Mar 31, 2018
During the year 1,30,19,104 fully paid equity shares of Rs.10 each were issued as bonus share on 8th March 2018. The existing permissible reserves of the Company was capitalised for issue of bonus shares in the proportion of two equity shares for every one equity share held by the equity shareholders of the company.
2 (b) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.
i. The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share.
ii. In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.
2 (d) Detailed note on Shares reserved to be issued under option and contracts / commitments for the sale of shares / divestments including the terms and conditions.
The company does not have any such contracts / commitment as on reporting date.
2 (e) Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.
- During the year the company had issued 3,20,000 Convertible Warrants to Anita Chennari at value of Rs.820/-. The warrants issued are convertible into equal number of equity shares having face value of Rs. 10/- each with premium of Rs. 810/- per share. Out of the amount recieved during the year 2,84,552 warrants were converted into equivalent number of equity shares. The balance Rs.72,67,360/- were recieved during the year for remaining 35,448 warrants.
- Conversion can happen at anytime from the date of allotment but before the expiry of 18 months from the date of allotment. Convertible warrants are subject to lock-in-period of one years from date of trading approval of the equity shares or such reduced period as may be permitted under the SEBI Issue of Capital & Disclosure Requirements (ICDR) Regulations, 2009 as amended time to time.
2 (f) 70,896 bonus shares have been kept in abeyance / reserved against unconverted warrants.
* Deferred tax assets arising on losses has not been recognized in view of uncertainty in generating the profit in the future.
* As per the information available with the Company in response to the enquiries from all existing suppliers with whom Company deals, none of the suppliers are registered as micro and small enterprises under âThe Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March 2018.
(*) stands in the name of one of the directors
(**) The market value of quoted investments is based on the Bombay Stock Exchange quotations as on 31.03.2018 or nearest traded date, wherever available. The market value of shares, for which the quotations of the Bombay Stock Exchange were not available, has been considered as nil.
Note 1 : Disclosure as required by Accounting Standard 15
The disclosures required under Accounting Standard 15 related to âEmployee Benefitsâ notified in the Companies (Accounting Standards) Rules 2006, are given below :
Defined Benefit Scheme
The employeeâs gratuity scheme is a defined benefit plan. The present value of obligations are determined based on acturial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit seperately to build up the obligation. The obligation for Leave Encashment is recognised in the same manner as gratuity.
Note 2 : The company has provided gratuity payable to its employees at full value without ascertaining the present value of future payment of gratuity as the Payment of Gratuity Act, 1972 is, in view of number of employees, not applicable to the company. The company has recognised as an expense, the short term benefits to its employees such as bonus, leave encashment etc.
Note 3 : The Company has disclosed the segment information in the consolidated financial statements, in accordance with Accounting Standard 17, Segment reporting.
Note 4 : The Company has reclassified, regrouped and rearranged previous year figures, wherever necessary, to conform to this yearâs classification.
Mar 31, 2015
1. Detailed note on the terms of the rights, preferences and
restrictions relating to each class of shares including restrictions on
the distribution of dividends and repayment of capital.
i. The Company has only one class of Equity Shares having a par value
of Rs. 10/- per share. Each holder of Equity Share is entitled to one
vote per share.
ii. In the event of liquidation of the Company, the holders of Equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of Equity shares held by the
shareholders.
2. Related party disclosures
Related party disclosures as required by Accounting Standard (AS) -18
"Related Party Disclosures", notified by Companies (Accounting
Standards) Rules, 2006(as amended) are given below:
I) Names of related parties and description of relationships
a) Key Managerial Personnel (KMP)
Ramakant Gaggar Director
Suresh Gaggar Director
Sanjay Raut CFO
Kamlesh Gagavani Company Secretary
b) Relatives of KMP & Entities over which KMP exercises significant
influence (with whom company has transactions during the year)
Indra Gaggar Relative of Director
Bhuta Investment Private Limited Associate Company
Alaukik Mines & Power Private Limited Entity controlled by Director
GVS Chemical Private Limited Entity controlled by Director
c) Holding / Subsidiary Company
Sukartik Clothing Private Limited Subsidiary Company
3. The Company has provided gratuity payable to its employees at
full value without ascertaining the present value of future payment of
gratuity as the Payment of Gratuity Act, 1972 is, in view of number of
employees, not applicable to the company. The company has recognised as
an expense, the short term benefits to its employees such as bonus,
leave encashment etc.
4. The Company has disclosed the segment information in the
consolidated financial statements, in accordance with Accounting
Standard 17, Segment reporting.
5. The Company had NIL contingent Liability at the end of
Financial Year 2014-15.
6. The Company has reclassified previous year figures to conform
to this year's classification.
Mar 31, 2014
1. Share Capital
1.a Detailed note on the terms of the rights, preferences and
restrictions relating to each class of shares including restrictions on
the distribution of dividends and repayment of capital.
i. The Company has only one class of Equity Shares having a par value
of Rs. 10/- per share, Each holder of Equity Share is entitled to one
vote per share.
ii. In the event of liquidation of the Company, the holders of Equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of Equity shares held by the
shareholders.
1.b Detailed note on Shares reserved to be issued under option and
contract/commitments for the sale of shares/divestments including the
terms and conditions.
The company does not have any such contracts/commitment as on reporting
date.
1.c Detailed terms of any securities convertible into shares, e.g. in
the case of convertible warrants, debentures, bonds etc.
The Company does not have any securities covertible into shares as on
reporting date.
2. Deferred tax Liabilities (Net)
* Deferred tax assets arising on losses has not been recognized in view
of uncertainty in generating the profit in the future.
3. Short term borrowings
* All the above loans are interest free and repayable on demand.
4. Trade payables
* As per the information available with the Company in response to the
enquiries from all existing suppliers with whom Company deals, none of
the suppliers are registered as micro and small enterprises under "The
Micro, Small and Medium Enterprises Development Act, 2006 as at 31st
March 2014".
5. Other current liabilities
* There is no outstanding dues to be paid to Investor Education and
Protection Fund.
6. Non-current invenstments
(*) stands in the name of one of the directors.
** The market value of quoted investments is based on the Bombay Stock
Exchange quotations as on 31.03.2014 or nearest traded date, wherever
available. The market value of shares, for which the quotations of the
Bombay Stock Exchange were not available, has been considered as nil.
7. Cash and bank balances
* Earmarked against the corresponding provision.
8. Contingent Liabilities not provided for:
The disputed demand outstanding from the Assessment year 2005-06 to
2011-12 is Rs. 4,66,59,674/-. Based on the decisions of the Appellate
authorities and the interpretations of other relevant provisions, the
Company has been legally advised that the demand is likely to be either
deleted or substantially reduced and accordingly no provision has been
made.
Also, RBK Share Broking Limited have demanded Rs. 15,00,000 as a
penalty for late payment of margin money. However, Company has denied
the same and accordingly no provision has been made.
9. Related party disclosures
Related party disclosures as required by Accounting Standard (AS)-18
"Related Party Disclosures", notified by Companies (Accounting
Standards) Rules, 2006 (as amended) are given below:
Names of related parties and description of relationships:
a) Subsidiary Company
Sukartik Clothing Private Limited
b) Associate Company
Bhuta Investment Private Limited
c) Directors
Ramakant Gaggar Suresh Gaggar
d) Relative of directors
Indra Gaggar
Sarika Gaggar
e) Company in which directors have significant influence/control
Alaukik Mines & Power Pvt. Ltd.
10. The company has provided gratuity payable to its employees at full
value without ascertaining the present value of future payment of
gratuity as the Payment of Gratuity Act, 1972 is, in view of number of
employees, not applicable to the company. The company has recognised as
an expense, the short term benefits to its employees such as bonus,
leave encashment.
11. The management is proposing to make applications for condonation
for following non-compliances to the appropriate authorities:
(i) Loans & Advances, involving an amount of Rs. 82,00,000/- (year end
outstanding Rs. 55,75,000/-) given by the company during the year, are
in contravention of provisions of Section 295 of the Act;
(ii) Contracts of purchase and sale of shares and securities, amounting
to Rs. 9,85,320/- and Rs. 3,32,820/- respectively entered into by the
company at arm length prices during the year, are in contravention of
provisions of section 297 of the Act;
12. The Company has reclassified previous year figures to conform to
this year''s classification.
Mar 31, 2013
Note 1: Contingent Liabilites not provided for:
The disputed demand outstanding from the Assessment year 2005-06 to
2011-12 is Rs. 4,66,59,674/-. Based on the decisions of the Appellate
authorities and the interpretations of other relevant provisions , the
Company has been legally advised that the demand is likely to be either
deleted ot substantially reduced and accordingly no provision has been
made,
Note 2:The company has provided gratuity payable to its employees at
full value without ascertaining the present value of future payment of
gratuity as the Payment of Gratuity Act, 1972 is, in view of number of
employees, not applicable to the company. The company has recognised as
an expense, the short term benefits to its employees such as bonus,
leave encashment etc.
Note 3: The management is proposing to make applications for
condonation for following non-compliances to the appropriate
authorities:
(i) Loans & Advances, involving an amount of Rs. 82,25,000/-,(year end
outstanding Rs. 82,25,000/-! given by the company during the year, are in
contravention of provisions of Section 295 of the Act;
(ii) Contracts of purchase and sale of shares and securities, amounting
to Rs. 3,67,487.20/- and f 32,46,584,94/- respectively entered into by
the company at arm length prices during the year, are in contravention
of provisions of section 297 of the Act;
Note 4 : The Company has taken office premises on leave and license
basis. The same is not non-cancellable and for a period of 11 months
and renewable at the mutual consent.at mutually agreeable terms. The
Company has given refundable interest free security deposits in
accordance with agreed terms. No rentals are payable on such lease
Note 5: The Company has reclassified previous year figures to conform
to this year''s classification
Mar 31, 2012
Note 1:The company has provided gratuity payable to its employees at
full value without ascertaining the present value of future payment of
gratuity as the Payment of Gratuity Act, 1972 is, in view of number of
employees, not applicable to the company. The company has recognised as
an expense, the short term benefits to its employees such as bonus,
leave encashment etc.
Note 2: The management is proposing to make applications for
condonation for following non-compliances to the appropriate
authorities:
(i) Loans & Advances, involving an amount ofRs. 15058300/-,(year end
outstanding Rs. 13250000/-) given by the company during the year, are in
contravention of provisions of Section 295 of the Act;
(ii) Contracts of purchase and sale of shares and securities, amounting
to Rs. 86213380/- and Rs. 49049060/- respectively entered into by the
company at arm length prices during the year, are in contravention of
provisions of section 297 of the Act;
Note 3 :During the year the Company has taken office premises on leave
and license basis. The same is not non-cancellable and for a period of
11 months and renewable at the mutual consent at mutually agreeable
terms. The Company has given refundable interest free security deposits
in accordance with agreed terms. No rentals are payable on such lease
Note 4:During the year ended 31st March, 2012 the Revised Schedule VI
notified under the Companies Act, 1956 has become applicable to the
Company. The Company has reclassified previous year figures to conform
to this year's classification.
Mar 31, 2010
1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if recognize in the ordinary
course of business. The provision for all the known liabilities is
adequate.
2. Figures of the previous year have been regrouped, rearranged and
recasted to make them comparable with the figures of the current year.
3. In the financial statements, any discrepancies in any total and the
sum of the amounts listed are due to rounding off.
5. No managerial remuneration has been paid to any of its director,
hence, no computation of managerial remuneration u/s. 349 of the
Companies Act. 1956 is given.
6. As per the information available with the Company in response to
the enquiries from all existing suppliers with whom Company deals, none
of the suppliers are registered as micro, small or medium enterprises
under "The Micro, Small and Medium Enterprises Development Act, 2006 as
at 31st March 2010.
7. The market value of quoted investments are based on the quotations
of the Stock Exchange, Mumbai as on 31.03.2010 wherever available or
the nearest date to the close of year.
8. The company has given 200000 equity shares of Suryajyoti Spinning
Mills Limited, held as investments, by way of security to VSB
Investment Private Limited, towards margin for trading in shares and
securities.
9. Related Party Disclosure:
(a) Where control exists: Nil
(b) Persons having, directly or indirectly, significant influence over
the enterprise:
(i) Shri Suresh Gagger (ii) Shri Ramakant Gaggar (Mi) Shri Deven Mehta
(c) Other related parties/enterprises where transactions have taken
place:
(i) Pals Overseas Private Limited
(ii) Noble Impex
(iii) S. ]. Impex
(iv) Bhuta Investment Private Limited
(v) Maxwell Management Services Private Limited
(vi) Sukartik Export Private Limited
(vii) Vakrangi Softwares Limited
(viii) Reliable Reality Pvt. Ltd.
(ix) Evergreen Infotech & Datacom Pvt. Ltd.
(x) Senorita Impex Pvt. Ltd.
(xi) Amgis Holding Pvt. Ltd.
(xii) Noble Impex (I)
(xiii) Sarika Gaggar
(xiv) Minex Explore Pvt. Ltd
(xv) Sukartik Clothing Pvt. Ltd.
10. Sundry Debtors include the following amounts due from directors,
their relatives, other parties and companies in which directors or
their relatives are interested as proprietors, partners or directors.
11. Contingent liabilities not provided for: NIL
12. The Company has provided gratuity payable to its employees at full
value without ascertaining the present value of future payment of
gratuity as the Payment of Gratuity Act, 1972 is, in view of number of
employees, not applicable to the Company. The Company has recognized as
an expense, the short term benefits to its employees such as bonus,
leave encashment etc.
13. Additional information pursuant to the provisions of paragraph 3,
4C and 4D of Part II of Schedule VI of the Companies Act, 1956 (figures
in bracket indicate previous year figures):
(v) Notes:
Figures of purchases and sales of shares and securities are exclusive
of intra-day and transactions.
-The class of items traded in shares and securities, the details of
opening and closing stock have been given as an additional information.
14. Balance Sheet abstract and Companys General Business Profile
pursuant to part VI to the Companies Act, 1956.
V. Generic Names of Principal Products of Company (as per monetary
terms)
1. Dealing in shares and securities
2. Making investments
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