty and Penalty amounting to Rs 4,28,26,086/- towards
Central Excise Duty liability in its accounts during the year ended
31st March 2007. The matter is before the Appellate Tribunal (CESTAT).
The adjustments if any will be made in the books of accounts in the
yearas & when the appeal is decided.
4. In pursuance of the assessment proceedings before the Sales Tax
officer, the company has received demand notices from Sales tax Office
under the Bombay Sales TaxAct & Central Sales TaxAct in respect of the
following financial years.
Although the company has disputed the same and filed appeal against the
same before The Sales Tax Tribunal, Mumbai the company has provided for
the total demand amounting of Rs 18, 44,683/- towards Sales Tax
liability in its accounts during the year ended 31st March 2007. The
adjustment if any will be made in the books of accounts in the year as
and when the appeal is decided.
5. In the opinion of the Board of Directors, all the assets other than
Fixed Assets and Non-Current Investments have a value on realisation in
the ordinary course of business at least equal to the amounts at which
they are stated in the Balance Sheet.
6. Some of the books and records of the company pertaining to the
period from October 1995 to January 1997 have been taken by the Central
Excise authorities on 01.02.1997 and the books and records of the
company pertaining to the period from February 1997 to July 1998 have
also been taken by the central excise authorities on 23.07.1998 and are
still lying with the concerned Authorities. The accounts for these
period were therefore reconstructed and reconciled from available
information and records. Adjustments as may be deemed necessary will be
made in the accounts after the release of the books and records by the
concerned authorities. .
7. RELATED PARTY TRANSACTIONS:
As per Accounting Standard -18 on "Related Party Disclosure", related
parties of the Company are disclosed below:
8. The company has taken interest free loan from Premier Consultant &
Traders Ltd. (Shareholder) of Rs. 2900000/- (Previous year Rs.
2760000/-) till the commencement of The Companies Act 2013, the same is
to be intimated to the Registrar of Companies.
9. SEGMENT REPORTING
The Company is operating in one segment only i.e. Textiles, but during
the year there is no business conducted by the Company, hence no
segment reporting is given.
10. There are no Micro, Small and Medium Enterprises, as provided under
the Micro, Small and Medium Enterprises Development Act, 2006, to whom
the company owes dues, which are outstanding for more than 45 days as
at Balance Sheet date.
11. In view of the Losses during the year, the company does not have
taxable Income, hence the Provision for current Income Tax has not been
made.
12. Previous year''s figures have been regrouped / rearranged /
reclassified wherever necessary to confirm with current year''s
classification / disclosure.
Mar 31, 2013
1. a) In pursuance of the order dated 24th September 2002 of Hon''ble
Supreme Court, the company has been held liable for payment of Excise
duty on its Finished product (Fur Fabrics). In pursuance of the said
order the Central Excise Authorities has asked the company to pay
amount of Rs. 1,45,78,305/- towards Central Excise duty payable on the
goods cleared by the company during the period from 20.10.1987 to
31.07.1990. The company has accordingly provided a sum of Rs
1,45.78,305/- towards Central excise duty liability in its accounts
during the year ended 31st March 2003. The company has however not
provided for interest on the demand of Rs 1,45,78,305/- from the date
of the Order of the Hon''ble Supreme Court.
b) In pursuance of the order dated 30th November 2004 of Additional
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of BED, AED, and AD (T & T) under section 11 A of Central
Excise Act, 1944 on its finished products Fur Fabrics. In pursuance of
the said order the Central Excise authorities had asked the company to
pay an amount of Rs 1,60,29,381/- towards Central Excise Duty payable
on goods cleared by Company during the period from Sept 1996 to Nov
2000 the company accordingly provided a sum of Rs 1,60,29,381/- towards
Central Excise Duty liability in its account during the year ended 31st
March 2005. The company has however not provided for interest, on
demand of Rs 1,60,29,381/- from the date of order.
c) In pursuance of the order dated 16th March 2005 of Assistant
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of short payments arising out of the finalisation of the
provisional assessment of its finished products Fur Fabrics. In
pursuance of the said order the Central Excise authorities had asked
the company to pay an amount of Rs 2,29,16,596/- towards Central Excise
Duty payable on goods cleared by Company during the period from
24.03.1987 to 31.05.1994 the company accordingly provided a sum of Rs
2,23,16,596/- towards Central Excise Duty liability in its account
during the year ended 31st March 2005. However against the above
demands the Company has received a letter dated 20-12-2012 from the
Office of the Deputy Commissioner Central Excise, Mahad Division for
the recovery of the said demands. The Company has filed a detailed
proposal to the Excise Department and the matter is under
consideration.
2. In pursuance of the order dated 19th December, 2006 of The
Commissioner, Central Excise (ADJ), Mumbai, the Company has been held
liable for demand of duty under section 11 A (2) of Central Excise Act,
1944 for Rs 2,22,34,778/- and also penalty imposed of Rs 2,00,91,308/-
u/s 11 AC and Rs 5,00,000/- under rule 209 of CER.1944 regarding its
deemed export transactions under 100% EOU with GCU Ltd, during the
period August 1996 to July 1998. Although the company has disputed the
same and filed appeal against the same before the Appellate Tribunal
u/s 35B of the Central Excise Act, the Company has provided for total
amount of Duty and Penalty amounting to Rs 4,28,26,086/- towards
Central Excise Duty liability in its accounts during the year ended
31st March 2007. The matter is before the Appellate Tribunal (CESTAT).
The adjustments if any will be made in the books of accounts in the
year as & when the appeal is decided.
3. in the opinion of the Board of Directors the company expect that
there would be no liabilty of custom duty & other charges payable on
raw materials imported under Duty Exemption Scheme for non - fulfilment
of Export obligation due to major fire in the factory premises of the
company on 28th May 1993, hence no provision for the same has been made
in the books of account. However the Company is in correspondence with
DGFT, Mumbai for closure of the said advance licence and accordingly
the Company has paid Custom Duty with Interest amounting to Rs 703303/-
during the year under consideration. The Company expects the closure of
the said licence shortly.
4. In the opinion of the Board of Directors, all the assets other
than Fixed Assets and Non Current Investments have a value on
realisation in the ordinary course of business at least equal to the
amounts at which they are stated in the Balance Sheet.
5. a) Some of the books and records of the company pertaining to the
period October 1995 to January 1997 have been taken by the central
excise authorities on 01/02/1997 and are still lying with the
concerened Authorities. The accounts for these period were therefore
reconstructed and reconciled from available information and records.
Adjustments as may be deemed necessary will be made in the accounts
after the release of the Books and records by the concerned
authorities.
b) Some of the books and records of the company pertaining to the
period February 1997 to July 1998 have also been taken by the central
excise authorities on 23.07.98 and are still lying with concerened
Authorities. The accounts for these periods were therefore
reconstructed and reconciled from available information and records.
Adjustments as may be deemed necessary will be made in the accounts
after the release of the Books and records by the concerned
authorities.The company is therefore not in a position to ascertain the
quantum of liability if any arising and therefore the same will be
provided as and when demand is raised.
6. SEGMENT REPORTING
The Company is operating in one segment only i.e. Textiles, but during
the year there is no business conducted by the Company, hence no
segment reporting is given.
7. There are no Micro, Small and Medium Enterprises, as provided
under the Micro, Small and Medium Enterprises Development Act, 2006, to
whom the company owes dues, which are outstanding for more than 45 days
as at Balance Sheet date.
8. In view of the Losses during the year, the company does not have
taxable Income, hence the Provision for current Income Tax has not been
made.
9. Previous year''s figures have been regrouped / rearranged /
reclassified wherever necessary to confirm with current year''s
classification / disclosure.
Mar 31, 2012
1.1 Terms / Rights attached to Equity Shares :
The Company has Issued only one class of shares referred to as equity
shares having a par value of Rs.10/- per share. All equity shares carry
one vote per share without restrictions and are entitled to dividend,
as and when declared. All shares rank equally with regards to the
Company's residual assets.
During the year ended 31 st March, 2012. the amount of per share
dividend recognized as distributions to equity shareholders was Rs NIL
(31 st March, 2011 Rs Nil.).
In the event of liquidation of the Company, the holders of Equity
Shares will be entitled to receive remaining assets Df the Company. The
distribution will be in proportion to the number of equity shares held
by the shareholders,
2 a) In pursuance of the order dated 24th September 2002 of Hon'ble
Supreme Court, the company has been held liable for payment of Excise
duty on its Finished product (Fur Fabrics). In pursuance of the said
order the Central Excise Authorities has asked the company to pay
amount of Rs 1 45 78 305/- towards Central Excise duty payable on
the goods cleared by the company during the period from 20.10.1987
to 31.07.1990. The company has accordingly provided a sum of
Rs 1,45,78,305/- towards Central excise duty liability in its accounts
during the year ended 31st March 2003. The company has however not
provided for interest on the demand of Rs 1,45,78,305/- from the date
of the Order of the Honble Supreme Court.
b) In pursuance of the order dated 30th November 2004 of Additional
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of BED AED and AD (T & T) under section 11 A of Central
Excise Act. 1944 on Its finished products Fur Fabrics. In pursuance of
the said order the Central Excise authorities had asked the company to
pay w amount of Rs 1,60,29,381/- towards Central Excise Duty payable on
goods cleared by Company during the period from Sept 1996 to Nov 2000
the company accordingly provided a sum of Rs 1,60,29,381/- towards
Central Excise Duty liability in its account during the year ended 31st
March 2005. The company has however not provided for interest on demand
of Rs 1,60,29,381/-from the date of order.
3 in pursuance of the order dated 16th March 2005 of Assistant
Commissioner, Central Excise. Mahad. the Company has been held liable
for demand of short payments arising out of the finalisation of the
provisional assessment of its finished products Fur Fabrics. In
pursuance of the said order the Central Excise authorities had asked
the company to pay an amount of Rs 2,29,16,596/- towards Central Excise
Duty payable on goods cleared by Company during the period from
24.03.1987 to 31.05.1994 the company accordingly provided a sum of Rs
2,29,16,596/- towards Central Excise Duty liability in its account
during the year ended 31st Mardr2O05.
4. In pursuance of the order dated 19th December, 2006 of The
Commissioner, Central Excise (ADJ), Mumbai, the Company has been held
liable for demand of duty under section 11 A (2) of Central Excise Act,
1944 for Rs 2,22,34,776/- and also penalty imposed of Rs 2,00,91,308/-
u/s 11 AC and Rs 5,00,000/- under rule 209 of CER.1944 regarding its
deemed export transactions under 100% EOU with GCU Ltd, during the
period August 1996 to July 1998. Although the company has disputed the
same and filed appeal against the same before the Appellate Tribunal
u/s 35B of the Central Excise Act, the Company has provided for total
amount of Duty and Penalty amounting to Rs 4,26,26,086/- towards
Central Excise Duty liability in ils accounts during the year ended 31
st March 2007. The adjustments if any will be made In the books of
accounts in the year as & when the appeal is decided.
5. In the opinion of the Board of Directors the company except that
there would be no liabilty of custom duty & other charges payable Rs
556.00 Lacs (Approx) on raw materials imported under Duty Exemption
Scheme for non - fulfilment of Export obligation due to major fire in
the factory premises of the company on 26th May 1993, hence no
provision for the same has been made in the books of account.
6. In the opinion of the Board of Directors, all the assets other
than Fixed Assets and Non Current Investments have a value on
realisation in the ordinary course of business at least equal to the
amounts at which they are stated in the Balance Sheet,
7. a) Some of the books and records of the company pertaining to
previous financial years taken by the central excise authorities on
01/02/1997 are still lying with concerened Authorities. The accounts
for the previous financial years therefore were reconstructed and
reconciled from available Information and records. Adjustments as may
be deemed necessary will be made in the accounts after the release of
the Books and records by the concerned authorities.
b) Some of the books and records of the company pertaining to previous
financial years taken by the central excise authorities on 23.07.96 are
still lying with concerened Authorities. The accounts for the previous
financial years therefore were reconstructed and reconciled from
available information and records. Adjustments as may be deemed
necessary will be made in the accounts after the release of the Books
and records by the concerned authorities.The company Is therefore not
in a position to ascertain the quantum of liability if any arising and
therefore the same will be provided as and when demand is raised.
8. RELATED PARTY TRANSACTIONS :
As per Accounting Standard -18 on "Related Party Disclosure", related
parties of the Company are disclosed below :
A. List of Related Parties (As certified by the management).
1) Associate Companies
1. Premier Consultant & Traders Limited
2) Key Management Personnel Including Relatives
a) Shri M O Shanbhag - Director
b) Shri Rajendra M Bolya - Director
B. Transactions with related parties
Nature of Transactions 2011-12 2010-11
(RS) (RS)
Loans, Advances and Deposits
Received 996500 1153500
9. SEGMENT REPORTING
The Company Is operating in one segment only i.e. Textiles, but during
the year there is no business conducted by the Company, hence no
segment reporting is given.
10. There are no Micro, Small and Medium Enterprises, as provided
under the Micro, Small and Medium Enterprises Development Act, 2006, to
whom the company owes dues, which are outstanding for more than 45 days
as at Balance Sheet date.
11. In view or the Losses during the year, the company does not have
taxable Income, hence the Provision for current Income Tax has not been
made.
12. The Revised Schedule VI has become effective from 1 April 2011 for
the preparation of Financial Statements. This has significantly
impacted the disclosures and presentation made In these Financial
Statements. Previous year's figures have been regrouped / rearranged /
reclassified wherever necessary to confirm with current year's
classification / disclosure.
Mar 31, 2011
1a In pursuance of the order dated 24th September 2002 of Supreme Court,
the company has been held liable for payment of Excise duty on its
Finished product (Fur Fabrics). In pursuance of the said order the
Central Excise Authorities has asked the company to pay amount of Rs
1,45,78,305/- towards Central Excise duty payable on the goods cleared
by the company during the period from 20.10.1987 to 31.07.1990. The
company has accordingly provided a sum of Rs 1,45,78,305/- towards
Central excise duty liability in its accounts during the year ended
31st March 2003. the company has however not provided for interest on
the demand of Rs 1,45,78,305/- from the date of the Order of the
Hon'ble Supreme Court.
b. In pursuance of the order dated 30th November 2004 of Additional
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of BED, AED, and AD (T & T) under section 11 A of Central
Excise Act, 1944 on its finished products Fur Fabrics. In persuance of
the said order the Central Excise authorities had asked the company to
pay an amount of Rs 1,60,29,381/- towards Central Excise Duty payable
on goods cleared by Company during the period from sept 1996 to nov
2000 the company accordingly provided a sum of Rs 1,60,29,381/- towards
Central Excise Duty liability in its account during the year ended 31st
March 2005. The company has however not provided for interest on demand
of Rs 1,60,29,381/- from the date of order.
c. In pursuance of the order dated 16th March 2005 of Assistant
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of short payments arising out of the finalisation of the
provisional assessment of its finished products Fur Fabrics. In
persuance of the said order the Central Excise authorities had asked
the company to pay an amount of Rs 2,29,16,596/- towards Central Excise
Duty payable on goods cleared by Company during the period from
24.03.1987 to 31.05.1994 the company accordingly provided a sum of Rs
2,29,16,596/- towards Central Excise Duty liability in its account
during the year ended 31st March 2005.
d. In pursuance of the order dated 19th December, 2006 of The
Commissioner, Central Excise (ADJ), Mumbai, the Company has been held
liable for demand of duty under section 11 A (2) of Central Excise Act,
1944 for Rs 2,22,34,778/- and also penalty imposed of Rs 2,00,91,308/-
u/s 11 AC and Rs 5,00,000/- under rule 209 of CER,1944 regarding its
deemed export transactions under 100% EOU with GCU Ltd. During the
period August 1996 to July 1998. Although the company has disputed the
same and filed appeal against the same before the Appellate Tribunal
u/s 35B of the Central Excise Act, the Company has provided for total
amount of Duty and Penalty amounting to Rs 4,28,26,086/- towards
Central Excise Duty liability in its accounts during the year ended
31st March 2007. The adjustments if any will be made in the books of
accounts in the year as & when the appeal is decided.
2 In pursuance of the assessment proceedings before the Sales Tax
officer, the company has received demand notices from Sales tax Office
under the Bombay Sales Tax Act & Central Sales Tax Act in respect of
the following financial years.
Although the company has disputed the same and filed appeal against the
same before The Sales Tax Tribunal, Mumbai the company has provided for
the total demand amount of Rs 18,24,980/- towards Sales Tax liability
in its accounts during the year ended 31st March 2007. The adjustment
if any will be made in the books of accounts in the year as and when
the appeal is decided.
3.In the opinion of the Board of Directors the company except that there
would be no liabilty of custom duty & other charges payable Rs 558.00
Lacs (Approx) on raw materials imported under Duty Exemption Scheme for
non - fulfilment of Export obligation due to major fire in the factory
premises of the company on 28th May 1993, hence no provsion for the
same has been made in the books of account.
4 In the opinion of the Board of Directors, the Current Assets, Loans &
Advances have a value on realization in the ordinary course of business
atleast equal to the amount stated in the balance sheet unless
otherwise stated.
5 a Some of the books and records of the company pertaining to previous
financial years taken by the central excise authorities on 01/02/1997
are still lying with concerened Authorities. The accounts for the
previous financial years therefore were reconstructed and reconciled
from available information and records. Adjustments as may be deemed
necessary will be made in the accounts after the release of the Books
and records by the concerned authorities.
b Some of the books and records of the company pertaining to previous
financial years taken by the central excise authorities on 23.07.98 are
still lying with concerened Authorities. The accounts for the previous
financial years therefore were reconstructed and reconciled from
available information and records. Adjustments as may be deemed
necessary will be made in the accounts after the release of the Books
and records by the concerned authorities.The company is therefore not
in a position to ascertain the quantum of liability if any arising and
therefore the same will be provided as and when demand is raised.
6 The Company's claim for Cash Compensatory Support (CCS) against its
Deemed Exports was rejected by the concerned authorities of the Joint
Chief Controller of Imports and Exports against which though a writ
petition filed by the Company was admitted by the Bombay High Court,
The Honourable Court in its judgement dated 12.03.2010 has given an
order for a claim of Rs 3,14,621/- as against the CCS claim of Rs
7,74,786/- for the year ended 31.03.1992 with an interest of 6% thereon
from the date of petition. The above claim has been received by the
Company and the same has been accounted during the year hence now no
CCS claim will be receivable.
7 Related Party Disclosures :
a. List of Related Parties (As certified by the management).
1) Related Parties
1. Premier Consultant & Traders Limited
8 There are no Micro, Small and Medium Enterprises, to whom the
company owes dues, which are outstanding for more than 45 days as at
Balance Sheet date..
9 In view of the Losses during the year, the company doesnot have
taxable Income, hence the Provision for current Income Tax has not been
made.
10 The figures have been rounded off to the nearest rupee.
11 Previous year's figures have been regrouped and rearranged wherever
considered necessary.
12 Additional information pursuant to the paragraphs 3, 4(c) and 4(d)
of Part I of Schedule VI of The Companies Act, 1956 are either NIL or
not applicable to the company.
Mar 31, 2010
1 a In pursuance of the order dated 24th September 2002 of Supreme
Court, the company has been held liable for payment of Excise duty on
its Finished product (Fur Fabrics). In pursuance of the said order the
Central Excise Authorities has asked the company to pay amount of Rs
1,45,78,305/- towards Central Excise duty payable on the goods cleared
by the company during the period from 20.10.1987 to 31.07.1990. The
company has accordingly provided a sum of Rs 1,45,78,305/- towards
Central excise duty liability in its accounts during the year ended
31st March 2003. the company has however not provided for interest on
the demand of Rs 1,45,78,305/- from the date of the Order of the
Honble Supreme Court.
b In pursuance of the order dated 30th November 2004 of Additional
Commissioner, Central Excise, Mahad, the Company has been held liable
for demand of BED, AED. and AD (T & T) under section 11A of Central
Excise Act, 1944 on its finished products Fur Fabrics. In persuance of
the said order the Central Excise authorities had asked the company to
pay an amount of Rs 1,60,29,381/- towards Central Excise Duty payable
on goods cleared by Company during the period from sept 1996 to nov
2000 the company accordingly provided a sum of Rs 1,60,29,381/- towards
Central Excise Duty liability in its account during the year ended 31st
March 2005 The company has however not provided for interest on demand
of Rs 1,60,29,381/- from the date of order.
c In pursuance of the order dated 16th March 2005 of Assistant
Commissioner, Central Excise, Mahad, the Company has
been held liable for demand of short payments arising out of the
finalisation of the provisional assessment of its finished products Fur
Fabrics. In persuance of the said order the Central Excise authorities
had asked the company to pay an amount of Rs 2,29,16,596/- towards
Central Excise Duty payable on goods cleared by Company during the
period from 24.03.1987 to 31.05.1994 the company accordingly provided a
sum of Rs 2,29,16,596/- towards Central Excise Duty liability in its
account during the year ended 31st March 2005.
d In pursuance of the order dated 19th December, 2006 of The
Commissioner, Central Excise (ADJ), Mumbai, the Company has been held
liable for demand of duty under section 11 A (2) of Central Excise Act,
1944 for Rs 2,22,34,778/- and also penalty imposed of Rs 2,00,91,308/-
u/s 11 AC and Rs 5,00,000/- under rule 209 of CER.1944 regarding its
deemed export transactions under 100% EOU with GCU Ltd. During the
period August 1996 to July 1998. Although the company has disputed the
same and filed appeal against the same before the Appellate Tribunal
u/s 35B of the Central Excise Act, the aompany has provided for total
amount of Duty and Penalty amounting to Rs 4,28,26,086/- towards
Central Excise Duty liability in its accounts during the year ended
31st March 2007. The adjustments if any will be made in the books of
accounts in the year as & when the appeal is decided.
Although the company has disputed the same and filed appeal against the
same before The Sales Tax Tribunal, Mumbai the company has provided for
the total demand amount of Rs 18,24,980/- towards Sales Tax liability
in its accounts during the year ended 31st March 2007. The adjustment
if any will be made in the books of accounts in the year as and when
the appeal is decided.
2 In the opinion of the Board of Directors the company except that
there would be no liabilty of custom duty & other charges payable Rs
558.00 Lacs (Approx) on raw materials imported under Duty Exemption
Scheme for non - fulfilment of Export obligation due to major fire in
the factory premises of the company on 28th May 1993, hence no provsion
for the same has been made in the books of account.
3 In the opinion of the Board of Directors, the Current Assets, Loans &
Advances have a value on realization in the ordinary course of business
atleast equal to the amount stated in the balance sheet unless
otherwise stated.
4 a Some of the books and records of the company pertaining to previous
financial years taken by the central excise authorities on 01/02/1997
are still lying with concerened Authorities. The accounts for the
previous financial years therefore were reconstructed and reconciled
from available inofrmation and records. Adjustments as may be deemed
necessary will be made in the accounts after the release of the Books
and records by the concerned authorities.
b Some of the books and records of the company pertaining to previous
financial years taken by the central excise authorities on 23.07.98 are
still lying with concerened Authorities. The accounts for the previous
financial years therefore were reconstructed and reconciled from
available inofrmation and records. Adjustments as may be deemed
necessary will be made in the accounts after the release of the Books
and records by the concerned authorities.The company is therefore not
in a position to ascertain the quantum of liability if any arising and
therefore the same will be provided as and when demand is raised.
5 The Companys claim for Cash Compensatory Support (CCS) against its
Downed Exports was rejected by the concerned authorities of the Joint
Chief Controller of Imports and Exports against which though a writ
petition filed by the Company was admitted by the Bombay High Court,
The Honourable Court in its judgement dated 12.03.2010 has given an
order for a claim of Rs 3,14,621/- as against the CCS claim of Rs
7,74,786/- for the year ended 31.03.1992 with an interest of 6% thereon
from the date of petition. But the above is still not been received by
the Company and the same will be accounted for in the year of receipt.
6 Related Party, Disclosures;
a. List of Related Parties (As certified by the management).
1) Related Parties
1. Premier Consultant & Traders Limited
7 There are no Micro, Small and Medium Enterprises, to whom the
company owes dues, which are outstanding for more than 45 days as at
Balance Sheet date. Further, the Company has neither paid nor payable
any interest to any Micro, Small and Medium Enterprises on the Balance
Sheet date. The above information has been determined to the extent
such parties have been identified on the basis of information available
with the Company. This has been relied upon by the Auditors.
8 In view of the Losses during the year, the company doesnot have
taxable Income, hence the Provision for current Income Tax has not been
made.
9 The figures have been rounded off to the nearest rupee.
10 Previous years figures have been regrouped and rearranged wherever
considered necessary.
11 Additional information pursuant to the paragraphs 3, 4(c) and 4(d)
of Part of Schedule VI of The Companies Act, 1956 are either NIL or not
applicable to the company.