Mar 31, 2015
1. BACKGROUND
Fusion Fittings (I) Limited was initially engaged in the business of
all types of sanitary fittings for household and industrial purposes,
trading & dealing in mechanical instruments, machines & machine parts
and design engineer- ing. However, presently the Company is engaged in
the business of design engineering and trading in future and options.
2. CONTINGENT LIABILITIES NOT PROVIDED FOR
As at As at
31 March 2015 31 March 2014
Guarantees issued by the company
on behalf of other corporate 56,660,600,000 56,660,600,000
3. Based on the information available with the company, it did not
owe any sum to any party identified as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006
4. SEGMENT REPORTING
In accordance with the paragraph 27 of AS-17, Segment whose total
revenue/proft from external sales and inter segment sales is 10% or
more of the total revenue / profit of all segments, external and
internal should be identified as reportable segments. Therefore segment
(A.) Design engineering services and (B.) Trading in futures and
options are reportable segment.
i) Segment assets include net block, current assets and loans &
advances.
ii) Revenue and expenses have been identified to segment on basis of
their relationship to the operating activities of the segment. Revenue
and expenses which relate to the enterprise a whole and are not
allocable to segment on a reasonable basis, have been included under
"Unallocated expenses"
A. All operations of the company and customers are located in India
therefore geographical segment disclosure is not required.
5. RELATED PARTY DISCLOSURE:
a. Related party and nature of relationship where control exists.
Year ended Year ended
31 March 2015 31 March 2014
Subsidiary HIQ Power Associates
Private Ltd
Individuals owing directly or
indirectly, an interest in vot- Amul Gabrani Amul Gabrani
ing power and significant
influence over the enterprise Amita Bishnoi Amita Bishnoi
(including relatives of such
individual)
Enterprises over which such
individuals exercise sig- Tecpro Systems Tecpro Systems
nifcant influence Limited Limited
Hythro Power Hythro Power
Corporation Corporation
Limited Limited
Related Party and nature of the related party relationship with whom
transactions have taken place during the year
Enterprises over which Individuals Tecpro Systems Limited
owing directly or indirectly, an interest Hythro Power Corporation
in voting power and significant Limited
influence over the company, exercise
significant influence
Tecpro Systems Limited Hythro Power Corporation Limited
6. During the year the Company entered into a share purchase
agreement ("the Agreement") for sale of its entire shareholding in HIQ
Power Associates Private Limited, its subsidiary ("HIQ")
The salient features of the agreement are as follows:
(a) The effective date of agreement was 4th day of September 2014.
(b) The buyers of shares were Mr Ramesh Boothra and his friends &
relatives("the Buyers").
(c) The company sold its entire holding of 34,000 equity shares in HIQ
Rs.10 each at a price of Rs.337.50 per share.
(d) The total consideration was Rs.1,14,75,000.
(e) The Company incurred loss of Rs.3,35,52,230 on the entire
transaction of sale of investment in HIQ which was charged to The
statement of Profit and Loss.
(f) Subsequently, on September 5, 2014, the Company and HIQ entered
into an agreement for assignment of debtors wherein HIQ assigned
debtors pertaining to a few parties aggregating to Rs.76 lakhs in
favour of the Company.
(g) The assignment amount of Rs. 76 Lakh was directly paid by the
Buyers to HIQ and the consideration was reduced by the same amount.
(h) Accordingly the entries have been passed in the books of accounts.
7. Figures have been rounded off to the nearest rupee.
8. Previous year figures in balance sheet have been regrouped /
recast wherever necessary to conform to the current year's
classifcation/presentation.
Mar 31, 2014
Note 1 Background
Fusion Fittings (I) Limited was initially engaged in the business of
all types of sanitary fittings for household and industrial purposes,
trading & dealing in mechanical instruments, machines & machine parts
and design engineering. However, presently the Company is engaged in
the business of design engineering and trading in future and options.
1. Contingent Liabilities not provided for
As at As at
31 March 2014 31 March 2013
Guarantees issued by the company
on behalf of other corporate 56,660,600,000 21,665,800,000
2. Based on the information available with the company, it did not
owe any sum to any party identified as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006.
3. Segment Reporting
In accordance with the paragraph 27 of AS-17, Segment whose total
revenue/profit from external sales and inter segment sales is 10% or
more of the total revenue / profit of all segments, external and
internal should be identified as reportable segments. Therefore segment
(A.) Design engineering services and (B.) Trading in futures and
options are reportable segment. i) Segment assets include net block,
current assets and loans & advances.
ii) Revenue and expenses have been identified to segment on basis of
their relationship to the operating activities of the segment. Revenue
and expenses which relate to the enterprise a whole and are not
allocable to segment on a reasonable basis, have been included under
"Unallocated expenses"
A. All operations of the company and customers are located in India
therefore geographical segment disclosure is not required.
4. Figures have been rounded off to the nearest rupee.
5. Previous year figures have been regrouped / recast wherever
necessary to conform to the current year''s classification/presentation.
Mar 31, 2013
Note 1 Background
Fusion Fittings (I) Limited was initially engaged in the business of
all types of sanitary fttings for household and industrial purposes,
trading & dealing in mechanical instruments, machines & machine parts
and design engineering. However, presently the Company is engaged in
the business of design engineering and trading in future and options.
2. Contingent Liabilities not
provided for As at As at
31 march 2013 31 march 2012
Guarantees issued by the company on
behalf of other body corporate 21,665,800,000 21,665,800,000
3. Based on the information available with the company, it did not
owe any sum to any party identifed as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006
4. segment Reporting
In current Financial year 2012-13, the Company does not have any
reportable segment but in fnancial year 2011-12 company had only one
reportable segment namely Design engineering services. Therefore,
disclosures for primary segment and secondary segment as required under
Accounting Standard 17 "Segment Reporting" have not been given.
Mar 31, 2012
Note 1 Background
Fusion Fittings (I) Limited was initially engaged in the business of
all types of sanitary fittings for household and industrial purposes,
trading & dealing in mechanical instruments, machines & machine parts
and design engineering. However, presently the Company is engaged in
the business of design engineering and trading in future and options.
1. During the current year and in the previous year, there have been
no movements in the number of equity shares outstanding.
2. Pursuant to the scheme of capital reduction as approved by the
Hon'ble Delhi High Court vide order dated December 15,2009, the face
and paid up value of each share of the company has been reduced by 90%,
i.e., from Rs. 10 per share to Re. 1 per share. Further, the balance
lying in the share forfeiture account also stands cancelled as per the
terms of the scheme of capital reduction. -
(All amounts are in Rupees)
3. Contingent Liabilities not provided for
As at As at
31 March
2012 31 March
2011
Guarantees issued by the
company on behalf of other corporate
21,665,800,000 5,600,000,000
4. Based on the information available with the company, it did not
owe any sum to any party identified as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006.
5. Segment Reporting
In accordance with the paragraph 27 of AS-17, Segment whose total
revenue/profit from external sales and inter segment sales is 10% or
more of the total revenue / profit of all segments, external and
internal should be identified as reportable segments. Therefore segment
(A.) Design engineering services and (B.) Trading in futures and
options are reportable segment.
i) Segment assets include net block, current assets and loans &
advances.
ii) Revenue and expenses have been identified to segment on basis of
their relationship to the operating activities of the segment. Revenue
and expenses which relate to the enterprise a whole and are not
allocable to segment on a reasonable basis, have been included under
ÃUnallocated expensesÃ
6. All operations of the company and customers are located in India
therefore geographical segment disclosure is not required.
7. Figures have been rounded off to the nearest rupee.
8. Previous year figures in balance sheet have been regrouped /
recast wherever necessary to conform to the current year's
classification/ presentation.
Mar 31, 2011
1. contingent Liabilities not provided for
As at As at
31 March 2011 31 March 2010
Guarantees issued by the company
on behalf of other corporate 5,600,000,000 5,600,000,000
2. As resolved the assumption of going concern for foreseeable future
as per satisfactory financial result as on 31.3.2011 and operational
activities in the next year, the accounts have been prepared on a
'going concern basis'.
3. The mandatory reference made to the Board of Industrial and
Financial Reconstruction under section 15 of the Sick Industrial
companies (Special Provisions) Act, 1985 in February 2005 had been
rejected. The company had fled an appeal with A.A.I.F.R. in September
2006, which is pending as at 31 March 2011.
4. The company has changed the method of valuation of inventories from
"cost on first in first out basis" to "Lower of cost and realisable
value on first in first out basis" . consequently inventories and
profit for the year have not been effected.
5. Based on the information available with the company, it did not owe
any sum to any party identified as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006
6. Segment Reporting
In accordance with the paragraph 27 of AS-17, Segment whose total
revenue/profit from external sales and inter segment sales is 10% or
more of the total revenue / profit of all segments, external and
internal should be identified as reportable segments. Therefore segment
(A.) Design engineering services and (B.) Trading in future option are
reportable segment.
A. Business Segment (Primary)
i) Unallocated liabilities include tax provision.
ii) Segment assets include net block, current assets and loans &
advances.
iii) Revenue and expenses have been identified to segment on basis of
their relationship to the operating activities of the segment. Revenue
and expenses which relate to the enterprise a whole and are not
allocable to segment on a reasonable basis, have been included under
"Unallocated expenses"
B. All operations of the company and customer are located in India
therefore geographical segment disclosure is not required.
7. Related Party Disclosure:
a. Related party and nature of relationship where control exists.
Year ended Year ended
31 March 2011 31 March 2010
Subsidiary - Tecpro Ashtech Limited
(up to 30th March 2010)
Key management personnel Mukesh Kumar Mukesh Kumar
Individuals owing directly
or indirectly, an Amul Gabrani Amul Gabrani
interest in voting power
and significant Amita Bishnoi Amita Bishnoi
influence over the
enterprise (including
relatives of such
individual)
Enterprises over which
such individuals Tecpro Systems Tecpro Systems Limited
excise significant Limited
influence Hythro Power Hythro Power
Corporation Corporation Limited
Limited
(All amounts are in Rupees) Related Party and nature of the related
party relationship with whom transactions have taken place during the
year
Key management personnel Mukesh Kumar Mukesh Kumar
Enterprises over which
Individuals owing Tecpro Systems Tecpro Systems Limited
directly or indirectly, Limited
an interest in voting Hythro Power Hythro Power Corporation
Corporation
ipower and significant
influence over the Limited Limited
company, exercise
significant influence
8. Expenses amounting to Rs. Nil relating to earlier years (Previous
year Rs.0.60 Lacs) have been accounted for under their respective
heads.
9. Figures have been rounded of to the nearest rupee.
10. Schedules 1 to 14 are annexed to and form part of the Statements
of Accounts.
Mar 31, 2010
1. Based on the information available with the company, it did not owe
any sum to any party identified as supplier within the meaning of
Micro, Small and Medium Enterprises Development Act, 2006.
2. The company is engaged in the business of design engineering
services. This is the only activity performed and is thus also the
dominant source of risk & returns. Accordingly business segment is the
primary segment. Further as the company does not operate in more then
one business segment and geographical segment, disclosures for primary
segment and secondary segment as required under Accounting Standard 17
"Segment Reporting" have not been given.
3. Expenses amounting to Rs.0.60 lac relating to earlier years
(Previous year 1.01 Lacs) have been accounted for under their
respective heads.
4. Figures have been rounded off to the nearest rupee.
5. Previous year figures have been rearranged or regrouped wherever
necessary to conform to those of current year.
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