Mar 31, 2015
1. i. Contingent liability:
The Company has received an order from SEBI dated 17th April, 2015
imposing a penalty of Rs.3,00,000/- for the violation under the SEBI
Regulation. ii. Capital Commitments - NIL
2. The Company has paid Rs. 12 Crores to Primus Retail (P) Ltd.
pursuant to the BTA Agreement dated 04/02/2011. Due to non-performance
by Primus Retail (P) Ltd of their obligation, BTA Agreement stands
cancelled. Consequently, the amount of Rs. 12 Crores is recoverable
and is treated as Advance to be recovered from the Company which has
gone for liquidation. No provision for doubtful debts is made.
3. 61,42,847 equity Shares of Rs. 10/- each were issued without any
cash consideration to Primus Retail (P) Ltd. pursuant to BTA for
transfer of its Brand & Business. High Court has declined Primus Retail
(P) Ltd. to transfer the Brand & Business. Therefore, equity shares
issued in lieu of BTA has not materialized, consequently the said
shares stands as cancelled & subsequently forfeited by the Company. The
securities premium account is adjusted to give effect of cancellation
and forfeiture of own shares. The face value of such shares are
accounted as Forfeited Shares (to be reissued), pending statutory
approval / consideration.
4. The Company has not provided for any deferred taxes on Business
losses made during the year.
5. SEGMENT REPORTING (as per AS-17 issued by I.C.A.I.):
The Company has mainly one reportable business segment and hence no
further disclosures is required under Accounting Standard (AS) -17 on
segment reporting.
6. No employee was in receipt of a remuneration aggregating to Rs.
60,00,000/- or more per annum, if employed for the whole year or Rs.
5,00,000/- or more per month, were employed for a part of the year.
7. The outstanding balance of assets and liabilities are accepted as
they appear in the books of accounts and are subject to reconciliation
/ adjustments, if any, and confirmation by respective parties.
8. Previous year''s figures are regrouped and / or rearranged, wherever
necessary.
Mar 31, 2014
1. OTHER DISCLOSURES
a. There are no contingent liabilities & Capital Commitments to the
company as on March 31, 2014.
b. The Company has paid Rs. 12 Crores to Primus Retail (P) Ltd. pursuant
to the BTA Agreement dated 04/02/2011. Due to non performance by Primus
Retail (P) Ltd of their obligation, BTA Agreement stands cancelled.
Consequently, the amount of Rs. 12 Crores is recoverable and is treated
as Advance to be recovered.
c. The BTA Agreement with Primus Retail (P) Ltd. stands cancelled for
which necessary statutory compliances are under progress. Consequently,
the allotment of 61,42,857 Equity Shares allotted of Rs. 10 each at a
premium of Rs. 60 each amounting to Rs. 43 Crores on 16/05/2011 stands
cancelled in view of the contract being void.
d. The Company has not provided for any deferred taxes on Business
losses made during the year.
e. SEGMENT REPORTING (as per AS-17 issued by I.C.A.I.):
The Company has mainly one reportable business segment and hence no
further disclosures is required under Accounting Standard (AS) -17 on
segment reporting.
f. No employee was in receipt of a remuneration aggregating to Rs.
60,00,000/- or more per annum, if employed for the whole year or Rs.
5,00,000/- or more per month, were employed for a part of the year.
g. The outstanding balance of assets and liabilities are accepted as
they appear in the books of accounts and are subject to reconciliation
/ adjustments, if any, and confirmation by respective parties.
h. Previous year''s figures are regrouped and / or rearranged, wherever
necessary.
Mar 31, 2013
A. There are no contingent liabilities to the company as on March 31,
2013.
b. Capital Commitment:
The Company had taken over the business of Weekender from Primus Retail
P. L. vide agreement dated 04/02/2011 for Rs. 100 Crores and part payment
of Rs. 12 Crores is made in cash and Equity Shares for 61,42,857 shares
of Rs. 10 each at a premium of Rs. 60 each totalling to Rs. 43 Crores are
issued for consideration other than cash, balance about Rs. 45 Crores
remained outstanding in the previous year.
c. During the year, Primus Retail P. L. has expressed their inability
to transfer and sale the "Weekender" Brand as per the Business
agreement dated 04/02/2011. Madhusudan Securities Limited has sought
for cancellation of the agreement dated 04/02/2011. This shall result
into cancellation of the consideration paid for other than cash of
61,42,857 Equity Shares issued of Rs. 10 each at a premium of Rs. 60 each
totalling to Rs. 43 Crores, subject to completing statutory formalities
and Madhusudan Securities Limited has put a claim of recovery of Rs. 12
Crores paid to Primus Retail P. L. pursuant to BTA.
d. The revenue figures of the business takeover are not included above
since requisites permissions are under process, to be received from the
statutory Authorities and pending compliance of the Agreement.
e. The Company has not provided for any deferred taxes on Business
losses made during the year.
f. SEGMENT REPORTING (as per AS-17 issued by I.C.A.I.):
The Company has mainly one reportable business segment and hence no
further disclosures is required under Accounting Standard (AS) Â17 on
segment reporting.
g. No employee was in receipt of a remuneration aggregating to Rs.
60,00,000/- or more per annum, if employed for the whole year or Rs.
5,00,000/- or more per month, were employed for a part of the year.
h. The outstanding balance of assets and liabilities are accepted as
they appear in the books of accounts and are subject to reconciliation
/ adjustments, if any, and confirmation by respective parties
i. Previous year''s figures are regrouped and/or rearranged, wherever
necessary
Mar 31, 2012
A) Details of Equity Shares allotted during the year
1. 61,42,857 Equity Shares of Rs. 10/- each have been allotted to
Primus Retail Pvt Ltd at a premium of Rs. 60, as fully paid up,
pursuant to Takeover agreement dated 04/02/2011, for consideration
other than cash.
2. 10,52,630 Equity Shares of Rs. 10/- each have been allotted at a
premium of Rs. 66, fully paid up, as prefential allotment to 3 parties.
b) Terms / rights attached to the equity shares
The Company has equity shares having a Face value of Rs. 10 per share.
Each holder of equity share is entitled to one vote per share. The
dividend, if any, proposed by the Board of Directors, is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
* - The Special Reserve was created as per the RBI Regulation u/s 45
(IC) in the past. The Company has change d its Main Object to Dealing
in Textile Garments. Therefore, application of provisions of NBFC will
not be applicable and the said reserve shall be part of General
Reserve, henceforth.
* - Other payables includes amount of Rs. 14,82,000 (P.Y. 14,82,000)
payable to Sree Sanjeeva Raghu Agencies P. L., Concern in which
Directors are interested.
Note All the investments held by the Company in Shares and others are
long term in nature, are registered in its own name (Physical / Demat
form) or are under process of registration by the Company and are free
from any encumbrances.
No Provisions is made for diminishing in value of investment being Long
Term in nature as considered by the management
1 . Contingent Liability: NIL
2 . Capital Commitment:
The Company has taken over the business of Weekender from Primus Retail
Private Limited vide agreement dated 04-02-2011 for Rs. 100 Crores and
part payment upto Rs. 55 Crores is made. Therefore, The estimated amount
of contracts remaining to be executed on Capital A/c and not provided
for is Rs. 45 Crores (P.Y. Rs.93 Crores).
The revenue figures of the business takeover are not included above
since requisites permission are under process, to be received from the
statutory authorities and pending compliance of the Agreement.
3. No employee was in receipt of a remuneration aggregating to Rs.
60,00,000/- or more per annum, if employed for the whole year or Rs.
5,00,000/- or more per month, were employed for a part of the year.
4 . Segment reporting as per A.S. 17 issued by ICAI:
The Company has mainly one reportable business segment at present.
Therefore, no further disclosure is required under AS 17 on segment
reporting.
5 . To comply with Revised Schedule VI, previous years' figures have
been regrouped / recast wherever necessary and applicable.
Mar 31, 2010
1. In the opinion of the Directors there were no contingent
liabilities as at the Balance Sheet date.
2. No Provision of interest accrued on advances of Rs.l5,50,000/-is
made since advance is doubtful in nature and legal proceedings are
initiated and pending judgement of the Court
3. No employee was in receipt of a remuneration aggregating to Rs.
24,00,000/- or more per annum, if employed for the whole year or Rs.
2,00,000/- or more per month, were employed for a part of the year.
4. a) Investment made by the company being of long term nature,
diminution in the value of quoted investments of Rs. 21, 87, 266/- are
not considered, being permanent in nature and thus in the opinion of
the management no provision for the same has been made thereon.
b) All the investments held by the Company in Shares and Debentures and
others are long term in nature, are registered in its own name
(physical / Demat form) and / or are under process of registration by
the Company and free from any encumbrances.
5. Other information as required by Schedule VI. Part II of the
Companies Act, 1956 relating to employees, Micro, Small & Medium
Enterprises Development Act, 2006, exports, imports and earnings in
foreign currency, remittance in foreign currency is not given, as the
same is NOT APPLICABLE.
6. Sundry Debtors, Sundry Creditors and Loans & Advances are subject
to Confirmation and Reconciliation, if any.
7. Segment reporting as per A.S. 17 issued by ICAI;
The Company has mainly one reportable business segment and hence no
further disclosure is required under AS 17 on segment reporting.
8. Related party Disclosures as per A.S.-18 issued by ICAI:
In accordance with the Accounting Standard 18, "Related Party
Disclosure" issued by the Institute of Chartered Accountants of India,
the company has complied and certified the required information as
stated below:
a) LIST OF RELATED PARTIES;
S.No. Particulars Name of Related Parties
Shri. K. Madhusudan Reddy
1. Key Management Personnel Smt Piya Reddy
Smt Sujatha Reddy
Enterprise owned or
significantly influenced by K.S.R. Clearing & Shipping
Agents Pvt Ltd
2. Key Management Personnel
or their relatives. Nav Bharat Carrriers Pvt Ltd
9. Previous years figures have been regrouped / recast wherever
necessary and applicable.