Mar 31, 2015
Current Year Current Year
(Rs.) (Rs.)
1. Contingent Liabilities
not provided for
1) Claim against the Company
not acknowledge as debts. Nil Nil
2) Bank Guarantee 123,903,180 89,181,923
2. During the year 2013-14, 45,00,000 warrants has been treated as
converted into 45,00,000 equity shares of face value of Rs. 4/- each at
a premium of Rs. 6/- each as per SAT ordered dated 2.12.2013 in Appeal
No. 115/2012. Accordingly 67,50,000 equity shares allotted earlier
stands cancelled and only 45,00,000 equity shares were listed in BSE.
Further the Company has allotted 67,50, 000 new equity shares of Rs.
4/- each issued at a premium of Rs. 2.5 each to promoter group. However
the shares are pending for listing in BSE as open offer is under
process.
3. The Company does not have information regarding of its supplier
who is Small Scale Industrial Undertakings and hence, the required
information has not been furnished. However, the Company has not
received any claim from any party for payment of any interest.
4. Sundry Debtors and Creditors are subject to confirmation.
2.28 No provision has been made in respect of liability for gratuity
and earned leave due to employees as required by Accounting Standard
-15 of the ICAI. In the absence of actuarial valuation, it is not
possible to quantify the amount by which the Profit of the Company will
be affected.
5. The Company is principally engaged in Metal fabrication and is
managed as one entity governed by the same set of risks and return,
hence there are no separate reportable segment as per Accounting
Standard - 17 on Segmental Reporting issued by the Institute of
Chartered Accountant of India.
6. Related Party Disclosures
A Names of Related Parties and description of relationship
1 Related Parties
i Expo Project Engineering Services Pvt. Ltd.
Arabesque Investments Private. Ltd.
Bianca Investments Private. Ltd.
K ,S. Shivji & Company Steelex Corporation Expo India Agencies
ii Key management personnel and relatives Mr. S. S. Mewawala
Mr. Hasnain S. Mewawala
B Nature of transaction with Related Parties and Key Management
Personnel
7. Figures of the Previous year have been regrouped and rearranged
wherever necessary
Mar 31, 2014
1.1 Contingent Liabilities not provided for:
Current Year Previous Year
(Rs.) (Rs.)
1) Claims against the Company not
acknowledge as Nil Nil
2) Bank Guarantee 89,181,923 51,435,484
3) In respect of sales tax 16,536,16 13,803,058
1.2 During the year 45,00,000 warrants has been treated as converted
into 45,00,000 equity shares of face value of Rs. 4/- each a premium of
Rs. 6/- each as per SAT order dated 2.12.2013 in Appeal No. 115/2012.
Accordingly 67,50,000 equity shares allotted earlier stands cancelled
and only 45,00,000 equity sahres were listed in BSE. Further the
Company has allotted 67,50,000 new equity shares of Rs. 4/- each issued
at a premium of Rs. 2.5 each to promoter group. However the shares are
pending for listing in BSE as open offer is under process.
1.3 The Company does not have information regarding ofi ts supplier
who is Small Scale Industrial Undertakings and hence, the required
information has not been furnished. However, the Company has not
received any claim from any party for payment of any interest.
1.4 Sundry Debtors & Creditors are subject to confirmation.
1.5 No provision has been made in respect ofl iability for gratuity &
earned leave due to employees as required by Accounting Standard - 15
of the ICAI. In the absence of actuarial valuation, it is not possible
to quantify the amount by which the Profit of the Company will be
affected.
1.6 The Company is principally engaged in Metal fabrication and is
managed as one entity governed by the same set of risks and return,
hence there are no separate reportable segment as per Accounting
Standard - 17 on Segmental Reporting issued by the Institute of
Chartered Accountant of India.
1.7 Related Party Disclosures: -
A Names of Related Parties and description of relationship: -
I Associate companies
i Expo Project Engineering Services Pvt Ltd
Arabesque Investments Private Ltd Bianca Investments Private Ltd Jawad
Trading Company Pvt Ltd K. S. Shivji & Company Steelex Corporation Expo
India Agencies
II Key management personnel and relatives Mr. S. S. Mewawala
Mr. Hasanain S. Mewawala
1.8 Figures of the previous year have been regrouped and rearranged
wherever necessary.
Mar 31, 2013
1 DEFERRED TAX
Income Tax is provided on the taxable income determined as per Income
Tax Laws. Deferred Tax Assets / Liabilities is recorded for timing
difference as per Accounting Standard 22 issued by the Institute of
Chartered Accounts of India and accordingly the Company has recognized
a Deferred Tax Assets, the detailed break up of which is as follows:
2.1 Contingent Liabilities not provided for:
Current Year Previous
Year
(Rs.) (Rs.)
1) Claims against the company not
acknowledge as debts. Nil Nil
2) Bank Guarantee 51,435,484 70,360,748
3) In respect of Salex Tax 13,803,058 7,338,705
2.2 Excise duty charged to profit and loss account during the year is
net of MOD VAT.
2.3 The Company had allotted 45,00,000/- Convertible Warrants to be
converted at the option of the holder into one equity share of Rs. 10/-
each in accordance with the SEBI Guidelines & approval of shareholders
in the Extra-ordinary General Meeting held on 2nd March, 2009. Further,
the shareholders of the Company at their meeting held on 11th June,
2009 reduced the face value of the equity shares from Rs. 10/- per
share to Rs. 4/- per share and the same was sanctioned by the Hon''ble
Bombay High Court vide its order dated August 11, 2009. On Mav 18,
2010 considering the reduction in face value of the equity shares from
Rs.lO/-toRs.4/- and exemption granted to the acquirer from Takeover
Regulations of SEBI, the Company converted the above 45,00,000 warrants
of Rs. 10/ each into 1,12,50,000 Equity Shares of Rs. 4/- each. The
Company made the application to the BSE on May 26,2010 for listing of
1,12,50,000 equity shares of Rs. 4/- each issued to the promoter group
company. However, at the meeting of the BSE Committee held on April 28,
2011 the Committee rejected the above listing application vide letter
No. DCS/PREF/SI/PREF/201/2011-12. The Company has made an re-
application to SEBI, which in it''s letter dated 17th Feb, 2012 referred
the matter back to BSE. Owing to the above stand taken by SEBI, the
Company moved to SAT and subsequently the matter is under hearing in
SAT.
2.4 The Company does not have information regarding of its supplier
who is Small Scale Industrial Undertakings and hence, the required
information has not been furnished. However, the Company has not
received any claim from any party for payment of any interest.
2.5 Sundry Debtors & Creditors are subject to confirmation.
2.6 No provision has been made in respect of liability for gratuity &
earned leave due to employees as required by Accounting Standard -15 of
the ICAI. In the absence of actuarial valuation, it is not possible to
quantify the amount by which the Profit of the Company will be
affected.
2.7 The Company is principally engaged in Metal fabrication and is
managed as one entity governed by the same set of risks and return,
hence there are no separate reportable segment as per Accounting
Standard - 17 on Segmental Reporting issued by the Institute of
Chartered Accountant of India.
2.8 Related Party Disclosures: -
A. Names of Related Parties and description of relationship: -
I. Associate Companies:
Expo Project Eng. Services Private Limited, Arabesques Investments
Private Limited, Bianca Investments Private Limited, L. Ebrahim Haji
Sheriff & Co Private Limited, K.S. Shivji & Company, Steelex
Corporation, Expo India Agencies.
II. Key management personnel and relatives :
Mr. S. S. Mewalwala
2.9 Figures of the previous year have been regrouped and rearranged
wherever necessary.
Mar 31, 2012
1.1 DEFERRED TAX
Income Taxis provided on the taxable income determined as per Income
Tax Laws. Deferred Tax Assets / Liabilities is recorded for timing
difference as per Accounting Standard 22 issued by the Institute of
Chartered Accounts of India and accordingly the Company has recognized
a Deferred Tax Assets, the detailed break up of which is as follows :
1.2 Contingent Liabilities not provided for:
Current
Year Previous
Year
(Rs.) (Rs.)
1) Claims against the
Company not acknowledge as Nil Nil
2) Bank Guarantee Debt 7,03,60,748 6,63,09,389
3) In respect of sales tax 73,38,705 1,13,54,437
1.3 Excise duty charged to
profit and loss account during
the year is net of MODVAT.
1.4 The Company had allotted 45,00,000/- Convertible Warrants to be
converted at the option of the holder into one equity share of Rs. 10/-
each in accordance with the SEBI Guidelines & approval of shareholders
in the Extra-ordinary General Meeting held on 2nd March, 2009. Further,
the shareholders of the Company at their meeting held on 11th June,
2009 reduced the face value of the equity shares from Rs. 10/- per
share to Rs. 4/- per share and the same was sanctioned by the Hon'ble
Bombay High Court vide its order dated August 11,2009. On May 18,2010
considering the reduction in face value of the equity shares from Rs.
10/- to Rs. 4/- and exemption granted to the Acquirer from Takeover
Regulations of SEBI, the Company converted the above 45,00,000 warrants
of Rs. 10/ each into 1,12,50,000 Equity Shares of Rs. 4/- each. The
Company made the application to the BSE on May 26, 2010 for listing of
1,12,50,000 equity shares of Rs. 4/- each issued to the promoter group
company. However, at the meeting of the BSE Committee held on April 28,
2011 the Committee rejected the above listing application vide letter
No. DCS/PREF/SI/PREF/201/2011-12. The Company has made an
re-application to SEBI, which in it's letter dated 17th Feb, 2012
referred the matter back to BSE. Owing to the above stand taken by
SEBI, the Company moved to SAT and subsequently the matter is under
1.5 The company does not have information regarding of his supplier
who is small scale industrial undertakings and hence, the required
information has not been furnished, however, the company has not
received any claim from any party for payment of any interest.
1.6 Sundry Debtors & Creditors are subject to confirmation.
1.7 No provision has been made in respect of liability for gratuity &
earned leave due to employees as required by Accounting Standards -15
of the ICAL. In the absence of actuarial valuation, it is not possible
to quantify the amount by which the profit of the Company will be
affected.
1.8 The company is principally engaged in metal fabrication and is
managed as one entity governed by the same set of risks and return,
hence there are no separate reportable segments as per accounting
Standards -17 on Segment Reporting issued by the institute of Chartered
Accountant of India.
1.9 Related Party Disclosures: -
A) Names of Related Parties and description of relationship: -
i) Associates companies
Expo Projects Eng. Services Private Limited/ Arabesques Investments
Private Limited Bianca Investments Private Limited, L. Ebrahim Haji
Sheriff & Co. Private Limited, K. S. Shivji & Co., Steelex
Corporation, Expo India Agencies.
ii) Key management personnel and relatives Mr. S. S. Mewawala
Mar 31, 2010
I) Contingent Liabilities not provided for:
1) Claims against the Company not
acknowledge as debts. Nil Nil
2) Bank Guarantee 2,85,47,256 87,65,649
3) In respect of sales tax 85,92,271 1,09,38,605
4) Excise duty charged to profit and loss account during the year is
net of MODVAT.
5) The Company under the OTS scheme repaid the dues as determined under
the said scheme to the financial institutions and banks. The Company
has received credit facility from the Saraswat Co-operative Bank Ltd
for Rs. 14.22 crores.
6) During the year the shareholders of Company at Extra ordinary
General Meeting held on 11th June, 2009 approved & High Court
Adjudicature at Mumbai vide order dt 31st July, 2009 have approved the
reduction of share capital from 77,864,000/- of face value of Rs. 10/-
each to Rs. 31,145,600/- of Rs. 4/- each & utilization thereof along
with Securities Premium A/c to the extent of Rs. 14,129,229/-
aggregating to Rs. 60,847,629/- in accordance with the provisions of
Section 78 read with section 100 of the Companies Act, 1956 towards
adjustment of the debit balance in the Profit and Loss A/c. The
changes as per the High Court Order has been carried out in the
accounts for the year ended 31st March, 2009.
The Company has issued 4,500,000/- Convertible Warrants to be converted
at the option of the holder into one equity share of Rs. 4/- each in
accordance with the SEBI Guidelines.
7) The Current year tax has been determined on the basis of Minimum
Alternate Tax (MAT) liability under section 115 JB of the Income Tax
Act, 1961.
8) Additional information pursuant to the provision of paragraphs 3 &
4 of Part II of Schedule VI of the Companies Act, 1956.
9) The Company does not have information regarding of its supplier who
is Small Scale Industrial Undertakings and hence, the required
information has not been furnished. However, the Company has not
received any claim from any party for payment of any interest.
10) Sundry Debtors & Creditors are subject to confirmation.
11) No provision has been made in respect of liability for gratuity &
earned leave due to employees as required by Accounting Standard - 15
of the ICAI. In the absence of actuarial valuation, it is not possible
to quantify the amount by which the Profit of the Company will be
affected.
12) The Company is principally engaged in Metal fabrication and is
managed as one entity governed by the same setoff risks and return,
hence there are no separate reportable segment as per Accounting
Standard - 17 on Segmental Reporting issued by the Institute of
Chartered Accountant of India
13) Related Party Disclosures: -
a) Names of Related Parties and description of relationship: -
I Associate companies
Expo Project Eng. Services Private Limited, Arabesques Investments
Private Limited, Bianca Investments Private Limited, L. Ebrahim Haji
Sheriff & Co Private Limited, K.S. Shivji & Company, Steelex
Corporation, Expo India Agencies.
II Key management personnel and relatives Mr. S. S. Mewawala
b) Nature of transaction with Associates and Key Management Personnel
14) Figures of the previous year have been regrouped and rearranged
wherever necessary.