Mar 31, 2015
1. The Company was declared a Sick Industrial Company on dated
18/10/2002 as per the provision of Sick Industrial Company Act, 1985
(SICA). Thereafter net worth of the company turned positive as per the
Audited Balance Sheet of 31.03.2009 and accordingly company ceased to
be a sick industrial unit as per the provision of Sick Industrial
Company Act, 1985 (SICA). The Company is in the Process of Growing /
Rehabilitation accordingly accounts have been prepared on "Going
Concern Basis".
2. Investments :-
(a) National Saving Certificate of Rs. 20000/- (Previous Year Rs
20000/-) are lodged with Sales Tax Department and are held in the name
of one of the Director of the Company.
(b) The Company holds unquoted shares in the form of Investments
amounting of Rs. 6,00,000/- (P.Y. Rs. 6,00,000/-) which are considered
good. In the opinion of the Management, no provision us made in
accounts in respect of such investments.
(c) The Company holds 900000 unquoted equity shares at a total
consideration of Rs. 360.00 Lacs of M/s Protect Nature Private Limited
("PNPL**) (97.26% Holding of "PNPL"). Pursuant to the said
acquisitions, PNPL became subsidiaries of the Company.
(d) During the year, the Company has acquired 67200 Quoted equity
shares at a total consideration of Rs. 23.32 Lacs of M/s Choksi
Laboratories Limited.
3. The figures of the previous year have been re-groped and
re-arranged as & where required.
4. In opinion of the Board of Directors and best of our knowledge and
belief, the value on realization of Loans & Advances, Sundry Debtors
and other current assets and long term loans & advances are in the
ordinary course of business and will hot be less then the amount at
which they are stated in the Balance Sheet.
5. In opinion of the Board of Directors and best of our knowledge and
belief, the value on realization of Loans & Advances, Sundry Debtors
and other current assets and long term loans & advances are considered
good and the confirmation from such advances / assets are still
awaited.
6. Traveling Exp., included exp. incurred by the Director of the
company for the purpose of the business of the company
7. Related Party Disclosure: Director has certify that there were no
transaction 'with Related Parties, as per Accounting Standard 18 on
"Related Party Disclosure" issued by the Institute of Chartered
Accountants Of India.
8. The Provision for Income Tax (MAT) has been made as per Income Tax
Act. Deferred Tax Liability & Assets calculated as per AS-22 issued by
ICAI.
9. Transaction related to MSME's : No Information has been reed. From
suppliers towards their status being small scale/ancillary undertaking
/ MSME's.
10. Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous Yeas Nil.)
11 None of the employees of the company were in receipt of remuneration
in excess of limits specified under section 217(2A) of the Companies
Act, 1956.
12 Previous year figures have been regrouped, reclassified and recast
wherever considered necessary to make them comparable with current year
figures.
13 In absence of proper information in respect of trade payables as to
their status as Micro, Small and Medium enterprises as defined in the
Micro, Small and Medium Enterprises Development Act, 2006, Company is
not in a position to state information required.
14 Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous Yeas Nil.)
15 Cash balance has not been verified at the end of accounting year and
taken as certified by the management.
16 Retirement Benefits
Provision for Gratuity / Leave Encashment / Provident Fund / E.S.I.C.
etc. are not Applicable to the company.
Mar 31, 2013
1. The Company was declared a Sick Industrial Company on dated
18/10/2002 as per the provision of Sick Industrial Company Act, 1985
(SICA). Thereafter net worth of the company turned positive as per the
Audited Balance Sheet of 31.03.2009 and accordingly company ceased to
be a sick industrial unit as per the provision of Sick Industrial
Company Act, 1985 (SICA). The Company is in the Process of Growing /
Rehabilitation accordingly accounts have been prepared on ''Going
Concern Basis''.
2. Investments :- (a) National Saving Certificate of Rs. 20000/-
(Previous Year Rs 20000/-) are lodged with Sales Tax Department and are
held in the name of one of the Director of the Company.
(b) The Company holds unquoted shares in the form of Investments
amounting of Rs. 6,00,000/- (P.Y. Rs. 6,00,000/-) which are considered
good. In the opinion of the Management, no provision us made in
accounts in respect of such investments.
3. The figures of the previous year have been re-groped and
re-arranged as & where required.
4. In opinion of the Board of Directors and best of our knowledge and
belief, the value on realization of Loans & Advances, Sundry Debtors
and other current assets and long term loans & advances are in the
ordinary course of business and will not be less then the amount at
which they are stated in the Balance Sheet.
5. In opinion of the Board of Directors and best of our knowledge and
belief, the value on realization of Loans & Advances, Sundry Debtors
and other current assets and long term loans & advances are considered
good and the confirmation from such advances / assets are still
awaited.
6. Traveling Exp., included exp. incurred by the Director of the
company for the purpose of the business of the company
7. Related Party Disclosure: Director has certify that there were no
transaction Âwith Related Parties, As per Accounting Standard 18 on
''Related Party Disclosure'' issued by the Institute of Chartered
Accountants Of India. The Provision for Income Tax (MAT) has been made
as per Income Tax Act. Deferred Tax Liability & Assets calculated as
per AS-22 issued by ICAI.
8. Transaction related to MSME''s: No Information has been recd. From
suppliers towards their status being small scale/ancillary undertaking
/ MSME''s.
9. Estimated amounts of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous Yeas Nil.)
10 The company has allotted 28,61,235 equity shares of Rs 10/- each
with a premium of Rs. 30.50/- each, on December 28 , 2012, pursuant to
the preferential issue of equity share. The shares have been listed
with Bombay Stock Exchange Limited.
The shares so issued were authorized by the special resolution and
Auditor''s certification has been obtained for the issue price.
Out of issue proceeds of Rs. 1158.80 Lacs, the company has given out of
unutilized issue Proceeds of Rs 1046.21 Lacs have been temporarily held
in Short Term Interest bearing liquid loans.
Mar 31, 2012
I) Contingent Liabilities
a) Outstanding Capital Commitments: Rs. Nil (As certified by the
Management.)
b) Other Contingent Liabilities: Rs. 22,937 in respect of ESIC demand.
(As certified by the Management.)
ii) The Company was declared a Sick industrial Company on 18.10.2002 as
per the provisions of Sick Industrial Companies Act, 1985 (SICA).
Thereafter Net Worth of the Company turned positive as per the Audited
Balance Sheet of 31.3.2009 and accordingly Company ceased to be a sick
industrial unit as per the provisions of Sick Industrial Companies Act
1985 (SICA). The Company is in the process of Rehabilitation, these
accounts have been prepared on "Going Concern Basis."
ii) Investments
a) National Savings Certificates for Rs. 20,000/- (Previous year Rs.
20,000/-) are lodged with Sales Tax Department and are held in the name
of one of the Director of the Company.
b) The Company holds unquoted share investments amounting Rs.6,00,000/-
( Previous year Rs.6,00,000/-), which are considered good. No financial
statement of the company is available. In the opinion of management,
diminution in value of such investments is temporary. Hence, no
Provision is made in accounts.
iii) In the case of Loans to Companies amounting to Rs. 6,50,000/-
(previous year Rs. 6,50,000/-) are considered good and the confirmation
from such Companies is still awaited.
iv ) No provision has been made in respect of doubtful advance of Rs.
20,00,000/- (previous year Rs. 20,00,000/-)
v) Advances, Sundry Debtors, Creditors are taken as per books awaiting
their respective confirmations.
vi) In the opinion of the Board of Directors and to the best of their
knowledge and belief the Current Assets, Loans and Advances are
approximately of the value stated, if realized in the ordinary course
of business.
vii)The company has accumulated losses and the Management is of the
opinion that there is no possibility of tax liability on company in
view of large accumulated losses. As such, no deferred tax liability is
also worked out for the year as per AS-22.
viii) As the company is production of plastic film only AS-17 on segment
Reporting is not applicable to the company.
ix) Related Party Transactions (AS-18)
Disclosure of transactions with related parties as required by
Accounting Standard 18(AS-18), relating to Related Party Disclosure has
been given in Para (b) & (c) below. Related parties as defined under
clause 3 of the Accounting Standard have been identified on the basis
of representation made by key managerial personnel and information
available with the Company.
x) Earnings and Expenditure in Foreign Exchange Rs. Nil (Previous year
Rs. Nil)
xi) In the opinion of board of directors, information/documents with
the Company with respect to disclosures related to Micro, Small and
Medium Enterprises Development Act, 2006, it has no information
regarding the status of the service providers/suppliers as per the
provisions of the said Act. In view of this, the above disclosure
relating to the amount unpaid as at end of the year together with
Interest paid/payable has not been given.
xii)The Financial Statement for the year ended 31st March, 2011 had
been prepared as per the then applicable, pre-revised Schedule VI of
the Companies Act, 1956. Consequent to the notification under the
Companies Act, 1956, the Financial Statement for the year ended 31st
March, 2012 are prepared under revised Schedule VI. Accordingly the
previous year's figures have also been reclassified to conform to the
year's classification.
Mar 31, 2010
Contingent Liabilities & Notes.
1. Contingent Liabilities: -
i Outstanding Capital Commitments: Rs. 127,00,000 (As certified by the
Management.)
ii. Other Contingent Liabilities: Rs. 22937/- in respect of ES1C
demand. (As certified by the Management.)
2. The net worm of the Company had eroded whereby it had become a sick
industrial unit in the year 2001 as per the provisions of Sick
Industrial Companies Act, 1985 (SICA). The Company had accordingly made
a reference to 6IFR and was declared a Sick industrial Company on
18.10.200X State Bank of India, Bhopal was appointed as an operating
agency. The B1FR sanctioned Rehabilitation scheme on 4thFeb 2009.
The Net Worth of the Company turned positive as per the audited balance
Sheet of 31.03.2009 and accordingly the Company ceased to be a sick
industrial unit as per the provisions of Sick Industrial Companies Act,
1985 (SICA). The Company is in the process of Rehabilitation, these
accounts have been prepared on "Going Concern Basis."
3. The Company sold a substantial part of its fixed assets including
land and building. The profit and loss (net) on such sale amounting to
Rs. 92,90,118 has been recognized in the books.
4. Investments:
i. National Savings Certificates for Rs 20,000 (Previous year Rs.
20,000) are lodged with Sales Tax Department and are held m the name of
one of the Director of the Company.
ii. The Company holds unquoted share investments amounting Rs.19,00,000
(Previous year Rs. 23,00,000), which are considered good. No financial
statements of these companies are available and in certain cases these
companies have incurred losses. In the opinion of management,
diminution in value of such investments is temporary. Hence, no
Provision is made in accounts.
5. In the case of Loans to Companies amounting to Rs. 6,50,000
(previous year Rs. 630,000) are considered good and the confirmation
from such Companies is still awaited.
6. Advances, Sundry Debtors, Creditors are taken as per books awaiting
their respective confirmations.
7. In the opinion of the Board of Directors and to the best of their
knowledge and belief the Current Assets, Loans and Advances are
approximately of the value stated, if realized in the ordinary course
of business.
8. The company has accumulated losses and the Management is of the
opinion that there is no possibility of tax liability on company in
view of large accumulated losses. As such, no deferred tax
liability/asset is also worked out for the year as per AS-22.
9. The Company has not charged any depreciation on fixed assets
disposed off during the year. Also no depreciation has been charged on
remaining fixed assets amounting to Rs. 5,193, which would have reduced
the profit by similar amount.
10. As the company is production of plastic film only AS-17 on segment
Reporting is not applicable to the company.
11. Related Party Disclosure
Directors:
Shri Sudhir Lakhotia -Director
Shri R S Lakhotia -Director
Shri Anand Lakhotia -Director
Parties Where Control Exists Controlled by
Simplex Sales P Ltd. Sh. Sudhir Lakhotia
LA Plast Packs Pvt. Ltd. Sh. Sudhir Lakhotia
Gupta Lakhotia & Associates Sh. Anand Lakhotia
There are no transactions with Related Parties.
12 The Company has not provided for income tax liability (MAT) for the
current year amounting to Rs. 10,80,000 as it has applied to Income Tax
Department for waiver of MAT and is hopeful of getting relief from
Income Tax Department.
13. Previous year figures have been regrouped/ rearranged, wherever
necessary.
14. Additional information pursuant to the provision of Schedule VI to
the Companies Act, 1956. (As Certified by the Management)
15. Information as required by Part IV of Schedule VI to the Companies
Act, 1956.
Mar 31, 2009
1. Contingent Liabilities: -
i. Outstanding Capital Commitments: Rs. Nil (As certified by the
Management.)
ii. Other Contingent Liabilities. Rs. Nil (As certified by the
Management.)
2. The net north of the Company has been eroded where by it has become
a sick industrial unit as per the provisions of Sick Industrial
Companies Act, 1985 (SlCA).The Company has accordingly made a reference
to BIFR and has been declared a Sick industrial Company and an
operating agency has been appointed Pending finalization/ approval of
revival plan under BIFR proceedings, these accounts have been prepared
on "Going Concern Basis."
3. In view of unstabilized operations, it was not possible for the
Company to determine the recoverable/realizable amount of fixed assets
and therefore impairment loss as per AS 28 could not be ascertained.
4. Investments:
i. National Savings Certificates for Rs 20,000/-{Previous year Rs.
20,000/-) are lodged with Sales Tax Department and are held in the name
of one of the Director of the Company.
ii The Company holds unquoted share investments amounting Rs.23,00,000
( Previous year
Rs 23.00.000).which are considered good. No financial statements of
these companies arc available and in certain cases these companies have
incurred losses. In the opinion of management, diminution in value of
such investments is temporary Hence, no Provision is made in accounts
5. In the case of Loans to Companies amounting to Rs. 6,50,000
(previous year Rs. 6,50,000) are considered good and the confirmation
from such Companies is still awaited.
6. Advances. Sundry Debtors. Creditors are taken as per books awaiting
their respective confirmations
7. In the opinion of the Board of Directors and to the best of their
knowledge and belief the Current Assets, Loans and Advances arc
approximately of the value stated, if realized in the ordinary course
of business.
8. The Company has repaid all outstanding dues of RIICO Ltd. according
to the one time settlement (OTS). Accordingly, the excess liability
towards interest payable on Term Loan has been written back in
accounts.
9. The Company is in the process of implementing rehabilitation scheme
as sanctioned and approved by Honble BIFR.
10. The company has accumulated losses and the Management is of the
opinion that there is no possibility of tax liability on company in
view of large accumulated losses. As such, no deferred tax liability is
also worked out for the year as per AS-22.
11. As the company is production of plastic film only AS-17 on segment
Reporting is not applicable to the company.
12. Related Party Disclosure
Directors
Shri Sudhir Lakhotia -Director
Shri R S Lakhotta -Director
Shri Anand Lakhotia -Director
Parties Where Control Exists Controlled by
Simplex Sales P Ltd Sh. Sudhir Lakhotia
There are no transactions with Related Parties except for loans
converted into equity from Sudhir Lakhotia (Rs 56.50,000). Alka
Lakhotia ( Rs 1,50,000) & Simplex Sales P Ltd.(Rs 5,00,000)
13 Previous year figures have been regrouped/ rearranged, wherever
necessary.
14. Additional information pursuant to the provision of Schedule VI to
the Companies Act, 1956. (As Certified by the Management)
15 Information as required by Part IV of Schedule VI to the Companies
Act, 1956.