Mar 31, 2016
*The Company has allotted 10,75,000 equity shares on conversion of equal number of Equity share warrants during the Financial Year.
@The Company has issued equity warrants for 10,75,000 equity shares at Rs. 20 each on 04.12.2014 on receipt of 25% amount. Equity warrants for 3,10,000 Equity Shares has been issued to Promoter and equity warrants for 7,65,000 equity shares to Non -Promoter on preferential basis. These equity warrants are convertible into equity shares on payment of balance amount within 18 months from the date of issue at the option of equity warrant holder. The company has excess received Rs. 22080/- from one of equity warrant holder, which shall be adjusted against the allotment of shares.
The company is in the process of compiling the information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006. The management does not envisage any material impact on the financials in this regard, which has been relied upon by the Auditors.
* Profit from discontinuing operations was from the disposal of various manufacturing assets of discontinued Pharmaceutical and Intermediate business as per the approval of the Members in Extra Ordinary General Meeting held on 25th March, 2013. The carrying amount of total asset is Rs. NIL (P.Y Rs. NIL ) and total liabilities is Rs. 8.16 Lacs (P.Y. Rs. 7.90 Lacs).
1 In the opinion of the Board of Directors of the Company
(i) The current assets are approximately of the value stated, if realized in the ordinary course of business
(ii) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.
2 From the next financial year the wholesale business of the company will be carried out in its wholly owned subsidiary company -iStreet Bazaar Private Limited. Hence balance of debtors and creditors as on 31.03.2016 of the wholesale business is transferred to wholly owned subsidiary company. Outstanding balances of the debtors, creditors, loans and advances are subject to confirmation and reconciliation, if any.
3. The Company has unabsorbed depreciation and carry forward business losses available for set off under the Income Tax Act, 1961. In view of the uncertainty of future taxable income, the extent of net deferred tax assets, which may be adjusted in the subsequent years, is not ascertainable with virtual certainty at this stage and accordingly, the same has not been recognized in these accounts.
4. Related Party Disclosures
Related party disclosures, as required by Accounting Standard - 18 on ''Related Party Disclosure'' issued by the Institute of Chartered Accountants of India, are given below
(i) Key management personnel and their relatives
(a) Mr. Pradeep Malu Managing Director
(ii) Other parties where key Management Personnel and /or their relatives have significant influence
(a) iStreet Bazaar Pvt Ltd Subsidiary
(b) Cardioid Plasteel Pvt. Ltd. Associates
(c) Crest Latex Pvt. Ltd. Associates
(d) Radelf Pharmacueticals Private Ltd Associates
(e) Kushal C.Sacheti Director (Resigned w.e.f. 27.02.2016)
(f) Inovent Solutions Ltd. Associates
(iv) The following transactions were carried out with the related parties referred to in item (ii) above in the ordinary course of business
- Oversee the formulation and implementation of ESOP Schemes, its administration, supervision, and formulating detailed terms and conditions in accordance with SEBI Guidelines
Mar 31, 2015
1 iStreet Network Ltd (Previously known as Principal Pharmaceuticals
and Chemicals Ltd) is a public limited company and listed on BSE stock
Exchange. The Company is an Internet & Retail Catalogue company and
sells products of various categories through online platforms and
network stores.
2. Rights, preferences and restrictions in respect of equity shares
issued by the Company
The Equity shareholders are entitled to receive dividends as and when
declared; a right to vote in proportion to holding etc. and their
rights, preferences and restrictions are governed by / in terms of
their issue under the provisions of the Companies Act, 2013.
3. In the opinion of the Board of Directors of the Company
(i) The current assets are approximately of the value stated, if
realized in the ordinary course of business
(ii) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
4. Outstanding balances of the debtors, creditors, loans and advances
are subject to confirmation and reconciliation, if any.
5. The Company has unabsorbed depreciation and carry forward business
losses available for set off under the Income Tax Act, 1961. In view of
the uncertainty of future taxable income, the extent of net deferred
tax assets, which may be adjusted in the subsequent years, is not
ascertainable with virtual certainty at this stage and accordingly, the
same has not been recognized in these accounts.
6. Related Party Disclosures
Related party disclosures, as required by Accounting Standard - 18 on
'Related Party Disclosure' issued by the Institute of Chartered
Accountants of India, are given below
(i) Key management personnel and their relatives
(a) Mr. Pradeep Malu Managing Director
(ii) Other parties where key management
personnel and /or their relatives have
significant influence
(a) Inovent Solutions Ltd. Associates
(b) Cardioid Plasteel Pvt. Ltd. Associates
(c) Crest Latex Pvt. Ltd. Associates
(d) Radelf Pharmacueticals Private Ltd Associates
(e) Kushal C.Sacheti Director
7. Previous year figures have been regrouped/reclassified wherever
necessary to correspond with the current year
classifications/disclosures.
Mar 31, 2014
1. iStreet Network Ltd. (Old Name - Principal Pharmaceuticals and
Chemicals Ltd) is a public limited company and listed on BSE stock
Exchange. The company is an Internet & Retail Catalouge company and
sells products of various brands through online platforms and network
stores. The company also has a manufacturing facility at Panoli,
Ankleshwar and the same is operated on job work basis. However, company
has decided to dispose off these assets it has been turned junk/scrap.
Note 2
Total liability towards interest, penal interest and lease rentals
payable to GIDC has been determined and provided during the current
financial year which pertains to previous years.
Note 3
Total liability towards cess, interest, and penal interest payable to
Panoli Notified Area has been determined and provided during the
current financial year which pertains to previous years. However, no
provision has been made for the liability / such charges which are on
account of 3rd party who were carrying out Job Work at the unit of the
company. This is as per the arrangement with them and shall be borne by
them.
Note 4
Security deposit of Rs. 10 Lacs paid by Job work company has been
forfeited on account of various reasons, interalia, breach of terms of
arrangement, regulatory non-compliances.
5. Contingent Liabilities and Commitments
(i) Contingent Liabilities
Claim against the company / disputed liabilities not acknowledged as
debt in respect of others Rs. 20,00,000 (Previous Year Rs. 20,00,000/-)
A suit has been filed by the party against the company.
(ii) Commitments
Company has not paid and accounted unpaid called amount of Rs. 6.50 per
share aggregating to Rs. 88,400/- in respect of investment of 13600
Equity Shares of Rs. 10/- each of Panoli Enviro Technologies Ltd.
6. In the opinion of the Board of Directors of the Company
(i) The current assets are approximately of the value stated, if
realized in the ordinary course of business
(ii) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
7. Outstanding balances of the debtors, creditors, loans and advances
are subject to confirmation and reconciliation, if any.
8. The Company has unabsorbed depreciation and carry forward business
losses available for set off under the Income Tax Act, 1961. In view of
the uncertainty of future taxable income, the extent of net deferred
tax assets, which may be adjusted in the subsequent years, is not
ascertainable with virtual certainty at this stage and accordingly, the
same has not been recognized in these accounts.
9. The company has identified two business segments viz .Digital &
eCommerce and Pharmaceuticals & Intermediates as per Accounting
Standard - 17 issued by the Institute of Chartered Accountants of India
10. Previous year figures have been regrouped/reclassified wherever
necessary to correspond with the current year
classifications/disclosures.
Mar 31, 2013
1. The name of the company was changed from Principal Pharmaceuticals
& Chemicals Ltd. to iStreet Network Ltd.. The change was approved by
the Registrar of Companies on 18th April, 2013 hence became effective
from that day.
2. Upon turning net worth negative in the year 2002, the company
filed reference to the Board for Industrial and Financial
Reconstruction (BIFR) and was declared as ''SICK'' in the year 2005. The
rehabilitation scheme was approved by the H''ble BIFR vide their order
no. 321/2002 dated 27-03-2012. As per the directions of the H''ble BIFR
and as per special resolution passed by the Members of the Company, the
paid up capital of the company reduced from Rs. 600 lacs (60,00,000
equity shares of Rs. 10/- each) to Rs. 240 lacs (60,00,000 equity
shares of Rs. 4/- each) during FY 2011-12. In the same year, the
company issued 48,74,000 equity shares of Rs. 41- each aggregating to
Rs. 194.96 lacs to the promoters and associates as per the Order of the
H''ble BIFR. As per the directives of H''ble BIFR, the company further
issued 90,01,000 equity shares of Rs. 4 each for aggregate value of Rs.
360.04 lacs during the year. The company''s net worth turned positive as
on 31st March, 2012 and hence was no more a sick company. H''ble BIFR
discharged the company from the purview of Sick Industrial Companies
Act and BIFR on 14th September, 2012.
3. The company''s business of manufacturing of Pharmaceutical,
Intermediates and Chemicals is almost stagnant. With the poor
conditions of its plant, machineries and facilities, the company,
however has been carrying out job work for last over eight years just
to meet its cash expenses. It needs huge investments to upgrade the
facilities and additional product range besides various government
approvals particularly Pollution Board clearance which has become
very time consuming. The company does not want to pursue the project any
more as it is a VERY HIGH risk project and accordingly, added new line
of business of Digital marketing and ecommerce during the current year.
As per the directives of H''ble BIFR, the company has also raised
additional capital during the year. In view of the decision of not
pursuing further investments in its manufacturing facilities, the whole
new additional capital has been allocated to its new activities viz.
Digital marketing and eCommerce. The company has started utilizing
these additional funds for expanding its Digital marketing and
eCommerce activities and surplus funds have been parked as temporary
loans. The company has also gave deposit to one of its group companies
towards using their complete infrastructure, human knowledge,
experience, resources and brand name. The temporary parking of funds
may appear to be in excess of the limit provided in Sec 372A of the
Companies Act, 1956 however, it is not so in view of the given
circumstances like implementing the directives of BIFR for raising the
additional capital, deploying the same for its new business activities,
the limit going up post additional capital coming in etc. All such
temporary advances are well within the limits provided under section
372A as on 31 st March, 2013.
4. Contingent Liabilities and commitments
4.1 Contingent Liabilities not provided for:
i) Claim against the company / disputed liabilities not acknowledged as
debt in respect of others Rs. 20,00.000 (Previous Year Rs. 16,13,774/-)
A suit has been filed by the party against the company.
4.2 Commitments
i) Company has not paid and accounted unpaid called amount of Rs. 6.50
per share aggregating to Rs. 88,400/- in respect of investment of 13600
Equity Shares of Rs. 10/- each of Panoli Enviro Technologies Ltd.
Present status of the said investment is not known.
5. In the opinion of the Board of Directors of the Company:
a) The current assets are approximately of the value stated, if
realized in the ordinary course of business.
b) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
6. Outstanding balances of the debtors, creditors, loans and advances
are subject to confirmation and reconciliation, if any.
7. The Company has not received any information from any of the
suppliers of there being Small Scale Industrial Unit. Hence, the amount
due to Small Scale Industrial units outstanding as on 31 st March 2013
are not ascertain.
8. The Company has unabsorbed depreciation and carry forward business
losses available for set off under the Income Tax Act, 1961. In view of
the uncertainty of future taxable income, the extent of net deferred
tax assets, which may be adjusted in the subsequent years, is not
ascertainable with virtual certainty at this stage and accordingly, in
keeping with Accounting Standard 22 on ''Accounting for taxes on Income''
issued by the Institute of Chartered Accountants of India, the same has
not been recognized in these accounts on prudent basis.
9. Related Party Disclosures:
Related party disclosures, as required by Accounting standard - 18 on
''Related Party Disclosure'' issued by the Institute of Chartered
Accountants of India are given below:
1) Relationships
(Related parties with whom transactions have taken place during the
year)
(a) Key management personnel and their relatives:
1. Mr. Pradeep Malu - President & CEO
(b) Other parties where key Management Personnel and /or their
relatives have significant influence
1. Inovent Solutions Ltd.
2. RadelfPharmaceuticals Pvt.Ltd.
3. Cardioid Plasteel Pvt.Ltd.
4. Crest Latex Pvt.Ltd.
10. EARNING PER SHARE
a) The amount used as the numerator in calculating basic and diluted
earnings per share is the net profit for the year disclosed in the
profit and loss account.
b) The weighted average number of equity shares used as the denominator
in calculating both basic and diluted earnings per share is
Mar 31, 2012
1. The company was declared as SICK in the year 2002. The
rehabilitation scheme has been approved by the Hon'ble Board of
Industrial and Financial Restructure (BIFR) vide their order no.
321/2002 dated 27-03-2012. As per the directions of the BIFR and as per
special resolution passed by the Members of the Company, during the
year there is a reduction in its share capital by 60%, by reducing its
face value of each Equity share from Rs. 10/- to Rs. 4/- Consequently
paid up capital of the company has changed from 60,00,000 equity shares
of Rs. 10/- each aggregating to Rs. 6,00,00,000to 60,00,000 equity
shares of Rs. 41- each aggregating to Rs. 2.40.00,000. Further
48,74,000 equity shares of Rs. 41- each aggregating to Rs. 1,94,96,000
have been issued to the promoters and associates as per Order of the
H'ble BIFR. The Net Worth of the company has turned positive as on
31st March, 2012 and since then as per Sick & Industrial Companies Act,
the company remains no more a SICK company from that date.
2 Contingent Liabilities and commitments
2.1 Contingent Liabilities not provided for:
i) Claim against the company / disputed liabilities not acknowledged as
debt in respect of others Rs. 16,13,774/- (Previous Year Rs.
16,13,774/-) A suit has been filed by the party against the company
2.2 Commitments
i) Company has not paid and accounted unpaid called amount of Rs. 6.50
per ' share aggregating to Rs. 88,400/- in respect of investment of
13600 Equity Shares of Rs. 10/- each of Panoli Enviro Technologies Ltd.
Present status of the said investment is not known.
3. In the opinion of the Board of Directors of the Company:
a) The current assets are approximately of the value stated, if
realized in the ordinary course of business
b) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
4. Outstanding balances of the debtors, creditors, loans and advances
are subject to confirmation and reconciliation, if any
5. The Company has not received any information from any of the
suppliers of there being Small Scale Industrial Unit. Hence, the amount
due to Small Scale Industrial units outstanding as on 31st March 2012
are not ascertainable.
6. The Company has unabsorbed depreciation and carry forward business
losses available for set off under the Income Tax Act, 1961. In view of
the uncertainty of future taxable income, the extent of net deferred
tax assets, which may be adjusted in the subsequent years, is not
ascertainable with virtual certainty at this stage and accordingly, in
keeping with Accounting Standard 22 on 'Accounting for taxes on Income'
issued by the Institute of Chartered Accountants of India, the same has
not been recognized in these accounts on prudent basis. .
7. The Company is operating only in one segment i.e. Bulk Drugs and
Intermediates and therefore no segment report is made as required by
Accounting Standard -17 issued by the Institute of Chartered
Accountants of India.
8. Related Party Disclosures:
Related party disclosures, as required by Accounting standard -18 on
'Related Party Disclosure' issued by the Institute of Chartered
Accountants of India are given below:
1) Relationships
(Related parties with whom transactions have taken place during the
year)
(a) Key management personnel and their relatives:
1. Mr. Pradeep Malu -Presidents CEO
(b) Other parties where key Management Personnel and /or their
relatives have significant influence
1. Inovent Solutions Ltd.
2. Radelf Pharmaceuticals Pvt.Ltd.
3. Cardioid Plasteel Pvt.Ltd.
4. Crest Latex Pvt.Ltd.
9. EARNING PER SHARE
a) The amount used as the numerator in calculating basic and diluted
earning per share is the net profit for the year disclosed in the
profit and loss account.
b) The weighted average number of equity shares used as the denominator
in calculating both basic and diluted earnings per share is
Mar 31, 2010
1. Previous years figures have been regrouped and/or re-arranged
wherever necessary in conformity with current years figures.
2. Contingent Liabilities not provided for:
i) Call money on 13,600 Partly paid up Equity Shares of Panoli Enviro
Technology Ltd. Rs. 88,400/- (previous year 88,400/-)
ii) Claim against the company not acknowledged as debt Rs.
16,13,774/-(Previous Year Rs. 16,13,774/-) A suit has been filed by the
party against the company.
3. The Accounts have been prepared on a going concern basis
notwithstanding the extent of Companies accumulated losses, in view of
the ongoing efforts being made by the company for revival of its
operations.
4. The company has suffered heavy losses during the last few years and
consequently.it turned into a Sick Company as per Sick & Industrial
Companys Act. The major thrust has been on reviving the company and
bringing it out from financial sickness by increasing operations,
adding / acquiring other profitable businesses and by settling its dues
towards Secured and other creditors. Working Capital Term Loan and
working capital credit facilities from a Bank, later on assigned to
Asset Reconstruction Company (India) Ltd. (ARCIL), were secured by way
of various assets of the company and personal guarantee of the Promoter
Director.
The company had needed, interalia, a complete restructuring of its
debts for revival and as a part of the said restructuring of debt, it
was expecting the waiver of Interest and Principal amount from ARCIL.
As per the companys rehabilitation proposal, theARCILs liability was
estimated for Rs. 140 lacs. During the current year the company has
settled and fully repaid outstanding of ARCIL for Rs. 140 lacs which
was as per the I _>oks of account and such settlement and payment I as
no impact on the liability and profit / (loss).
5. In view of insignificant level of operations during last few years,
there is a need of recognizing impairment of assets as per Accounting
Standard 28 issued by The Institute of Chartered Accountants of India.
The process of recognizing impair ment of assets shall be undertaken
upon the approval of rehabilitation scheme by the Honble Board and the
effect of the same shall be given in the books of accounts as per the
Accounting Standard 28.
6. In the opinion of the Board of Directors of the Company.
a) The current assets loans and advances are approximately of the value
stated, if realized in the ordinary course of Business ;
b) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
7. Outstanding balances of the debtors, creditors, loans and advances
are subject to confirmation and reconciliation, if any.
8. The Company has not received any information from any of the
suppliers of there being Small Scale Industrial Unit. Hence, the amount
due to Small Scale Industrial units outstanding as on 31st March 2010
are not ascertainable.
9. The Company has unabsorbed depreciation and carry forward business
losses available for set off under the Income Tax Act, 1961. In view of
the uncertainty of future taxable income, the extent of net deferred
tax assets, which may be adjusted in the subsequent years, is not
ascertainable with virtual certainty at this stage and accordingly, in
keeping with Accounting Standard 22 on Accounting for taxes on Income
issued by the Institute of Chartered Accountants of India, the same has
not been recognized in these accounts on prudent basis.
10. The Company is operating only in one segment i.e. Bulk Drugs and
Intermediates and therefore no segment report is made as required by
Accounting Standard - 17 issued by the Institute of Chartered
Accountants of India.
11. Related Party Disclosures:
Related party disclosures, as required by Accounting standard - 18 on
Re lated Party Disclosure issued by the Institute of Chartered
Accountants of India are given below:
1) Relationships
(Related parties with whom transactions have taken place during the
year)
(a) Key management personnel and their relatives:
1. Mr. Pradeep Malu - President & CEO
2. Mr. Sanjeev Chhajed - Director
3. Mr. Nilesh Bhandari - Director
(b) Other parties where key Management Personnel and /or their
relatives have significant influence
1. Inovent Solutions Ltd. (formerly known as Principal E-Business Solu
tions P.Ltd.)
2. Radelf Pharmaceuticals Pvt.Ltd.
3. Cardioid Plasteel Pvt.Ltd.
4. Crest Latex Pvt.Ltd.
5. Raj Tex Machineries Pvt. Ltd.
12. EARNING PER SHARE
a) The amount used as the numerator in calculating basic and diluted
earning per share is the net profit for the year disclosed in the
profit and loss account.
b) The weighted average number of equity shares used as the denominator
in calculating both basic and diluted earnings per share is
13. Additional information pursuant to the provisions of Paragraph 3 &
4 Part II of the Schedule VI to the Companies Act, 1956 (As certified
by the Management):
a) Quantitative Information: Manufacturing facilities of the company
are used on job work basic and there is no own production, hence no
quantitative information is provided for purchases, productions and
sales for the year.
14. Additional information pursuant to Part IV of the Schedule VI to
the Companies Act, 1956 : Balance Sheet abstract and companys general
Business Profile :
V. Generic Names of three Principal products of the Company (as per
monetary Terms)
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article